Bausch + Lomb Corp (BLCO) 2024 Q2 法說會逐字稿

Good morning and welcome to Bausch + Lomb's second quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to George Gadkowski, Vice President of Investor Relations and Business Insights. Please go ahead.

早安，歡迎參加博士倫 2024 年第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。現在我想將會議交給投資者關係和商業洞察副總裁喬治·加德科斯基 (George Gadkowski)。請繼續。

Thank you. Good morning, everyone, and welcome to our second 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 年第二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 GAAP 財務指標和比率，有關這些指標和比率的更多信息，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，否則一般在下一季之前不會更新指導意見，並且除非透過廣泛傳播的公開披露，否則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 today's call. I hope you're enjoying the summer.

謝謝喬治，也謝謝大家參加今天的電話會議。我希望你享受夏天。

I'm going to provide a high-level overview of another successful quarter of execution. Sam will do a deeper dive on our performance, and I'll close with my favorite part, highlighting the innovations that will help separate us from the pack and keep us on a path to sustainable long-term profitable growth.

我將提供另一個成功季度執行情況的高級概述。薩姆將更深入地探討我們的業績，我將以我最喜歡的部分結束，強調將有助於我們脫穎而出並使我們走上可持續的長期盈利增長之路的創新。

There's no change to our three areas of focus and there won't be. This is our formula for success. Our constant currency revenue growth progression over the past year has been remarkable 8% in Q3 2023, 19% in Q4 2023, 20% in Q1 2024 and 20% in the second quarter.

我們的三個重點領域沒有變化，也不會改變。這就是我們的成功秘訣。過去一年，我們的貨幣收入持續穩定成長，2023 年第三季為 8%，2023 年第四季為 19%，2024 年第一季為 20%，第二季為 20%。

What makes it more impressive is our growth continues to come from all businesses and geographies. We are not a one-trick pony to hold into a certain product or category. And we continue to refine what we're selling and where.

更令人印象深刻的是我們的成長繼續來自所有業務和地區。我們不是一匹只用一招就能抓住某一產品或類別的小馬。我們繼續完善我們銷售的產品和銷售地點。

SKU rationalization is an ongoing process that will pay dividends slowly, but surely something that's undoubtedly helping fuel that consistent revenue growth is our relentless focus on selling and operational excellence. We're talking about building those capabilities but we have now hit a point where it feels like a cultural norm within our walls.

SKU 合理化是一個持續的過程，會慢慢帶來紅利，但毫無疑問，我們對銷售和卓越營運的不懈關注無疑有助於推動持續的收入成長。我們正在談論建立這些能力，但我們現在已經達到了這樣一個地步，感覺它就像是我們內在的一種文化規範。

Colleagues around the world know that our success is inextricably linked to how we make or source our products and get them in the hands of eye care professionals, patients and consumers. They also know that selling and operational excellence is a long game. And if you're not continuously improving. You're falling behind.

世界各地的同事都知道，我們的成功與我們如何製造或採購產品以及如何將產品送到眼科護理專業人員、患者和消費者手中密不可分。他們也知道，卓越的銷售和營運是一場漫長的遊戲。如果你沒有持續改進。你落後了。

Look no further than the second quarter milestones as proof of our ongoing commitment to innovation in May, Health Canada approved the enVista NV intraocular lens, the first premium IOL on the enVista platform and another meaningful step towards being a significant player in the high-margin premium IOL space.

光是看第二季的里程碑就足以證明我們對創新的持續承諾，加拿大衛生部於5 月批准了enVista NV 人工水晶體，這是enVista 平台上的第一個優質IOL，也是邁向成為高利潤領域重要參與者的又一有意義的一步優質人工水晶體空間。

In June, we launched Blink NutriTears, a clinically proven nutritional supplement for dry eyes. And just 1 week later, we announced the US introduction of Bausch + Lomb INFUSE for astigmatism daily disposable contact lenses. Three innovative products across three distinct businesses announced over 12 days. When it comes to being an innovation company, we’re walking the walk and doing so with urgency and purpose.

六月，我們推出了 Blink NutriTears，這是一種經過臨床驗證的乾眼營養補充品。僅僅1週後，我們就宣佈在美國推出博士倫INFUSE散光日拋隱形眼鏡。在 12 天內宣布了三個不同業務領域的三款創新產品。當談到成為一家創新公司時，我們會言出必行，並帶著緊迫感和目標。

The roadmap slide, a mainstay in our earnings presentations has been given a facelift to coincide with our move into Phase 2, innovate and execute. That's not to say parts of Phase 1 won't continue, but the majority of our focus is on the five elements of Phase 2. These include new product launches with a flurry of activity expected in the second half of the year and into 2025.

路線圖幻燈片是我們收益簡報中的支柱，已進行了改版，以配合我們進入第二階段、創新和執行。這並不是說第一階段的部分內容不會繼續，但我們的主要重點是第二階段的五個要素。

Sales execution is another critical component, which we continue to heavily invest in. A prime example is Glimpse a new proprietary digital sales platform that uses AI and machine learning to provide tailor-made guidance for engaging eyecare professionals. We recently trained the US pharma sales force on Glimpse to ensure they're bringing the right message to the right doctor at the right time and early results are encouraging.

銷售執行是我們繼續大力投資的另一個關鍵組成部分。 。我們最近在 Glimpse 上對美國藥品銷售人員進行了培訓，以確保他們在正確的時間向正確的醫生提供正確的信息，並且早期結果令人鼓舞。

Investing in innovation means investing in our people. I mentioned a steady stream of impressive new hires last quarter, which has accelerated. We recently fielded our first colleague engagement survey since 2022. And the results buoyed our belief that we're on the right path buying from leadership teams is one thing buy-in from 13,000 people around the world is what drives results. The last item of my slide is least flashy, driving operational efficiencies and margin expansion. One leads to another, and we're leaving no stone unturned as we streamline operations to improve the bottom line.

投資創新意味著投資我們的員工。我提到上個季度，新員工源源不絕地湧現，令人印象深刻，而且這種情況還在加速。我們最近開展了自2022 年以來的首次同事敬業度調查。因素。我幻燈片的最後一項是最不華而不實的，它推動了營運效率和利潤成長。一環扣一環，我們會不遺餘力地簡化營運以提高利潤。

A prime example is our Tampa manufacturing site, successfully rolled out a secondary packaging process for MIEBO that can be completed in a few shifts as opposed to roughly six days at our contract manufacturing. At the risk of stealing Sam’s thunder, I'll cover a few of the financial highlights.

一個典型的例子是我們的坦帕製造工廠，成功推出了 MIEBO 的二次包裝流程，該流程可以在幾個班次內完成，而我們的合約製造工廠大約需要六天。冒著搶了 Sam 風頭的風險，我將介紹一些財務亮點。

It's a good problem to have when you feel like you're repeating yourself each quarter. Once again, impressive year-over-year constant currency revenue growth was driven by our holistic strength. Look no further than our business segment performance with 9% constant currency revenue growth for surgical, 11% for vision care and 61% for pharmaceuticals. Absent XIIDRA revenue, pharmaceuticals still exceeded expectations with 16% organic revenue growth. Key franchises across our business continue to drive that growth.

當你感覺每個季度都在重複自己時，這是一個好問題。我們的整體實力再次推動了令人印象深刻的年比恆定貨幣收入成長。看看我們的業務部門的表現就知道了，外科手術、視力保健和藥品的貨幣收入恆定增加 9%、11% 和 61%。在沒有 XIIDRA 收入的情況下，藥品業務的有機收入成長仍超出預期，達到 16%。我們業務的主要特許經營權繼續推動這一成長。

Three takeaways from the list of products shown. It's a global mix, prescription OTC contact lens and surgical products are represented, and we've made clear our intention to invest in each of these products given opportunities for future growth.

所示產品清單中的三個要點。這是一個全球組合，以處方非處方隱形眼鏡和手術產品為代表，我們已經明確表示，鑑於未來成長的機會，我們打算投資每一種產品。

I'll now turn it over to Sam, who will provide additional context.

我現在將其交給 Sam，他將提供更多背景資訊。

Thank you, Brent, and good morning, everyone. Before we begin, please note that all my comments today will be focused on growth express on constant currency basis, unless specifically indicated otherwise.

謝謝你，布倫特，大家早安。在我們開始之前，請注意，除非另有明確說明，否則我今天的所有評論將集中在以固定匯率計算的成長。

Turning now to our financial results on slide 7. We are pleased to report another quarter of solid revenue growth across all of our segments, geographies and key product franchises. We are seeing the broad-based growth momentum in our business continue.

現在轉向幻燈片 7 上的財務業績。我們看到我們業務的廣泛成長勢頭仍在繼續。

Total company revenue of $1.216 billion for the quarter reflects growth of 20%. As Brent mentioned, are executing our strategy and our focus remains on driving selling and operational excellence and prioritizing innovation. The steady stream of product launches continues to drive growth, and we're excited about the opportunity ahead of us in the second half of 2024. For the second quarter, currency was a headwind of $27 million to revenue.

該季度公司總營收為 12.16 億美元，成長 20%。正如布倫特所提到的，我們正在執行我們的策略，我們的重點仍然是推動銷售和卓越營運以及優先考慮創新。源源不絕的產品發布持續推動成長，我們對 2024 年下半年面臨的機會感到興奮。

Now let's discuss the results in each of our segments. Vision care, second quarter revenue of $697 million increased by 11%, driven by solid growth in both the consumer and contact lens businesses. The consumer business again demonstrated strong performance with growth of 9% in Q2. We continue to see growth across our key consumer franchises. In the quarter, Eye Vitamins were up 8%, Lumify grew by 12% and the consumer dry delivered $94 million in revenue and organic growth of 10%.

現在讓我們討論每個部分的結果。視力保健業務第二季營收達 6.97 億美元，成長 11%，這得益於消費者和隱形眼鏡業務的穩健成長。消費業務再次展現強勁表現，第二季成長9%。我們繼續看到我們的主要消費者特許經營權的增長。本季度，Eye Vitamins 成長 8%，Lumify 成長 12%，Consumer dry 營收 9,400 萬美元，有機成長 10%。

Contact lens revenue growth was 14%, with strong performance across key brands and geographies. In the quarter, we saw solid growth in both the Daily and FRP portfolio with our Daily SiHy the way. We are continuing to see strong momentum in the Daily SiHy with 72% growth in the quarter. The Daily SiHy launch is off to a strong start. And as Brent mentioned, we have recently announced the launch of the Daily SiHy toric to expand the product family.

