Bausch + Lomb Corp (BLCO) 2022 Q3 法說會逐字稿

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

早上好，歡迎參加博士倫 2022 年第三季度財報電話會議。 （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 Allison Ryan。請繼續。

Thank you. Good morning, everyone, and welcome to our third 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.

謝謝你。大家早上好，歡迎參加我們的 2022 年第三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。

Before we begin, we would 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.

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 to not update or affirm guidance other than through broadly disseminated public disclosure.

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。

With that, it is my pleasure to turn the call over to Joe.

有了這個，我很高興將電話轉給喬。

Thank you, Allison, and thank you, everyone, for joining us today. I will begin with some comments about our Bausch + Lomb third quarter highlights. Sam Eldessouky, our CFO, will then review the third quarter financial results in detail and discuss our 2022 guidance. Finally, I will conclude by discussing our product pipeline and upcoming catalysts before opening the line for questions. Before I start, I want to especially thank our B&L team for their strong efforts in the third quarter of 2022, our first full quarter as a public company.

謝謝你，艾莉森，也謝謝大家今天加入我們。我將首先對我們的博士倫第三季度亮點發表一些評論。然後，我們的首席財務官 Sam Eldessouky 將詳細審查第三季度的財務業績並討論我們的 2022 年指導方針。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。在開始之前，我要特別感謝我們的 B&L 團隊在 2022 年第三季度（我們作為上市公司的第一個完整季度）的大力努力。

As an integrated eye care company operating today, Bausch + Lomb is uniquely positioned in the eye health market. On Page 4, you see that we are building on approximately 170 years of success as a leading eye health brand. Bausch + Lomb is a company with the highest brand awareness in eye care. And as a global leader in consumer eye health, we have outpaced U.S. market growth by approximately 1.7x since 2018.

作為當今運營的綜合性眼保健公司，博士倫在眼保健市場上具有獨特的定位。在第 4 頁，您會看到我們作為領先的眼部健康品牌已經建立了大約 170 年的成功經驗。 Bausch + Lomb 是一家在眼部護理領域擁有最高品牌知名度的公司。作為消費者眼部健康領域的全球領導者，自 2018 年以來，我們的市場增長速度已超過美國市場約 1.7 倍。

Turning to Slide 5. We continue to see compelling opportunities for stand-alone Bausch + Lomb as a pure-play eye health company. First, we believe the company is well positioned for growth in large durable markets driven by new products and favorable mega trends are tailwinds that are expected to continue driving demand for our eye health products. Second, we continue to see margin expansion over the long term based on our new product launch opportunities.

轉到幻燈片 5。作為一家純粹的眼保健公司，我們繼續看到獨立的博士倫具有令人信服的機會。首先，我們認為公司在新產品驅動的大型耐用品市場的增長方面處於有利地位，有利的大趨勢是順風，預計將繼續推動對我們眼部健康產品的需求。其次，基於我們的新產品發布機會，我們將繼續看到長期的利潤率增長。

And finally, as a publicly traded company, we expect to have balance sheet flexibility to expand investment in business and additional strategic bolt-on product opportunities. Given the challenges presented by the current economic environment, I want to spend a moment to share our insights on the potential impact of inflationary pressures on the eye health category.

最後，作為一家上市公司，我們期望資產負債表具有靈活性，以擴大對業務的投資和額外的戰略性附加產品機會。鑑於當前經濟環境帶來的挑戰，我想花一點時間分享我們對通脹壓力對眼睛健康類別的潛在影響的見解。

On Slide 6, we presented data and other insights which show that the eye health business is resilient to economic pressures. The first statistic on the left underscores just how important eyesight is. 81% of U.S. adults surveyed will be willing to give up something else that is very important to them if it meant never losing their eyesight.

在幻燈片 6 中，我們展示了數據和其他見解，表明眼部健康業務能夠抵禦經濟壓力。左邊的第一個統計數據強調了視力的重要性。接受調查的美國成年人中有 81% 願意放棄對他們來說非常重要的其他東西，如果這意味著永遠不會失去視力。

Looking at Bausch + Lomb within this eye health sector. We believe our business is well positioned against an economic downturn because Bausch + Lomb has the highest brand awareness in eye care; Bausch + Lomb has a diverse product portfolio of more than 400 branded and generic products as well as products that are offered at various ranges of price points; Bausch + Lomb has a geographic presence in approximately 100 countries; and Bausch + Lomb is investing in R&D to expand our portfolio with more than 15 new product launches expected in 2023.

看看這個眼部健康領域的博士倫。我們相信我們的業務在經濟低迷時期處於有利地位，因為博士倫在眼部護理領域擁有最高的品牌知名度； Bausch + Lomb 擁有多樣化的產品組合，包括 400 多種品牌和通用產品，以及以不同價位提供的產品； Bausch + Lomb 在大約 100 個國家/地區開展業務； Bausch + Lomb 正在投資研發以擴大我們的產品組合，預計將在 2023 年推出超過 15 種新產品。

To summarize, the survey data and our team's experience through previous economic cycles tells us that eye health will continue to be a priority for consumers and patients. We believe customers will continue to want the best and most trusted products and services, which means that Bausch + Lomb is well positioned within the overall eye health sector.

總而言之，調查數據和我們團隊在以往經濟周期中的經驗告訴我們，眼睛健康將繼續成為消費者和患者的首要任務。我們相信客戶將繼續需要最好和最值得信賴的產品和服務，這意味著博士倫在整個眼部健康領域處於有利地位。

Moving now to the third quarter highlights on Slide 7. Our third quarter overall organic revenue growth was 5%. And importantly, it reflects growth in all three of our business segments. A few key highlights to note. First, our continued momentum in key portfolios. Reported revenue of Ocuvite and PreserVision grew by 14%. And we're pleased to report that PreserVision currently has an approximately 95% market share in the U.S. And the 14% organic growth in surgical implantables was driven by the premium and standard IOLs.

現在轉到幻燈片 7 上的第三季度亮點。我們第三季度的整體有機收入增長為 5%。重要的是，它反映了我們所有三個業務部門的增長。需要注意的幾個關鍵亮點。首先，我們在關鍵投資組合方面的持續發展勢頭。 Ocuvite 和 PreserVision 的報告收入增長了 14%。我們很高興地報告，PreserVision 目前在美國擁有約 95% 的市場份額。外科植入物 14% 的有機增長是由優質和標準 IOL 推動的。

Next, our investment in the faster-growing eye health categories. LUMIFY U.S. weekly market share in the redness reliever category has reached 49%. And we are seeing signs of a strong early launch in Canada. We're also well positioned to take advantage of the U.S. prescription dry eye market, which grew at a 24% CAGR from 2016 to 2021 and is expected to see double-digit growth from 2021 to 2027.

接下來，我們對增長較快的眼部健康類別的投資。 LUMIFY 美國每週消紅劑類別的市場份額已達到 49%。我們看到了在加拿大早期推出的強勁跡象。我們還準備好利用美國處方乾眼症市場，該市場從 2016 年到 2021 年的複合年增長率為 24%，預計從 2021 年到 2027 年將實現兩位數的增長。

And NOV03, our potential first-in-class treatment for dry eye disease associated with meibomian gland dysfunction, has a June 2023 PDUFA date. Finally, new product category expansion. We entered into an exclusive European distribution agreement for a minimally invasive surgical procedure for the treatment of glaucoma during the third quarter. And our premium LuxSmart IOL is now launched in 19 countries.

NOV03 是我們潛在的一流治療與瞼板腺功能障礙相關的干眼病的藥物，PDUFA 日期為 2023 年 6 月。最後是新產品品類的拓展。我們在第三季度就治療青光眼的微創外科手術簽訂了獨家歐洲分銷協議。我們的優質 LuxSmart IOL 現已在 19 個國家/地區推出。

To summarize, third quarter results demonstrate that our business is continuing to deliver strong performance despite the currency and inflationary headwind pressures. Our key brands have demonstrated their durability through challenging economic conditions. We remain focused on continuing to invest in innovation to drive future growth in large, fast-growing markets and categories.

總而言之，第三季度業績表明，儘管存在貨幣和通脹逆風壓力，我們的業務仍在繼續表現強勁。我們的主要品牌已在充滿挑戰的經濟條件下證明了它們的耐用性。我們仍然專注於繼續投資於創新，以推動快速增長的大型市場和類別的未來增長。

And with that, I will turn the call over to Sam to cover the financial results in more detail.

有了這個，我將把電話轉給 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 8. We're pleased to report our sixth consecutive quarter of organic growth, demonstrating the durability of our business in a highly attractive eye care market. Our total company revenue was $942 million for the third quarter, up 5% organically. The revenue growth was broad-based with strong performance across all segments.

現在轉向我們在幻燈片 8 上的結果。我們很高興地報告我們連續第六個季度的有機增長，證明了我們的業務在極具吸引力的眼部護理市場中的持久性。第三季度公司總收入為 9.42 億美元，有機增長 5%。收入增長基礎廣泛，所有細分市場均表現強勁。

Key consumer brands, such as our eye vitamin franchise and LUMIFY, are maintaining leading market share positions. Our contact lens portfolio continues to grow. And procedure volume is driving demand in Surgical, which is also creating positive tailwinds in our Ophthalmic Pharmaceuticals segment.

我們的眼部維生素特許經營權和 LUMIFY 等主要消費品牌保持著領先的市場份額地位。我們的隱形眼鏡產品組合繼續增長。手術量正在推動外科手術的需求，這也為我們的眼科藥物部門創造了積極的順風。

In an economic environment where sustained levels of high inflation are leading to some changes in consumer behavior, customers are remaining loyal to trusted brands like Bausch + Lomb. While we are not immune to the economic pressures, we do expect the Bausch + Lomb portfolio to continue to demonstrate strong resilience as consumers and patients prioritize their vision care needs.

在持續高通脹導致消費者行為發生一些變化的經濟環境中，客戶仍然忠於博士倫等值得信賴的品牌。雖然我們不能倖免於經濟壓力，但我們確實預計博士倫產品組合將繼續表現出強大的彈性，因為消費者和患者優先考慮他們的視力保健需求。

We are pleased with the recovery in China. The B&L business in China grew 6% organically compared to the prior year quarter and 28% on a sequential basis. We're encouraged by the improvement trends. And we'll continue to monitor the pace of the recovery as the market works to return to pre-COVID levels. Currency had a substantial impact in the quarter, which impacted our reported revenue of minus 1%. FX headwinds to revenue were approximately $55 million or 575 basis points.

