酷柏 (COO) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q1 2023 CooperCompanies Earnings Conference Call. I would now like to turn the call over to Kim Duncan, VP, Investor Relations and Risk Management. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎來到 CooperCompanies 2023 年第一季度收益電話會議。我現在想把電話轉給投資者關係和風險管理副總裁 Kim Duncan。請繼續。

Good afternoon, and welcome to CooperCompanies First Quarter 2023 Earnings Conference Call. During today's call, we will discuss the results and guidance included in the earnings release and then use the remaining time for questions. Our presenters on today's call are Al White, President and Chief Executive Officer; and Brian Andrews, Chief Financial Officer and Treasurer.

下午好，歡迎來到 CooperCompanies 2023 年第一季度收益電話會議。在今天的電話會議中，我們將討論收益發布中包含的結果和指導，然後利用剩餘時間提問。今天電話會議的主持人是總裁兼首席執行官 Al White；首席財務官兼財務主管 Brian Andrews。

Before we begin, I'd like to remind you that this conference call contains forward-looking statements, including all revenue and earnings per share guidance and other statements regarding anticipated results of operations, market or regulatory conditions or trends, product launches, operational initiatives, regulatory submissions and closing or integration of any acquisitions or their anticipated benefits. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties. Events that could cause our actual results and future actions of the company to differ materially from those described in forward-looking statements are set forth under the caption forward-looking statements in today's earnings release and are described in our SEC filings, including Cooper's Form 10-K and Form 10-Q filings, all of which are available on our website at coopercos.com.

在我們開始之前，我想提醒您，本次電話會議包含前瞻性陳述，包括所有收入和每股收益指導以及其他關於預期運營結果、市場或監管條件或趨勢、產品發布、運營計劃的陳述、監管提交以及任何收購或其預期收益的結束或整合。前瞻性陳述基於可能不正確或不精確的假設、數據或方法，並受風險和不確定性的影響。可能導致我們的實際結果和公司未來行動與前瞻性陳述中描述的事件產生重大差異的事件在今天的收益發布中的前瞻性陳述標題下列出，並在我們的 SEC 文件中進行了描述，包括 Cooper 的 Form 10 -K 和 10-Q 表格文件，所有這些都可以在我們的網站 coopercos.com 上找到。

Also, as a reminder, the non-GAAP financial information we will provide on this call is provided as a supplement to our GAAP information. We encourage you to consider our results under GAAP as well as non-GAAP and refer to the reconciliations provided in our earnings release, which is available on the Investor Relations section of our website under quarterly results. Should you have any additional questions following the call, please e-mail ir@cooperco.com. And now I'll turn the call over to Al for his opening remarks.

此外，提醒一下，我們將在本次電話會議上提供的非 GAAP 財務信息是作為我們的 GAAP 信息的補充提供的。我們鼓勵您根據 GAAP 和非 GAAP 考慮我們的業績，並參考我們的收益發布中提供的對賬，該發布可在我們網站的投資者關係部分的季度業績下找到。如果您在通話後有任何其他問題，請發送電子郵件至 ir@cooperco.com。現在我將把電話轉給 Al，聽取他的開場白。

Thank you, Kim, and welcome, everyone, to CooperCompanies First Quarter Fiscal 2023 Conference Call. We started this year on a positive note with strong operational performances at both CooperVision and CooperSurgical. For CooperVision, we reported record quarterly revenues and our eighth consecutive quarter of double-digit organic revenue growth. For CooperSurgical, we posted strong results including fertility reporting its ninth consecutive quarter of double-digit organic revenue growth. Earnings exceeded expectations driven by the strength in revenues and investment activities yielding operational efficiencies faster than expected. This is exactly how we wanted to start the year, and we'll continue balancing investment activity with prudent operational management to deliver solid results.

謝謝 Kim，歡迎大家參加 CooperCompanies 2023 財年第一季度電話會議。今年我們以積極的姿態開始，在 CooperVision 和 CooperSurgical 的運營表現都非常出色。對於 CooperVision，我們報告了創紀錄的季度收入和連續第八個季度兩位數的有機收入增長。對於 CooperSurgical，我們公佈了強勁的業績，包括生育報告其連續第九個季度實現兩位數的有機收入增長。收入和投資活動的強勁推動收益超出預期，產生的運營效率快於預期。這正是我們希望今年開始的方式，我們將繼續平衡投資活動與審慎的運營管理，以取得可觀的成果。

Moving to the numbers, consolidated quarterly revenue reached an all-time high of $858 million. CooperVision posted record quarterly revenues of $581 million, up 10% organically, and CooperSurgical posted revenues of $277 million, up 10% organically. CooperVision's growth was led by our daily silicone hydrogel portfolio and myopia management products, and CooperSurgical's growth was broad-based with strength in many areas. Non-GAAP earnings per share were $2.90.

