Bausch + Lomb Corp (BLCO) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Bausch + Lomb Fourth Quarter 2022 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎來到 Bausch + Lomb 2022 年第四季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Mr. Art Shannon. Please go ahead.

我現在想將會議轉交給 Art Shannon 先生。請繼續。

Thank you very much. Good morning, everyone, and welcome to our fourth quarter and full year 2022 financial results conference call. Participating on today's call are Chief Executive Officer, Mr. Joe Papa; and Chief Financial Officer, Mr. Sam Eldessouky. Additionally, incoming Chief Executive Officer and Chair of the Board of Directors, Mr. Brent Saunders, will provide remarks but will not address Q&A during the call today. 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.

非常感謝。大家早上好，歡迎來到我們的第四季度和 2022 年全年財務業績電話會議。參加今天電話會議的有首席執行官 Joe Papa 先生；首席財務官 Sam Eldessouky 先生。此外，即將上任的首席執行官兼董事會主席布倫特·桑德斯 (Brent Saunders) 先生將發表講話，但不會在今天的電話會議上進行問答。除了這個網絡直播之外，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.

在我們開始之前，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聲明圖例，因為它包含重要信息。

This presentation contains non-GAAP financial measures and ratios. 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 unless required by law and not to update or affirm guidance other than through broadly disseminated public disclosure.

本演示文稿包含非 GAAP 財務指標和比率。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 調節可以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，除非法律要求，否則一般不會在下一季度更新指南，並且除非通過廣泛傳播的公開披露，否則不會更新或確認指南。

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

有了這個，我很高興把電話轉給喬。

Thank you, Art, and thank you, everyone, for joining us today.

謝謝你，Art，也謝謝大家今天加入我們。

Before we get into the results, I'd like to say a few words about last week's announcement that Brent Saunders will become Bausch + Lomb's next CEO on March 6. Brent has a long and esteemed track record as a health care industry leader, including as Chief Executive Officer of Bausch + Lomb from 2010 to 2013. I have personally known Brent for many years, and I am confident that he has the right skills and experience to lead Bausch + Lomb at this pivotal time in the company's history.

在我們得出結果之前，我想就上周宣布布倫特桑德斯將於 3 月 6 日成為博士倫公司的下一任首席執行官說幾句話。布倫特作為醫療保健行業的領導者有著悠久而受人尊敬的記錄，包括從 2010 年到 2013 年擔任 Bausch + Lomb 的首席執行官。我個人認識 Brent 多年，我相信他具有在公司歷史上的這個關鍵時刻領導 Bausch + Lomb 的正確技能和經驗。

Brent is here with us today, and I'd like to invite him to say a few words. It's my pleasure to introduce Brent Saunders, the incoming CEO of Bausch + Lomb.

布倫特今天和我們在一起，我想請他說幾句話。我很高興向大家介紹即將上任的 Bausch + Lomb 首席執行官 Brent Saunders。

Thank you, Joe. Let me begin by saying what an honor it is to have this opportunity and how excited I am to be here today.

謝謝你，喬。首先讓我說能有這個機會是多麼榮幸，今天能來到這裡我是多麼興奮。

Bausch + Lomb was the first company I led as CEO. So in many ways, this feels like coming home. Ophthalmology and eye health are 2 areas that I care deeply about and have stayed close to due to Allergan's presence in the eye care space. I strongly believe that there is a great need in the marketplace for an integrated company that is solely focused on advancing eye health. And I'd like to thank the Board for their trust that they have placed in me to grow this great company into the future.

Bausch + Lomb 是我作為 CEO 領導的第一家公司。所以在很多方面，這感覺就像回家一樣。眼科和眼睛健康是我非常關心的兩個領域，並且由於艾爾建 (Allergan) 在眼部護理領域的存在而一直密切關注。我堅信，市場非常需要一家專注於促進眼部健康的綜合性公司。我要感謝董事會對我的信任，讓我能夠將這家偉大的公司發展到未來。

I would also like to thank Joe Papa and the entire team for further strengthening Bausch + Lomb's strong foundation and focusing the company's strategic priorities. I joined Bausch + Lomb because I believe in this company. I believe in its products, I believe in its people, and I believe there is a tremendous unmet need in the eye health space along with the opportunity to make a real difference through innovation.

我還要感謝 Joe Papa 和整個團隊，他們進一步鞏固了博士倫的堅實基礎，並專注於公司的戰略重點。我加入博士倫是因為我相信這家公司。我相信它的產品，我相信它的員工，我相信在眼睛健康領域存在巨大的未滿足需求以及通過創新產生真正影響的機會。

The overall eye health market is growing, driven by favorable demographic trends that are creating strong demand for eye health products around the world. As a company with great brand awareness, an amazing team and a global footprint in approximately 100 countries, Bausch + Lomb is well positioned to meet this demand by delivering on its mission to help people see better to live better. Bausch + Lomb has always stood at the forefront of cutting-edge scientific and technological optical advancements, and I believe continued innovation will be key to the company's success going forward.

在有利的人口趨勢的推動下，整個眼保健市場正在增長，這些趨勢在全球範圍內創造了對眼保健產品的強勁需求。作為一家擁有卓越品牌知名度、出色團隊並在全球約 100 個國家/地區開展業務的公司，博士倫完全有能力滿足這一需求，履行其幫助人們看得更清楚、生活得更好的使命。 Bausch + Lomb 始終站在尖端光學科技進步的前沿，我相信持續創新將是公司未來成功的關鍵。

Finally, I want to recognize Joe Papa and thank him for all he has done to advance the eye health safety and wellness of patients around the world. I look forward to working closely with Joe in the coming weeks to ensure that we have a seamless transition. I am grateful for the opportunity to once again lead this great company, and I'm eager to get started in just a few weeks.

最後，我要表彰 Joe Papa，並感謝他為促進全世界患者的眼部健康安全所做的一切。我期待在接下來的幾週內與 Joe 密切合作，以確保我們能夠順利過渡。我很高興有機會再次領導這家偉大的公司，我渴望在短短幾週內開始工作。

Thank you, Brent. I appreciate those kind words. Let me conclude by saying that my years here with Valeant, Bausch Health and Bausch + Lomb have been a truly memorable journey for me, and the successes we have achieved since I joined the organization in May 2016 are a credit to our outstanding colleagues around the world. Thank you for your tireless work, trust and support in building Bausch + Lomb into a global company dedicated to protecting and enhancing the gift of sight for the millions of people around the world.

謝謝你，布倫特。我很欣賞那些客氣的話。最後，我要說的是，我在 Valeant、Bausch Health 和 Bausch + Lomb 的這些年對我來說是一段真正難忘的旅程，自從我 2016 年 5 月加入該組織以來，我們取得的成功歸功於我們周圍傑出的同事世界。感謝您的不懈努力、信任和支持，將博士倫打造成一家致力於保護和改善全球數百萬人視力的全球性公司。

Now let's come to the agenda for today's call. I will begin with an update on the separation process and a brief review of the 2022 highlights. Sam Eldessouky, our CFO, will then review the fourth quarter and full year financial results in detail and discuss our outlook. Finally, I will conclude by discussing the upcoming catalysts before opening the line for questions. Sam and I will be taking your questions today, and Brent will be available beginning on March 6.

現在讓我們進入今天電話會議的議程。我將首先介紹分離過程的最新情況，並簡要回顧 2022 年的亮點。我們的首席財務官 Sam Eldessouky 隨後將詳細審查第四季度和全年的財務業績，並討論我們的展望。最後，我將在開始提問之前討論即將到來的催化劑。 Sam 和我今天將回答您的問題，而 Brent 將於 3 月 6 日開始提供。

Beginning with Slide 5. As the most integrated eye care company operating today, Bausch + Lomb is uniquely positioned in the eye health market, building on 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 the third largest eye health company, Bausch + Lomb is a global leader in consumer eye health.

從幻燈片 5 開始。作為當今運營的綜合性最強的眼部護理公司，Bausch + Lomb 在眼部健康市場上擁有獨特的定位，作為領先的眼部健康品牌已有 170 年的成功經驗。 Bausch + Lomb 是眼部護理品牌知名度最高的公司。而作為第三大眼保健公司，博士倫是消費者眼保健領域的全球領導者。

Turning to Slide 6. We continue to see compelling opportunities for stand-alone Bausch + Lomb as a pure-play eye health company. We believe the company is well positioned for growth in large, durable markets. We continue to see potential margin expansion over the long term, and we expect to have balance sheet flexibility to expand investment in the business.

轉到幻燈片 6。我們繼續看到獨立的 Bausch + Lomb 作為一家純粹的眼保健公司的誘人機會。我們相信該公司在大型、耐用市場的增長方面處於有利地位。從長遠來看，我們繼續看到潛在的利潤率擴張，我們希望資產負債表具有靈活性以擴大對該業務的投資。

Substantial progress was made in 2022 towards the completion of the separation process. After filing our registration statement and launching the roadshow, we completed the IPO and began trading as a public company on the New York and Toronto Stock Exchanges on May 6, 2022. Importantly, Bausch + Lomb is not a guarantor of the debt of our parent Bausch Health. And on November 29, Bausch Health made Bausch + Lomb an unrestricted under the Bausch Health debt covenant, which helps provide us with greater potential flexibility and one more obstacle to full separation.

2022 年在完成分離過程方面取得了實質性進展。在提交註冊聲明並啟動路演後，我們完成了首次公開募股，並於 2022 年 5 月 6 日開始在紐約和多倫多證券交易所作為上市公司進行交易。重要的是，博士倫不是我們母公司債務的擔保人博士生健康。並且在 11 月 29 日，Bausch Health 將 Bausch + Lomb 列為 Bausch + Lomb 在 Bausch Health 債務契約下的不受限制，這有助於為我們提供更大的潛在靈活性和完全分離的更多障礙。

And as a final comment, we understand that Bausch Health continues to believe that the separation of Bausch + Lomb makes strategic sense and have stated that they're going to thoughtfully evaluate all the factors related to the B&L separation.

作為最後的評論，我們了解到 Bausch Health 仍然認為 Bausch + Lomb 的分離具有戰略意義，並表示他們將仔細評估與 B&L 分離相關的所有因素。

On Slide 7, our revenue grew organically by 5% for the full year 2022 and in the fourth quarter, making this our seventh consecutive quarter of organic growth.

在幻燈片 7 中，我們的收入在 2022 年全年和第四季度有機增長了 5%，這是我們連續第七個季度實現有機增長。

A few highlights to cover. First, continued momentum in key portfolios. Reported revenue of Ocuvite and PreserVision grew by 10% versus 2021. And we are pleased to report that Ocuvite and PreserVision U.S. market share grew by 170 and 120 basis points, respectively, in 2022 compared to the prior year. Reported revenue of the Biotrue solutions franchise also grew by 10%, and market share grew by 360 basis points in 2022 compared to the prior year.

