Bausch + Lomb Corp (BLCO) 2023 Q2 法說會逐字稿

Greetings. Welcome to the Bausch & Lomb Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

問候。歡迎參加博士倫 2023 年第二季度收益電話會議。 （操作員說明）

I will now turn the conference over to your host, George Gadkowski. Sir, the floor is yours.

現在我將會議交給主持人喬治·加德科斯基。先生，地板是你的了。

Thank you. Good morning, everyone, and welcome to our second 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. In addition to the live webcast, a copy of today's slide presentation and a replay of this conference call will be available on our website under the Investor Relations section.

謝謝。大家早上好，歡迎參加我們的 2023 年第二季度財務業績電話會議。出席今天電話會議的有董事長兼首席執行官布倫特·桑德斯 (Brent Saunders) 先生；和首席財務官 Sam Eldessouky 先生。除了現場網絡廣播外，今天的幻燈片演示文稿的副本和本次電話會議的重播也將在我們網站的投資者關係部分提供。

Before we begin, 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.

在開始之前，我想提醒您，我們今天的演示包含前瞻性信息。我們要求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。本演示文稿包含非公認會計準則財務指標和比率。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 調節表可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 not to 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從今天起生效。我們的政策是，除非法律要求，否則通常不會在下個季度之前更新指導意見，並且除了通過廣泛傳播的公開披露之外，不會更新或確認指導意見。

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

至此，我很高興將電話轉給布倫特。

Thank you, George, and thank you, everyone, for joining us today. My remarks will focus on 2 themes that define the quarter, performance and progress.

謝謝喬治，也謝謝大家今天加入我們。我的講話將集中於定義本季度的兩個主題：績效和進展。

Let's jump right in on Slide 3. Since our last update, I spent significant time on the road hearing directly from customers. No matter of the country, no matter the specialty, one theme was consistent, people are rooting for us and want to see Bausch + Lomb as an industry leader once again. 2 areas for improvement were also made clear and speak directly to challenges we covered during our call last quarter. First, we need to bring a steady supply of new products to market. Second, we need to ensure customers have access to a consistent supply of products across our entire portfolio, which means upgrading our global supply chain.

讓我們直接進入幻燈片 3。自從上次更新以來，我花了很多時間在路上直接聽取客戶的意見。無論來自哪個國家，無論專業如何，一個主題都是一致的，人們都在支持我們，並希望看到博士倫再次成為行業領導者。還明確了兩個需要改進的領域，並直接談到了我們在上季度電話會議中遇到的挑戰。首先，我們需要向市場提供穩定的新產品供應。其次，我們需要確保客戶能夠在我們的整個產品組合中獲得一致的產品供應，這意味著升級我們的全球供應鏈。

Here's the good news. We know what needs fixing. As I've said before, we have a large global infrastructure and an expansive commercial footprint. We offer products that address all eye care needs. There are approximately 13,000 Bausch & Lomb employees motivated every day by our mission of helping people see better, to live better. But scale is a competitive advantage only when it's efficient.

這是好消息。我們知道什麼需要修復。正如我之前所說，我們擁有龐大的全球基礎設施和廣泛的商業足跡。我們提供滿足所有眼部護理需求的產品。博士倫大約有 13,000 名員工每天都被我們幫助人們看得更清楚、生活得更好的使命所激勵。但規模只有在高效時才是競爭優勢。

Think of our challenge like a restaurant with great food and service, loyal clientele and an ideal location, but it fails to get to orders right and on time. The question is, how do you streamline the dining experience without losing any of what customers love?

將我們的挑戰想像成一家擁有美味食物和服務、忠誠的客戶和理想位置的餐廳，但它無法正確、準時地收到訂單。問題是，如何在不失去顧客喜愛的東西的情況下簡化用餐體驗？

Let's take a look at our progress. Last quarter, I unveiled the roadmap to accelerate growth, our multiyear plan to realize Bausch + Lomb's full potential. We're early in the process, but I am encouraged by what we've been able to accomplish in just a few months. Highlights include flattening the organization to free up resources and focus on new capabilities we're building, including next-generation digital and data competencies. We launched an employee-driven initiative aimed at reducing inefficiencies and administrative burden, with a focus on our sales team. We've put quick wins on the board in several areas, including expense reporting, meeting protocols and IT support in the field. I also solidified our leadership team, bringing in new talent and creating new roles aligned to our strategy.

讓我們看看我們的進展。上個季度，我公佈了加速增長的路線圖，這是我們實現博士倫全部潛力的多年計劃。我們還處於這個過程的早期階段，但我對我們在短短幾個月內所取得的成就感到鼓舞。重點包括扁平化組織以釋放資源並專注於我們正在構建的新能力，包括下一代數字和數據能力。我們發起了一項員工驅動的計劃，旨在減少效率低下和管理負擔，重點關注我們的銷售團隊。我們在董事會的多個領域取得了快速成果，包括費用報告、會議協議和現場 IT 支持。我還鞏固了我們的領導團隊，引進了新人才並創造了符合我們戰略的新角色。

Complex change projects like our roadmap tend to ask a lot of employees, but we have a talented and motivated team that gets it. They understand what needs to be fixed and want to be part of the solution. And amidst all this change, they delivered a very solid quarter. 12% revenue growth on a constant currency basis, outperformance across all segments and increasing demand in key markets, would make any CEO happy, especially in my first full quarter. And to be perfectly clear, I am proud of our performance and encouraged by several trends that will influence future growth.

像我們的路線圖這樣複雜的變革項目往往會要求很多員工，但我們擁有一支才華橫溢、積極進取的團隊來完成它。他們了解需要解決哪些問題並希望成為解決方案的一部分。在所有這些變化中，他們交付了非常穩定的季度業績。按固定匯率計算 12% 的收入增長、所有細分市場的出色表現以及關鍵市場不斷增長的需求，都會讓任何首席執行官感到高興，尤其是在我的第一個完整季度。需要明確的是，我對我們的業績感到自豪，並對影響未來增長的幾個趨勢感到鼓舞。

But my focus is on what's holding us back? To put it simply, we need to improve how we make and deliver our products to customers and consumers. I'll use our Lynchburg, Virginia contact lens distribution center, as an example. We were forced to upgrade that facility given significant growth in the business, a good problem to have. I'll spare you the details, that essentially we needed to move from a 30-year-old manual system to a new digitized way of working.

但我的重點是是什麼阻礙了我們？簡而言之，我們需要改進向客戶和消費者製造和交付產品的方式。我將以我們位於弗吉尼亞州林奇堡的隱形眼鏡配送中心為例。鑑於業務顯著增長，我們被迫升級該設施，這是一個很好的問題。我就不告訴你細節了，本質上我們需要從 30 年前的手動系統轉向新的數字化工作方式。

The problem is, we didn't execute and technical issues led to the facility quickly falling behind in processing orders. We expect to have things sorted out by the end of the year, thanks to the tireless efforts of our Lynchburg employees, we did experience a self-imposed negative financial impact to our business. What happened in Lynchburg is the most prominent supply chain issue we faced in the last quarter, but certainly not the only one. While some things may be outside of our control, we need to eliminate self-inflicted negative impacts to our business.

問題是，我們沒有執行，技術問題導致工廠在處理訂單方面很快落後。我們預計到今年年底就能解決問題，由於林奇堡員工的不懈努力，我們確實經歷了對我們業務造成的負面財務影響。林奇堡發生的事情是我們上季度面臨的最突出的供應鏈問題，但肯定不是唯一的問題。雖然有些事情可能超出我們的控制範圍，但我們需要消除對我們業務造成的負面影響。

Despite the ongoing supply challenges, I'm very pleased with our second quarter, which Sam will go deeper on.

儘管供應持續面臨挑戰，但我對第二季度感到非常滿意，山姆將對此進行更深入的探討。

Thank you, Brent, and good morning, everyone. Before we begin, as I noted in our last earnings call, most of my comments today will be focused on growth expressed on a constant currency basis.

謝謝你，布倫特，大家早上好。在我們開始之前，正如我在上次財報電話會議中指出的那樣，我今天的大部分評論將集中於以固定匯率計算的增長。

Turning now to our financial results on Slide 8. In the second quarter, we saw strong revenue growth across all 3 of our segments. Total company revenue, $1.035 billion for the quarter reflects growth of 12% on a constant currency basis and 10% on a reported basis compared to the prior year. Our strategy is to continue to invest in the business. The investments we're making are driving the strong revenue growth performance. We will continue to execute on this strategy, as we look forward to launching new products and reaching our full potential.

現在轉向幻燈片 8 上的財務業績。第二季度，我們所有 3 個部門的收入都出現了強勁增長。該季度公司總收入為 10.35 億美元，按固定匯率計算比上年增長 12%，按報告計算增長 10%。我們的策略是繼續投資業務。我們正在進行的投資正在推動強勁的收入增長。我們將繼續執行這一戰略，期待推出新產品並充分發揮我們的潛力。

As Brent mentioned, supply remains a challenge for us, specifically in the surgical and lens portfolios. As I will discuss further, we're taking medicating steps, but this remains a work in progress. On the positive side, market demand remains strong. As we improve our supply, we expect a robust demand to continue to drive growth.

正如布倫特提到的，供應對我們來說仍然是一個挑戰，特別是在手術和鏡片產品組合方面。正如我將進一步討論的那樣，我們正在採取藥物治療措施，但這仍然是一項正在進行的工作。從積極的一面來看，市場需求依然強勁。隨著我們改善供應，我們預計強勁的需求將繼續推動增長。

In the quarter, foreign currency headwinds were approximately $18 million to revenue and $25 million to adjusted EBITDA. We're seeing currency headwinds having a larger impact on adjusted EBITDA, which is driven by our geographic footprint, and the resulting currency mix.