我們對中國的複蘇感到高興。中國的提單業務與去年同期相比有機增長 6%，環比增長 28%。我們對改進趨勢感到鼓舞。隨著市場努力恢復到 COVID 之前的水平，我們將繼續監測復甦的步伐。貨幣在本季度產生了重大影響，這對我們報告的收入造成了負 1% 的影響。外匯對收入的不利影響約為 5500 萬美元或 575 個基點。

The current strength of the U.S. dollar is something that the market has not seen in a long time. The U.S. dollar is at the strongest level in about 20 years versus the euro. And the U.S. dollar strength versus key B&L currencies like the yen and British pound is also something we have not seen in decades. Overall, we're very pleased with our 5% organic revenue growth in the third quarter and believe that the long-term fundamentals of our business and the eye care market remain highly attractive.

美元目前的強勢是市場很久沒有看到的。美元兌歐元處於約 20 年來的最高水平。美元兌日元和英鎊等主要 B&L 貨幣的強勢也是我們幾十年來從未見過的。總體而言，我們對第三季度 5% 的有機收入增長感到非常滿意，並相信我們業務和眼部護理市場的長期基本面仍然極具吸引力。

Now I'll 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 4% in the third quarter. Our consumer portfolio, which was up 3% organically, saw continued market share leadership in key categories, such as eye vitamins, redness relief and lens care.

現在我將更詳細地介紹我們的每個部分。包括隱形眼鏡和消費品在內的視力保健部門的收入在第三季度有機增長了 4%。我們的消費者組合有機增長了 3%，在眼部維生素、緩解紅腫和鏡片護理等關鍵類別中的市場份額繼續保持領先地位。

We're seeing consumer behavior adjusting to inflation. Although the prevalence differs by category or market, generally price and promotion sensitivity have increased. B&L has the trusted brands consumers are sticking with. And we will continue to manage the balance between strategic pricing and growing market share.

我們看到消費者行為正在適應通貨膨脹。儘管流行程度因類別或市場而異，但總體而言價格和促銷敏感性有所增加。 B&L 擁有消費者所堅持的值得信賴的品牌。我們將繼續管理戰略定價和不斷增長的市場份額之間的平衡。

The eye vitamin franchise, PreserVision and Ocuvite, grew by 14% on a reported basis and 16% organically. PreserVision is the market leader in the eye vitamin category and is a great example of a B&L product with a strong brand equity. The eye vitamin franchise continues to be a strong driver of growth. We recently launched an enhanced Ocuvite formulation. And we see an opportunity for the category to continue to expand with increased AMD awareness.

眼部維生素專營權 PreserVision 和 Ocuvite 在報告的基礎上增長了 14%，有機增長了 16%。 PreserVision 是眼部維生素類別的市場領導者，是具有強大品牌資產的 B&L 產品的一個很好的例子。眼部維生素專營權繼續成為增長的強勁動力。我們最近推出了增強型 Ocuvite 配方。隨著 AMD 意識的提高，我們看到了該類別繼續擴大的機會。

LUMIFY reported revenue grew by 7% in the quarter and reached a record 49% market share. Consumers continue to value the level of innovation LUMIFY brings to the redness relief category. LUMIFY recently launched in Canada and is off to a strong start. We see multiple catalysts to continue the growth trajectory for LUMIFY, including launching into new categories.

LUMIFY 報告本季度收入增長 7%，市場份額達到創紀錄的 49%。消費者繼續看重 LUMIFY 為緩解紅腫類別帶來的創新水平。 LUMIFY 最近在加拿大推出，並取得了良好的開端。我們看到了多種催化劑來繼續 LUMIFY 的增長軌跡，包括推出新的類別。

We saw strong revenue growth in our Biotrue franchise, led by the launch of Biotrue Hydration Plus multipurpose solution. B&L continues to gain market share in the multipurpose solutions category. In the quarter, B&L market share increased 410 basis points versus the prior year. Artelac, which is a leading dry eye product in Europe and is a $100 million-plus revenue brand, grew by 11% organically.

在推出 Biotrue Hydration Plus 多功能解決方案的帶動下，我們的 Biotrue 特許經營權收入強勁增長。 B&L 繼續在多用途解決方案類別中獲得市場份額。本季度，B&L 市場份額較上年增加 410 個基點。 Artelac 是歐洲領先的干眼產品，是一個收入超過 1 億美元的品牌，有機增長了 11%。

Also, during the third quarter, we saw a slight impact to revenue caused by the delayed timing of shipments due to Hurricane Ian, which we expect to recover in Q4. Revenue in lenses was up 6% organically with strong growth in each of the three key B&L franchises: 8% reported and 23% organic growth in daily SiHy; 7% reported and 12% organic growth in ULTRA; and 2% reported and 8% organic growth in Biotrue ONEday.

此外，在第三季度，我們看到由於颶風伊恩導致的發貨時間延遲對收入產生了輕微影響，我們預計颶風伊恩將在第四季度恢復。鏡片收入有機增長 6%，三大主要 B&L 特許經營權均強勁增長：報告的 8% 和每日 SiHy 的有機增長 23%； ULTRA 報告 7% 和 12% 的有機增長； Biotrue ONEday 報告了 2% 和 8% 的有機增長。

The market conditions in China have improved. And the China lens portfolio grew organically by 3% year-over-year. We're very encouraged by the improvement strength. We will continue to monitor the progress as local policies and measures continue to be in place to comply with the zero-COVID policy. Also, the pace of the recovery has varied by channel with e-commerce progressing at a faster rate than retail.

中國市場狀況有所改善。中國鏡片產品組合同比有機增長 3%。我們對進步的力量感到非常鼓舞。隨著地方政策和措施繼續到位以遵守零新冠病毒政策，我們將繼續監測進展情況。此外，復甦的步伐因渠道而異，電子商務的發展速度快於零售。

As the retail market improves, we see an additional opportunity for growth. We continue to be excited about our daily SiHy lenses. This is a multiyear growth driver for our portfolio as we gain scale and prepare for the future launches of the multifocal and toric lenses. We're focused on accelerating the manufacturing output to meet significant end market demand.

隨著零售市場的改善，我們看到了額外的增長機會。我們繼續對我們的日常 SiHy 鏡片感到興奮。隨著我們擴大規模並為未來推出多焦點和復曲面鏡片做準備，這是我們產品組合的多年增長動力。我們專注於加速製造產出以滿足重要的終端市場需求。

I expect manufacturing output ramp-up and yield to continue to improve. Having a diversified portfolio with different modalities and price points also benefit our business in the time of a high-end consumer price sensitivity. Our value-oriented dailies brand, SofLens, grew 9% organically in the quarter.

我預計製造業產量將增加，產量將繼續提高。在高端消費者價格敏感時期，擁有具有不同模式和價格點的多元化投資組合也有利於我們的業務。我們以價值為導向的日報品牌 SofLens 在本季度實現了 9% 的有機增長。

Moving on to our Surgical segment. Third quarter revenue grew organically by 8% to $172 million as procedure volume continues to increase in certain markets. The increase in procedure volume drove 6% organic revenue growth in consumables, which is the largest B&L surgical category, and 14% organic growth in implantables. The strong performance in implantables was driven by both our premium and standard IOL portfolios.

繼續我們的外科部分。由於某些市場的手術量繼續增加，第三季度收入有機增長 8% 至 1.72 億美元。手術量的增加推動消耗品（最大的 B&L 手術類別）有機收入增長 6%，植入物有機增長 14%。植入物的強勁表現是由我們的優質和標準 IOL 產品組合推動的。

Our equipment portfolio grew 3% organically in the quarter and was impacted by some constraints on availability of supply. We expect the backlog of cataract surgeries to be a tailwind over an extended period of time. We also have an opportunity to expand the portfolio with several upcoming launches, including a 3D Microscope for which we expect to launch in 2023.

我們的設備組合在本季度有機增長了 3%，並受到供應可用性的一些限制的影響。我們預計白內障手術的積壓將在很長一段時間內成為順風。我們還有機會通過即將推出的幾款產品來擴展產品組合，包括我們預計將於 2023 年推出的 3D 顯微鏡。

Finally, in the Ophthalmic Pharmaceuticals segment, third quarter revenue of $172 million grew by 5% on an organic basis. This was mainly driven by strong performance in the international markets with 15% organic growth. The growth is attributed to improving conditions in China and an increase in surgical procedure volumes in Europe. International ophtha continues to demonstrate durable growth and the benefits of a large portfolio with an extensive global reach.

最後，在眼科製藥部門，第三季度收入為 1.72 億美元，有機增長 5%。這主要是由於國際市場表現強勁，有機增長 15%。這一增長歸因於中國條件的改善和歐洲外科手術量的增加。國際 ophtha 繼續展示出持久的增長以及具有廣泛全球影響力的大型產品組合的好處。

In the U.S., the tail end of LOE headwinds is becoming less meaningful and investments in market access of our key promoted brand, VYZULTA, continues to drive volume gains. VYZULTA TRx growth was up 29% in the quarter and revenue grew by 4%. We're also executing our VYZULTA geographic expansion strategy. We launched VYZULTA in Thailand in the second quarter. We're preparing for a launch in Brazil by the end of this year. And we're targeting further geo-expansion opportunities.

在美國，LOE 逆風的尾端正變得不那麼有意義，對我們主要推廣品牌 VYZULTA 的市場准入的投資繼續推動銷量增長。 VYZULTA TRx 在本季度增長了 29%，收入增長了 4%。我們還在執行我們的 VYZULTA 地理擴張戰略。我們於第二季度在泰國推出了 VYZULTA。我們正準備在今年年底前在巴西推出。我們的目標是進一步的地理擴張機會。

We continue to focus on the transformation of the ophtha portfolio. The XIPERE launch is tracking well and NOV03 has been assigned a PDUFA date of June 28, 2023. This brings us a step closer to what we believe is a substantial market opportunity.

我們繼續專注於 ophtha 產品組合的轉型。 XIPERE 的發布進展順利，NOV03 的 PDUFA 日期為 2023 年 6 月 28 日。這使我們更接近我們認為的巨大市場機會。

On Slide 9, we quantify the impact that FX headwinds are having on the business. The strength of the U.S. dollar against all major currencies is something we have not seen in the market in decades. And inflation remains at the highest level since the 1980s. B&L continues to perform. And the eye care market has demonstrated resilience to macro headwinds. Our base business performance of $48 million in revenue growth was offset by FX headwinds of approximately $55 million for the quarter.

在幻燈片 9 中，我們量化了外匯逆風對業務的影響。美元兌所有主要貨幣的強勢是我們幾十年來在市場上從未見過的。通貨膨脹率仍處於 1980 年代以來的最高水平。 B&L 繼續表現出色。眼部護理市場已表現出對宏觀逆風的抵禦能力。我們 4800 萬美元的收入增長基本業務表現被本季度約 5500 萬美元的外匯逆風所抵消。

Turning now to Slide 10. As a reminder, given the timing of the IPO, the 2021 results were not fully burdened by all the stand-up costs associated with the separation. As we previously disclosed, full year 2021 results did not reflect estimated stand-up costs of approximately $70 million. With total revenues of $942 million in the third quarter, we remain committed to our strategy to be fully invested in new product launches and in R&D while managing the impact of macro headwinds.