隱形眼鏡營收成長 14%，主要品牌和地區表現強勁。在本季度，我們看到 Daily 和 FRP 投資組合都實現了穩健成長，其中 Daily SiHy 就是其中之一。我們繼續看到 Daily SiHy 的強勁勢頭，本季成長了 72%。 Daily SiHy 的發布有了一個很好的開始。正如 Brent 所提到的，我們最近宣布推出 Daily SiHy toric 以擴展產品系列。

Contact lens revenue growth was broad-based across markets with the US up 18% in the quarter and international up 12%. We have resumed a solid growth trajectory in the US with Lynchburg system upgrade now behind us. Outside the US, we saw solid performance across all the regions, which contributed to the strong international revenue growth in Q2. We're also seeing early positive results from our direct-to-consumer initiative in China, which we recently launched.

隱形眼鏡營收在各市場均廣泛成長，本季美國成長 18%，國際成長 12%。隨著林奇堡系統升級的結束，我們在美國恢復了穩健的成長軌跡。在美國以外，我們看到所有地區都表現強勁，這為第二季國際收入的強勁成長做出了貢獻。我們最近在中國推出的直接面向消費者的計劃也取得了早期積極成果。

Moving now to the surgical segment second quarter revenue was $209 million, an increase of 9%. In Q2 we saw broad-based performance with growth in each of our three surgical product categories consumables, our largest product category grew in the quarter by 7%. Implantables grew 9% in the quarter with our standard IOLs up 3% and our premium IOLs up 36%.

現在轉向外科手術領域，第二季營收為 2.09 億美元，成長 9%。在第二季度，我們看到了廣泛的業績，三個外科產品類別消耗品均實現了成長，我們最大的產品類別在本季度增長了 7%。本季植入物成長 9%，其中標準 IOL 成長 3%，優質 IOL 成長 36%。

Our enVista IOL platform has continued to perform well with enVista Aspire lines making a strong early market entry. We expect the cadence of IOL launches to continue with the recent approval of the enVista Envy trifocal lens in Canada.

我們的 enVista IOL 平台繼續表現良好，enVista Aspire 系列在早期市場進入中表現強勁。隨著最近 enVista Envy 三焦點鏡片在加拿大獲得批准，我們預計 IOL 的推出節奏將繼續下去。

Revenue from equipment was up 15%, mainly driven by Stellaris system sales. Our strategy in the surgical business remains the same we are delivering growth by focusing on a consistent supply of products to our customers, despite absorbing some margin pressure in the near term due to the spot buys, which we previously discussed were also continuing to launch premium products with higher margins. We expect a steady stream of these launches over the next number of years to continue to drive revenue growth and sustainable margin expansion.

設備收入成長 15%，主要受到 Stellaris 系統銷售的推動。我們在外科業務上的策略保持不變，我們透過專注於向客戶提供穩定的產品供應來實現成長，儘管由於現貨購買而在短期內吸收了一些利潤壓力，我們之前討論過的現貨購買也將繼續推出優質產品利潤率較高的產品。我們預計未來幾年這些產品的穩定推出將繼續推動收入成長和可持續的利潤率擴張。

Lastly, revenue in the pharma segment was $310 million for the quarter, which represents growth of 61% or 16% organically. MIEBO delivered $42 million in revenue in the quarter. We are pleased with the MIEBO TRx growth and we continue to work with IQVIA to address some of the variability in the TRx.

最後，本季製藥部門的營收為 3.1 億美元，有機成長 61% 或 16%。 MIEBO 本季實現營收 4,200 萬美元。我們對 MIEBO TRx 的成長感到滿意，並將繼續與 IQVIA 合作解決 TRx 中的一些變化。

MIEBO has continued its exceptional launch performance, and we remain committed to making investments to drive the strong growth will continue to build market access with commercial coverage at about 50% and Medicare approximately 30%. XIIDRA delivered $89 million in revenue in the second quarter, we continued to make steady progress in executing our strategy with investments in direct-to-consumer marketing campaigns and a field force realignments earlier in the year. We have seen improving XIIDRA TRx trends following the sales force realignment and that changed health care cyber attack in the first quarter.

MIEBO 持續保持其卓越的上市表現，我們仍致力於進行投資以推動強勁成長，將繼續建立市場准入，商業覆蓋率約為 50%，醫療保險覆蓋率約為 30%。 XIIDRA 在第二季度實現了 8,900 萬美元的收入，透過今年稍早對直接面向消費者的行銷活動的投資和現場人員的重組，我們在執行策略方面繼續取得穩步進展。我們看到，隨著銷售團隊的重組以及第一季醫療保健網路攻擊的改變，XIIDRA TRx 趨勢有所改善。

XIIDRA and MIEBO together position us as a leader in dry eye disease. As Brent will highlight, our strategy includes key building blocks to expand our leading position and drive long-term growth. Beyond MIEBO and XIIDRA we also saw strong growth across other parts of the pharma business. Both US generics and international pharma grew by 11% as expected, Prolensa continued to decline due to a generic entry in Q1 of this year.

XIIDRA 和 MIEBO 共同讓我們成為乾眼症領域的領導者。正如布倫特將強調的那樣，我們的策略包括擴大我們的領先地位並推動長期成長的關鍵組成部分。除了 MIEBO 和 XIIDRA 之外，我們還看到製藥業務其他領域的強勁成長。美國仿製藥和國際製藥均成長 11%，符合預期，但 Prolensa 由於今年第一季仿製藥進入而持續下滑。

Now let me walk through some of the key non-GAAP line items on slide 8. Adjusted gross margin for the second quarter was 51.9%, which was up 220 basis points compared to Q2 '23. The increase in adjusted gross margin was mainly driven by product mix as we continue our strategy to transition to higher margin products. We also saw strong production output in our contact lens business contribute to margin efficiencies. This was bounce back pressure driven by the higher inventory cost in surgical.

現在讓我來介紹一下投影片 8 上的一些關鍵的非 GAAP 專案。調整後毛利率的成長主要是由產品組合推動的，因為我們繼續實施向更高利潤率產品轉型的策略。我們也看到隱形眼鏡業務強勁的產量有助於提高利潤率。這是外科庫存成本上升帶來的反彈壓力。

In the second quarter, we invested $84 million in adjusted R&D or approximately 7% of revenue. Second quarter adjusted EBITDA was $209 million, which represents 20% growth versus Q2 '23. Net interest expense for the quarter was $99 million and adjusted cash flow from operations was $24 million. Adjusted EPS for the quarter was $0.13, and finally, CapEx was $72 million.

第二季度，我們在調整後的研發上投入了 8,400 萬美元，約佔營收的 7%。第二季調整後 EBITDA 為 2.09 億美元，與 2023 年第二季相比成長 20%。該季度的淨利息支出為 9,900 萬美元，調整後的營運現金流為 2,400 萬美元。該季度調整後每股收益為 0.13 美元，最終資本支出為 7,200 萬美元。

Turning now to our 2024 guidance on slide 11. We are raising our full year revenue and adjusted EBITDA guidance to reflect the strong and broad-based momentum we're seeing in the business. We are raising our full year revenue guidance from a range of $4.6 billion to $4.7 billion to a range of $4.7 billion to $4.8 billion. The updated revenue guidance reflects a range of full year constant currency growth to a range of approximately 16% to 18%.

現在轉向幻燈片 11 上的 2024 年指導。 我們正在提高全年收入並調整 EBITDA 指導，以反映我們在業務中看到的強勁且廣泛的勢頭。我們將全年營收指引從 46 億至 47 億美元上調至 47 億至 48 億美元。更新後的收入指引反映了全年約 16% 至 18% 的固定匯率成長率。

In our dry eye portfolio, we are raising our guidance for full year MIEBO revenue from $95 million. So range of $150 million to $160 million, which reflects a strong launch performance. We are updating our previous guidance for XIIDRA revenue from approximately $400 million to $355 million to $365 million. Our revised XIIDRA guidance reflects a field force realignment and the impact of the change healthcare cyber attack earlier in the year. More recently, we have seen an improvement in XIIDRA TRx trends will continue to see the growth prospects and the synergistic benefits of having MIEBO and XIIDRA in one portfolio.

在我們的乾眼產品組合中，我們將 MIEBO 全年收入指引從 9,500 萬美元上調。範圍為 1.5 億至 1.6 億美元，這反映了強勁的發布業績。我們正在將先前 XIIDRA 收入指引從約 4 億美元的更新至 3.55 億美元至 3.65 億美元。我們修訂後的 XIIDRA 指南反映了現場人員的調整以及今年早些時候醫療網路攻擊變化的影響。最近，我們看到 XIIDRA TRx 趨勢有所改善，將繼續看到成長前景以及將 MIEBO 和 XIIDRA 納入一個投資組合的協同效益。

As we head into 2025. Two factors on XIIDRA that we'll be watching closely. First are the potential headwind impact of the Inflation Reduction Act though it’s too early to quantify at this time. And second, starting our strategy to drive TRx growth while ensuring we have access to coverage through health plans for as many patients as possible. For the full year, we continue to expect currency headwinds of approximately $90 million to revenue.

當我們進入 2025 年時，我們將密切關注 XIIDRA 的兩個因素。首先是《通貨膨脹削減法案》的潛在不利影響，儘管現在量化還為時過早。其次，啟動我們的策略來推動 TRx 成長，同時確保我們能夠透過健康計劃為盡可能多的患者提供保險。我們繼續預計全年收入將面臨約 9,000 萬美元的貨幣阻力。

Shifting to adjusted EBITDA, we are raising our full year adjusted EBITDA guidance from a range of $840 million to $890 million to a range of $850 million to $900 million. To reflect the strong business performance we have made significant investments across our portfolio and in our product launches. The strategy is paying off and the business continues to deliver robust and broad-based growth. As Brent has previously highlighted, the investments we're making today will maximize the potential of our portfolio in the future. Our launch products, including MIEBO, have a long runway, and we expect it will be an important driver of sustainable growth and margin expansion for many years to come.

