Bausch + Lomb Corp (BLCO) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Bausch + Lomb's First Quarter 2023 Earnings Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到博士倫 2023 年第一季度財報電話會議。 （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 Allison Ryan. Please go ahead.

我現在想將會議轉交給 Allison Ryan。請繼續。

Thank you. Good morning, everyone, and welcome to our first quarter 2023 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders; and Chief Financial Officer, Mr. Sam Eldessouky.

謝謝。大家早上好，歡迎來到我們的 2023 年第一季度財務業績電話會議。參加今天電話會議的有董事長兼首席執行官 Brent Saunders 先生；首席財務官 Sam Eldessouky 先生。

In addition to this live webcast, a copy of today's slide presentation and a replay of this conference call will be available after under the Investor Relations section.

除了這個現場網絡直播之外，今天的幻燈片演示副本和本次電話會議的重播將在之後的投資者關係部分提供。

Before we begin, I 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 legend at the beginning of our presentation as it contains important information. This presentation contains non-GAAP financial measures and ratios. For more information about these measures and ratios, please refer to Slide 1 of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website.

在我們開始之前，我想提醒您，我們今天的演講包含前瞻性信息。我們希望您花點時間閱讀我們演示文稿開頭的前瞻性圖例，因為它包含重要信息。本演示文稿包含非 GAAP 財務指標和比率。有關這些措施和比率的更多信息，請參閱演示文稿的幻燈片 1。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。

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

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，否則一般不會在下個季度更新指南，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 is my pleasure to turn the call over to Brent.

有了這個，我很高興把電話轉給布倫特。

Thank you, Allison, and thank you, everyone, for joining us today. It's great to be here. I'll start off by sharing some high-level comments about my first 50 days as Chairman and CEO of Bausch + Lomb and briefly discuss the first quarter financial highlights. I will then turn the call over to Sam, our CFO, to review the first quarter financial results in detail and discuss our 2023 guidance. Finally, I'll cover our key franchises and a few upcoming catalysts before opening the line for questions.

謝謝你，Allison，也謝謝大家今天加入我們。很高興來到這裡。首先，我將分享一些關於我擔任 Bausch + Lomb 董事長兼首席執行官的頭 50 天的高級評論，並簡要討論第一季度的財務亮點。然後我會將電話轉給我們的首席財務官山姆，詳細審查第一季度的財務業績並討論我們的 2023 年指導方針。最後，在開始提問之前，我將介紹我們的主要特許經營權和一些即將到來的催化劑。

Beginning with Slide 3. I've been involved in eye health for the better part of my career. It's a dynamic industry that is always evolving, full of innovation and collaboration and with many talented practitioners, surgeons, ophthalmologists, optometrists and significant unmet needs for millions of people. It is an area that I care deeply about and have continued to stay close to. Having an opportunity to work in this great industry again was an important factor in my decision to rejoin Bausch + Lomb.

從幻燈片 3 開始。在我職業生涯的大部分時間裡，我一直從事眼保健工作。這是一個充滿活力的行業，它總是在不斷發展，充滿創新和協作，擁有許多才華橫溢的從業者、外科醫生、眼科醫生、驗光師和數百萬人的重大未滿足需求。這是一個我非常關心並一直密切關注的領域。有機會再次在這個偉大的行業工作，是我決定重新加入博士倫的一個重要因素。

The eye health industry operates an attractive part of the health care space with a large addressable market and growth driven by demographic trends and lifestyle changes that create significant unmet needs. Companies that can meet these needs are rewarded for innovation in a favorable competitive environment with significant barriers to entry.

眼保健行業在醫療保健領域佔據著一個有吸引力的部分，擁有巨大的可尋址市場，並且在人口趨勢和生活方式變化的推動下實現了增長，這些趨勢和生活方式的變化創造了巨大的未滿足需求。能夠滿足這些需求的公司會在具有顯著進入壁壘的有利競爭環境中因創新而獲得獎勵。

There are many other reasons why I returned to Bausch + Lomb: an iconic brand; 170 years in the making; a broad, diverse commercial platform; products that touch patients throughout their lives; a massive global infrastructure; and a competitive landscape where we have the most comprehensive footprint; and most importantly, a team of talented and dedicated colleagues who are passionate about making Bausch + Lomb the best eye health company in the world.

我回到 Bausch + Lomb 的原因還有很多：標誌性品牌； 170 年的歷史；廣泛、多樣化的商業平台；終生接觸患者的產品；龐大的全球基礎設施；以及我們擁有最全面足蹟的競爭格局；最重要的是，擁有一支才華橫溢、敬業奉獻的同事團隊，他們熱衷於讓博士倫成為世界上最好的眼保健公司。

My first 50 days here reaffirm all of this. Our challenge and opportunity is to how to reach our company's full potential. To possibly oversimplify our situation, our biggest issue as a company is underutilization. That is we have a very broad commercial structure and supply chain touching almost every eye health professional in the world but not enough product quote to utilize it efficiently.

我在這裡的頭 50 天重申了所有這些。我們面臨的挑戰和機遇在於如何充分發揮公司的潛力。為了可能過於簡單化我們的情況，我們作為一家公司的最大問題是未充分利用。也就是說，我們擁有非常廣泛的商業結構和供應鏈，幾乎觸及世界上每一位眼保健專家，但沒有足夠的產品報價來有效利用它。

Historically, we have invested significant resources into building a global infrastructure. But due to inadequate sales volumes, our infrastructure is not being utilized to its full potential, resulting in inefficiencies and wasted resources. Given this, the best plan for a sustainable future for our company, although easy to say but hard to do, is to focus on driving profitable growth. I'll discuss our path forward to doing just that in a moment.

從歷史上看，我們投入了大量資源來建設全球基礎設施。但由於銷量不足，我們的基礎設施沒有充分發揮其潛力，導致效率低下和資源浪費。鑑於此，我們公司可持續未來的最佳計劃是專注於推動盈利增長，雖然說起來容易做起來難。稍後我將討論實現這一目標的前進道路。

After careful thought, I have developed a plan with input from the executive team designed to take Bausch + Lomb to the next level. We're calling it the road map to accelerate growth. This is a multiyear plan with 3 phases, all with measurable clear objectives. Let me give you some of the details.

經過深思熟慮，我根據執行團隊的意見制定了一項計劃，旨在將 Bausch + Lomb 提升到一個新的水平。我們稱之為加速增長的路線圖。這是一個分為 3 個階段的多年計劃，所有階段都有可衡量的明確目標。讓我給你一些細節。

Let's start with a deeper dive into Phase 1 of the roadmap. If we do all the following things correctly, we would advance to our next phase, Innovate & Execute. First, grow revenue at or above market, which we achieved in the first quarter 2023. Clearly, this is foundational to our plan. We're growing, but we need to do this consistently.

讓我們從更深入地了解路線圖的第 1 階段開始。如果我們正確地完成以下所有事情，我們將進入下一階段，即創新與執行。首先，增加我們在 2023 年第一季度實現的市場或高於市場的收入。顯然，這是我們計劃的基礎。我們正在成長，但我們需要始終如一地做到這一點。

Next is a focus on our frontline sales teams with a view toward achieving selling excellence by building enduring bonds with our customers. Our sales teams are a talented and dedicated group. And when customers think of Bausch + Lomb, it's our sales reps that come immediately to mind. They are our face to our customers. But the infrastructure around them needs to be improved by giving them the best tools, training and support that we can. I cannot understate it, our sales teams are crucial to our success. And we are pivoting to making them the priority for our entire company, creating an environment that is viewed throughout the industry as the best place for sales representatives to work.

接下來是關注我們的一線銷售團隊，以期通過與客戶建立持久的聯繫來實現卓越的銷售。我們的銷售團隊是一支才華橫溢、敬業奉獻的團隊。當客戶想到 Bausch + Lomb 時，他們會立即想到我們的銷售代表。他們是我們面對客戶的面孔。但他們周圍的基礎設施需要通過為他們提供最好的工具、培訓和支持來改善。我不能低估這一點，我們的銷售團隊對我們的成功至關重要。我們正在努力讓他們成為我們整個公司的優先事項，創造一個被整個行業視為銷售代表最佳工作場所的環境。

Third, build an industry-leading business development platform. As I mentioned earlier, this is a tremendously dynamic industry with countless opportunities for growth and innovation. We need to build best-in-industry capabilities to seek out and evaluate the right opportunities and collaborate with smart thoughtful partners. I want Bausch + Lomb to be known industry-wide as the best partner.

三是打造行業領先的業務發展平台。正如我之前提到的，這是一個充滿活力的行業，擁有無數的增長和創新機會。我們需要建立業界最佳的能力，以尋找和評估合適的機會，並與聰明、有思想的合作夥伴合作。我希望 Bausch + Lomb 成為全行業知名的最佳合作夥伴。

Next, we need to enhance the use of technology and build leading digital capabilities across our company from marketing to manufacturing that support the business and enable it to run more efficiently and effectively and eventually for it to become a competitive advantage for our company. This investment will pay off by increasing our efficiency, improving our customer experience and expanding our market reach.

接下來，我們需要加強技術的使用，並在我們公司從營銷到製造的整個過程中建立領先的數字化能力，以支持業務並使其更高效地運行，並最終成為我們公司的競爭優勢。這項投資將通過提高我們的效率、改善我們的客戶體驗和擴大我們的市場範圍來獲得回報。

The final part of the road map's first phase is to make work easier, eliminate bureaucracy and increase accountability. We will reduce complexity and promote clear accountability. Empowering our colleagues with accountability, not only increases their sense of ownership and pride in their work, but also fosters a culture of trust, responsibility and continuous improvement. As we fold these capabilities into Bausch + Lomb, we look to build on our legacy and establish ourselves as the best eye health company in the world.

路線圖第一階段的最後一部分是簡化工作、消除官僚作風並加強問責制。我們將降低複雜性並促進明確的問責制。賦予我們的同事責任感，不僅可以增強他們的主人翁意識和工作自豪感，還可以培養信任、責任和持續改進的文化。當我們將這些能力融入 Bausch + Lomb 時，我們希望在我們的傳統基礎上再接再厲，將自己打造成世界上最好的眼保健公司。

Turning now to the quarterly results on Slide 7. I'm going to talk about our numbers in constant currency, as Sam will explain in more detail. The year is off to a good start with first quarter revenue of $931 million, up 8% year-over-year on a constant currency basis. Adjusted EBITDA of $141 million was impacted by $14 million currency-related headwind and higher levels of commercial investment to support key product launches, which we believe will be the future growth drivers. Importantly, we saw continued high-quality growth across all three reporting segments and in most significant geographies.