現在轉到幻燈片 10。提醒一下，考慮到 IPO 的時間安排，2021 年的業績並未完全受到與分拆相關的所有站立成本的負擔。正如我們之前披露的那樣，2021 年全年業績並未反映約 7000 萬美元的估計站立成本。第三季度的總收入為 9.42 億美元，我們仍然致力於我們的戰略，即在新產品發布和研發方面全面投資，同時管理宏觀逆風的影響。

Our adjusted EBITDA in the third quarter was $187 million. Adjusted gross margin for the quarter was approximately 60.5%, which is 110 basis points lower than Q3 2021. Apart from the product mix and manufacturing yield, the change in gross margin is largely driven by the high level of inflation, leading to higher cost of energy, transportation, labor, input costs such as resins and rising prices of surgical components.

我們第三季度調整後的 EBITDA 為 1.87 億美元。本季度調整後毛利率約為 60.5%，比 2021 年第三季度低 110 個基點。除產品結構和製造產量外，毛利率的變化主要是受高通脹水平驅動，導致成本上升能源、交通、勞動力、樹脂等投入成本和手術部件價格上漲。

We're working to mitigate inflation challenges through various efficiency-enhancing initiatives and strategic pricing. We're also monitoring the geopolitical development in Europe to assess the potential impact of increasing energy costs over the coming months. Over the longer term, the fundamentals and market opportunity for margin expansions continue to be in place. We have a clear path to expand margin in all areas of our business with launches of our premium surgical products, a higher-margin ophtha portfolio, increased scale in lenses and operating leverage.

我們正在努力通過各種提高效率的舉措和戰略定價來緩解通脹挑戰。我們還在監測歐洲的地緣政治發展，以評估未來幾個月能源成本上漲的潛在影響。從長遠來看，利潤率擴張的基本面和市場機會繼續存在。通過推出我們的優質手術產品、更高利潤率的眼科產品組合、擴大鏡片規模和經營槓桿，我們有一條明確的道路來擴大我們所有業務領域的利潤率。

Our investment in R&D continues to trend at roughly 8% of revenue, which is approximately $14 million or 160 basis points higher compared to prior year. We remain focused on high-priority projects while continuously evaluating our pipeline to accelerate new products to market. Adjusted SG&A increased by approximately $12 million year-over-year, which is attributed to an inflation-driven increase in transportation and labor costs. SG&A also reflects the cost structure of B&L as a stand-alone company, which was not fully reflected in the prior year's results. Finally, adjusted EPS for the quarter was $0.31.

我們對研發的投資繼續保持在收入的大約 8% 左右，與去年相比增加了約 1400 萬美元或 160 個基點。我們仍然專注於高優先級項目，同時不斷評估我們的管道以加速新產品上市。調整後的 SG&A 同比增長約 1200 萬美元，這歸因於通貨膨脹導致的運輸和勞動力成本增加。 SG&A 還反映了 B&L 作為一家獨立公司的成本結構，這在上一年的業績中並未完全反映。最後，本季度調整後的每股收益為 0.31 美元。

Moving on to Slide 12. Adjusted cash flow from operations was $48 million in the third quarter, bringing year-to-date adjusted cash flow to $216 million. Strategic inventory management and maintaining working capital efficiency continued to be key initiatives in light of the macro environment challenges.

轉到幻燈片 12。第三季度調整後的運營現金流為 4800 萬美元，使年初至今調整後的現金流達到 2.16 億美元。鑑於宏觀環境的挑戰，戰略庫存管理和維持營運資金效率仍然是關鍵舉措。

Third quarter CapEx of $49 million reflects strategic investments in our Vision Care portfolio and a number of productivity-enhancing initiatives. We ended the quarter with approximately $2.5 billion of debt, a net leverage ratio of approximately 2.9x. B&L continues to have a strong balance sheet, which provides us with the flexibility to pursue value-enhancing investment opportunities.

第三季度 4900 萬美元的資本支出反映了我們對視力保健產品組合的戰略投資以及多項提高生產力的舉措。我們在本季度末負債約 25 億美元，淨槓桿率約為 2.9 倍。 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。

Now turning to our guidance on Slide 14. We are reaffirming our organic revenue growth guidance for 2022 in the range of 4% to 5%. We continue to see momentum in our business. And we remain committed to making the investments to execute our growth strategy. While our organic performance continues to be strong, based on current exchange rates, we estimate full year FX headwinds to be approximately $210 million compared to $160 million included in our August guidance.

現在轉向我們對幻燈片 14 的指導。我們重申我們對 2022 年的有機收入增長指導在 4% 至 5% 的範圍內。我們繼續看到我們業務的發展勢頭。我們仍然致力於進行投資以執行我們的增長戰略。雖然我們的有機業績繼續強勁，但根據當前匯率，我們估計全年外匯逆風約為 2.1 億美元，而我們 8 月指引中包含 1.6 億美元。

To reflect the $50 million of incremental FX headwinds, we estimate our reported revenue will be in the range of $3.7 billion to $3.75 billion. We're maintaining our gross margin guidance of approximately 60%. We have implemented various cost efficiency measures and strategic price increases, which we expect will allow us to manage approximately 130 basis points of inflation pressure for the full year.

為了反映 5000 萬美元的增量外匯逆風，我們估計我們報告的收入將在 37 億美元至 37.5 億美元之間。我們維持大約 60% 的毛利率指引。我們已經實施了各種成本效率措施和戰略性價格上漲，我們預計這將使我們能夠管理全年約 130 個基點的通脹壓力。

We are updating our adjusted EBITDA guidance for 2022 to be in the range of $715 million to $755 million. This reflects approximately $10 million of FX headwinds incremental to our August guidance. It also reflects a $15 million impact related to the manufacturing yield and output ramp-up of our daily SiHy lenses.

我們正在更新調整後的 2022 年 EBITDA 指導，使其在 7.15 億美元至 7.55 億美元之間。這反映了我們 8 月份指引增加的大約 1000 萬美元的外匯逆風。它還反映了與我們日常 SiHy 鏡片的製造良率和產量提升相關的 1500 萬美元影響。

As we increase production of the daily SiHy lenses to meet significant end market demand, the output ramp-up and manufacturing yield is trending slower than expected in 2022. We expect that the output ramp-up will accelerate and the yield will improve in the upcoming months. And the incremental headwinds will be substantially reduced in early 2023.

隨著我們增加日常 SiHy 鏡片的產量以滿足重要的終端市場需求，2022 年產量增長和製造良率的趨勢將慢於預期。我們預計產量增長將加速，良率將在即將到來的個月。到 2023 年初，增加的逆風將大大減少。

We continue to expect interest expense of approximately $150 million. In the third quarter, we entered into a cross-currency swap to mitigate market fluctuations. And we're exploring other options to manage potential interest rate movements. We are maintaining our estimate for the full year R&D investment at approximately 8% of revenue.

我們繼續預計利息支出約為 1.5 億美元。第三季度，我們進行了交叉貨幣互換以緩解市場波動。我們正在探索其他選項來管理潛在的利率變動。我們將全年研發投資的估計維持在收入的 8% 左右。

Despite the macro volatility, we will continue to prioritize investment in our R&D pipeline as we look forward to a number of launches in 2023 and beyond. Lastly, we expect our full year tax rate to be at the low end of our guidance range of 6%. This is mainly driven by our expectation of the product and geographic mix of taxable income.

儘管存在宏觀波動，但我們將繼續優先考慮對研發管道的投資，因為我們期待在 2023 年及以後推出多項產品。最後，我們預計全年稅率將處於 6% 指導範圍的低端。這主要是由於我們對應稅收入的產品和地域組合的預期。

Looking forward, we want to provide some initial thoughts on our key priorities for 2023. We expect the fundamentals of the eye care market to remain strong, and our focus will be on driving revenue growth. We have a full pipeline of more than 15 products that we expect to launch in 2023 across all of our segments. This includes NOV03 in our ophthalmology portfolio and a number of launches in our Surgical business.

展望未來，我們希望就 2023 年的主要優先事項提供一些初步想法。我們預計眼科護理市場的基本面將保持強勁，我們的重點將放在推動收入增長上。我們擁有超過 15 種產品的完整產品線，預計將於 2023 年在所有細分市場推出。這包括我們眼科產品組合中的 NOV03，以及我們外科業務中的一些新產品。

At this time, we expect macro market conditions to continue to evolve with inflation stabilizing, although at a higher rate relative to historical levels. We also expect currency to remain volatile. Despite the macro pressures, we will continue to prioritize investment in R&D and product launches as we continue the momentum in our current portfolio and add new products. We have an opportunity to leverage our existing commercial infrastructure for long-term margin expansion.

目前，我們預計宏觀市場狀況將繼續演變，通脹趨於穩定，儘管速度相對於歷史水平更高。我們還預計貨幣將保持波動。儘管存在宏觀壓力，我們將繼續優先投資研發和產品發布，因為我們將繼續保持現有投資組合的勢頭並增加新產品。我們有機會利用我們現有的商業基礎設施來實現長期利潤增長。

In summary, we're pleased with the third quarter growth reflected in all of our three segments. The B&L portfolio continues to demonstrate resilience. And the long-term fundamentals of the eye care market remain solid. Now back to you, Joe.

總而言之，我們對第三季度所有三個部門的增長感到滿意。 B&L 投資組合繼續表現出彈性。眼保健市場的長期基本面依然穩固。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 our business results.

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。

On Slide 16, we highlight some of the key consumer franchises that have been gaining market share. First, on the left, PreserVision obtained a 95.1% market share in the third quarter of 2022, a gain of 120 basis points compared to the prior year quarter. Given the success of our eye vitamin franchise, we are working on a brand family line extension, including an enhanced formulation of Ocuvite with vitamin D for adults age 50 and over and a combination of PreserVision products with an antioxidant that helps support healthy heart function.

在幻燈片 16 中，我們重點介紹了一些已經獲得市場份額的主要消費者特許經營權。首先，在左側，PreserVision 在 2022 年第三季度獲得了 95.1% 的市場份額，與去年同期相比增長了 120 個基點。鑑於我們的眼部維生素特許經營取得成功，我們正在努力擴展品牌系列產品線，包括為 50 歲及以上的成年人添加維生素 D 的 Ocuvite 增強配方，以及 PreserVision 產品與有助於支持健康心臟功能的抗氧化劑的組合。

Next, U.S. market share of Bausch + Lomb multipurpose solution was 57.4%, up 410 basis points compared to the third quarter of last year, driven by our Biotrue multipurpose solution. And we are expanding the Biotrue mega brand platform to strengthen our competitive advantage in dry eye disease. Finally, on the right, Artelac, a $100 million growing dry eye global franchise, grew organically by 11% compared to the third quarter of last year. Artelac branded products are available in more than 35 countries. And we have more than 10 line extensions underway. We recently launched Elixya moisturizing drop for dry eyes in France.