轉向數字，綜合季度收入達到 8.58 億美元的歷史新高。 CooperVision 的季度收入達到創紀錄的 5.81 億美元，有機增長 10%，CooperSurgical 的季度收入達到 2.77 億美元，有機增長 10%。 CooperVision 的增長得益於我們的日常矽水凝膠產品組合和近視管理產品，而 CooperSurgical 的增長基礎廣泛，在許多領域都有實力。非 GAAP 每股收益為 2.90 美元。

For CooperVision in Q1, and reporting all percentages on an organic basis, revenue growth was strong and diversified. The Americas grew 9%, EMEA grew 12%, and Asia Pac grew 10%. This performance was driven by new product launches, expanded product ranges, market-leading flexibility through our customized offerings and growth in key accounts. Regarding product details, daily silicone hydrogel lenses grew 17% with especially strong growth from MyDay.

對於 CooperVision 第一季度的收入增長強勁且多元化，所有百分比都是有機增長的。美洲增長 9%，EMEA 增長 12%，亞太地區增長 10%。這一業績是由新產品發布、擴大產品範圍、通過我們的定制產品提供市場領先的靈活性以及關鍵客戶的增長推動的。在產品細節方面，日用矽水凝膠鏡片增長了 17%，其中 MyDay 的增長尤為強勁。

Daily silicone hydrogel lenses continue to be the main driver of growth for the contact lens industry, and we offer the broadest portfolio with MyDay and clariti available on a wide range of spheres, torics and multifocals. Our silicone hydrogel monthly and 2-week lenses, Biofinity and Avaira Vitality, reported another solid quarter of 9% growth.

日用矽水凝膠鏡片仍然是隱形眼鏡行業增長的主要驅動力，我們提供最廣泛的產品組合，包括 MyDay 和 clariti，可用於各種球體、复曲面和多焦點鏡片。我們的矽水凝膠每月和 2 周鏡片 Biofinity 和 Aviara Vitality 報告了另一個穩定的季度增長 9%。

Turning to product news, we remain extremely busy. Our MyDay multifocal rollout is going incredibly well, and we expect strong growth to continue as the product becomes more readily available in EMEA and Asia Pac. Feedback from customers and practitioners remains outstanding, and we continue taking share. Our MyDay toric parameter expansion rollout in the U.S. and Canada is also going well, and we'll be launching the expanded range in EMEA this quarter. With over 4,000 SKUs, our MyDay toric has the widest daily toric range in the market by a wide margin, and it's opening the door to many 2-week and monthly toric wearers to enjoy the freedom of wearing a daily contact lens for the first time ever.

談到產品新聞，我們仍然非常忙碌。我們的 MyDay 多焦點推出進展順利，我們預計隨著該產品在 EMEA 和亞太地區更容易獲得，我們將繼續強勁增長。來自客戶和從業者的反饋仍然很出色，我們將繼續分享。我們在美國和加拿大推出的 MyDay 复曲面參數擴展也進展順利，本季度我們將在 EMEA 推出擴展範圍。我們的 MyDay 复曲面擁有超過 4,000 個 SKU，擁有市場上最廣泛的每日復曲面範圍，並且大幅領先，它為許多 2 周和每月復曲面佩戴者打開了大門，讓他們可以享受首次佩戴日用隱形眼鏡的自由曾經。

All this activity is having a positive halo impact on the MyDay sphere, which is also performing well. And lastly, on our MyDay franchise, I'm excited to announce we started the national rollout of MyDay Energys in the U.S. This premium lens uses the same innovative DigitalBoost technology as Biofinity Energys to alleviate the impacts of digital eye strain. Studies show that adults are now spending more than 7 hours a day on screens, resulting in eyes feeling strained and uncomfortable. Energys, with its boost technology, is the perfect solution to address this digital eye fatigue, and our survey work clearly shows that practitioners and customers are excited to get this technology in a daily offering.

所有這些活動都對 MyDay 領域產生了積極的光環影響，該領域也表現良好。最後，關於我們的 MyDay 特許經營權，我很高興地宣布我們開始在美國全國推出 MyDay Energies。這款優質鏡片使用與 Biofinity Energies 相同的創新 DigitalBoost 技術來減輕數字眼睛疲勞的影響。研究表明，成年人現在每天花在屏幕上的時間超過 7 小時，導致眼睛感到疲勞和不適。 Energys 憑藉其提陞技術，是解決這種數字眼睛疲勞的完美解決方案，我們的調查工作清楚地表明，從業者和客戶很高興在日常服務中獲得這項技術。

All this MyDay activity is exciting, and we remain dedicated to developing and rolling out technologically superior MyDay products for many years to come. Lastly, within the daily segment, clariti is performing well. Its mass market price point is allowing eye care practitioners to continue utilizing the clariti franchise as a great way to bring wearers into the daily silicone hydrogel space.

