Bausch + Lomb Corp (BLCO) 2024 Q1 法說會逐字稿

Good morning and welcome to the Bausch + Lomb's first-quarter 2024 earnings call. (Operator instructions) Please note this event is being recorded.

早安，歡迎參加博士倫 2024 年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to George Kowalski, Vice President of Investor Relations and Business Insights. Please go ahead.

我現在想將會議交給投資者關係和商業洞察副總裁喬治·科瓦爾斯基 (George Kowalski)。請繼續。

Thank you. Good morning, everyone, and welcome to our first-quarter 2024 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 this live webcast, a copy of today's slide presentation and a replay of this conference call will be available on our website under the Investor Relations section.

謝謝。大家早安，歡迎參加我們的 2024 年第一季財務業績電話會議。出席今天電話會議的有董事長兼執行長布倫特桑德斯 (Brent Saunders) 先生；和財務長 Sam Eldessouky 先生。除了本次網路直播之外，今天的幻燈片簡報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.

在開始之前，我想提醒您，我們今天的演示包含前瞻性資訊。我們要求您花點時間閱讀我們簡報開頭的前瞻性圖例，因為它包含重要資訊。本簡報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，請參閱簡報的幻燈片 1。

Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website. 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.

非 GAAP 調整表可在我們網站上發布的簡報的附錄中找到。本簡報中的財務指引僅從今天起生效。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，並且除了透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.

謝謝喬治，也謝謝大家加入我們。

Today marks nearly one year since my first earnings call following by return to Bausch + Lomb. We've accomplished quite a bit in that timeframe, which we'll cover as we review first-quarter performance and highlight growth drivers for the remainder of the year. These areas of focus are familiar to you by now and continue to drive our strategy.

今天是我重返博士倫後第一次召開財報電話會議以來將近一周年。我們在這段時間內取得了相當大的成就，我們將在回顧第一季業績並強調今年剩餘時間的成長動力時對此進行介紹。您現在已經熟悉這些重點領域，並將繼續推動我們的策略。

Let's start with revenue. We saw 20% top line growth on a constant currency basis for the quarter, thanks to outperformance from each of our business units. Our quality of growth isn't limited to reporting segments as we delivered solid results across geographies.

讓我們從收入開始。由於我們每個業務部門的出色表現，本季以固定匯率計算的收入成長了 20%。我們的成長品質不僅限於報告部門，因為我們在各個地區都取得了堅實的業績。

In other words, we're in an enviable position of not being reliant on one business or region as drivers of our performance. Our methodical approach to improving how we make and sell things is bearing fruit. Our renewed focus on launch excellence is reflected in early returns for Miebo, an ongoing expansion of our latest daily SiHy lens offer. Operationally, we're making strides on improving service levels within our own network. And while contract manufacturing continues to present a challenge, we have plans in motion to lessen our reliance on third parties over time.

換句話說，我們處於一個令人羨慕的位置，不依賴某一業務或地區作為我們業績的驅動力。我們改進生產和銷售方式的有條不紊的方法正在取得成果。我們對卓越發布的重新關注體現在 Miebo 的早期回報上，Miebo 是我們最新日常 SiHy 鏡頭產品的持續擴展。在營運方面，我們在提高自己網路內的服務水準方面取得了長足進步。儘管合約製造繼續帶來挑戰，但我們已製定計劃，隨著時間的推移減少對第三方的依賴。

Finally, our relentless focus on returning to our roots by prioritizing innovation is producing tangible results. Our enVista Aspire IOLs has made a strong market entry. And we had a steady stream of premium IOL launches planned for 2026.

最後，我們透過優先創新來回歸本源的不懈努力正在產生實際的成果。我們的 enVista Aspire IOL 已強勢進入市場。我們計劃在 2026 年源源不絕地推出優質 IOL。

Last quarter, I mentioned that talent infusion for our R&D team, and that hasn't let up. We continue to make prominent hires throughout 2024. The scientific community recognizes our pivot and people want to be part of what we're building. The main takeaway from our roadmap slide is the progress indicator, while caution against assuming every phase one box has been checked after an exhaustive effort to rethink how we work, the rewiring process is largely complete. That means we're gearing up for phase two, innovate and execute.

上個季度，我提到了我們研發團隊的人才注入，而且這種情況並沒有停止。 2024 年，我們將繼續聘請優秀人才。我們的路線圖投影片的主要內容是進度指示器，雖然在經過詳盡的努力重新思考我們的工作方式後，不要假設每個第一階段的方框都已被選中，但重新佈線過程已基本完成。這意味著我們正在為第二階段做好準備，即創新和執行。

I'd like to acknowledge the human aspect of an undertaking like this. Stating the obvious road maps only work if people follow them. When I rejoined Bausch + Lomb, I made it very clear that in order for the company to achieve its full potential, we needed to make some tough decisions while operating at a speed, some weren't accustomed to.

我想承認這樣的事業中人性化的一面。只有當人們遵循它們時，陳述明顯的路線圖才有效。當我重新加入博士倫時，我非常明確地表示，為了讓公司充分發揮潛力，我們需要做出一些艱難的決定，同時以一些人不習慣的速度運作。

Instead of shying away from a break with the status quo, colleagues around the world embraced it under the direction of a refreshed leadership team, our workforce of 13,000 has met every challenge along the way and remained focused on the opportunity in front of us.

世界各地的同事並沒有迴避打破現狀，而是在煥然一新的領導團隊的指導下擁抱現狀，我們的 13,000 名員工迎接了一路上的每一個挑戰，並始終專注於我們面前的機會。

I prefer always looking forward, but sometimes it's important to look back. Last May in the same setting, I was clear about the challenges we faced. Underutilization was holding us back. We had a robust global commercial network and supply chain but not enough product flow that led to inefficiencies and jeopardize some of our customer relationships we've built over decades. We needed to reinvent our company in a thoughtful but urgent way.

我喜歡一直向前看，但有時回顧也很重要。去年五月，在同樣的環境下，我清楚地意識到我們面臨的挑戰。利用率不足阻礙了我們。我們擁有強大的全球商業網絡和供應鏈，但產品流不足，導致效率低下，並危及我們幾十年來建立的一些客戶關係。我們需要以深思熟慮但緊迫的方式重塑我們的公司。

I'm proud of what we've been able to accomplish in the 363 days since we addressed our supply chain issues head-on with the understanding that turning our manufacturing and distribution network into a competitive advantage would take years, not months. As a result, we now have a more stable supply of products.

自從我們直面解決供應鏈問題以來，我們在 363 天內所取得的成就令我感到自豪，因為我們認識到將我們的製造和分銷網絡轉變為競爭優勢需要數年而不是數月的時間。因此，我們現在擁有更穩定的產品供應。

We've also augmented our supply with the introduction of new and in the case of XIIDRA and (inaudible) acquired products. These offerings address some of the most glaring needs in eye health, demonstrate our commitment to innovation, and position us for sustained growth and category leadership.

我們也透過引進新產品以及 XIIDRA 和（聽不清楚）收購的產品來增加我們的供應。這些產品解決了眼睛健康方面一些最突出的需求，體現了我們對創新的承諾，並使我們能夠實現持續成長和類別領導地位。

Our reinvention is to resonate with our most important audience, the eye care professionals who use, prescribe, and recommend our products. On my listening and learning tour one year ago, supply concerns and lack of awareness around our priorities often came to the forefront. My experience at the recent American Society of Cataract and Refractive Surgery annual meeting was the exact opposite.

我們的重塑是為了與我們最重要的受眾，即使用、開處方和推薦我們產品的眼保健專業人士產生共鳴。在我一年前的聆聽和學習之旅中，供應問題和對我們優先事項缺乏認識常常成為最重要的問題。我在最近舉行的美國白內障和屈光手術協會年會上的經歷恰恰相反。

In nearly every interaction, customer shared an appreciation of our efforts to predictably deliver the products and services they've come to rely on and recognized our increasingly important role in bringing new solutions to market. Their excitement about what the future holds for Bausch + Lomb was clear.

在幾乎每一次互動中，客戶都對我們為可預測地提供他們所依賴的產品和服務所做的努力表示讚賞，並認識到我們在將新解決方案推向市場方面發揮著日益重要的作用。他們對博士倫的未來感到興奮不已。

I'll give a brief overview of the financials before Sam gets into specifics. Our 20% constant currency revenue growth is shown here, which, as previously noted, was driven by our holistic strength. That's reflected in our business segment performance with 8% constant currency revenue growth for surgical, 11% provision care, and 66% for pharmaceuticals.

在 Sam 詳細介紹之前，我將簡要概述財務狀況。這裡顯示了我們 20% 的恆定貨幣收入成長，如前所述，這是由我們的整體實力推動的。這反映在我們業務部門的表現中，外科業務的貨幣收入恆定成長 8%，供應護理業務成長 11%，藥品業務成長 66%。

Absent Xiidra revenue, pharmaceuticals still showed impressive organic revenue growth on a year-over-year basis at 18%. Our key franchises continued to outperform and drive home the holistic theme, given the spread across business units. INFUSE one-day lenses are increasingly a preferred option for optometrists and our enVista family of IOLs has surgeons excited for expansion in that category. Brands that have demonstrated consistent growth in areas of ongoing opportunity, most notably, Lumify and PreserVision, our high-margin performers that bolster the top and bottom line.

在沒有 Xiidra 收入的情況下，藥品業務的有機收入年增率仍然令人印象深刻，達到 18%。鑑於業務部門的分佈，我們的主要特許經營業務繼續表現出色，並推動了整體主題。 INFUSE 一日鏡片日益成為驗光師的首選，而我們的 enVista IOL 系列讓外科醫生對在該類別中的擴展感到興奮。在持續機會領域中表現出持續成長的品牌，尤其是 Lumify 和 PreserVision，它們是我們的高利潤表現者，可提高收入和利潤。

Now let me turn it over to Sam.