轉向調整後 EBITDA，我們將全年調整後 EBITDA 指引從 8.4 億美元至 8.9 億美元提高到 8.5 億美元至 9 億美元。為了反映強勁的業務業績，我們在產品組合和產品發布方面進行了大量投資。該策略正在取得成效，業務持續實現強勁且廣泛的成長。正如布倫特之前強調的那樣，我們今天進行的投資將最大限度地發揮我們投資組合未來的潛力。我們推出的產品（包括 MIEBO）具有很長的發展前景，我們預計它將成為未來許多年可持續成長和利潤擴張的重要驅動力。

In terms of the other key assumptions underlying our guidance, as noted last quarter, we are raising our expectation for adjusted gross margin to a range of 62% to 62.5% compared to our previous guidance of 62%. And we continue to expect investments R&D to be about 7% to 8% of revenue. As we have previously discussed, we expect to enter into collaboration agreements with external partners to drive pipeline innovation.

就我們指導的其他關鍵假設而言，如上季所述，我們將調整後毛利率的預期提高到 62% 至 62.5%，而先前的指引為 62%。我們仍預期研發投資將佔營收的 7% 至 8% 左右。正如我們之前所討論的，我們希望與外部合作夥伴簽訂合作協議，以推動管道創新。

In the quarter, we absorbed in our adjusted EBITDA, approximately $3 million of IPR&D charges released such agreements. As we look forward, we anticipate entering into additional agreements in the second half of 2024. It should be noted, as I previously mentioned, that any IPR&D charges related to these agreements are not included in our adjusted EBITDA guidance. We continue to expect interest expense to be approximately $385 million for the full year. We will continue to monitor Fed actions on interest rates for the remainder of 2024. We expect our adjusted tax rate to be roughly 15% and full year CapEx is expected to be approximately $250 million.

本季度，我們吸收了調整後的 EBITDA，約 300 萬美元的 IPR&D 費用釋放了此類協議。展望未來，我們預計將在2024 年下半年簽訂更多協議。 。我們仍然預計全年利息支出約為 3.85 億美元。我們將繼續關注聯準會在 2024 年剩餘時間內的利率行動。

To summarize, we're very pleased with the performance in the quarter. The business continues to deliver strong and broad-based growth. We expect the momentum to drive solid performance in the second half of 2024 and positioned the business for a strong year of revenue growth and future margin expansion.

總而言之，我們對本季的表現非常滿意。該業務繼續實現強勁且廣泛的成長。我們預計這一勢頭將在 2024 年下半年推動穩健業績，並為該業務奠定強勁的收入成長和未來利潤率擴張的一年。

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. Now let's focus on the future. We recently launched an unbranded dry eye education campaign in the US to help drive awareness of massively underdiagnosed and undertreated condition, which continues to worsen based on environmental factors and an aging population. In fact, approximately 150 million US adults experience occasional for frequent symptoms of dry eye and around 38 million are living with dry eye disease. The goal of the campaign is to help facilitate discussions with eyecare professionals, who can recommend treatment options from OTC solutions to pharmaceutical interventions as appropriate.

謝謝，山姆。現在讓我們專注於未來。我們最近在美國發起了一項無品牌的乾眼教育活動，以幫助提高人們對嚴重的診斷不足和治療不足的狀況的認識，這種狀況由於環境因素和人口老化而持續惡化。事實上，大約 1.5 億美國成年人偶爾會出現頻繁的乾眼症狀，約 3,800 萬人患有乾眼症。活動的目標是幫助促進與眼部保健專業人士的討論，他們可以酌情推薦從非處方藥解決方案到藥物幹預等治療方案。

No company offers more of these option, the Bausch + Lomb, and it's not up for debate, we continue to expand those offerings. The most recent example being the June launch of Blink NutriTears. While it's too early to report consumer uptake, the reaction from eyecare professionals speaks volumes. They are excited to have a new clinically proven treatment option that could be particularly appealing for patients who may be at first eyedrops.

沒有一家公司能提供更多這樣的選擇，博士倫，這是沒有爭議的，我們將繼續擴大這些產品。最近的例子是 6 月推出的 Blink NutriTears。雖然現在報告消費者的使用情況還為時過早，但眼保健專業人士的反應已經說明了一切。他們很高興有一種經過臨床驗證的新治療選擇，這對於可能第一次使用眼藥水的患者來說特別有吸引力。

MIEBO and XIIDRA are the flagship products in our dry eye portfolio and understandably generate quite a bit of interest. Sam covered second quarter performance and updated expectations for both, but let me highlight a few building blocks for long-term growth.

MIEBO 和 XIIDRA 是我們乾眼產品組合中的旗艦產品，自然會引起相當大的興趣。 Sam 介紹了第二季的業績以及對兩者的最新預期，但讓我強調一些長期成長的基石。

New direct to consumer campaigns for both medications will be underway soon, which will drive awareness and action, especially when coupled with our unbranded efforts, we shared our willingness to invest in marketing these products, which you'll see reflected in the quality and reach of each campaign. Perhaps more important than reaching consumers is continuing to show prescribers, MIEBO and XIIDRA are the preferred treatment options for evaporative and inflammatory dry eye disease, respectively.

針對這兩種藥物的新的直接面向消費者的活動將很快展開，這將提高認識和行動，特別是與我們的非品牌努力相結合，我們分享了投資營銷這些產品的意願，您將看到這反映在品質和覆蓋範圍上每個活動的。也許比接觸消費者更重要的是繼續向處方者展示 MIEBO 和 XIIDRA 分別是蒸發乾眼症和發炎性乾眼症的首選治療選擇。

With our sales force as the primary vehicle will tout new data and creative and engaging ways as we turn conversions and new starts into greater market share as dry awareness increases. So does our leading position in the category seemingly unlimited potential.

隨著乾燥意識的提高，我們的銷售人員將作為主要工具，兜售新的數據以及創意和吸引力的方式，將轉換和新的開始轉化為更大的市場份額。我們在該類別中的領先地位似乎具有無限的潛力。

We've rounded out our INFUSE product line with the recent launch of a Toric lens in the US, and we will continue to expand our Daily SiHy offerings globally at a steady pot. As an INFUSE wearer, I told anyone who will listen how comfortable these lenses are and how quickly you notice a difference from other options.

最近，我們在美國推出了 Toric 鏡片，從而完善了我們的 INFUSE 產品線，並且我們將繼續穩定地在全球擴展我們的 Daily SiHy 產品。身為 INFUSE 配戴者，我告訴所有願意傾聽的人這些鏡片有多舒適，以及您能多快注意到與其他鏡片的不同之處。

But don't take my word for it, instead, look at the numbers in the last year, we've averaged approximately 60% revenue growth in our Daily SiHy portfolio. Included 67% in the second quarter were 72% on a constant currency basis. We're making believers out of customers and patients with each fitting. And that's clearly reflected in our performance. That performance isn't solely relying on Daily SiHy uptake, however, not by a long shot. We've maintained steady growth in our frequent replacement lens business as well, which helped fuel 14% constant currency growth in our overall lens portfolio and continuing that team growth is spread around the globe with 18% constant currency revenue growth in the US and 12% internationally.

但不要相信我的話，相反，看看去年的數字，我們 Daily SiHy 投資組合的平均收入成長約為 60%。其中第二季的 67%，以固定匯率計算為 72%。我們的每一次試衣都讓顧客和病人成為了信徒。這清楚地反映在我們的表現上。然而，這種表現並不僅僅依賴 Daily SiHy 的吸收，而且這種情況也不是遙不可及的。我們的頻繁更換鏡片業務也保持穩定增長，這有助於推動我們整體鏡片產品組合按匯率計算保持14% 的增長，並繼續推動團隊在全球範圍內的增長，美國和12 個國家/地區的按匯率計算的營收成長18%國際%。

We expect that growth will be augmented with the fall launch of Opel. Our new digital marketplace for eyecare professionals and their patients to make it easier to access Vision Care products in the United States, debt taxes and consistent revenue growth from our consumer business, while there are certainly no guarantees when it comes to sales. We plan to maintain our industry leadership in this category by staying on offense to address evolving consumer needs. While established products like LUMIFY continue to outperform expectations, we've leverage brand awareness and popularity with an eye towards the future.

我們預計，隨著歐寶秋季推出，這一增長將得到加強。我們為眼保健專業人士及其患者提供的新數位市場，使他們能夠更輕鬆地在美國獲得視力保健產品、債務稅和消費者業務的持續收入增長，但在銷售方面肯定沒有任何保證。我們計劃透過繼續進攻來滿足不斷變化的消費者需求，從而保持我們在這一領域的行業領先地位。雖然 LUMIFY 等成熟產品的表現繼續超出預期，但我們著眼於未來，利用品牌知名度和受歡迎程度。

A prime example is the upcoming launch of LUMIFY preservative-free eye drops, which we believe will appeal to an important subset of consumers. Where we sell is another critical component of maintaining our current trajectory in the consumer business, steady growth products like Artilec, continued geographic expansion in Europe and the Middle East. And there are pending approvals to introduce LUMIFY and additional countries around the world.

一個典型的例子是即將推出的不含防腐劑的 LUMIFY 滴眼液，我們相信它將吸引重要的消費者群體。我們的銷售地點是維持我們目前消費業務發展軌蹟的另一個關鍵組成部分，穩定成長的產品（如 Artilec）以及在歐洲和中東的持續地域擴張。 LUMIFY 和全球其他國家的引入尚待批准。

When Dr. Adams Busche implanted the first investor lens in Canada on June 5, it was the latest step in a critical transition for our surgical business. I've spoken about the importance of being a player in the high margin premium IOL category and that that June milestone served as an important reminder of our intent. I've shared our rollout cadence previously, but it's worth repeating.

