Bausch + Lomb Corp (BLCO) 2025 Q3 法說會逐字稿

Good morning and welcome to Bausch + Lomb's third quarter 2025 earnings call. (Operator Instructions) 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2025年第三季財報電話會議。（操作員指示）現在我將把會議交給投資者關係和商業洞察副總裁喬治·加德科夫斯基。請繼續。

Thank you. Good morning, everyone, and welcome to our third quarter 2025 financial results conference call. Participating on today's call our 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 live presentation and a replay of this conference call will be available on our website under the Investor Relations section.

謝謝。各位早安，歡迎參加我們2025年第三季財務業績電話會議。參加今天電話會議的有我們的董事長兼執行長布倫特桑德斯先生和財務長薩姆埃爾德蘇基先生。除了本次網路直播外，今天現場演示的副本和本次電話會議的回放也將在我們的網站「投資者關係」欄位下提供。

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.

在開始之前，我想提醒各位，我們今天的演示包含前瞻性資訊。請您花點時間閱讀簡報開頭的前瞻性說明，因為它包含重要資訊。

This presentation contains non-GAAP financial measures and ratios. For more information about these measures and ratios, please refer to [slide 1] of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website.

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]。非GAAP財務指標調整表可在我們網站上發布的簡報附錄中找到。

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

本簡報中的財務指導僅截至今日有效。我們的政策是，除非法律要求，否則一般不會在下一季之前更新業績指引；而且，除了透過廣泛傳播的公開揭露之外，我們不會更新或確認業績指引。那麼，我很高興把電話交給布倫特。

Thank you, George, and good morning to everyone joining us today. I'm going to provide an overview of our impressive third quarter performance and speak to how our strategy and patience is paying off. SAM will go deeper on the financials and update 2025 guidance. And I'll close with a look at products driving growth and opportunity.

謝謝你，喬治，也祝今天所有參加我們節目的朋友們早安。我將概述我們令人矚目的第三季業績，並談談我們的策略和耐心是如何取得成效的。SAM將深入分析財務狀況並更新2025年業績指引。最後，我將著重介紹推動成長和機會的產品。

I'd like to thank my 13,000 colleagues around the world up front because without their commitment and belief in what we can achieve together we'd be stuck in neutral. Instead, we're delivering on the vision we laid out in 2023. 6% constant currency revenue growth was once again fueled by a base business engine that continues to hump and the steady introduction of innovative products across categories.

首先，我要感謝我在全球各地的 13,000 名同事，因為如果沒有他們的投入和對我們共同成就的信念，我們將原地踏步。相反，我們正在實現我們在 2023 年制定的願景。 6% 的固定匯率營收成長再次得益於持續強勁的基礎業務引擎以及各類別創新產品的穩定推出。

Pharmaceuticals was a standout thanks to $84 million in MIBO revenue. [MIEBO] helped bolster our comprehensive drive portfolio, which is front and center for eyecare professionals, patients, and consumers. Effective selling has also meant more surgeons implanting in Vista intraocular lenses, helping drive 27% constant currency revenue growth in premium IOLs.

醫藥業務表現突出，MIBO 貢獻了 8,400 萬美元的收入。 [MIEBO] 協助我們完善了全面的驅動產品組合，該產品組合是眼科專業人士、患者和消費者關注的焦點。有效的銷售也意味著更多的外科醫生植入 Vista 人工水晶體，從而推動了高端人工水晶體以固定匯率計算的收入成長 27%。

Our loaded and differentiated pipeline will be on full display in just a few weeks at Investor Day. Importantly, the pipeline products we'll highlight aren't aspirational. These are clinical stage programs with anticipated launches over the next several years.

我們豐富且差異化的產品線將在幾週後的投資者日上全面展示。重要的是，我們將重點介紹的在研產品並非理想化的願景。這些都是處於臨床階段的項目，預計在未來幾年內陸續推出。

Every part of our nearly three-year journey since I returned as CEO has been aligned to one or more of three categories you've all become familiar with selling excellence, operational excellence, and disruptive innovation. Those aren't optional, they're imperatives.

自從我回歸擔任執行長以來，我們近三年的歷程中的每一部分都與你們都熟悉的三個類別中的一個或多個相一致：卓越的銷售、卓越的營運和顛覆性創新。這些不是可選項，而是必選項。

While our journey is nowhere near complete, given how far we've come, we've introduced [1/4] category financial excellence. This is our opportunity to deliver sustained, profitable growth that reflects our real potential. We'll show you what that looks like at Investor Day when we share our three year plan.

雖然我們的旅程遠未結束，但鑑於我們已經取得瞭如此大的成就，我們已經推出了 [1/4] 類財務卓越。這是我們實現持續獲利成長，展現我們真正潛力的機會。我們將在投資者日上公佈我們的三年計劃，屆時將向您展示具體內容。

We've reached a pivotal point in our journey to becoming the best eye health company. Being the best means elevating the standard of care and eye health, which is why our pipeline is filled with products that have the potential to be truly disruptive and reset expectations for eyecare professionals, patients, and consumers.

我們已經到達了成為最佳眼健康公司旅程中的關鍵節點。做到最好意味著提高護理和眼睛健康的標準，因此我們的研發管線充滿了具有顛覆性潛力的產品，這些產品有望重新定義眼科專業人士、患者和消費者的期望。

You'll learn much more about the science behind our pipeline and market opportunity at Investor Day, but here's a sneak peek. In consumer, new formulations of Lumify, preservation, and blink tripleCare will make category leaders even more appealing and are expected to unlock significantly larger audiences.

在投資者日上，您將了解更多關於我們產品線背後的科學原理和市場機會的信息，但這裡先給您一個預覽。在消費者方面，Lumify、防腐劑和 blink tripleCare 的新配方將使品類領先產品更具吸引力，並有望吸引更多受眾。

In pharmaceuticals, next generation [liphodographs] would change the dry eye disease treatment paradigm. Our ocular surface pain medication would be the first of its kind, and our glaucoma medication would be the first to improve visual acuity.

在製藥領域，下一代[唇部描記儀]將改變乾眼症的治療模式。我們的眼表疼痛藥物將是同類藥物中的首創，我們的青光眼藥物將是第一個能夠改善視力的藥物。

The Copa lens market has been starved for innovation. There's been no material science breakthrough since 1999, which we're addressing with a first of its kind bioactive lens. Our highly successful [sci high] platform will expand with a cost competitive daily disposable, a frequent replacement offering, and a lens designed to slow the progression of [MIEBO] in children and young adolescents.

Copa鏡片市場一直缺乏創新。自 1999 年以來，材料科學領域一直沒有取得突破性進展，而我們正在透過一種史無前例的生物活性透鏡來解決這個問題。我們非常成功的 [sci high] 平台將擴展，推出具有成本競爭力的日拋型鏡片、頻繁更換型鏡片，以及旨在減緩兒童和青少年 [MIEBO] 病情進展的鏡片。

Finally, in surgical, we're building on a steady stream of premium products representing consumables, equipment, and implantables, the holy trinity of that business. We delivered growth across all segments in the third quarter, once again demonstrating our holistic strength.

最後，在外科領域，我們正在穩步推出一系列優質產品，包括耗材、設備和植入物，這是該行業的三大支柱。第三季度，我們所有業務部門均實現成長，再次展現了我們的整體實力。

I mentioned pharmaceuticals as a standout earlier, but I would be remiss if I didn't recognize Vision Care, which captures contact lenses and consumer offerings. Several franchises in both categories are highlighted here, including Blink with 37% reported revenue growth, Ardila at 24%, daily sci high offerings at 22%, and eye vitamins at 12%. Our overall contact lens portfolio grew a healthy 6% on a constant currency basis.

我之前提到過藥品產業是一個突出的領域，但如果我不提及視力保健產業，那就太失職了，視力保健產業涵蓋了隱形眼鏡和消費品。這裡重點介紹了兩個類別中的幾個特許經營品牌，包括 Blink（報告收入增長 37%）、Ardila（增長 24%）、daily sci high offerses（增長 22%）和 eye vitamins（增長 12%）。以固定匯率計算，我們的隱形眼鏡產品組合整體成長了 6%。

We'll discuss new iterations of some of the highlighted products at Investor Day as we work to make established high performers even more popular with meaningful scientific advancements.

在投資者日上，我們將討論一些重點產品的最新迭代版本，我們將努力透過有意義的科學進步，使已取得優異成績的產品更加受歡迎。

I'll now turn it over to SAM for a closer look at the financial metrics, including significantly improved cash flow figures and an update on 2025 guidance, SAM.

現在我將把鏡頭交給 SAM，讓他更仔細地看一下財務指標，包括大幅改善的現金流數據和 2025 年業績指引的更新，SAM。

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

謝謝你，布倫特，大家早安。在開始之前，請注意，除非另有特別說明，我今天的所有評論都將專注於以固定匯率表示的成長。

In Q3, we delivered strong performance with year over year revenue and adjusted EBITDA growth. We are also very pleased with our cash flow generation this quarter. Turning now to our financial results on slide 8. Total company revenue for the quarter was $1.281 billion, which reflects year over year growth of 6%.

第三季度，我們取得了強勁的業績，營收和調整後 EBITDA 均實現了同比增長。我們對本季的現金流狀況也非常滿意。現在來看看第 8 頁的財務表現。該季度公司總營收為 12.81 億美元，年增 6%。

The revenue growth was across all our segments. For the third quarter, currency was a tailwind of approximately $19 million to revenue. Now let's discuss the results of each of our segments in more detail. Vision Care third quarter revenue of $736 million increased by 6%, driven by growth in both consumer and contact lenses.