現在轉到幻燈片 7 上的季度結果。我將以固定匯率來談論我們的數字，正如 Sam 將更詳細地解釋的那樣。今年開局良好，第一季度收入為 9.31 億美元，按固定匯率計算同比增長 8%。調整後的 EBITDA 為 1.41 億美元，受到 1400 萬美元的貨幣相關逆風和更高水平的商業投資的影響，以支持關鍵產品的發布，我們認為這將成為未來的增長動力。重要的是，我們在所有三個報告部門和最重要的地區看到了持續的高質量增長。

Revenue from Vision Care was up 8% on a constant currency basis, driven by growth in key franchises, including LUMIFY, Daily SiHy, Biotrue ONEday and ULTRA. Increased demand, improving supply and expansion in the premium IOL portfolio drove the Surgical segment 9% constant currency growth. And the Ophthalmic Pharmaceuticals segment grew by 7% on a constant currency basis, driven by U.S. generic execution and international portfolio growth.

Vision Care 的收入按固定匯率計算增長了 8%，這主要得益於主要特許經營權的增長，包括 LUMIFY、Daily SiHy、Biotrue ONEday 和 ULTRA。需求增加、供應改善和優質 IOL 產品組合的擴展推動外科手術部門實現了 9% 的恆定貨幣增長。在美國仿製藥執行和國際投資組合增長的推動下，眼科藥品部門在固定匯率基礎上增長了 7%。

Achieving growth across so many areas of our business in the face of continued headwinds underscores the strength of the Bausch + Lomb platform brand and team. My focus going forward will be to build on this foundation and execute the road map to accelerate growth that will enable the company to move into its next stage of growth.

面對持續的逆風，我們在眾多業務領域實現增長，凸顯了 Bausch + Lomb 平台品牌和團隊的實力。我未來的重點將是在此基礎上再接再厲，並執行加速增長的路線圖，使公司能夠進入下一增長階段。

I will now turn the call over to Sam to cover the first quarter results in more detail.

我現在將電話轉給 Sam，以更詳細地介紹第一季度的結果。

Thank you, Brent, and good morning, everyone. Before we begin, I would like to point out that most of my comments today and in the future will be focused on growth expressed on a constant currency basis. This is consistent with how we operate the business, and we believe it helps more closely align our reporting to a broader group of comparable companies.

謝謝你，布倫特，大家早上好。在我們開始之前，我想指出，我今天和未來的大部分評論都將集中在以固定匯率為基礎的增長上。這與我們經營業務的方式一致，我們相信這有助於使我們的報告更緊密地與更廣泛的可比公司集團保持一致。

Turning now to our financial results on Slide 8. Our first quarter results demonstrated strong growth, and the business is continuing to build a solid track record of durable revenue performance. Total company revenue of $931 million for the quarter reflects growth of 8% on a constant currency basis and 5% on a reported basis compared to the prior year quarter. As Brent mentioned, revenue growth was broad-based and span across all three of our reporting segments: Vision Care, Surgical and Opto Rx.

現在轉向我們在幻燈片 8 上的財務業績。我們的第一季度業績顯示強勁增長，並且該業務正在繼續建立持久的收入業績的良好記錄。本季度公司總收入為 9.31 億美元，與去年同期相比，按固定匯率計算增長 8%，按報告計算增長 5%。正如布倫特所提到的，收入增長基礎廣泛，涵蓋我們所有三個報告部門：視力保健、外科和 Opto Rx。

Consistent with the expectations noted in our last earnings call, while we saw gradual improvement in China in the quarter, we continue to be cautiously optimistic about the pace of the recovery. We remain confident that our business in China is well positioned to return to stable growth over time. We'll continue to monitor the economic activity given the stop and go recovery we saw last year.

與我們在上次財報電話會議中指出的預期一致，雖然我們看到中國在本季度逐漸改善，但我們繼續對複蘇步伐持謹慎樂觀態度。我們仍然相信，我們在中國的業務能夠隨著時間的推移恢復穩定增長。鑑於我們去年看到的走走停停的複蘇，我們將繼續監測經濟活動。

In the quarter, foreign currency headwinds were approximately $31 million to revenue and approximately $14 million to adjusted EBITDA. As mentioned on our last call, we expect that these currency headwinds to persist in the first half of 2023 before improving in the second half of the year.

本季度，外幣逆風影響收入約 3100 萬美元，調整後 EBITDA 約 1400 萬美元。正如我們在上次電話會議中提到的，我們預計這些貨幣逆風將在 2023 年上半年持續存在，然後在下半年有所改善。

Now let's discuss the results in each of our segments. Vision Care revenue of $587 million increased by 8% on a constant currency basis, driven by both the consumer and contact lens portfolios. The consumer business grew by 8% on a constant currency basis and our strategic brands, LUMIFY, PreserVision and Biotrue multipurpose solution continue to hold market-leading positions.

現在讓我們討論每個細分市場的結果。在消費者和隱形眼鏡產品組合的推動下，視力保健收入為 5.87 億美元，按固定匯率計算增長 8%。消費者業務按固定匯率計算增長了 8%，我們的戰略品牌 LUMIFY、PreserVision 和 Biotrue 多用途解決方案繼續保持市場領先地位。

LUMIFY revenue grew by 23% globally compared to the prior year and achieved a record revenue of $38 million in the quarter. The brand has continued the momentum in the U.S. where it reached a market share of 50% in the redness reliever category. The launch in Canada has also been very successful. And to leverage the brand platform and continue to expand the franchise, we are now in early stages launching the LUMIFY Eye Illuminations beauty line.

與上一年相比，LUMIFY 全球收入增長了 23%，本季度收入達到創紀錄的 3800 萬美元。該品牌在美國繼續保持增長勢頭，其在消紅產品類別中的市場份額達到了 50%。在加拿大的推出也非常成功。為了利用品牌平台並繼續擴大特許經營權，我們現在處於推出 LUMIFY Eye Illuminations 美容系列的早期階段。

Revenue from Artelac, a key brand in our dry eye franchise in Europe grew by 29% on a constant currency basis in the quarter. The growth was mainly driven by increased demand.

Artelac 是我們歐洲乾眼症專營權的主要品牌，本季度的收入按固定匯率計算增長了 29%。增長主要由需求增加所推動。

First quarter revenue from our eye vitamins, PreserVision and Ocuvite was flat on a reported basis and up low single digits on a constant currency basis. We expect our recent launches of PreserVision with OCUSorb and PreserVision + CoQ10 to continue to drive the growth.

我們的眼部維生素、PreserVision 和 Ocuvite 的第一季度收入在報告基礎上持平，在固定貨幣基礎上增長低個位數。我們預計我們最近推出的帶有 OCUSorb 和 PreserVision + CoQ10 的 PreserVision 將繼續推動增長。

From a broader macroeconomic perspective, we are encouraged by inflation levels trending lower and will continue to balance the price and volume dynamics as we progress through the year. We're committed to making the appropriate investments to support launches and drive consumption as we believe consumers will continue to reward our trusted brands and innovation.

從更廣泛的宏觀經濟角度來看，我們對通脹水平趨於下降感到鼓舞，並將在今年取得進展時繼續平衡價格和數量動態。我們致力於進行適當的投資以支持發布和推動消費，因為我們相信消費者將繼續獎勵我們值得信賴的品牌和創新。

In the lens portfolio, we saw a 10% constant currency growth in the quarter with strong performance in our key franchises. Reported revenue from our Daily SiHy grew by 38% in the first quarter, driven by strong market demand. We continue to anticipate the U.S. launch of the Daily SiHy multifocal lens in the second quarter, which would expand the product family and provide a catalyst to continued growth. The lens growth in the quarter was broad-based across the major product families. On a constant currency basis, ULTRA grew by 18%; Biotrue delivered 8% growth; and our legacy brand, SofLens daily, grew by 15%.

在鏡頭產品組合中，我們在本季度看到了 10% 的持續貨幣增長，我們的主要特許經營權表現強勁。在強勁的市場需求的推動下，第一季度我們 Daily SiHy 的報告收入增長了 38%。我們繼續預計美國將在第二季度推出 Daily SiHy 多焦點鏡片，這將擴大產品系列並為持續增長提供催化劑。本季度的鏡頭增長在主要產品系列中具有廣泛的基礎。按固定匯率計算，ULTRA 增長了 18%； Biotrue 實現了 8% 的增長；我們的傳統品牌 SofLens daily 增長了 15%。

Moving now to the Surgical segment. First quarter revenue was $183 million, an increase of 9% on a constant currency basis. Implantables grew by 2% on a constant currency basis driven by strong performance in the high-margin premium IOL portfolio, which was up 32% in constant currency. We continue to see momentum in our investor franchise, which includes both the monofocal and toric IOLs. On a constant currency basis, the enVista franchise grew by 26% in the quarter.

現在轉到外科手術部分。第一季度收入為 1.83 億美元，按固定匯率計算增長 9%。受高利潤優質人工晶狀體產品組合強勁表現的推動，植入式產品按固定匯率計算增長了 2%，按固定匯率計算增長了 32%。我們繼續看到我們投資者特許經營的勢頭，其中包括單焦點和復曲面人工晶狀體。按固定匯率計算，本季度 enVista 特許經營權增長了 26%。

We're also in early stages to the U.S. launch of the Apthera IC-8 premium IOL, which has generated strong interest and has received very positive feedback. We expect to make further investments to support the phased launch process as we continue to train our associates and onboard surgeons.

我們還處於美國推出 Apthera IC-8 高級 IOL 的早期階段，該產品引起了強烈興趣並收到了非常積極的反饋。隨著我們繼續培訓我們的員工和船上外科醫生，我們希望進一步投資以支持分階段啟動過程。

The consumables portfolio grew by 13% in constant currency compared to the first quarter of 2022 with higher demand for Stellaris and custom packs. Revenue from equipment was up 7% versus Q1 '22 on a constant currency basis, mainly driven by demand for our Stellaris system.

與 2022 年第一季度相比，消耗品組合按固定匯率計算增長了 13%，對 Stellaris 和定制包裝的需求增加。按固定匯率計算，設備收入比 22 年第一季度增長 7%，這主要是受對我們的 Stellaris 系統的需求推動。

While market demand in our Surgical business continues to be strong, the availability of supply has not yet fully recovered. Our team continues to implement various mitigating measures, including pursuing components from secondary vendors at spot prices. We anticipate that supply will remain volatile as we progressed through the year.