其次，在我們的 Biotrue 多用途解決方案的推動下，博士倫多用途解決方案的美國市場份額為 57.4%，比去年第三季度增加了 410 個基點。我們正在擴展 Biotrue 大型品牌平台，以加強我們在乾眼病領域的競爭優勢。最後，在右側，Artelac 是一家增長 1 億美元的干眼症全球特許經營企業，與去年第三季度相比有機增長了 11%。 Artelac 品牌產品在超過 35 個國家有售。我們正在進行 10 多條線路擴展。我們最近在法國推出了針對乾眼症的 Elixya 保濕滴劑。

Now turning to Slide 17 on LUMIFY. In the U.S., LUMIFY is the #1 redness reliever in the category with approximately a 49% market share. Building on the phenomenal success of this product and using the power of our fully integrated eye care platform, we are planning to expand the brand geographically and through line extensions. In July, we launched LUMIFY in Canada, where we saw the fastest launch for Bausch + Lomb in the Canadian eye drop market and is generating twice the amount of sales versus the previous leading eye drop launches.

現在轉到 LUMIFY 上的幻燈片 17。在美國，LUMIFY 是該類別中排名第一的紅腫緩解劑，市場份額約為 49%。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，我們計劃通過產品線擴展在地域上擴展品牌。 7 月，我們在加拿大推出了 LUMIFY，我們看到博士倫在加拿大眼藥水市場上的推出速度最快，銷售額是之前推出的領先眼藥水產品的兩倍。

Geo-expansion continues to be a priority. And LUMIFY is now approved in six countries. In addition to launching in new markets, we are expanding LUMIFY's beauty positioning to specialty eye care and have a number of line extensions planned for 2023 and beyond, including a makeup remover, eye cream and a lash and brow serum, along with a single-dose, preservative-free eye drop and a combination of product with ketotifen for allergy symptom control.

地理擴張仍然是一個優先事項。 LUMIFY 現在已在六個國家獲得批准。除了在新市場推出之外，我們還將 LUMIFY 的美容定位擴展到專業眼部護理，併計劃在 2023 年及以後推出一系列產品線，包括卸妝液、眼霜、睫毛和眉毛精華液，以及單-劑量、不含防腐劑的眼藥水和產品與酮替芬的組合用於控製過敏症狀。

On Slide 18, we show the 2022 and near-term launches that we believe will position the company for transformational growth. Our 2022 launches included XIPERE, Revive custom soft contact lenses, our Lux Premium IOLs and most recently, Project Watson, our brand-new line of products specifically formulated to help support dogs' eyes, ears and overall well-being. Looking ahead to 2023 and beyond, our strategic investments in R&D are yielding a pipeline of new, innovative products in higher-margin, high-growth categories such as premium IOLs and pharmaceuticals.

在幻燈片 18 上，我們展示了 2022 年和近期的發布，我們認為這些發布將使公司實現轉型增長。我們在 2022 年推出的產品包括 XIPERE、Revive 定制軟性隱形眼鏡、我們的 Lux Premium IOL 以及最近的 Project Watson，這是我們專為幫助支持狗的眼睛、耳朵和整體健康而配製的全新產品系列。展望 2023 年及以後，我們在研發方面的戰略投資正在產生一系列新的創新產品，這些產品屬於高利潤、高增長的類別，例如優質人工晶體和藥品。

On Slide 19, as we mentioned earlier, we now have a June 2023 PDUFA date 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. Dry eye disease is one of the most common ocular surface disorders affecting approximately 18 million Americans. NOV03 is expected to address evaporative dry eye, which is an unmet need in approximately 90% of dry eye disease sufferers.

正如我們之前提到的，在幻燈片 19 上，我們現在有了 NOV03 的 2023 年 6 月 PDUFA 日期，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。乾眼症是影響約 1800 萬美國人的最常見的眼表疾病之一。 NOV03 有望解決蒸發過強型乾眼症，這是大約 90% 的干眼症患者未滿足的需求。

This is a fast-growing market with unmet patient needs. From 2016 to '21, the U.S. prescription dry eye market grew at a CAGR of approximately 24%. And given the current market for dry eye disease treatments and the results of the two Phase III trials, we believe that NOV03 has the potential to be a major future growth driver for our business.

這是一個快速增長的市場，患者需求未得到滿足。從 2016 年到 21 年，美國處方乾眼症市場的複合年增長率約為 24%。鑑於目前乾眼病治療市場和兩項 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。

On Slide 20, our Surgical business is preparing for the upcoming launch of the eyeTELLIGENCE system, a cloud-based digital platform that will help streamline the complex processes from presurgery assessment to post-surgery evaluation. Ophthalmic surgical procedures require a sophisticated, multistep process that involves patient diagnostics, clinical treatment planning, surgery planning, post-op analysis and more. The transitions between each step requires the manual transfer of data, which can be time-consuming and lead to unintended human error.

在幻燈片 20 上，我們的外科業務正在為即將推出的 eyeTELLIGENCE 系統做準備，這是一個基於雲的數字平台，將有助於簡化從術前評估到術後評估的複雜流程。眼科手術程序需要復雜的多步驟過程，包括患者診斷、臨床治療計劃、手術計劃、術後分析等。每個步驟之間的轉換需要手動傳輸數據，這可能非常耗時並會導致意外的人為錯誤。

When the next-generation eyeTELLIGENCE platform is launched, we expect to occur in 2023, the analytical software will allow surgeons to seamlessly integrate all aspects of the cataract, retinal and refractory surgery processes to maximize their overall practice efficiency. We are excited about this significant step forward that will enable us to advance interconnectivity and leverage data support and improve patient outcomes.

當下一代 eyeTELLIGENCE 平台推出時，我們預計將在 2023 年推出，該分析軟件將使外科醫生能夠無縫整合白內障、視網膜和難治性手術過程的各個方面，以最大限度地提高他們的整體實踐效率。我們對向前邁出的這一重要一步感到興奮，這將使我們能夠推進互聯互通並利用數據支持並改善患者的治療效果。

On Slide 21, we feature another anticipated 2023 launch in our Surgical business, the 3D Microscope, which offers ophthalmic surgeons a fully digital surgical visualization platform. The microscope offers exceptional image quality with ergonomics, allowing surgeons to tackle complicated surgical cases with confidence and ease. And importantly, the 3D Microscope can be integrated with our eyeTELLIGENCE digital platform. The market opportunity for this product is significant. Industry reports estimate it at $400 million, growing at a CAGR of approximately 6%.

在幻燈片 21 上，我們的外科業務預計將於 2023 年推出，即 3D 顯微鏡，它為眼科醫生提供了一個全數字化的手術可視化平台。該顯微鏡提供了符合人體工程學的卓越圖像質量，使外科醫生能夠自信而輕鬆地處理複雜的手術病例。重要的是，3D 顯微鏡可以與我們的 eyeTELLIGENCE 數字平台集成。該產品的市場機會是巨大的。行業報告估計其價值為 4 億美元，複合年增長率約為 6%。

On Slide 22, we show the geographic location and expected timing of the upcoming premium IOL launches. Near term, we are preparing for 2023 launches of Bausch + Lomb Envy, the enVista trifocal IOL in Canada; and Bausch + Lomb Aspire, the enVista extended range monofocal IOL in the U.S. and Canada. Our near-term focus is launching these premium IOLs in North America and the EU, followed by the Asia-Pacific region.

在幻燈片 22 中，我們展示了即將推出的高級 IOL 的地理位置和預期時間。近期，我們正準備在 2023 年推出 Bausch + Lomb Envy，即加拿大的 enVista 三焦人工晶體；和 Bausch + Lomb Aspire，enVista 擴展範圍的單焦點人工晶體在美國和加拿大。我們近期的重點是在北美和歐盟推出這些優質 IOL，其次是亞太地區。

On Slide 23, we've listed the progress we have made against three key areas of focus that we identified as the priorities at the beginning of 2022: first, the continuing momentum in our portfolio; second, investing in categories that are growing faster than the market; and third, expanding into new product categories. To highlight a few, we are on track to deliver 4% to 5% organic revenue growth in 2022 due to, in part, the strong performance of our key franchises, including market share gains.

在幻燈片 23 上，我們列出了我們在 2022 年初確定為優先事項的三個關鍵重點領域取得的進展：首先，我們投資組合的持續發展勢頭；第二，投資增長快於市場的品類；三是拓展新品類。值得一提的是，我們有望在 2022 年實現 4% 至 5% 的有機收入增長，部分原因在於我們的主要特許經營權的強勁表現，包括市場份額的增長。

We have made investments in innovation like our SiHy daily lenses, 3D Microscope and NOV03. And lastly, expanded into new categories with XIPERE, Revive contact lenses and the minimally invasive surgical procedure for glaucoma. We believe that continuing to deliver against these three key areas of focus will position the company for future growth.

我們在創新方面進行了投資，例如我們的 SiHy 日常鏡頭、3D 顯微鏡和 NOV03。最後，通過 XIPERE、Revive 隱形眼鏡和青光眼微創外科手術擴展到新的類別。我們相信，繼續在這三個重點領域提供服務將使公司為未來的增長做好準備。

To wrap up on Slide 24, as a fully integrated eye health company with the highest brand awareness of any eye care company, a global footprint in approximately 100 countries, a comprehensive portfolio of more than 400 products across all price points, Bausch + Lomb is uniquely positioned to meet the eye care needs of patients and customers even in challenging economic environment. Bausch + Lomb serves our patients and consumers through all phases of their lives, developing and offering new treatments to meet unmet eye health needs and help people to see better to live better.

總結幻燈片 24，作為一家完全整合的眼部健康公司，在所有眼部護理公司中擁有最高的品牌知名度，在全球約 100 個國家/地區開展業務，擁有涵蓋所有價位的 400 多種產品的全面產品組合，博士倫是即使在充滿挑戰的經濟環境中，也能滿足患者和客戶的眼保健需求。 Bausch + Lomb 為我們的患者和消費者在他們生命的各個階段提供服務，開發和提供新的治療方法，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 third quarter results demonstrate that our business is continuing to deliver on strong performance despite the currency and inflationary headwind pressures we face. Our team remains focused, continuing to generate momentum in our key products, invest in fast-growing categories and expand into new product categories. Looking ahead, we continue to believe that Bausch + Lomb is well positioned for success as a stand-alone, pure-play eye health company.

我們第三季度的業績表明，儘管我們面臨貨幣和通貨膨脹的逆風壓力，我們的業務仍在繼續保持強勁的表現。我們的團隊仍然專注，繼續在我們的關鍵產品上產生動力，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、純粹的眼部健康公司將取得成功。

With that, operator, let's open up the line for questions.