所有業務板塊的營收均實現了成長。第三季度，匯率波動為營收帶來了約 1,900 萬美元的利多。現在讓我們更詳細地討論一下每個部分的結果。視力保健業務第三季營收為 7.36 億美元，成長 6%，主要得益於消費者和隱形眼鏡業務的成長。

The consumer business grew by 6% in Q3 as our key brands performed well and consumption trends remained steady. We delivered solid growth in the quarter while absorbing a destocking impact of approximately $6 million.

第三季度，由於主要品牌表現良好且消費趨勢保持穩定，消費者業務成長了 6%。本季我們實現了穩健成長，同時承受了約 600 萬美元的去庫存影響。

Let me go over a few highlights. I vitamins, preservation and Ocuvite grew by 11%. LumI generated $48 million of revenue, up 2%. In the quarter we continue to see strong consumption. Year-to-date, Lumy revenues up 13%. We saw strong execution in the consumer dry eye portfolio, which delivered $113 million of revenue in Q3, up 18%.

讓我簡單回顧一下幾個要點。維生素、防腐劑和 Ocuvite 增加了 11%。LumI 創造了 4,800 萬美元的收入，成長了 2%。本季我們持續看到強勁的消費動能。今年迄今為止，Lumy 的營收成長了 13%。我們在消費者乾眼症產品組合方面取得了強勁的業績，第三季營收達到 1.13 億美元，成長了 18%。

Our two key franchises are to lack and blank, once again contributed to the strong performance. Artila was up 18% and Blink was up 36%. Contact lens revenue growth was 6%. Our contact lens business has outpaced the market, and we saw strong performance once again in the quarter. The growth was led by Deriaihai, which was up 24%. Bru was up 7% and Ultra was up 4%.

我們的兩個關鍵特許經營權是缺乏和空白，再次為強勁的業績做出了貢獻。Artila 上漲 18%，Blink 上漲 36%。隱形眼鏡收入增加了6%。我們的隱形眼鏡業務成長超過市場平均水平，本季再次取得強勁業績。德里亞海 (Deriaihai) 引領了成長，漲幅達 24%。Bru上漲7%，Ultra上漲4%。

In Q3, our contact lens business saw growth in both US and international markets. The US was up 9% and international was up 4%. Moving now to the surgical segment where we continue to see steady market dynamics and procedure volume. Third quarter revenue was $215 million, an increase of 1%. Excluding the investor recall.

第三季度，我們的隱形眼鏡業務在美國和國際市場均實現了成長。美國股市上漲9%，國際股市上漲4%。現在來看外科手術領域，我們看到該領域市場動態和手術量持續保持穩定。第三季營收為 2.15 億美元，成長 1%。不包括投資者召回事件。

Q3 revenue growth was 7%. In Q3 Implantables were up 2% and 14% sequentially. As Rand Paul discussed, we are continuing to make solid progress with the investor return to market, and we are regaining momentum in premium eyewalls. Constables were flat on a constant currency basis and up 4% on a reported basis as we lapped last year's notably strong Q3, which saw stronger volumes driven by resupplying to the market.

第三季營收成長7%。第三季植入式醫療器材銷售額較上季成長 2% 及 14%。正如蘭德保羅所討論的那樣，我們在投資者重返市場方面繼續取得穩步進展，並且在高端眼牆領域也重新獲得了動力。以固定匯率計算，警員數量持平；按報告匯率計算，警員數量增長了 4%，這主要得益於去年第三季度強勁的增長，當時市場補給推動了銷量的增加。

Finally, equipment was up 4%. Revenue in the farmer segment was $330 million in Q3, which represents an increase of 7%. Our US branded RX business was up 13% in the quarter. Mabu delivered $84 million of revenue in Q3. This represents sequential growth of 33% and a 71% increase year over year. It also reflects CRX growth of 110%.

最後，設備價格上漲了 4%。第三季度，農民業務收入為 3.3 億美元，年增 7%。本季我們美國品牌處方藥業務成長了 13%。Mabu 第三季營收達 8,400 萬美元。這代表環比成長 33%，年成長 71%。這也反映了 CRX 成長了 110%。

Xiidra delivered $87 million of revenue in the quarter, which is in line with our expectations. ZA TRX growth was 8%. Our international pharma business was up 12% in the quarter. We continue to make progress in our US generics business. As anticipated, we are seeing sequential growth with US generics up 2% this quarter compared to Q2.

Xiidra 本季營收為 8,700 萬美元，符合我們的預期。ZA TRX 成長了 8%。本季我們的國際醫藥業務成長了12%。我們在美國仿製藥業務方面持續取得進展。正如預期的那樣，我們看到美國仿製藥市場環比增長，本季比第二季度增長了 2%。

Now let me walk through some of the key non-GAAP line items on slide 9. Adjusted gross margin for Q3 was 61.7%, which represents a 130 basis points decrease year over year. This was mainly driven by product mix and the one-time impact of the investor recall.

現在讓我來逐條介紹第 9 頁投影片上的一些關鍵的非 GAAP 專案。第三季調整後毛利率為 61.7%，較去年同期下降 130 個基點。這主要是由產品組合和投資者召回事件的一次性影響所驅動的。

In Q3, we invested $95 million in adjusted R&D, which represents an increase of approximately 13% over Q3 of 2024. Third quarter adjusted EBITDA excluding acquired IPR&D was $243 million up 7% year over year on a reported basis. Q3 adjusted EBITDA margin, excluding acquired IPR&D was 19%, which represents a sequential increase of 400 basis points.

第三季度，我們投入了 9,500 萬美元用於調整後的研發，比 2024 年第三季成長了約 13%。第三季調整後 EBITDA（不包括收購的智慧財產權和研發）為 2.43 億美元，以報告基準計算年增 7%。第三季調整後 EBITDA 利潤率（不包括收購的智慧財產權和研發）為 19%，季增 400 個基點。

We are continuing to execute our market expansion strategy as we transition from the most active product launch cycle in the history of the company to a growth phase. And as we remain focused on disciplined cost management.

隨著公司從歷史上最活躍的產品發布週期過渡到成長階段，我們將繼續執行市場擴張策略。我們將繼續專注於嚴格的成本控制。

Adjusted cash flow from operations was $161 million in the quarter and adjusted free cash flow was $87 million. We are pleased with the continued progress of our efforts to drive cash flow optimization initiatives. Net interest expense for the quarter was $98 million. Adjusted EPS excluding acquired IPR&D was $0.18 for the quarter.

本季經調整後的經營活動現金流為 1.61 億美元，經調整後的自由現金流為 8,700 萬美元。我們對推進現金流優化措施所取得的持續進展感到滿意。本季淨利息支出為9800萬美元。剔除收購的智慧財產權和研發項目後，本季調整後每股收益為 0.18 美元。

Now turning to our 2025 guidance on slide 12. We are maintaining our full year revenue guidance at a range of $5.05 billion to $5.15 billion. This revenue guidance represents constant currency growth of approximately 5% to 7%. Shifting to adjusted EBITDA, we are updating our adjusted EBITDA guidance to a range of $870 million to $910 million, from a range of $860 million to $910 million.

現在來看第 12 頁的 2025 年指引。我們維持全年營收預期在 50.5 億美元至 51.5 億美元之間。此營收預期以固定匯率計算約為 5% 至 7%。鑑於調整後的 EBITDA 指標，我們將調整後的 EBITDA 預期範圍從 8.6 億美元至 9.1 億美元更新為 8.7 億美元至 9.1 億美元。

The rate in the lower end of the range is driven by the strength in the performance of the business. In terms of the other key assumptions underlying our guidance, we continue to expect adjusted gross margin to be approximately 61.5%. For the full year, we continue to expect investments in R&D to be approximately 7.5% of revenue and interest expense to be approximately $375 million.

較低的利率區間是由企業強勁的業績所驅動的。至於我們績效指引的其他關鍵假設，我們仍然預期調整後的毛利率約為 61.5%。全年來看，我們仍預期研發投入將佔營收的約 7.5%，利息支出將佔營收的約 3.75 億美元。

We continue to expect our adjusted tax rate to be approximately 15%. We now expect full year cap to be approximately $295 million. Consistent with our previous guidance, our current guidance excludes any potential one-time IPR&D charges that we may incur in 2025.

我們仍預期調整後的稅率約為 15%。我們現在預計全年薪資上限約為2.95億美元。與我們先前的指導意見一致，我們目前的指導意見不包括我們在 2025 年可能產生的任何一次性智慧財產權研發費用。

Finally, a brief word on tariffs. The tariff policy remains fluid, and we are continuing to monitor updates. Based on where the policy stands today and the actions we're taking, our updated guidance assumes we will be able to offset the impact of tariffs in 2025. To conclude, we had a strong quarter, and our business fundamentals remain solid. We are committed to our strategy to drive sustainable growth and marginal expansion.

最後，簡單談談關稅問題。關稅政策仍處於不斷變化之中，我們將繼續關注最新動態。根據目前的政策和我們正在採取的行動，我們更新後的指導意見假設我們能夠在 2025 年抵消關稅的影響。總之，我們本季業績表現強勁，業務基本面依然穩健。我們致力於透過我們的策略實現永續成長和穩步擴張。

I look forward to seeing you all at our Investor Day on November 13, and now I'll turn the call back to Brent.

我期待在 11 月 13 日的投資者日上見到大家，現在我將把電話轉回給布倫特。

Thanks, SAM. Let's spend some time highly growth drivers in each business. There's not much I need to say here as these charts plotting TRX growth for [MyBO and Xiidra] speak volumes. 110% year over year prescription growth for MIEBO is outstanding, especially considering there was a new entrant in dry eye disease treatment.

謝謝你，SAM。讓我們花點時間探討每個業務中高成長驅動因素。這裡無需贅言，這些圖表清晰地展示了[MyBO和Xiidra]的處方增長情況。 MyBO的處方量年增110%，表現尤為出色，尤其考慮到乾眼症治療領域出現了一款新藥。

[Xiidra] is doing what we said it would steadily growing in volume while maintaining a sizable market share. We expect both medications will continue to benefit from ongoing category expansion as dry eye awareness and education increase.