本季度，外匯不利因素對收入造成約 1,800 萬美元，對調整後 EBITDA 造成約 2,500 萬美元。我們看到貨幣逆風對調整後的 EBITDA 產生了更大的影響，這是由我們的地理足跡和由此產生的貨幣組合驅動的。

Regarding China, we're seeing tangible signs of recovery. In the quarter, our China business grew 24% on a constant currency basis, relative to a soft comparable in the prior year quarter, that was negatively impacted by COVID restrictions. China contributed approximately 200 basis points to the 12% overall second quarter constant currency growth. We will continue to monitor the progress and remain confident that our business in China will return to stable and consistent growth over time.

至於中國，我們看到了明顯的複蘇跡象。本季度，我們的中國業務按固定匯率計算增長了 24%，與去年同期的軟可比相比，受到了新冠疫情限制的負面影響。中國對第二季度 12% 的整體貨幣恆定增長貢獻了約 200 個基點。我們將繼續關注進展情況，並對我們在中國的業務將隨著時間的推移恢復穩定和持續增長充滿信心。

Now let's discuss the results in each of our segments. Vision Care revenue of $646 million increased by 12% on a constant currency basis, driven by growth in both our consumer and lens portfolios. The consumer business grew by 17% on a constant currency basis, led by our LUMIFY, Eye Vitamins, and Artelac franchises. LUMIFY revenue grew by 23% globally compared to the prior year and achieved a record $43 million of revenue in the second quarter of 2023. LUMIFY has continued its strong momentum in the U.S., where it has had a leading market share of approximately 50%. We're also building the successful launch of LUMIFY in Canada, and we're leveraging the brand equity to launch the LUMIFY Eye Illuminations beauty line.

現在讓我們討論每個部分的結果。在消費者和鏡片產品組合增長的推動下，視力保健收入按固定匯率計算增長了 12%，達到 6.46 億美元。在我們的 LUMIFY、Eye Vitamins 和 Artelac 特許經營權的帶動下，消費者業務按固定匯率計算增長了 17%。與上一年相比，LUMIFY 全球收入增長了23%，並在2023 年第二季度實現了創紀錄的4300 萬美元收入。LUMIFY 在美國繼續保持強勁勢頭，在美國擁有約50% 的領先市場份額。我們還致力於在加拿大成功推出 LUMIFY，並利用品牌資產推出 LUMIFY Eye Illuminations 美容系列。

Revenue from our Eye Vitamins franchise, PreserVision and Ocuvite grew by 12% on a constant currency basis. PreserVision continues to be the market leader with 90% plus market share in the U.S. Our recent launches of OCUSorb and PreserVision + CoQ10 continue to expand the franchise. Our international consumer portfolio revenue grew by 22% on a constant currency basis.

我們的眼睛維生素特許經營權、PreserVision 和 Ocuvite 的收入按固定匯率計算增長了 12%。 PreserVision 繼續成為市場領導者，在美國占據 90% 以上的市場份額。我們最近推出的 OCUSorb 和 PreserVision + CoQ10 繼續擴大該系列產品。按固定匯率計算，我們的國際消費組合收入增長了 22%。

Revenue from Artelac, a key brand in our dry eye franchise, grew by 24% on a constant currency basis, mainly driven by higher demand in Europe. We have continued to drive growth in our consumer portfolio. To sustain the growth momentum, we will focus on investments to support launches, including in the second half of the year.

我們乾眼特許經營中的一個關鍵品牌 Artelac 的收入按固定匯率計算增長了 24%，這主要是受到歐洲需求增長的推動。我們繼續推動消費產品組合的增長。為了保持增長勢頭，我們將重點投資以支持產品發布，包括在下半年。

In July, we announced the strategic acquisition of Blink to further expand our OTC eye drop portfolio. While we're excited about the strategic fit, we don't expect Blink to have a meaningful impact in our 2023 financial results.

7月，我們宣布戰略收購Blink，以進一步擴大我們的OTC滴眼液產品組合。雖然我們對戰略契合感到興奮，但我們預計 Blink 不會對我們 2023 年的財務業績產生有意義的影響。

In the lens portfolio, we saw 4% constant currency growth in the second quarter. Reported revenue from our Daily SiHy lenses grew by 42% in the quarter, driven by strong demand as we continue to expand the Daily SiHy family. We recently launched a Daily SiHy multifocal lens in the U.S. and also rolled out Daily SiHy in China, which is a large and important market for us.

在鏡頭投資組合中，我們看到第二季度貨幣持續增長 4%。在我們繼續擴大 Daily SiHy 系列的強勁需求的推動下，本季度 Daily SiHy 鏡片的報告收入增長了 42%。我們最近在美國推出了 Daily SiHy 多焦點鏡片，並在中國推出了 Daily SiHy，中國對我們來說是一個龐大而重要的市場。

We also saw broad-based growth across the [DLEs] portfolio. On a constant currency basis, Biotrue delivered 3% growth and our legacy brand, SofLens Daily grew by 10%.

我們還看到 [DLEs] 投資組合的廣泛增長。按固定匯率計算，Biotrue 實現了 3% 的增長，我們的傳統品牌 SofLens Daily 增長了 10%。

As Brent discussed, revenue in the U.S. lens portfolio was negatively impacted by implementation disruptions related to a new warehouse management system upgrades to our Lynchburg facility. This mainly impacted our Ultra lens family, which declined in revenue in the quarter. Excluding the impact of the disruptions, global lens constant currency revenue growth would have been approximately 10% in the quarter.

正如布倫特所討論的，美國鏡片組合的收入受到與我們林奇堡工廠新倉庫管理系統升級相關的實施中斷的負面影響。這主要影響了我們的 Ultra 鏡頭系列，該系列在本季度的收入有所下降。排除中斷的影響，全球鏡頭按固定匯率計算本季度收入增長約為 10%。

We're taking steps to resolve the disruptions and resume a normal level of order processing. We anticipate there will be a continued impact in the second half of the year as we work through the implementation.

我們正在採取措施解決中斷問題並恢復正常的訂單處理水平。我們預計，在我們實施實施的過程中，下半年將會產生持續的影響。

Moving now to the Surgical segment; second quarter revenue was $195 million, an increase of 7% on a constant currency basis. The consumables portfolio, our largest category, grew by 11% in constant currency compared to Q2 '22, mainly driven by surgical packs. Implantables declined by 4% on a constant currency basis. Strong growth in the high-margin premium IOL portfolio, which was up 33% in constant currency, was offset by the impact of a products hold by our partner on the EyeCee One Standard IOL. We anticipate the product hold to continue in the second half of the year.

現在轉向外科領域；第二季度收入為 1.95 億美元，按固定匯率計算增長 7%。消耗品組合是我們最大的類別，按固定匯率計算，與 22 年第二季度相比增長了 11%，這主要是由手術包推動的。按固定匯率計算，植入物下降了 4%。高利潤溢價人工晶狀體投資組合的強勁增長（按固定匯率計算增長了 33%）被我們合作夥伴持有的 EyeCee One 標准人工晶狀體產品的影響所抵消。我們預計下半年該產品將繼續持有。

We're also executing our phased U.S. launch of the EyeCee A Premium IOL, which has generated strong interest in the market. We're continuing to make investments to support the launch, including training associates and onboarding surgeons. Revenue from equipment was up 10% versus Q2 '22 on a constant currency basis, driven by a recovery in China as well as contributions from the Instruments portfolio.

我們還在美國分階段推出 EyeCee A Premium IOL，該產品引起了市場的強烈興趣。我們將繼續進行投資來支持此次發布，包括培訓員工和入職外科醫生。受中國經濟復甦以及儀器產品組合貢獻的推動，設備收入按固定匯率計算，較 2022 年第二季度增長 10%。

While market demand in our surgical portfolio continues to be strong, our ability to supply remains a work in progress. Our team continues to implement various mitigating measures, including strategic spot buying of components, which has led to higher cost inventory and pressure on margins. We anticipate the supply will remain volatile as we progress throughout the year.

雖然我們的手術產品組合的市場需求仍然強勁，但我們的供應能力仍在不斷提高。我們的團隊繼續實施各種緩解措施，包括戰略性現貨採購零部件，這導致庫存成本上升和利潤壓力。我們預計，隨著全年的進展，供應量將保持波動。

Lastly, revenues in the Pharma segment were $194 million, representing constant currency growth of 16%, with strong performance across all 3 portfolios and all major markets. In our U.S. Rx business, VYZULTA revenue grew by 25% in the quarter, with TRxs up 26%.

最後，製藥部門的收入為 1.94 億美元，按恆定匯率計算增長 16%，所有 3 個投資組合和所有主要市場均表現強勁。在我們的美國 Rx 業務中，VYZULTA 收入本季度增長了 25%，其中 TRx 增長了 26%。

U.S. Generics revenue grew by 10% as we continue to actively capitalize on supply challenges faced by our competitors. The international portfolio saw strong performance across all major markets, leading to 20% constant currency growth in the quarter. Growth in the international portfolio was broad-based across all major markets, including China.

由於我們繼續積極利用競爭對手面臨的供應挑戰，美國仿製藥收入增長了 10%。國際投資組合在所有主要市場均表現強勁，導致本季度貨幣持續增長 20%。國際投資組合的增長在包括中國在內的所有主要市場都有廣泛的基礎。

We're pleased to have received FDA approval for MIEBO. As we prepared to launch this innovative dry eye product in the third quarter, we expect to make additional investments. As you have heard me say before, it takes approximately 18 to 24 months to ensure newer launches are well positioned in the marketplace.

我們很高興 MIEBO 獲得 FDA 批准。當我們準備在第三季度推出這款創新的干眼產品時，我們預計將進行額外投資。正如您之前聽我說過的，大約需要 18 到 24 個月的時間才能確保新產品在市場上佔據有利位置。

Now that we have covered revenues for each of our segments, let me walk through some of the key non-GAAP line items on Slide 9. As a reminder, the Bausch & Lomb IPO occurred in May 2022, and our second quarter 2022 results did not fully reflect run rate standalone costs. Along the same lines, the basis of interest expense and taxes reported in Q2 '22 results also does not fully reflect our operations as a standalone entity.