當 Adams Busche 醫生於 6 月 5 日在加拿大植入第一顆投資者晶狀體時，這是我們外科業務關鍵轉型的最新一步。我已經談到了成為高利潤 IOL 類別參與者的重要性，而 6 月的里程碑對我們的意圖起到了重要的提醒作用。我之前已經分享過我們的推出節奏，但值得重複一遍。

We expect Envy to be available in the US later this year. That's a question I frequently get at industry meetings and anxious ophthalmologist is a positive sign from a business perspective, at least. In 2025 we plan to launch LuxLife brand in Europe and we're nearing first patient status and a clinical study for enVista Beyond in extended depth of focus IOL with an expected US launch in 2026. We're playing to win in the premium IOL space, and we will invest accordingly in product development, manufacturing and sales.

我們預計 Envy 將於今年稍晚在美國上市。這是我在行業會議上經常遇到的問題，焦慮的眼科醫生至少從商業角度來看是一個積極的信號。我們計劃於 2025 年在歐洲推出 LuxLife 品牌，我們即將完成第一個患者狀態和 enVista Beyond 擴展景深 IOL 的臨床研究，預計將於 2026 年在美國推出。在產品研發、製造和銷售方面進行相應的投入。

We closed with a launch slide to drive home the point we've been making over the past year, we've had a steady drumbeat of new product launches that not only cut across our businesses but also align with where eye health is heading.

我們以發布幻燈片結束，以闡明我們在過去一年中一直強調的觀點，我們不斷推出新產品，這些產品不僅跨越了我們的業務，而且與眼睛健康的發展方向保持一致。

In other words, these aren’t launches for the sake of filling shelves or pharmacy inventory; rather, we’re addressing unmet needs and improving products that eye care professionals, patients and consumers have come to rely on. That steady drumbeat continues in the second half of the year and into 2025, which is why excitement about our future continues to build, both internally and externally. Significant work remains to realize our full potential, but the path forward is clear.

換句話說，這些產品的推出並不是為了填補貨架或藥房庫存；而是為了填補空缺。相反，我們正在解決未滿足的需求並改善眼保健專業人員、患者和消費者所依賴的產品。這種穩定的鼓聲將在今年下半年持續到 2025 年，這就是為什麼我們的內部和外部對未來的興奮不斷增強。要充分發揮我們的潛力，還有大量工作要做，但前進的道路是明確的。

Operator, let’s open the line for questions.

接線員，讓我們打開提問線。

(Operator Instructions) Young Li, Jefferies.

（操作員指示）Young Li，Jefferies。

Alright. Great. Good morning, everyone and thanks for taking my questions. I guess I’ll start a bit high level, maybe for Brent. The quarter was strong all around, beat on the top line, the EBITDA, you also called out really broad strength across segments, geographies, key products. You’ve been CEO for a little bit more than a year now. I just wanted to hear from your perspective how this -- hate to call it a turnaround, but maybe a rejuvenation has been versus expectations when you joined, what’s going better than expected? What can still use somewhat attention? Your thoughts on the sustainability of this broad-based growth? And can you maintain the double-digit growth profile in 2025?

好吧。偉大的。大家早安，感謝您提出我的問題。我想我會從高一點開始，也許是為了布倫特。本季各方面都很強勁，在營收、息稅折舊及攤銷前利潤（EBITDA）方面表現出色，您也指出了跨細分市場、地域和關鍵產品的真正廣泛實力。您擔任執行長已經一年多了。我只是想從你的角度聽聽這如何——討厭稱之為轉變，但也許復興與你加入時的預期不符，什麼比預期更好？還可以用點什麼注意一下嗎？您對這種基礎廣泛的成長的可持續性有何看法？ 2025 年你能維持兩位數的成長嗎？

Yeah. So thank you for the question. So you’re right. I think there is a turnaround/rejuvenation happening inside our company. I’ve commented on this before, but I do think that where we are today, our strategy is absolutely working. We are focused on relentlessly, I think this is the word I’d like to use on execution, sales execution and sales excellence, launch excellence and operational excellence. And both of those are paying huge dividends. When you get 13,000 people around the world, all moving in the same direction with enthusiasm and motivation with clear direction, really good things happen, and I think that’s a testament.

是的。謝謝你的提問。所以你是對的。我認為我們公司內部正在發生轉變/復興。我之前曾對此發表過評論，但我確實認為，就我們今天的情況而言，我們的策略絕對有效。我們堅持不懈地專注於執行、銷售執行和卓越銷售、卓越發布和卓越營運。這兩者都帶來了巨大的紅利。當世界各地有 13,000 名員工，所有人都懷著熱情、動力和明確的方向朝著同一個方向前進時，真正美好的事情就會發生，我認為這就是一個證明。

As you said, it’s holistic, right? So just some constant currency numbers, I’ll just rattle off as a proof point here, right? Overall, constant currency top line 20% growth, lens up 14%, consumer up 9% surgical up 9% pharma up 61%, organic 16%. In terms of regions, US up 31%, Asia up 7%, Europe, up 10%, Turkey, Middle East Africa, up 29%, LATAM, up 31% and Canada, up 16%. And so I think it’s just a it’s a proof point that you see the focus on execution around the globe and in every business unit we have.

正如您所說，它是整體的，對吧？因此，我只是簡單地說出一些恆定的貨幣數字作為證據，對吧？整體而言，固定貨幣收入成長 20%，鏡片成長 14%，消費者成長 9%，外科成長 9%，製藥成長 61%，有機成長 16%。從區域來看，美國成長31%，亞洲成長7%，歐洲成長10%，土耳其、中東非洲成長29%，拉丁美洲成長31%，加拿大成長16%。因此，我認為這只是一個證據，表明您在全球範圍內以及我們的每個業務部門中都看到了對執行的關注。

From my point of view, where we stand today, it’s absolutely sustainable, right? Once you create a culture of executional excellence and you continue to work at it and reinforce it, I think in my career, it’s proven that, that can be a real driver for the future.

從我的角度來看，我們今天的立場絕對是可持續的，對吧？一旦你創造了一種卓越執行力的文化，並繼續努力並強化它，我認為在我的職業生涯中，事實證明，這可以成為未來的真正驅動力。

As we move into this next phase of our strategy of building innovation and continuing to support the new product launches, so there is a long tail on these products. These are products that in some cases have a decade of patent protection in other cases are consumer brands that last forever or contact lens brands that have a great holding power for decades or more. And so there’s a lot of durability in the portfolio, and I’m excited for the future. So Again, I’ll end with -- I think we have a great strategy and our team around the world is executing, and that’s a great combination to have.

當我們進入建立創新和繼續支持新產品發布的策略的下一階段時，這些產品有一個長尾。這些產品在某些情況下具有十年的專利保護，而在其他情況下是永久持續的消費品牌或具有數十年或更長時間的強大保持力的隱形眼鏡品牌。因此，該產品組合具有很強的耐用性，我對未來感到興奮。所以，我再次強調，我認為我們有一個偉大的策略，我們世界各地的團隊正在執行，這是一個很好的組合。

All right. Great. Appreciate that. I guess for the follow-up, just on the MIEBO performance, 50% sequential growth, fairly above our expectations. I mean we started to see a noticeable uptick in weekly scripts in June. It’s impressive during the summer, while some of the other recently launched eye drugs were impacted by the summer seasonality. Our ECP checks have been really positive on MIEBO? Can you maybe talk a little bit about the performance in the second quarter? Is it outperforming your internal expectations, the guidance increase, maybe talk a little bit about trends in refills and how the integrated sales team is doing?

好的。偉大的。很欣賞這一點。我想對於後續，僅就MIEBO的表現而言，季增50%，遠高於我們的預期。我的意思是，我們開始看到六月每週腳本的明顯上升。它在夏季的表現令人印象深刻，而其他一些最近推出的眼藥則受到夏季季節性的影響。我們的 ECP 檢查對 MIEBO 的結果真的是正面的嗎？能談談第二季的表現嗎？它是否超出了您的內部預期，指導增加了，也許可以談談補充裝的趨勢以及綜合銷售團隊的表現如何？

Sure. Yes. So as I mentioned in the first quarter, we integrated the field force. And then just a few weeks ago, we launched Glimpse, our new AI-based tool for the US pharma’s field force. And honestly, a lot of credit to the team, I think really strong execution in our pharmaceutical team in the United States. Very proud of what they’re doing.

當然。是的。正如我在第一季提到的，我們整合了現場人員。就在幾週前，我們推出了 Glimpse，這是我們為美國製藥現場人員提供的基於人工智慧的新工具。老實說，這要歸功於團隊，我認為我們美國製藥團隊的執行力非常強大。對他們所做的事情感到非常自豪。

But MIEBO, I think, has a great potential for the long-term for us. We caught up, obviously, significantly our revenue forecast for the year. I would say we can call up peak sales as well. I see this now three quarters into the launch, it’s hard to call the exact peak sales, but I would see it well over $500 million at this point, peak sales. So very excited about that.

但我認為，從長遠來看，MIEBO 對我們來說具有巨大的潛力。顯然，我們今年的營收預測明顯達到了預期。我想說我們也可以調出銷售高峰。我認為現在已經發布了四分之三，很難確定確切的峰值銷售額，但我認為此時的銷售額將遠遠超過 5 億美元，即峰值銷售額。對此非常興奮。

And look, we’re just starting three quarters in, right? We stop to gain more managed care access. The team is making great progress in three quarters to have roughly 50% commercial coverage in about, what, 32% Medicare coverage is pretty impressive for three quarters. I suspect those numbers to decline next year and we’ll continue to focus on execution. And so I think a long runway here and a great product and great ECP support behind.

看，我們才剛開始四分之三，對吧？我們停下來以獲得更多的管理式醫療服務。該團隊在三個季度內取得了巨大進展，商業覆蓋率約為 50%，而 32% 的醫療保險覆蓋率在三個季度內相當令人印象深刻。我懷疑這些數字明年會下降，我們將繼續關注執行力。因此，我認為這裡有很長的跑道，並且有出色的產品和出色的 ECP 支援。

Thank you very much.

非常感謝。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Amazing. Thank you so much for taking it. It’s a busy morning. So I’ll keep it kind of one holistically, which is, obviously, launch is going very well. The pipeline for H2 and ‘25 sounds pretty stocked. The guide implies slightly very good but slightly slower growth in the second half. A, is that just a function of prudence? There’s a lot of unknowns in the world, et cetera, et cetera, given the build of the innovation. And then, B just maybe slightly more strategically on the launches, what have been some of your key learning’s you’ve had from the first wave, the stuff that’s stuck out that’s going to make you approach? What are you going to change in the market approach for the sort of the next wave in the second half and ‘25 or just more of the same?