有了這個，接線員，讓我們打開問題的線路。

(Operator Instructions) And the first question is coming from Zach Weiner from Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Zach Weiner。

Just one for me on inflationary pressures to start. Can you give some color on the impact in 3Q and how we should be thinking about inflationary pressures over the next couple of quarters and then also how that will impact the manufacturing of the SiHy lenses?

對我來說只有一個關於通脹壓力的開始。您能否就第三季度的影響以及我們應該如何考慮未來幾個季度的通脹壓力以及這將如何影響 SiHy 鏡片的製造提供一些顏色？

Zach, it's Sam. So when you think about inflation, when we looked at the beginning of the year, we expected inflation to be roughly about 100 basis points on our COGS. And as we continue to see inflation rise, right now in the U.S., it's hitting about 8%, Europe by about 10%. We have updated our estimate to be about 130 basis points. And that's for the full year. In the quarter, it's staying relatively in the same direction. It's about 100, 110 basis points in the quarter that we've seen the impact.

扎克，是山姆。因此，當您考慮通脹時，當我們查看年初時，我們預計通脹在我們的 COGS 上約為 100 個基點。隨著我們繼續看到通貨膨脹率上升，目前在美國，它達到了大約 8%，歐洲達到了大約 10%。我們已將估計值更新為約 130 個基點。這是全年的。在本季度，它相對保持在同一方向。我們已經看到影響在本季度大約 100、110 個基點。

As we look forward, and really when we think about Q4, we probably expect it to be running at around the same rate that we've seen right now, so it will be around still the 100 basis point impact. And really, from an impact to our daily SiHy, we haven't seen much of an impact on inflation per se on daily SiHy. I think the daily SiHy, it really doesn't have much of an impact from inflation. You see a little bit on transportation, but not really we've seen much of an impact from the inflation.

正如我們所期待的那樣，實際上當我們考慮第四季度時，我們可能預計它的運行速度與我們現在看到的大致相同，因此仍將是 100 個基點的影響。實際上，從對我們每日 SiHy 的影響來看，我們並沒有看到對每日 SiHy 本身的通脹產生太大影響。我認為每日的 SiHy，它確實沒有受到通貨膨脹的太大影響。你在交通上看到了一點，但我們並沒有真正看到通貨膨脹的太大影響。

I think the only thing I'd add to what Sam said is that, as you know, the important part for us as we think about the launch of the SiHy product is that it is a premium-priced product relative to obviously a monthly lens or a hydrogel lens. So it moves patients to an opportunity for us to have a premium product into the marketplace.

我想我要對 Sam 所說的唯一補充的是，正如你所知，對我們來說，在考慮推出 SiHy 產品時，重要的部分是相對於每月的鏡頭而言，它是一款高價產品或水凝膠鏡片。因此，它使患者有機會讓我們將優質產品推向市場。

So that's -- you're moving patients from a monthly lens from a $250 per year lens to a daily hydrogel lens, somewhere in that $500 lens, up to the daily SiHy, somewhere in that $750 range. So obviously, that's obviously going to help us with some of these inflationary pressure that we see out there.

所以這就是 - 你正在將患者從每月 250 美元的鏡片轉移到每天 500 美元的水凝膠鏡片，再到每天的 SiHy，在 750 美元的範圍內。很明顯，這顯然會幫助我們應對我們看到的一些通脹壓力。

The next question is coming from Cecilia Furlong from Morgan Stanley.

下一個問題來自摩根士丹利的 Cecilia Furlong。

I wanted to start with R&D, just your comments on spend in 3Q. You talked about previously kind of a 7% to 8% of sales outlook over the next few years. Can you just talk to how you're thinking about R&D spend and key areas of focus beyond 2022?

我想從研發開始，只是您對第三季度支出的評論。您之前談到了未來幾年銷售前景的 7% 到 8%。您能否談談您如何看待 2022 年以後的研發支出和重點關注領域？

Sure. Good question, of course. So certainly, one of the things that we're excited about is the future opportunity of the products that we have. I made mention during the call of 15 new product launch opportunities in 2023, and importantly, going into some areas that once again are important to us. Going in with the premium IOLs, we have the Lux product premium out there. We have some new enVista opportunities as we look into 2023. So those are going to be exciting.

當然。好問題，當然。因此，當然，我們感到興奮的一件事是我們擁有的產品的未來機會。我在 2023 年 15 個新產品發布機會的號召中提到，重要的是，進入一些對我們再次重要的領域。使用優質 IOL，我們擁有 Lux 產品溢價。展望 2023 年，我們有一些新的 enVista 機會。所以這些將是令人興奮的。

We also have the new microscope, 3D Microscope. We have the eyeTELLIGENCE system. All these things are backed by the R&D programs that we're putting forth. What we have said as a company is that we want to make the investments in R&D, and everything that we can do to accelerate the timing and launch of these products is important to us. We did see an opportunity in 2022 to move the R&D spend from that 7% to 8% to invest and get it to somewhere around 8% this year as we've talked about.

我們還有新的顯微鏡，3D 顯微鏡。我們有 eyeTELLIGENCE 系統。所有這些事情都得到了我們提出的研發計劃的支持。作為一家公司，我們所說的是我們希望在研發方面進行投資，我們可以做的一切來加快這些產品的時間和發布對我們來說很重要。正如我們所談到的，我們確實在 2022 年看到了將研發支出從 7% 提高到 8% 進行投資的機會，並在今年將其提高到 8% 左右。

As we think about the future, I think we are not going to guide to 2023 and beyond. But we do think that trends are going to be somewhere in that 7% to 8% because we do see the opportunities in front of us to invest in our business. We think the R&D investment is going to be probably the most critical place that we make these investments to ensure that we have new products coming into the future to support the long-term growth of our company. So we're excited about it.

當我們考慮未來時，我認為我們不會引導到 2023 年及以後。但我們確實認為趨勢將在 7% 到 8% 之間，因為我們確實看到了投資於我們業務的機會。我們認為研發投資可能是我們進行這些投資的最關鍵的地方，以確保我們未來有新產品來支持我們公司的長期發展。所以我們對此感到興奮。

Great. And if I could follow up, too, just on daily SiHys, can you talk about the growth you saw in the quarter and really where you're seeing the greatest share from, new fits versus competitive conversions versus cannibalization? And then also, separately, if you could just comment on China, how you're thinking about recovery into 4Q and really what you saw from a recovery standpoint, 2Q into 3Q.

偉大的。如果我也可以跟進每日 SiHys，您能否談談您在本季度看到的增長以及您真正看到最大份額的地方，新匹配與競爭轉換與蠶食？然後，如果您可以單獨評論一下中國，您如何看待進入第四季度的複蘇，以及您從復甦的角度看到的實際情況，即第二季度進入第三季度。

Sure. A lot of good follow-up questions here. I'm going to try to get them all. If I miss them, just come back to me. The first comment on the daily SiHy growth is 23%, we grew. So clearly, we're excited about that growth in the quarter relative to our daily SiHy. As Sam said, some of the things that we're working on here are our supply chain team is doing a great job on the execution of everything from installing new equipment, getting it validated, running it, ramping up the opportunity in front of us. But the demand is out there.

當然。這裡有很多很好的後續問題。我會盡力把它們全部拿走。如果我想念他們，請回到我身邊。關於每日 SiHy 增長的第一條評論是 23%，我們增長了。很明顯，我們對本季度相對於我們每日 SiHy 的增長感到興奮。正如 Sam 所說，我們在這裡所做的一些事情是，我們的供應鏈團隊在執行從安裝新設備、驗證設備、運行設備、增加擺在我們面前的機會等所有方面都做得很好.但需求就在那裡。

We just want to make sure that we can supply sufficient amount of daily SiHys out into the marketplace. So that clearly was an important part of what we've tried to do. But 23% growth is the specific answer. In terms of where it's coming from, it's -- everything we see, it's coming from DT1, OASYS and just general new starts. We have seen some cannibalization from our own lines. But really, mostly that we've seen from the DT1 OASYS and new starts is where we saw the primary source of the product. And then Sam, do you want to talk about the China recovery portion?

我們只是想確保我們能夠向市場供應足夠數量的每日 SiHys。所以這顯然是我們嘗試做的一個重要部分。但具體的答案是 23% 的增長。就它的來源而言，它是——我們所看到的一切，它來自 DT1、OASYS 和一般的新開始。我們已經從我們自己的路線中看到了一些自相殘殺。但實際上，我們從 DT1 OASYS 中看到的大部分內容和新的開始是我們看到產品主要來源的地方。然後山姆，你想談談中國復甦部分嗎？

Sure. And Cecilia, in terms of China, we've seen a very nice recovery in the third quarter. And as you recall, we had challenges in the first half of the year with the lockdowns in China. We've seen that turn in the third quarter. We had 6% organic revenue growth, that's year-over-year. When you look at it sequentially, it was about 28% growth. So we're very encouraged by the trends that we're seeing in terms of a recovery.

當然。 Cecilia，就中國而言，我們在第三季度看到了非常好的複蘇。正如你所記得的，今年上半年我們在中國的封鎖中遇到了挑戰。我們已經在第三季度看到了這種轉變。我們的有機收入增長了 6%，同比增長。當您按順序查看時，大約增長了 28%。因此，我們對複蘇方面的趨勢感到非常鼓舞。

We've seen the retail channel come faster -- sorry, the e-commerce come faster than the retail channel at this point. But one of the things that we're going to continue to watch is the policies within China. They're still under the zero-COVID policy. And that could spark some lockdowns. So we're going to be optimistic, but we're going to continue to watch what happens in the next couple of months.

我們已經看到零售渠道來得更快——抱歉，目前電子商務比零售渠道來得更快。但我們將繼續關注的一件事是中國國內的政策。他們仍處於零新冠病毒政策之下。這可能會引發一些封鎖。所以我們會保持樂觀，但我們將繼續觀察未來幾個月會發生什麼。

The next question is coming from Vijay Kumar from Evercore.

下一個問題來自 Evercore 的 Vijay Kumar。

This is Kevin on for Vijay. Just one on pricing. Can you talk a little bit about the pricing impact in the quarter? And looking into 2023, how should we think about pricing increases and cadence of that for the year?

這是維杰的凱文。只是一個關於定價的。你能談談本季度的定價影響嗎？展望 2023 年，我們應該如何考慮這一年的價格上漲和節奏？

Sure. I'll start and, Sam, if there's anything you want to add to it. But we -- just going back on pricing because I think it really comes back to where we were in the beginning of the year. We did take pricing throughout the year in the 2022 time frame. We started it first in the January time with our ophthalmology prescription products. And then we moved it also to the lenses, contact lenses. And then we did take pricing on our consumer products in that January time frame. Because we needed to give some sufficient advanced notice, the actual operating process of actually showing it to the marketplace did not show up until approximately that March time for our pricing on the consumer products. So we have taken that price during the quarter and throughout the year.