現在讓我把它交給薩姆。

Thank you, Brent, and good morning, everyone. Before we begin, please note that most of my comments today will be focused on growth expressed in constant currency basis.

謝謝你，布倫特，大家早安。在我們開始之前，請注意，我今天的大部分評論將集中於以固定匯率表示的成長。

Turning now to our financial results on slide 8. We're pleased to report another quarter of solid revenue growth across each of our segments and key product franchises. Our business has continued the momentum coming out of 2023, and we're off to a strong start in 2024. Total company revenue of $1.099 billion for the quarter reflects growth of 20% on a constant currency basis. As I have previously discussed and as Brent also mentioned, we're excited about the opportunity ahead of us in 2024 with the growth of recent launches and new and upcoming products. We will continue to make improvements in our supply chain and we remain focused on executing our strategy to drive revenue growth and sustainable margin expansion.

現在轉向幻燈片 8 上的財務業績。我們的業務延續了 2023 年以來的勢頭，並在 2024 年迎來了強勁的開局。正如我之前討論過的以及 Brent 也提到的，隨著最近推出的產品以及新產品和即將推出的產品的增長，我們對 2024 年擺在我們面前的機會感到興奮。我們將繼續改善我們的供應鏈，並繼續專注於執行我們的策略，以推動收入成長和可持續的利潤擴張。

For the first quarter, currency was a headwind of $20 million to revenue. Despite the higher-than-expected currency headwinds, we delivered more than $1 billion in revenue in the quarter.

第一季度，貨幣對收入造成了 2000 萬美元的阻力。儘管匯率逆風超出預期，我們本季仍實現了超過 10 億美元的營收。

Now let's discuss the results in each of our segments. Vision Care first-quarter revenue of $635 million increased by 11% on constant currency basis, driven by growth in both the consumer and contact lens portfolios. The consumer business again demonstrated strong performance both in the US and internationally, with growth of 15% on a constant currency basis in Q1. We continued to see growth across our key franchises, including eye vitamins, which grew by 7% in the quarter and LUMIFY, which grew by 16% in the quarter, both expressed in constant currency.

現在讓我們討論每個部分的結果。受消費者和隱形眼鏡產品組合成長的推動，視力保健第一季營收以固定匯率計算成長 11%，達 6.35 億美元。消費業務在美國和國際市場再次展現強勁表現，第一季以固定匯率計算成長 15%。我們的主要特許經營業務持續成長，包括眼睛維生素（本季成長 7%）和 LUMIFY（本季成長 16%）（均以固定匯率計算）。

Our consumer dry eye portfolio delivered $82 million in revenue in the quarter, representing 25% organic growth. The contact lens constant currency revenue growth was 6%. Reported revenue from our Daily SiHy lenses grew by 68% in the quarter and 73% on constant currency basis.

我們的消費者乾眼產品組合在本季實現了 8,200 萬美元的收入，有機成長 25%。隱形眼鏡以固定匯率計算的收入成長率為6%。據報告，我們的 Daily SiHy 鏡片營收本季成長了 68%，以固定匯率計算成長了 73%。

Our Daily SiHy lenses multifocal lens has now been launched in the US and Japan and has added to the solid performance of the Daily SiHy lenses sphere. We're excited about the growth of this franchise as we continue the global rollout and further expand the family with the upcoming launch of the Daily SiHy lenses growth.

我們的 Daily SiHy 鏡片多焦點鏡片現已在美國和日本推出，增強了 Daily SiHy 鏡片球體的可靠性能。隨著我們繼續在全球推廣並透過即將推出的 Daily SiHy 鏡片成長進一步擴大該系列，我們對該系列產品的成長感到興奮。

Moving now to the surgical segment. First-quarter revenue was $197 million, an increase of 8% on a constant currency basis. The consumables portfolio grew in the quarter by 9% on a constant currency basis. The growth was mainly driven by surgical packs where we continue to see solid demand. Implantables grew 9% for the quarter on a constant currency basis with our premium IOL portfolio up 30% in constant currency.

現在轉到外科部分。第一季營收為 1.97 億美元，以固定匯率計算成長 8%。以固定匯率計算，本季消耗品組合成長了 9%。這一成長主要是由手術包推動的，我們仍然看到強勁的需求。以固定匯率計算，本季植入產品成長 9%，而我們的優質 IOL 投資組合則以固定匯率計算成長 30%。

The IOL portfolio continues to expand with the recent US launch of enVista Aspire, which has made a strong market entry along with the growth of the LuxSmart EDOF lens year and the phased launch of [ICH], which has been limited by supply constraints.

IOL 產品組合繼續擴大，最近在美國推出了 enVista Aspire，隨著 LuxSmart EDOF 鏡片年的增長以及受到供應限制的 [ICH] 的分階段推出，該產品已強勢進入市場。

Revenue from equipment was up 5% on a constant currency basis, mainly driven by Stellaris system sales. We will continue to focus our strategy on recent upcoming product launches and higher margin premium categories. We expect to see a steady stream of these launches over the next number of years, which we anticipate will drive revenue growth and sustainable margin expansion.

設備收入按固定匯率計算增長了 5%，主要受到 Stellaris 系統銷售的推動。我們將繼續將我們的策略重點放在最近即將推出的產品和利潤率更高的高端類別上。我們預計未來幾年這些產品將源源不斷地推出，這將推動收入成長和可持續的利潤率擴張。

Lastly, revenue in the pharma segment was $267 million for the quarter, which represents constant currency growth of 66%. Miebo delivered $28 million of revenue in the quarter. The launch performance remains incredibly positive, and we're committed to making the investments to drive the strongest adoption.

最後，本季製藥部門的營收為 2.67 億美元，以匯率計算穩定成長 66%。 Miebo 本季實現營收 2,800 萬美元。發布表現仍然非常積極，我們致力於進行投資以推動最強勁的採用。

Xiidra delivered $79 million in revenue in the first quarter. We continued to make progress in executing our strategy to reestablish Xiidra's markets either. The Xiidra sales force was realigned in the quarter, and we have turned the direct-to-consumer marketing investment back on.

Xiidra 第一季實現營收 7,900 萬美元。我們在執行重建 Xiidra 市場的策略方面繼續取得進展。 Xiidra 銷售團隊在本季進行了重組，我們重新啟動了直接面向消費者的行銷投資。

Although not material to the company's overall results, it's worth noting that the performance of Xiidra was negatively impacted by the disruptions resulting from the cyberattack at Change Healthcare. However, we saw an improvement in scripts as we exited the quarter and (technical difficulty) vision to other vendors. Brent will elaborate on this, but I want to stress that Xiidra and Miebo together position us as a leader in dry eye disease, and we're excited about delivering on their full potential.

儘管對公司的整體業績並不重要，但值得注意的是，Xiidra 的業績受到 Change Healthcare 網路攻擊造成的中斷的負面影響。然而，當我們退出本季時，我們看到了腳本的改進以及其他供應商的（技術難度）願景。 Brent 將詳細闡述這一點，但我想強調 Xiidra 和 Miebo 共同將我們定位為乾眼症領域的領導者，我們很高興能夠充分發揮其潛力。

Beyond Miebo and Xiidra, we saw strong growth across other parts of the pharma portfolio. On constant currency basis, the US generics business grew by 10% and international pharma grew by 7%. As expected, PROLENSA declined due to a generic entry into the market during the quarter.

除了 Miebo 和 Xiidra 之外，我們還看到製藥產品組合其他部分的強勁成長。以固定匯率計算，美國仿製藥業務成長 10%，國際製藥業務成長 7%。正如預期的那樣，PROLENSA 由於本季通用進入市場而下滑。

Now let me walk through some of the key non-GAAP line items. Adjusted gross margin for the first quarter was 63.2%, which was up 320 basis points compared to Q1 '23. The adjusted gross margin improvement was mainly driven by favorable product mix, including Xiidra. This was balanced by pressure driven by the higher inventory costs in our surgical business.

現在讓我來介紹一下一些關鍵的非 GAAP 訂單項目。第一季調整後毛利率為 63.2%，比 23 年第一季成長 320 個基點。調整後毛利率的改善主要得益於包括 Xiidra 在內的有利產品組合。這是由我們的外科業務庫存成本上升所帶來的壓力所平衡的。

In the first quarter, we invested $81 million in adjusted R&D or approximately 7% of revenue. First-quarter adjusted EBITDA was $180 million, which represents 28% growth versus the first quarter of 2023. Net interest expense for the quarter was approximately $96 million. Adjusted EPS for the quarter was $0.07. Adjusted cash flow from operations was $48 million in the first quarter, and CapEx was $67 million. The effective tax rate for the quarter was 15%.

第一季度，我們在調整後的研發上投入了 8,100 萬美元，約佔營收的 7%。第一季調整後 EBITDA 為 1.8 億美元，較 2023 年第一季成長 28%。該季度調整後每股收益為 0.07 美元。第一季調整後的營運現金流為 4,800 萬美元，資本支出為 6,700 萬美元。本季的有效稅率為 15%。

Turning now to our 2024 guidance on slide 12. We are raising our full-year constant currency revenue growth guidance from a range of approximately 12% to 14% to a range of 13% to 15%. The ratio reflects the broad-based strength of our business and the momentum we have seen in the first quarter.

現在轉向幻燈片 12 上的 2024 年指引。該比率反映了我們業務的廣泛實力以及我們在第一季看到的勢頭。

Our 2024 revenue guidance remains in a range of $4.6 billion to $4.7 billion. This range now absorbs incremental currency headwinds of approximately $50 million relative to our previous guidance. For the full year, we estimate currency headwinds would be approximately $90 million. We are maintaining our guidance for Xiidra to generate approximately $400 million revenue. Our guidance from Miebo continues to be approximately $95 million of revenue in 2024.