[Xiidra] 正在按照我們所說的穩步增長，銷量持續增長，同時保持著相當大的市場份額。我們預計隨著人們對乾眼症的認識和教育的提高，這兩種藥物都將繼續受益於產品類別的不斷擴大。

As a reminder, we're at the tip of the iceberg when it comes to treating the millions of Americans who suffer from dry ice. We often reference a thoughtful approach to expanding our daily sci hide portfolio, as was the case in the third quarter when we launched a Tic model in Japan.

需要提醒的是，在治療數百萬遭受乾冰傷害的美國人方面，我們目前所掌握的資訊還只是冰山一角。我們經常提到，在擴展日常科學隱藏投資組合方面，我們採取了深思熟慮的方法，就像第三季度我們在日本推出 Tic 模型時一樣。

We're now in more than 50 countries and the portfolio still shows no sign of slowing down with 24% constant currency revenue growth in Q3. We're still in early innings but remain excited for additional expansion and anticipated introduction of new sa offerings under development.

我們目前已進入 50 多個國家，業務組合仍未顯示出放緩的跡象，第三季以固定匯率計算的收入增長了 24%。我們仍處於早期階段，但對未來的擴張以及正在開發的新產品的推出感到興奮。

At a macro level in consumer we saw impressive consumption considering a work down of inventory in the trade. That's a testament to brand building and confidence in our products among eyecare professionals whose OTC recommendations carry significant weight.

從宏觀層面來看，考慮到貿易庫存的減少，消費者的消費表現令人印象深刻。這證明了我們的品牌建設卓有成效，也體現了眼科專業人士對我們產品的信心，他們的非處方藥推薦具有相當大的影響力。

It's worth taking a moment to remember that we only acquired the blink family of eyedrops a few years ago in a deal that was largely overshadowed by our Xiidra acquisition. In that short period, we've completely revitalized the global brand and introduced new options, helping drive nearly 40% reported revenue growth in the third quarter.

值得一提的是，我們幾年前才收購了 Blink 系列眼藥水，而這筆交易很大程度上被我們對 Xiidra 的收購所掩蓋。在短短的時間內，我們徹底重振了全球品牌，並推出了新的選擇，推動了第三季報告營收成長近 40%。

Earlier I referenced [Arla], which, as a reminder, continues to be our most global dry eye option with availability in more than 40 countries and plans to expand further. Double-digit reported revenue growth is common for the brand, and Q3 was no different.

我之前提到了[Arla]，再次提醒大家，它仍然是我們全球範圍內最有效的乾眼症治療方案，在 40 多個國家/地區均有銷售，並且計劃進一步擴大規模。該品牌營收實現兩位數成長是常態，第三季也不例外。

I vitamins saw a nice uptick with 12% reported revenue growth. Our new formulation of preservation, which we expect will be on the shelves in the first half of 2026, could significantly increase the addressable market for age-related macular degeneration. One caveat on lumified performance.

維生素業務取得了不錯的成長，報告收入成長了 12%。我們新的防腐配方預計將於 2026 年上半年上市，預計將大幅擴大老年性黃斑部病變的潛在市場。關於發光性能，有一點要注意。

Our typical growth wasn't reflected in the third quarter due to the timing of a large promotional order shipped to Costco in June. That meant we saw the benefit in the second quarter with 27% reported revenue growth. [Lu's] popularity and category dominance is clear with consumption seeing 14% growth in Q3. Two callouts for surgical, both related to our momentum in the high margin premium market.

由於 6 月向 Costco 發貨的一大批促銷訂單的時間安排，我們第三季的正常成長並未體現出來。這意味著我們在第二季看到了成效，營收成長了27%。 [Lu’s]的受歡迎程度和品類主導地位顯而易見，第三季消費量增加了14%。兩項外科手術業務需求，均與我們在高利潤率高端市場的強勁勢頭有關。

While not fully recovered, progress on our return to market for the Invista IOL platform and envy in particular has been faster than expected thanks to the tireless work from the team and our deep relationships with ophthalmic surgeons.

雖然尚未完全恢復，但由於團隊的不懈努力以及我們與眼科醫生的深厚關係，Invista IOL 平台（尤其是 Envy）的市場復甦進展比預期要快。

Total and Vista sales in the third quarter reached 82% of Q1, or pre-recall levels, with envy coming in at 91%. In September, envy sales surpassed first quarter average monthly sales. While in Vista Envy has a foothold in North America pending additional launches, our Luxmart premium offering continues to expand in Europe with 6% constant currency revenue growth in the third quarter.

Total 和 Vista 第三季的銷售額達到第一季（即召回前水準）的 82%，而 Envy 的銷售額達到 91%。9月份，Envy的銷售額超過了第一季的平均月銷售額。雖然 Vista Envy 在北美已經站穩腳跟，等待進一步的推出，但我們的 Luxmart 高端產品在歐洲繼續擴張，第三季度按固定匯率計算的收入增長了 6%。

I've already said as much as I can on our pipeline. The rest will save for Investor Day, which will take place at the New York Stock Exchange on November 13. What I can say is we put a premium on durability of growth through innovation, and that these are exciting times for [Bausch + Lomb].

關於我們的管道項目，我已經說得夠多了。其餘事項將在11月13日於紐約證券交易所舉行的投資者日上公佈。我可以肯定的是，我們非常重視透過創新實現永續成長，而且現在是令人振奮的時代。[博士倫]

Let's now move to Q&A operator.

現在我們來看問答操作員。

(Operator Instructions)

（操作說明）

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Brilliant, thanks so much, guys. I'll keep it to one just in the interest of time, but not to steal the thunder from the investor today, but you added obviously that financial excellence pillar, high level, any kind of commentary you can give us on like how we should interpret that. Are we thinking about, is this a cash conversion thing? Is this like a margin structure thing? What was the impetus at least behind kind of adding that curious what you can add at least ahead of the in November. Thanks guys.

太棒了，非常感謝各位。為了節省時間，我只說一個問題，但不想搶了今天投資者的風頭，您顯然補充了財務卓越支柱，這是一個很高的層面，您能否就此給我們一些評論，比如我們應該如何解讀它。我們是不是在考慮，這是否與現金兌換有關？這是利潤率結構的問題嗎？至少在 11 月之前，添加這些內容的動機是什麼？令人好奇的是，你還能加些什麼？謝謝各位。

Yeah, of course, and thanks, Patrick. Look, under our roadmap, which we've been talking about since I joined three years ago, we've made Excuse me, really strong progress across our three core pillars selling excellence, operational excellence, and innovation. This fourth pillar, financial excellence is really about sharpening how we execute really on a day-to-day basis. In essence, really ensuring every dollar we spend drives growth and our efficiency.

當然，謝謝你，派崔克。你看，根據我們自三年前我加入公司以來一直在討論的路線圖，我們在銷售卓越、營運卓越和創新這三大核心支柱方面取得了非常強勁的進展。第四個支柱－財務卓越，其實是指提升我們日常執行力。從本質上講，就是確保我們花的每一分錢都能推動成長並提高效率。

So, look, we announced this Vision 27, which you'll see some greater detail in two weeks, but essentially, we're being very intentional about controlling operating expense, improving our me and setting up for meaningful margin expansion over time.

所以，你看，我們公佈了“27願景”，兩週後你會看到更多細節，但本質上，我們正​​在非常有意識地控制運營費用，改進我們的管理，並為隨著時間的推移實現有意義的利潤增長做好準備。

So, it's not really about just cost cutting, it's really about disciplined execution and better outcome and resource allocation, but I'll turn it over to Sam, maybe you want to. Add some more color.

所以，這不只是削減成本的問題，而是關乎嚴謹的執行、更好的結果和資源分配的問題。不過，我還是把麥克風交給山姆吧，也許你想聽聽看。再添加一些色彩。

Absolutely. And what Brent said here, Patrick, is very important because it outlines our strategy. So let me give you more insights on how we see the strategy drives both the top-line growth, the margin expansion, and the strong cash flow generation. So, when you think about the effect on the revenue, we've been driving.

絕對地。派崔克，布倫特在這裡所說的非常重要，因為它概述了我們的策略。那麼，讓我進一步闡述我們認為該策略如何推動營收成長、利潤率擴張和強勁的現金流產生。所以，當你考慮到對收入的影響時，我們一直在努力。

Revenue growth across all of our businesses and our team executed really well and you see that throughout the last number of quarters, and you also see that in Q3 as we reported this morning. We expect to continue with this momentum, with our guide suggest about market growth as we go forward and as we look forward again, we'll see more in a couple of weeks that we see that momentum carrying forward with us.

我們所有業務的收入都實現了成長，我們的團隊執行得非常好，這一點在過去的幾個季度中都得到了體現，正如我們今天早上報告的第三季業績一樣。我們預計這一勢頭將繼續保持，我們的指導意見表明，隨著市場的發展，我們將持續成長。展望未來，我們將在幾週內看到更多跡象表明，這一勢頭將繼續下去。

On the margin expansion has been a focus for us and this quarter, we're seeing a margin improving sequentially 400 basis points. We're seeing the benefit of the work that's been sort of going on with the Division 27 that Brent announced earlier in the summer, and we're seeing these benefits, the score with a lower [SGAA] percentage sequentially and year over year, which is very important.

提高利潤率一直是我們的重點，本季我們看到利潤率環比提高了 400 個基點。我們看到了布倫特在夏季早些時候宣布的第 27 區工作帶來的好處，我們看到了這些好處，得分逐年下降，[SGAA] 百分比也逐年下降，這非常重要。

That sets the foundation for us as we think about market expansion for this quarter and more importantly for the future as well. And then the last pillar of the financial metrics is the cash flow. On the cash flow we've been working on optimizing our cash flow generation, and we're seeing the results. The score with a strong cash generation, just cash flow for operation about $161 million. That's a 66% conversion to EBITDA, which is very strong.