要介紹的幾個要點。首先，關鍵投資組合的持續增長勢頭。 Ocuvite 和 PreserVision 的報告收入與 2021 年相比增長了 10%。我們很高興地報告，與上一年相比，2022 年 Ocuvite 和 PreserVision 美國市場份額分別增長了 170 和 120 個基點。 Biotrue 解決方案特許經營權的報告收入也增長了 10%，與上一年相比，2022 年的市場份額增長了 360 個基點。

Next, investment in fast-growing categories. LUMIFY's U.S. weekly market share in the redness reliever category has reached 50%. We are seeing signs of a strong early launch in Canada, and we have recently acquired rights in an additional 18 countries for LUMIFY. Reported revenue for our SiHy daily lenses grew by 46% in 2022, and we are working towards multifocal and toric launches in '23 and '24.

其次，投資於快速增長的品類。 LUMIFY 在美國紅腫緩解劑類別的每週市場份額已達到 50%。我們看到了在加拿大早期推出的強勁跡象，並且我們最近在另外 18 個國家/地區獲得了 LUMIFY 的權利。 2022 年，我們 SiHy 日用鏡片的報告收入增長了 46%，我們正致力於在 23 年和 24 年推出多焦點和復曲面鏡片。

Finally, new product category expansion. We have completed 6 acquisitions or licensing transactions, albeit small transaction, since our IPO in May 2022, including the Sanoculis distribution agreement and the AcuFocus acquisition. These transactions expanded our surgical portfolio, adding a minimally invasive surgical treatment for glaucoma and the IC-8 Apthera premium intraocular lens, which I'll cover in more detail when we discuss our upcoming catalysts. In addition, we launched 6 new products in 2022, including XIPERE and REVIVE, along with our geo expansion of LUMIFY and VYZULTA.

最後，新品類拓展。自 2022 年 5 月首次公開募股以來，我們已經完成了 6 項收購或許可交易，儘管是小額交易，包括 Sanoculis 分銷協議和 AcuFocus 收購。這些交易擴大了我們的手術產品組合，增加了青光眼微創手術治療和 IC-8 Apthera 優質人工晶狀體，我將在討論即將推出的催化劑時更詳細地介紹。此外，我們在 2022 年推出了 6 款新產品，包括 XIPERE 和 REVIVE，以及 LUMIFY 和 VYZULTA 的地域擴張。

To summarize. Thanks to a great B&L team effort, we grew our organic revenue at a mid-single-digit growth rate in 2022, our key brands have demonstrated their durability through challenging economic conditions and we are making strategic investments in R&D and bolt-on acquisitions to expedite our future growth.

總結一下。由於 B&L 團隊的巨大努力，我們的有機收入在 2022 年以中等個位數的增長率增長，我們的主要品牌在充滿挑戰的經濟條件下展示了它們的耐用性，我們正在對研發和補強收購進行戰略投資，以加快我們未來的發展。

Turning to Slide 8. We have provided our guidance targets for 2022 along with key assumptions underlying them, and we're pleased to say that we have delivered against our latest guidance in 2022.

轉到幻燈片 8。我們提供了 2022 年的指導目標及其背後的關鍵假設，我們很高興地說，我們已經在 2022 年實現了最新的指導目標。

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

有了這個，我會把電話轉給山姆，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 adjusted to remove the impact of acquisitions, 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，我們指的是在固定貨幣基礎上進行調整以消除收購、資產剝離和停產的影響。

Turning now to our financial results on Slide 9. Our fourth quarter results demonstrate the continued momentum of our business and the durability of our diverse portfolio. Throughout 2022, we continue to deliver predictable and consistent organic revenue growth, driven by the strength of our diversified eye care platform.

現在轉到我們在幻燈片 9 上的財務業績。我們第四季度的業績證明了我們業務的持續發展勢頭和多元化投資組合的持久性。到 2022 年，在多元化眼部護理平台的推動下，我們將繼續實現可預測且持續的有機收入增長。

Total company revenue of $996 million grew organically by 5% in the fourth quarter, marked our seventh consecutive quarter of consolidated organic growth. For the full year, total company revenue of $3.768 billion also grew organically by 5%. The business has now demonstrated solid organic growth in each of the last 2 years following the COVID downturn in 2020. The fourth quarter was the second consecutive quarter where we saw organic growth in each of our 3 segments: Vision Care, up 5%; Surgical, up 4%; and Opto Rx, up 7%.

公司總收入為 9.96 億美元，第四季度有機增長 5%，標誌著我們連續第七個季度實現綜合有機增長。全年，公司總收入為 37.68 億美元，有機增長 5%。在 2020 年 COVID 低迷之後，該業務現在在過去兩年中每年都顯示出穩健的有機增長。第四季度是我們連續第二個季度在我們的 3 個細分市場中實現有機增長：視力保健，增長 5%；手術，增長 4%；和 Opto Rx，上漲 7%。

This broad-based growth reflects a strong, durable portfolio we have established across our segments, which enabled us to perform despite macroeconomic headwinds on market volatility. We have continued to see volatility in foreign exchange. During the fourth quarter, FX headwinds impacted revenue by approximately $54 million. Adjusted EBITDA was negatively impacted by approximately $80 million in the quarter.

這種基礎廣泛的增長反映了我們在各個部門建立的強大、持久的投資組合，這使我們能夠在市場波動的宏觀經濟逆風中表現出色。我們繼續看到外匯波動。在第四季度，外匯逆風對收入造成了大約 5400 萬美元的影響。本季度調整後的 EBITDA 受到約 8000 萬美元的負面影響。

We are encouraged by the COVID policy changes in China and the consumer sentiment towards a full reopening. However, the mobility restriction in the early part of Q4 and the rising number of cases in the latter parts of the quarter have highlighted the stop-and-go nature we have seen throughout the year.

我們對中國的 COVID 政策變化和消費者對全面重新開放的情緒感到鼓舞。然而，第四季度初期的流動性限制和本季度後期案件數量的增加突顯了我們全年看到的走走停停的性質。

Our top line results were negatively impacted by 200 basis points in the fourth quarter and 150 basis points for the full year, due to economic conditions in China as the country's COVID policies evolve. We will continue to monitor the pace of the recovery, and now we believe that the China market has a path to return to a stable growth over time.

由於隨著中國 COVID 政策的發展，中國的經濟狀況，我們的收入在第四季度受到 200 個基點的負面影響，全年受到 150 個基點的負面影響。我們將繼續監測復甦的步伐，現在我們相信中國市場有一條道路可以隨著時間的推移恢復穩定增長。

Now let's discuss the Q4 and full year results in each of our segments. Vision Care revenue was $626 million in Q4, up 5% organically, driven by strong growth in our key franchises. Total revenue for the segment in 2022 was $2.373 billion, up 6% organically year-over-year.

現在讓我們討論每個細分市場的第四季度和全年業績。受主要特許經營業務強勁增長的推動，第四季度視力保健收入為 6.26 億美元，有機增長 5%。該部門 2022 年的總收入為 23.73 億美元，同比有機增長 6%。

The consumer portfolio continued its market leadership position with momentum in our strategic brands. LUMIFY reported revenue grew by 25% in the fourth quarter, and the brand achieved a market share of approximately 50% in the redness reliever category. We continue to execute our strategy to grow the LUMIFY brand. The launch in Canada is off to a strong start, and our plans for geo expansion and line extensions are on track.

消費品組合繼續保持其市場領導地位，我們的戰略品牌勢頭強勁。 LUMIFY 報告稱，第四季度收入增長了 25%，該品牌在消紅產品類別中的市場份額達到了約 50%。我們繼續執行發展 LUMIFY 品牌的戰略。在加拿大的推出開局良好，我們的地域擴張和產品線延伸計劃正在按計劃進行。

Fourth quarter revenue from our eye vitamins, PreserVision and Ocuvite, grew by 13% on a reported basis and 16% organically. This market-leading franchise continues to demonstrate the ability to drive growth in the AMD market. We expect our recent launch of PreserVision, OCUSorb and our upcoming launch of PreserVision CoQ10 to continue the momentum.

我們的眼部維生素、PreserVision 和 Ocuvite 的第四季度收入在報告基礎上增長了 13%，有機增長了 16%。這一市場領先的特許經營權繼續展示了推動 AMD 市場增長的能力。我們預計我們最近推出的 PreserVision、OCUSorb 和即將推出的 PreserVision CoQ10 將繼續保持這一勢頭。

While consumers have faced pressure from higher inflation and potential economic uncertainty, we have not seen broad fundamental changes in the segment. Consumers continue to prioritize trusted brands and reward innovation. We have been able to leverage our strong consumer brand equity to execute on our pricing strategy. And we expect to continue to advance the pricing and volume dynamic in the coming quarters.

儘管消費者面臨更高通脹和潛在經濟不確定性的壓力，但我們尚未看到該領域發生廣泛的根本性變化。消費者繼續優先考慮值得信賴的品牌並獎勵創新。我們已經能夠利用我們強大的消費者品牌資產來執行我們的定價策略。我們預計將在未來幾個季度繼續推進定價和銷量動態。

We also saw continued growth in our key contact lens franchises. Reported revenue from our daily SiHy portfolio grew by 85% in the fourth quarter versus the prior year and 46% on a sequential basis. Revenue reaccelerated towards the back end of Q4, following increased activities to expedite the lower-than-expected production output that we have recently experienced.

我們還看到我們的主要隱形眼鏡特許經營權持續增長。我們日常 SiHy 產品組合的報告收入在第四季度比去年同期增長了 85%，環比增長了 46%。在增加活動以加快我們最近經歷的低於預期的產量之後，收入在第四季度末重新加速。

We're continuing to see a ramp-up in production, which is in line with our expectations, and we expect the output to continue to increase going forward to meet strong market demand. We are also looking forward to our multifocal launch in the U.S. to potentially accelerate momentum in 2023.

我們繼續看到產量增加，這符合我們的預期，我們預計產量將繼續增加以滿足強勁的市場需求。我們也期待著我們在美國的多焦點發布，以可能在 2023 年加速發展勢頭。

Revenue from Bausch + Lomb ULTRA grew by 2% in the fourth quarter on a reported basis and 9% organically. And revenue from Biotrue ONEday grew organically by 6% in the quarter and was flat on a reported basis.

Bausch + Lomb ULTRA 的收入在第四季度報告的基礎上增長了 2%，有機增長了 9%。 Biotrue ONEday 的收入在本季度有機增長了 6%，與報告的基礎持平。

In the quarter, U.S. contact lenses grew organically by 7% and international sales organic growth was up 3%. The dynamic nature of the recovery in China continues to have a more pronounced impact on our lens portfolio, where we are more heavily indexed to the China market. Excluding China, the global lens portfolio grew organically by about 7% both for the quarter and for the full year.

本季度，美國隱形眼鏡有機增長 7%，國際銷售額有機增長 3%。中國經濟復甦的動態性質繼續對我們的鏡頭產品組合產生更顯著的影響，我們在這些產品組合中更多地與中國市場掛鉤。除中國外，全球鏡頭產品組合在本季度和全年均實現了約 7% 的有機增長。

Moving now to the Surgical segment. Fourth quarter revenue was $188 million, an increase of 4% organically. Implantables grew by 13% organically in the fourth quarter, driven by premium and standard IOLs. We continue to see momentum in our enVista IOL franchise, and we're seeing an increasing contribution from our LuxSmart premium lens. The premium IOL category is a strategic priority for us, and we expect growth to continue as our premium product offering expense.