我們 2024 年的收入指引仍維持在 46 億美元至 47 億美元之間。與我們之前的指導相比，這一範圍現在吸收了約 5000 萬美元的增量貨幣逆風。我們估計全年的貨幣阻力約為 9000 萬美元。我們維持 Xiidra 產生約 4 億美元收入的指引。我們對 Miebo 的指導仍然是 2024 年收入約為 9500 萬美元。

Shifting to adjusted EBITDA. We are maintaining our adjusted EBITDA guidance for 2024 in a range of $840 million to $890 million, while absorbing approximately $10 million of currency headwinds. Our focus continues to remain on sustainable margin expansion. We expect the expansion to be mainly driven by our strategy to shift mix to high margin products, our efforts to continue to drive operational excellence, and our focus on maintaining cost discipline.

轉向調整後的 EBITDA。我們將 2024 年調整後 EBITDA 指引維持在 8.4 億美元至 8.9 億美元之間，同時吸收約 1,000 萬美元的貨幣不利因素。我們的重點仍然是可持續的利潤擴張。我們預計擴張將主要由我們將產品組合轉向高利潤產品的策略、我們繼續推動卓越營運的努力以及我們對維持成本紀律的關注所推動。

As we continue to make investments to fully capture the value potential ahead of us, we expect to sustainably build on the margin expansion in 2024 over multiple years with the growth of our recent and upcoming launches. Our Q1 results reflects the phasing we noted during our last earnings call. I would once again emphasize that there is natural seasonality in our business. We expect our business to build throughout the remainder of the year with Q4 results expected to be the highest.

隨著我們繼續進行投資以充分捕捉我們面前的價值潛力，我們預計隨著我們最近和即將推出的產品的增長，我們將在未來幾年內持續地在 2024 年實現利潤率擴張。我們第一季的業績反映了我們在上次財報電話會議中註意到的階段情況。我想再次強調，我們的業務存在著天然的季節性。我們預計我們的業務將在今年剩餘時間內持續發展，第四季度的業績預計將達到最高水準。

As I mentioned during our last earnings call, as we continue to drive pipeline innovation when we enter into collaborations with external partners, it should be noted that our adjusted EBITDA guidance does not reflect any one-time upfront payments that may be made as part of such arrangements.

正如我在上次財報電話會議中提到的，隨著我們在與外部合作夥伴合作時繼續推動通路創新，應該指出的是，我們調整後的EBITDA 指導並不反映任何可能作為專案一部分而支付的一次預付款。

In terms of other key assumptions underlying our guidance, as noted in last quarter, we expect adjusted gross margin to be approximately 62%. We anticipate investment R&D to be approximately 78% of revenue and interest expense to be approximately $385 million for the full year. That said we'll continue to monitor Fed actions on interest rates for the remainder of 2024. We continue to expect our adjusted tax rate to be roughly 15% and full-year CapEx is expected to be approximately $250 million.

就我們指導的其他關鍵假設而言，如上季所述，我們預計調整後毛利率約為 62%。我們預計全年研發投資約佔營收的 78%，利息支出約 3.85 億美元。也就是說，我們將在 2024 年剩餘時間內繼續關注聯準會的利率行動。

To summarize, the business delivered solid results in the quarter and were off to a strong start in 2024. We remain committed to our strategy to drive growth and sustainable margin expansion.

總而言之，該業務在本季度取得了穩健的業績，並在 2024 年取得了良好的開局。

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

現在我將把電話轉回給布倫特。

Thanks, Sam.

謝謝，山姆。

Let's highlight some 2024 growth drivers including the upcoming launch of a new and differentiated OTC offering. As Sam mentioned, Miebo has shown significant promise with Q1 revenues of $28 million. Just last week, we learned that two of the top three Medicare providers will begin covering Miebo, one starting today, the other July first. That's approximately two quarters sooner than anticipated and means coverage will jump to roughly 50% by midyear for this population. While we're in early innings, excitement around this medication is real and we expect Miebo will become a cornerstone of our dry eye franchise for years to come.

讓我們重點介紹 2024 年的一些成長動力，包括即將推出的新的差異化 OTC 產品。正如 Sam 所提到的，Miebo 已展現出巨大的前景，第一季營收達到 2,800 萬美元。就在上週，我們獲悉三大醫療保險提供者中的兩家將開始承保 Miebo，一家從今天開始，另一家從 7 月 1 日開始。這比預期早了大約兩個季度，意味著到年中該族群的覆蓋率將躍升至約 50%。雖然我們還處於早期階段，但對該藥物的興奮是真實的，我們預計 Miebo 將成為我們未來幾年乾眼症特許經營的基石。

Sam also touched on how to interpret Xiidra performance in Q1, which I'll add some color to. There are three contributing factors to consider. First, we realigned our entire sales force with new territories established in early February. While most prescribers we're seeing new faces, we expect the developing relationships will pay dividends going forward.

Sam 也談到如何解讀 Xiidra 在第一季的表現，我將對此進行一些補充。有三個影響因素需要考慮。首先，我們根據二月初建立的新地區重新調整了整個銷售團隊。雖然我們看到的大多數處方醫生都是新面孔，但我們預計不斷發展的關係將在未來帶來紅利。

Second, patient face the highest deductibles in the first quarter, which naturally results in fewer prescriptions, a cycle you're all familiar with.

其次，患者在第一季面臨最高的免賠額，自然會導致處方數量減少，這是大家都熟悉的周期。

Third, while the incident involving Change Healthcare did not have a material impact on Bausch + Lomb, there was a non-quantifiable effect given patient access to Xiidra was disruptive. All that said, there are encouraging signs as we continue to rehabilitate and reenergize the brand. Our commitment to making Miebo and Xiidra the most prescribed options for evaporative and inflammatory dry eye disease has [elaborate].

第三，雖然涉及 Change Healthcare 的事件並未對 Bausch + Lomb 產生重大影響，但由於患者對 Xiidra 的訪問受到破壞，因此存在不可量化的影響。話雖如此，隨著我們繼續恢復和重振品牌活力，出現了令人鼓舞的跡象。我們致力於使 Miebo 和 Xiidra 成為治療蒸發和發炎性乾眼症最常用的選擇，[詳細說明]。

We've made a significant investment in the comprehensive sales approach that will increase in prominence as the year progresses and as more dry eye sufferers seek treatment for chronically underdiagnosed condition.

我們對綜合銷售方式進行了大量投資，隨著時間的推移以及越來越多的乾眼症患者尋求長期診斷不足的治療，這種方式將變得更加突出。

For the millions suffering from dry eyes, who might not require pharmaceutical intervention, we're excited to introduce a new and different treatment option, Blink NutriTears, which is a daily nutritional supplement formulated to address the symptoms of dry eyes in as little as two to four weeks. For those [who prefers to] eyedrops were already taking daily supplements, NutriTears could be a convenient solution. While supplements are often improved, NutriTears is grounded in data.

對於數百萬可能不需要藥物幹預的乾眼症患者，我們很高興推出一種新的、不同的治療方案，Blink NutriTears，這是一種每日營養補充劑，只需兩分鐘即可解決乾眼症的症狀。對於那些[喜歡]滴眼劑並且已經每天服用補充劑的人來說，NutriTears 可能是一個方便的解決方案。雖然補充劑經常得到改進，但 NutriTears 是以數據為基礎的。

Last week, we announced the results of a clinical study evaluating the safety and efficacy of NutriTears. The study met both primary endpoints in addition to secondary endpoints, which shouldn't come as a surprise where a company that relies on science when bringing new options to consumers. NutriTears, which we anticipate will launch in the next few months, will be the latest addition to our growing nutraceutical franchise, which is anchored by preservation.

上週，我們公佈了一項評估 NutriTears 安全性和有效性的臨床研究結果。除了次要終點之外，該研究還滿足了兩個主要終點，對於一家依靠科學為消費者提供新選擇的公司來說，這不足為奇。我們預計將在未來幾個月內推出 NutriTears，它將成為我們不斷增長的營養保健品系列的最新成員，該系列以保存為基礎。

With the addition of NutriTears, we're clearly not resting on our laurels when considering the future of our industry leading dry eye platform, quite the opposite. Given the market potential, it bears repeating that we'll soon have something for everyone when it comes to treating a common than not commonly addressed issue.

隨著 NutriTears 的加入，我們在考慮業界領先的乾眼平台的未來時顯然不會滿足於現有的成就，事實恰恰相反。鑑於市場潛力，值得重申的是，在處理常見而非不常見問題時，我們很快就會為每個人提供一些東西。

Simply put, our blended prescription and OTC offerings separates us from the dry eye pack, and it's not even close. Keeping with the theme of new products, we're on the precipice of a meaningful entry into premium IOLs. We anticipate that these high-margin offerings will strengthen our surgical portfolio that is increasingly focused on cutting-edge technology and responsive to the evolving needs of ophthalmic surgeons.

簡而言之，我們的混合處方藥和非處方藥產品與乾眼症治療包的差異還很遙遠。與新產品的主題保持一致，我們正處於有意義地進入高端人工水晶體領域的邊緣。我們預計這些高利潤產品將加強我們的手術產品組合，該產品組合越來越注重尖端技術並響應眼外科醫生不斷變化的需求。

Our enVista Envy Trifocal is expected to be available in the US later this year. And in Europe, we plan to launch LuxLife brand in 2025. We started enrolling a clinical study for enVista Beyond, an extended depth of focus IOL with an expected US launch in 2026.