這為我們思考本季以及更重要的未來市場擴張奠定了基礎。財務指標的最後一個支柱是現金流。在現金流方面，我們一直在努力優化現金流的產生，我們已經看到了成效。該股現金流強勁，光是營運現金流就約 1.61 億美元。這相當於 66% 的 EBITDA 轉換率，非常強勁。

And what's important here is that that's also the foundation for us of what we were able to generate the score but also as we go forward. So the point that I can't emphasize enough is what we've been doing and executing on the work that we've been doing for the last number, of course, is setting us up well for what we delivered this quarter in Q3, but more importantly, setting us up well for the rest of this year and what we will be able to do beyond 2025, which we'll talk about more on November 13.

重要的是，這不僅是我們創作樂譜的基礎，也是我們未來發展的基礎。因此，我要強調的是，我們過去所做的工作以及我們為實現第三季度目標所採取的措施，當然，這為我們本季度取得的成績奠定了良好的基礎，但更重要的是，這為我們今年剩餘的時間以及2025年以後的發展奠定了良好的基礎，我們將在11月13日對此進行更詳細的討論。

Yeah, and I would just add a little bit more color, I think. It's important to know that our Vision 27, which is the project that instigated our financial excellence pillar, is very broad. Almost all 13,000 colleagues are included. There are hundreds of projects. We have a dedicated PMO that we put some very high potential people in full time to manage.

是的，我覺得還可以再加點顏色。需要注意的是，我們的「27願景」（即啟動我們卓越財務支柱的專案）涵蓋範圍非常廣泛。幾乎包括全部 13,000 名同事。有數百個項目。我們設立了一個專門的專案管理辦公室（PMO），並安排了一些非常有潛力的人才全職負責管理。

And so, this is a really comprehensive initiative and there's no project that's too small and obviously, every dollar counts and so this is a full court press to really deliver financial excellence over the next few years.

因此，這是一項非常全面的計劃，沒有哪個項目是太小的，顯然，每一分錢都很重要，所以我們將全力以赴，在未來幾年內真正實現卓越的財務業績。

Appreciate the call. Looking forward to it. Thanks.

感謝您的來電。非常期待。謝謝。

Joanne Winch, Citibank.

Joanne Winch，花旗銀行。

Good morning and thank you for taking the question. My favorite question is always to ask about your contact lens business, and you put up growth ahead of the market growth rate from what we can calculate.

早上好，感謝您回答這個問題。我最喜歡問的問題總是關於你們的隱形眼鏡業務，根據我們計算，你們的成長速度超過了市場成長率。

Love to get your impression of your share and the market, and there was an article in the Wall Street Journal that talked about changes in the contact lens market, and you were quoted in it and was interested if you had any additional color you could add. Thank you.

很想了解您對市場佔有率和市場的看法。華爾街日報上有一篇文章談到了隱形眼鏡市場的變化，文中引用了您的觀點，我想知道您是否還有什麼補充說明。謝謝。

Yeah, thanks, Joanne. So, look, I think that the lens market is growing still in the mid-single-digit, probably at the lower end of the mid-single-digit. We'll see when a few more of our competitors report, but that's probably where it's at, we have now, I think for several quarters grown the fastest in the industry and growing faster than, significantly faster than the market.

謝謝你，喬安妮。所以，你看，我認為鏡頭市場仍在以中等個位數的速度成長，可能在中等個位數的較低水準。等更多競爭對手公佈業績後，我們再看看情況如何，但目前的情況可能就是這樣，我認為我們已經連續幾個季度保持著業內最快的增長速度，而且增長速度遠超市場平均水平。

And I attribute that to new product innovations and good execution, and I've said this before, but the thing that I've always been very proud about our team is that they continue to grow our new products, our daily sci high infuse our ultra daily while continuing to maintain growth in the older products and thereby really avoiding the leaky bucket syndrome, and that's a big contributor to our growth.

我認為這要歸功於新產品的創新和良好的執行力。我以前也說過，但我一直為我們的團隊感到非常自豪的是，他們不斷發展我們的新產品，例如我們的日常科學高能量飲料和我們的超級日常飲料，同時繼續保持老產品的增長，從而真正避免了“漏桶綜合症”，這對我們的增長做出了很大的貢獻。

With respect to, I guess the Wall Street Journal article and the Cooper situation, I want to be very clear about one point that that the matter is That they're facing is strictly between Cooper and its shareholders. We have no intention of getting involved. That being said, what I did say, which I do believe that a more scale competitor certainly would strengthen competition and be beneficial to consumers and patients. And so, we continue to evaluate it, but it really is a matter for Cooper and its shareholders.

關於《華爾街日報》的文章和庫柏公司的情況，我想非常明確地指出一點，他們面臨的問題是庫柏公司與其股東之間的事情。我們無意介入。話雖如此，我確實認為，規模更大的競爭對手肯定會加強競爭，對消費者和患者都有好處。因此，我們會繼續評估此事，但這實際上是庫柏及其股東的事情。

Thank you.

謝謝。

Young Li, Jefferies.

楊莉，傑富瑞。

All right, great. Thanks for taking our questions. I guess first one is on, [MIEBO Dry eye] and the launch of Tripti, so, heard your comments, about, MIEBO's performance. Even with a competitive launch, went to AAO and joined some of the sessions where doctors were talking about using products and combo, either dripti or Xiidra to stimulate your production and then MIEBO to sort of lock that in. Can you maybe, expand on that thought a little bit and talk about just the use of combo drugs to help expand the dry market opportunity.

好的，太好了。謝謝您回答我們的問題。我想第一個問題是[MIEBO乾眼症]和Tripti的上市，所以，我聽到了你對MIEBO表現的評價。即使面臨激烈的市場競爭，我還是參加了 AAO 的一些會議，會上醫生們討論瞭如何使用滴注劑或 Xiidra 等產品和組合來刺激激素分泌，然後再使用 MIEBO 來鞏固激素分泌。您能否就此想法再詳細闡述一下，談談使用複方藥物來幫助擴大非處方藥市場的機會？

Yeah, absolutely, and thank you for the question and you hear shot our head of R&D and Chief Medical Officer, is here, and so maybe he can weigh in here as well. But look, when I look at the third quarter and you know I've been through competitive launches, I remember when I was at Allergan's when Xiidra launched.

是的，當然，謝謝你的提問。你聽，我們的研發主管兼首席醫療官也在這裡，所以也許他也可以表達意見。但你看，當我回顧第三季度，你知道我經歷過競爭激烈的上市，我記得我在艾爾建公司的時候，Xiidra 上市了。

We're seeing the same pattern here when Tretier is launching in the face of this market, which is the market tends to expand and there's no better proof point than looking at TX growth of 110% for MIBO and 8% for Xiidra in the face of a competitive launch from an established significant player in the industry. So that's a really good sign. I think, when you look at and always difficult to do, so I wouldn't read into this precisely, but I think it's helpful to think about it directionally.

我們看到，當 Tretier 在這個市場推出產品時，也出現了同樣的模式，那就是市場往往會擴張，最好的證明莫過於 MIBO 的 TX 增長率達到 110%，Xiidra 的 TX 增長率達到 8%，而這一切都是在行業內一家成熟的重要參與者推出產品的情況下實現的。所以這真是個好兆頭。我認為，當你審視這個問題時，總是很難做到，所以我不會對此進行精確的解讀，但我認為從方向上思考這個問題是有幫助的。

If you look at Triptier on a launch aligned basis with MIEBO, it's running at a very small percentage of TRX compared to where MIEBO was. I think in last week's number it was around 20% on a launch aligned basis of the MIEBO launch, so. Clearly a different type of launch with a different type of profile and curve.

如果以 MIEBO 的發佈時間作為基準來觀察 Triptier，就會發現它目前的 TRX 份額與 MIEBO 當時的份額相比非常小。我認為上週的數據中，與 MIEBO 的發布同步，發布比例約為 20%。顯然，這是一種不同類型的發射方式，具有不同的輪廓和曲線。

That being said, we do think that there there is a place for a drug that stimulates tier production. There are other drugs in the market. Tripty is not the first to do it. Rostasis has has that in its label as well as a few of the other smaller products. And so you know that that leads to the last point, which is this is a multifactorial disease.

也就是說，我們認為刺激梯隊生產的藥物是有其存在的必要性的。市面上還有其他藥物。Tripty並非第一個這樣做的人。Rostasis 的標籤上以及其他一些小批量產品上都有這種成分。所以你知道，這就引出了最後一點，那就是這是一種多因子疾病。

The two most prevalent, conditions are evaporation and inflammation that probably makes up somewhere close to 80% of the patient population and thereby, creates a great opportunity for combination therapy to allow ECPs to really have what I call the E button.

最常見的兩種病症是蒸發和炎症，這兩種病症可能佔患者總數的近 80%，因此，聯合療法為 ECP 創造了一個絕佳的機會，使 ECP 真正擁有我所說的「E 按鈕」。

Not trying to, and many of them don't even have the diagnostic capabilities to determine the etiology of the disease in the patient. And so having a product where lifidograst and MIEBO or Xiidra and MIEBO are combined really is, I think, an advancement for patients and certainly an advancement in treatment. But yeah, please. Jump in.

他們並沒有嘗試這樣做，而且他們中的許多人甚至沒有診斷能力來確定患者疾病的病因。因此，將利菲多格司特和MIEBO或希德拉和MIEBO結合起來的產品，我認為，對患者來說確實是一項進步，對治療來說也肯定是一項進步。好的，謝謝。跳進去。

I think Brent, you addressed really the critical points just to reemphasize that dry eye disease is a multifactorial disease. Naturally it could actually be triggered by either aque deficiency or much more common by evaporation of the tirfan.