現在轉到外科手術部分。第四季度收入為 1.88 億美元，有機增長 4%。在高端和標準 IOL 的推動下，植入式產品在第四季度有機增長了 13%。我們繼續看到我們的 enVista IOL 特許經營權的發展勢頭，我們看到我們的 LuxSmart 優質鏡片的貢獻越來越大。優質 IOL 類別是我們的戰略重點，我們預計隨著我們的優質產品供應費用的增長將繼續。

We also saw the demand for our consumables continued in the quarter, up 3% organically, mainly driven by an increase in cataract and retina procedures. Our equipment revenue was down approximately 5% organically in the quarter. We continue to see strong market demand, especially for our Stellaris system. However, growth was impacted by availability of supply of certain components. We are mitigating the supply constraints by spot buying certain components from secondary vendors, and we expect an improvement in the coming quarters.

我們還看到本季度對我們的消耗品的需求持續增長，有機增長 3%，這主要是由於白內障和視網膜手術的增加。我們的設備收入在本季度有機下降了約 5%。我們繼續看到強勁的市場需求，尤其是對我們的 Stellaris 系統。然而，增長受到某些組件供應可用性的影響。我們正在通過從二級供應商處現貨購買某些組件來緩解供應限制，我們預計未來幾個季度會有所改善。

Overall, the Surgical segment grew organically by 8% in 2022, driven by the strong growth in consumables and implantables. The markets have continued to recover throughout 2022 and work through the substantial backlog of procedures created by COVID. We expect the backlog to continue to be a tailwind for some time as the market manages staffing constraints and procedure volume capacity.

總體而言，在消耗品和植入物強勁增長的推動下，外科手術領域在 2022 年實現了 8% 的有機增長。市場在整個 2022 年繼續復甦，並通過 COVID 造成的大量程序積壓工作。隨著市場管理人員配置限制和程序容量，我們預計積壓將在一段時間內繼續成為順風。

Finally, we announced the acquisition of AcuFocus in the beginning of this year, which brings breakthrough IOL technology to our surgical portfolio. This acquisition was funded with cash on hand, approximately $31 million in cash was paid in the first quarter of 2023. The AcuFocus IOL was launched earlier this year and allows us to build our portfolio in the premium IOL category. While we do expect the revenue contribution to grow over time, we do not anticipate it will have a material impact on our financial results in 2023.

最後，我們在今年年初宣布收購 AcuFocus，這為我們的手術產品組合帶來了突破性的 IOL 技術。此次收購以手頭現金資助，2023 年第一季度支付了約 3100 萬美元現金。AcuFocus IOL 於今年早些時候推出，使我們能夠在高端 IOL 類別中建立我們的產品組合。雖然我們確實預計收入貢獻會隨著時間的推移而增長，但我們預計它不會對我們 2023 年的財務業績產生重大影響。

Last, revenues in the Opto Rx segment were $182 million, representing organic growth of 7% driven by the U.S. portfolio. VYZULTA TRx has grew by 18% in the fourth quarter, and we continued our geo expansion strategy by launching in Brazil, Turkey and the Middle East.

最後，Opto Rx 部門的收入為 1.82 億美元，在美國投資組合的推動下實現了 7% 的有機增長。 VYZULTA TRx 在第四季度增長了 18%，我們通過在巴西、土耳其和中東推出產品繼續我們的地域擴張戰略。

We are approaching the first anniversary of XIPERE's commercial launch in the U.S., and we have filed XIPERE in Canada. We're actively capitalizing competitor supply issues within our U.S. generics portfolio, and we are continuing to progress towards the PDUFA date of June 28 for NOV03. We expect to support the incremental launch activities throughout 2023, with the level of investment increasing during the third and fourth quarters to position NOV03 for optimal future growth.

我們即將迎來 XIPERE 在美國商業上市一周年，我們已經在加拿大提交了 XIPERE 的申請。我們正在積極利用我們美國仿製藥產品組合中的競爭對手供應問題，並且我們將繼續朝著 NOV03 的 PDUFA 日期 6 月 28 日取得進展。我們預計將支持整個 2023 年的增量啟動活動，第三和第四季度的投資水平將增加，以使 NOV03 實現最佳未來增長。

Similar to other parts of the B&L business, we have also seen the COVID recovery in China creates a headwind to revenue growth in our international Opto portfolio. Growth in the ophthalmology segment for the full year was impacted by LOE-related headwinds in the earlier parts of 2022. We do not expect LOEs to have a significant impact in our portfolio, but we expect the PROLENSA LOE in late 2023, which mostly will impact 2024.

與 B&L 業務的其他部分類似，我們也看到中國的 COVID 復甦對我們國際 Opto 產品組合的收入增長造成了不利影響。全年眼科業務的增長受到 2022 年初與 LOE 相關的不利因素的影響。我們預計 LOE 不會對我們的產品組合產生重大影響，但我們預計 PROLENSA LOE 將在 2023 年末出現，其中大部分將影響 2024 年。

Now that we have covered revenue for each of the segments, let me walk through some of the key non-GAAP line items on Slide 11. As a reminder, given the timing of the IPO, the 2021 results were not fully burdened by all the stand-alone costs associated with the separation.

現在我們已經涵蓋了每個細分市場的收入，讓我在幻燈片 11 上瀏覽一些關鍵的非 GAAP 項目。提醒一下，考慮到 IPO 的時間，2021 年的業績並沒有完全受到所有與分離相關的獨立成本。

Adjusted gross margin for the quarter was approximately 58%, a decrease of 190 basis points compared to Q4 2021. The change in gross margin was driven by macro headwinds, including higher cost of energy, shipping and labor along with pockets of limited supply availability that required spot buying from secondary vendors to meet market demand.

本季度調整後的毛利率約為 58%，與 2021 年第四季度相比下降了 190 個基點。毛利率的變化是由宏觀逆風推動的，包括能源、運輸和勞動力成本上升以及供應有限的地區需要從二級供應商那裡採購現貨以滿足市場需求。

Fourth quarter gross margin was also impacted by an incremental cost of approximately $7 million related to accelerated output ramp-up of daily SiHy lenses. This amount is in addition to the $15 million we previously estimated in the third quarter. The daily SiHy production output improved substantially in the latter part of Q4, which led to the 46% sequential daily SiHy revenue growth and enabled us to be on track to reach our target production levels for 2023. As we continue to accelerate the production output, execute our planned geographic expansion and the planned launch of the multifocal lens, we expect the daily SiHy to be an important catalyst for growth in 2023 and beyond.

第四季度毛利率還受到約 700 萬美元增量成本的影響，該增量成本與日常 SiHy 透鏡的加速產量提升相關。這一數額不包括我們之前在第三季度估計的 1500 萬美元。 SiHy 每日產量在第四季度後期大幅提高，導致每日 SiHy 收入環比增長 46%，使我們有望實現 2023 年的目標產量水平。隨著我們繼續加快產量，執行我們計劃的地域擴張和多焦點鏡片的計劃推出，我們預計每日 SiHy 將成為 2023 年及以後增長的重要催化劑。

Fourth quarter adjusted EBITDA was $181 million. The adjusted EBITDA in Q4 was mainly impacted by currency headwinds of approximately $18 million, an incremental $8 million investment in R&D to accelerate our pipeline strategy and gross margin headwinds, including the $7 million impact related to accelerating the daily SiHy production.

第四季度調整後的 EBITDA 為 1.81 億美元。第四季度調整後的 EBITDA 主要受到約 1800 萬美元的貨幣逆風、為加速我們的管道戰略而增加的 800 萬美元研發投資和毛利率逆風的影響，包括與加速 SiHy 日常生產相關的 700 萬美元影響。

In the fourth quarter, adjusted SG&A was flat year-over-year. While we continue to prioritize investment in value-enhancing activities, we have also maintained a cost disciplined approach by taking steps to reduce our operating costs.

第四季度，調整後的 SG&A 同比持平。在我們繼續優先投資增值活動的同時，我們還通過採取措施降低運營成本來保持成本控制方法。

Over the longer term, we maintain our strategy to drive margin expansion by expanding our portfolio of premium products, continuing to build scale, investing in our product launches and leveraging our global infrastructure.

從長遠來看，我們將維持我們的戰略，通過擴大我們的優質產品組合、繼續擴大規模、投資於我們的產品發布和利用我們的全球基礎設施來推動利潤率增長。

Lastly, adjusted EPS for the quarter was $0.23.

最後，本季度調整後的每股收益為 0.23 美元。

Moving on to the cash flow and balance sheet summary on Slide 15. Adjusted cash flow from operations was $167 million in the fourth quarter, bringing full year adjusted cash flow to $383 million. This includes the impact of strategic inventory build throughout 2022 to mitigate potential supply chain disruptions.

轉到幻燈片 15 上的現金流量和資產負債表摘要。第四季度調整後的運營現金流量為 1.67 億美元，使全年調整後的現金流量達到 3.83 億美元。這包括整個 2022 年戰略庫存構建的影響，以減輕潛在的供應鏈中斷。

Fourth quarter CapEx was $50 million, bringing the full year CapEx to $175 million. Our debt outstanding is $2.488 billion, which equates to a net leverage ratio of 2.93x.

第四季度資本支出為 5000 萬美元，使全年資本支出達到 1.75 億美元。我們的未償還債務為 24.88 億美元，相當於 2.93 倍的淨槓桿率。

As Joe mentioned, on November 29, Bausch Health announced that B&L became an unrestricted subsidiary of BHC, which means B&L is no longer subject to the debt covenants under BHC's outstanding debt. We view this as a positive step towards the expected full separation.

正如Joe所說，11月29日，Bausch Health宣布B&L成為BHC的非受限子公司，這意味著B&L不再受BHC未償債務項下的債務契約約束。我們認為這是朝著預期的完全分離邁出的積極一步。

Total interest expense for 2022 was $146 million. Our interest expense for the fourth quarter was approximately $47 million. We expect interest expense to be approximately $215 million for the full year 2023. The increase in interest expense reflects a rising interest rate environment.

2022 年的總利息支出為 1.46 億美元。我們第四季度的利息支出約為 4700 萬美元。我們預計 2023 年全年的利息支出約為 2.15 億美元。利息支出的增加反映了利率上升的環境。

As a reminder, we have an interim capital structure in place, with interest expense at a variable rate of SOFR plus 3.25%. Upon full separation from BSC, we plan to refinance our debt and transition to a longer-term capital structure. As a stand-alone company, we expect to have a more favorable credit profile and potentially lower cost of debt.

提醒一下，我們有一個臨時資本結構，利息支出為 SOFR 加 3.25% 的可變利率。從 BSC 完全分離後，我們計劃為我們的債務再融資並過渡到更長期的資本結構。作為一家獨立公司，我們預計將擁有更有利的信用狀況和可能更低的債務成本。

Year-end cash and cash equivalents and restricted cash was $380 million. We had undrawn revolver of $500 million at year-end, and we have no borrowings under the revolver as of today. We are confident in our strong balance sheet and cash flow, which gives us the flexibility to pursue value-enhancing investment opportunities.