我們的 enVista Envy Trifocal 預計將於今年稍晚在美國上市。在歐洲，我們計劃在 2025 年推出 LuxLife 品牌。

Our forthcoming premium IOL offerings are reflected on our familiar launch slide, which continues to widen as our renewed commitment to innovation takes hold. Just last week, we announced FDA approval for Lumify Preservative Free, a prime example of harnessing the brand's momentum by extending its reach. The optimism around our future is warranted. We're heading in the right direction. Significant work remains, but the path we're on continues to be validated by our results, stakeholder feedback, and buy-in from 13,000 colleagues around the world.

我們即將推出的優質 IOL 產品反映在我們熟悉的發布投影片上，隨著我們對創新的新承諾的落實，幻燈片將繼續擴大。就在上週，我們宣布 FDA 批准 Lumify Preservative Free，這是透過擴大其影響力來利用品牌動能的典型例子。我們對未來的樂觀是有道理的。我們正朝著正確的方向前進。重要的工作仍然存在，但我們所走的道路將繼續得到我們的結果、利益相關者的反饋以及來自世界各地 13,000 名同事的支持的驗證。

Operator, let's open the line for questions.

接線員，讓我們打開提問線。

(Operator instructions)

（操作員說明）

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Amazing. Thank you very much for taking the question. I just got a couple on.

驚人的。非常感謝您提出問題。我剛穿了幾件。

So I guess the thing that has jumped out over the last certainly few quarters has been the breadth of the growth across all the different divisions rather than like one. I guess is that a composition that you expect going forward, i.e., share gains across the bulk of the different sublines and geographies, that sounds like the message. Am I right in that?

因此，我認為過去幾季的突出表現是所有不同部門的成長廣度，而不是單一部門的成長。我猜想，您期望未來的組合，即在大部分不同的子線和地理區域中分享收益，聽起來就像是這樣的資訊。我這樣說對嗎？

Yes. So Patrick, it's Bren. Thank you and good morning.

是的。派崔克，是布倫。謝謝你，早安。

Yeah, I think you hit on a theme. I think when I joined in over a year ago and had our first earnings call about a year ago, I talked about re-energizing and refocusing the organization while we also invested in innovation and got ready for probably the most robust new product launch cycle.

是的，我想你切中了主題。我想，當我一年多前加入並大約一年前召開第一次財報電話會議時，我談到了為組織重新註入活力和重新調整重點，同時我們還投資於創新，並為可能最強勁的新產品發布週期做好了準備。

And so let me just give you some numbers. If you look at the performance this quarter, consumer -- these are all constant currency. Consumer plus 15, contact lenses plus 6, surgical plus 8, pharma plus 66, excluding Xiidra plus 18. Geographies, Asia plus 7, Europe plus 9, Latin America plus 17, and the US plus 33.

讓我給你一些數字。如果你看一下本季的表現，消費者——這些都是不變的貨幣。消費者加 15，隱形眼鏡加 6，手術加 8，製藥加 66，不含 Xiidra 加 18。

So I think that's pretty broad, high-quality growth across the world, right, across all our businesses around the world. And the way you do that is you make the most of everything. You figure out how to reinvest in product and promotion, how to put the customer at the center of your universe, how to make your sales forces the most important people in the company, and to really focus on execution and so that's what we're doing in our reenergized company and we expect that to continue.

因此，我認為這是全球範圍內相當廣泛、高品質的成長，對吧，我們在世界各地的所有業務都是如此。而你這樣做的方式就是充分利用一切。您弄清楚如何對產品和促銷進行再投資，如何將客戶置於您的宇宙中心，如何使您的銷售人員成為公司中最重要的人員，以及如何真正專注於執行，這就是我們的目標在我們重新煥發活力的公司中所做的一切，我們希望這種情況能夠繼續下去。

Amazing. And then just a second one.

驚人的。然後只是第二個。

Miebo, I mean, really strong start to the year. I'm just curious, there's a lot of noise when you first launch the products between refill rates and things like that. But I'm thinking at the start of the year relative to the guide. Is there a little bit of conservatism or is there any reason that we shouldn't see a continued pickup in sequential growth as you move through the quarters of this year from Miebo?

Miebo，我的意思是，今年的開局非常強勁。我只是很好奇，當你第一次推出產品時，在補充率和類似的事情之間有很多噪音。但我在今年年初考慮的是相對於指南。是否存在一點保守主義，或者是否有任何理由認為，當您從 Miebo 轉移到今年幾個季度時，我們不應該看到連續增長的持續回升？

Yeah. So Patrick, you're right. Look, I just want to remind just -- you didn't ask it this way but let me try to answer it.

是的。所以派崔克，你是對的。聽著，我只是想提醒一下——你不是這樣問的，但讓我試著回答。

When you think about where we are with Miebo and even Xiidra, right, we've had about two quarters of both products in the market. So it's really early, right? We're in the first quarter of the year as well. And I think we're off to an amazing start with Miebo, Xiidra still work in progress. But I think as you look at our focus on execution, just by the numbers I just gave you right, I think we have a lot of confidence that we can execute, and we can deliver. And so maybe there's some conservatism there, but I think it's too early to call it up just yet, right. It's just the first quarter. We have a brand-new field force. We have new technology. We have reps with new call pattern, seeing new physicians. So there's a lot to like, but there's a lot to focus on, on an execution basis before you get too excited.

當你想想我們在 Miebo 甚至 Xiidra 方面的處境時，對吧，我們的這兩種產品在市場上都有大約四分之二的產品。所以現在真的很早，對吧？我們也正處於今年第一季。我認為我們與 Miebo 有了一個令人驚奇的開始，Xiidra 仍在進行中。但我認為，當你看到我們對執行的關注時，僅透過我剛才給你的正確數字，我認為我們對我們能夠執行和交付充滿信心。因此，也許存在一些保守主義，但我認為現在提出這一點還為時過早，對吧。這只是第一季。我們擁有一支全新的現場隊伍。我們有新技術。我們的代表採用了新的通話模式，並會見新的醫生。因此，在執行方面，有很多值得喜歡的地方，但在你變得太興奮之前，還有很多需要關注的地方。

Love it. The shoulder feels better.

愛它。肩膀感覺好多了。

Yeah. Thank you. It is. It's much better. I appreciate it.

是的。謝謝。這是。好多了。我很感激。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Hi, good morning. It's [Leah], calling in for Larry. Thanks for taking the question and congrats on good start to the year.

早安.是[利亞]打電話來叫拉里。感謝您提出問題，並祝賀今年取得良好的開端。

Just had two questions. One on Xiidra, and Brent touch on this just briefly. You kept your guidance at $400 million and talked about the pieces that affect Q1 sales. What gives you the confidence that you get to $400 million? How do you get there and what should we look for in prescription trends? I think previously you talked about maybe stabilizing those prescription volume in first half and returning that to growth in second half. How do we see that play out?

只是有兩個問題。關於 Xiidra 的一個，布倫特（Brent）簡單地談到了這一點。您將指導方針維持在 4 億美元，並談到了影響第一季銷售額的因素。是什麼讓您有信心獲得 4 億美元？如何實現這一目標？我想您之前談過可能會穩定上半年的處方量，並在下半年恢復成長。我們如何看待這項結果？

Yeah, so Leah, I appreciate the question. I was just mentioning to Patrick. I think we're super excited about the Miebo performance in the first quarter. And as I said, Xiidra is still work in progress. And as I said in the script, we had -- Xiidra is the only product because of the TSAs with Novartis that we're still in effect that use Change Healthcare to manage co-pay cards and administration at pharmacy.

是的，利亞，我很欣賞這個問題。我剛剛向帕特里克提到過。我認為我們對 Miebo 第一季的表現感到非常興奮。正如我所說，Xiidra 仍在進行中。正如我在腳本中所說，Xiidra 是唯一一款由於與諾華 (Novartis) 簽訂的 TSA 而仍然有效的產品，它使用 Change Healthcare 來管理自付卡和藥房管理。

And as you know, Change went down, right? And if you look at the weeklies, as soon as Change went down, you see the significant impact on script trends for Xiidra. Miebo does not use Change. We use Blink. We quickly moved. The team worked very hard to transition away from Change, but that took a few weeks. It frustrated doctors when patients went to pharmacy and couldn't -- and had to pay full load or full list price and it was administrative mess for patients and for physicians.

如你所知，改變下降了，對嗎？如果您查看周刊，一旦 Change 停止，您將看到對 Xiidra 腳本趨勢的重大影響。 Miebo 不使用 Change。我們使用眨眼。我們很快就搬家了。團隊非常努力地從 Change 過渡，但這花了幾週。當患者去藥局卻無法去藥局時，醫生不得不支付全額費用或全額標價，這讓醫生感到沮喪，這對病人和醫生來說都是行政上的混亂。

And so couple that with a brand-new field force with new territories and new call patterns and then first-quarter seasonality, Xiidra had a difficult going in the first quarter. We do expect to see that come back in the second quarter. And so yes, I guess you could look at the $400 million guidance and say that looks a little aggressive at this point, but we're not ready to call down. I think our team is absolutely focused on meeting their commitment, and we want to continue to invest to do that.

因此，加上全新的現場人員、新的領域和新的呼叫模式，以及第一季的季節性因素，Xiidra 在第一季的表現很困難。我們確實預計這種情況會在第二季恢復。所以，是的，我想你可以看看 4 億美元的指導，並說目前看起來有點激進，但我們還沒有準備好取消。我認為我們的團隊絕對專注於履行他們的承諾，我們希望繼續投資來做到這一點。

So we have a lot of good things happening with Xiidra in the second quarter, and I think you'll see a sequential improvement as we go into the third and fourth quarter. So I get it. I get why people may ask that question. But first quarter of the year, we're not willing to take Miebo up, and we don't want to take Xiidra down. We want to hold our feet to the fire and really focus on execution, but we'll update you in the next quarter and give you some better color once we've seen clean performance, absent change in sales force realignment.