驚人的。非常感謝您接受它。這是一個忙碌的早晨。所以我會從整體上保持它的完整性，顯然，發布進展順利。 H2 和 25 的產品線聽起來相當充足。該指南暗示下半年的成長略顯良好，但略有放緩。 A，這只是出於謹慎考量嗎？考慮到創新的構建，世界上還有很多未知因素等等。然後，B 只是在發佈時更具策略性，您從第一波浪潮中學到的一些關鍵知識是什麼，那些突出的東西將使您受益匪淺方法？對於下半年的下一波浪潮和 25 美元或更多相同的情況，您將在市場策略上做出哪些改變？

Yeah. So let me ask the answer the second part of the question, I’ll turn it over to Sam for the first part, Patrick. Look, I think we’re in a constant learning mode and adjusting techniques and the different levers to pull. I think with some of these launches were so early that there’s a lot yet to do. Let’s take a big one like MIEBO.

是的。因此，讓我來回答問題的第二部分，我將把第一部分的答案交給山姆，派崔克。聽著，我認為我們處於不斷學習的模式，並調整技術和不同的槓桿。我認為其中一些發布太早了，還有很多工作要做。讓我們以 MIEBO 這樣的大公司為例。

The team has been working on some really, I think, impressive creative ads. We plan to launch that somewhere closer to the fourth quarter and turning on DTC for MIEBO will be a big lever. When I look at BLINK NutriTears, right, we’re just in the phase of stocking at retailers, a lot of excitement among the retail community, the ECP community as we get the data out. And here’s a great learning. We’re using our medical affairs team and also our pharma dry eye sales force to make sure that ECPs are aware of the clinically proven formula that we have in BLINK NutriTears.

我認為該團隊一直在製作一些令人印象深刻的創意廣告。我們計劃在接近第四季度的某個時間推出該功能，並且為 MIEBO 啟用 DTC 將是一個很大的槓桿。當我看到 BLINK NutriTears 時，我們正處於零售商備貨階段，當我們獲取數據時，零售社區和 ECP 社區都非常興奮。這是一個很好的學習。我們正在利用我們的醫療事務團隊和製藥乾眼症銷售團隊來確保 ECP 了解我們 BLINK NutriTears 中經過臨床驗證的配方。

Now we’ve got to turn it over to the consumer teams to drive consumption. And so that technique of working across businesses is something that hasn’t happened at Bausch + Lomb in a long time and people here are really embracing it. And so there’s a lot of cross learning’s between consumer and pharma, pharma and surgical, pharma and vision care. So there’s just a lot of great work being done. I’m very proud of the team. So constantly learning and improving as we go. But Sam, do you want to take the first part?

現在我們必須把它交給消費者團隊來推動消費。因此，這種跨業務合作的技術在博士倫已經很久沒有出現過，而且這裡的人們確實很喜歡這種技術。因此，消費者和製藥、製藥和外科、製藥和視力保健之間存在大量交叉學習。因此，還有很多出色的工作正在完成。我為這個團隊感到非常自豪。因此，我們要不斷學習、改進。但是山姆，你想參加第一部分嗎？

Sure. Good morning, Patrick. When you think about Q2 for us, constant currency was about 20%. If you think about it organically for Q2, that was about 10% and then you think about our sort of guidance that we updated this morning and sort of what does that imply for the second half, if you take midpoint of the guidance to the high-end of the range of the guidance that suggests anywhere between 9% to 10% for the second half in terms of implied.

當然。早上好，派崔克。當你考慮我們第二季時，固定匯率約為 20%。如果你有機地考慮第二季度的情況，大約是 10%，然後你想想我們今天早上更新的指導，如果你把指導的中點帶到高點，這對下半年意味著什麼- 指導範圍的末端，暗示下半年的成長率在9% 到10% 之間。

So again, we’re seeing the momentum that we’ve seen in Q2 that continues with us on balance. As the guidance have multiple outcomes, and we’re balanced with our view in terms of the guidance between first half and second half.

因此，我們再次看到了第二季度的勢頭，總體而言仍在繼續。由於指導意見有多種結果，我們對上半年和下半年的指導意見持平衡態度。

Love it. Thanks for question guys.

愛它。感謝各位提問。

Craig Bijou, Bank of America.

克雷格‧比茹，美國銀行。

Good morning, guys. Thanks for taking the question. I guess I want to start with maybe just some of the strong performance in the contact lens business and the equipment business, specifically on the surgical side and maybe some of the drivers there and specifically on contact lenses, can you just talk about the market growth? What you’re seeing with some of the new launches, Daily SiHy and how are you taking new fit share there?

早安，夥計們。感謝您提出問題。我想我想先談談隱形眼鏡業務和設備業務的一些強勁表現，特別是在手術方面，也許還有一些驅動因素，特別是在隱形眼鏡方面，您能談談市場成長嗎？您在 Daily SiHy 的一些新產品中看到了什麼？

Yeah. So I’m very impressed with the team’s execution on the contact lens, really, really strong growth on a constant currency basis, 18% in the US and 12% internationally. So we see it across all regions. When you look at lens growth, you see SiHy up 72%, the FRP portfolio up 13%. And so great execution in a balanced way across the portfolio.

是的。因此，我對該團隊在隱形眼鏡領域的執行力印象深刻，以固定匯率計算，成長非常非常強勁，在美國成長了 18%，在國際上成長了 12%。所以我們在所有地區都看到了這種情況。當您查看鏡頭成長時，您會發現 SiHy 成長了 72%，FRP 產品組合成長了 13%。在整個投資組合中以平衡的方式實現如此出色的執行。

And look, the way I see it is as we focus on execution, we start taking share. You’re talking about a market that’s still growing in the mid-single digits. We’re growing faster than the market. And so we are taking share. It’s hard to pinpoint exactly where that share is coming from. But you see it happening. I think the good news is when you have a product like INFUSE, right? And you continue to launch the modalities around the world, right? We’re just launching, for example, in the US, the toric and the reception is truly outstanding, right?

看，我的看法是，當我們專注於執行時，我們就開始佔據份額。您談論的是一個仍在以中個位數成長的市場。我們的成長速度快於市場。所以我們正在分享。很難準確指出這一份額的來源。但你看到它正在發生。我認為好消息是當你擁有像 INFUSE 這樣的產品時，對嗎？你們繼續在世界各地推出這些模式，對吧？例如，我們剛在美國推出，複曲面和反應確實非常出色，對嗎？

An easy fit. It fits on the eye really quick. It saves time for the ECP and the chair and then great vision outcomes. So exactly what you want to hear and that’s exciting. And even more exciting for me in contact lens is R&D continues it’s an area where we have great strength in internal R&D. And we’re working on multiple projects on multiple new platforms for the future. So I see a very bright future for us in contact lenses and it’s a combination of great products, great execution and continued innovation, and that’s the formula for success for us.

輕鬆合身。它很快就適合眼睛了。它節省了 ECP 和主席的時間，從而節省了偉大的願景成果。這正是您想聽到的，這令人興奮。對我來說，在隱形眼鏡領域更令人興奮的是研發仍在繼續，這是我們在內部研發方面擁有強大實力的領域。我們正在為未來在多個新平台上開展多個專案。因此，我認為我們隱形眼鏡的未來非常光明，它是出色的產品、出色的執行力和持續創新的結合，這就是我們的成功秘訣。

Great. And if I can also ask on you updated or you raised your EBITDA guidance slightly along with the revenue guidance. But I think the implied margin may be a little bit lower than what you saw or what you guided to previously. So can you just help us understand the EBITDA margin opportunity that you have for the rest of the year potential upside and then maybe even any comments on ‘25 would be great? Thank you.

偉大的。我是否還可以詢問您是否已更新，或者您是否在收入指導的同時略微提高了 EBITDA 指導。但我認為隱含利潤可能會比您看到的或您之前指導的要低一些。那麼，您能否幫助我們了解您在今年剩餘時間裡的 EBITDA 利潤率機會，以及潛在的上漲空間，然後甚至可能對 25 的任何評論都會很棒？謝謝。

Yeah. So let me start and then I’ll turn it over to Sam. But I think one thing I would just remind you of, we have consistently said that ‘24 and ‘25 are years of launches, and we’re going to invest behind the launches, particularly with so many of these products having long durable lives ahead of them. To make sure that they get off on the right trajectory.

是的。那麼讓我開始吧，然後我會將其交給 Sam。但我想我想提醒您的一件事是，我們一直說 24 和 25 是發布年，我們將在發布後進行投資，特別是對於如此多的此類產品他們還有很長的壽命。確保他們走上正確的軌道。

So when you look at the big launches like MIEBO, you see great execution. And when you [see far], you want to put gasoline on it to continue to bend the curve upward. We’re seeing great uptake of INFUSE around the world. We continue to invest behind new modality launches and continued execution. We’re investing in a huge new DTC platform that we’re going to launch in September in the US called Opel, really best-in-class consumer ECP portal. It will really be, I think, a great addition to our team there.

因此，當您看到像 MIEBO 這樣的大型產品時，您會看到出色的執行力。而當你[看得遠]的時候，你想往上面加汽油，讓曲線繼續向上彎曲。我們看到 INFUSE 在世界各地被廣泛採用。我們繼續投資於新模式的推出和持續執行。我們正在投資一個龐大的新 DTC 平台，將於 9 月在美國推出，名為 Opel，這是真正一流的消費者 ECP 入口網站。我認為，這對我們的團隊來說確實是一個很好的補充。

Glimpse, our new tool for the pharma team that potentially could be rolled out to other businesses as we execute around it. And so a lot of investment behind products, even Blink NutriTears wasn’t in plan. We went from concept to launch in about six months, and we see a huge potential in Blink NutriTears as well. So lot of investment in launches and the payoff comes in the out years. And I think that’s the right thing to do for this business. But Sam.