現在我們已經涵蓋了每個部門的收入，讓我來介紹一下幻燈片 9 上的一些關鍵的非 GAAP 項目。提醒一下，博士倫 IPO 發生在 2022 年 5 月，我們 2022 年第二季度的業績不能完全反映運行率獨立成本。同樣，22 年第二季度業績中報告的利息費用和稅收的基礎也沒有完全反映我們作為獨立實體的運營。

As we have previously mentioned, this impacted comparability between 2022 and 2023 results. Adjusted gross margin for the quarter was 59.7%, which was flat compared to Q2 '22. Second quarter adjusted EBITDA of $179 million was impacted by currency headwinds of approximately $25 million. Adjusted EBITDA also reflects standalone costs, that were not fully reflected in the prior year quarter, given the May '22 timing of the Bausch + Lomb IPO.

正如我們之前提到的，這影響了 2022 年和 2023 年結果之間的可比性。該季度調整後毛利率為 59.7%，與 2022 年第二季度相比持平。第二季度調整後 EBITDA 為 1.79 億美元，受到約 2500 萬美元貨幣逆風的影響。調整後的 EBITDA 還反映了獨立成本，考慮到博士倫 IPO 的時間，這些成本並未完全反映在去年同期。

We'll continue to focus our strategy on increasing investments to support product launches and R&D. In the second quarter, we invested an additional $10 million in R&D compared to Q2 '22. We're committed to investing in our upcoming launches in '23 and '24, to ensure they are reaching their full potential. Additionally, our second quarter margins were negatively impacted by supply chain challenges, particularly in our surgical and lens portfolios.

我們將繼續將戰略重點放在增加投資以支持產品發布和研發上。與 22 年第二季度相比，第二季度我們在研發方面額外投入了 1000 萬美元。我們致力於投資於 23 年和 24 年即將推出的產品，以確保它們充分發揮潛力。此外，我們第二季度的利潤率受到供應鏈挑戰的負面影響，特別是在我們的手術和鏡片產品組合中。

In the surgical business, the limited availability of components has led to higher costs. In the lens business, the system upgrade disruption at our Lynchburg facility impacted a normal level of order processing.

在外科手術領域，組件的供應有限導致成本上升。在鏡片業務中，我們林奇堡工廠的系統升級中斷影響了訂單處理的正常水平。

Net interest expense for the quarter was approximately $53 million, reflecting the current interest rate environment. For comparability purposes, the lower net interest expense of approximately $43 million in Q2 '22, did not fully reflect our standalone capital structure. The adjusted tax rate in the second quarter was 6%, which is in line with our expectations for the full year '23. Adjusted EPS for the quarter was $0.18. Adjusted cash flow used by operations was $14 million in the second quarter. This is mainly driven by a strategic inventory build, to mitigate potential supply disruptions and an investment in working capital to support launches and growing sales.

該季度的淨利息支出約為 5300 萬美元，反映了當前的利率環境。出於可比性目的，22 年第二季度約 4300 萬美元的較低淨利息支出並未完全反映我們的獨立資本結構。第二季度調整後稅率為6%，符合我們對23年全年的預期。該季度調整後每股收益為 0.18 美元。第二季度運營使用的調整後現金流量為 1,400 萬美元。這主要是由戰略庫存建設推動的，以減輕潛在的供應中斷，以及對營運資本的投資以支持產品發布和銷售增長。

Year-to-date, the strategic inventory build has been approximately $82 million. Adjusted cash flow was also impacted by higher interest expense and the timing of payments. Second quarter CapEx was $27 million.

今年迄今為止，戰略庫存建設已約為 8200 萬美元。調整後的現金流量還受到較高的利息支出和付款時間的影響。第二季度資本支出為 2700 萬美元。

Turning now to our 2023 guidance on Slide 12. We're raising our revenue guidance for 2023 to a range of $3.95 billion to $4 billion, which reflects a constant currency growth rate of approximately 6.5% to 7.5%. Based on current exchange rates, we expect the currency headwinds to have a negative impact on revenue of approximately $50 million for the full year. While we're very pleased with the strong performance in the first half of the year, our guidance reflects a responsible perspective on the remainder of the year. We are balancing their strong performance and the market demand with the work in progress of resolving our supply chain challenges and the potential volatility this creates.

現在轉向幻燈片 12 上的 2023 年指導。我們將 2023 年的收入指導上調至 39.5 億美元至 40 億美元的範圍，這反映了約 6.5% 至 7.5% 的恆定貨幣增長率。根據當前匯率，我們預計貨幣逆風將對全年收入產生約 5000 萬美元的負面影響。雖然我們對今年上半年的強勁表現感到非常滿意，但我們的指導反映了對今年剩餘時間的負責任的觀點。我們正在平衡他們的強勁表現和市場需求，以及解決我們的供應鏈挑戰和由此產生的潛在波動的正在進行的工作。

As mentioned, we have taken action to address supply challenges, particularly in our surgical and lens portfolios. We recognize there is more work to be done to provide consistent level of supply to our customers and patients.

如前所述，我們已採取行動應對供應挑戰，特別是在我們的手術和鏡片產品組合方面。我們認識到，要為我們的客戶和患者提供穩定的供應水平，還有更多工作要做。

It is also important to note that as we were seeing signs of recovery in China, the Q2 '23 level of growth benefited from softer performance in the prior year. While we're excited to further enhance our consumer portfolio product line with the July acquisition of Blink, we do not expect the acquisition to have a meaningful impact on our overall financial results for 2023.

同樣重要的是要注意，由於我們看到中國復甦的跡象，23 年第二季度的增長水平受益於上一年的疲軟表現。雖然我們很高興通過 7 月份收購 Blink 進一步增強我們的消費產品組合產品線，但我們預計此次收購不會對我們 2023 年的整體財務業績產生有意義的影響。

I would also like to note that the XIIDRA transaction we announced at the end of June, subject to regulatory approvals and customary closing conditions and is expected to close by the end of 2023. Our guidance does not reflect any anticipated impact of this transaction and the related financing.

我還想指出的是，我們於 6 月底宣布的 XIIDRA 交易尚待監管部門批准和慣例成交條件，預計將於 2023 年底完成。我們的指引並未反映該交易和相關融資。

We are maintaining our adjusted EBITDA guidance for 2023 in the range of $700 million to $750 million. The adjusted EBITDA guidance absorbs the supply chain pressure incurred in the second quarter and reflects our commitment to continue to invest in our product launches. We expect full year currency headwinds to adjusted EBITDA of approximately $35 million.

我們將 2023 年調整後 EBITDA 指導維持在 7 億至 7.5 億美元之間。調整後的 EBITDA 指引吸收了第二季度產生的供應鏈壓力，並反映了我們繼續投資於產品發布的承諾。我們預計全年貨幣逆風將導致調整後 EBITDA 約為 3500 萬美元。

On a rounded basis, we continue to expect our 2023 adjusted gross margin to be approximately 60%, although there is some slight unfavorability driven by the supply chain pressures that I've already discussed.

在四捨五入的基礎上，我們繼續預計 2023 年調整後的毛利率約為 60%，儘管我已經討論過的供應鏈壓力帶來了一些輕微的不利影響。

In terms of other key assumptions underlying our guidance, we anticipate investments in R&D to be approximately 8% of revenue and interest expense to be approximately $225 million for the full year. Our adjusted tax rate is expected to be roughly 6% and full year CapEx is approximately $200 million. As I already mentioned, keep in mind that the comparability between 2022 and 2023 results for the full year, will also be impacted by the May '22 timing of the B&L IPO.

就我們指引所依據的其他關鍵假設而言，我們預計全年研發投資約佔收入的 8%，利息支出約為 2.25 億美元。我們調整後的稅率預計約為 6%，全年資本支出約為 2 億美元。正如我已經提到的，請記住，2022 年和 2023 年全年業績的可比性也將受到 22 日 5 月 B&L IPO 時間的影響。

Overall, we are pleased with the strong growth across all of our segments in the first half of 2023, and we're excited to continue enhancing our portfolio. We recognize there's more work to be done in the back half of the year to overcome the volatility related to supply challenges, and to deliver consistent performance. Our 2023 guidance reflects our strategy to increase investments in the business to support launches that we expect will become important drivers of profitable growth.

總體而言，我們對 2023 年上半年所有細分市場的強勁增長感到滿意，並且很高興能夠繼續增強我們的產品組合。我們認識到，今年下半年還有更多工作要做，以克服與供應挑戰相關的波動，並提供穩定的業績。我們的 2023 年指引反映了我們增加業務投資的戰略，以支持我們預計將成為盈利增長重要驅動力的產品發布。

And now I will turn the call back to you, Brent.

現在我將把電話轉回給你，布倫特。

Thanks, Sam. Let's talk about what's on the horizon. With our recently announced acquisition of XIIDRA and Blink, we've been asked if we're focused exclusively on pharmaceuticals. That couldn't be farther from the truth. While we are committed to growing our pharma business, we're focused on being the best eye care company, from surgical equipment to contact lenses and everything in between.

謝謝，薩姆。讓我們來談談即將發生的事情。隨著我們最近宣布收購 XIIDRA 和 Blink，有人問我們是否只專注於藥品。這與事實相差甚遠。在我們致力於發展製藥業務的同時，我們致力於成為最好的眼科護理公司，從手術設備到隱形眼鏡以及介於兩者之間的一切產品。

The products you see here represent all of our businesses. Some are significant, while others will be steady contributors. But the point is they all matter and support our approach to holistic eye health.