年末現金和現金等價物以及受限制的現金為 3.8 億美元。到年底，我們有 5 億美元的未動用循環貸款，截至今天，我們在循環貸款下沒有任何借款。我們對我們強大的資產負債表和現金流充滿信心，這使我們能夠靈活地追求增值投資機會。

Finally, our adjusted tax rate for 2022 was 2.25%, and we expect our adjusted tax rate to be roughly 6% in 2023.

最後，我們 2022 年調整後的稅率為 2.25%，我們預計 2023 年調整後的稅率約為 6%。

Turning now to Slide 17. Given last week's announcement that Brent Saunders will become our new CEO on March 6, we are planning to provide full year 2023 guidance when we report our first quarter earnings. This will give Brent the opportunity to provide input on our go-forward strategy and financial outlook once he transitions into his new role.

現在轉到幻燈片 17。鑑於上周宣布布倫特桑德斯將於 3 月 6 日成為我們的新任首席執行官，我們計劃在報告第一季度收益時提供 2023 年全年指引。這將使布倫特有機會在他過渡到新角色後就我們的前瞻性戰略和財務前景提供意見。

Today, I will share some color on our expectations for the first quarter of 2023. We expect Q1 2023 organic revenue growth to be in line with the overall eye care market growth. While we're not providing full year guidance at this time, we would note that we expect quarterly phasing to be an important consideration. We expect the first quarter to be lower than Q1 2022, mainly driven by currency headwinds, the pace of recovery in China and macro factors leading to gross margin pressure.

今天，我將分享一些關於我們對 2023 年第一季度的預期的顏色。我們預計 2023 年第一季度的有機收入增長將與整體眼部護理市場的增長保持一致。雖然我們目前不提供全年指導，但我們會注意到，我們預計季度分階段是一個重要的考慮因素。我們預計第一季度將低於 2022 年第一季度，主要受貨幣逆風、中國復甦步伐以及導致毛利率壓力的宏觀因素的推動。

Based on current exchange rates, we anticipate FX headwinds to first quarter revenue by approximately $35 million. We also expect headwinds to adjusted EBITDA of approximately $10 million in Q1.

根據當前匯率，我們預計第一季度收入的外匯阻力約為 3500 萬美元。我們還預計第一季度調整後的 EBITDA 將出現約 1000 萬美元的逆風。

The higher cost inventory we built in 2022 will increase pressure on gross margin as it flows through the P&L, mainly in the first half of 2023. We expect our first quarter adjusted gross margin to be approximately 130 basis points lower than in Q1 2022, mainly due to higher cost of inventory. Keep in mind that the comparability between 2023 and 2022 will be impacted by the timing of the B&L IPO.

我們在 2022 年建立的較高成本庫存將增加毛利率的壓力，因為它流經損益表，主要是在 2023 年上半年。我們預計第一季度調整後的毛利率將比 2022 年第一季度低約 130 個基點，主要是由於存貨成本較高。請記住，2023 年和 2022 年之間的可比性將受到 B&L IPO 時間的影響。

The 2022 first quarter financial statements were prepared prior to the B&L IPO in May 2022 and do not reflect the full run rate stand-alone cost. These incremental costs are approximately $15 million in the first quarter. Along the same lines, the basis of interest expense and taxes reported in the Q1 '22 financial statements also does not fully reflect the B&L operations as a stand-alone entity.

2022 年第一季度財務報表是在 2022 年 5 月 B&L IPO 之前編制的，並未反映全部運行率獨立成本。這些增量成本在第一季度約為 1500 萬美元。同樣，22 年第一季度財務報表中報告的利息支出和稅收的基礎也沒有完全反映 B&L 作為獨立實體的業務。

In summary, we're pleased with our overall 2022 performance of 5% organic revenue growth, which was at the high end of our guidance range. The fundamentals in the eye care market continue to be strong, and we are excited to launch more than 15 products in 2023. We expect to support the incremental launch activities throughout 2023 with a key focus on accelerating our investment in NOV03 during the third and fourth quarters to position it for optimal future growth. We look forward to providing our full year guidance for 2023 when we report our first quarter results.

總而言之，我們對 2022 年 5% 的有機收入增長的整體表現感到滿意，這處於我們指導範圍的高端。眼部護理市場的基本面繼續強勁，我們很高興在 2023 年推出超過 15 種產品。我們預計將在整個 2023 年支持增量發布活動，重點是在第三和第四階段加快我們對 NOV03 的投資季度定位，以實現最佳的未來增長。我們期待在報告第一季度業績時提供 2023 年的全年指導。

Now back to you, Joe.

現在回到你身邊，喬。

Thank you, Sam. I'll now comment on some of the upcoming catalysts we are anticipating.

謝謝你，山姆。我現在將評論我們期待的一些即將到來的催化劑。

On Slide 19, LUMIFY is a strong, established $125 million plus brand with reported revenue growth of 21% in 2022 compared to the prior year. In the U.S., LUMIFY is the #1 physician-recommended redness reliever in the category with approximately a 50% weekly market share, building on the phenomenal success of this product and using the power of our B + L fully integrated eye care platform, we are planning to expand the brand geographically and through line extensions. LUMIFY is now launched in 6 countries, and we recently acquired the rights for 18 additional countries.

在幻燈片 19 上，LUMIFY 是一個強大的品牌，年收入超過 1.25 億美元，報告的 2022 年收入與上一年相比增長了 21%。在美國，LUMIFY 是該類別中排名第一的醫生推薦的紅腫緩解劑，每周占有約 50% 的市場份額，基於該產品的巨大成功並利用我們 B + L 完全集成的眼部護理平台的力量，我們正計劃通過產品線延伸在地理上擴大品牌。 LUMIFY 現已在 6 個國家/地區推出，我們最近獲得了另外 18 個國家/地區的權利。

In addition to geographic expansion into new markets, we're expanding LUMIFY's beauty positioning to a specialty eye care and have a number of new products planned, including a line scientifically developed for the sensitive eye area to help enhance the eye's natural beauty, which we expect to launch in the first quarter of 2023. We expect to submit our single-dose, preservative-free eye drops in the second quarter of 2023 and a combination product with ketotifen for allergy symptom control in the first quarter of 2024.

除了向新市場進行地理擴張外，我們還將 LUMIFY 的美容定位擴展到專業眼部護理，併計劃推出一系列新產品，包括針對敏感眼部區域科學開發的系列產品，以幫助增強眼睛的自然美感，我們預計將於 2023 年第一季度推出。我們預計將在 2023 年第二季度提交我們的單劑量、不含防腐劑的滴眼液，並在 2024 年第一季度提交與酮替芬聯合用於控製過敏症狀的產品。

Turning to Slide #20 for an update on the expansion of our daily SiHy launch. We have launched the spherical lenses in approximately 25 countries to date and expect about 5 additional spherical country launches coming in 2023, including China. We also anticipate the launch of the multifocal and toric lenses in the 2023, 2024 timeframe. These additional launches are expected to be key drivers of future growth.

轉到幻燈片 #20，了解有關我們每日 SiHy 發布擴展的最新信息。迄今為止，我們已經在大約 25 個國家/地區推出了球面鏡片，預計 2023 年還會在另外 5 個國家/地區推出球面鏡片，其中包括中國。我們還預計將在 2023 年、2024 年推出多焦點和復曲面鏡片。這些額外的發布預計將成為未來增長的主要驅動力。

Looking back at 2022, we are pleased to report 46% reported revenue growth compared to 2021, including 85% reported revenue growth in the fourth quarter compared to the fourth quarter of 2021, due to a great work by our supply chain to increase output from our manufacturing line. Importantly, the growth we are seeing is not resulting in significant cannibalization as 70% of the spherical lens starts in the U.S. are sourced from competitive lenses.

回顧 2022 年，我們很高興地報告與 2021 年相比報告的收入增長了 46%，其中第四季度報告的收入與 2021 年第四季度相比增長了 85%，這歸功於我們的供應鏈在增加來自我們的生產線。重要的是，我們看到的增長並沒有導致明顯的自相殘殺，因為美國 70% 的球面鏡片都來自競爭鏡片。

I'd like to spend a minute on the recent enhancement of our surgical portfolio through the acquisition of AcuFocus. First, on Slide 21. AcuFocus, IC-8 Apthera interactive lens is a breakthrough in small aperture IOL technology. The lens was approved by the FDA in July of 2022 as the first and only small aperture non-toric extended depth to focus IOL for certain cataract patients who have as much as 1.5 diopters of corneal astigmatism and wish to address presbyopia at the same time. This innovative premium IOL is available in select markets across Europe as well as Australia, New Zealand, Singapore and is now launching in the U.S.

我想花一點時間談談我們最近通過收購 AcuFocus 增強了我們的外科產品組合。首先，在幻燈片 21 上。AcuFocus，IC-8 Apthera 交互式鏡片是小孔徑 IOL 技術的突破。該鏡片於 2022 年 7 月獲得 FDA 批准，是第一個也是唯一一個小孔徑非複曲面延伸深度聚焦 IOL，適用於某些角膜散光屈光度高達 1.5 並希望同時解決老花眼問題的白內障患者。這種創新的高級 IOL 在歐洲以及澳大利亞、新西蘭、新加坡的特定市場有售，目前正在美國上市。

From our perspective, this acquisition is a synergistic fit for B + L. First, it fills the gap in our portfolio by printing us with our first EDOF lens in the U.S. Second, it fits strategically within our current infrastructure without requiring a lot of additional resources. And finally, it's the first IOL of its type used for aberrated corneas, which brings additional doctors and their patients to our platform.

從我們的角度來看，此次收購是 B + L 的協同效應。首先，它通過在美國印刷我們的第一個 EDOF 鏡頭來填補我們產品組合的空白。其次，它在戰略上適合我們當前的基礎設施，而不需要大量額外的資源。最後，它是同類中第一個用於畸變角膜的 IOL，這為我們的平台帶來了更多的醫生和他們的患者。

On Slide 22, we show the breakthrough design of the embedded FilterRing component, which delivers high optical quality light to the retina and filters out distorted low optical quality light providing a clear, continuous range of vision. We see a substantial market opportunities for this innovative design. The global premium cataract IOL market is projected to grow at a 13% CAGR between 2022 and 2027.

在幻燈片 22 上，我們展示了嵌入式 FilterRing 組件的突破性設計，該組件可為視網膜提供高光學質量的光線，並濾除失真的低光學質量光線，從而提供清晰、連續的視野範圍。我們看到了這種創新設計的巨大市場機會。 2022 年至 2027 年，全球優質白內障 IOL 市場預計將以 13% 的複合年增長率增長。

On Slide 23, we show the ongoing geographic expansion of our IOL portfolio and the expected timing of the upcoming premium IOL launches. Our near-term focus is on launching these premium IOLs in North America and the EU, followed by the Asia Pacific region. In addition to the U.S. launch of the IC-8 Apthera IOL, which is ongoing, we are preparing for the anticipated 2023 launch of the Bausch + Lomb Aspire, the enVista Extended Range Monofocal IOL in the U.S. and Canada followed by the EU launch expected in 2024. We are also planning for the anticipated 2020 launch of the Bausch + Lomb Envy, the enVista Trifocal IOL in the United States, Canada and EU as we further our strategy to grow in the higher-margin categories.