因此，我們在第二季度與 Xiidra 發生了很多好事，我認為當我們進入第三和第四季度時，您會看到連續的改進。所以我明白了。我明白為什麼人們會問這個問題。但今年第一季度，我們不願意收購 Miebo，也不想收購 Xiidra。我們希望繼續努力，真正專注於執行，但我們將在下個季度向您通報最新情況，並在我們看到乾淨的績效、銷售團隊重組沒有變化的情況下為您提供更好的信息。

Okay. That's super helpful.

好的。這非常有幫助。

My second question is on the guidance. Our math implies that in Q1 your organic sales growth was somewhere in the low double digits. And your guidance seems to imply that organic growth would slow a bit for the rest of the year, maybe closer to mid- or mid-to-high single digits. So one, can you just confirm that math and two, what flows from Q1 to the rest of the year. Thank you.

我的第二個問題是關於指導。我們的數學表明，第一季你們的有機銷售成長處於較低的兩位數。您的指導似乎暗示今年剩餘時間有機成長將略有放緩，可能接近中或中高個位數。那麼，第一，你能確認一下數學嗎？謝謝。

Good morning, it's Sam.

早上好，我是山姆。

And on the organic growth, I'm going to focus on Xiidra here. So as we said, Xiidra was about $79 million. Brent already touched on it from a pharma business. When you think about constant currency growth of 66%, that gets us to about 18%. When you look at our overall performance for this quarter, we put up 20% constant currency that was about 800-basis point contribution to that. So that gets you about roughly about 12% when you take Xiidra out.

關於有機成長，我將重點放在 Xiidra。正如我們所說，Xiidra 的估值約為 7900 萬美元。布倫特（Brent）已經在一家製藥公司談到這個問題。當你考慮 66% 的恆定貨幣成長率時，我們的成長率約為 18%。當你看到我們本季的整體業績時，我們提出了 20% 的固定匯率，大約相當於 800 個基點的貢獻。因此，當您取出 Xiidra 時，大約可以獲得 12% 左右的收益。

And if you look at the full-year guidance, now with our increase in guidance of 13% to 15%, if you take the midpoint of that guidance of 14% and you do the math on Xiidra, that's suggest roughly about 8% organic for the full year. So really seeing the momentum -- we're carrying the momentum forward throughout the -- there's puts and takes as any year, but we're still early in the year and we can't get momentum with us for the next three quarters.

如果你看一下全年指導，現在我們的指導增加了 13％ 至 15％，如果你取該指導的中點 14％，並在 Xiidra 上進行計算，這表明有機率大約為 8％全年。因此，真正看到了這種勢頭——我們在整個過程中都在推動這種勢頭——與任何一年一樣，都有看跌期權和看跌期權，但我們還處於今年初期，我們無法在接下來的三個季度獲得動力。

Okay. It sounds like there's perhaps some conservatism going from 12% organic growth in Q1 to 8% for the full year.

好的。從第一季的 12% 有機增長到全年的 8%，聽起來可能有些保守。

As Brent says like we're excited about what we're seeing in the Miebo, we're excited about what we're seeing in our base business. Just Brent went through how we're seeing the performance across all four businesses and the regions. But again, we're just really balanced here in terms of how we're thinking about the rest of the year, given the fact we're still early in the year?

正如布倫特所說，就像我們對在 Miebo 中看到的東西感到興奮一樣，我們對在我們的基礎業務中看到的東西感到興奮。布倫特剛剛介紹了我們如何看待所有四個業務和地區的表現。但同樣，考慮到我們還處於今年年初，我們在如何看待今年剩餘時間方面真的很平衡？

Yeah, I think -- stay tuned. That's -- where we are in the second quarter and then we may adjust. But let's execute first.

是的，我想 - 請繼續關注。這就是我們第二季度的情況，然後我們可能會進行調整。但我們先執行一下。

Thanks so much.

非常感謝。

Young Li, Jefferies.

年輕的李，傑弗里斯。

All right, great. Thanks for taking our questions.

好吧，太好了。感謝您回答我們的問題。

Maybe one more on pharma. Good to see the early outperformance from Miebo and Xiidra comments has changed. And you have an integrated sales force now between the two, the largest for dry eye. Wanted to hear a little bit about the potential cross-selling impacts in '24, how much of that [$495 million] combined revenue number is coming from the benefits of the integrated sales force?

也許還有一篇關於製藥的文章。很高興看到 Miebo 和 Xiidra 早期表現出色的評論已經改變。兩者之間現在擁有一支整合的銷售隊伍，其中最大的乾眼銷售隊伍。想了解一些關於 24 年交叉銷售潛在影響的信息，[4.95 億美元]合併收入中有多少來自整合銷售隊伍的好處？

Yeah, it's a great question. I think the integrated field force and as you mentioned, the largest field force in the dry eye category by a long shot is a key component of our strategy to win in the market. And when you look at how this market has evolved, it's really evaporative dry eye where Miebo is the only option and inflammatory dry eye where Xiidra versus a sea of cyclosporine, including Restasis and some branded reformulated.

是的，這是一個很好的問題。我認為綜合的現場人員，正如您所提到的，乾眼類別中規模最大的現場人員是我們贏得市場策略的關鍵組成部分。當你看到這個市場是如何演變的時候，你會發現它實際上是蒸發乾眼症，其中Miebo 是唯一的選擇，而發炎性乾眼症則由Xiidra 與大量環孢菌素（包括Restasis和一些重新配製的品牌）競爭。

And the goal for us is to win. We had the best option for both types of patients, for either type of dry eye. And so Xiidra really has to compete and winning in the inflammatory space and the competition there is the cyclosporin in a sea of products. And I think we have the best product there. And then we're the only game in town for inflammatory. And so our field reps were trained in late February. They've been in the field for just a few weeks, but early results are anecdotal. Some data are very promising. So I think we have to see it play out in the second, third, and fourth quarter of the year. But I'm very encouraged. I think we have a great strategy, and the team is executing.

我們的目標是獲勝。對於兩種類型的乾眼症患者，我們都有最好的選擇。因此，Xiidra 確實必須在發炎領域競爭並獲勝，而那裡的競爭是眾多產品中的環孢菌素。我認為我們擁有那裡最好的產品。然後我們就是鎮上唯一引起煽動的遊戲。因此，我們的現場代表在二月底接受了培訓。他們進入該領域僅幾週時間，但早期結果只是傳聞。有些數據非常有希望。所以我認為我們必須看到它在今年第二、第三和第四季發揮作用。但我很受鼓舞。我認為我們有一個很好的策略，並且團隊正在執行。

All right. Great. That's very helpful.

好的。偉大的。這非常有幫助。

Maybe turning to compact, are there still any lingering Lynchburg distribution impact on contact lens growth in the first quarter? Any more impact for the rest of the year. And if you can make some general comments on pricing and supply dynamics in contact lenses for the industry, when the supply catch-up relative to demand, especially for Daily SiHy?

也許轉向緊湊型，林奇堡分佈對第一季隱形眼鏡增長是否仍有揮之不去的影響？今年剩下的時間還有什麼影響嗎？您是否可以對隱形眼鏡行業的定價和供應動態做出一些一般性評論，尤其是對於 Daily SiHy，供應何時追趕需求？

Yeah. So thanks for the question.

是的。謝謝你的提問。

Look I think -- well let me start with Lynchburg. Lynchburg is resolved. It is shipping of new orders. Now in fairness, we're back to par on Lynchburg. Now we did make an investment in new technology there. We do need to get that efficiency. Hopefully, we see that pull through in the remainder of the year. But Lynchburg is not a drag on supply at this point, so that's the good news there.

聽著，我想——好吧，讓我從林奇堡開始。林奇堡已經解決了。正在運送新訂單。現在公平地說，我們在林奇堡回到了標準水平。現在我們確實在那裡投資了新技術。我們確實需要獲得這種效率。希望我們能在今年剩下的時間裡看到這一點。但林奇堡目前並沒有拖累供應，所以這是個好消息。

As we look at performance on a constant currency basis, our dailies were up 73% in the quarter. So really impressive performance. And we're seeing that really broad-based wherever we launch. And to be fair, we're still launching modalities. We still have multifocal launches starting to spread across the world. And we're gearing up for the Toric launch in the US and then rest of world. So a lot to like there, a lot of great performance, and a lot of launches still coming within that family of products.

當我們以固定匯率為基礎查看業績時，我們的日報在本季成長了 73%。如此令人印象深刻的表現。無論我們在哪裡推出，我們都看到這種基礎非常廣泛。公平地說，我們仍在推出各種模式。我們仍然有多焦點產品開始在世界各地傳播。我們正在為 Toric 在美國以及世界其他地區的推出做準備。那裡有很多值得喜歡的地方，有很多出色的性能，並且該產品系列中仍然有很多產品發布。

I think the second thing I would -- the third thing I would say is that is probably the best ones in the category, particularly the multifocal. We are hearing tremendous positive feedback from both consumers and the optometry community. So I think we have a real winner in terms of the quality of that particular product.

我想我要說的第二件事——我要說的第三件事是，這可能是該類別中最好的，尤其是多焦點。我們聽到了來自消費者和驗光界的巨大正面回饋。因此，我認為就特定產品的品質而言，我們是真正的贏家。

With respect to pricing, I think as we look, we're trying to hold pricing relatively stable, very modest price increases around the world. And that's because we have been in a supply constrained environment. And so for us, it's about -- it's not about taking a price on customers, it's about winning accounts, taking market share.

關於定價，我認為，正如我們所看到的，我們正在努力保持定價相對穩定，全球範圍內的價格上漲非常溫和。那是因為我們一直處於供應緊張的環境。因此，對我們來說，這不是向客戶定價，而是贏得客戶、佔領市場份額。

And I think we've seen some discounting by others, but that's because they have a lot of inventory in the trade. Unfortunately, because Lynchburg, not the reasons we like. We don't have a lot of inventory. So everything we can ship, we can sell; everything we sell, we ship. And so I think we're in a pretty solid position and I'm excited to see what happens as we continue to take share and grow that part of our business.