您在這裡看到的產品代表了我們所有的業務。有些是重要的，而另一些則是穩定的貢獻者。但重點是它們都很重要並支持我們實現整體眼睛健康的方法。

The timing of these product launch matters as well. Recent and upcoming 2023 launches will serve as a catalyst for 2024, which we expect will be one of the most active launch years in the 170-year history of Bausch + Lomb. While there's typically an 18 month to 24 month launch cycle to realize full economic potential from new products, we're excited about the trajectory and industry positioning and our ability to innovate for patients.

這些產品的發佈時間也很重要。最近和即將到來的 2023 年發布將成為 2024 年的催化劑，我們預計 2024 年將是博士倫 170 年曆史上最活躍的發布年份之一。雖然新產品的推出週期通常為 18 個月到 24 個月，但我們對新產品的發展軌跡、行業定位以及我們為患者創新的能力感到興奮。

How we're bringing these products to market is critical and something we expect to significantly improve on. Let's take a look at how we're rolling out what we expect to be an important contributor for years to come.

我們如何將這些產品推向市場至關重要，我們希望在這方面進行顯著改進。讓我們看一下我們如何推出我們期望在未來幾年內成為重要貢獻者的內容。

The MIEBO launch later this quarter will be an exciting event for the company and the teams have worked so hard to bring this product to market. It's also an opportunity to truly leverage our infrastructure and apply what we've learned from past launches. The critical success factors for MIEBO's introduction are nice-to-haves, their imperatives, and we will help establish a blueprint for launch excellence going forward. This is especially true, when it comes to field preparedness and setting the team up for success.

本季度晚些時候推出的 MIEBO 對於該公司來說將是一件令人興奮的事情，團隊為將該產品推向市場付出了巨大的努力。這也是一個真正利用我們的基礎設施並應用我們從過去的發布中學到的知識的機會。 MIEBO 推出的關鍵成功因素是必備條件和必要條件，我們將幫助制定未來卓越發布的藍圖。當涉及到現場準備和讓團隊取得成功時尤其如此。

The timing for a refresh go-to-market approach could be better, as the dry eye disease category is ripe for innovation and new treatment options. Dry eye disease is underdiagnosed and undertreated, representing a significant opportunity. This is especially true when you consider we have an aging population, and more time is being spent staring at phones and tablets. The data is jarring. An estimated 96% of the U.S. population that suffers from dry eye disease, is not using a prescription treatment.

更新上市方法的時機可能會更好，因為乾眼病類別的創新和新治療選擇的時機已經成熟。乾眼病的診斷和治療不足，這是一個重要的機會。當你考慮到我們的人口老齡化，並且更多的時間花在盯著手機和平板電腦上時，這一點尤其正確。數據令人震驚。據估計，96% 的美國人患有乾眼病，但並未使用處方治療。

Dry eye disease is also multifactorial, which means different treatment options are needed. MIEBO is the first and only FDA-approved treatment for dry eye disease, that directly targets to evaporation. XIIDRA and other similar medicines focus on inflammation associated with dry eye. In other words, these are different medicines treating different needs. Our acquisition of XIIDRA, which is subject to regulatory approval and other customary closing conditions, will complement our existing drive portfolio and provide prescribers with different treatment options, based on unique patient needs.

乾眼病也是多因素造成的，這意味著需要不同的治療方案。 MIEBO 是第一個也是唯一一個獲得 FDA 批准的干眼病治療方法，直接針對蒸發。 XIIDRA 和其他類似藥物專注於與乾眼相關的炎症。換句話說，這些是治療不同需求的不同藥物。我們對 XIIDRA 的收購需要獲得監管部門的批准和其他慣例成交條件，這將補充我們現有的驅動產品組合，並根據獨特的患者需求為處方者提供不同的治療選擇。

Moving to our Vision Care business; despite supply chain challenges from our Lynchburg distribution center, our silicone hydrogel lens performance was exceptional, continuing a growth theme. We launched multifocal in the U.S. last quarter, and our single vision spherical launch in China means, we now have presence in all major markets. As an aside, I had a chance to visit China this June. I'm excited about the investment we made in talent there, and our market potential.

轉向我們的視力保健業務；儘管我們的林奇堡配送中心的供應鏈面臨挑戰，但我們的矽水凝膠鏡片性能非常出色，持續增長。上個季度，我們在美國推出了多焦眼鏡，在中國推出了單光球形眼鏡，這意味著我們現在在所有主要市場都有業務。順便說一句，今年六月我有機會訪問中國。我對我們在人才方面的投資以及我們的市場潛力感到興奮。

Rounding out our business highlights; we continue to strategically expand consumer offerings and provide more OTC options in more places. LUMIFY saw its highest ever quarterly revenue, with 23% year-over-year growth on a reported and constant currency basis. We saw similar numbers for Artelac and have growth plans for both franchises with a goal of creating truly international brands.

完善我們的業務亮點；我們繼續戰略性地擴展消費者產品，並在更多地方提供更多非處方藥選擇。 LUMIFY 實現​​了有史以來最高的季度收入，按報告和固定匯率計算，同比增長 23%。我們看到 Artelac 的數字相似，並且為這兩個特許經營商制定了增長計劃，目標是打造真正的國際品牌。

In surgical, product demand remained strong, but component availability continues to be an issue impacting our supply chain. We're working with third parties to address these challenges, while providing more options in a growth market.

在外科領域，產品需求依然強勁，但組件供應仍然是影響我們供應鏈的一個問題。我們正在與第三方合作應對這些挑戰，同時在增長的市場中提供更多選擇。

I highlighted our impressive company-wide launch calendar earlier, but it's worth pointing out surgical launch contributions well into 2024, including several new products in the high-margin premium IOL category.

我早些時候強調了我們令人印象深刻的全公司範圍內的發布日曆，但值得指出的是，到 2024 年手術發布的貢獻，包括高利潤的優質 IOL 類別中的幾種新產品。

I spent a lot of time highlighting the challenges we face and our plan to overcome it. But I'll reiterate the 2 themes that define the second quarter; performance and progress. Despite ongoing supply chain issues, we put several wins on the board, which speaks to the resiliency of our employees. That's clearly reflected in our 12% constant currency revenue growth and other financial metrics. But I'm more interested in the progress we've made in our ambitious plans to reshape Bausch + Lomb and realize our full potential.

我花了很多時間強調我們面臨的挑戰以及我們克服這些挑戰的計劃。但我將重申第二季度的兩個主題：表現和進步。儘管供應鏈問題持續存在，我們還是在董事會取得了幾項勝利，這說明了我們員工的韌性。這清楚地反映在我們 12% 的恆定貨幣收入增長和其他財務指標中。但我更感興趣的是我們在重塑博士倫並充分發揮潛力的雄心勃勃的計劃中所取得的進展。

Actions speak louder than words, and I'm encouraged by the level of commitment I've already seen. Change is hard, but the reward is worth it.

行動勝於雄辯，我對我已經看到的承諾程度感到鼓舞。改變是困難的，但回報是值得的。

Operator, let's open the line for questions.

接線員，讓我們打開提問線路。

(Operator Instructions) Your first question for today is coming from Joanne Wuensch at Citi.

（操作員說明）今天您的第一個問題來自花旗銀行的 Joanne Wuensch。

I have a couple on (inaudible). supply challenges in surgical and lenses, is there a way to quantify the impact of that and the timing to resolution? And then I'll pass my second one on. Daily silicone hydrogel up 42% is pretty impressive. What do you think is going on there and how much of that growth is maybe market share or cannibalization or market expansion?

我有幾個（聽不清）。手術和鏡片的供應挑戰，有沒有辦法量化其影響以及解決時間？然後我將傳遞我的第二個。矽水凝膠每天上漲42%，相當可觀。您認為那裡正在發生什麼？這種增長有多少可能是市場份額、蠶食或市場擴張？

So let's deal with the first question on supply challenges. First, I'd probably say, look, I'm a tough grader, and I do think that we can improve our ability to supply customers and patients with our products across all of our businesses. Yesterday, I announced we're bringing in a very experienced new head of our supply chain, and I suspect it will take us a year or 2 to get to a place where I feel very confident in our ability to execute in the supply chain.

那麼，讓我們來討論第一個問題，即供應挑戰。首先，我可能會說，看，我是一個嚴格的分級員，我確實認為我們可以提高我們所有業務中為客戶和患者提供產品的能力。昨天，我宣布我們將聘請一位經驗豐富的新供應鏈負責人，我懷疑我們需要一兩年的時間才能達到我對我們在供應鏈中的執行能力非常有信心的水平。

That being said, we don't have regulatory issues, FDA issues, other health authority issues. This is more about delivery of products and componentry and supply. And so that is a fixable situation, and one that we're very focused on solving. So it will take some time, but absolutely solvable.

話雖這麼說，我們沒有監管問題、FDA 問題或其他衛生當局問題。這更多的是關於產品和零部件的交付和供應。因此，這是一種可以解決的情況，也是我們非常專注於解決的情況。所以這需要一些時間，但絕對可以解決。

In terms of quantifying, Sam, do you want to...

在量化方面，Sam，你想...

Sure. I will break the supply chain into the 2 parts that you mentioned, surgical and the lens business because they are different. So when you think about surgical, what we were talking about is the availability of components. And what we've been doing is, we've been working through, trying to validate second vendors to be able to find the supply -- sufficient supply that will support the demand that we're seeing in the marketplace in the surgical business. And we've also been doing what I refer to as a spot buy. And the spot buy is basically acquiring whatever supply we find in the market, that's acquiring a higher cost, which is putting pressure on the margin, and I highlighted that in the first quarter, and I highlighted it again this quarter. So you'll see the impact of that as we go through the year, as the inventory comes in and you see the impact on the margin pressure.