雖然我們外科業務的市場需求持續強勁，但供應量尚未完全恢復。我們的團隊繼續實施各種緩解措施，包括以現貨價格從二級供應商處購買組件。我們預計隨著我們今年的進展，供應將保持波動。

At a broader level, we continue to believe demand for B&L Surgical products will remain strong, driven by the need for cataract procedures across the various markets. In Q1, we saw strong demand in the U.S. and parts of Europe, impacted by a revenue decline in China, which is continuing to recover.

在更廣泛的層面上，我們繼續相信，在各個市場對白內障手術需求的推動下，對 B&L Surgical 產品的需求將保持強勁。在第一季度，我們看到美國和歐洲部分地區的強勁需求，受到中國收入下降的影響，而中國正在繼續復甦。

We're also pleased to announce the early launch of the SeeLuma visualization platform in the U.S. and in Europe. This platform adds to our many product launches in 2023, and we plan to make the appropriate investments to support the commercial execution.

我們也很高興地宣佈在美國和歐洲提前推出 SeeLuma 可視化平台。這個平台增加了我們在 2023 年推出的許多產品，我們計劃進行適當的投資以支持商業執行。

Lastly, revenue in the Opto Rx segment were $161 million, representing constant currency growth of 7% with strong performance across all major markets. U.S. generics grew by 16% as we continue to actively capitalize on challenges faced by our competitors. 5% constant currency growth in the international portfolio was mainly driven by 14% constant currency growth in the Minims franchise. VYZULTA reported revenue grew by 25% the first quarter. In the U.S., TRx by 25% compared to the prior year.

最後，Opto Rx 部門的收入為 1.61 億美元，貨幣增長率保持在 7%，在所有主要市場均表現強勁。隨著我們繼續積極應對競爭對手面臨的挑戰，美國仿製藥增長了 16%。國際投資組合中 5% 的恆定貨幣增長主要是由 Minims 特許經營中 14% 的恆定貨幣增長推動的。 VYZULTA 報告第一季度收入增長了 25%。在美國，TRx 與上一年相比增長了 25%。

As a reminder, we have a June 28, 2022, PDUFA date for NOV03 and are anticipating a launch in the second half of the year. Our prelaunch activities are ongoing, and we continue to expect the level of investment to increase as we progress through the year.

提醒一下，NOV03 的 PDUFA 日期為 2022 年 6 月 28 日，預計將在今年下半年推出。我們的啟動前活動正在進行中，我們繼續期望隨著我們今年的進展，投資水平會增加。

Now that we have covered revenues for each of the segments, let me walk through some of the key non-GAAP line items on Slide 9. As a reminder, the 2022 first quarter financial statements were prepared prior to the B&L IPO in May 2022 and do not fully reflect run rate stand-alone costs. Along the same lines, the basis of interest expense and taxes report in Q1 2022 financial statements also does not fully reflect the B&L operations as a stand-alone entity. As we have previously mentioned, this impacts the comparability between 2022 and 2023 results.

現在我們已經涵蓋了每個細分市場的收入，讓我在幻燈片 9 上瀏覽一些關鍵的非 GAAP 項目。提醒一下，2022 年第一季度財務報表是在 2022 年 5 月 B&L IPO 之前準備的，不能完全反映運行率的獨立成本。同樣，2022 年第一季度財務報表中的利息支出和稅收報告的基礎也沒有完全反映 B&L 作為獨立實體的業務。正如我們之前提到的，這會影響 2022 年和 2023 年結果之間的可比性。

Adjusted gross margin for the quarter was 60%, a decrease of 90 basis points compared to Q1 2022. The change in gross margin was mainly driven by higher cost of inventory, product mix and pockets of supply challenges mainly in our Surgical business. As we noted in our Q4 earnings call, we expect the higher cost of inventory we built in 2022 to increase pressure on gross margin as it flows through the P&L, mainly in the first half of 2023.

本季度調整後的毛利率為 60%，與 2022 年第一季度相比下降了 90 個基點。毛利率的變化主要是由於存貨成本上升、產品組合以及我們外科業務中的供應挑戰。正如我們在第四季度財報電話會議中指出的那樣，我們預計我們在 2022 年建立的較高庫存成本將增加毛利率的壓力，因為它主要在 2023 年上半年流經損益表。

First quarter adjusted EBITDA was $141 million. The adjusted EBITDA in Q1 was impacted by currency headwinds of approximately $14 million, which we previously estimated to be approximately $10 million in the outlook communicated in our Q4 earnings call. Adjusted EBITDA was also impacted by an incremental $17 million of stand-alone costs relative to the prior year. Additionally, adjusted EBITDA was impacted by inflation, higher cost of shipping and distribution and investment related to supporting product launches.

第一季度調整後的 EBITDA 為 1.41 億美元。第一季度調整後的 EBITDA 受到大約 1400 萬美元的貨幣逆風的影響，我們之前在第四季度財報電話會議中傳達的前景估計約為 1000 萬美元。調整後的 EBITDA 還受到與上一年相比增加 1700 萬美元的獨立成本的影響。此外，調整後的 EBITDA 受到通貨膨脹、更高的運輸和分銷成本以及與支持產品發布相關的投資的影響。

In the quarter, the investment in R&D was approximately 8% of revenue. Interest expense for the quarter was approximately $47 million, reflecting the rising interest rate environment. For comparability purposes, the lower interest expense in Q1 2022 did not fully reflect B&L stand-alone capital structure.

本季度，研發投入約佔收入的8%。本季度的利息支出約為 4700 萬美元，反映了利率上升的環境。出於可比性目的，2022 年第一季度較低的利息支出並未完全反映 B&L 的獨立資本結構。

Adjusted tax rate in the first quarter was approximately 6%, which is in line with our expectations for the full year 2023. Lastly, adjusted EPS for the quarter was $0.10.

第一季度調整後的稅率約為 6%，符合我們對 2023 年全年的預期。最後，本季度調整後的每股收益為 0.10 美元。

Adjusted cash flow used by operations was $24 million in the first quarter. Cash from operations was mainly impacted by approximately $70 million of strategic inventory built to mitigate potential future supply disruptions and to ensure sufficient inventory levels related to product launches. First quarter CapEx was $37 million, mainly driven by investments in the Vision Care segment.

第一季度運營使用的調整後現金流為 2400 萬美元。運營現金主要受到約 7000 萬美元戰略庫存的影響，這些庫存旨在緩解未來潛在的供應中斷並確保與產品發布相關的充足庫存水平。第一季度資本支出為 3700 萬美元，主要受視力保健部門投資的推動。

Turning now to our 2023 guidance on Slide 12. Our revenue guidance for 2023 is a range of $3.9 billion to $3.95 billion, which reflects a constant currency growth rate of 5% to 6%. Based on current exchange rates, we anticipate currency headwinds to revenue in Q2, followed by tailwinds in the back half of the year. We expect the net impact to be $50 million headwind for the full year. While we are pleased with the strong Q1 2023 revenue growth performance, we remain cautiously optimistic for the remainder of the year. We have taken a number of mitigating steps to improve the stability of supply in the Surgical business and believe it remains a work in progress.

現在轉到幻燈片 12 上的 2023 年指導。我們 2023 年的收入指導範圍為 39 億美元至 39.5 億美元，這反映了 5% 至 6% 的恆定貨幣增長率。根據當前匯率，我們預計第二季度的收入將受到貨幣逆風影響，然後在下半年出現順風影響。我們預計全年的淨影響將達到 5000 萬美元。儘管我們對 2023 年第一季度強勁的收入增長表現感到滿意，但我們對今年剩餘時間仍持謹慎樂觀態度。我們已經採取了一些緩解措施來提高外科業務的供應穩定性，並相信這項工作仍在進行中。

We also monitored the pace of the recovery in China and the potential impact of broader macroeconomic uncertainties. While we saw an improvement in consumer activity in China in the latter part of the quarter, we will assess additional data points over the coming months to determine the sustainability of the pace of the recovery and impact on the full year.

我們還監測了中國的複蘇步伐以及更廣泛的宏觀經濟不確定性的潛在影響。雖然我們看到本季度後半段中國消費者活動有所改善，但我們將評估未來幾個月的更多數據點，以確定復甦步伐的可持續性及其對全年的影響。

In the meantime, we believe we are well positioned to capture the market opportunity, and we're optimistic that the market will return to stable growth over time. Overall, our 2023 revenue guidance reflects our expectation that the business will continue to grow in line with the market for the balance of the year.

與此同時，我們相信我們已準備好抓住市場機會，並且我們樂觀地認為市場將隨著時間的推移恢復穩定增長。總體而言，我們的 2023 年收入指引反映了我們對業務將在今年餘下時間繼續與市場同步增長的預期。

Our adjusted EBITDA guidance for 2023 is a range of $700 million to $750 million. We expect full year currency headwinds to adjusted EBITDA of approximately $35 million. Excluding the impact of currency, the midpoint of our adjusted EBITDA guidance is $760 million. With a number of recent and upcoming launches in 2023, we remain committed to prioritizing investments to drive revenue growth.

我們調整後的 2023 年 EBITDA 指引範圍為 7 億至 7.5 億美元。我們預計全年貨幣逆風調整後的 EBITDA 約為 3500 萬美元。排除貨幣的影響，我們調整後的 EBITDA 指引的中點為 7.6 億美元。隨著近期和即將在 2023 年推出的一系列產品，我們仍然致力於優先投資以推動收入增長。

As we mentioned on our last call, the quarterly phasing will be an important consideration. We expect adjusted EBITDA to increase as we progress throughout the year. This is mainly driven by a number of factors, including the natural phasing of our businesses and the timing of our investments to support launches. We are fully committed to disciplined cost management, and we will prioritize our spend and optimize our cost structure to drive operating leverage and accelerate growth. We expect our 2023 adjusted gross margin to be approximately 60%. This represents a moderate margin improvement relative to full year 2022.

正如我們在上次電話會議中提到的，季度分階段將是一個重要的考慮因素。我們預計調整後的 EBITDA 會隨著我們全年的進步而增加。這主要是由許多因素驅動的，包括我們業務的自然分階段和我們投資支持發布的時機。我們完全致力於嚴格的成本管理，我們將優先考慮我們的支出並優化我們的成本結構，以推動經營槓桿和加速增長。我們預計 2023 年調整後的毛利率約為 60%。與 2022 年全年相比，這意味著利潤率有所改善。

While we have increased the production output and efficiencies related to our Daily SiHy lenses, we expect gross margin to be impacted by the higher cost inventory we built in 2022, supply availability in our Surgical portfolio as well as potential variability driven by product mix.