當然。我會開始，Sam，如果你有什麼想補充的。但是我們 - 只是重新定價，因為我認為它真的回到了我們在年初的水平。我們確實在 2022 年的時間框架內全年定價。我們在一月份開始使用我們的眼科處方產品。然後我們也把它移到了鏡片、隱形眼鏡上。然後我們確實在 1 月份的時間範圍內對我們的消費品進行了定價。因為我們需要給予足夠的提前通知，所以實際向市場展示它的實際操作過程直到大約 3 月我們對消費品定價的時間才出現。因此，我們在本季度和全年都採用了這個價格。

As we think about pricing going forward, we'll take a similar approach. We've been -- as Sam was talking before, we've been monitoring the inflationary pressures out there in the marketplace. Our expectation is that we will take our price increases on our ophthalmology prescription product early in January of 2023 as well as some decisions that we're making right now on the pricing in the early 2023 timing for what we'll do with lenses and the consumer products to reflect what we're seeing out in the inflationary pressures. But those plans are in place, and we have our plans to go forward with it.

當我們考慮未來的定價時，我們將採取類似的方法。我們一直 - 正如 Sam 之前所說，我們一直在監控市場上的通脹壓力。我們的預期是，我們將在 2023 年 1 月上旬對我們的眼科處方產品進行價格上漲，以及我們現在正在就 2023 年初的定價時間做出的一些決定，以決定我們將如何處理鏡片和消費品以反映我們在通脹壓力中看到的情況。但這些計劃已經到位，我們有計劃繼續推進。

Yes. And we have strong brand equity overall. And you've seen that throughout this year in 2022, we've gained market share across many of our product lines and many of our markets that we participate in. So we have a leading position. We'll continue to monitor the market conditions as we go into 2023. And we'll continue our call to manage the balance between the strategic pricing and continued market share.

是的。我們擁有強大的品牌資產。您已經看到，2022 年全年，我們在許多產品線和我們參與的許多市場中都獲得了市場份額。因此，我們處於領先地位。進入 2023 年，我們將繼續監控市場狀況。我們將繼續呼籲管理戰略定價和持續市場份額之間的平衡。

And then probably the only other thing I'll mention on pricing because one part of it, pricing always is the actual list price changes. But we also are continuing -- we mentioned previously that we have something called Project CORE. CORE stands for cost optimization and revenue enhancement. And those programs are also designed to look at not just the list price but really as it gets to the net price of what we are doing. Our Project CORE has been very beneficial to us in the past. And we also look to -- for this to help us in the future.

然後我可能會提到定價的唯一另一件事，因為其中的一部分，定價始終是實際的標價變化。但我們也在繼續——我們之前提到我們有一個叫做 Project CORE 的東西。 CORE 代表成本優化和收入增加。這些程序的設計目的不僅是查看標價，還考慮到我們正在做的事情的淨價格。過去，我們的 CORE 項目對我們非常有益。我們也期待——這對我們未來有幫助。

The activities on discounts and some of the other programs that are a part of that will be a part and parcel of what we do on pricing going forward, especially as we look to see what's happening from an inflation point of view. And of course, as I mentioned before, we also look at -- as we launch the premium products, we can realize higher pricing on some of these products as we move through -- to a daily SiHy or as we move to a premium IOL versus the other products that are out there in the market today. So all that is how we're thinking about pricing as we go to the future for our business.

折扣活動和作為其中一部分的其他一些計劃將成為我們未來定價工作的重要組成部分，特別是當我們希望從通脹的角度看到正在發生的事情時。當然，正如我之前提到的，我們也會關注——當我們推出高級產品時，我們可以在升級到每日 SiHy 或升級到高級 IOL 時實現其中一些產品的更高定價與當今市場上的其他產品相比。所以這就是我們在為我們的業務走向未來時考慮定價的方式。

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 Lily on for Robbie. Maybe if you could just talk a bit about the environment for capital equipment and what demand has looked like recently. What was a headwind for you in the quarter? And how are you thinking about this trending into fourth quarter and into 2023?

這實際上是對羅比的莉莉。也許你能談談資本設備的環境以及最近的需求情況。本季度對您來說是什麼逆風？您如何看待這種進入第四季度和 2023 年的趨勢？

Yes. So everything that -- we've looked at this question on the capital equipment, especially with some of the concerns and questions about recession. So what do we know? What we know is that based on prior recessions, the usage of the cataract procedures, which is where we're mostly weighted, continued like during the recession of the -- the Great Recession of 2008/'09. We saw capital equipment demand continue -- actually, the amount of procedures continued, which ultimately is going to translate longer term into capital equipment.

是的。所以所有這些 - 我們已經看過這個關於資本設備的問題，特別是關於經濟衰退的一些擔憂和問題。那麼我們知道什麼？我們所知道的是，基於之前的經濟衰退，白內障手術的使用，這是我們最重視的地方，就像在 2008/09 年的大衰退期間一樣。我們看到資本設備需求仍在繼續——實際上，程序數量仍在繼續，最終將長期轉化為資本設備。

So we do see that from a big macro environment point of view that the need for cataract surgeries is going to continue even if we head into a recessionary environment. And that's one of the things we've looked at. We do obviously acknowledge though that we had strong -- in our Surgical business, we had stronger demand for our surgical consumables and implantables. That is absolutely clear in what we've seen. Just specifically, implantables was a 14% organic growth. The consumables was about a 6% organic growth.

因此，我們確實看到，從宏觀環境的角度來看，即使我們進入衰退環境，對白內障手術的需求也將繼續存在。這是我們研究過的事情之一。儘管我們確實承認，在我們的外科業務中，我們對外科耗材和植入物的需求強勁。這在我們所看到的情況中是絕對清楚的。具體來說，可植入物是 14% 的有機增長。消耗品的有機增長約為 6%。

So those are the faster-growing segments of our Surgical business. And we've been continuing to look at what's going to happen with the capital equipment. But overall, we do know because one of the questions we've asked ourselves all the time is what happens in a recession for things like cataract procedures? But overall, the direct answer is it was about a 3% capital equipment growth rate. So it was lower than the rest of our Surgical business, but it continues to grow.

因此，這些是我們外科業務中增長較快的部分。我們一直在繼續關注資本設備會發生什麼。但總的來說，我們確實知道，因為我們一直問自己的一個問題是，在經濟衰退中，白內障手術等事情會發生什麼？但總的來說，直接的答案是大約 3% 的資本設備增長率。所以它低於我們其他外科業務，但它繼續增長。

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 wanted to follow up on some of your comments on the resiliency of the eye care market. And then also, you did talk about price and promotion sensitivity in the consumer business. So maybe wanted to see if you could talk a little bit about the sensitivity on other parts of the business, the contact lenses, maybe even the monofocal versus premium IOLs and what you're seeing there. And then it sounds like you still have confidence that you guys can take some price looking at '23. So I guess, the question is just how good do you feel about that? Do you think that any changes in the macro recessionary environment might impact that ability to take price?

我想跟進您對眼保健市場彈性的一些評論。然後，您確實談到了消費者業務中的價格和促銷敏感性。所以也許想看看你是否可以談談業務其他部分的敏感性，隱形眼鏡，甚至可能是單焦點與高級 IOL，以及你在那裡看到的東西。然後聽起來你仍然有信心，你們可以在 23 年花一些價格。所以我想，問題是你對此感覺如何？您認為宏觀經濟衰退環境的任何變化都會影響這種定價能力嗎？

Sure. Great question, and one we ask ourselves all the time in terms of how we're thinking about the future of the business. In terms of the resiliency of the eye care market, we did mention the comments on the consumer side. Clearly, as we look to -- across all of our business, we take a very segmented approach. We look on the consumer side on price sensitivity, everything for what's happening with the products like a LUMIFY, which we see continued strong growth, as I mentioned, got a 49% share. We saw the gains in market share that we saw in the PreserVision. As an example I used on PreserVision, we were up significant basis points. We were up on PreserVision, we were up 120 basis points for U.S. market share just as an example. So we're continuing to see that momentum in gaining volume there.

當然。很好的問題，我們一直在問自己如何考慮業務的未來。在眼保健市場的彈性方面，我們確實提到了消費者方面的評論。顯然，正如我們所期待的那樣——在我們所有的業務中，我們採取了一種非常細分的方法。我們關註消費者方面的價格敏感性，以及 LUMIFY 等產品發生的一切，正如我所提到的，我們看到持續強勁的增長，獲得了 49% 的份額。我們在 PreserVision 中看到了市場份額的增長。作為我在 PreserVision 上使用的一個例子，我們取得了顯著的基點。我們在 PreserVision 上上漲了，作為一個例子，我們在美國市場份額上上漲了 120 個基點。因此，我們繼續看到那裡增加交易量的勢頭。

On the questions directly related to contact lenses, we've checked on the contact lens fit test, and they're roughly flat from a year ago. That was one of the questions we asked. Clearly, within the fit sets and with the fittings going on, there is more movement towards the daily disposables to be clear. But the actual number of the fits are roughly flat versus last year. So that's something that we're monitoring closely. Of course, with our INFUSE, as I mentioned, it's up 23% organically. So that's something we're really excited about.

在與隱形眼鏡直接相關的問題上，我們檢查了隱形眼鏡適合度測試，它們與一年前大致持平。這是我們提出的問題之一。顯然，在試衣套裝中，隨著試衣的進行，日拋用品的趨勢更加明顯。但實際的擬合次數與去年大致持平。所以這是我們正在密切關注的事情。當然，正如我所提到的，使用我們的 INFUSE，它有機地增長了 23%。所以這是我們非常興奮的事情。

On the next part of the question, I guess, the macro environment and the ability to take price, what we're looking at is the inflationary pressures that Sam talked about and how we're going to look at the pricing environment. So everything that we've looked at so far tells us that on the places where we're planning on pricing, like the ophthalmology prescription business, that there is an opportunity for us to take some incremental pricing there. We do believe on the consumer side of the business, we're going to be smart about what we do. But we do think there's an opportunity to take prices also on the consumer side and on the lens side. Sam, anything I left out that you want to add to the comments?

關於問題的下一部分，我想，宏觀環境和定價能力，我們關注的是 Sam 談到的通脹壓力以及我們將如何看待定價環境。因此，到目前為止，我們所看到的一切都告訴我們，在我們計劃定價的地方，比如眼科處方業務，我們有機會在那裡進行一些增量定價。我們確實相信，在業務的消費者方面，我們將對我們所做的事情變得聰明。但我們確實認為，消費者和鏡頭方面也有機會定價。山姆，我遺漏了什麼，你想添加到評論中嗎？

No, I think you covered it well, Joe. I will add, when you think about our lens portfolio, I think we benefit from having the diversification of the portfolio. I think we talked a lot about daily SiHy and the growth of 23% organic in the quarter. But also, when you think about it, ULTRA grew 12% organically. You have Biotrue ONEday grew at 8% organically and also SofLens, with the dailies brand within our SofLens, which is a value type of offering on the lenses, that grew 9% in the quarter. So we are benefiting from the opportunity of having different price points and different offerings within our lenses. And we're seeing the growth across all those different components.