當然。我將把供應鏈分為你提到的兩個部分，外科手術和鏡片業務，因為它們是不同的。因此，當您考慮外科手術時，我們討論的是組件的可用性。我們一直在做的是，我們一直在努力驗證第二個供應商是否能夠找到供應——足夠的供應來支持我們在外科手術市場上看到的需求。我們也一直在做我所說的現貨購買。現貨購買基本上是獲取我們在市場上找到的任何供應，這會獲取更高的成本，這給利潤率帶來壓力，我在第一季度強調了這一點，本季度我再次強調了這一點。因此，當我們經歷這一年時，隨著庫存的增加，你會看到它的影響，並且你會看到對利潤壓力的影響。

The second issue is the Lynchburg that Brent mentioned and we discussed earlier in our prepared remarks, that's related to the distribution center and the upgrade that we've done in the distribution center in the U.S. The impact of that, I quantified it in my prepared remarks about 600 basis points for the lens business. So we've seen the growth in our lens business at 4%, that would've been 10% excluding, so that's about 600 basis points. We absorbed the impact of, then our EBITDA, which was roughly about $10 million that we absorbed in this quarter, in our results as well.

第二個問題是布倫特提到的林奇堡，我們之前在準備好的發言中討論過，這與配送中心以及我們在美國的配送中心所做的升級有關。其影響，我在準備的發言中量化了它。評論對鏡片業務約600個基點。因此，我們看到我們的鏡片業務增長了 4%，如果不包括在內，則增長了 10%，所以大約增長了 600 個基點。我們在業績中也吸收了 EBITDA 的影響，本季度我們吸收的 EBITDA 大約為 1000 萬美元。

Yes. And with respect to the Daily SiHy or our infused product line, obviously, I think what's most important is, we have a very good product there and we're seeing great support from ODs and patients to the lens. When you look at volume there, we see that about 60% is being sourced from new fits and the rest from switches. I do think that when we get deeper into the data, we see about 1/3 of patients switching from other modalities or other consumers coming into our infused products.

是的。對於 Daily SiHy 或我們的輸注產品線，顯然，我認為最重要的是，我們擁有非常好的產品，並且我們看到 OD 和患者對鏡片的大力支持。當你觀察那裡的銷量時，我們會發現大約 60% 來自新款式，其餘則來自轉換。我確實認為，當我們深入研究數據時，我們會發現大約 1/3 的患者從其他治療方式轉向使用我們的輸注產品。

So there obviously is some cannibalization anytime you launch a new, really well-received product in the marketplace. But I do think that the overall big picture is we have a great product. We've launched it now in all the major markets around the world. And now we're moving into the higher-margin specialty versions like the multifocal, which just launched in the U.S. and then we'll have the multi -- the Toric following next year as well. So those will take a little bit to roll out around the world, but I think the entire portfolio there is a very strong competitive offering.

因此，每當你在市場上推出一款非常受歡迎的新產品時，顯然都會出現一些蠶食。但我確實認為，總體而言，我們擁有一款很棒的產品。我們現在已經在全球所有主要市場推出了它。現在，我們正在轉向利潤率更高的專業版本，例如剛剛在美國推出的多焦點眼鏡，然後明年我們也會推出多焦點眼鏡。因此，這些產品需要一點時間才能在全球範圍內推廣，但我認為整個產品組合都具有非常強大的競爭力。

Next question, operator.

下一個問題，操作員。

Your next question for today is coming from Douglas Miehm at RBC Capital Markets.

今天的下一個問題來自加拿大皇家銀行資本市場的道格拉斯·米姆 (Douglas Miehm)。

My question -- and I know this is out of your hands at the moment, and we're not expecting a close of the XIIDRA deal until later this year. But I do have a question around the performance of that product down around 20%. And I know that they're trying to garner more market share, but we're not seeing a pickup in prescription rates. And we are probably dealing with a disengaged sales force. So first question is, is -- are you hearing about any turnover in that sales force? And then secondly, if we are starting from a base of $400 million in revenue as we exit 2023, when you talked originally about 5% growth, were you talking from $500 million or from whatever 2023 ended up being?

我的問題是——我知道目前這不是你能控制的，我們預計 XIIDRA 交易要到今年晚些時候才能完成。但我確實對該產品的性能下降了 20% 左右有疑問。我知道他們正在努力獲得更多的市場份額，但我們沒有看到處方率有所上升。我們可能正在面對一支不敬業的銷售隊伍。所以第一個問題是——您是否聽說該銷售隊伍有人員流動？其次，如果我們在 2023 年退出時以 4 億美元的收入為基礎，那麼當您最初談到 5% 的增長時，您是在談論 5 億美元還是 2023 年最終的收入？

Yes. So thanks for the question. Look, clearly, it is -- the product is owned by Novartis and is subject to the normal customary closing conditions, and we do expect that to close towards the end of the year. That being said, I think you have to look at the history of this product in the category. So this was a drug launched by Shire sold to Takeda sold to Novartis, and then somewhat openly held for sale for the last several months.

是的。謝謝你的提問。顯然，該產品由諾華公司擁有，並受正常慣例成交條件的約束，我們確實預計該交易將在今年年底前完成。話雖這麼說，我認為你必須看看該產品在該類別中的歷史。這是夏爾推出的一種藥物，賣給了武田，賣給了諾華，然後在過去幾個月裡公開出售。

So look, I think human nature, any sales force looks at something like this and probably there is a little bit lack of energy or enthusiasm in that group, that's just human nature. And so we are excited to get the deal closed and look for better ways to talk about the therapeutic benefits to doctors. We know it is a promotionally sensitive category. I put some data related to the category. There are roughly 38 million people in the United States diagnosed with dry eye disease, and yet only 1.4 million patients treating with a prescription solution.

所以看，我認為人性，任何銷售人員都會看到這樣的事情，並且該團隊可能有點缺乏活力或熱情，這就是人性。因此，我們很高興能夠完成交易，並尋找更好的方式向醫生談論治療益處。我們知道這是一個促銷敏感類別。我放了一些與該類別相關的數據。美國大約有 3800 萬人被診斷患有乾眼症，但只有 140 萬名患者接受處方藥治療。

And so when I look at those dynamics, we're very excited to have a differentiated treatment option for physicians to complement what we're bringing with MIEBO. And then lastly, I'll just -- a little long winded. The most important metric I'm tracking while Novartis still is in ownership of the brand is TRx. And we saw about 4% TRx growth. And so to me, that is the most important metric until we close to track, and I think they're doing a solid job there.

因此，當我看到這些動態時，我們非常高興能為醫生提供差異化​​的治療選擇，以補充我們通過 MIEBO 帶來的內容。最後，我要說一點長話。當諾華仍擁有該品牌時，我跟踪的最重要指標是 TRx。我們看到 TRx 增長了約 4%。所以對我來說，這是我們接近正軌之前最重要的指標，我認為他們在這方面做得很紮實。

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

你們的下一個問題來自富國銀行的拉里·比格爾森。

Congrats on a nice quarter here Brent and Sam. 2 for me. One on MIEBO, one on 2024. So just to start on MIEBO, Brent, what would success look like? I mean we've looked at the XIIDRA launch as a benchmark. What are some of the puts and takes in your view of how adoption could be stronger or weaker, and would you be happy to say MIEBO ramp was about 50% of XIIDRA same time post launch. I mean XIIDRA been a successful product at about $500 million peak. So that's my first question, just kind of how are you thinking about the ramp of MIEBO, and then I had a follow-up for Sam.

祝賀布倫特和薩姆在這裡度過了美好的季度。 2 對我來說。一篇關於 MIEBO，一篇關於 2024 年。布倫特，從 MIEBO 開始，成功會是什麼樣子？我的意思是，我們將 XIIDRA 的發布視為基準。在您看來，採用率可能會更強或更弱，您認為 MIEBO 的增長速度約為 XIIDRA 發布後同期速度的 50% 左右，您是否會很高興地說。我的意思是，XIIDRA 是一款成功的產品，峰值金額約為 5 億美元。這是我的第一個問題，您如何看待 MIEBO 的發展，然後我對 Sam 進行了跟進。

Sure. So as we look at MIEBO, I think looking at the XIIDRA launch is perhaps a little informative, but probably not right on. These are different products and different markets for dry eye disease. XIIDRA launched into what we would call the inflammatory associated dry eye category. That's a very competitive category. You had -- when it launched, you had a very strong RESTASIS, and since launch, you've had several other new entries and new products in late-stage development for inflammatory dry eye.

當然。因此，當我們關注 MIEBO 時，我認為關注 XIIDRA 的發布可能會提供一些信息，但可能並不正確。這些是針對乾眼病的不同產品和不同市場。 XIIDRA 進入了我們所說的炎症相關乾眼類別。這是一個競爭非常激烈的類別。當它推出時，你有一個非常強大的 RESTASIS，自推出以來，你還有其他幾個新條目和處於後期開發的炎症性乾眼症新產品。

MIEBO, on the other hand, is in a different part of the market for different patients and a different treatment modality, tear evaporation, and we are the only drug for tear evaporation. Most dry eye sufferers have tear evaporation related issues. And so I do think we have an opportunity to be quite successful with this launch, and we're very excited about it. In round numbers, I would say, I would be very disappointed if we didn't see peak sales exceeding $350 million over time. But ramps take longer. Managed care access takes longer to work through. But I think we're in a very good position with a great product.

另一方面，MIEBO 處於市場的不同部分，針對不同的患者和不同的治療方式，即淚液蒸發，而我們是唯一用於淚液蒸發的藥物。大多數乾眼症患者都有淚液蒸發相關的問題。所以我確實認為我們有機會通過這次發布取得相當成功，我們對此感到非常興奮。我想說，如果我們沒有看到峰值銷售額隨著時間的推移超過 3.5 億美元，我會非常失望。但坡道需要更長的時間。管理式醫療服務的獲取需要更長的時間才能完成。但我認為我們擁有出色的產品，處於非常有利的位置。

That's super helpful. Sam, obviously, you're not giving guidance for 2024, but there are a lot of moving parts. And I'm just wondering if you could maybe provide a framework for how to think about 2024? What are some of the things to consider? XIIDRA, $400 million to $500 million in revenues. I think you've talked about that being about 10% accretive. I just want to confirm if that's still true. Blink revenues, the MIEBO launch, the PROLENSA loss of exclusivity, and just to sum it up, the Street's modeling about $1 in EPS right now next year versus, call it, $0.75 to $0.80 this year. Does that seem about right with all the moving parts? Is there anything you would highlight? I mean obviously, valuation is primarily based on '24. So just hoping you could provide some framework there?