雖然我們增加了與 Daily SiHy 鏡片相關的產量和效率，但我們預計毛利率將受到我們在 2022 年建立的更高成本庫存、我們外科產品組合的供應可用性以及產品組合驅動的潛在可變性的影響。

In terms of the other key assumptions underlying our guidance, we anticipate investment in R&D to be approximately 8% of revenue. We accelerated the level of R&D spend in 2022, and we'll continue to prioritize R&D investment to enhance our pipeline opportunities.

就我們指引所依據的其他關鍵假設而言，我們預計研發投資約佔收入的 8%。我們在 2022 年加快了研發支出水平，我們將繼續優先考慮研發投資以增加我們的管道機會。

Consistent with our previous communications, we expect interest expense to be approximately $250 million for the full year. The interest expense reflects our current interim capital structure, which is based on variable rate debt at SOFR plus 3.25%. As a reminder, we plan to transition to the longer-term capital structure upon full submission from BHC. We expect our adjusted tax rate to be roughly 6%, and we expect full year CapEx to be approximately $200 million.

與我們之前的溝通一致，我們預計全年的利息支出約為 2.5 億美元。利息支出反映了我們當前的臨時資本結構，該結構基於 SOFR 加 3.25% 的可變利率債務。提醒一下，我們計劃在 BHC 全面提交後過渡到長期資本結構。我們預計調整後的稅率約為 6%，我們預計全年資本支出約為 2 億美元。

As I already mentioned, keep in mind that comparability between 2022 and 2023 results for the full year will be impacted by the timing of the B&L IPO.

正如我已經提到的，請記住，2022 年和 2023 年全年業績的可比性將受到 B&L IPO 時間的影響。

Overall, we're pleased with our first quarter performance and continued growth across our segments. Our 2023 guidance reflects our strategy to increase investment in the business to support product launches that we expect to become important drivers of profitable growth.

總的來說，我們對第一季度的業績和我們各部門的持續增長感到滿意。我們的 2023 年指南反映了我們增加業務投資以支持產品發布的戰略，我們預計這些產品將成為盈利增長的重要驅動力。

And now I'll turn the call back to Brent.

現在我會把電話轉回布倫特。

Thank you, Sam. Let's spend a few minutes on a few of our key franchises and some upcoming catalysts we expect to drive business results.

謝謝你，山姆。讓我們花幾分鐘時間了解一下我們的一些主要特許經營權以及我們希望推動業務成果的一些即將到來的催化劑。

On Slide 14, given the prevalence of dry eye disease and the size of the market, we believe our dry eye disease platform will be a key driver of future growth and is a good example of the benefits of an integrated platform and addressing a large market with unmet need. We can reach patients and consumers through multiple access points, leveraging long-standing relationships with the eye health professionals as well as key retailers and e-commerce channels that reach a broad consumer base. The franchises on this platform, primarily Artelac, Biotrue and Soothe generate approximately $250 million in annual sales on a combined basis.

在幻燈片 14 上，鑑於乾眼病的流行和市場規模，我們相信我們的干眼病平台將成為未來增長的關鍵驅動力，並且是綜合平台優勢和麵向大市場的一個很好的例子未滿足的需求。我們可以通過多個接入點接觸患者和消費者，利用與眼保健專家的長期關係以及覆蓋廣泛消費者基礎的主要零售商和電子商務渠道。該平台上的特許經營權，主要是 Artelac 、 Biotrue 和 Soothe ，綜合年銷售額約為2.5億美元。

In addition to a number of line extensions for our consumer products, we are looking forward to NOV03's PDUFA date on June 28 as the next potential catalyst to further advance this platform with the addition of a pharmaceutical product. More specifically, this is a category that has long been defined by treatments that work along the inflammatory pathway, and we have an opportunity to launch a potential first treatment for evaporative dry eye in a large and growing market, which is currently estimated to be approximately $2 billion in the United States.

除了我們的消費產品的一些產品線擴展外，我們期待 NOV03 的 PDUFA 日期為 6 月 28 日，作為下一個潛在的催化劑，通過添加藥品進一步推進該平台。更具體地說，這是一個長期以來一直由沿著炎症通路起作用的治療方法定義的類別，我們有機會在一個龐大且不斷增長的市場中推出潛在的第一個用於蒸發過強性乾眼症的治療方法，目前估計該市場約為美國20億美元。

Our LUMIFY franchise on Slide 15 is another example of the power of a fully integrated eye care platform to launch, promote and drive the performance of our products. Today, LUMIFY is a $125 million franchise with approximately 50% market share in the redness reliever category and the #1 doctor recommended brand. Our strategy is to build on this success by expanding into new geographies and adjacent categories. We recently acquired the rights to market LUMIFY in 18 additional countries. This year, we will launch LUMIFY Eye Illuminations, a line of hyper allergenic eye care, scientifically developed for the sensitive eye area. Finally, we are working on a single-dose preservative-free eye drops and a combination product with ketotifen for allergy symptom control.

我們在 Slide 15 上的 LUMIFY 特許經營權是完全集成的眼部護理平台推出、推廣和推動我們產品性能的另一個例子。如今，LUMIFY 是一個價值 1.25 億美元的特許經營權，在發紅緩解劑類別中佔有約 50% 的市場份額，並且是醫生推薦的第一品牌。我們的戰略是通過擴展到新的地區和相鄰類別來鞏固這一成功。我們最近獲得了在另外 18 個國家銷售 LUMIFY 的權利。今年，我們將推出 LUMIFY Eye Illuminations，這是針對敏感眼部區域科學開發的高過敏性眼部護理系列。最後，我們正在研究一種不含防腐劑的單劑量滴眼液和一種與酮替芬組合的產品，用於控製過敏症狀。

Moving to Slide 16. The eye vitamin franchise, Ocuvite and PreserVision is Bausch + Lomb's largest brand with more than $350 million of annual reported revenue and more than 90% share of the AREDS category. This franchise has a global footprint with products available in 40 countries and a wide variety of formulations to address unique patient needs.

轉到幻燈片 16。眼部維生素專營權 Ocuvite 和 PreserVision 是博士倫最大的品牌，年報告收入超過 3.5 億美元，在 AREDS 類別中的份額超過 90%。該特許經營業務遍布全球，在 40 個國家/地區提供產品，並提供多種配方以滿足患者的獨特需求。

Our strategic focus is on growing the franchise and driving consumer demand with innovative new product and category expansions. We are working on launching new products that help support eye and heart health, are more easily absorbed and helped to support healthy cell function. The good news is that despite our leading position in this market, we have a lot of room to expand. Approximately 70% of households with moderate to advanced AMD are not treated with AREDS2 product.

我們的戰略重點是通過創新的新產品和類別擴展來擴大特許經營權並推動消費者需求。我們正在努力推出有助於支持眼睛和心臟健康、更容易被吸收並有助於支持健康細胞功能的新產品。好消息是，儘管我們在這個市場上處於領先地位，但我們還有很大的擴展空間。大約 70% 的中度至晚期 AMD 家庭未接受 AREDS2 產品治療。

Moving to Surgical segment on Slide 17. I have been impressed with the Surgical team's ability to deliver results while dealing with significant supply constraints. In addition to creative problem solving, this agile resourceful team is demonstrating selling and marketing excellence and building trusted relationships with eye surgeons that can be a model for our broader organization.

轉到幻燈片 17 的外科部分。外科團隊在處理重大供應限制的同時交付結果的能力給我留下了深刻的印象。除了創造性地解決問題之外，這個機智靈活的團隊還展示了卓越的銷售和營銷能力，並與眼科醫生建立了可信賴的關係，這可以成為我們更廣泛組織的榜樣。

On this slide, we showed the evolution of the IOL portfolio towards premium higher-margin offerings to give surgeons a wide variety of lenses to address their patient's eye health needs, including trifocal and extended depth of focus lenses. We are also entering new categories in fast-growing markets like glaucoma procedures and focusing on digital interconnectivity with SeeLuma 3D microscope and the Eyetelligence digital platform.

在這張幻燈片上，我們展示了 IOL 產品組合向優質高利潤產品的演變，為外科醫生提供了各種各樣的鏡片來滿足患者的眼睛健康需求，包括三焦點和擴展焦深鏡片。我們還在快速增長的市場中進入新類別，例如青光眼手術，並專注於與 SeeLuma 3D 顯微鏡和 Eyetelligence 數字平台的數字互連。

In closing, we stand here today with a durable foundation, a powerful, globally recognized brand, established products, a talented and dedicated team of colleagues, and we operate in an attractive part of the health care market. At the same time, we clearly understand what our issues are: underutilization of our global infrastructure, challenges to our supply chain and gaps in our innovation cycle.

最後，我們今天站在這裡，擁有持久的基礎、強大的、全球知名的品牌、成熟的產品、才華橫溢、敬業的同事團隊，我們在醫療保健市場的一個有吸引力的部分開展業務。與此同時，我們清楚地了解我們的問題所在：我們的全球基礎設施利用不足、我們供應鏈面臨的挑戰以及我們創新周期中的缺口。

While we have our work in front of us, we now have a plan in place to overcome these obstacles, the road map to accelerate growth. I have faced similar situations in my career, and I have led similar efforts. I know from those experiences that with the support of our colleagues around the world, we can turn this plan into reality. You cannot underestimate the collective power of 13,000 colleagues who are aligned, focused and motivated. Our road map to accelerate growth will be my focus, along with that of all of our colleagues around the world.

雖然我們的工作擺在我們面前，但我們現在已經制定了克服這些障礙的計劃，即加速增長的路線圖。我在我的職業生涯中遇到過類似的情況，我也領導過類似的努力。我從這些經歷中知道，在我們世界各地同事的支持下，我們可以將這個計劃變為現實。您不能低估 13,000 名團結一致、專注且積極進取的同事的集體力量。我們加速增長的路線圖將是我的重點，以及我們在世界各地的所有同事的重點。

Although change can be daunting, I am confident that we will come together and accomplish great things with hard work, dedication, a commitment to excellence. And to our mission of helping people see better to live better, our company has the potential to thrive and succeed in the years to come. I'm excited about the days ahead, and we'll continue to keep you apprised of our progress as we execute against our road map.

儘管改變可能令人望而生畏，但我相信我們將齊心協力，通過努力工作、奉獻精神和對卓越的承諾，成就偉大的事業。為了實現我們幫助人們看得更清楚、生活得更好的使命，我們公司有潛力在未來幾年蓬勃發展並取得成功。我對未來的日子感到興奮，我們將繼續讓您了解我們在執行路線圖時取得的進展。

Thank you. And with that, operator, let's open the line for questions.

謝謝。有了這個，接線員，讓我們打開問題熱線。

(Operator Instructions) Your first question is coming from Vijay Kumar at Evercore ISI.