在幻燈片 23 上，我們展示了我們 IOL 產品組合的持續地理擴張以及即將推出的高級 IOL 的預期時間。我們近期的重點是在北美和歐盟推出這些優質人工晶狀體，其次是亞太地區。除了正在美國推出的 IC-8 Apthera IOL 之外，我們還在為預計於 2023 年推出的 Bausch + Lomb Aspire、enVista Extended Range Monofocal IOL 在美國和加拿大推出做準備，隨後預計在歐盟推出2024 年。我們還計劃於 2020 年在美國、加拿大和歐盟推出 Bausch + Lomb Envy，即 enVista Trifocal IOL，因為我們進一步推進了在利潤率較高的類別中實現增長的戰略。

Turning now to Slide 24. 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.

現在轉到幻燈片 24。正如我們之前提到的，我們現在有 NOV03 的 PDUFA 日期是 2023 年 6 月，這是一種潛在的一流治療方法，用於治療與瞼板腺功能障礙相關的干眼病。如果獲得 FDA 的批准，我們預計將在 2023 年下半年推出 NOV03。

We also plan to file in Canada in the first quarter of 2023. Dry eye disease is one of the most common ocular surface disorders. And while it affects approximately 36 million Americans, only about half are diagnosed and only about 1.2 million patients are treated with a prescription medication. NOV03 is expected to address evaporative dry eye, which is an unmet need, and approximately 90% of dry eye disease sufferers. This is a fast-growing market with unmet patient needs. From 2016 to '21, the U.S. prescription dry eye market grew at a compound annual growth rate of approximately 24% and expect double-digit growth from 2021 to 2027. Given the current market for dry eye disease treatment and the result of the 2 Phase III studies, we believe that NOV03 has the potential to be a major future growth driver for our business.

我們還計劃在 2023 年第一季度在加拿大申請。乾眼症是最常見的眼表疾病之一。雖然它影響了大約 3600 萬美國人，但只有大約一半被診斷出來，只有大約 120 萬患者接受了處方藥治療。 NOV03 有望解決蒸發過強的干眼症，這是一個未滿足的需求，以及大約 90% 的干眼症患者。這是一個快速增長的市場，患者的需求尚未得到滿足。從 2016 年到 21 年，美國處方乾眼症市場以約 24% 的複合年增長率增長，預計 2021 年到 2027 年將實現兩位數增長。鑑於目前乾眼病治療市場和 2 階段的結果III 研究，我們認為 NOV03 有潛力成為我們業務未來的主要增長動力。

On Slide 25, we have outlined the opportunities we have in high-growth, high-margin categories. First in Vision Care. We are adding to our well-known product lines and pursuing a geo expansion opportunity for our key product franchises. In the Opto Rx business, we are launching and expanding the launches of high-margin pharmaceutical products, like XIPERE, VYZULTA and NOV03. And in Surgical, we are shifting our portfolio to premium categories, and our investments in premium IOLs and technological advancements are poised to grow that portfolio. All of this work is supported by our M&A strategy, which we have deployed to strategically enhance our portfolio and fill gaps. Since our IPO of May 2022, we have completed 6 acquisitions and licensing transactions to enhance our pipeline. And thanks to the efforts of our R&D and business development teams, we expect to launch more than 15 products in 2023.

在幻燈片 25 中，我們概述了我們在高增長、高利潤類別中的機會。首先是視力保健。我們正在增加我們知名的產品線，並為我們的主要產品特許經營尋求地理擴張機會。在 Opto Rx 業務中，我們正在推出和擴大高利潤醫藥產品的推出，如 XIPERE、VYZULTA 和 NOV03。在外科領域，我們正在將我們的產品組合轉向高端類別，我們對高端 IOL 和技術進步的投資有望擴大該產品組合。所有這些工作都得到我們的併購戰略的支持，我們已部署該戰略以戰略性地增強我們的產品組合併填補空白。自 2022 年 5 月首次公開募股以來，我們已經完成了 6 項收購和許可交易，以加強我們的產品線。由於我們的研發和業務開發團隊的努力，我們預計將在 2023 年推出超過 15 種產品。

Slide 26 outlines the 3 main areas of our strategic focus for the years ahead. Number one, continuing the momentum in our current portfolio. Number two, investing in categories that are growing faster than the overall eye health market. And number three, expanding into brand new product categories. To highlight a few, we're expecting another year of organic revenue growth in fiscal year '23 driven by continued strong performance in key franchises, geo expansion and line extension opportunities and market share gains. We continue to invest in innovation and anticipate more than 15 launches at high-growth markets in the coming year. These include the continued rollout of our SiHy daily lenses and the expected launch of NOV03. And lastly, expanding to new categories with our new LUMIFY products, premium IOLs and the 3D microscope and eyeTELLIGENCE platform.

幻燈片 26 概述了我們未來幾年戰略重點的 3 個主要領域。第一，繼續我們當前投資組合的勢頭。第二，投資於比整體眼保健市場增長更快的類別。第三，擴展到全新的產品類別。舉幾個重點，我們預計 23 財年的收入將再次實現有機增長，這主要得益於主要特許經營業務的持續強勁表現、地域擴張和產品線延伸機會以及市場份額的增長。我們繼續投資於創新，預計明年將在高增長市場推出超過 15 款產品。其中包括繼續推出我們的 SiHy 日常鏡片和預計推出的 NOV03。最後，通過我們新的 LUMIFY 產品、高級 IOL 以及 3D 顯微鏡和 eyeTELLIGENCE 平台擴展到新的類別。

To wrap up on Slide #27, our fourth quarter and full year 2022 results demonstrate that our business is continuing to deliver strong performance. Our team makes focus on continuing to generate momentum in our key products, investing in fast-growing categories and expanding into new product categories. Looking ahead, I continue to believe that Bausch + Lomb is well positioned for success as a stand-alone pure-play eye health company.

總結幻燈片 #27，我們的第四季度和 2022 年全年業績表明我們的業務繼續提供強勁的業績。我們的團隊專注於繼續為我們的主要產品創造動力，投資於快速增長的類別並擴展到新的產品類別。展望未來，我仍然相信 Bausch + Lomb 作為一家獨立的專營眼保健公司的成功定位良好。

And finally, I'm grateful that I'm leaving the company in the hands of an incredible leader, and I wish Brent, the senior leadership team and the 12,000-plus employees of Bausch + Lomb all the best in the future.

最後，我很感激我將把公司交到一位了不起的領導手中，我希望布倫特、高級領導團隊和博士倫的 12,000 多名員工未來一切順利。

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

有了這個，接線員，讓我們打開問題熱線。

(Operator Instructions) Your first question is coming from Craig Bijou of Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Craig Bijou。

Let me -- I guess, I want to ask about EBITDA margin in '23. And obviously, you had some headwinds in Q4. But -- and you're not providing guidance for the full year. But Sam, maybe you can walk through some of the puts and takes that are going to affect the EBITDA margin kind of looking at the headwinds, the macro headwinds that you're seeing, if they're going to get better. And then do you still have an ability to expand margin in '23 relative to where you ended '22?

讓我——我想，我想問一下 23 年的 EBITDA 利潤率。顯然，您在第四季度遇到了一些不利因素。但是——你沒有提供全年的指導。但是山姆，也許你可以通過一些會影響 EBITDA 利潤率的看跌期權和看跌期權，看看逆風，你看到的宏觀逆風，如果它們會變得更好。然後，相對於 22 年底結束時的情況，您是否仍有能力在 23 年擴大利潤率？

So let me take the question in different parts here. And maybe stepping back and just looking at what we have done through '22 and what we have communicated as we got P&L to stand-alone after the IPO was we outlined the road map of how we think about our business, and one of our immediate steps was to continue to drive top line growth in a consistent and durable way. And you've seen that, and I highlighted that in my remarks this morning that we've seen 7 consecutive quarters of organic growth. Also, we've highlighted that was the second consecutive quarter that we've seen all of our 3 segments growing. And that's an important factor here because now you're seeing that our businesses, especially the Opto business, have pivoted from or moved from discussions around LOE to focus more on growth and positioning them for what is coming next in '22, which is the PDUFA of NOV03 and the launch of NOV03.

所以讓我在這里分不同的部分來回答這個問題。也許退後一步，看看我們在 22 年所做的工作，以及我們在 IPO 後將 P&L 獨立出來時所傳達的內容，我們概述了我們如何看待我們的業務的路線圖，以及我們的直接任務之一步驟是繼續以一致和持久的方式推動收入增長。你已經看到了，我在今天早上的發言中強調了這一點，我們已經連續 7 個季度實現了有機增長。此外，我們強調這是連續第二個季度我們看到所有 3 個細分市場都在增長。這是一個重要的因素，因為現在您看到我們的業務，尤其是 Opto 業務，已經從圍繞 LOE 的討論中轉向或轉移到更多地關注增長並為 22 年的下一步做好準備，這是NOV03 的 PDUFA 和 NOV03 的推出。

Now there's a number of levers when you think about where we think about our margin and how margin progresses for us as we go forward. First one was really the shift of our portfolio to more of a premium category, and that is really very pronounced in our surgical business. We've seen the steps that we've taken in '22 to be able to introduce Lens Smart in Europe. It's a premium IOL. We've also completed the acquisition of AcuFocus, which we're very excited about. It will give us the opportunity to be able to go forward with another premium IOL in the U.S. And also, we spent more in '22 behind R&D to be able to expedite our pipeline and bring our own IOL, which we expect to come in, in 2024.

現在，當您考慮我們在哪裡考慮我們的利潤率以及我們前進時利潤率如何為我們進步時，現在有很多槓桿。第一個確實是我們的投資組合向更多高端類別的轉變，這在我們的外科業務中非常明顯。我們已經看到我們在 22 年採取的步驟，以便能夠在歐洲推出 Lens Smart。這是一種優質的人工晶狀體。我們還完成了對 AcuFocus 的收購，我們對此感到非常興奮。這將使我們有機會在美國推出另一種高級人工晶狀體。而且，我們在 22 年的研發中投入了更多資金，以加快我們的管道並帶來我們自己的人工晶狀體，我們希望它能進入， 2024年。

And also the other lever that we talked about quite a bit was the scale in our lens business and building up that scale. And we've seen the steps that we've taken through '22 with our daily SiHy, although we did have the output challenges that I spoke to in the last earnings call in November. We actually did our focus and spend behind it to be able to get the output to where we want it to be. So we are seeing that nice improvement and a 46% sequential output growth that we've seen between Q3 and Q4, that's really something very encouraging. And that's meeting our end market demand. So we're seeing that stuff moving forward and position us very well for '23 as we think about building up the scale for INFUSE and subsequently, the launch of multifocal in the U.S.