我認為布倫特，你已經說到重點了，再次強調了乾眼症是一種多因素疾病。當然，它實際上可能是由於缺水引起的，或者更常見的是由於替爾凡蒸發引起的。

MIEBO is the only product that's been approved for the evaporative component of the dry eye. Regardless, it's an aus deficient or evaporative. If that was molarity and with the chronicity of the disease, if those molarity changed, this could trigger a vicious circle of inflammation.

MIEBO 是唯一獲準用於治療乾眼症蒸發症狀的產品。不管怎樣，它要不是缺乏氧氣，就是蒸發不良。如果這是摩爾濃度，並且隨著疾病的慢性發展，如果摩爾濃度發生變化，這可能會引發發炎的惡性循環。

And actually it's a very good reason to start to think about combining two mechanisms of actions in order to address the disease. It has the potential of more efficacy and also it has the potential of more compliance for the patients, and it has also the potential for maybe less adverse events due to much better innovative formulations.

事實上，這正是我們開始考慮將兩種作用機制結合起來治療這種疾病的一個很好的理由。它具有更高的療效潛力，也具有更高的患者依從性潛力，並且由於採用了更好的創新配方，也可能減少不良反應。

So, I think this is where we are targeting our new programs as well with the combination between MIEBO and Xiidra. And we still are actually very confident about our profile of products as the only evaporative. The only treatment for evaporative dry eye, which is my.

所以，我認為這也是我們結合 MIEBO 和 Xiidra 來進行新專案的目標方向。我們仍然對我們的產品組合非常有信心，因為我們只生產蒸髮型產品。治療蒸發性乾眼症的唯一方法，就是…

Very helpful.

很有幫助。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Thank you. Good morning, everybody. I was hoping, Brent, you could spend a little bit more time on the surgical business and appreciate your sharing the metrics around the evolution of the franchise, both in third quarter and how you exited relative to where you had started pre-recall, but maybe you could just contextualize.

謝謝。大家早安。布倫特，我原本希望你能多花點時間在外科手術業務上，我很欣賞你分享的特許經營權發展指標，包括第三季度的情況以及你退出時與召回前開始時的情況，但也許你可以提供一些背景信息。

A little bit the Invista launch with where it's going, what feedback you're getting, how the recall may have impacted the overall trajectory and how to just think about the business as we head into Q4 and then and then just next year maybe directionally.

稍微談談英威達的上市情況，包括它的發展方向、你收到的回饋、召回事件可能對整體發展軌跡產生的影響，以及我們進入第四季以及明年可能的發展方向。

Sure, and David, welcome. So look, progress on the [Evista] platform I think has been impressive and certainly faster than we expected. This was an all-out effort on everyone in our surgical team, but in particular to our frontline sales colleagues who work so hard to work with surgeons and ASCs to make sure that That they managed through the recall and came out with trust in us and our products.

當然，大衛，歡迎你。所以你看，我認為[Evista]平台的進展令人印象深刻，而且肯定比我們預期的要快。這凝聚了我們外科團隊所有成員的全力，尤其要感謝我們的一線銷售同事，他們辛勤工作，與外科醫生和門診手術中心合作，確保他們順利度過召回期，並對我們和我們的產品保持信任。

I would say, the other unintended super big benefit of this is the way we handle the recall. I think really even at this AAO where the recall is, something that was really not discussed at all, but the trust that we. We developed and how we handled it, I think was on full display, and many surgeons always commending us for doing the right thing and handling it with such transparency.

我認為，這件事帶來的另一個意想不到的巨大好處是我們處理召回的方式。我認為即使在這次 AAO 召回事件中，也確實沒有真正討論過這件事，但我們之間的信任。我認為，我們是如何研發和處理這個問題的，已經充分展現出來了，許多外科醫生都稱讚我們做了正確的事情，並且處理得非常透明。

When you look at all the metrics though, you can really see that the recovery is strong, showing both a year over year basis and sequentially. And we are as we had planned quickly approaching Q1 pre recall revenue levels. In fact, [NV] slightly surpassed that in the month of September, so.

但從所有指標來看，復甦勢頭強勁，無論是同比還是環比都顯示出這一點。正如我們計劃的那樣，我們正迅速接近第一季召回前的收入水平。事實上，[NV] 在 9 月略微超過了這個數字。

Third Q25 revenue relative to Q125 pre recall total in Vista sales in Q3 reached 82% of Q1 pre recall levels. NV sales in Q3 reached 91% of Q1 pre recall levels, and as I mentioned, September, NV sales surpassed Q1 on a monthly basis.

第三季營收相對於第一季召回前總收入，Vista 第三季銷售額達到第一季召回前水準的 82%。NV 第三季的銷售額達到了第一季召回前水準的 91%，而且正如我之前提到的，9 月份 NV 的月度銷售額超過了第一季。

Revenue growth year over year and the total implantable portfolio was 2% sequentially, and total premium IOLs was 27% sequentially. When you look at it, Q3 '25 versus Q2, so on a sequential basis, the implantable portfolio was up 14% sequentially and the premium I was up 67% sequentially. I think to just answer the last point of your question.

營收年增率成長，植入式產品組合較上季成長 2%，高階人工水晶體季增 27%。從 2025 年第三季與第二季的比較來看，植入式投資組合較上季成長了 14%，而溢價 I 則較上季成長了 67%。我想只回答你問題的最後一點。

There is still some impact, right, which is many of our sales colleagues, particularly in North America, really spent, the last, well, three or four months managing the recall, right? We had to go and get the inventory back. Our reps had to help, establish new consignments and the like. And so that did probably you know shift some focus from some of their other responsibilities to focusing on managing this situation.

仍然存在一些影響，對吧？那就是我們許多銷售同事，尤其是在北美的同事，在過去的三個月或四個月裡，確實都在忙於處理召回事宜，對吧？我們必須去把庫訪問回來。我們的代表需要提供協助，建立新的貨運管道等等。因此，這可能確實將他們的一些精力從其他職責轉移到了應對這種情況上。

I think that's nearly behind us now and we're back out on our front foot and moving quickly. I think with respect to consignment, we have most of our brands in full consignment with envy getting there and probably. Before Investor Day, we should be back at full consignment in the market. So, we're at the very tail end of hopefully having to talk about recalls anymore and just focusing on growth.

我認為那段時期已經基本過去了，我們又重新佔據了主動，並且正在快速前進。我認為就寄售而言，我們的大部分品牌都是完全寄售的，而 Envy 也正在朝著這個方向發展，而且可能…在投資者日之前，我們應該能夠恢復到市場滿載的寄售狀態。所以，我們有望即將結束需要討論召回問題的日子，而可以專注於成長。

Super helpful perspective and maybe just a follow-up on the P&L here clearly starting to see a lot of SG&A leverage as a reflection of the focus you've put on financial excellence, but maybe it just can you help us think about.

非常有幫助的觀點，也許可以跟進一下損益表，很明顯，銷售、一般及行政費用槓桿率很高，這反映了您對財務卓越的重視，但也許您可以幫我們思考一下。

The sustainability of that trend and how you balance reinvesting in the business for growth given the plethora of opportunities you have in front of you versus driving financial leverage and I know you'll get into more of that the analyst meeting, but just maybe help us think about Q3 in context here.

這一趨勢的可持續性，以及鑑於您面前眾多的機會，您如何平衡對業務增長的再投資與推動財務槓桿之間的關係，我知道您會在分析師會議上更詳細地討論這個問題，但或許您可以先幫我們思考一下第三季度的情況。

Yeah, so maybe I'll start and then SAM could add some color. Look, our goal is that it is sustainable, and we've been saying this for some time. I think now we're trying to put some points on the board to show you that we can deliver and really the emphasis of the Investor Day is to walk you through our three year plan to show you what we believe we can deliver and how sustainable it really is, and I would say that, undervision 27.

是啊，那也許我先開始，然後SAM可以加入一些色彩。你看，我們的目標是實現永續發展，我們已經這樣說了很久了。我認為現在我們正在努力提出一些要點，向你們證明我們能夠做到。投資者日的重點是向你們詳細介紹我們的三年計劃，向你們展示我們相信能夠實現的目標以及它的可持續性。我想說的是，在第 27 號願景下。

You know some key factors here, not just about cost and OpEx discipline, but you know some of our launch products are moving more to growth mode, right, so where we overinvested now we can come back to just growing some of these products that are no longer in launch mode but just growth mode. So that that's a piece of it.

你知道，這裡有一些關鍵因素，不僅僅是成本和營運支出紀律，而且你知道我們的一些上市產品正在更多地轉向成長模式，對吧？所以，我們之前過度投資的地方，現在可以回到那些不再處於上市模式而是處於成長模式的產品上，進行成長。這是其中的一部分。

Product mix continues to be a large portion of how we can improve margins and then lastly, I would say some of our manufacturing efficiencies are probably towards the tail end or the back end of the three-year cycle just because of the timelines and regulatory burdens and whatnot of improving manufacturing capabilities. But all those things are in motion, and you'll get much more color when you see the three-year plan in two weeks. But SAM, anything.

產品組合仍然是我們提高利潤率的重要因素，最後，我認為我們的一些製造效率提升可能要到三年周期的尾聲或後期才能實現，這主要是因為提高製造能力的時間限制、監管負擔等等。但所有這些事情都在進行中，兩週後你看到三年計畫時，就會了解更多細節。但SAM，什麼都行。

You'd let me give you more. More insights here and put in context for you in terms of the numbers and when you think about the Q3 P&L and you think about what we accomplished again, this is, we're very pleased with what we have done from an execution because we set the foundation like Brent said, of what we will be able to do going forward and we'll speak about that more as we go into the investor day in a couple of weeks. But just to focus on Q3 right now and the trajectory, short-term this year.