我認為我們已經看到其他人進行了一些折扣，但那是因為他們在貿易中擁有大量庫存。不幸的是，因為林奇堡，不是我們喜歡的原因。我們沒有很多庫存。所以我們能運送的一切，我們都可以出售；我們出售的所有東西，我們都會運送。因此，我認為我們處於非常穩固的地位，我很高興看到隨著我們繼續分享並發展這部分業務而發生的情況。

Thank you.

謝謝。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Oh, great. Good morning and thank you for taking the questions.

哦，太好了。早上好，感謝您提出問題。

Two financial ones for me. Maybe first, I was hoping you could give us the insight look at how the Xiidra integration is going. How does that compare versus your plan? And any way you could tease out what underlying versus reported margins were?

對我來說有兩個財務問題。也許首先，我希望您能讓我們深入了解 Xiidra 整合的進展。這與您的計劃相比如何？有什麼方法可以弄清楚基本利潤率與報告利潤率是多少嗎？

Yeah. So I'll take the first part and maybe Sam can address the second.

是的。所以我將討論第一部分，也許山姆可以解決第二部分。

So the integration is complete. As I mentioned earlier, we fully integrated and realigned the field forces at the end of February. So they've been -- that happened just a few weeks ago. And that went, I think, incredibly well and the team is energized and excited. I've met with many of them and they are really happy to be in a dedicated eye care company and have multiple treatment options for physicians to treat patients. And so I think that as well, we are now focused on improving our call points, our technologies. We've got the DTC back online and moving. We have a lot of speaker programs happening. And so there's a lot of energy, a lot of focus, and a lot of excitement from the sales force and from customers, I hear quite regularly.

這樣整合就完成了。正如我之前提到的，我們在二月底對現場部隊進行了全面整合和重組。所以他們——這發生在幾週前。我認為，一切進展得非常好，團隊充滿活力和興奮。我見過他們中的許多人，他們真的很高興能加入一家專門的眼科護理公司，並為醫生治療患者提供多種治療選擇。因此，我認為我們現在也專注於改進我們的呼叫點和技術。我們已讓 DTC 重新上線並開始運行。我們有很多演講者節目正在進行。因此，我經常聽到銷售人員和客戶充滿活力、高度關注和興奮。

So I think we have to see how it performs because it's just a few weeks since it's all happened. But that's good, but remember, we were in TSAs with Novartis. And so we had to stick with Change. We had a lots of things that perhaps if we didn't have those TSAs, we would have moved more quickly or faster or with more sense of urgency, but that is now behind us. So we now control our own destiny and we can focus on execution.

所以我認為我們必須看看它的表現如何，因為距離這一切發生只有幾週的時間。但這很好，但請記住，我們與諾華簽訂了 TSA。所以我們必須堅持改變。我們有很多事情，如果我們沒有這些 TSA，我們可能會更快或更快速地採取行動，或者更有緊迫感，但現在這些都已經過去了。所以我們現在掌控自己的命運，我們可以專注執行。

Sam, you want to --

山姆，你想——

And Robbie, on your second part of your question, when you think about Xiidra, it is free, it was part of our overall strategy to start shifting the mix in our products to higher margin. So you see that play out in our financials this quarter with the gross margin beat of the 63% to 320 basis point I referenced earlier. Almost half of that is coming out because of the Xiidra mix. So you'll see that benefit here in the gross margin.

羅比，關於你問題的第二部分，當你想到 Xiidra 時，它是免費的，這是我們開始將產品組合轉向更高利潤的整體策略的一部分。因此，您可以看到我們本季的財務數據顯示出這一點，毛利率超過了我之前提到的 63% 至 320 個基點。其中幾乎一半是由於 Xiidra 混合而產生的。所以你會在毛利率中看到這種好處。

In terms of overall margins on Xiidra, the way I think about we -- I disclosed in the past that it's roughly about mid-30s. I think still the same number and that will be probably as we progress throughout the year, that should expand to about high-30s.

就 Xiidra 的整體利潤率而言，我對我們的看法是——我過去曾透露，大約在 30 多歲左右。我認為這個數字仍然是相同的，而且隨著我們全年的進展，這個數字可能會擴大到 30 左右。

Great. And just one more on free cash flow. It came in negative in the quarter. How do we think about free cash flow generation throughout '24? And then any guidance on full-year free cash flow? Thanks.

偉大的。還有一個關於自由現金流的問題。本季為負值。我們如何看待整個 24 年自由現金流的產生？那麼全年自由現金流有什麼指引嗎？謝謝。

So cash for the quarter was roughly about a $48 million, that's adjusted cash from operations. So it was positive. I think a couple of things to keep in mind. One is the timing of capital expenditure is a little bit tricky. So I would probably just guide you to probably think about it more of a full year. When you think about capital expenditure, we spent roughly about $67 million or so in the quarter of CapEx. So there is a little bit heavier than our usual run rate in terms of CapEx for Q1.

因此，本季的現金約為 4,800 萬美元，這是調整後的營運現金。所以這是積極的。我認為有幾件事需要記住。一是資本支出的時機有點棘手。所以我可能會引導你用一整年的時間來思考這個問題。當你考慮資本支出時，我們在本季度的資本支出大約花費了 6700 萬美元左右。因此，第一季的資本支出比我們通常的運行速度要重一些。

That being said, I think we started with a positive cash flow from adjusted cash flow from operations in Q1. We are continuing to manage working capital, especially with the inventory. Right now, we're just over $1 billion to be specific, about $1.73 billion in terms of inventory. And just to keep in mind, there's two elements here. There's a strategic buildup of the inventory come in terms of what we're doing in our surgical business. And we're starting to see that come down as we wrap up '24 into '25. But there's also step up in our inventory because of the acquisition of Xiidra.

話雖這麼說，我認為我們一開始就從第一季營運調整後的現金流中獲得了正現金流。我們將繼續管理營運資金，特別是庫存。具體來說，目前我們的資產剛超過 10 億美元，庫存約為 17.3 億美元。請記住，這裡有兩個要素。就我們在外科業務中所做的事情而言，庫存正在策略性地增加。當我們將 24 賽季結束到 25 賽季時，我們開始看到這種情況下降。但由於收購 Xiidra，我們的庫存也有所增加。

Great. Thank you.

偉大的。謝謝。

Joanne Wuensch, Citi.

喬安妮‧溫施，花旗銀行。

Good morning and thank you for taking the question.

早上好，感謝您提出問題。

Could you please contact -- I already gave away what I wanted to ask, contact. The contact lens, how are you viewing that? How are you viewing where Bausch + Lomb's market share maybe going? And maybe a state of the union on the silicone one-day lens market and your products there? Thank you.

你能聯絡一下嗎——我已經給了我想問的問題，聯繫。隱形眼鏡，你怎麼看？您如何看待博士倫的市佔率可能走向何方？也許是矽膠一日鏡片市場和你們的產品的聯盟狀況？謝謝。

Yeah. So I think as you look at our performance in the market, as I said earlier, we are in a pretty strong spot with 73% constant currency growth in our Daily SiHy franchise. And as I mentioned, I think important is a lot of momentum there because we have -- the sphere is launched globally now, but we have to continue to launch multifocal around the world. And now we're preparing for the Toric launch in the US.

是的。因此，我認為，當你看看我們在市場上的表現時，正如我之前所說，我們處於相當有利的位置，Daily SiHy 特許經營權的貨幣持續增長率為 73%。正如我所提到的，我認為重要的是那裡有很大的動力，因為我們已經在全球範圍內推出了球體，但我們必須繼續在世界各地推出多焦點。現在我們正在準備 Toric 在美國的推出。

So as you look at the market, you're looking at mid-single-digit growth. And I expect that we should be able to do better than that and gain share. And so we have a long way to go to gain share given our current market position. But I think we have a great product. We have a great mix of products. We have great relationships with the ECPs around the world. We have a great brand in Bausch + Lomb and a lot of heritage.

因此，當你觀察市場時，你會看到中等個位數的成長。我希望我們能夠做得更好並獲得份額。因此，考慮到我們目前的市場地位，我們還有很長的路要走，才能獲得市場份額。但我認為我們有一個很棒的產品。我們擁有豐富的產品組合。我們與世界各地的 ECP 有著良好的關係。我們擁有博士倫的偉大品牌和豐富的傳統。

So a lot to like, but a real focus on execution and particularly on launching the other modalities around our Daily SiHy infuse in the US and Ultra Daily is how it's branded outside the US, and that's a real focus. And I'm proud in the first quarter to say the team delivered 73% growth, so that's how they can stay focused on the customer and execution and continue to deliver that momentum.

有很多值得喜歡的地方，但真正專注於執行，特別是圍繞我們的 Daily SiHy Infuse 在美國推出其他模式，以及 Ultra Daily 在美國以外的品牌推廣方式，這才是真正的重點。我很自豪地說，第一季團隊實現了 73% 的成長，這就是他們如何能夠專注於客戶和執行並繼續提供這種勢頭。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hey, guys. Thanks for taking my question.

大家好。感謝您提出我的問題。

I guess two sort of margin-related questions. First, maybe Sam on gross margins outperformance in Q1 due to the annual guidance implies a step down. Is that a function of the FX or what causes the gross margin step down in the back half? I think you mentioned something about $10 million of FX headwinds with an incremental gross margin impact.

我猜有兩種與保證金相關的問題。首先，由於年度指導，薩姆在第一季的毛利率表現可能會下降，這意味著他會有所下降。這是外匯的函數還是導致後半段毛利率下降的原因？我想您提到了大約 1000 萬美元的外匯逆風對毛利率的增量影響。

So good morning, Vijay.