我們經常談論的另一個槓桿是我們鏡頭業務的規模和擴大規模。我們已經看到我們在 22 年通過我們的日常 SiHy 採取的步驟，儘管我們確實遇到了我在 11 月的最後一次財報電話會議上談到的產出挑戰。我們實際上做了我們的重點，並在它後面花錢，以便能夠將輸出帶到我們想要的地方。因此，我們看到了第三季度和第四季度之間的良好改善和 46% 的連續產出增長，這確實非常令人鼓舞。這滿足了我們的終端市場需求。因此，當我們考慮擴大 INFUSE 的規模並隨後在美國推出 multifocal 時，我們看到這些東西在向前發展，並為我們在 23 年做好了準備。

And then the last part is on the Opto piece, which is -- I did already talk about sort of pivoting to the growth. But NOV03 is a critical part of our story for the pharmaceutical business, and we're very excited to position it for a launch in the second half of '23. We think we will invest behind that launch, and we'll be able to have a successful sort of position for NOV03 as we go forward.

然後最後一部分是關於 Opto 的部分，也就是——我已經談到了某種轉向增長的問題。但 NOV03 是我們製藥業務故事的重要組成部分，我們很高興將其定位為在 23 年下半年推出。我們認為我們將投資於該發布，並且隨著我們的前進，我們將能夠為 NOV03 取得成功。

In terms of a couple of things between Q4 and I highlighted in Q1, we've seen, I'll call it, a short-term pressure on gross margin. And part of that is we've seen inflation play a factor for us throughout '22, both on the cost of labor, cost of shipping and utility costs. And we've seen that work its way through '22. We've built a fair amount of inventory to be able to secure against supply chain constraints, and we will have to just let that inventory work its way through, which we expect will be in the Q1 and maybe still over into Q2 of '23. But that will have a short-term pressure on the gross margin as we go forward. That's three. I just want to give you all the different pieces of how we think about the margin.

就第四季度和我在第一季度強調的幾件事而言，我們已經看到，我稱之為毛利率的短期壓力。部分原因是我們已經看到通貨膨脹在整個 22 年對我們產生了影響，包括勞動力成本、運輸成本和公用事業成本。我們已經看到它在整個 22 年都發揮了作用。我們已經建立了相當數量的庫存以確保免受供應鏈限制，我們將不得不讓這些庫存通過它的方式運行，我們預計這將在第一季度，並且可能會持續到 23 年的第二季度.但隨著我們前進，這將對毛利率產生短期壓力。那是三個。我只想告訴你我們如何看待利潤率的所有不同部分。

Maybe I can -- I agree with absolutely everything you said, Sam. The other thing maybe I'd add to it is just on that last point. The positive is that, over time, the operational efficiency of our teams like on SiHy daily is we believe will improve. A simple example, the supply chain team has installed all of our SiHy capital equipment, they validated, they're ramping it up. But we know that output in yields will get better over time. In year 1 of any new piece of equipment like that, you may only get a 60% yield out of it. But by year 2 and 3, about 70%, 80%. And at some point, above 80%. So that will also add to the comments that Sam has in terms of the operational efficiency over time, not -- I'm not trying to suggest right now, but over time, that will also help us to your question of '23 and beyond.

也許我可以——我完全同意你所說的一切，山姆。我可能要補充的另一件事就是最後一點。積極的是，隨著時間的推移，我們相信像 SiHy daily 這樣的團隊的運營效率將會提高。一個簡單的例子，供應鏈團隊已經安裝了我們所有的 SiHy 資本設備，他們進行了驗證，他們正在升級。但我們知道，隨著時間的推移，收益率的產出會變得更好。在任何像這樣的新設備的第一年，你可能只能從中獲得 60% 的收益。但到了第 2 年和第 3 年，大約 70%、80%。在某個時候，超過 80%。因此，隨著時間的推移，這也將增加 Sam 在運營效率方面的評論，而不是——我現在不想建議，但隨著時間的推移，這也將幫助我們解決你關於 23 年及以後的問題.

Just following up on that, guys. I mean, so does that -- can some of those positives offset some of the negatives or the pressures and the positives in the second half offset some of the negatives and maybe the first half so that we see expansion for the full year?

只是跟進，伙計們。我的意思是，那也是——這些積極因素中的一些能否抵消一些負面因素或壓力，下半年的積極因素能否抵消一些負面因素，也許是上半年，以便我們看到全年的擴張？

Yes. And Craig, we'll have more to say on this in the first quarter when we give guidance for the full year of '23. But the way I would think about those levers that I spoke to, it's important to keep in mind that they're not all linear in terms of how they will actually play out. So I think they will plan it over time, as we said in the past.

是的。克雷格，我們將在第一季度為 23 年全年提供指導時對此有更多話要說。但我會考慮與我交談過的那些槓桿的方式，重要的是要記住，就它們實際發揮作用而言，它們並非都是線性的。所以我認為他們會隨著時間的推移進行計劃，就像我們過去所說的那樣。

I think the other part that I would just point you to is, again, back to the NOV03. NOV03 is an important launch. I did make comments on it in my remarks this morning that we are going to be making sure that we spend behind NOV03 in terms of the launch. And we'll see that accelerate as we go forward into'23.

我想我要指出的另一部分是，再次回到 NOV03。 NOV03 是一次重要的發布。我在今天早上的發言中確實對此發表了評論，我們將確保我們在發布方面落後於 NOV03。隨著我們進入 23 世紀，我們將看到這種加速。

Your next question is coming from Cecilia Furlong of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Cecilia Furlong。

I wanted to ask just your underlying assumptions for Q1 and stated expectations to grow in line with the market. If you could talk just about how you're thinking about China recovery there, Surgical, any impacts from some of the backlogs in cataracts. And then also just as you're thinking about the daily SiHy growth that we saw in '22, how you're thinking about your relative growth versus the overall SiHy market in '23 in the first quarter.

我只想問你對第一季度的基本假設，並表示期望與市場同步增長。如果你能談談你如何看待中國在那裡的複蘇，外科手術，白內障積壓的一些影響。然後，正如您在考慮我們在 22 年看到的每日 SiHy 增長一樣，您如何看待第一季度 23 年整個 SiHy 市場的相對增長。

So let me take the first part of your question, as we think about the market growth. We always think about our -- the market growth is roughly about mid-single digits. So that's how we think about it from our perspective. I think there's different data points that we look at and probably the same data points that everyone looks at as well. So we think the mid-single digits is probably a good way to think about it.

因此，在我們考慮市場增長時，讓我回答你問題的第一部分。我們一直在考慮我們的——市場增長大約是中等個位數。所以這就是我們從我們的角度考慮它的方式。我認為我們查看的數據點不同，每個人查看的數據點可能也相同。所以我們認為中間個位數可能是一個很好的思考方式。

In terms of China, we're very pleased with what we've seen in China thus far in terms of reopening. And we think it's a very positive step as you move forward. However, when you step back and you look at how sort of the process in China shifted from a complete lock down restrictions to a full opening, you probably have to look to places like the U.S. or other parts in Europe where you see as a proxy of how actually the reopening after COVID took place.

就中國而言，我們對迄今為止在中國看到的重新開放情況感到非常滿意。我們認為這是您向前邁出的非常積極的一步。然而，當你退後一步，看看中國是如何從完全封鎖限制轉向全面開放的過程時，你可能不得不看看美國或歐洲其他地方，你認為這些地方是代理人COVID 之後重新開放的實際情況。

And why does that educate us in terms of understanding the rise indicators of -- and that would result in more quantity in time. Also, it does result in potential shortages in labor as well as special impacts on the health care system within China. So we will expect that to be a short-term pressure that we will probably start to see some of that in Q4 '22. We expect that will be a spillover into '23, at least in the early part. But we expect also a gradual improvement in China as we go forward. So overall, long term, we think it's very positive momentum in terms of where China is heading.

為什麼這會教育我們理解上升指標——這會及時導致更多的數量。此外，它確實會導致潛在的勞動力短缺以及對中國醫療保健系統的特殊影響。因此，我們預計這將是一種短期壓力，我們可能會在 22 年第四季度開始看到其中的一些壓力。我們預計這將溢出到 23 年，至少在早期是這樣。但我們也希望中國在我們前進的過程中逐漸改善。因此，總體而言，從長遠來看，我們認為就中國的發展方向而言，這是非常積極的勢頭。

I'll take the backlog portion for cataracts. You're absolutely correct. It's there. It exists. It goes back to COVID. I think many of the centers that are doing cataracts around the world have attempted to try to catch up. They've had some staffing shortages. But just order of magnitude, in the United States, 4 million cataract procedures. We lost probably about 15% of the procedures. We are clearly making up for that. And we are seeing, as Sam was saying, the opportunity for a cataract surgery, implantable IOL growing somewhere in that almost double-digit range, at least that's what the external sources are saying, and we're certainly looking at that opportunity in terms of what we're seeing there. So I guess that gives you kind of our view on the backlog.

我將處理白內障的積壓部分。你完全正確。在那。它存在。它可以追溯到 COVID。我認為世界上許多從事白內障治療的中心都在努力迎頭趕上。他們有一些人手短缺。但只是一個數量級，在美國，有 400 萬例白內障手術。我們可能丟失了大約 15% 的程序。我們顯然正在彌補這一點。正如 Sam 所說，我們看到了白內障手術的機會，植入式人工晶狀體在幾乎兩位數的範圍內增長，至少外部消息來源是這麼說的，而且我們肯定會從以下方面來看待這個機會我們在那裡看到的。所以我想這讓您了解了我們對積壓工作的看法。

One of the things that -- it's a related question is we look historically at what happens in potential times of recession, and we have not seen any real input -- or impact on the recessionary times. So I don't know what exactly will happen with that. But certainly, we think that the need for cataract surgeries will continue going forward.

其中一件事——這是一個相關的問題，我們從歷史上看在潛在的衰退時期會發生什麼，但我們沒有看到任何真正的投入——或對衰退時期的影響。所以我不知道那到底會發生什麼。但可以肯定的是，我們認為白內障手術的需求將繼續向前發展。

I think there's -- the second part of the question was about the SiHy growth versus the market in the first quarter of '23. As we -- as Sam said during his comments, we absolutely see SiHy growth continuing in terms of that kind of growth not only that we saw last year, we talked about what we saw with our INFUSE. The revenue was up 46% versus the 2021. In our fourth quarter, we had about 85% growth versus the fourth quarter of '21. So we continue to see tremendous demand for SiHy dailies and especially our new INFUSE based on what we've been able to do with INFUSE by putting osmo protectors and electrolyte into the formulation, giving patients all-day comfort. We expect to see continued strong demand for our INFUSE and for the entire SiHy daily market.