這非常有幫助。 Sam，顯然，您沒有給出 2024 年的指導，但有很多變化的部分。我只是想知道您是否可以提供一個如何思考 2024 年的框架？有哪些需要考慮的事項？ XIIDRA，收入為 4 億至 5 億美元。我想你已經談到了大約 10% 的增值。我只是想確認這是否仍然正確。眨眼的收入、MIEBO 的推出、PROLENSA 的獨家經營權喪失，總而言之，華爾街預測明年每股收益約為 1 美元，而今年為 0.75 至 0.80 美元。對於所有移動部件來說，這似乎是正確的嗎？您有什麼要強調的嗎？我的意思顯然是，估值主要基於 24 年。所以只是希望你能在那裡提供一些框架？

There's a lot to unpack in just 1 question. So let me step back and maybe just think about from a big picture framework. And I will start by -- I'm not going to give guidance in 2024 today, I think we're still early to do that. But there's a couple of factors you have to think about the fundamentals of our business. And I will probably start and/or anchor in what we've seen here in the second quarter. We've seen strong performance in the business across all 3 segments. We've seen the demand in our portfolio is significant. So we are very excited about that. I would expect that momentum of the strong demand will continue with us, as we go forward into 2024.

僅 1 個問題即可解開很多內容。所以讓我退後一步，也許只是從一個大的框架來思考。首先我不會在今天提供 2024 年的指導，我認為我們現在這樣做還為時過早。但對於我們業務的基本面，您必須考慮幾個因素。我可能會開始和/或錨定我們在第二季度所看到的情況。我們看到所有三個細分市場的業務都表現強勁。我們已經看到我們的投資組合的需求很大。所以我們對此感到非常興奮。我預計，隨著 2024 年的到來，強勁需求的勢頭將持續下去。

We're also seeing that with the acquisition, we mentioned Blink and XIIDRA. Blink is not going to be a material impact for us this year. But if you look at the data that's available, will suggest that Blink's run rate is anywhere between $30 million to $40 million top line. So as we start getting that portfolio -- that brand folded in our portfolio and put it in our consumer team's hand, which I'm confident they will do great things with, we expect that to continue to start growing from there.

我們還看到，在此次收購中，我們提到了 Blink 和 XIIDRA。 Blink 今年不會對我們產生實質性影響。但如果你查看現有數據，就會發現 Blink 的運營成本在 3000 萬美元到 4000 萬美元之間。因此，當我們開始獲得該產品組合時，該品牌將其納入我們的產品組合併將其交到我們的消費者團隊手中，我相信他們會用它做出偉大的事情，我們預計該品牌將繼續從那裡開始增長。

XIIDRA, we talked about sort of our expectations around, I'll call it, mid-single digits, starting from the point once we own the brand and the franchise. So we'll be able to work through that. So that's all on the positive side in terms of how we will think building the portfolio as we go forward.

XIIDRA，我們討論了我們的期望，我稱之為中個位數，從我們擁有品牌和特許經營權開始。所以我們能夠解決這個問題。因此，就我們未來如何構建投資組合而言，這都是積極的一面。

I have to balance that with the supply chain elements that we've been talking about, because we've seen the surgical supply chain. I talked about it from putting pressure on the margin because of the spot buy and qualifying different vendors, and we're seeing the work that's happened within the lens business. I believe that's all fixable. It was not going to be fixable in 1 quarter it will take some time to be able to get to a steady state at a consistent supply. So just that also being factored into the thinking here as we go forward.

我必須平衡這一點與我們一直在討論的供應鏈要素，因為我們已經看到了外科供應鏈。我談到了由於現貨購買和對不同供應商進行資格認證而給利潤帶來的壓力，我們正在看到鏡頭業務中發生的工作。我相信這一切都是可以解決的。這個問題在一季度內無法修復，需要一段時間才能達到供應穩定的穩定狀態。因此，在我們前進的過程中，這一點也被納入考慮範圍。

So when you look at those components and put them together, that's how I would sort of break your model or think about 2024 at this point based on what we know today.

因此，當您查看這些組件並將它們組合在一起時，這就是我將如何打破您的模型或根據我們今天所知道的情況來思考 2024 年。

Your next question is coming from Matt Miksic at Barclays.

你們的下一個問題來自巴克萊銀行的馬特·米克西奇。

Congrats on a really impressive feat here on top line. I wanted to -- Sam or Brett wanted to talk a little bit about if you could maybe provide some color around the level of investment that you're making behind some of the new product launches that you talked about? So maybe where in the slate of new launches, do you find sort of the heaviest spend initially, in the next [6 months to] 12 months or so? And then which of those products do you think you'll be in a position to say, early to mid next year to start driving leverage out of those launches, if that's the right timing? And I have one follow-up.

祝賀您在頂線取得了令人印象深刻的壯舉。我想 - Sam 或 Brett 想談談您是否可以提供一些關於您所談到的一些新產品發布背後的投資水平的信息？那麼，在接下來的 [6 個月到] 12 個月左右的時間裡，您是否會發現在一系列新產品發布中，最初的支出最多？那麼，如果時機合適的話，您認為您可以在明年初到年中開始推動這些產品的推出，從而提高其中的哪些產品的槓桿率？我還有一個後續行動。

Sure. So maybe I'll start and turn it over to Sam. Clearly, the 2 biggest investments we'll be making are in MIEBO and in our Daily SiHy INFUSE launch globally. So clearly, MIEBO, we intend to launch the product in this quarter, the third quarter. So we're very excited about that. Clearly, in any significant pharmaceutical launch, you're in an investment cycle for, let's call it, 18 months, 24 months, something in that order of magnitude. And then INFUSE has been globally launching, and now we're launching the multifocal here in the United States. We're seeing really good response from optometrists and patients. So very encouraged there. And that generally follows the same kind of investment cycle as a pharmaceutical product.

當然。所以也許我會開始把它交給薩姆。顯然，我們將進行的兩項最大投資是 MIEBO 和我們在全球推出的 Daily SiHy INFUSE。很明顯，MIEBO，我們打算在本季度、第三季度推出該產品。所以我們對此感到非常興奮。顯然，在任何重大的藥品上市中，您都處於一個投資週期，我們稱之為 18 個月、24 個月，或者是這個數量級的投資週期。然後 INFUSE 已在全球推出，現在我們在美國推出多焦眼鏡。我們看到驗光師和患者的反應非常好。那裡非常受鼓舞。這通常遵循與藥品相同的投資週期。

So those are the 2 big ones. Sam, any other color or commentary on launches?

這是兩個大問題。 Sam，關於發布還有其他顏色或評論嗎？

No, I think you covered it. I think definitely, MIEBO will be a very important one. And now I would sort of refer you back to Slide 14 that we included in the deck, because it nicely outlined all the product launches as we see for '22 and '24. And we'll see the sort of the -- those launches, we will be investing behind those launches in there across all 3 segments. And just as I referenced in my prepared remarks and I've said it before is that, when you think about the launch, it takes probably anywhere between 18 to 24 months until that launch started getting its potential. So that's where the investment period, as we think about it for any of those launches.

不，我想你已經涵蓋了。我認為，MIEBO 肯定會是非常重要的一個。現在我想請您回顧一下我們在演示文稿中包含的幻燈片 14，因為它很好地概述了我們在 22 年和 24 年看到的所有產品發布。我們將看到這些發布，我們將在所有 3 個細分市場中投資這些發布。正如我在準備好的發言中提到的以及我之前說過的那樣，當您考慮發佈時，可能需要 18 到 24 個月的時間才能開始發揮其潛力。這就是投資期，正如我們對任何這些產品的發布所考慮的那樣。

Great. And so just the read-through I'm hearing and other folks I'm sure have also picked up on this, is that leverage next year, we shouldn't be looking for any sort of significant leverage in the middle of the P&L just because these (inaudible) growth may be terrific, continue to outperform, but leverage is something that we should expect to be a bit more muted. Is that a fair way to think about '24, even though you're not guiding obviously for '24 right now?

偉大的。因此，我聽到的通讀內容以及我確信其他人也注意到了這一點，就是明年的槓桿，我們不應該在損益表中間尋找任何形式的重大槓桿因為這些（聽不清）增長可能會很棒，會繼續跑贏大盤，但我們應該預計槓桿率會更加溫和。儘管你現在並沒有明確地為 24 週年提供指導，但這是思考 24 週年的公平方式嗎？

Yes. So great point. Look, we're very focused on leverage or margin expansion. Clearly, a goal is -- a significant goal, a primary goal of ours is to have sustainable margin expansion in the business. And we think that is achievable in time. And so maybe, Sam, do you want to provide some color around our thinking there?

是的。非常重要的一點。看，我們非常關注槓桿或利潤擴張。顯然，一個目標是——一個重要的目標，我們的首要目標是實現業務的可持續利潤增長。我們認為這是可以及時實現的。所以，山姆，你想為我們的想法提供一些色彩嗎？

Yes. And margin expansion is a very important factor for us, and we're -- and we understand and appreciate that we want to continue to provide progression within the margin expansion. And as Ben said, we're focused on it from a sustainable margin expansion, and that's really where -- our goal here is to accelerate our growth and accelerate and expand our product portfolio. And you start to see many of the actions we're taking today, is to build on the fundamentals of the business, such as the consumer brand where we talked about LUMIFY and expanding the growth of LUMIFY, which is a pretty good product for us. And combining that with as well, putting in launches and shifting the portfolio to more of premium type of products. And we're seeing that in the surgical side, we're shifting more into more of the premium category, which that will -- and MIEBO, which is more a higher-margin product, because of the pharmaceutical. So we expect that will continue to provide a positive impact on the margin as we move forward.