（操作員說明）您的第一個問題來自 Evercore ISI 的 Vijay Kumar。

Guys, congrats. I guess my first one is on the organic performance in the guidance. 8% was a pretty big number. We've seen utilization come strong across the group. Was that 8% a clean number? Were there any catch-up one-off items? And I think the guide implies back half of mid-single digits, and I'm curious why the 8% perhaps wouldn't sustain given comps don't seem to be too hard.

伙計們，恭喜。我想我的第一個是關於指南中的有機表現。 8% 是一個相當大的數字。我們已經看到整個集團的利用率都很高。那 8% 是一個乾淨的數字嗎？是否有任何赶超的一次性項目？而且我認為該指南暗示了中間個位數的後半部分，我很好奇為什麼 8% 可能不會維持給定的組合似乎不太難。

Yes. Great. Well, thank you for the question. Yes, it was a good quarter, and I think we're off to a good start for the year. I think specifically to answer your question, I'll turn it over to Sam on any one-offs. I don't think there were, but go ahead.

是的。偉大的。嗯，謝謝你的問題。是的，這是一個不錯的季度，我認為我們今年開了個好頭。我想專門回答您的問題，我會一次性將其交給 Sam。我不認為有，但繼續吧。

Now we really didn't have anything outside of the normal course of business. Just one thing I will remind you, as you think about our first quarter, one of the things we're benefiting from Q1 is the timing of the pricing. This is lapping a full year of now pricing. As a reminder, we did take pricing last year, and we did take pricing again this year. So there's an impact of that. And you'll see that probably more pronounced in our -- more in the Vision Care segment, specifically in the consumer side, just offset inflation. But that's really one of the areas I would just highlight, just the timing of the pricing getting better the tailwind of that. Thanks, Vijay.

現在我們真的沒有任何正常業務之外的東西。我會提醒你一件事，當你想到我們的第一季度時，我們從第一季度受益的其中一件事就是定價的時間。這是整整一年的現在定價。提醒一下，我們去年確實進行了定價，今年我們又進行了定價。所以這是有影響的。你會看到，在我們的視力保健領域，尤其是在消費者方面，這可能更明顯，只是抵消了通貨膨脹。但這確實是我要強調的領域之一，只是定價的時機隨著它的順風而變得更好。謝謝，維杰。

And Brent, one maybe follow-up on -- I think you -- looking at second half, you mentioned over 3 years a key catalyst. What would be like a positive good outcome in your mind? And what would be suboptimal? And how should we think of the contribution from this product in a (inaudible)?

布倫特，也許跟進 - 我想你 - 看看下半年，你提到了 3 年多的關鍵催化劑。在您看來，積極的好結果會是什麼？什麼是次優的？我們應該如何看待這個產品在（聽不清）中的貢獻？

Yes. No, great question. Look, we're excited about the, hopefully, upcoming approval at the end of June. We have a PDUFA date at the end of June. So I was -- in my career, I always start with the positive outcome being an FDA approval. You never want to take those for granted. We're pretty confident in it, and we're excited for it. But we just -- I've been here 50 days. We just hired a new head of our pharmaceutical segment. And our primary focus for that business is launching NOV03 with excellence.

是的。不，很好的問題。看，我們對有望在 6 月底獲得批准感到興奮。我們在 6 月底有一個 PDUFA 日期。所以我 - 在我的職業生涯中，我總是從獲得 FDA 批准的積極結果開始。你永遠不想把這些視為理所當然。我們對此非常有信心，我們為此感到興奮。但我們只是——我在這裡已經 50 天了。我們剛剛聘請了一位新的製藥部門負責人。我們對該業務的主要關注點是卓越地推出 NOV03。

I think they have a great opportunity. As I mentioned in the prepared remarks, most of the -- in fact, all of the approved treatments in the United States in the pharmaceutical side or for inflammatory-related dry eye disease, and we have the first-in-class or potentially first-in-class product for evaporative. This is a large market, $2 billion, growing to approximately $3 billion in the next few years by 2025. And so I think we have a real opportunity to take significant share. We're working on the launch plans in great detail and great focus as we speak and probably have a better sense of updating you on our next call about it. But big opportunity for us.

我認為他們有一個很好的機會。正如我在準備好的發言中提到的，大多數 - 事實上，美國所有批准的藥物治療或與炎症相關的干眼病，我們擁有一流或可能一流的- 一流的蒸發產品。這是一個巨大的市場，價值 20 億美元，到 2025 年將在未來幾年增長到約 30 億美元。因此我認為我們有真正的機會佔據重要份額。我們正在製定非常詳細和高度關注的發布計劃，我們可能會在下次電話會議上更好地了解您的最新情況。但對我們來說是個大好機會。

Your next question is coming from Robbie Marcus at JPMorgan.

您的下一個問題來自摩根大通的 Robbie Marcus。

I have two questions. I'll just ask them both upfront here. First, there's a lot of moving pieces down the P&L, and I appreciate the EBITDA guidance. But where do you want people to kind of fall out on EPS? And what are you trying to imply in the guidance?

我有兩個問題。我會在這裡提前問他們兩個。首先，損益表中有很多變化，我很欣賞 EBITDA 指南。但是你希望人們在什麼地方對 EPS 產生反感呢？你想在指南中暗示什麼？

And then part two, wanted to talk about the remaining organic sales growth that's implied in 2Q through 4Q. The comps last year looked pretty similar to first quarter. So with new product launches, China improving, why the deceleration versus first quarter?

然後是第二部分，想談談第二季度到第四季度隱含的剩餘有機銷售增長。去年的比較看起來與第一季度非常相似。因此，隨著新產品的推出，中國正在改善，為什麼與第一季度相比有所放緩？

Yes. So let me take a high-level stab at both, and then give it to Sam for some more detail. Look, I think as you look at the bottom line, EBITDA or EPS, long term, obviously, we absolutely want to see leverage in the P&L. We want to see margin expansion or improvement. And we want to see, as I mentioned, real utilization of this massive infrastructure we have built over years at Bausch + Lomb, which truly is a competitive advantage if, and I stress if, utilized well. And so tremendous opportunity in the medium to long term to create that leverage.

是的。因此，讓我對兩者進行高層次的嘗試，然後將其交給 Sam 以了解更多細節。看，我認為當你看底線、EBITDA 或 EPS 時，從長遠來看，顯然，我們絕對希望看到損益中的槓桿作用。我們希望看到利潤率擴大或改善。正如我所提到的，我們希望看到我們多年來在 Bausch + Lomb 建立的這個龐大基礎設施的真正利用，如果我強調如果利用得好，這確實是一個競爭優勢。從中長期來看，創造這種影響力的巨大機會。

In the short term, I think we need to see improvement. We have some challenges and some investments that need to be made throughout the year. On the challenge side, I would put supply chain being here 50 days. We still have some unknowns there, and I need some more time to really get comfortable and understand what's happening there. I think we have to make investments in important launches like NOV03 and continue to support LUMIFY as a top growth driver for a long period of time. And so we're just balancing those two things and probably have more clarity as we move forward.

在短期內，我認為我們需要看到改進。我們面臨一些挑戰，需要在全年進行一些投資。在挑戰方面，我會把供應鏈留在這裡 50 天。我們在那裡仍然有一些未知數，我需要更多時間才能真正適應並了解那裡發生的事情。我認為我們必須對像 NOV03 這樣的重要發布進行投資，並在很長一段時間內繼續支持 LUMIFY 作為最大的增長動力。因此，我們只是在平衡這兩件事，並且在我們前進的過程中可能會更加清晰。

On organic growth, I would say the same thing. I'm not sure we'll see deceleration, again, 50 days in. This is the guidance I'm comfortable with. I think we still have supply issues throughout all the businesses. Some of them are hangovers from COVID. Some are just new technologies or tough technologies or third-party suppliers that we're working to [choral]. But it's quite complex. And so I think we're trying to put out guidance that's realistic based on what we know today or what I feel comfortable with today, but that will evolve as I get my feet firmly on the ground here. But let me give it to Sam for some more color.

關於有機增長，我會說同樣的話。我不確定我們會在 50 天后再次看到減速。這是我很滿意的指導。我認為我們在所有業務中仍然存在供應問題。其中一些是 COVID 的後遺症。有些只是我們正在努力 [合唱] 的新技術或高難度技術或第三方供應商。但它相當複雜。因此，我認為我們正在努力根據我們今天所知道的或我今天感到舒服的東西提出切合實際的指導，但隨著我在這裡腳踏實地，它會不斷發展。但是讓我把它給山姆再上色。

Thanks, Brent. Let me take in two parts here. The first one on EPS. As you know, we don't guide EPS. But when you think about just EPS and the dynamics of it, one big factor we spoke about quite a bit is the currency, and we've seen the currency headwind year-over-year. We're estimating for full year 2023, that's about $35 million, which we saw about $14 million of that come through in Q1.

謝謝，布倫特。讓我在這里分為兩部分。第一個關於 EPS。如您所知，我們不指導 EPS。但是當你只考慮每股收益及其動態時，我們經常談到的一個重要因素是貨幣，而且我們已經看到貨幣逐年逆風。我們估計 2023 年全年約為 3500 萬美元，我們在第一季度看到其中約 1400 萬美元。

The other big factor you have to keep in mind is interest expense. We've seen quite a rise in the interest expense. Just as a reminder, our debt and capital structure today, we're sitting with a variable capital structure SOFR plus 3.25%. So we're all seeing what's happened with Feds and sort of the impact on the interest expense that we're seeing that we're guiding for roughly about $250 million. That's versus that roughly $150 million of last year. So that incremental element does provide headwind on EPS for us as we go through 2023.

您必須牢記的另一個重要因素是利息支出。我們已經看到利息支出大幅增加。提醒一下，我們今天的債務和資本結構，我們的資本結構可變，SOFR 加 3.25%。因此，我們都看到了美聯儲發生的事情，以及我們所看到的對利息支出的影響，我們正在指導大約 2.5 億美元。相比之下，去年約為 1.5 億美元。因此，隨著 2023 年的到來，這種增量因素確實給我們帶來了 EPS 的阻力。

Keep in mind that we also, on the capital structure, we did talk about this is an interim structure that we will transition out of at the time of the separation. So just putting all these different pieces together will give you a sense of how we're thinking about EPS.