Glimpse 是我們為製藥團隊提供的新工具，當我們圍繞它執行時，它可能會推廣到其他業務。因此，產品背後的大量投資，甚至 Blink NutriTears 都沒有在計劃中。我們從概念到推出大約花了六個月的時間，我們也看到了 Blink NutriTears 的巨大潛力。在發布方面進行了大量投資，並在未來幾年內獲得回報。我認為這對這個行業來說是正確的做法。但是薩姆.

And Craig, it’s the one -- maybe I’ll start just repeating a bit of what Brent said because it’s very important to reflect on it, which is from the beginning of ‘24, we outlined what’s our strategy and the theme of ‘24 for us, which is really building up on sustainable growth because we’re playing the long game here. So we’re thinking about how you can take the launches of the products that we have. They have a long runway ahead of them and how we invest in them to be able to drive the top line growth and drive margin as we go forward and that margin to be a sustainable margin.

克雷格，就是那個 - 也許我會開始重複布倫特所說的一些內容，因為反思它非常重要，這是從 24 年初開始的，我們概述了我們的戰略和24 小時的主題是什麼？ 這確實是建立在永續成長的基礎上，因為我們在這裡打的是持久戰。因此，我們正在考慮如何讓您能夠接受我們現有產品的發布。他們前面還有很長的路要走，我們如何投資他們來推動營收成長並在我們前進的過程中提高利潤率，並且該利潤率將成為可持續的利潤率。

So when you now reflect on what we have done with our guidance, when you think about our guidance range now midpoint and I’ll focus on midpoint just roughly about 18.4% EBITDA margin. That’s relatively compared to what we had before restructure about 18.5%, 18.6%. So I call it still within the range of about the sort of same range of how we’re still thinking. So we’re in the grand scheme of things on a larger view, we’re still holding what our strategy and what’s our view is from top line and EBITDA and margin for ‘24.

因此，當您現在反思我們對指導方針所做的事情時，當您考慮我們現在的指導範圍中點時，我將重點關注大約 18.4% EBITDA 利潤率的中點。與重組前的 18.5%、18.6% 相比，這是相對而言的。所以我稱它仍然在我們仍在思考的大致相同範圍內。因此，我們從更宏觀的角度來看，我們仍然堅持我們的策略和我們對營收、EBITDA 和利潤率的看法，即 24 美元。

Thank you.

謝謝。

Joanne Wuensch, Citi Bank.

喬安妮‧文施 (Joanne Wuensch)，花旗銀行。

Hey, good morning. This is Anthony on for Joanne. Can you guys hear me?

嘿，早安。這是安東尼替喬安妮上場。你們聽得到我說話嗎？

Yes.

是的。

Awesome. I want to start with just the XIIDRA launch and guidance. Can you just maybe talk about how the XIIDRA launch is rolling out? And then I saw you lowered XIIDRA guidance. Can you maybe just go into a little bit more detail into what your expectations are in the second half? And is any of the lower guidance potentially cannibalization from the launch of MIEBO?

驚人的。我想從 XIIDRA 的發布和指導開始。您能否談談 XIIDRA 的發布是如何進行的？然後我看到您降低了 XIIDRA 指導。您能否更詳細地介紹一下您對下半年的期望？ MIEBO 的推出是否會導致任何較低的指導意見被蠶食？

Yeah. So great question. Look, XIIDRA is a very important part of our leadership in dry eye. I think having both -- strategically having both MIEBO and XIIDRA is incredibly important and drives a lot of the early success of MIEBO having the established player like XIIDRA across the board.

是的。很好的問題。看，XIIDRA 是我們在乾眼領域的領導地位的一個非常重要的組成部分。我認為，戰略上同時擁有 MIEBO 和 XIIDRA 非常重要，並且在全面擁有像 XIIDRA 這樣的老牌玩家的情況下，推動了 MIEBO 的早期成功。

That being said, we did have a kind of a stop-start situation in the first quarter with the change healthcare, that’s an environmental, outside of our control situation. I think the team did a great job in getting new co-pay and vendors on board very quickly within about two weeks or so and getting back to focus. We’re recovering from that reset that happened in the first quarter. But if you look at what happened in the second quarter, I saw great stabilization of scripts TRx, you see growth starting if you followed IQVIA data. July was a good year-over-year growth month. And we expect that to continue in the third quarter.

話雖如此，隨著醫療保健的變化，我們在第一季確實遇到了一種停頓的情況，這是一種環境問題，超出了我們的控制範圍。我認為團隊做得很好，在大約兩週左右的時間內很快就吸引了新的共同支付和供應商，並重新集中精力。我們正在從第一季發生的重置中恢復過來。但如果你看看第二季發生的情況，我看到腳本 TRx 非常穩定，如果你遵循 IQVIA 數據，你會看到成長開始。 7 月是年成長良好的月份。我們預計這種情況將在第三季繼續。

So XIIDRA, our goal is TRx growth. I think when we did the deal, we talked about mid-single-digit growth. I think that’s right on a TRx basis. And as you look forward, we have to continue to think about some unknowns, like the Inflation Reduction Act in ‘25 and continued pressure from managed care. But that being said, I see a long runway for TRx growth.

所以 XIIDRA，我們的目標是 TRx 成長。我認為當我們完成交易時，我們談論的是中等個位數的成長。我認為從 TRx 的角度來看這是正確的。展望未來，我們必須繼續考慮一些未知因素，例如 25 年的《通貨膨脹削減法案》以及管理式醫療的持續壓力。但話雖如此，我認為 TRx 的成長還有很長的路要走。

In terms of cannibalization, I don’t think that’s an issue. What you see happening since MIEBO launched is the market is expanding, about 10% expansion of the market and that’s exactly what we wanted to see. So we think that market has a lot of opportunity to continue to grow. We already gave you the numbers. It’s a massive market of very undertreated penetration. And as a leader across prescription options and OTC options, we are uniquely positioned to really kind of push and drive market expansion.

就蠶食而言，我認為這不是問題。自 MIEBO 推出以來，您所看到的情況是市場正在擴大，市場擴大了約 10%，這正是我們希望看到的。因此我們認為市場有許多持續成長的機會。我們已經給你數字了。這是一個滲透率極低的龐大市場。作為處方藥和非處方藥的領導者，我們擁有獨特的優勢，能夠真正推動和推動市場擴張。

I talked DTC, that’s one great tool to do it, but you’re going to see new and improved DTC from XIIDRA starting in about a month. And then you’re going to see DTC for MIEBO started in the early fourth quarter. And then, of course, we’re considering continuing pushing OTC. We have Blink on air and then maybe potentially even Blink NutriTears.

我談到了 DTC，這是一個很棒的工具，但您將在大約一個月後看到來自 XIIDRA 的新的和改進的 DTC。然後您將看到 MIEBO 的 DTC 在第四季度初啟動。當然，我們正在考慮繼續推動 OTC。我們播出了 Blink，甚至可能還有 Blink NutriTears。

So I think we have a lot of opportunity to hit a lot of different consumers and patients where they consume and pay attention to media across the spectrum. And so strategically, I don’t think we could be positioned any better to really drive market growth here.

因此，我認為我們有很多機會接觸到許多不同的消費者和患者，他們消費並關注各種媒體。因此，從戰略上講，我認為我們無法更好地真正推動這裡的市場成長。

Great. Very helpful. And second, can you just talk about your expectations for margin cadence in the back half of the year growth in operating?

偉大的。非常有幫助。其次，您能否談談您對下半年營運成長的利潤率預期？

Yeah. I think what we’re going to, as you think about -- again, we look at what we performed in the first half, first half roughly our margins were just show of 17%. As you think about the second half with the guidance and the midpoint that suggests we have an acceleration on margin. Just a factor I would talk about is private seasonality and just a good reminder of everyone for seasonality because we talk through that before in previous calls.

是的。我認為，正如你所想，我們將再次看看我們上半年的表現，上半年我們的利潤率大約只有 17%。當您考慮下半年的指導和中點時，表示我們的利潤率有所加速。我要談論的一個因素是私人季節性，這只是一個很好的提醒大家注意季節性的因素，因為我們之前在之前的電話會議中討論過這一點。

We start low in the beginning of the year, Q1 is our lowest, Q4 is our highest. And as you think about it for this year, specifically, with this -- how we’re actually lining up our launches and the investments behind launches, we’re probably going to see a much more emphasized Q4 as you think about Q3 and Q4 for the second half for us. But you always have to -- how you start with the 2023 as the starting point of the cadence.

我們在年初開始走低，第一季是我們的最低點，第四季是我們的最高點。當你考慮今年的問題時，具體來說，我們如何實際安排我們的發布以及發布背後的投資，當你考慮第三季度時，我們可能會看到更加強調的第四季度對我們來說，還有下半場的第四季。但你總是必須——如何以 2023 年作為節奏的起點。

Got it. Thank you.

知道了。謝謝。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Great. Nice quarter. Thanks for taking the questions. Brent, I wanted to circle back to your comments you just made about margin and the heavy investment ahead. Should our expectation after that, be that any of much of the top line upside you’ll be delivering in ‘24 and ‘25 is going to be reinvested into this heavy investment period? Or is there a commitment to be able to absorb the investment and let the top line upside drop through the bottom line? And I have a follow-up. Thanks.

偉大的。不錯的季度。感謝您提出問題。布倫特，我想回顧一下您剛才對利潤率和未來巨額投資的評論。在那之後，我們是否應該預期，您將在 24 財年和 25 財年實現的大部分收入成長將再投資到這個巨額投資時期？或是否承諾能夠吸收投資並讓營收成長跌破利潤？我有一個後續行動。謝謝。

Yeah. No, a great question. And no, it’s not – the plan is not to put all the upside into reinvestment. It’s to have a steady cadence of improved margins as we continue to appropriately invest behind each of these launches. And so every investment that we make, Sam and I do a very careful ROI analysis. We look at each one in great detail and spend a considerable amount of time thinking through the return.