是的。利潤率擴張對我們來說是一個非常重要的因素，我們理解並讚賞我們希望繼續在利潤率擴張方面取得進展。正如本所說，我們的重點是可持續的利潤擴張，這就是我們的目標——加速我們的增長，加速和擴大我們的產品組合。你開始看到我們今天採取的許多行動都是建立在業務基礎之上的，例如我們談論 LUMIFY 的消費品牌並擴大 LUMIFY 的增長，這對我們來說是一個非常好的產品。並將其與此相結合，推出產品並將產品組合轉向更多優質產品。我們看到，在外科手術方面，我們正在更多地轉向高端類別，這將是——以及 MIEBO，由於藥品的原因，它是一種利潤率更高的產品。因此，我們預計，隨著我們的前進，這將繼續對利潤率產生積極影響。

My comments here, Matt, in terms of the expectation with the investment is, because it's not just one side, it's both sides. So we're actually -- we'll be seeing the margin expansion, but you're not going to see the full margin expansion potential, until you start going through this investment cycle.

馬特，我在這裡對投資的期望的評論是，因為這不僅僅是一方面，而是雙方。因此，我們實際上會看到利潤率擴張，但在開始經歷這個投資週期之前，你不會看到全部利潤率擴張潛力。

Right, it's kind of like a funnel, right? We've got to invest to get to the products that provide the greater margin, but we have to be aware that we need to continue to have a focus on margins. So it's front of mind and something we're very focused on.

是的，它有點像漏斗，對吧？我們必須投資以獲得提供更高利潤的產品，但我們必須意識到我們需要繼續關注利潤。所以這是我們最關心的事情，也是我們非常關注的事情。

That's super helpful. And then just one follow-up on dry eye and that is -- that market is a variety of different ways that clinicians and manufacturers are coming at providing solutions. One is a device strategy that someone is kind of against drops and things like that, as I'm sure you're aware. Can you talk about bridging, what now is a pretty solid portfolio on the therapeutic side, with efforts on these sort of like device solutions that some of your competitors are rolling out to the clinic as well?

這非常有幫助。然後是乾眼症的一個後續行動，那就是——這個市場是臨床醫生和製造商提供解決方案的各種不同方式。一種是有人反對掉落之類的設備策略，我相信您也知道。您能談談橋接嗎？現在在治療方面有一個非常可靠的產品組合，您的一些競爭對手也在向診所推出類似的設備解決方案？

Yes. Look, we obviously want to make sure there's a steady stream of innovation in the category for physicians and patients. And we keep -- and I particularly keep a very close eye on those innovations. On the device side, I think there are some interesting technologies that are emerging and could be effective solutions for patients. But none yet that I think rise to a level that are super impressive or perhaps more in the niche category for severe sufferers or the like.

是的。看，我們顯然希望確保為醫生和患者提供源源不斷的創新。我們一直 - 我特別密切關注這些創新。在設備方面，我認為正在出現一些有趣的技術，並且可能成為患者的有效解決方案。但我認為還沒有一個達到令人印象深刻的水平，或者可能更適合嚴重患者等的利基類別。

And so we do keep an eye on it, but I think the mainstay will be the variety of options in the pharmaceutical side for most patients. And there you see a lot of innovation coming on the inflammatory side of the spectrum, and that's quite a competitive marketplace, and we're excited that we could have potentially a treatment option for both evaporative and inflammatory disease. Different markets, different products, but providing options for physicians and patients, I think, is important.

因此，我們確實會密切關注這一點，但我認為主要因素將是大多數患者在製藥方面的各種選擇。你會看到炎症方面出現了很多創新，這是一個競爭相當激烈的市場，我們很高興能夠為蒸發性疾病和炎症疾病提供潛在的治療選擇。不同的市場，不同的產品，但我認為為醫生和患者提供選擇很重要。

Your next question is coming from Robbie Marcus at JPMorgan.

您的下一個問題來自摩根大通的羅比·馬庫斯。

Congrats on a good quarter. 2 for me. Maybe first one, Brent, you made the comment before, I forget exactly what it was, but something along the lines of, we're not just a pharma company. But most of the growth in the quarter is coming from pharma, a lot of your pipeline launches, where there's incremental revenue is from pharma and you did just do a big deal on the pharma side. So maybe just kind of give us your thoughts on how you're thinking about managing the company, your view on, what is Bausch & Lomb and how you're spending your R&D between the 2 and thinking about future investments?

祝賀季度表現良好。 2 對我來說。也許第一個，布倫特，你之前發表過評論，我完全忘記了它是什麼，但大致意思是，我們不僅僅是一家製藥公司。但本季度的大部分增長來自製藥業，您推出的許多產品線，增量收入都來自製藥業，而您剛剛在製藥業方面做了一筆大交易。那麼，也許請告訴我們您對管理公司的看法，您對博士倫是什麼的看法，以及您如何在兩者之間進行研發，並考慮未來的投資？

Yes. Thanks, Robbie for the question. Yes. So clearly, I don't view us as a pharmaceutical company, I view us as an eye care company, and we want to plan our heritage of being the best eye health company. And that means having a strong pharmaceutical business, but also a strong Vision Care business, a strong surgical business, a strong consumer business. And I think when all 4 businesses are innovating and driving growth, margin expansion, I think then we can start to get into the realm of being the most profitable -- I mean the best eye health company.

是的。謝謝羅比的提問。是的。很明顯，我不認為我們是一家製藥公司，我認為我們是一家眼保健公司，我們希望規劃我們的傳統，成為最好的眼保健公司。這意味著擁有強大的製藥業務、強大的視力保健業務、強大的外科業務、強大的消費者業務。我認為，當所有 4 家企業都在創新並推動增長和利潤擴張時，我認為我們就可以開始進入成為最賺錢的領域——我的意思是最好的眼保健公司。

When you think about pharma, I get why people say that because we just did a big deal in pharma. But even when that closes, the pharmaceutical business would still be roughly about a 1/4 of our business, so 75% will be non-pharma. And so it's important that we do that when we look at the potential for solving unmet need in the eye health space, it's very strong in places like vision care, myopia perhaps is a huge issue around the world.

當你想到製藥業時，我明白為什麼人們這麼說，因為我們剛剛在製藥業做了一筆大交易。但即使關閉後，製藥業務仍約占我們業務的 1/4 左右，因此 75% 將是非製藥業務。因此，當我們著眼於解決眼睛健康領域未滿足的需求的潛力時，我們這樣做很重要，在視力保健等領域，它非常強大，近視也許是世界各地的一個大問題。

Surgical, I think, moving into accommodating or adjustable IOLs or premium IOLs is really important to give patients a great vision near and far, and we were in between. And so there's a lot of opportunity, I think, for innovation. There's a lot of opportunity for bringing solutions.

我認為，通過外科手術，使用可調節或可調節人工晶狀體或優質人工晶狀體對於為患者提供良好的近處和遠處視力非常重要，而我們介於兩者之間。所以我認為有很多創新的機會。有很多提出解決方案的機會。

With respect to R&D, to be fair, I think the only real deep R&D expertise we have from a true research perspective is in Vision Care. It's in contact lenses, solutions and drops, it's not in pharmaceuticals. In pharmaceuticals, we're more of a development house. And then surgical, we're more of a development house.

關於研發，公平地說，我認為從真正的研究角度來看，我們唯一真正擁有深厚的研發專業知識是在視力保健領域。它存在於隱形眼鏡、溶液和滴劑中，而不是藥品中。在製藥領域，我們更像是一家開發公司。然後是外科手術，我們更像是一家開發公司。

So look, I think our idea is to look at the most impactful innovations across our business, but focus on eye care. And that's the kind of organizing principle as eye health, not necessarily pharma, surgical or vision care.

所以，我認為我們的想法是關注整個業務中最具影響力的創新，但重點關注眼睛護理。這就是眼睛健康的組織原則，不一定是製藥、外科或視力保健。

Very helpful. And maybe a follow-up for me. Clearly, lots of different moving pieces in the businesses. But how should we think about growth in volumes versus pricing, in the OTC business versus pharma, versus surgical, versus lenses?

很有幫助。也許是我的後續行動。顯然，企業中有很多不同的變化因素。但我們應該如何看待銷量增長與價格增長、非處方藥業務與製藥業務、外科手術業務和鏡片業務的增長？

Yes, it's absolutely a great question. Look, that's something I look at very closely. I think Q2 was really impressive to me from our consumer team. The majority of the growth in Q2 was from volume, not price. I think historically, the last few quarters, we've seen a lot of price, as a result of inflation. I think, obviously, that's moderating and I think the ability to take price will moderate for the foreseeable future. And so to be healthy, we need to see volume, and that's what we're starting to really see and kudos to the consumer team here, they did a great job on driving volume this quarter.

是的，這絕對是一個很好的問題。看，這是我非常仔細地觀察的事情。我認為我們的消費者團隊第二季度給我留下了深刻的印象。第二季度的增長大部分來自數量，而不是價格。我認為從歷史上看，過去幾個季度，由於通貨膨脹，我們看到了很多價格上漲。我認為，顯然，這種情況正在放緩，而且我認為在可預見的未來，接受價格的能力將會減弱。因此，為了保持健康，我們需要看到銷量，這就是我們開始真正看到的，並向這裡的消費者團隊致敬，他們本季度在推動銷量方面做得很好。

Your next question for today is coming from Craig Bijou at Bank of America.