請記住，在資本結構方面，我們也確實談到了這是一個臨時結構，我們將在分離時從中過渡出來。因此，只需將所有這些不同的部分放在一起，您就會了解我們是如何考慮 EPS 的。

In terms of just the organic growth, and Brent covered it pretty well, and maybe I'll take a step back. For Q1, we're very pleased with what we performed in Q1. There's a lot data points in Q1 that we're excited about, and we're pleased for the good start of the year. That's one quarter. And as you start evaluating for the rest of the year, we start thinking about all the puts and takes that you have for the rest of the year. And when you factor all those items and bake into your guidance, you have to be balanced and prudent to be able to think through what the level of uncertainties are.

就有機增長而言，布倫特很好地涵蓋了它，也許我會退後一步。對於第一季度，我們對第一季度的表現感到非常滿意。第一季度有很多數據點讓我們感到興奮，我們為今年的良好開端感到高興。那是四分之一。當您開始評估今年剩餘時間時，我們開始考慮您在今年剩餘時間裡擁有的所有看跌期權和看跌期權。當您將所有這些項目都考慮在內並納入您的指導時，您必須保持平衡和謹慎，以便能夠思考不確定性的程度。

You touched on China. China, we saw China recover. To be very clear, I didn't really see that data point of recovery until March. So the first part of our Q1 was not that strong in China. So we need to see that level repeat of the steadiness of the recovery before we can call it fully recovered just given the nature of what we saw last year with the stop and go nature of the China market.

你談到了中國。中國，我們看到了中國的複蘇。非常明確的是，直到 3 月份我才真正看到數據恢復點。所以我們第一季度的第一部分在中國並不那麼強勁。因此，鑑於我們去年看到的中國市場走走停停的性質，我們需要看到復蘇穩定的水平重複，然後才能稱之為完全復甦。

And supply chain is an area where Brent touched on. I think it's -- we highlighted in our past remarks, and I think in probably a couple of areas here, I'll go a little bit deeper. When you think about our supply chain surrounding our Surgical business, that's an area we had a good quarter, Q1 for Surgical. We have demand in our product, but we also are not where we want to be with our supply chain and availability of a steady supply for us in the Surgical business. So that's an area we kept in mind as we were thinking about our guidance. Same as for SiHy, we've done a very nice output improvement, but that's still work in progress for us.

供應鍊是布倫特觸及的領域。我認為 - 我們在過去的評論中強調了這一點，而且我認為在這裡可能有幾個領域，我會更深入一點。當您考慮圍繞我們的外科業務的供應鏈時，這是一個我們有一個很好的季度的領域，外科手術的第一季度。我們對我們的產品有需求，但我們也不是我們想要的供應鍊和外科業務穩定供應的可用性。所以這是我們在考慮我們的指南時牢記的一個領域。與 SiHy 一樣，我們已經完成了非常好的輸出改進，但這對我們來說仍在進行中。

So factoring all those items, plus the macro market conditions and just the uncertainties that's coming in with inflation, that's all played into our thinking as we thought it was guidance to make it a balanced guidance as we think for the rest of the year.

因此，考慮到所有這些項目，加上宏觀市場狀況以及通貨膨脹帶來的不確定性，這一切都在我們的思考中發揮作用，因為我們認為這是一個指導，使其成為我們對今年剩餘時間的平衡指導。

Your next question for today is coming from Joanne Wuensch at Citigroup.

您今天的下一個問題來自花旗集團的 Joanne Wuensch。

Nice start to the year. Two questions. The first one is, I mean, if you could just sort of give us a lay of the land on the contact lens market, where you are in thinking about taking share and the difference between price, volume and mix?

開年不錯。兩個問題。第一個是，我的意思是，如果你能給我們介紹一下隱形眼鏡市場的情況，你正在考慮在什麼地方佔有份額以及價格、數量和組合之間的差異？

And then I'll throw the second question out there. (inaudible) is coming up this weekend. What can we expect from Bausch + Lomb there?

然後我會拋出第二個問題。 （聽不清）這個週末就要到了。我們對 Bausch + Lomb 有什麼期望？

Great. So on the lens market, I'll give you kind of my two cents and then Sam can provide some more context. Look, I think we're in a very good competitive position around the world in our contact lens business. Our Daily SiHy or INFUSE is a very competitive, very high-quality lens, but we're ramping up, right? And so most importantly, we have SPHERE, and we have SPHERE launching globally. We have a multifocal launching in the first half of -- later in the first half of this year in the United States. And we're still working on the toric, right, to get that out, hopefully, next year or so.

偉大的。所以在鏡頭市場上，我會給你我的兩分錢，然後 Sam 可以提供更多背景信息。看，我認為我們在全球隱形眼鏡業務中處於非常有利的競爭地位。我們的 Daily SiHy 或 INFUSE 是一款非常有競爭力、質量非常高的鏡頭，但我們正在加速發展，對吧？所以最重要的是，我們有 SPHERE，而且我們有 SPHERE 在全球推出。我們在上半年 - 今年上半年晚些時候在美國進行了多焦點發射。我們仍在研究复曲面，希望能在明年左右實現它。

And so it's a great product. And when you look at it, it was up about 38% in the quarter. And that's a good position. But as I think about that, 60% of that comes from new users and some -- and the remaining 40s, the biggest source of that is probably from our Biotrue. And so what we have to focus on is exactly what Sam hinted out there, we need to be able to manufacture more. We need -- we can sell basically everything we make and, the team in both Rochester and Waterford where we manufactured is doing a great job of improving yield. And with that comes profitability of those lines, right? And so we need to continue to work on that because you're trading out in those Biotrue. You're trading out a higher margin for a lower-margin product today. We need to solve for that. So massive opportunity, but some challenges that we need to work through.

所以這是一個很棒的產品。當你看它時，它在本季度上漲了約 38%。這是一個很好的位置。但正如我所想，其中 60% 來自新用戶和一些 - 剩下的 40 多歲，其中最大的來源可能來自我們的 Biotrue。因此，我們必須關注的正是 Sam 在那裡暗示的，我們需要能夠製造更多。我們需要 - 我們基本上可以銷售我們生產的所有產品，而且我們製造的羅切斯特和沃特福德的團隊在提高產量方面做得很好。隨之而來的是這些線路的盈利能力，對吧？所以我們需要繼續努力，因為你正在用那些 Biotrue 進行交易。您今天用更高的利潤換取利潤更低的產品。我們需要解決這個問題。如此巨大的機會，但我們需要克服一些挑戰。

In terms of the meeting, I'll be heading out there tomorrow to San Diego for the meeting. We're excited for that. I think we'll issue a press release. But what I hope you see from us is, frankly, a team that really shows up to win at the meeting. It's important. It's one of the biggest meetings of the year in our field. And how we show up and how we interact with customers and get them excited about our products and portfolio and our future is really critically important to us. There'll be a bunch of other releases coming out, and you'll see that in the Newswire as they come out. Anything else you want to add to?

就會議而言，我明天將前往聖地亞哥參加會議。我們為此感到興奮。我想我們會發布新聞稿。但坦率地說，我希望您從我們這裡看到的是一支真正在會議上獲勝的團隊。這一點很重要。這是我們領域今年最大的會議之一。我們如何出現以及我們如何與客戶互動並讓他們對我們的產品和產品組合以及我們的未來感到興奮對我們來說非常重要。還會有許多其他版本發布，您會在它們發佈時在新聞專線中看到。您還有什麼要補充的嗎？

Joanne, just to add, in terms of the price volume mix here of contact lens, the growth this quarter was mainly in the contact lens side was mainly volume. So seeing the volume being majority of the growth. We've seen a little bit of price, but majority of volume.

Joanne，補充一下，就隱形眼鏡的價格和數量組合而言，本季度的增長主要在隱形眼鏡方面，主要是銷量。因此，看到數量是增長的大部分。我們看到了一點點價格，但大部分都是成交量。

And just Brent covered it pretty well on Daily SiHy and where the growth is coming from. One thing I would just also highlight is when you look at the rest of the portfolio of the lenses, we've seen also nice growth in the other parts of the brands such as ULTRA. I called it out this morning, it's growing at 18% and Biotrue at 8%. And the SofLens daily, which is a legacy brand outside of the U.S., is growing nicely at 50%. So the team is doing a good job managing the Daily SiHy as well as sort of along in the tail on the other brands as well.

布倫特在 Daily SiHy 上很好地介紹了它以及增長的來源。我還要強調的一件事是，當您查看鏡頭的其餘部分時，我們也看到了 ULTRA 等品牌其他部分的良好增長。我今天早上宣布了這一點，它以 18% 的速度增長，Biotrue 以 8% 的速度增長。 SofLens daily 是美國以外的傳統品牌，其增長率高達 50%。因此，該團隊在管理 Daily SiHy 以及其他品牌方面也做得很好。

Yes. And I should reiterate, that's really important because the way to success is by not having a leaky bucket. And this quarter, I think, was a good example of exactly that. And so real kudos to our team for managing across all these different platforms.

是的。我要重申，這非常重要，因為成功之道在於不漏水。我認為，本季度就是一個很好的例子。非常感謝我們的團隊管理所有這些不同的平台。

Your next question is coming from Larry Biegelsen at Wells Fargo.

你的下一個問題來自富國銀行的 Larry Biegelsen。

Brent, welcome back. One question for you, Brent. One question for Sam. Look, I'll start with the Sam question. The EBITDA margin, I think, implied is about 18.5% for the year. Can you talk a little bit about the cadence from Q2 to Q4 and the drivers over the improvement in Q1, which was about 15.1%? It looks like actually SG&A needs to decline from Q1 in dollar terms. Maybe I'm not looking at that right. But if you could just level set us on the cadence and the drivers, that would be helpful.

布倫特，歡迎回來。有一個問題要問你，布倫特。有一個問題要問山姆。聽著，我將從 Sam 的問題開始。我認為，今年的 EBITDA 利潤率約為 18.5%。你能談談從第二季度到第四季度的節奏以及第一季度改進的驅動因素嗎，大約是 15.1%？看起來實際上 SG&A 需要以美元計算從第一季度開始下降。也許我沒看對。但是，如果您可以讓我們在節奏和驅動程序上保持平衡，那將很有幫助。

Brent, you talked about underutilization of infrastructure a few times. I guess I'd love to hear you flesh that out a little bit more. I mean you could reduce your footprint or you could add products. I assume you're talking about adding more products to the bag. So how do you do that? Is that through more M&A, licensing? I'd love to hear about how you do that and your areas of focus.

布倫特，你多次談到基礎設施利用不足。我想我很想听聽你再充實一點。我的意思是你可以減少你的足跡或者你可以添加產品。我假設您是在談論向袋子中添加更多產品。那麼你是怎麼做到的呢？是通過更多的併購、許可嗎？我很想听聽您是如何做到這一點的以及您關注的領域。

So since you asked Sam first, go ahead, Sam.