是的。不，這是一個很好的問題。不，事實並非如此——該計劃並不是將所有的優勢都投入到再投資中。隨著我們繼續對每項產品的推出進行適當的投資，我們的利潤率將會穩定提高。因此，我和 Sam 所做的每一項投資都會進行非常仔細的投資報酬率分析。我們會仔細研究每一項，並花費大量時間思考回報。

And so, my view is we run this company for our stakeholders, particularly our shareholders. And so we want to make sure every investment is done appropriately with the right point of view and the right metrics and KPIs around each one. And so absolutely, we’re committed to margin improvement over time. Very important part of our strategy is both revenue growth and margin expansion on a sustainable basis for the long-term. And so absolutely, we want to make sure that we do that the right way.

因此，我的觀點是，我們為利害關係人，特別是股東經營這家公司。因此，我們希望確保每項投資都以正確的觀點、正確的指標和關鍵績效指標 (KPI) 進行適當的完成。因此，我們絕對致力於隨著時間的推移提高利潤率。我們策略中非常重要的一部分是長期可持續的收入成長和利潤成長。因此，我們絕對希望確保以正確的方式做到這一點。

And Robbie, if I may add to what just Brent said also is if you think about our margin, again, it’s back to how we set up ‘24. We set up ‘24 with a focus on ensuring that we have a sustainable top line growth and steady margin improvement as we go forward. And if you reflect back in ‘23 to ‘24, we have a steady improvement in terms of margin year-over-year. I think that’s going to be the same philosophy as we start thinking through this in terms of making sure given -- especially given the fact that many of the assets that we’re investing in have a long runway ahead of them. So maximizing the value of those assets is a key driver for us. So making sure that we continue to drive the value of those assets and maintain that steady growth and margin.

羅比，如果我可以補充一下布倫特剛才所說的話，如果你考慮一下我們的利潤率，那麼這又回到了我們的設置方式 - 24。我們設立 â24 的重點是確保我們在前進過程中實現可持續的營收成長和穩定的利潤率提高。如果您回顧 23 至 24 點，我們的利潤率較去年同期穩定提高。我認為，當我們開始考慮這個問題時，這將是同樣的理念，尤其是考慮到我們投資的許多資產還有很長的路要走。因此，最大化這些資產的價值是我們的關鍵驅動力。因此，請確保我們繼續推動這些資產的價值並保持穩定的成長和利潤率。

Great. And maybe as a follow-up to that, free cash flow was minus $48 million in the quarter. How do we think about cash flow for the full year here? And any color on what we should expect in terms of free cash flow conversion into next year? Thanks.

偉大的。也許隨之而來的是，該季度的自由現金流為負 4800 萬美元。我們如何看待全年的現金流？我們對明年的自由現金流轉換有何預期？謝謝。

Yeah. So as I mentioned before, when you think about our results for the quarter and especially the first half, we’re in growth mode than usually, when you’re in growth mode, you tend to be more of a use of working capital, either as a source of working capital. These are about benefits of our cash flow. So just to give you a reference, since December to June, our working capital is a consumption of roughly about [$350 million]. That contemplates all the accounts of working capital. And that’s really feeding that growth. So that’s one element that we have to keep in mind.

是的。因此，正如我之前提到的，當你考慮我們本季的業績，尤其是上半年的業績時，我們比平常處於成長模式，當你處於成長模式時，你往往會更多地利用工作資本，或作為營運資金的來源。這些是關於我們現金流的好處。因此，僅供參考，從 12 月到 6 月，我們的營運資金消耗約為 [3.5 億美元]。這考慮了所有營運資金帳戶。這確實促進了這種增長。因此，這是我們必須牢記的一個因素。

The other part is the inventory, inventory is also an area where we use as a lever to be able to manage through supply challenges that we talked about through ‘23. And the inventory right now, we’re seeing roughly about $1 billion of inventory. That’s a little bit higher than what we would like it to be. But I think that, again, is the lever that we’re using to be able to make sure that we have a steady supply of our products.

另一部分是庫存，庫存也是我們用作槓桿的領域，能夠應對我們在 23 中談到的供應挑戰。目前的庫存量約為 10 億美元。這比我們希望的要高一點。但我認為，這也是我們用來確保產品穩定供應的槓桿。

So when you think about overall from that, you’re right, when you think about cash flow, year-to-date, it was roughly about $72 million. We’re running from a free cash flow perspective, we’re running at this point are negative. When I think about for the full year, we’re probably going to be a breakeven to a slight negative.

因此，當你考慮整體情況時，你是對的，當你考慮現金流時，今年迄今為止，大約是 7200 萬美元。我們從自由現金流的角度來看，我們目前的運作情況是負的。當我考慮全年時，我們可能會實現盈虧平衡，甚至略有負值。

One of the key things that we’re also doing is accelerating our thing around CapEx. You’ve seen the growth that we’re talking about in the Daily SiHy and in our lens business, and we’re accelerating that growth to continue to think about our capacity and what we will need for ‘28 and beyond. So we’re doing those investments as we speak here today. So I think that’s going to have a level of impact on the cash flow for this year.

我們正在做的關鍵事情之一是加速我們圍繞資本支出的工作。您已經看到了我們正在談論的 Daily SiHy 和我們的鏡頭業務的增長，並且我們正在加速這種增長，以繼續思考我們的能力以及我們需要什麼 —28 和超過。因此，正如我們今天在這裡所說的那樣，我們正在進行這些投資。所以我認為這將對今年的現金流產生一定程度的影響。

Yeah. If I could just add, Robbie, I think on strategy, we talked about earlier in the call, whether this is a turnaround or rejuvenation. But one of the most important tenets we put in place was to make sure we could service our customers, right? Eye care professionals around the world rely on us.

是的。如果我可以補充一下，羅比，我認為關於策略，我們在電話會議的早些時候討論過，這是否是一個轉機還是復興。但我們制定的最重要的原則之一是確保我們能夠為客戶提供服務，對吧？世界各地的眼科護理專業人士都信賴我們。

And particularly, I will point out surgical, where we had the most work to do, right. If you are a cataract surgeon and you are expecting to do surgery in the morning, and we can’t deliver you the product or we can’t make the tools that you need to do that surgery, you can lose that customer forever and break that trust. And so we intentionally chose to pick in the short-term, servicing our customer first and build inventory to make sure we can get products in our customers’ hands.

我特別要指出的是外科手術，我們要做的工作最多，對吧。如果您是白內障外科醫生，並且預計在早上進行手術，而我們無法向您提供產品或無法製造您進行手術所需的工具，那麼您可能會永遠失去該客戶並打破這種信任。因此，我們有意選擇短期挑選，以服務客戶為先，並建立庫存，以確保我們能夠將產品送到客戶手中。

And as we work through that was a use of cash, right. As we work through that, we expect that to abate over time. But it was absolutely the right thing to do because you can see the growth in the surgical business, finally pulling through, and I am really proud of what the team has been able to do now that we are not dealing with daily out of stocks or unavailable products. And so unlocking that was important. It was detrimental to cash, but it’s short-term, and we should come out of that in a year or two years.

當我們解決這個問題時，我們使用了現金，對吧。當我們解決這個問題時，我們預計這種情況會隨著時間的推移而減弱。但這絕對是正確的做法，因為你可以看到外科業務的成長，最終渡過難關，我對團隊現在能夠做的事情感到非常自豪，因為我們不再處理每天缺貨或不可用的產品。因此解鎖這一點很重要。這對現金不利，但這是短期的，我們應該在一兩年內擺脫這種局面。

Very helpful. Thanks for that.

非常有幫助。謝謝你。

Doug Miehm, RBC Capital Markets.

米姆 (Doug Miehm)，加拿大皇家銀行資本市場部。

Thanks very much. Just wanted to circle back to MIEBO. A couple of things there, I believe it was mentioned that you are keeping an eye on IQVIA. And I just want to know, given some of the strength that we have seen in early July, where there has been a significant pickup.

非常感謝。只是想回到MIEBO。有幾件事，我相信有人提到您正在關注 IQVIA。我只是想知道，考慮到我們在 7 月初看到的一些強勁勢頭，哪些地方出現了顯著回升。

When you talked about potential readjustment, are you suggesting that those numbers may be a little ahead of themselves? And maybe you could expand on that. And the second thing with respect to MIEBO was just -- is there any update on potential sampling that you are contemplating for the drug as part of that DTC contribution or introduction in Q4?

當您談到潛在的調整時，您是否認為這些數字可能有點超前？也許你可以對此進行擴展。關於 MIEBO 的第二件事是——作為第四季度 DTC 貢獻或介紹的一部分，您正在考慮對該藥物進行潛在採樣，是否有任何更新？

Yeah. So thank you. Let me answer the second part of the question. The sample was finally approved by the FDA, a little delay there. They asked for a little extension and well, they didn’t ask. They told us they needed an extension, but we did finally get it approved, and we expect that to roll out this fall, so good news on the sample. With respect to IQVIA, I think there are some adjustments to be made on MIEBO, I think XIIDRA, they are pretty good. But on MIEBO, they are still working out how to best track it. And I expect there will be some adjustments there. But Sam, do you want to cover that in a little more detail?

是的。所以謝謝你。讓我回答問題的第二部分。該樣品最終獲得了 FDA 的批准，但稍有延遲。他們要求稍微延期，但他們沒有要求。他們告訴我們他們需要延期，但我們最終獲得了批准，我們預計將於今年秋天推出，所以關於樣品的好消息。至於IQVIA，我覺得MIEBO還有一些調整，我覺得XIIDRA，他們都蠻好的。但在 MIEBO 上，他們仍在研究如何最好地追蹤它。我預計那裡將會有一些調整。但 Sam，你想更詳細地介紹一下嗎？

Good morning Doug. And let me add a little bit more color here. In general, you always get a little bit of variability. But when you overall, what we have been seeing in MIEBO and now you are also tracking this, you are seeing a positive trend for the MIEBO, so TRx since launch. And if you go back to the beginning of this year, even going back to Q4 of last year, we are about six averaging about 6,000 TRx per week. You have seen that in Q1 go up to about [10.8], and Q2 is about 15,000.