早安，維傑。

So it's two parts. So the first part is we're seeing an improvement in gross margin because of their product mix with the higher margins and we've seen that play out in Q1. One of the elements that you have to keep in mind as you think about the rest of the year is the inventory balance I referred to earlier but call it $1.75 billion that's sitting on the inventory.

所以它分為兩個部分。因此，第一部分是我們看到毛利率有所改善，因為他們的產品組合具有更高的利潤率，我們已經在第一季度看到了這一點。當你考慮今年剩餘時間時，你必須牢記的因素之一是我之前提到的庫存餘額，但稱之為 17.5 億美元的庫存餘額。

That number has a component of it, it is same for surgical. So if you recall in the last number of quarters, we've been talking about our [spot-buy]. We've been buying components to be able to ensure that we have sufficient supply on our surgical business. You're seeing that in the growth of up to 8%, but also you're seeing that in a higher cost of the inventory and that will take time to bleed through the P&L. So that will be an element here that will be offsetting some of the benefits that we're seeing from a product mix. That's why we stayed around that 62% gross margin for the full year.

這個數字有一個組成部分，對於外科手術來說是一樣的。因此，如果您還記得在過去幾個季度中，我們一直在談論我們的[現貨購買]。我們一直在購買零件，以確保我們的外科業務有足夠的供應。您會看到高達 8% 的成長，但您也會看到庫存成本更高，這需要時間才能滲透到損益表中。因此，這將是一個因素，它將抵消我們從產品組合中看到的一些好處。這就是我們全年毛利率維持在 62% 左右的原因。

Yeah, I would add, if I can, Sam.

是的，如果可以的話，我想補充一點，山姆。

We made a very intentional decision here to build inventory specifically as it relates to product supply for surgical. As you know, you can't leave a surgeon hanging before surgery. And so one of the things that Sam and I decided when I arrived is we were going to prioritize customer relationships and supply to customers wherever possible to regain confidence in our surgical business. That is paying off with respect to sales and relationships, but it is hurting cash and margin. And so that is something we hope to resolve over time. But it was an intentional decision to prioritize customers.

我們在這裡做出了一個非常有意的決定，專門建立庫存，因為它與外科產品供應有關。如您所知，您不能讓外科醫生在手術前懸空。因此，當我到達時，山姆和我決定的一件事是，我們將優先考慮客戶關係，並盡可能為客戶提供服務，以重新獲得對我們外科業務的信心。這在銷售和關係方面帶來了回報，但也損害了現金和利潤。所以這是我們希望隨著時間的推移解決的問題。但這是一個優先考慮客戶的有意決定。

And Vijay, on second part of your question in terms of the currency headwind, we've seen improvement [outperformance] in EBITDA, that was offset by an incremental $10 million of currency headwind that was not in our initial guidance. So in essence, really we absorbed the perform -- the strength and the performance of EBITDA with the $10 million-headwind.

Vijay，關於您關於貨幣逆風問題的第二部分，我們已經看到EBITDA 的改善[表現出色]，但這一改善被1000 萬美元的貨幣逆風增量所抵消，而這並不在我們最初的指導中。因此，從本質上講，我們確實吸收了表演——EBITDA 的實力和表現，以及 1000 萬美元的逆風。

That's helpful, Sam.

這很有幫助，山姆。

Brent, one for you. I think in the past you've said the spend on Miebo is well above the $95 million revenue guidance. How much of this is one-time claim or marketing-related, launch-related spend. And should we expect those spend levels to go down and start seeing leverage in margin contribution in fiscal '25?

布倫特，給你一份。我想您過去曾說過 Miebo 的支出遠高於 9500 萬美元的收入指引。其中有多少是一次性索賠或與行銷相關、與發布相關的支出。我們是否應該預期這些支出水準會下降，並在 25 財年開始看到利潤貢獻的槓桿作用？

Yeah, so a great question.

是的，這是一個很好的問題。

Look, I think it's too early to figure out how we're going to invest behind Miebo in '25. So we see some more performance. That being said, traditionally, you do invest behind new drug launches for two or three years. We do expect to see improving margins around Miebo and profitability around Miebo improve over time. And so 2024 is the low point; 2025, we'll see improvement as we get into '26 and '27, you're going to see real margin contribution.

聽著，我認為現在弄清楚我們將如何在 25 年支持 Miebo 進行投資還為時過早。所以我們看到了更多的表現。話雖如此，傳統上，您確實會在新藥上市後投資兩到三年。我們確實預計 Miebo 的利潤率會隨著時間的推移而提高，而 Miebo 的獲利能力也會提高。所以 2024 年是最低點； 2025 年，當我們進入「26」和「27」時，我們將看到改進，您將看到真正的利潤貢獻。

And look, we have Miebo for a long time. And so it can become a really significant margin and profitability contributor to the company over the long term. And so that's what we're building towards. You only get one chance to launch a drug. You only get one chance to set a curve. You see the struggles that we have in rehabilitating Xiidra. We don't want to put Miebo in that position ever, right?

看，我們已經擁有 Miebo 很長時間了。因此，從長遠來看，它可以成為公司真正重要的利潤和獲利貢獻者。這就是我們的目標。你只有一次機會推出一種藥物。您只有一次機會設定曲線。你可以看到我們在恢復 Xiidra 的過程中所付出的努力。我們不想讓 Miebo 陷入這樣的境地，對嗎？

We want a very strong curve of adoption and profitability in Miebo, and I think we're really off to a good start better than we had even hoped. And so sometimes in pharmaceutical launches, I always say, I've said this before, I'll say it again. When you see smoke on a fire, you pour gasoline on it because that's how you build the biggest and highest peak sales and profitability over time.

我們希望 Miebo 的採用率和盈利能力曲線非常強勁，而且我認為我們確實有了一個比我們希望的更好的良好開端。因此，有時在藥品上市時，我總是說，我以前說過，我會再說一次。當你看到火上冒煙時，你就會在上面倒汽油，因為這就是你如何隨著時間的推移建立最大和最高的峰值銷售額和盈利能力的方式。

That's helpful. Thanks, guys.

這很有幫助。多謝你們。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Just one on maybe strategic investment if you would. I know last year investing in Xiidra and making the decision to push out your plans for driving leverage lower post the spin was an important strategic decision that seems to be paying off. And of course, there's lots of other things you could be investing in across the businesses that you have strategically. Just wondering what's the appetite at this time or in the next 12 or 18 months for that activity. And then I have one follow-up, if I could.

如果你願意的話，也許只是一項策略性投資。我知道去年投資 Xiidra 並決定推出在旋轉後降低槓桿率的計劃是一項重要的策略決策，似乎正在取得回報。當然，您還可以在策略性業務中投資許多其他內容。只是想知道目前或未來 12 或 18 個月內對該活動的興趣是什麼。如果可以的話，我還有一個後續行動。

Yeah, you're right, Matt. We didn't make a big bet on Xiidra. And I have to say while we still have work to do on Xiidra, the actual investment goes beyond just the product, TRXs and sales. It goes to establishing our presence in Xiidra and things like Miebo have clearly benefited from having Xiidra as we launch into more OTC options that will also benefit because of our market position because of Xiidra. We have a very loud share of voice in the category, and we want to be a driver of innovation and more solutions for patients. So strategically, a lot to like on execution with actual Xiidra, a lot of work to do. That's how I think about it.

是的，你是對的，馬特。我們沒有在 Xiidra 上下大注。我必須說，雖然我們在 Xiidra 上仍有工作要做，但實際投資不僅僅是產品、TRX 和銷售。這有助於建立我們在 Xiidra 的業務，而像 Miebo 這樣的公司顯然已經從 Xiidra 中受益，因為我們推出了更多的 OTC 選項，這些選項也將因 Xiidra 的市場地位而受益。我們在這領域擁有很大的話語權，我們希望成為創新的推動者，為患者提供更多解決方案。因此，從策略上來說，使用實際的 Xiidra 執行有很多值得喜歡的地方，還有很多工作要做。我就是這麼想的。

I think as we look at investing in the business, the top priority right now is investing behind the launches. Really important launch is continuing to support our contact lens business. As I mentioned a few times, we haven't spoken a lot, but surgical IOLs really important.

我認為，當我們考慮對該業務進行投資時，目前的首要任務是在發布後進行投資。真正重要的推出是繼續支持我們的隱形眼鏡業務。正如我多次提到的，我們沒有說過很多話，但手術人工水晶體確實很重要。

enVista Aspire, which is our monofocal plus, which launched at the very end of last year, is really into full launch mode right now and something we're investing behind. We've got roughly 600 surgeons trained in implanting lenses, and the feedback has been tremendous. As we're doing that, we're getting ready to launch the Lux upgrades around Europe. We have the trifocal, which is Aspire Envy (sic - enVista Envy) launching in perhaps the roughly close to the fourth quarter or thereabout. And so that is going to be a great lens and we're investing in the studies for this to beyond our extended depth of focus. So a lot to do there as well.

enVista Aspire 是我們的單焦點 plus，於去年底推出，目前已真正進入全面發布模式，我們正在對其進行投資。我們有大約 600 名外科醫生接受過晶狀體植入的培訓，回饋非常好。在這樣做的同時，我們正準備在歐洲各地推出 Lux 升級。我們有三焦眼鏡，即 Aspire Envy（原文如此 - enVista Envy），大約在第四季度左右推出。因此，這將是一個很棒的鏡頭，我們正在投資研究，以超越我們的擴展焦深範圍。那裡也有很多事情要做。

So all of our businesses, including consumer contact lenses, pharma, surgical, all have a really robust new product cycle coming over the next few years. And we want to have launch excellence and really have these products to be the future of B&L. And by the way, across the board, they're all higher margin products, which will continue to support our sustained margin improvement as a company for years to come.