所以既然你先問了山姆，那就說吧，山姆。

All right. And a very good question. And phasing is very important and you picked on it, and I made a sort of a feature in my remarks this morning. Because when you think about our phasing, especially between Q1 and the rest of the year, it's an important factor as you think about 2023 is that we start -- maybe I'll step back and just reflect back on last year's phasing. When you look at the natural phasing of our business, we tend to have our lowest point in phasing in the first quarter with the highest point being at the end of the year. So you tend to have the second half much stronger than the first half.

好的。這是一個很好的問題。定相非常重要，你選擇了它，我今天早上在我的發言中做了一個專題。因為當你考慮我們的分階段時，尤其是在第一季度和今年剩餘時間之間，你認為 2023 年的一個重要因素是我們開始——也許我會退後一步，回顧一下去年的分階段。當您查看我們業務的自然分階段時，我們往往在第一季度達到最低點，而最高點出現在年底。所以下半場往往比上半場強得多。

As you think about this year, that phasing is caused the same natural phasing, but it's actually more pronounced in a couple of factors, and there's a couple of things that you have to factor in. When you think about our first half, adjusted for currency is a big factor. So we see currency headwinds in Q1, roughly about $14 million EBITDA. We guided for the full year structure by $35 million. So we see most of that coming into the first half. We expect currency to be more of a tailwind or not an issue as we go into the second half. So that flips between the two elements.

正如你今年所想的那樣，這種定相是由相同的自然定相引起的，但它實際上在幾個因素中更為明顯，並且有一些你必須考慮的因素。當你考慮我們的上半年時，調整為貨幣是一個很大的因素。因此，我們在第一季度看到了貨幣逆風，約為 1400 萬美元的 EBITDA。我們為全年結構指導了 3500 萬美元。所以我們看到大部分都進入了上半年。我們預計，隨著我們進入下半年，貨幣將成為順風或不是問題。所以這在兩個元素之間翻轉。

Second part, which I called out, was the gross margin and the impact of the gross margin from the higher level of inventory that we capitalized at the end of 2022. And as this inventory works its way through the P&L, we're seeing that come through with a headwind in gross margin that you don't expect to play out in the second half. And most of that usually will -- some of it came in Q1 and will be coming also in Q2.

我提到的第二部分是毛利率以及我們在 2022 年底資本化的較高庫存水平對毛利率的影響。隨著該庫存在損益表中發揮作用，我們看到遇到毛利率的逆風，你預計下半年不會出現這種情況。其中大部分通常會 - 其中一些出現在第一季度，也將出現在第二季度。

And then the third factor you have to put in is the higher investment in launches. So we're gearing up for NOV03 as one of our major launches, but there's other also launches that we have throughout the business. And that's taken investment that majority of the investment coming into the first half and bulk of it is coming into the second quarter.

然後你必須投入的第三個因素是對發布的更高投資。因此，我們正準備將 NOV03 作為我們的主要發布之一，但我們在整個業務中還有其他發布。這就是投資，大部分投資進入上半年，其中大部分投資進入第二季度。

So factoring all those items and factoring the leverage in the revenue and the increase in the revenue in the second half and how that impacts the P&L, you'll be able to see that the phasing is really heavy weighted towards the end of the second half of this year, the Q3 and Q4. So when you look at Q1, it was the lowest point. We expect maybe 1, 1.5 point improvement as we go into Q2. And then after that, we'll see the ramp-up in the second half of the year.

因此，考慮到所有這些項目並考慮到收入的槓桿作用和下半年收入的增加以及這對損益的影響，您將能夠看到下半年末階段的權重確實很大今年的Q3和Q4。所以當你看第一季度時，它是最低點。我們預計在進入第二季度時可能會有 1、1.5 個百分點的改善。然後在那之後，我們將在今年下半年看到增長。

Great. So Larry, I'll kind of address what you mentioned with only utilization. But to be clear, I think we have tremendous opportunities, but we have three challenges that I mentioned, underutilization of our infrastructure, challenges in our supply chain and gaps in our innovation, and they're all kind of somewhat related.

偉大的。拉里，我將僅通過使用來解決您提到的問題。但需要明確的是，我認為我們有巨大的機會，但我們也面臨著我提到的三個挑戰，即我們的基礎設施利用不足、我們供應鏈中的挑戰以及我們創新方面的差距，它們都有些相關。

But as you think about underutilization, think of the opportunity here, right? It's a very favorable competitive environment, and Bausch + Lomb itself is probably the most integrated and comprehensive portfolio or focused on this industry, right, touching all four areas in a meaningful way. But we have operations in virtually every country. We have a massive supply chain and distribution center. We have relationships with almost every eye care professional in the world, and we've been doing it for 170 years. right? But we don't have any big blockbuster brands. We don't have big, high-margin products. We do it. We're kind of a workhorse, right? We do it with a big portfolio, lots of SKUs, lots of products, and we do that well considering the complexity of that.

但是當你想到未充分利用時，想想這裡的機會，對吧？這是一個非常有利的競爭環境，博士倫本身可能是最完整、最全面的投資組合或專注於這個行業，對，以有意義的方式觸及所有四個領域。但我們幾乎在每個國家都有業務。我們擁有龐大的供應鍊和配送中心。我們與世界上幾乎每一位眼科保健專家都有合作關係，我們已經這樣做了 170 年。正確的？但我們沒有任何大牌。我們沒有大型、高利潤的產品。我們做到了。我們有點像主力，對吧？我們通過大量的產品組合、大量的 SKU、大量的產品來做到這一點，考慮到它的複雜性，我們做得很好。

But that being said, the easiest thing to solve here is to put more sales through that channel, right? We can do a lot without adding a whole lot of additional cost by leveraging our distribution and sales relationships. And so clearly, we want to do more, we want to sell more. And so that starts with first making the most of the things you have, right? So making sure we continue to launch great products like INFUSE, our Daily SiHy, keep LUMIFY chugging along, keep PreserVision moving forward, right, doing great things with the things that are already in the market, IOLs and the like, like enVista had a great performance in the quarter in the IOL segment.

但話雖如此，這裡最容易解決的問題是通過該渠道增加銷售額，對嗎？通過利用我們的分銷和銷售關係，我們可以在不增加大量額外成本的情況下做很多事情。很明顯，我們想做更多，我們想賣更多。因此，首先要充分利用您擁有的東西，對嗎？因此，確保我們繼續推出偉大的產品，如 INFUSE，我們的 Daily SiHy，讓 LUMIFY 繼續前進，讓 PreserVision 繼續前進，正確的，用市場上已有的東西做偉大的事情，人工晶狀體等，比如 enVista 有一個本季度 IOL 領域的出色表現。

The second thing we do is we launch well, right, launch excellence. And so we have some important launches we've discussed that will hopefully take place in the second half of this year like NOV03.

我們做的第二件事是我們推出好，對，推出卓越。因此，我們已經討論過一些重要的發布，這些發布有望在今年下半年進行，例如 NOV03。

And then the third thing is we source innovation from outside, right? And today, we have a very modest BD team, pretty powerful, but a one-person show more or less. We need more people seeking and searching. We need more people connected to the innovation centers around the world in eye care, and there are a lot of them. And so we need to be really best-in-class at doing that to bring more product flow into our business.

然後第三件事是我們從外部尋求創新，對嗎？而今天，我們有一個非常謙虛的 BD 團隊，相當強大，但或多或少是一個人的節目。我們需要更多的人尋求和尋找。我們需要更多的人與世界各地的眼保健創新中心建立聯繫，而且這樣的人很多。因此，我們需要在這方面真正做到一流，以便為我們的業務帶來更多產品流。

You're right, the second part of that is trimming that infrastructure. And we are going to take a hard look at that as well. But to be fair, it was built over a long period of time, and it is a huge competitive advantage. Are there markets or countries or product lines that are unprofitable and don't have a path to profitability? Yes, likely so, but that's going to be small cuts around the corners, not necessarily the way to win. And so we have to do all those things. They're all equally important. But that's what I mean by solving the underutilization problem. Hopefully, that gives you some clarity, Larry.

你是對的，第二部分是削減基礎設施。我們也將認真研究這一點。但公平地說，它是經過很長一段時間建成的，是一個巨大的競爭優勢。是否存在無利可圖且沒有盈利途徑的市場、國家或產品線？是的，可能是這樣，但這將是拐角處的小幅度削減，不一定是取勝之道。所以我們必須做所有這些事情。它們都同等重要。但這就是我所說的解決未充分利用問題的意思。拉里，希望這能讓你更清楚一些。

It does.

確實如此。

Your next question for today is coming from Cecilia Furlong at Morgan Stanley.

您今天的下一個問題來自摩根士丹利的 Cecilia Furlong。

I wanted to turn just to some of the supply chain comments that you talked about, really what you're seeing from the demand side on the Surgical or equipment side versus your capacity today to meet it and how you're thinking about that in your guidance range just in terms of being able to meet capacity through the balance of the year.

我只想談談你談到的一些供應鏈評論，實際上是你從手術或設備方面的需求方面看到的與你今天滿足它的能力以及你是如何考慮的指導範圍僅就能夠在今年餘下時間滿足產能而言。

Yes. No, it's a great question. And this is true in a lot of our product lines. We can sell almost everything we make. And so if you think about Stellaris, we have a backorder of demand, if you will. Every machine we can make, we sell. And our issue there is a third-party supplier of microchips. And so we're working incredibly hard to source those chips from the vendor, but also look for alternative supplies as well as qualify and innovate to build a next generation that doesn't rely on those specific chips. And so there's a lot of work being done around that, but it's -- we're a bit at the mercy of third-party suppliers of processors.

是的。不，這是一個很好的問題。在我們的很多產品線中都是如此。我們幾乎可以出售我們生產的所有產品。因此，如果您考慮 Stellaris，我們有延期交貨需求，如果您願意的話。我們可以製造的每一台機器，我們都會出售。我們的問題是第三方微芯片供應商。因此，我們非常努力地從供應商那裡採購這些芯片，同時也在尋找替代供應品以及資格和創新來構建不依賴這些特定芯片的下一代。因此，圍繞這一點有很多工作要做，但它 - 我們有點受第三方處理器供應商的支配。

And so those are the types -- that's just a great example of the types of issues that we're dealing with when I say we're a supply challenge with -- supply challenges around the world. And so if we had we most of those solved, and I think we will, in time, we'd have a lot more confidence in our ability to put up perhaps a stronger guidance as well. Anything else you'd add, Sam?