我認為 - 問題的第二部分是關於 23 年第一季度 SiHy 增長與市場的關係。正如我們——正如 Sam 在他的評論中所說的那樣，我們絕對看到 SiHy 的增長將繼續保持這種增長，不僅是我們去年看到的，我們還談到了我們在 INFUSE 上看到的情況。與 2021 年相比，收入增長了 46%。在我們的第四季度，與 2021 年第四季度相比，我們增長了約 85%。因此，我們繼續看到對 SiHy dailies 的巨大需求，尤其是我們的新 INFUSE 基於我們通過將滲透保護劑和電解質放入配方中所做的事情，讓患者全天舒適。我們希望看到對我們的 INFUSE 和整個 SiHy 日常市場的持續強勁需求。

Your next question is coming from Matt Miksic of Barclays.

你的下一個問題來自巴克萊銀行的 Matt Miksic。

I had a just a question on how you're thinking about outlook this year, understanding you're only providing color on Q1 and then a bit of a longer-term question. On the outlook, wondering if you could give us a sense of what sort of variables do you see as you're thinking about the full year guide in terms of top line or cadence of the top line that's a consideration or I assume that some of the headwinds and componentry and inflationary costs are part of this constructing of a new outlook for the year, but just maybe some of the bigger puts and takes on top and bottom line. And then I have one follow-up.

我有一個問題是關於你如何看待今年的前景，我知道你只是在第一季度提供顏色，然後是一個更長期的問題。關於前景，想知道您是否可以讓我們了解您在考慮全年指南時考慮的頂線或頂線節奏方面的變量類型，或者我假設一些變量逆風、組件和通貨膨脹成本是構建今年新前景的一部分，但也許只是一些更大的看跌期權和承擔頂線和底線。然後我有一個跟進。

Let me just -- I'll just hit the first part about why we're going to wait until May, and then, Sam, you can take some of the variables. Obviously, I hope everyone understands that as we announced Brent Saunders joining the company last week and then obviously he'll start as the CEO on March 6, we really want to give Brent a chance to really get into the numbers and all the things that we are putting forth in terms of our process. So it gives him a chance to do that, and we'll have a chance to talk more in May. But we clearly believe Brent is the right person to take on this role and importantly, comes both with the knowledge of working with other companies, but also were very much beneficial is that he has a past history with B + L. So we think, clearly, he's the right person. But Sam, why don't you talk a little bit more about the outlook, some of the puts and takes on that.

讓我 - 我只是談到為什麼我們要等到五月的第一部分，然後，Sam，你可以考慮一些變量。顯然，我希望每個人都能理解，當我們上周宣布 Brent Saunders 加入公司並且顯然他將於 3 月 6 日開始擔任首席執行官時，我們真的希望給 Brent 一個機會來真正了解數字和所有事情我們正在提出我們的過程。所以這給了他這樣做的機會，我們將有機會在五月份進行更多討論。但我們清楚地相信布倫特是擔任這個角色的合適人選，重要的是，他既擁有與其他公司合作的知識，又非常有益的是他曾在 B + L 工作過。所以我們認為，很明顯，他是對的人。但是山姆，你為什麼不多談談前景，一些看跌期權和承擔。

Sure. Maybe I'll start with the top line and just think about it from the -- all 3 different segments here. And when you think about our Vision Care segment, and I think a big part of our Vision Care segment is within our consumer business. And we've seen a really good progress in terms of -- with the growth rates that we've seen in both the consumer brands and the expectation of what we will do from line extensions as well as do expansion in the consumer business. So you see that we've got Ocuvite, PreserVision, which is going very nicely throughout 2022. We've seen also LUMIFY continue to demonstrate very nice growth in 2022. And you expect that momentum to carry forward with us as you go into '23.

當然。也許我會從頂線開始，然後從這裡的所有 3 個不同部分考慮它。當你想到我們的視力保健部門時，我認為我們視力保健部門的很大一部分屬於我們的消費者業務。我們已經看到了非常好的進展——我們在消費品牌中看到的增長率以及我們對產品線擴展和消費業務擴張的期望。所以你看到我們有 Ocuvite，PreserVision，它在整個 2022 年都非常順利。我們也看到 LUMIFY 在 2022 年繼續表現出非常好的增長。你希望這種勢頭在你進入“ 23.

From a length perspective, I think probably the highlight is we talk a lot about daily SiHy, but we're also seeing nice growth in both ULTRA and Biotrue. And they're all -- they are the best brands as well. So we're seeing growth on both all 3 different brands or families that we have in our lens business.

從長遠來看，我認為重點可能是我們談論了很多關於日常 SiHy 的事情，但我們也看到了 ULTRA 和 Biotrue 的良好增長。他們都是——他們也是最好的品牌。因此，我們在鏡頭業務中看到了所有 3 個不同品牌或家族的增長。

And when you think about the SiHy side of it, the 46% sequential growth, I re-highlighted that because it's an important factor, was how you start thinking about 2023 because you're seeing that we're -- we did have the challenge with the output and meeting the end market demand in the second half of '22. So we're able to really do a nice job with the supply chain team, have done a fantastic job to be able to get us back to where we need to be. And we're -- right now, we're actually ramping up that demand and position us very well for '23 as we go forward.

當你想到它的 SiHy 方面時，46% 的連續增長，我再次強調，因為它是一個重要因素，是你開始考慮 2023 年的方式，因為你看到我們 - 我們確實有在 22 年下半年應對產量和滿足終端市場需求的挑戰。因此，我們能夠真正與供應鏈團隊一起做得很好，做得非常出色，能夠讓我們回到我們需要的地方。而且我們——現在，我們實際上正在增加這種需求，並在我們前進的過程中為 23 年做好準備。

On the Surgical front, really when you think about Surgical, about, I'll call it, 70% of the portfolio is staying between implantables and IOLs. And those 2 parts have been growing very nicely in '22. And we expect with the comments that Joe made earlier regarding the backlog and the surgical procedures that, that will continue.

在外科方面，真的，當你想到外科時，我稱之為，70% 的投資組合停留在植入物和人工晶狀體之間。這兩個部分在 22 年發展得非常好。我們期待 Joe 早些時候就積壓和外科手術發表的評論，這將繼續下去。

On the equipment front, we've seen down in '22. But I think we are working through the number of the supply constraints that I highlighted in my remarks. I think that will continue to gradually improve as we go forward. So just on balance, you'll see between the two of them, you'll see that, overall, we expect the Surgical business to continue to perform pretty well.

在設備方面，我們在 22 年看到了下降。但我認為我們正在努力解決我在發言中強調的供應限制。我認為隨著我們的前進，這將繼續逐步改善。因此，總的來說，您會在兩者之間看到，總體而言，我們預計外科業務將繼續表現良好。

And then the last one, the ophthalmology is -- it's really a very good story in terms of pivoting from the LOE. And again, it's going to be an investment year for ophthalmology. We're really -- we launched XIPERE last year. We are now expanding between XIPERE and VYZULTA on a geo expansion, and we're focused to push forward more on expanding beyond that with the NOV03 launch in the second half of '23.

然後是最後一個，眼科是——從 LOE 的角度來看，這確實是一個非常好的故事。再一次，這將是眼科投資的一年。我們真的——我們去年推出了 XIPERE。我們現在正在 XIPERE 和 VYZULTA 之間進行地理擴張，我們專注於通過 23 年下半年推出的 NOV03 推動更多的擴張。

That's super helpful. And then just a follow-up on Surgical and some of the launches that you talked about in premium IOLs towards the end of the year. I guess, as we think about the cadence of those and the impact on growth, but also importantly, margins, two things, I guess. One is how do you see yourselves as positioning to sort of take share in a market that you've been a little bit behind in relative to your large competitors in the U.S. in particular. So what's your -- what's the edge of the strategy or the product differentiation to do that in particular? And then is that a mid-'24, late '24, where we start to see some of the margin benefit of these things coming through mix? Or what's the cadence of the margin lift that you hope to achieve through these products?

這非常有幫助。然後是 Surgical 的跟進以及你在年底談到的高級 IOL 中的一些發布。我想，當我們考慮這些節奏和對增長的影響時，但也重要的是，利潤率，我想是兩件事。一個是你如何看待自己的定位，以在一個你相對於美國的大型競爭對手有點落後的市場中佔據份額。那麼，您的戰略或產品差異化的優勢是什麼？然後是 24 世紀中期，24 世紀末，我們開始看到這些東西通過混合帶來的一些利潤收益？或者您希望通過這些產品實現利潤提升的節奏是什麼？

Yes, I'll start and Sam can add in that you think I left out. But I think it comes down to a couple of things. Number one, as we launch these premium IOLs, we clearly believe that we're coming forward with new innovation. The easy, easy example is what we just did with acquiring the AcuFocus, where I think a very specific technology that we will have and that we will be able to bring to the marketplace. And at least as we've seen so far, very early, I will caveat that, but we've seen great response from the physicians the KOLs that have implanted the lenses. But I think that's certainly one simple example.

是的，我會開始，Sam 可以補充你認為我遺漏的內容。但我認為這歸結為幾件事。第一，當我們推出這些優質 IOL 時，我們清楚地相信我們正在推進新的創新。一個簡單、簡單的例子就是我們剛剛收購 AcuFocus 所做的，我認為我們將擁有一項非常具體的技術，我們將能夠將其推向市場。至少正如我們到目前為止所看到的那樣，很早，我會警告說，但我們已經看到植入鏡片的醫生和 KOL 的巨大反響。但我認為這當然是一個簡單的例子。

I remind you we've done the same thing with our LuxSmart or Lux platform. Predominantly, that's around the world, but we put that forth outside the U.S. to Western Europe, Central Europe, Israel and then continue to add it into Latin America, Russia Iran. A lot of things that we're doing there in terms of our LuxSmart portfolio. I think we're in like 20 countries over thereabout.

我提醒你，我們已經用我們的 LuxSmart 或 Lux 平台做了同樣的事情。主要是在世界各地，但我們將其從美國以外的地區推廣到西歐、中歐、以色列，然後繼續將其添加到拉丁美洲、俄羅斯、伊朗。就我們的 LuxSmart 產品組合而言，我們正在做很多事情。我認為我們在大約 20 個國家/地區。

Also, clearly, I think as part of this in terms of the margin, I think you realized that we'll fill a monofocal IOLs for somewhere in the $150 per lens, whereas the premium lenses are somewhere in the, let's call it, $750 to $1,000 per lens. And the cost of goods is not that dramatically different. So that's probably going to help that margin opportunity for the long term.

另外，很明顯，我認為作為利潤率的一部分，我想你意識到我們將以每個鏡片 150 美元的價格填充單焦點 IOL，而高級鏡片的價格在 750 美元左右每個鏡頭 1,000 美元。商品的成本並沒有那麼大的不同。因此，從長遠來看，這可能會有助於提高利潤率。

But to the slide that I have in the deck, I give the exact page here, but there really is a focus there on what we're thinking about in terms of doing some things starting in 2023, bolting on to these additional assets like the AcuFocus. And then '24 and '25 will be the continued delivery on the platform. Our view is this integrated strategy we have at Bausch + Lomb. The reputation that Bausch + Lomb has will help us as we go forward with what we believe are quality lens, these quality IOLs for patients. And I think that those relationships with the doctors will really help us over the long term. Sam, anything you want to add?