你會讓我給你更多。這裡還有更多見解，並結合數字為您解讀。當您回顧第三季損益表以及我們所取得的成就時，我們會發現，我們對執行方面所取得的成果非常滿意，因為正如布倫特所說，我們為未來的發展奠定了基礎。我們將在幾週後的投資者日上對此進行更詳細的闡述。但現在我們只關注第三季以及今年的短期發展軌跡。

SG&A hit its lowest point this year in Q3. We're running SG&A roughly about 40%, which is about. Less than what it was sequential, about 290 basis points on a sequential basis lower. When you look at it on a year-to-year basis, about [130 basis], lower than compared to Q3 of last year.

第三季銷售、一般及行政費用達到今年最低點。我們的銷售、一般及行政費用約佔總費用的 40%，也就是約 40%。比上一季下降幅度小，季減約 290 個基點。如果按年計算，大約為 [130 基準]，低於去年第三季的水平。

So, we're seeing the sequential improvement. And that's resetting the new foundation for us of what we think about. And it's all about not just the quantum of SG&A declining or going down, it is actually also the shift in the mix of what we're doing with the SG&A and reappointing many of the dollars within SG&A to revenue generation and you're seeing that in the top-line growth here, David. So.

所以，我們看到的是逐步改善。這為我們重新定義了思考方式的基礎。這不僅關乎銷售、一般及行政費用 (SG&A) 的數額下降，實際上還關乎我們對 SG&A 的使用方式的轉變，以及將 SG&A 中的許多資金重新用於創收，而你在這裡的營收增長中也看到了這一點，David。所以。

Really, everything is pointing into the right direction for us in terms of what we've been doing and the execution that we've done is going pretty well and that would be setting up the foundation for us as we wrap up 2025 and more importantly, as we go beyond 2025.

確實，就我們一直在做的事情而言，一切都在朝著正確的方向發展，而且我們執行得也相當順利，這將為我們完成 2025 年的工作奠定基礎，更重要的是，這將為我們邁向 2025 年以後的工作奠定基礎。

And I would add one other thing because you asked the question, David, how do we prioritize investment? You see this nice improvement in the quarter despite a 13% increase in R&D expense, and that's because we are prioritizing, this continuous stream of innovation, which he and his team are going to be, I think, very proud to highlight in two weeks.

大衛，因為你問了這個問題，我想補充一點：我們如何決定投資的優先順序？儘管研發支出增加了 13%，但本季業績仍有顯著改善，這是因為我們優先考慮持續創新，我認為他和他的團隊將在兩週後非常自豪地重點介紹這項成果。

So, I think we can continue to invest in R&D and reallocate towards internal R&D development and still deliver the margin expansion we discussed and so that's the balancing act, but I think we, we've figured it out.

所以，我認為我們可以繼續投資研發，並將資金重新分配到內部研發中，同時還能實現我們討論過的利潤率成長，這就是平衡之道，但我認為我們已經找到了解決方案。

I look forward to the update in a couple weeks.

我期待幾週後的更新。

Thank you. The next question is coming from Matt Miksic from Barclays. Matt, your line is live. I'm after your line is live. Yeah, please check your mute button. Hi Matt. Once more, if you're on the line, please check your mute button. Your line is live.

謝謝。下一個問題來自巴克萊銀行的馬特·米克西奇。馬特，你的線路已接通。我希望你的線路能夠開通。是的，請檢查一下您的靜音按鈕。嗨，馬特。再次提醒，如果您正在通話中，請檢查您的靜音按鈕。您的線路已開通。

I guess we lost Matt. We'll see if he gets back in the queue. Let's move on.

看來我們失去了馬特。我們看看他能不能重新回到排隊的位置。我們繼續吧。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Hi, this is Lili on for Robbie. Thanks for taking the question. I heard you said you expect to be able to offset tariffs in 2025, but how should we think about your ability to offset that in 2026? And with where things stand now, how big is the gross tariff impact for next year if you're willing to share any color on how we should be thinking about the magnitude of that?

大家好，我是莉莉，替羅比為您報道。感謝您回答這個問題。我聽說您表示預計能夠在 2025 年抵銷關稅，但我們該如何看待您在 2026 年抵銷關稅的能力呢？就目前情況而言，如果您願意分享一些關於我們應該如何看待明年關稅影響規模的信息，您認為關稅對明年的總影響有多大？

Yeah, so Lili, I think we've been very transparent about tariffs and the impact and our ability to mitigate it. The problem is that the situation remains very fluid. One of the biggest impacts to us and from tariffs is the reciprocal tariff from China. And as we know, the President is on a trip to Asia right now and is meeting with President Xi friday to try to finalize trade negotiations, he did tweet or Truocial yesterday that he expects a deal to be done and tariffs to be lowered. That would obviously be easier if that were to go the other way then we'd have to, continue to work hard to mitigate.

是的，莉莉，我認為我們在關稅、其影響以及我們減輕其影響的能力方面一直非常透明。問題在於，局勢仍然非常不穩定。對我們影響最大的關稅之一就是來自中國的對等關稅。眾所周知，總統目前正在亞洲訪問，並將於週五與習近平主席會面，以期最終敲定貿易談判。他昨天在推特上表示，他預計會達成協議並降低關稅。如果情況反過來，那顯然會容易得多，我們將繼續努力減輕影響。

The point I guess I'm making is I know people are upset with us after the first quarter where we where we just didn't add it to our guidance because of the fluidity of the situation. I think we turned out to be correct and we managed through it.

我想表達的觀點是，我知道大家對我們第一季業績預期沒有將其納入預期感到不滿，因為當時的情況瞬息萬變。我認為我們的判斷是正確的，我們最終還是挺過來了。

I would hesitate to guess what the President's going to tweet, tomorrow, but I think the long story is we can absorb it, we can manage it. Our team we've got a dedicated team that tracks it and mitigates and we've got a lot of leverage we can pull to do it. Now if something came out of left field, we'll have to deal with that, but I think we feel like we're on very solid ground now with Harris.

我不敢妄加猜測總統明天會發什麼推文，但我認為從長遠來看，我們可以承受，我們可以應付。我們團隊有一個專門的團隊負責追蹤和緩解這個問題，我們有很多資源可以為此努力。如果出現意料之外的情況，我們當然要應對，但我認為我們現在和哈里斯的關係非常穩固。

Great, that's helpful. And just as a follow-up, I heard you said contact lens market growth at the low end of the mid single-digit range, which sounds like it's a little bit softer than what you had been pointing to previously. So if you could just dig into that a little bit more, that would be helpful. What's driving what sounds like a slightly softer outlook and how big of a contributor do you think price can continue to be? Thanks so much.

太好了，這很有幫助。另外，我聽說您說隱形眼鏡市場成長率處於個位數中段的低端，這聽起來比您之前提到的要溫和一些。所以，如果你能再深入研究一下，那就太好了。導致市場前景似乎略顯疲軟的原因是什麼？你認為價格因素還能在多大程度上繼續發揮作用？非常感謝。

Yeah, absolutely. So, I always think about this as a mid-single-digit market, but you know that could be 6% one year and 4% another. I think we're probably more between the 4% and 5% this year. There is some softness in different parts of the world.

是的，絕對的。所以，我一直認為這是一個中等個位數的市場，但你也知道，它可能一年是 6%，另一年是 4%。我認為今年我們的成長率可能在 4% 到 5% 之間。世界各地氣候的溫和程度不盡相同。

We see a little bit more softness in Southeast Asia. China is a watch out. We do see. Consumer, softness, in the data, in the global data. We grew 10% in China, but we do have it on our watch list. We have a very important, event on November 11. Singles Day is a very big event for us with our DTC approaching in China.

東南亞地區的經濟情勢略顯溫和。中國值得警惕。我們看到了。消費者、軟性、數據、全球數據。我們在中國市場成長了10%，但我們仍將其列入觀察名單。11月11日我們將舉辦一場非常重要的活動。對我們來說，隨著我們在中國推出DTC產品，雙十一是一個非常重要的節日。

And so you know I'll know a lot more when we get to investor day after we see the results of Singles Day for the Chinese market. That being said, big online players like Alibaba have seen big big decreases. And so you just have to be thoughtful and watch. The data is mixed. There was some positive data Monday out of China on exports, so we watch it carefully.

所以你知道，等到投資人日那天，等我們看到中國雙十一購物節的結果之後，我就會知道更多資訊了。話雖如此，像阿里巴巴這樣的大型線上企業也大幅下滑。所以你只需要仔細觀察。數據喜憂參半。週一中國公佈了一些積極的出口數據，所以我們密切關注。

I think when you look at the market, maybe there's a little bit of a bifurcation. I think some of the lower income consumer is, I think, feeling more stressed than the higher income consumer. There's a nice bifurcation there. And so, you know some of the private label or cheaper lenses seem to be growing the market a little bit slower than the more premium part of the market and even in the US we're in this weird place where you see the stock market at all-time highs, you have consumer confidence.

我認為，當你觀察市場時，可能會發現有些分化。我認為，有些低收入消費者可能比高收入消費者感到壓力更大。這裡出現了一個明顯的岔路口。所以，你知道，一些自有品牌或價格較低的鏡頭市場成長速度似乎比高端市場要慢一些，即使在美國，我們也處於一種奇怪的境地，股市處於歷史高位，消費者信心十足。

On a relative basis quite low, and that's hard to reconcile and so we just keep monitoring it very closely, but our outlook is positive. We'll grow faster than the market. We feel good about our business, but you know some of our competitors may have some different struggles.

相對而言，這個數字相當低，這很難解釋，所以我們一直在密切關注，但我們的前景是樂觀的。我們的成長速度將超過市場平均。我們對自己的業務感到滿意，但你也知道，我們的一些競爭對手可能面臨一些不同的挑戰。

Great, thanks so much.