早安，道格。讓我在這裡添加一點顏色。一般來說，你總是會遇到一些改變。但總體而言，我們在 MIEBO 中看到了什麼，現在您也在追蹤這一點，您會看到 MIEBO 的積極趨勢，因此 TRx 自推出以來。如果你回到今年年初，甚至回到去年第四季度，我們大約有 6 家，平均每週大約 6,000 TRx。您已經看到，Q1 上升到約 [10.8]，Q2 約為 15,000。

When you think about what we have seen recently in my comments, in my prepared remarks was focused mainly on the last couple of weeks. What we have seen is a sharp increase on the TRxs for IQVIA. And we know that there is a little bit of sort of variability there. I think the team is still working through the IQVIA to be able to just reconcile and work out the differences. But as we have seen that trending, we always tend to trend serve without a pull and a steady positive growth. What we have seen in the last couple of weeks which you knows as well as a very sharp increase in IQVIA that we are still trying to work through.

當你想想我們最近在我的評論中看到的內容時，我準備好的評論主要集中在過去幾週。我們看到 IQVIA 的 TRx 急遽增加。我們知道那裡存在一些變化。我認為團隊仍在透過 IQVIA 進行工作，以便能夠協調並解決差異。但正如我們所看到的趨勢，我們總是傾向於趨勢服務，沒有拉動和穩定的正成長。過去幾週我們所看到的情況（您知道）以及 IQVIA 的急劇增加，我們仍在努力解決。

Okay. Excellent. And maybe as a follow-up, this is more a philosophical question for Brent. When you think about the company having an 11% float right now and trading at a mid material discount, especially given the quality of the execution this year, especially with MIEBO and a few other things, what can you talk to us about the opportunity for the ultimately being 100% float in this company at some point?

好的。出色的。也許作為後續行動，這對布倫特來說更像是一個哲學問題。當您考慮到該公司目前有 11% 的流通股並以中間實質折扣進行交易，特別是考慮到今年的執行質量，尤其是 MIEBO 和其他一些事情，您能與我們談談什麼機會嗎？家公司最終會在某個時候實現100% 的流通嗎？

Yeah. Great question. I would say this to our team on a regular basis, here is let’s focus on what we can control and what we can control is our own execution. And so I think I am not going to read numbers to you. I think it’s this quarter, first quarter, second quarter, I think clearly demonstrate that the team is heating that advice and focusing on execution. Clearly, when you look at the float and the separation, it is frustrating, but I would try not to spend much time thinking about something out of my control. And my expectation is that we will see that happen, but I can’t pinpoint a timeline for when it will happen, but I am confident it will.

是的。很好的問題。我會定期對我們的團隊說，讓我們專注於我們可以控制的事情，我們可以控制的是我們自己的執行力。所以我想我不會唸數字給你們聽。我認為在這個季度、第一季、第二季度，我認為清楚地表明團隊正在熱衷於提出建議並專注於執行。顯然，當你看到浮動和分離時，這是令人沮喪的，但我會盡量不要花太多時間思考一些我無法控制的事情。我的期望是我們會看到這種情況發生，但我無法確定它何時發生的時間表，但我相信它會發生。

Thank you.

謝謝。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Great. Thanks so much. Can you hear me, okay?

偉大的。非常感謝。你聽得到我說話嗎？

Yes.

是的。

Terrific. Thank you, Tom. So a couple of follow-ups. First on contact lenses. I guess just maybe try to get an update on on just where you are in terms of dailies in terms of mix or market penetration or how long this can run on. And I have one follow-up. Thanks.

了不起。謝謝你，湯姆。所以有幾個後續行動。首先是隱形眼鏡。我想也許只是嘗試了解您在每日新聞中的組合或市場滲透率或可以運行多長時間方面的最新情況。我還有一個後續行動。謝謝。

Yeah. So, I have mentioned before that daily. Well, I think it was in the data. The daily portfolio was up about 16% in the quarter. The key driver of growth for us in Dailies is the SiHy, INFUSE our ULTRA One Day outside the US. And I think to be fair, we are still in very early innings. If we were a baseball game, maybe we are in the second inning of driving growth there, right?

是的。所以，我之前每天都有提到過。嗯，我認為這是在數據中。本季每日投資組合上漲約 16%。我們每日業務成長的關鍵驅動力是 SiHy，將我們的 ULTRA One Day 注入美國以外的地區。公平地說，我認為我們仍處於早期階段。如果我們是一場棒球比賽，也許我們正處於推動成長的第二局，對嗎？

We are still launching the modalities around the world. The US is the lead market for that product, and we are just launching the toric, literally in the last few days. And we still have another modality to go, which is the multifocal toric. But what we see is just tremendous enthusiasm for that lens from both consumers and ECPs. We still have a huge long runway to launch these modalities around the world. We continue to invest behind our execution. We did a tremendous investment in China around a new direct-to-consumer portal and an ability to sell in that country.

我們仍在世界各地推出這些模式。美國是該產品的主要市場，而我們剛剛在過去幾天推出了複曲面。我們還有另一種方式可以採用，那就是多焦點複曲面。但我們看到的是消費者和 ECP 對這款鏡頭的巨大熱情。我們仍然有很長的跑道可以在世界各地推出這些模式。我們繼續投資我們的執行。我們圍繞著新的直接面向消費者的門戶網站和在該國的銷售能力在中國進行了大量投資。

And it’s the team there has done an amazing job, but very proud of our China team. We are about to launch our DTC, ECP portal Opel in the US in just a few weeks. And I previewed it, it is an absolute slick, beautiful consumer interface, super simple. And we have tested it with ECPs. We designed by purpose with customers and sales reps working together and it’s going to be a really exciting launch. So, a long way of saying, super early innings and a long runway to go and a lot of growth to come.

那裡的團隊做得非常出色，但我們為我們的中國團隊感到非常自豪。幾週後，我們即將在美國推出 DTC、ECP 入口網站 Opel。我預覽了它，它是一個絕對光滑、漂亮的消費者介面，超級簡單。我們已經用 ECP 對其進行了測試。我們專門與客戶和銷售代表一起設計，這將是一次非常令人興奮的發布。所以，說起來很長，超級早的局和很長的路要走，還有很多的成長。

That’s super helpful. And then just maybe on surgical. You had a pretty steady product flow there and plan for getting deeper into advanced technology lenses, maybe if you could talk about what other types of strategies you can employ whether it’s on the enabling technology side or in terms of the portfolio to just sort of amp up the ramp to higher growth and sort of greater share position in some of those key parts of the surgical market. Thanks so much.

這非常有幫助。然後也許只是進行手術。您在那裡有相當穩定的產品流，並計劃更深入地研究先進技術鏡頭，也許您可以談論您可以採用哪些其他類型的策略，無論是在支援技術方面還是在產品組合方面在外科市場的一些關鍵部分加快成長並獲得更大的份額地位。非常感謝。

Yeah. Absolutely. Surgical is a real priority. I think when you look at execution in the quarter, a constant currency basis, equipment up 15%, implantables up 9% and consumables up 7%. But the real basic strategy is to build relationships around placing equipment and then drive through implantables and consumables.

是的。絕對地。手術是真正的優先事項。我認為，當你看看本季的執行情況時，以固定匯率計算，設備成長 15%，植入設備成長 9%，消耗品成長 7%。但真正的基本策略是圍繞放置設備建立關係，然後驅動植入物和消耗品。

And what has hindered us in the past has been perhaps not being able to place equipment because of part shortages and others, and we have solved that. And so now we can get equipment out the door. We are continuing to innovate, particularly around (inaudible) and we have a lot of really important work and innovation happening there and more features and functionality for surgeons, which is really important. And so seeing that equipment growth gives me great hope that the second part of the strategy is going to work well, which is moving from monofocal lenses to premium IOLs. And we saw great growth of the premium IOLs in the quarter. Sam, the number was in premium like 36% growth.

過去阻礙我們的可能是由於零件短缺等原因而無法放置設備，我們已經解決了這個問題。現在我們可以把設備運出去了。我們正在繼續創新，特別是圍繞（聽不清楚）進行創新，我們在那裡進行了許多非常重要的工作和創新，並為外科醫生提供了更多的特性和功能，這非常重要。因此，看到設備的成長給了我很大的希望，即該策略的第二部分將會很好地發揮作用，即從單焦點鏡片轉向優質人工水晶體。我們看到本季優質人工水晶體的大幅成長。 Sam，這個數字成長了 36%，非常高。

When you look at aspire, which is our monofocal plus when it’s a monofocal, great reception, early adoption just launched. The toric, which is premium is being incredibly well received. Our [Lux] platform outside the US is off to a really strong early start. Our trifocal was just approved in Canada, and we are waiting for approval very soon here in the US in this half of the year. And the EDOF lenses, the study is just beginning, and we expect that launch in ‘26.

當你看到 aspire，這是我們的單焦點 plus 時，它是單焦點的，反應很好，剛剛推出了早期採用。優質的複曲面受到了令人難以置信的好評。我們在美國以外的 [Lux] 平台已經有了一個非常強勁的早期起步。我們的三焦點剛剛在加拿大獲得批准，今年下半年我們很快就會在美國等待批准。對於 EDOF 鏡頭，研究才剛開始，我們預計將於 26 月推出。

So, we are lining up all the right aspects to service our surgical customers around the world with great innovation on the come. And so I see that business as really important. We continue to look at other areas of innovation across the surgical platform to drive future growth, and I remain pretty excited about the business.

因此，我們正在整合所有正確的方面，為世界各地的外科客戶提供即將到來的偉大創新服務。所以我認為這項業務非常重要。我們繼續關注整個手術平台的其他創新領域，以推動未來的成長，我仍然對這項業務感到非常興奮。

Great. Thank you for taking the questions.

偉大的。感謝您提出問題。

I believe that was the last one.

我相信那是最後一次。

Yes, sorry, correct. And over to you, Brent, for closing remarks.

是的，抱歉，正確。布倫特，請您發表結束語。

Great. Well, thank you all for participating in the call. Another quick call out to our team around the world for a great delivery of great execution, great focus and great service to our customers around the world. And we look forward to continuing to drive momentum in this business and keep you all updated as we proceed. Thank you.

偉大的。好的，感謝大家參與此次通話。再次快速呼籲我們世界各地的團隊為世界各地的客戶提供出色的執行力、高度的專注和優質的服務。我們期待繼續推動這項業務的發展勢頭，並在我們進展的過程中向大家通報最新情況。謝謝。

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

謝謝。本次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。