但是對於我在甲板上的幻燈片，我在這裡給出了確切的頁面，但那裡確實關注了我們正在考慮的事情，從 2023 年開始做一些事情，加強這些額外的資產，比如焦點。然後 '24 和 '25 將繼續在平台上交付。我們的觀點是我們在 Bausch + Lomb 擁有的這種綜合戰略。 Bausch + Lomb 的聲譽將幫助我們推進我們認為是高質量的鏡片，這些為患者提供的優質人工晶狀體。而且我認為，從長遠來看，與醫生的那些關係真的會幫助我們。山姆，你有什麼要補充的嗎？

Yes. And Matt, I just want to maybe remind you comments I made previously is when you think about launches as well, it's important to think about how that launch translates between top line from the time of launch to the margin. And on average, depending on where you're -- what products you're launching and where you're launching that product, it's anywhere between 18 to 24 months before you start seeing the sort of the impact of that launch start to translate to a meaningful impact on that margin because you're investing behind that launch as you prepare for and you go forward with it.

是的。馬特，我可能只是想提醒你，我之前發表的評論是，當你考慮發佈時，重要的是要考慮發佈如何在從發佈時間到利潤率之間的頂線之間轉換。平均而言，取決於你在哪裡——你要發布什麼產品以及你要在哪裡發布該產品，你需要 18 到 24 個月才能看到發布的影響開始轉化為對該利潤率產生有意義的影響，因為您在準備並繼續推進時正在為該發布進行投資。

Your next question is coming from Vijay Kumar of Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Vijay Kumar。

I had a two-parter, and I'll ask them upfront. First, on margins here. Your Q1 gross margins, that's a pretty big sequential step-up from Q4. What drives the Q1? What are you assuming for pricing and inflation?

我有兩個人，我會提前問他們。首先，這裡的邊距。您的第一季度毛利率與第四季度相比是一個相當大的連續提升。 Q1 的驅動力是什麼？您對定價和通貨膨脹有何假設？

And my second, below the line items, when I look at interest expense, FX losses, is that something that's expected to sustain here or any changes below the line?

我的第二個，在行項目之下，當我查看利息支出、外匯損失時，這是預計會在這里維持的東西還是行以下的任何變化？

Yes. So Vijay, let me take the first part of your question first. When I think about the margins and I think about Q1 '23, one thing I did highlight is we're -- seeing a couple of things on the margin is you're seeing the inventory working its way through that was built in the second half of '22. You're seeing that working its way through the P&L. And because of just the way inflation played out, we see inflation ramp up throughout '22, start to monitor towards the end, but you're seeing at a higher rate. So you're building up inventory with higher costs and you're working that inventory through the P&L, and that will give you an impact on the margin in Q1 as you start thinking through it from that perspective.

是的。那麼 Vijay，讓我先回答你問題的第一部分。當我考慮利潤率和 23 年第一季度時，我確實強調的一件事是我們 - 在利潤率上看到的幾件事是你看到庫存在第二個建立的過程中發揮作用22 年的一半。您會看到它在損益表中發揮作用。而且由於通貨膨脹的方式，我們看到通貨膨脹在整個 22 年都在上升，開始監測到年底，但你看到的是更高的速度。因此，您正在以更高的成本建立庫存，並通過損益表處理該庫存，當您開始從這個角度考慮時，這將對第一季度的利潤率產生影響。

There's other elements. Obviously, you'll see the top line. We've talked about the market growth in Q1, so we expect that. And we expect also the fact that we're ramping up the benefits of the daily SiHy side with the ramp up and scale that's going on the flip side of the margin pressure and giving an opportunity as you go forward in '23.

還有其他因素。顯然，您會看到頂線。我們已經談到了第一季度的市場增長，所以我們預計會這樣。我們還期望這樣一個事實，即我們正在增加日常 SiHy 方面的好處，隨著利潤率壓力的另一面的增加和規模擴大，並在你在 23 年前進時提供機會。

The second part of your question regarding below the line, the most notable items that we've seen below the line in Q4 was the $18 million of currency headwinds. That was something that it really impacts us in the later part of Q4. And what we saw in currency throughout '22 was really the volatility of the currency and hitting the peak in the second half of '22. One unique factor we saw is that all currencies were relatively moving in the same direction with the USD, but then we start to see also with the USD sort of weakening towards the end of the year. We start to see movement in currencies happening, and not all of the same magnitude and not all in the same direction. So we've seen different currencies moving.

關於線下問題的第二部分，我們在第四季度線下看到的最值得注意的項目是 1800 萬美元的貨幣逆風。這是它在第四季度後期真正影響我們的事情。我們在整個 22 年的貨幣中看到的實際上是貨幣的波動性，並在 22 年下半年達到頂峰。我們看到的一個獨特因素是所有貨幣都與美元朝著相同的方向相對移動，但隨後我們也開始看到美元在年底前出現某種程度的走弱。我們開始看到貨幣發生變動，但幅度不同，方向不同。所以我們看到不同的貨幣在移動。

As I reminded you in the past, we are naturally hedged in certain currencies within our P&L. So when you start seeing several movements across currencies, that does have an impact to us in the P&L that will be more pronounced in the EBITDA than on the top line. That's why you see on the bottom line.

正如我過去提醒您的那樣，我們自然會在損益表中對某些貨幣進行對沖。因此，當您開始看到跨貨幣的幾種變動時，這確實會對我們的損益產生影響，這種影響在 EBITDA 中比在收入中更為明顯。這就是為什麼您在底線上看到的原因。

The only thing I'd add, Vijay, is that -- you asked about pricing, and I did want to just comment that similar to 2022, we did take mid-single-digit price increases in selected markets specifically for the Opto Rx business, our contact lens business and our consumer business. Mostly, we looked at those markets that were impacted most by inflation as we go through and made decisions on our pricing. But we did take, what I refer to, mid-single-digit price increase.

Vijay，我唯一要補充的是——你問過定價問題，我確實想評論一下，與 2022 年類似，我們確實在特定市場針對 Opto Rx 業務實現了中等個位數的價格上漲，我們的隱形眼鏡業務和我們的消費者業務。大多數情況下，我們研究了那些受通貨膨脹影響最大的市場，並就我們的定價做出了決定。但我們確實採取了我所指的中個位數價格上漲。

Now please realize that, for example, in our Opto business, if we take a mid-single-digit price increase, not all of that drops to the bottom line. Some of that, of course, does not -- usually, I think about -- whatever price increase I take, I usually get in the opto side something about half of that, that goes to the bottom line. So just to give you some sense on that part of the question on pricing.

現在請意識到，例如，在我們的 Opto 業務中，如果我們採取中個位數的價格上漲，並不是所有的都下降到底線。當然，其中一些不會——通常，我認為——無論我採取什麼價格上漲，我通常都會在光電方面獲得大約一半的收益，這會影響底線。因此，只是為了讓您對定價問題的那部分有所了解。

Operator, we have time maybe for one more question.

接線員，我們也許還有時間再問一個問題。

Your next question is coming from Joanne Wuensch of Citi.

你的下一個問題來自花旗銀行的 Joanne Wuensch。

NOV03 gets a lot of attention, and I appreciate that PDUFA date in June and the launch at the end of the year and a large market opportunity. But how do you think about it ramping and contributing to in the early days as well as how it will launch? And I'm looking for an idea of penetration rate and salespeople that may or may not be needed. And is it just a switch that flips and sales go?

NOV03 得到了很多關注，我很欣賞 PDUFA 在 6 月的日期和年底的發布以及巨大的市場機會。但是你如何看待它在早期的發展和貢獻以及它將如何啟動？我正在尋找可能需要也可能不需要的滲透率和銷售人員的想法。它只是一個翻轉和銷售的開關嗎？

So I think let me start with the first part of your question. We are very excited about NOV03. We think that the opportunity here for NOV03 to help millions of Americans who have dry eye disease, especially now that we have some data that shows the impact on the meibomian gland dysfunction for dry eye disease. We think it's very excited. So if we get approved by the FDA, we're really excited about what that opportunity will be for us.

所以我想讓我從你問題的第一部分開始。我們對 NOV03 感到非常興奮。我們認為 NOV03 有機會幫助數百萬患有乾眼病的美國人，特別是現在我們有一些數據顯示乾眼病對瞼板腺功能障礙的影響。我們認為這非常令人興奮。因此，如果我們獲得 FDA 的批准，我們將對我們的機會感到非常興奮。

As it would relate to the question of ramping, I think, as you know, with new product launches, there's always some type of formulary process that we will go through. We've already started that process of working with the market access and managed care teams to think through the opportunity. We do believe this meibomian gland dysfunction is an important part of that question simply because, at this time, there's no other products that have that specific pharmaceutical application of the evaporative dry eye disease, where we believe somewhere, as I've said in the call today, about 90% of patients have the evaporative dry eye disease.

正如您所知，由於它與斜坡問題有關，我認為隨著新產品的發布，我們總會經歷某種類型的處方過程。我們已經開始與市場准入和管理式醫療團隊合作來思考這個機會。我們確實相信這種瞼板腺功能障礙是該問題的重要組成部分，因為目前沒有其他產品具有蒸發過強性乾眼病的特定藥物應用，我們相信在某個地方，正如我在今天打電話，約90%的患者患有過強性乾眼症。

So we do think there's a big opportunity. We will also state though that we will need to work through market access, managed care to gain that formulary position. But we think the data is compelling. The data says that the product works based on 2 Phase III clinical trials, and it could start working as early as day 15. We think that's important to patients. So we're excited about that.

所以我們確實認為有很大的機會。我們還將聲明，我們將需要通過市場准入、管理式醫療來獲得處方地位。但我們認為數據很有說服力。數據表明，該產品基於 2 項 III 期臨床試驗，最早可在第 15 天開始發揮作用。我們認為這對患者很重要。所以我們對此感到興奮。

Relative to the -- actually, part of the question you asked was the actual number of sales reps. We feel good about the number we have today. We will reallocate them, of course, from other products, but we do feel very good about our capabilities. And the teams have been building up, not just sales rep capabilities, but also working with key opinion leaders, working on this meibomian gland dysfunction in terms of a concept with the KOL. So a lot of activity. We're excited about it. It will take a while to ramp up. But long term, we see it as being a very important product for us.

相對於 - 實際上，你問的部分問題是銷售代表的實際數量。我們對今天的人數感到滿意。當然，我們會從其他產品中重新分配它們，但我們確實對我們的能力感到非常滿意。這些團隊一直在建立，不僅是銷售代表的能力，而且還與關鍵意見領袖合作，根據 KOL 的概念來解決這種瞼板腺功能障礙。所以很多活動。我們對此感到興奮。需要一段時間才能上升。但從長遠來看，我們認為它對我們來說是一個非常重要的產品。

Everyone, that concludes our call today. Thank you very much for your interest in Bausch + Lomb. We look forward to talking to you over the next several days and weeks ahead. Have a great day, everyone.

大家好，我們今天的電話會議到此結束。非常感謝您對博士倫的關注。我們期待在接下來的幾天和幾週內與您交談。祝大家有個美好的一天。

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。