太好了，非常感謝。

Peter Chickering, Deutsche Bank.

彼得‧奇克林，德意志銀行。

Hey, good morning, guys, and thanks for taking my question. Just sort of digging into sort of the gross profit, margin that you saw this quarter, just looking at the strong constant currency growth coming from pharma. And the mixed tail and that they provided and then to walk us through sort of the other moving parts sort of within the quarter including tariffs and or FX changes. Thanks so much.

嘿，各位早安，感謝你們回答我的問題。我們深入分析了本季的毛利和利潤率，並專注於製藥業強勁的固定匯率成長。他們提供了混合尾部數據，然後帶領我們了解了本季度其他一些變動因素，包括關稅和/或外匯變化。非常感謝。

Yeah, Sam why don't you take that one.

是啊，山姆，你為什麼不接下這個任務呢？

So let me put a con for the gross margin. When you look at the gross margin this quarter, we had roughly about 130 basis points year over year decline, and that's really, as I said in my prepared remarks, there's the element of that we're still ramping up the reintroduction of the IOAs with Vista. That's a high margin, so you're seeing the impact in the corner from a mixed perspective.

那麼，讓我給毛利率挑個缺點吧。從本季的毛利率來看，我們比去年同期下降了約 130 個基點，正如我在準備好的發言稿中所說，這其中有一個因素是我們仍在逐步恢復與 Vista 合作推出的 IOA。這是一個很高的差距，所以從不同的角度來看，角落的影響是複雜的。

And also, you see product mix playing out in some of our businesses driving some of the remainder of the 130 basis points. So, it's really more of a product mix story plus the investor recall just on a year-to-year basis

此外，您還可以看到我們的一些業務中的產品組合變化，這導致了剩餘的 130 個基點。所以，這其實更多的是一個產品組合問題，加上投資人對公司績效的年度回顧。

Then, like the guidance I guess, applied on the 4th quarter that that that that ramp for 4 that's primarily from investors coming back online or other moving parts which you would think about there.

然後，就像我所看到的指導意見一樣，應用於第四季度，即第四季度的成長主要來自投資者重新上線或其他一些你會想到的因素。

Yeah, there's two parts here. I think the [Invista], as Brann said earlier, that we're seeing the ramp up in investor continues, so that will continue in our Q4, so that being a big factor there. The other part of it is also our seasonality in our business, which tend to be Q4 tend to be a stronger quarter out of all three out of all four quarters. So you'll see that seasonality playing out into the gross margin.

是的，這裡有兩個部分。我認為，正如布蘭恩之前所說，我們看到投資者數量持續增長（英威達），因此這種情況將在我們的第四季度繼續下去，這將是一個重要因素。另一方面，這也與我們業務的季節性有關，通常情況下，第四季是四個季度中業績最好的一個季度。所以你會看到季節性因素反映在毛利率上。

Right, thanks so much. Nice quarter.

好的，非常感謝。不錯的街區。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Hey, thanks so much for taking the questions. Sorry about earlier. Just a couple of quick follow-ups, one on surgical and one on pharma. So congrats on the great kind of comeback from the recall and and momentum and interest and envy, and the rest of the portfolio. Just on the market, I know, you're in a position of I'd say seems like share growth, share recovery maybe from from the recall.

嘿，非常感謝你回答這些問題。抱歉之前的事。再補充兩點，一點是關於外科手術的，一點是關於製藥的。所以恭喜你們從之前的召回、勢頭、興趣、嫉妒以及其他投資組合中實現瞭如此巨大的復甦。就市場而言，我知道，你目前的情況似乎是市場份額增長，市場份額可能正在從召回事件中恢復。

Just health of the market, volumes in the market. It is, it was kind of a question and debate over the weekend at AAO and just wondering if your thoughts on that and as I mentioned, just one quick follow-up on that. Thanks.

僅指市場健康狀況及市場交易量。沒錯，這在周末的 AAO 會議上引發了一些討論和辯論，我想知道你對此有何看法，正如我提到的，還有一個後續問題。謝謝。

Yeah, I think the excuse me, I think that the health of the market is steady. I was also at AAO and I talked to hundreds of surgeons there as well. I look at all of our data on a regular basis, and I really see a very steady market in cataract.

是的，恕我直言，我認為市場狀況穩定。我也參加了美國眼科學會年會，並在那裡與數百名外科醫生進行了交流。我會定期查看我們所有的數據，我確實看到白內障市場非常穩定。

We know that that there is a growing patient population as the world ages and so you know I don't see any real watch outs or anything to worry about in terms of health of the market. I think it's pretty steady and over time should expand.

我們知道，隨著世界老化，患者群體也在不斷增長，因此，就市場健康狀況而言，我認為沒有什麼真正的隱患或需要擔心的事情。我認為它目前發展相當穩定，隨著時間的推移應該會擴大。

No, that's helpful. And then just on pharma, the MIEBO momentum has been impressive. I'm not sure, but you'd love to hear if you feel like you're at a full sort of array of coverage at this point, or is that something that's still improving? And then on Xiidra, if you could just remind us, when you begin to annualize, some of the investments that you made, late last year, early this year again into next year. Thanks.

不，這很有幫助。僅就醫藥領域而言，MIEBO 的發展勢頭就令人印象深刻。我不太確定，但我很想知道，你覺得目前你的覆蓋範圍是否已經相當全面，還是說這方面仍在改進中？然後，關於 Xiidra，您能否提醒我們一下，當您開始將去年底、今年年初以及明年的一些投資進行年度結算時，情況會是怎樣的？謝謝。

Yeah, so I think coverage for both products is pretty steady, in the 70%, range, which is for for this product category is pretty much full coverage. So I think we're we've made those investments. We feel good about where we're at, with Xiidra, the investments were made this year, so this year 2025 establishes the new baseline. And so, I think, we're in the 4th quarter now, so we're near the end of that investment cycle.

是的，所以我覺得這兩款產品的覆蓋率都相當穩定，在 70% 左右，對於這類產品來說，這幾乎算是完全覆蓋了。所以我覺得我們已經進行了這些投資。我們對目前的情況感到滿意，與 Xiidra 的投資是在今年進行的，因此今年（2025 年）確立了新的基準。所以，我認為，我們現在進入了第四季度，也就是這個投資週期的尾聲。

Thanks.

謝謝。

Gary Nachman, Raymond James.

Gary Nachman，Raymond James。

Thanks and good morning. So back to dry eyes, Brent, just talk about the overall market growth and where you think that could go and how under penetrated it still is, and if that factors into how you'll be investing behind MIEBO going forward, if you can still taper that spending, if you want to still grow the market meaningfully since you guys are the market leader there, and then have a follow-up.

謝謝，早安。好了，布倫特，讓我們回到正題，談談整體市場成長情況，以及你認為它未來的發展方向，還有它目前的滲透率有多低，以及這是否會影響你未來對MIEBO的投資，你是否還能逐步減少支出，你是否還想繼續擴大市場規模，因為你們是這個市場的領導者，然後再進行後續討論。

Yeah, I mean, I think, being the market leader with the two products and we saw growth in US farm at around 13% for the quarter, most of that is driven by MIEBO and Xiidra. And so, I think the market is growing roughly around [10% plus]. And I do think that that can sustain itself for some time, for at least the next several years. I think combination therapy when we bring that to market in a few years, would be an additional opportunity to expand the market.

是的，我的意思是，我認為，作為兩款產品的市場領導者，我們在美國農場的季度增長率約為 13%，這主要得益於 MIEBO 和 Xiidra 的推動。因此，我認為市場大致正在成長。[10%以上]。而且我認為這種情況可以持續一段時間，至少在未來幾年內可以持續下去。我認為，幾年後我們將聯合療法推向市場，這將是擴大市場的另一個機會。

And so, I think this has a very long runway with respect to our spend. It is not necessarily about significant tapering. It's about surgical tapering of our spend where we get the highest ROI. We will continue to maintain the largest field force.

因此，我認為這筆支出還有很長的路要走。這並不一定意味著要大幅減少劑量。關鍵在於精準地削減開支，以求獲得最高的投資報酬率。我們將繼續保持最大規模的現場服務力量。

Obviously with the pipeline, it would it would be important for us to maintain the largest field force and continue to drive patients into the channel into the prescription channel so. It is a, again a delicate balance, but we're very experienced in the dry eye market. A lot of us, including me, have been doing dry eye for a long time and so I think we've got it sorted out, and we'll continue to growth while being more prudent with our investments.

顯然，對於我們的銷售管道而言，保持最大的銷售團隊並繼續引導患者進入處方管道至關重要。這又是一個微妙的平衡問題，但我們在乾眼症市場擁有非常豐富的經驗。包括我在內的許多人，長期以來一直在研究乾眼症，所以我認為我們已經解決了這個問題，我們將繼續發展，同時在投資方面更加謹慎。

Okay, thanks, that's helpful. And then just what else are you looking to do to accelerate US generics? It sounds like you made some good progress there in the third quarter. And I mean longer-term, any thoughts on potentially divesting it or are you definitely committed to it, I guess when you look at it over the next [three to five] years? Thanks.

好的，謝謝，這很有幫助。那麼，您還打算採取哪些措施來加速美國仿製藥的發展呢？聽起來你在第三季取得了不錯的進展。我的意思是，從長遠來看，您是否考慮過剝離它，或者您是否肯定會繼續持有它？我想，您展望未來三到五年時會怎麼想？謝謝。

Yeah, so look, I mean, we saw sequential improvement in the generics. Obviously the first quarter was, a bit of a surprise to all of us, and we'll see sequential improvement into the fourth quarter as well. But I think the way to think about that business is it's really opportunistic for us.