今天你們的下一個問題來自美國銀行的 Craig Bijou。

Congrats on a strong quarter. I have just, I guess, a couple of topics, somewhat related [to that] I'll just ask the questions upfront. So how should we think about the impact of the supply chain challenges in the second half? I guess, what's assumed in guidance, and is there an expectation that those challenges get better or worse? And then related, Brent, with your comments on improving quality and bringing in a new supply chain leader, are there other facilities that may need a significant upgrade or update like the Lynchburg facility that we should be aware of or that you're contemplating, that could potentially have a similar impact or I guess, put that risk out there?

祝賀季度表現強勁。我想，我只有幾個主題，與此有些相關，我會提前提出問題。那麼我們應該如何看待下半年供應鏈挑戰的影響呢？我想，指南中的假設是什麼，以及這些挑戰是否會變得更好或更糟？然後，布倫特，您對提高質量和引入新的供應鏈領導者的評論，是否還有其他設施可能需要重大升級或更新，例如我們應該了解或您正在考慮的林奇堡設施，這可能會產生類似的影響，或者我猜，將這種風險放在那裡？

Sure. So I'm going to start with something I said earlier. I'm a tough grader, and the way I think about our business is, level of confidence. And so for example, I have very high level of confidence in our ability to execute in the sales force. I have very high confidence in our ability to execute in our R&D and clinical capabilities. When it comes to supply chain, we have a really good team working very hard, but I don't have the confidence that we can deliver our products on time and at the right cost levels, right?

當然。所以我將從我之前所說的開始。我是一個嚴格的評分者，我對我們業務的看法是自信程度。例如，我對我們銷售隊伍的執行能力非常有信心。我對我們的研發和臨床能力的執行能力非常有信心。在供應鏈方面，我們有一支非常優秀的團隊，工作非常努力，但我沒有信心我們能夠按時並以適當的成本水平交付我們的產品，對嗎？

So as Sam said, for example, in Surgical, we're out spot buying lots of componentry at much higher prices than we would otherwise. Now the issue isn't necessarily because we have an issue in one of our plants, we have an issue with a third-party supplier that can't make a microchip. And so this isn't about us upgrading our facilities or investing capital, it's about qualifying multiple vendors or multiple supplies, so we don't get stuck or held hostage by one supplier.

因此，正如薩姆所說，例如，在外科領域，我們以比其他方式高得多的價格現貨購買大量零部件。現在的問題不一定是因為我們的一家工廠出現問題，而是因為我們與無法製造微芯片的第三方供應商存在問題。因此，這並不是要我們升級設施或投資資本，而是要對多個供應商或多種供應商進行資格認證，這樣我們就不會被一個供應商困住或扣押。

And so that is a lot of our issues. The Lynchburg facility was a self-inflicted wound, right? We tried to upgrade a system. It wasn't capital-intensive necessarily. But when the system goes down and you have boxes stacking up and you can't ship the customers, that's a [foul], -- right? And it had an impact on the business, particularly the U.S. contact lens business, which Sam quantified at about 600 basis points of growth that didn't materialize in the quarter.

這就是我們的很多問題。林奇堡設施是自傷，對嗎？我們嘗試升級系統。它不一定是資本密集型的​​。但是，當系統出現故障並且箱子堆積起來而無法運送客戶時，那就是[犯規]，對嗎？這對業務產生了影響，尤其是美國隱形眼鏡業務，Sam 量化該業務增長了約 600 個基點，但該業務在本季度並未實現。

So when you add up all those things, it becomes an issue I'm just not satisfied with, and I think we need to fix it. It's not at the level of -- we're talking about massive need of invested capital, but -- or capital into the plants. This is more about process. It's about managing third-party suppliers. It's having -- qualifying additional third-party suppliers, it's about getting things right. And that will take a year or 2 to fix completely, but we're well on our way. We've got a fresh look coming with a very senior experienced leader, and we're going to roll up our sleeves and tackle the problem.

所以當你把所有這些事情加起來時，它就變成了一個我不滿意的問題，我認為我們需要解決它。這不是指對投資資本的巨大需求，而是指對工廠的資本需求。這更多的是關於過程。這是關於管理第三方供應商。它是對額外的第三方供應商進行資格認證，這是為了把事情做好。這需要一兩年的時間才能完全解決，但我們正在順利進行。我們的面貌煥然一新，有一位非常資深、經驗豐富的領導者，我們將捲起袖子解決這個問題。

I don't know, Sam, any other color...

我不知道，薩姆，還有其他顏色嗎...

No. And -- Craig, to your question about how we're thinking about it in terms of guidance, a couple of things I'll highlight here for you; one is in my prepared remarks, I talked about our gross margin. I said that our gross margin is still holding around approximately 60%. But I also commented that the fact that we're seeing some pressure on that 60%, so it might have been a very strong 60% or there might be a little bit of a rounding down that's coming out because of that 60%. So there is a pressure that we're seeing, and that's coming out of what we talked about on the surgical side.

不。克雷格，對於您關於我們如何在指導方面考慮這一問題的問題，我將在這里為您強調幾件事；一是在我準備好的發言中，我談到了我們的毛利率。我說我們的毛利率還是保持在60%左右。但我還評論說，我們看到 60% 面臨著一些壓力，因此這可能是一個非常強勁的 60%，或者可能會因為 60% 的原因而出現一些舍入。因此，我們看到了一種壓力，這種壓力來自我們在外科方面所討論的內容。

In terms of just when you step back and you think about what we're doing from the supply chain, I think there's -- it's not lost on us that it is taking time to be able to work through this, and there's multiple outcomes and ranges of outcomes that will potentially come out in terms of the work and supply chain. And we factored those ranges of outcome in our thinking within the guidance range of the $700 million to $750 million. So that was baked in. Again, it's hard to pinpoint that specifically one scenario that can play out. There's multiple scenarios, and we try to think through those scenarios, as we're thinking through the range. So that's been already baked into what we're thinking in terms of our guidance range.

就當你退一步思考我們在供應鏈中所做的事情時，我認為我們並沒有忘記，解決這個問題需要時間，而且有多種結果，工作和供應鏈方面可能出現的一系列結果。我們將這些結果範圍考慮在 7 億至 7.5 億美元的指導範圍內。所以這一點就被考慮在內了。同樣，很難確定具體的一種可以發生的場景。有多種場景，我們在考慮範圍時嘗試考慮這些場景。因此，這已經納入我們對指導範圍的思考中。

We have time for one more question. Your next question is coming from Patrick Wood at Morgan Stanley.

我們還有時間再問一個問題。您的下一個問題來自摩根士丹利的帕特里克·伍德。

Amazing. I'll keep it to one given time running out. Quite a specific one, that the IC-8, the Apthera lens, I know it's very early stage, but it's quite a unique asset given a eat-off lens and the partial, I guess, astigmatic coverage. How is the initial feedback going there? How do you feel about that launch in general and the capacity to potentially take a little bit of share within that sort of premium AT-IOL market?

驚人的。我會把它保留到某一給定的時間。非常具體的一個，IC-8，Apthera 鏡頭，我知道它還處於非常早期的階段，但考慮到它有一個吃掉的鏡頭和部分散光覆蓋，它是一個非常獨特的資產。最初的反饋進展如何？您對這次發布總體感覺如何，以及在這種高端 AT-IOL 市場中佔據一點份額的潛力？

I'm glad you asked about it, because I do think it's a very important product for us and for patients and for surgeons. I was just at a major surgical conference with some of the top U.S. KOLs, and I can tell you that the physicians or surgeons that have been trained and have implanted the lens, have phenomenal feedback, very enthusiastic positive response. Small [hands], right, it's a small group of surgeons and a small group of patients, but very impressive early start. The key is getting surgeons trained and comfortable with the lens. But I do think there is a real segment of the market for patients who perhaps need a more middle-of-the-road economic solution, to an eat-off outcome, that ICA is the perfect fit, and early, but incredibly exciting initial days and outcomes.

我很高興你問這個問題，因為我確實認為這對我們、患者和外科醫生來說都是非常重要的產品。我剛剛和美國一些頂級KOL一起參加了一個大型外科會議，我可以告訴你，接受過培訓並植入晶狀體的內科醫生或外科醫生都得到了驚人的反饋，非常熱情的積極響應。小[手]，對吧，這是一小群外科醫生和一小群患者，但早期的開始令人印象深刻。關鍵是讓外科醫生接受過培訓並熟悉鏡頭。但我確實認為，對於那些可能需要更中間路線的經濟解決方案的患者來說，存在一個真正的市場部分，為了獲得吃掉的結果，ICA 是完美的選擇，而且是早期的，但令人難以置信的令人興奮的初始天數和結果。

So I remain pretty optimistic and bullish on the product. With just in the U.S. launch, it will be a phased launch to the rest of the world. But I think in a year or 2, this could be a really significant product in our surgical portfolio. So thanks for the question. I'm pretty excited about that particular launch.

所以我對這個產品仍然非常樂觀和看好。僅在美國推出後，將分階段向世界其他地區推出。但我認為在一兩年內，這可能會成為我們外科產品組合中真正重要的產品。謝謝你的提問。我對這次特別的發布感到非常興奮。

Great. Well, operator, maybe I'll just say a few closing words. Thanks everyone for attending, and thank you for your questions. I do think we put up a very strong quarter this year -- this quarter, I mean, 12% constant currency revenue growth is, I think, quite a testament to our team who has worked so hard in the quarter to deliver. And as I mentioned, certainly, the highlight is performance and progress, as we continue to execute against our roadmap and to create the best eye health company in the world.

偉大的。好吧，接線員，也許我會說幾句結束語。感謝大家的出席，也謝謝大家的提問。我確實認為我們今年的季度表現非常強勁——我的意思是，本季度 12% 的恆定貨幣收入增長，我認為，這充分證明了我們的團隊在本季度辛勤工作以實現目標。正如我所提到的，當然，重點是業績和進步，因為我們將繼續執行我們的路線圖並創建世界上最好的眼保健公司。

So again, thank you for your time, and we look forward to keeping you updated.

再次感謝您抽出寶貴時間，我們期待為您提供最新信息。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。