所以這些就是這些類型 - 這只是當我說我們面臨供應挑戰時我們正在處理的問題類型的一個很好的例子 - 世界各地的供應挑戰。因此，如果我們解決了其中的大部分問題，我認為我們會及時解決，我們會對我們提出或許更強有力的指導的能力更有信心。山姆，你還有什麼要補充的嗎？

No, I think you covered it well, Brent. And so yes, I would just add to say that when you think about the supply chain, one of the things I called out is that we are -- our team is working through, trying to do why I we while refer to as our buys and really trying to secure the inventory where they can. And that's why you will see sort of about that where you saw like the Q1, we had a 7% increase or growth in the equipment, but we're still -- because of that spot buying, there's an element of volatility of the -- how we're working through that demand and the backlog that we're working through.

不，我認為你講得很好，布倫特。所以，是的，我只想補充說，當你考慮供應鏈時，我提到的一件事是我們 - 我們的團隊正在努力，努力做到我稱之為購買的原因並真正嘗試在可能的地方確保庫存。這就是為什麼你會看到像第一季度那樣的情況，我們的設備增加或增長了 7%，但我們仍然 - 由於現貨購買，存在波動因素 - - 我們如何處理需求和我們正在處理的積壓工作。

Yes. I mean, the positive news is there's strong demand for our product. It goes beyond Surgical. But we have to solve for these issues, and that's also the opportunity. So it's complex, but we're working through it, and I'm very focused on it.

是的。我的意思是，好消息是對我們產品的需求強勁。它超越了外科手術。但是我們必須解決這些問題，這也是機會。所以它很複雜，但我們正在努力解決它，我非常專注於它。

Great. And if I could follow up as well, just some of the comments you talked about just around supporting product launches. Can you speak to what in 1Q was reflected around NOV03, how you're thinking about that through the balance of the year in terms of the investment side and really how we should think about launch cadence, whether it's reimbursement, getting on formularies, assuming a positive decision in June?

偉大的。如果我也可以跟進，只是你談到的一些關於支持產品發布的評論。你能談談第一季度在 NOV03 前後反映的情況嗎？你如何在投資方面考慮這一年的餘額，以及我們應該如何考慮啟動節奏，無論是報銷，獲得處方藥，假設六月的積極決定？

Yes. So look, I think there was some expense clearly in the first quarter. I think it starts to ramp really in the second and continue into the year. The PDUFA dates at the end of June, the real launch of this product will probably be early fall. It's not -- it's hard to launch any product in any space in the dead of summer, right? You want doctors and ophthalmologists to be around. So think of this as more September, October for the full launch of the product given the PDUFA date. But it's a huge opportunity for us. I don't know, do you want to talk anything else about it, Sam?

是的。所以看，我認為第一季度明顯有一些支出。我認為它在第二個開始真正上升並持續到今年。 PDUFA 日期為 6 月底，該產品真正推出可能會在初秋。不是——在盛夏的時候很難在任何地方推出任何產品，對吧？你希望醫生和眼科醫生在身邊。因此，考慮到 PDUFA 日期，可以將此視為產品的全面發布的 9 月、10 月。但這對我們來說是一個巨大的機會。我不知道，你還想談點別的嗎，山姆？

No, I think that's true. It ramps up -- like I said, it will ramp up in -- we're seeing it in the first half of the year, getting ready for June, but there will be also spend afterwards. Once you launch the team -- the commercial team will continue to launch to go to support the launch. So our main focus right now is a successful launch. So I think we're doing whatever we need from an investment behind that launch to make sure it's successful.

不，我認為這是真的。它會增加——就像我說的，它會增加——我們在今年上半年看到它，為 6 月做準備，但之後也會有支出。一旦你啟動了團隊——商業團隊將繼續啟動以支持啟動。所以我們現在的主要重點是成功發布。所以我認為我們正在做我們需要的一切，從該發布背後的投資中確保它的成功。

We have time for one last question, and it comes from Craig Bijou at Bank of America.

我們有時間回答最後一個問題，它來自美國銀行的 Craig Bijou。

So I wanted to start along with Daily SiHy, prior management kind of highlighted premium IOLs as a growth area or a potential for opportunity. So Brent, as you step in, would love to hear how you think Bausch + Lomb is positioned in that market specifically and then the opportunities that you see there over the next couple of years. And then I do have a follow-up on EBITDA.

所以我想從 Daily SiHy 開始，之前的管理層強調優質人工晶狀體是一個增長領域或一個潛在的機會。所以布倫特，當你介入時，很想听聽你認為博士倫在那個市場的具體定位，然後是你在未來幾年看到的機會。然後我確實對 EBITDA 進行了跟進。

Yes. So the cataract market is a great market, right? It will continue to grow. It's a disease of aging for many. It's inevitable. And the demographics are quite favorable over the next several years or a decade or more. So it's an area that is important to the success of Bausch + Lomb and more specifically to our Surgical business.

是的。所以白內障市場是一個很大的市場，對吧？它將繼續增長。對許多人來說，這是一種衰老疾病。這是不可避免的。在接下來的幾年或十年或更長時間內，人口統計數據非常有利。因此，這是一個對 Bausch + Lomb 的成功非常重要的領域，更具體地說，對我們的外科業務來說非常重要。

When you look at our offerings there, we have a really strong set of offerings, and this is a great platform, particularly as we continue to expand the offering across that line. And when you look at the premium side, we just did a deal to bring in some new technology. Also, we need to ramp our ability to manufacture and supply those lenses. But the early reception from customers is incredibly positive.

當你在那裡查看我們的產品時，我們有一套非常強大的產品，這是一個很棒的平台，特別是當我們繼續在該領域擴展產品時。當你看高端方面時，我們剛剛達成協議引進了一些新技術。此外，我們需要提高製造和供應這些鏡片的能力。但客戶的早期反響非常積極。

So I think we're moving in the right direction. We need to continue to focus on creating trifocals, extended depth of focus lenses and the like. But the innovation is in process. I think there's a lot of innovation externally here as well. And so we've just got to keep our heads down and keep focused on it. The premium IOL portfolio was up about 32% in constant currencies in the quarter. So I think that's a proof point that we can do it. We just need to drive it harder and with more product look. Sam, anything you'd add to that?

所以我認為我們正朝著正確的方向前進。我們需要繼續專注於創造三焦點、擴展焦深鏡片等。但創新正在進行中。我認為這裡也有很多外部創新。因此，我們必須保持低調並專注於此。按固定匯率計算，本季度高級 IOL 投資組合增長了約 32%。所以我認為這是我們可以做到的證據。我們只需要更加努力地推動它並擁有更多產品外觀。山姆，你還有什麼要補充的嗎？

Got it. Got it. On EBITDA. So Brent, I appreciate your comments on profitable growth, leveraging the infrastructure. So I guess the question is, I know you're not going to provide guidance for '24 or the out years, but how should we think about your ability to drive margin expansion in those out years? And relative to what the message has been over the last year, how should we think about -- has that changed at all?

知道了。知道了。關於 EBITDA。所以布倫特，我感謝您對利用基礎設施實現盈利增長的評論。所以我想問題是，我知道你不會為 24 年或未來幾年提供指導，但我們應該如何考慮你在未來幾年推動利潤率擴張的能力？相對於去年傳達的信息，我們應該如何思考——這有什麼變化嗎？

Yes. Look, I can tell you, as you guys get reacquainted with me at this business, I'm pretty much a straight shooter about this stuff. Look, I think we have a massive opportunity for out-year margin expansion. That being said, 50 days in, I wanted to make sure we had good guidance for this year. So I'm not sure I'm ready to give you for next year just yet. Give me a little bit more time to get my feet on the ground.

是的。看，我可以告訴你，當你們在這個行業重新認識我時，我對這件事幾乎是一個直率的射手。看，我認為我們有很大的機會擴大年外利潤率。話雖如此，50 天后，我想確保我們對今年有良好的指導。所以我不確定我是否準備好明年給你。給我多一點時間讓我腳踏實地。

That being said, the easiest way to think about it and the way I really look at this is all the massive investment in building out infrastructure has been made, right? We have a presence everywhere. We have a global field force across four different unique businesses. We have relationships around the world with every ECP imaginable, right? So the significant investments were made. The question is how do you put more through this channel, right, that we call Bausch + Lomb to get expansion, right? And so that's the key. We've got to get more product flow through this. And if you do that, margins should expand very quickly and very naturally. And so to me, that's the massive opportunity.

話雖這麼說，最簡單的思考方式和我真正看待這個問題的方式是已經對建設基礎設施進行了大量投資，對吧？我們無處不在。我們擁有一支跨越四個不同獨特業務的全球現場團隊。我們在世界各地與每個可以想像的 ECP 都有關係，對吧？因此進行了大量投資。問題是你如何通過這個渠道投入更多，對，我們稱之為博士倫獲得擴張，對吧？這就是關鍵。我們必須通過這個獲得更多的產品流。如果你這樣做，利潤率應該會非常迅速、非常自然地擴大。所以對我來說，這是巨大的機會。

And frankly, I don't -- I guess it's our last question, so it's a good point to end on. That's what makes me so excited about being here. I see this massive opportunity to grow this business profitably, right, with all the things you want to see. It may take us a year or so, maybe longer. I can't -- 50 days in, I can't put an exact date on it. But the opportunity is there, and this is such a dynamic industry. We'll have multiple choices on how to seize those opportunities, we just have to do it smartly.

坦率地說，我不知道——我想這是我們的最後一個問題，所以這是一個很好的結束點。這就是讓我對來到這裡感到如此興奮的原因。我看到了這個巨大的機會，可以通過您想要看到的所有東西來盈利地發展這項業務。我們可能需要一年左右，甚至更長的時間。我不能——50 天后，我無法確定確切的日期。但機會就在那裡，這是一個充滿活力的行業。對於如何抓住這些機會，我們會有多種選擇，我們只需要聰明地去做。

Well, I believe, operator, that concludes the remarks -- or the Q&A. I would just add a closing comment of thanking everyone for joining us. I'm super excited to be here. I think as I just mentioned to Craig, the opportunities are real and exciting. But just give me some time to get my feet on the ground, and we will be, hopefully, keeping you updated as we go. And I look forward to staying in touch and getting to know those that I haven't interacted with better over time. So thank you again for your time this morning.

好吧，我相信，操作員，這就是評論或問答的結論。我只想添加一個結束評論，感謝大家加入我們。我很高興來到這裡。我認為正如我剛才對克雷格提到的那樣，機會是真實而令人興奮的。但請給我一些時間讓我腳踏實地，希望我們能隨時為您提供最新信息。我期待著與他們保持聯繫，並隨著時間的推移更好地了解那些我沒有與之互動過的人。再次感謝您今天早上的時間。

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。