是的，你看，我的意思是，我們看到仿製藥方面出現了連續的改進。顯然，第一季的情況讓我們所有人都有些意外，我們預計第四季也會繼續好轉。但我認為看待這項業務的方式是，它對我們來說確實是一個機會。

We have A plant in the United States that makes most of our US pharmaceuticals, including our generics, and that plant is quite good. And so, we look at generics as being very opportunistic. One, it creates absorption in the plant, but two, it creates opportunities for when there is a disruption in the market, or another competitor goes out.

我們在美國有一家工廠，生產我們大部分的美國藥品，包括我們的仿製藥，而且這家工廠非常好。因此，我們認為仿製藥是非常投機取巧的。第一，它能促進植物吸收；第二，它能為市場出現波動或競爭對手退出市場創造機會。

That business can generate very good margins and profitability as well, so it's not about growth necessarily in sales, it's more about maintaining profitability and being opportunistic.

該業務也能產生非常好的利潤率和獲利能力，所以關鍵不在於銷售額的成長，而在於保持獲利能力和抓住機會。

Okay. Thank you.

好的。謝謝。

Sure.

當然。

[Doug Moore], RBC Capital Markets.

[Doug Moore]，加拿大皇家銀行資本市場。

Thank you and good morning. First question just to continue on my boat to get that out of the way. When you think about the profitability of that drug, I know you've always guided to 2026 though, but given the strength in the most recent quarter and what's likely to happen in Q4, is there a possibility that that could shift ahead to A later this year or certainly into early 2026.

謝謝，早安。首先，我只想先把這個問題解決掉，繼續我的船之旅。考慮到該藥物的盈利能力，我知道您一直以來都預計要到 2026 年才能實現，但鑑於最近一個季度的強勁表現以及第四季度可能出現的情況，是否有可能將實現時間提前到今年晚些時候，或者至少提前到 2026 年初？

And my second question just has to do with capital allocation. As the company becomes more successful and more profitable over the next year or two, with that incremental cash, do you expect to be paying down debt or reinvesting it in the business at reasonable multiples? I'll leave it there. Thank you.

我的第二個問題與資本配置有關。隨著公司在未來一兩年內取得更大的成功和更高的獲利能力，您認為增加的現金是用於償還債務還是以合理的倍數再投資於業務？我就說到這兒吧。謝謝。

Yeah, maybe I'll answer the part of the capital allocation turn over to Sam for the remaining answer in the MIEBO profitability question. Look, capital allocation, is pretty. Always a debate, and something that you have to take quite seriously Clearly, we are committed to delivering a lot of that will come from EBITDA growth, but also from debt pay down and you know with respect to M&A, we're always looking for smaller tuckins that we can drive profitability from quickly and or investing in R&D or intellectual property that we can develop into successful products. But I would say, managing or lowering our debt ratios is a very high priority for us. Sam, you want to add some more color?

是的，關於資本配置的部分我可能會回答，剩下的部分就交給 Sam 回答 MIEBO 獲利能力問題了。你看，資本配置這東西蠻漂亮的。這始終是一個爭論不休的問題，而且必須認真看待。顯然，我們致力於實現目標，其中許多目標將來自 EBITDA 成長，也來自債務償還。至於併購，我們一直在尋找能夠快速提升獲利能力的小規模收購，或是投資研發或智慧財產權，將其開發成成功的產品。但我認為，控製或降低我們的負債比率是我們工作的重中之重。山姆，你想再加點顏色嗎？

Yeah, so let me take them and I'll start with the capital allocation. I'll come back to my Google. When you think about capital allocation, the framework for us is continue to strengthen the balance sheet and ensure that we're delivering and We'll talk more about our sort of leverage as we go forward into our investor day, but our North Star remains unchanged, which is targeting an investment rate.

好的，那我來看一下，我先從資金分配開始。我稍後會回到我的谷歌搜尋頁面。在考慮資本配置時，我們的框架是繼續加強資產負債表，確保我們能夠實現目標。我們將在投資者日上進一步討論我們的槓桿情況，但我們的北極星目標保持不變，即設定投資率目標。

So that's really where the path that we're going after from that perspective. Investment in the business is always very important, and now we've seen that in the last, say, two years we've seen the investments put into the business and they're all being paying quite high level of dividends. We're seeing on the top-line growth and we're seeing that this course starting with the market expansion as well. So, it's really good to see the rewards from the investments in the business.

所以，從這個角度來看，這就是我們所要走的路。對企業的投資始終非常重要，而且我們已經看到，在過去的兩年裡，對企業的投資都帶來了相當高的回報。我們看到營收成長，也看到這趨勢始於市場擴張。所以，看到對企業的投資獲得回報，真的很令人欣慰。

That's something will continue when it makes sense to continue to invest in the business. And then the last like sort of to the stool here which is very important is how we can continue to increase shareholder value and as we think about that capital allocation, where we drive the shareholder value is going to be a very important metric for us to think about and deploy that cash appropriately.

當繼續投資該業務有意義時，這種情況就會持續下去。最後一點，也是非常重要的一點，就是我們如何繼續提高股東價值。當我們考慮資本配置時，如何提升股東價值將是我們考慮並合理部署現金的一個非常重要的指標。

So, that's really, it's a good position to be in with the cash, strong cash generation that we have this quarter and the conversion that we had. So again, it's a good place to be in and we'll look forward to building that foundation. Now, just going back to the MIEBO profitability timing, I want to just emphasize one point that Brent made which is very important around the investments in the business and sort of the shift in terms of how we're thinking about the SG&A because Even within the dollars of SG&A, although the quantum of SG&E is coming down and there's a percentage of revenue is coming down.

所以，就我們本季強勁的現金流和轉換率而言，這確實是一個很好的局面。所以，這裡是一個很好的地方，我們期待在此基礎上繼續發展。現在，回到 MIEBO 的獲利時間，我想強調 Brent 提出的一個非常重要的觀點，即關於業務投資以及我們對 SG&A 的看法轉變，因為即使在 SG&A 的金額範圍內，儘管 SG&E 的數額正在下降，佔收入的百分比也在下降。

The deployment within the SG&A dollars is very important where it's going, and we are continuing to ensure that this deployment is putting and providing a very high level of ROI for us. So, it's really what we described on the MIEBO is we were in the launch phase, and as we wrap up '25, we're exiting that launch phase and we're going to the growth phase, which maintains means that we're going to continue to invest behind MIEBO. But we're going to be very deliberate about the investment and where we're going to make this investment.

銷售、一般及行政費用中的資金配置非常重要，我們將繼續確保這些資金配置能為我們帶來非常高的投資報酬率。所以，正如我們在 MIEBO 上所描述的那樣，我們當時處於啟動階段，隨著 2025 年的結束，我們退出了啟動階段，進入了成長階段，這意味著我們將繼續對 MIEBO 進行投資。但我們會非常謹慎地選擇投資方向和投資地點。

So, I think we'll see that as part of the overall leverage in the P&L story as well as the marginal expansion, and again, we'll speak more about it as we're going to investigate for 2026.

所以，我認為我們將在損益表中看到整體槓桿作用以及邊際擴張的一部分，而且，我們將在對 2026 年進行調查時對此進行更多討論。

Thank you.

謝謝。

Tom Stephan, Stifel.

湯姆·史蒂芬，斯蒂費爾。

Great. Hey guys, thanks for squeezing me in. Quick one for me just on MIEBO ASP, a bit choppy year-to-date. I know coverage has been the focus, but Brendan, maybe if you guys can talk about the moving parts there and notably why this quarter was up a lot sequentially by our math on the realized [ASP] and then is this 3Q base maybe where we can work off moving forward? Thanks.

偉大的。嘿，各位，謝謝你們擠出時間陪我。我這裡簡單說一下MIEBO ASP的狀況，今年以來表現有點波動。我知道報告一直是重點，但 Brendan，你們能不能談談其中的變數，特別是為什麼根據我們的計算，本季度實際 [ASP] 環比大幅增長，然後我們是否可以以此為基準來規劃未來的工作？謝謝。

Yes, Sam.

是的，山姆。

Tom, you, probably the best point I'll, highlight you or I'll point you to is it's very difficult to look at just any given course, only 90 days, in terms of trying to sort of extrapolate from that point of view. What the I will encourage you to think about the ESP and the market will think about it as with the growth chance is about mid 70s, and you think about that more an annual rate. So, if you do an annual run rate, I think that probably will get your math sort of closer to what we are seeing as well.

湯姆，我最想強調的一點是，僅僅從某個特定的課程（只有 90 天）的角度來推斷是非常困難的。我會鼓勵你思考 ESP，市場也會這樣看待它，因為成長機會大約在 70% 左右，你應該多把它看作是年增長率。所以，如果你採用年度運行率，我認為這可能會讓你的計算結果更接近我們看到的結果。

Got it. Appreciate it. Thanks, guys.

知道了。謝謝。謝謝各位。

Thank you. And this concludes our question-and-answer session. I would now like to hand the call back to Brent Saunders for closing remarks.

謝謝。我們的問答環節到此結束。現在我謹將電話交還給布倫特·桑德斯，請他作總結發言。

Great. Well, thank you everyone for joining us. I'd like to end where I started, which is thanking our colleagues around the world for all the hard work and dedication on delivering an impressive third quarter.

偉大的。謝謝大家的參與。我想以同樣的方式結束我的發言，那就是感謝世界各地的同事們為取得令人矚目的第三季成績所付出的辛勤努力和奉獻精神。

We look forward to an even deeper dialogue around our three-year plan and more specifically around our R&D pipeline on November 13, at the New York Stock Exchange, and we hope all of you will join us, either in person or via webcast and we look forward to seeing you. Thank you, guys.

我們期待在 11 月 13 日於紐約證券交易所就我們的三年計劃，特別是我們的研發項目，展開更深入的對話。我們希望各位都能親臨現場或透過網路直播參與，我們期待與您相見。謝謝大家。

(Operator Instructions)

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