因此，我們所有的業務，包括消費者隱形眼鏡、製藥、外科手術，都將在未來幾年內迎來一個非常強勁的新產品週期。我們希望推出卓越的產品，並真正讓這些產品成為 B&L 的未來。順便說一句，總的來說，它們都是利潤率較高的產品，這將繼續支持我們作為一家公司在未來幾年持續提高利潤率。

That being said, what are we investing in? We're investing in innovation. We're doing relatively smaller partnerships, R&D collaborations, technology investments to continue the stream of invest of new product launches beyond the cycle we have today, and that is how you create organizational health and a company like Bausch + Lomb is to have a steady stream of innovation and launches year after year, decade after decade. And we see the results of taking a pause for 10 years and what we're dealing with and we're in -- we have to look at the past to make sure we never repeat it. And so that's our key focus and priority for the short term.

話雖這麼說，我們投資什麼？我們正在投資創新。我們正在建立相對較小的合作夥伴關係、研發合作和技術投資，以繼續新產品發布的投資流，超越我們今天的週期，這就是創造組織健康的方式，而像博士倫這樣的公司將擁有穩定的發展年復一年、十年又十年的創新和推出。我們看到了暫停十年的結果，以及我們正在處理的問題和我們所處的情況——我們必須回顧過去，以確保我們永遠不會重蹈覆轍。因此，這是我們短期內的重點和優先事項。

Super helpful.

超有幫助。

You had another question, Matt -- yes.

你還有另一個問題，馬特——是的。

Yeah, you touch on some of the follow -- some of the things and to follow up on your just on the surgical side. I know, that is a teams to be a longer ramp to get -- to move the needle to where you wanted to be state in the surgical space competitively.

是的，你談到了一些後續的事情——一些事情以及在手術方面的後續行動。我知道，這是一支需要更長的坡道才能到達的團隊，以將針移動到您想要在外科領域競爭中達到的狀態。

And then just you had some launches, you had some coming in the back half of this year. If you were to give us a roadmap for the next 12, 18 months, should we start to think of that business meaningfully lifting as you exit this year? Meaningfully lifting in the next couple of quarters? Or is that a bit more of a 12 or 18 months' built to show them what the results of the investments and the new products that you talked about there? Thanks.

然後你就推出了一些產品，今年下半年你就推出了一些產品。如果您給我們未來 12、18 個月的路線圖，我們是否應該開始考慮，當您今年退出時，該業務會得到有意義的提升？在接下來的幾季裡會出現有意義的提升嗎？或者這是否需要 12 或 18 個月的時間來向他們展示您在那裡談論的投資和新產品的結果？謝謝。

Yeah, I think you're right. It's more of a 12-, 18-, 24-month build, particularly as we move to the offering, the more of the premium IOLs to complete the portfolio. But look, if you look in the quarter, you saw implants up 9%. These are constant currency numbers, PACS up 9% and equipment up 5%. And so really nice tactical execution by our team.

是的，我認為你是對的。它更像是 12、18、24 個月的構建，特別是當我們轉向產品時，更多的優質 IOL 來完成投資組合。但如果你看看這個季度，你會發現植入物增加了 9%。這些是不變的貨幣數字，PACS 成長了 9%，設備成長了 5%。我們團隊的戰術執行力非常好。

But that being said, I think there's two things to consider as we look at, particularly margins and profitability of surgical. One is we're still working through expensive inventory, as Sam mentioned, and that will take some time to work through. At the same time, our supply chain team is working at improving our manufacturing and distribution capabilities to get to better margins.

但話雖這麼說，我認為我們在考慮時需要考慮兩件事，特別是手術的利潤率和盈利能力。一是我們仍在處理昂貴的庫存，正如薩姆所提到的，這需要一些時間來解決。同時，我們的供應鏈團隊正在努力提高我們的製造和分銷能力，以獲得更好的利潤。

And then as I mentioned, mix, as we transition and offer a full range of IOLs, including premiums, they come with a much higher margin. And so I think over the next, as you said 18, 24 months, you'll see a steady improvement in that business and we're going to become much more competitive over time. So I'm excited about it, but it's not going to be an overnight sensation. It's a lot of hard work and a lot of dedication, but I think we're on the right track for early, but we're on the right track.

然後，正如我所提到的，混合，當我們轉型並提供全系列人工水晶體（包括保費）時，它們的利潤率要高得多。因此，我認為接下來，正如您所說的 18、24 個月，您將看到該業務的穩定改善，並且隨著時間的推移，我們將變得更具競爭力。所以我對此感到興奮，但這不會是一夜之間的轟動。這需要大量的艱苦工作和大量的奉獻精神，但我認為我們很早就走上了正確的軌道，但我們正走在正確的軌道上。

That's great. Thank you.

那太棒了。謝謝。

Doug Miehm, RBC.

道格‧米姆，加拿大皇家銀行。

My question has to do with Miebo. Brent, you mentioned that the three top Medicare providers are going to be covering the drug, but I'm wondering on the commercial side, how are things looking there in terms of -- getting on formularies and that sort of thing? And then as a follow-up, I'm just wondering, do you have the manufacturing capability to provide for what looks like it's going to be a very, very strong Miebo launcher given the outperformance in Q1. Thanks.

我的問題與 Miebo 有關。布倫特，您提到三大頂級醫療保險提供者將承保該藥物，但我想知道在商業方面，在列入處方集等方面情況如何？然後，作為後續行動，我只是想知道，考慮到第一季的出色表現，你們是否有製造能力來提供看起來非常非常強大的 Miebo 啟動器。謝謝。

Yeah. So great question.

是的。很好的問題。

So just to correct you, two of the top Medicare plans will begin covering Miebo over the next month or so. And so that will give us about 50% Medicare coverage going into the second half of the year. That pattern over -- just to clarify, that doesn't like flip a switch and change overnight. It takes some time to build as local carriers and policies get implemented but we're really ahead of schedule on getting Medicare coverage. The team did a great job there. And so a lot to like there.

因此，糾正一下，兩個頂級醫療保險計劃將在下個月左右開始承保 Miebo。因此，這將使我們在今年下半年獲得約 50% 的醫療保險覆蓋率。那種模式已經結束了——只是為了澄清，這並不像按一下開關就能在一夜之間改變。隨著當地運營商和政策的實施，這需要一些時間來建立，但我們在獲得醫療保險覆蓋方面確實提前了。該團隊在那裡做得很好。那裡有很多值得喜歡的地方。

And commercial are about 50% as well, and that should continue to improve throughout the year. And so two quarters into a launch, that's -- I don't want to say it's unprecedented, but it's really a great outcome to have that broad-based coverage. But we do want to see that get to 70%, 80% coverage in both categories. So we feel good about it. So some work to do there, but a great start.

商業化比例也約為 50%，而且這一比例全年都會持續改善。發布已經兩個季度了，我不想說這是史無前例的，但擁有如此廣泛的覆蓋範圍確實是一個很好的結果。但我們確實希望看到這兩個類別的覆蓋率達到 70%、80%。所以我們對此感覺良好。所以還有一些工作要做，但這是一個很好的開始。

In terms of manufacturing capability from Miebo, Miebo has made it a third party supplier. We have been working with them to improve coverage. We are going to transition to our own facilities. In fact, packaging is being transitioned as we speak to our Tampa facility and over the next 12, 18 months, it will start to ramp up our own ability to produce. So we'll have two sources of supply, which is really you want to be for an important product like Miebo.

就Miebo的製造能力而言，Miebo已使其成為第三方供應商。我們一直在與他們合作以提高覆蓋範圍。我們將過渡到我們自己的設施。事實上，當我們與坦帕工廠交談時，包裝正在轉變，在接下來的 12、18 個月內，它將開始提高我們自己的生產能力。因此，我們將擁有兩個供應來源，這正是 Miebo 這樣的重要產品所希望的。

The other thing I would mention is we've been -- I think the team has done a great job with the Miebo launch without a sample. There was no sample plan prior to my arrival. And so we've been working hard to get a sample and we should have that in the back half of the year as well.

我要提到的另一件事是我們 - 我認為團隊在沒有樣品的情況下推出 Miebo 做得很好。在我到達之前沒有樣本計劃。因此，我們一直在努力獲取樣品，我們也應該在今年下半年獲得樣品。

So as I think about Miebo, it was -- the key success factors for us on an execution front were the sales force that was done late February and so they're off and running. It was getting coverage. We've made good progress. We have about 50, 50 commercial Medicare going into the back half of the year. Still some work to do, but a big check there. And then it was about getting the sample and getting trial. And so that's coming too. Great performance and $28 million in the first quarter, but a lot to like and get excited about as we continue to invest and build the franchise.

因此，當我想到 Miebo 時，我們在執行方面的關鍵成功因素是 2 月底完成的銷售人員，因此他們已經開始運作。它正在得到報道。我們已經取得了很好的進展。我們有大約 50、50 個商業醫療保險將進入今年下半年。還有一些工作要做，但還有很多工作要做。然後就是取得樣品並進行試驗。所以這也即將到來。第一季業績出色，營收 2800 萬美元，但隨著我們繼續投資和打造該系列，還有很多值得喜歡和興奮的事情。

Thank you.

謝謝。

So thanks, Doug. So I'll just conclude by thanking everyone for joining us. We do feel really good about the first-quarter performance and the broad-based nature of the performance, all businesses, all geographies. And we look forward to staying and keeping you updated as we continue to stay absolutely focused on our customers and execution and driving our business forward.

所以謝謝，道格。最後，我要感謝大家加入我們。我們確實對第一季的業績以及該業績在所有業務、所有地區的廣泛性感到非常滿意。我們期待與您保持聯繫並隨時向您通報最新情況，因為我們將繼續絕對專注於我們的客戶和執行並推動我們的業務向前發展。

Thank you so much.

太感謝了。

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。您現在可以斷開連線。