不，我認為你講得很好，喬。我要補充一點，當您考慮我們的鏡頭產品組合時，我認為我們受益於產品組合的多樣化。我認為我們談論了很多關於每日 SiHy 和本季度 23% 的有機增長。而且，仔細想想，ULTRA 有機增長了 12%。 Biotrue ONEday 和 SofLens 的有機增長率為 8%，我們的 SofLens 中的日常用品品牌是鏡片上的一種價值類型，在本季度增長了 9%。因此，我們受益於在我們的鏡片中提供不同價位和不同產品的機會。我們看到所有這些不同組件的增長。

Great. And if I could squeeze one follow-up in, I mean, any update on the CEO succession plan?

偉大的。如果我能擠出一個後續行動，我的意思是，關於 CEO 繼任計劃的任何更新？

Sure. Good question. The company, as you recall back in July, we announced that we would be moving forward with a new CEO. And the search committee has undertaken that search. They have looked at internal and external candidates. And it is -- they're making good progress. And it is our expectation that the search committee will successfully complete the search by the end of the year. And at this point, I have committed to stay through the -- make sure that once the CEO is announced and there is a successful transition with that CEO. So all that continues to move forward at this time.

當然。好問題。正如您在 7 月份所記得的那樣，該公司宣布我們將與新的 CEO 一起前進。搜索委員會已經進行了搜索。他們考察了內部和外部的候選人。它是 - 他們正在取得良好的進展。我們期望遴選委員會能在年底前順利完成遴選工作。在這一點上，我已承諾堅持 - 確保一旦宣布 CEO 並與該 CEO 成功交接。所以這一切都在這個時候繼續前進。

And 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。

Just first, on LUMIFY, Joe, maybe could you talk about the outlook there? 7% growth in Q3, that was relatively low. That was on, I think, an ex FX basis, but it's mostly a U.S. product. So can this -- is this a double-digit grower going forward with some of these line extensions and geographic expansion you talked about?

首先，關於 LUMIFY，Joe，你能談談那裡的前景嗎？第三季度增長 7%，相對較低。我認為那是基於外彙的，但它主要是美國產品。那麼這是否可以 - 這是一個兩位數的種植者，隨著您談到的一些生產線擴展和地理擴張而向前發展？

And I'll ask my second question upfront for Sam, which is maybe a little bit more of a framework, Sam, on 2023. I mean, do you still see 4% to 5% organic growth? You talked about revenue growth upfront. And can you help us with kind of FX? Should we think about that as being a similar impact in '23 as '22 interest expense? How much does that go up? Or maybe it doesn't because of the swaps. And just the last piece, can you grow margins year-over-year in 2023 with this inflation headwind?

我會提前問山姆的第二個問題，這可能是一個框架，山姆，在 2023 年。我的意思是，你仍然看到 4% 到 5% 的有機增長嗎？您預先談到了收入增長。你能幫我們做一些外匯嗎？我們是否應該將其視為 23 年與 22 年利息支出的類似影響？那會漲多少？或者也許不是因為交換。最後一點，在這種通脹逆風的情況下，您能否在 2023 年實現利潤率同比增長？

Great questions, Larry. Let me start with the LUMIFY portion, yes, 7% growth. I mean, one of the important things I need to point out though is that we are also at a 49% market share. So we're really excited about what that means in terms of our ability to go from essentially a 0 share in a couple of years to get to 49% share. But to be clear, we do have plans for growth beyond just the U.S. business. As we mentioned, it's off to a great start in Canada. It's outperforming previous launches of eyedrops in Canada significantly, in fact, 2x the rate of growth of the next best launch in Canada. So we're really excited about that.

好問題，拉里。讓我從 LUMIFY 部分開始，是的，7% 的增長。我的意思是，我需要指出的重要一件事是，我們也擁有 49% 的市場份額。所以我們真的很興奮這意味著我們有能力在幾年內從基本上為 0 的份額增加到 49% 的份額。但需要明確的是，我們確實有超越美國業務的增長計劃。正如我們所提到的，它在加拿大有了一個良好的開端。它的表現明顯優於之前在加拿大推出的眼藥水，事實上，它的增長率是加拿大第二好的眼藥水產品的 2 倍。所以我們對此感到非常興奮。

Albeit it's a smaller market than the U.S., it obviously is benefiting of seeing the same type of uptick with the -- what we saw here in the U.S. Importantly though, as we think about it, what are the key growth drivers for LUMIFY? Number one is the geographic expansion, like Canada, but other countries coming online. Number two, it is the line extensions that we'll do in terms of LUMIFY eye illuminations, essentially taking this brand and coming out with some additional line extensions that are going to help us to leverage what we are doing with the LUMIFY opportunity. One of the other things that I would mention is that there's always going to be some shipments that occur earlier in 1 quarter, a little bit later in the next quarter, things like that.

儘管它是一個比美國小的市場，但它顯然受益於看到與我們在美國看到的相同類型的上升。但重要的是，當我們思考它時，LUMIFY 的主要增長動力是什麼？第一是地理擴張，比如加拿大，但其他國家也上線了。第二，我們將在 LUMIFY 眼部照明方面進行產品線擴展，本質上是採用這個品牌並推出一些額外的產品線擴展，這將幫助我們利用 LUMIFY 機會所做的事情。我要提到的另一件事是，總會有一些出貨發生在第一季度的早些時候，下一季度稍晚一點，諸如此類的事情。

And that's just normal variation. So we actually saw the consumption work for LUMIFY, just if we think about the full consumption, to be a low double-digit consumption growth. So we're clearly still confident about that. And as I said with these new launches, that's going to be another part of it. And then importantly, last comment is that we're looking for the preservative-free formulation and also adding LUMIFY to an antihistamine, ketotifen, so that you'll have the opportunity to help people who have allergic red eyes for the future. If approved by the FDA, we think that will be the other big growth driver for the LUMIFY business. Sam, I'll turn it to you for the second part of the question.

這只是正常的變化。所以我們實際上看到了 LUMIFY 的消費工作，就像我們考慮到全消費一樣，是一個低兩位數的消費增長。所以我們顯然仍然對此充滿信心。正如我所說的這些新發布，這將是它的另一部分。然後重要的是，最後的評論是，我們正在尋找不含防腐劑的配方，並將 LUMIFY 添加到抗組胺藥酮替芬中，這樣您就有機會在未來幫助過敏性紅眼症患者。如果獲得 FDA 批准，我們認為這將是 LUMIFY 業務的另一個重要增長動力。山姆，我會在問題的第二部分轉給你。

Sure. Thank you, Larry, for the question. There's many parts here, so I'm going to try to go through all of them. If I miss anything, just come back. Just when you step back and you think about the top line and the growth and what we've seen in 2022 as just a foundation for our framework as you go into '23 is we're focused on driving organic growth in 2022. And you see that Q1 was 5%, Q2 was 6% and now Q3 on the board here for 5% organic growth. So as we shift going forward, I think the focus on driving growth and getting the organic growth momentum to continue, that will be a key for us as we move forward. Joe covered a couple of the key highlights or the drivers for us in 2022. We have about 15 product launches that we expect next year, including NOV03, which is a really great product for us, and we're excited about that launch in 2023.

當然。謝謝你，拉里，你的問題。這裡有很多部分，所以我將嘗試通過所有部分。如果我錯過了什麼，就回來吧。就在您退後一步並考慮收入和增長以及我們在 2022 年看到的只是進入 23 年框架的基礎時，我們將專注於推動 2022 年的有機增長。而您看到第一季度是 5%，第二季度是 6%，現在第三季度在董事會上實現了 5% 的有機增長。因此，隨著我們向前邁進，我認為將重點放在推動增長和保持有機增長勢頭上，這將是我們前進的關鍵。 Joe 介紹了 2022 年我們的幾個關鍵亮點或驅動因素。我們預計明年將推出大約 15 種產品，包括 NOV03，這對我們來說是一款非常棒的產品，我們對 2023 年的推出感到興奮.

And then on the daily SiHy, which is really seeing a significant end market demand right now, we're seeing that continue to shift in terms of the market demand continue to increase as we go forward, and we will see that demand continue with us in 2023. So from a top line perspective, I will say that we have all the ingredients right now to continue with the organic growth as we go forward in 2023. I'm not going to specifically give a percentage right now as we're not guiding for 2023 today. But just all the key factors are there.

然後在每日 SiHy 上，現在確實看到了顯著的終端市場需求，我們看到隨著我們前進，市場需求繼續增加，我們將看到需求繼續隨著我們在 2023 年。因此，從頂線的角度來看，我會說我們現在擁有所有要素，可以在 2023 年繼續進行有機增長。我現在不打算具體給出百分比，因為我們是今天不指導 2023 年。但所有關鍵因素都在那裡。

For our currency, that's an interesting one. Because we've seen currency being very volatile in 2022. I think when we started the year with about $160 million of currency headwind, that was about 425 basis points. Now we see we updated that based on the recent movement in the dollar being stronger against almost every currency that we do business in. So we've seen that roughly about $210 million. So when you factor in, we're probably assuming for the full year is roughly about 560 basis points of currency headwind. It's hard to predict how things will go into 2023 specifically. But at least based on where we are today and where the currencies are, I would expect currency to continue to be a headwind for us going to 2023 just based on the rate of where the dollar is.

對於我們的貨幣來說，這是一個有趣的貨幣。因為我們已經看到貨幣在 2022 年非常不穩定。我認為，當我們年初面臨大約 1.6 億美元的貨幣逆風時，大約是 425 個基點。現在我們看到我們根據最近美元兌我們開展業務的幾乎所有貨幣走強的走勢更新了這一點。所以我們已經看到大約 2.1 億美元。因此，當您考慮在內時，我們可能假設全年大約有 560 個基點的貨幣逆風。具體到 2023 年，很難預測事情會如何發展。但至少根據我們今天所處的位置和貨幣的位置，我預計貨幣將繼續成為我們到 2023 年的逆風，僅基於美元的匯率。

On the interest expense, we guided for full year 2022 for about $150 million. When we guided, we end up using the curves with factoring in the multiple increases from the Fed that were going to happen into 2022. So the full guidance for $150 million still remains good for us for 2022. One of the things that we will be watching very closely -- and just as a reminder for everyone, this is an interim capital structure for us. So we're going to be triggering upon the separation a reevaluation on the ratings. And we'll trigger -- we'll move into more of a permanent capital structure. So right now, we're -- our steps that we're taking is trying to make sure that we continue to mitigate any type of incremental or additional headwind in interest expense as we go forward. So we entered the cross-currency swap in Q3. And we're evaluating multiple other alternatives and tools that we'll be able to explore for the rest of this year to be able to continue to help us manage interest expense.

在利息支出方面，我們為 2022 年全年提供了約 1.5 億美元的指導。當我們指導時，我們最終使用曲線，並考慮到美聯儲將在 2022 年發生的多重增長。因此，1.5 億美元的完整指導在 2022 年仍然對我們有利。我們將要做的事情之一密切關注——提醒大家，這對我們來說是一個臨時的資本結構。因此，我們將在分離後觸發對評級的重新評估。我們將觸發 - 我們將進入更多永久資本結構。所以現在，我們正在 - 我們正在採取的步驟是試圖確保我們在前進的過程中繼續減輕任何類型的利息費用的增量或額外逆風。所以我們在第三季度進入了交叉貨幣互換。我們正在評估多種其他替代方案和工具，我們將在今年餘下時間探索這些替代方案和工具，以便能夠繼續幫助我們管理利息費用。

And I think the last part of your question was on the margin. Can we grow margin? And I will say absolutely. I think all the fundamentals that we have seen in 2022 as being a base year for us coming out of an IPO and all the product launches and the growth on the top line and the commercial infrastructure that we built in 2022, we believe that all is going to give us the opportunity to be able to continue to grow margins as we go forward into 2023 and beyond.

我認為你問題的最後一部分是在邊緣。我們可以增加利潤嗎？我會說絕對。我認為，我們在 2022 年看到的所有基本面都是我們完成 IPO 和所有產品發布、收入增長以及我們在 2022 年建立的商業基礎設施的基準年，我們相信一切都是隨著我們進入 2023 年及以後，這將使我們有機會繼續提高利潤率。

I'll just second what Sam said in terms of -- I think it comes down to we've done a lot of the preparation required for us to go forward in '23 here in 2022. This ability to spend more in R&D now to accelerate some of the timing on these premium IOLs, we think that's important. The premium IOL is going to get a much higher price point. If I use U.S. numbers, a monofocal IOL is somewhere in the $100, $125 range, where the premium IOLs can be somewhere in the $750, $800, $900 range. So those types of opportunities on the margin are there.

我只是支持 Sam 所說的話——我認為這歸結為我們已經為 2022 年的 23 年做好了很多準備工作。這種現在在研發上投入更多資金的能力加快這些優質人工晶體的一些時間安排，我們認為這很重要。高級 IOL 將獲得更高的價格點。如果我使用美國數字，單焦點 IOL 在 100 美元、125 美元的範圍內，而優質 IOL 可以在 750 美元、800 美元、900 美元的範圍內。因此，邊際上的那些類型的機會就在那裡。

Same comment, as I mentioned before, on the INFUSE product as we launch and get a stronger ability to get more share on the SiHy daily at a higher price point, those are all going to be important contributors to the margin. And the things that Sam talked about on Project CORE, all the things that the supply chain team are doing great work there to look at the cost optimization portion of that. So I think all of those, I think, are going to be benefits for as well as the new products as Sam mentioned.

正如我之前提到的，關於 INFUSE 產品的評論相同，因為我們推出並獲得了更強的能力，以更高的價格每天在 SiHy 上獲得更多份額，這些都將成為利潤率的重要貢獻者。 Sam 在 Project CORE 上談到的所有事情，供應鏈團隊正在做的所有事情，以研究其中的成本優化部分。所以我認為所有這些，我認為，就像山姆提到的新產品一樣，都會帶來好處。

Sam, I didn't hear on tax rate, 6% this year. I assume we shouldn't use that next year. Is 13%, which I think was the pro forma rate in '21, the right rate? And I'll drop.

山姆，我沒聽說今年的稅率是 6%。我想我們明年不應該使用它。 13%，我認為這是 21 年的備考利率，是正確的利率嗎？我會放棄。

Yes, sure. So we're guiding this year at 6%. As I think about next year, again I'm not going to guide the exact specific percentage right now. However, I would say we are going to be still at the low tax rate as we go into 2023. I'm not going to guide specifically to what number it is right now, Larry. We still have work to do on that. But we will not see the 12% next year.

是的，當然。所以我們今年的指導是 6%。當我想到明年時，我現在也不打算指導確切的具體百分比。但是，我想說，隨著我們進入 2023 年，我們仍將處於低稅率。我不會具體說明現在的稅率是多少，拉里。我們仍有工作要做。但明年我們不會看到 12%。

The next question is coming from Pito Chickering from Deutsche Bank.

下一個問題來自德意志銀行的 Pito Chickering。

A follow-up question actually on the CapEx question. I understand the need for this equipment in a recessionary environment. But provider margins have been pretty pressured this year from labor pressures. And therefore, they have lower cash flows to buy new equipment.

實際上是關於資本支出問題的後續問題。我了解在經濟衰退的環境中對這種設備的需求。但今年由於勞動力壓力，供應商的利潤率受到了相當大的壓力。因此，他們購買新設備的現金流量較低。

So I guess, it's a multipart question here. I guess, number one, do you see providers become more efficient with the current equipment that they have? Number two, you talked about sort of 3% instrument growth in the quarter, quite a slowdown. What did they grow in the first half of the year? And number three, how do new orders look for 4Q? Is that 3% range the right number for the fourth quarter?

所以我想，這是一個多部分的問題。我想，第一，您是否看到供應商使用他們現有的設備變得更有效率？第二，你談到了本季度 3% 的儀器增長，相當放緩。他們上半年增長了什麼？第三，第四季度的新訂單如何？這個 3% 的範圍是第四季度的正確數字嗎？

Okay. A lot of good questions there. Yes, so I think that the general question in my mind is what's going to happen with the actual demand for cataract procedures? And that's where I started with is do I think cataract procedures in a recessionary environment are going to decline? And simply based on what we've seen historically during recessions, the answer is no. Do I think that -- and one of your comments is that the providers are going to become more efficient. Of course, I do think that people will seek to become more efficient.

好的。那裡有很多好問題。是的，所以我認為我心中的一般問題是對白內障手術的實際需求會發生什麼？這就是我開始的地方，我認為經濟衰退環境中的白內障手術會下降嗎？簡單地根據我們在經濟衰退期間的歷史經驗，答案是否定的。我是否認為-您的評論之一是提供商將變得更有效率。當然，我確實認為人們會尋求變得更有效率。

But I remind you that one of the things that we talked about previously is that because of what happened with COVID, we had anywhere from a 15% decline in procedures in 2020/'21 to 20% decline 2020 to 2021 outside the U.S. So we have seen there's a pent-up demand. There is an opportunity to do more procedures. You're 100% right though. There is -- providers have questions about staffing. They have questions about cost of staffing. Do I think there will be an effort to be more efficient? Yes, I do see that. We're going to keep monitoring it. I can simply say that with some of the innovation that we brought on our Stellaris equipment, we're seeing good demand for it.

但我提醒您，我們之前談到的一件事是，由於 COVID 發生的事情，我們在美國以外的地區從 2020/'21 年的程序下降 15% 到 2020 年到 2021 年的 20% 下降。所以我們已經看到有被壓抑的需求。有機會做更多的程序。不過你是 100% 正確的。有——供應商對人員配備有疑問。他們對人員配備成本有疑問。我認為會努力提高效率嗎？是的，我確實看到了。我們將繼續對其進行監控。我可以簡單地說，通過我們為 Stellaris 設備帶來的一些創新，我們看到了對它的良好需求。

We're working very diligently to get the product out. Our supply chain team, once again, doing a great job dealing with some of the issues of making sure you get sufficient microprocessors, chips to get the product out the door. We've got demand out there, so we're excited. We think there's going to be opportunity there. We've got 3% growth now, of course. I mentioned that before. But we're going to continue to look to see demand out there and track it very closely. We don't see a specific slowdown other than what I mentioned about this quarter. We still see demand out there. Anything else you want to add, Sam, in terms of...

我們正在非常努力地推出產品。我們的供應鏈團隊再次出色地處理了一些確保您獲得足夠的微處理器、芯片以將產品推出市場的問題。我們有需求，所以我們很興奮。我們認為那裡會有機會。當然，我們現在有 3% 的增長。我之前提到過。但我們將繼續關注那裡的需求並密切跟踪它。除了我提到的本季度之外，我們沒有看到具體的放緩。我們仍然看到需求。山姆，你還想補充什麼...

No. And in terms of the first half, I think we've seen the equipment as overall has been holding pretty steady for the first half. So you would see the performance has been pretty steady, just notwithstanding the different points that Joe just highlighted.

沒有。就上半年而言，我認為我們已經看到設備在上半年總體上保持相當穩定。所以你會看到性能相當穩定，儘管喬剛剛強調了不同的點。

Okay. It's a very quick follow-up just on cash flows. Can you just walk us through the impact to free cash flows? (inaudible) for this quarter, how we should think about cash flow conversion for 4Q?

好的。這是對現金流的非常快速的跟進。你能告訴我們對自由現金流的影響嗎？ （聽不清）對於本季度，我們應該如何考慮第四季度的現金流轉換？

It's a good question. We always thought about cash conversion for us as the free cash flow is roughly anywhere between 40% to 50% of EBITDA. So when we think about that as a metric from a conversion for free cash flow, that's probably the right sort of framework to think about. Just one thing I will probably highlight and you will see as we file our 10-Q later today, we've been strategically also been building up inventory in certain parts of our business to make sure that we're actually meeting the end demand -- end market demand that we have. So you'll see that inventory has been going up roughly in the range -- from the beginning of the year until now, it's roughly about $100 million. That's all strategic in certain parts of our business to support the demand. So that's having a little bit of an impact on our free cash flow. But we're still probably going to be holding around a 40% to 50% conversion margin.

這是個好問題。我們一直為我們考慮現金轉換，因為自由現金流大致在 EBITDA 的 40% 到 50% 之間。因此，當我們將其視為自由現金流轉換的指標時，這可能是需要考慮的正確框架。只有一件事我可能會強調，當我們今天晚些時候提交我們的 10-Q 時，你會看到，我們一直在戰略性地在我們業務的某些部分建立庫存，以確保我們實際上滿足最終需求 - - 我們擁有的終端市場需求。所以你會看到庫存大致在這個範圍內上升——從年初到現在，大約是 1 億美元。這對我們業務的某些部分來說都是戰略性的，以支持需求。所以這對我們的自由現金流有一點影響。但我們仍然可能會保持 40% 到 50% 的轉化率。

Well, let me bring a close to today's session. Thank you, everyone, for joining us today. We look forward to having opportunities to address any additional questions you have. And thanks again for your support of Bausch + Lomb. Have a great day, everyone.

好，讓我結束今天的會議。謝謝大家，今天加入我們。我們期待有機會解決您的任何其他問題。再次感謝您對博士倫的支持。祝大家有個美好的一天。

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

謝謝你。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。