所有這些 MyDay 活動都令人興奮，在未來的許多年裡，我們將繼續致力於開發和推出技術卓越的 MyDay 產品。最後，在每日細分市場中，clariti 表現良好。它的大眾市場價格點讓眼保健從業者能夠繼續利用 clariti 特許經營權，將其作為將佩戴者帶入日常矽水凝膠領域的好方法。

Moving outside of dailies, demand for Biofinity remains strong led by our torics, multifocal and extended range offerings. We continue to be capacity constrained in some of these areas, especially around our extremely high-demand made-to-order products such as extended range torics and toric multifocals, but the continued ramp up of our manufacturing facilities is allowing us to address the significant demand. And lastly, we had a nice quarter with Avaira Vitality, especially in Asia Pac.

在日報之外，在我們的複曲面、多焦點和擴展範圍產品的帶動下，對 Biofinity 的需求依然強勁。我們在其中一些領域的產能仍然受到限制，尤其是圍繞我們需求量極高的定制產品，例如擴展复曲面和復曲面多焦點眼鏡，但我們製造設施的持續增長使我們能夠解決重要的問題要求。最後，我們在 Avaira Vitality 度過了一個愉快的季度，尤其是在亞太地區。

Moving to myopia management, we posted revenues of $25 million, up 32% with MiSight up 50%. This was in-line with expectations and keeps us on track to reach our goal of $120 million to $130 million in sales this year. Regarding MiSight, we're expanding availability in numerous key accounts, actively launching our expanded parameter range, and making great progress on numerous R&D efforts. We're seeing increased fitting activity as optical offices become more comfortable with their myopia control practice management, and we're continuing to see a positive halo effect with our MiSight customers accelerating their use of other CooperVision lenses. MiSight is the first and only FDA-approved contact lens for myopia control and the product is backed by extensive clinical data. This is a critical differentiator as the proactive management of myopia becomes standard of care within the eye care community to help reduce the risks of long-time eye health problems associated with myopia such as cataracts, retinal detachment, and macular degeneration.

轉向近視管理，我們公佈的收入為 2500 萬美元，增長 32%，其中 MiSight 增長 50%。這符合預期，並使我們有望實現今年銷售額 1.2 億至 1.3 億美元的目標。關於 MiSight，我們正在擴大眾多關鍵客戶的可用性，積極推出我們擴展的參數範圍，並在眾多研發工作中取得長足進步。隨著光學辦公室對他們的近視控制實踐管理變得更加自在，我們看到驗配活動有所增加，並且我們繼續看到積極的光環效應，我們的 MiSight 客戶正在加速使用其他 CooperVision 鏡片。 MiSight 是第一個也是唯一一個獲得 FDA 批准的用於近視控制的隱形眼鏡，該產品有大量臨床數據支持。這是一個關鍵的差異化因素，因為近視的主動管理已成為眼保健界的標準護理，有助於降低與近視相關的長期眼部健康問題（如白內障、視網膜脫離和黃斑變性）的風險。

Finally, I want to mention the great work the CooperVision team has done on our environmental sustainability efforts. In January, we announced that our net plastic neutrality initiative reached a major milestone with the prevention of the equivalent of more than 100 million plastic bottles from entering the oceans. This program has been incredibly well received by contact lens wearers and eyecare professionals, and we're extremely proud of its success.

最後，我想提一下 CooperVision 團隊在我們環境可持續發展方面所做的出色工作。 1 月，我們宣布我們的淨塑料中和倡議達到了一個重要的里程碑，阻止了相當於 1 億多個塑料瓶進入海洋。該計劃深受隱形眼鏡佩戴者和眼保健專家的歡迎，我們為它的成功感到無比自豪。

To finish on CooperVision, the contact lens market grew roughly 9% in calendar 2022, with CooperVision growing faster at 11%, and we expect 2023 to be another robust year supported by the macro growth trend of more people needing vision correction. It's estimated that 50% of the global population will have myopia, or nearsightedness, by the year 2050, up from roughly 34% today. This is driven by a variety of factors including greater screen time, and when combined with the ongoing shift to silicone hydrogel dailies, the increasing focus on higher-value products such as torics and multifocals, and higher pricing, we expect many years of strong growth for the industry. And we expect to remain a leader with our robust product portfolio, ongoing product launches, fast-growing myopia management business, and leading new fit data.

以 CooperVision 為例，隱形眼鏡市場在 2022 年增長了約 9%，其中 CooperVision 增長更快，達到 11%，我們預計 2023 年將是又一個強勁的一年，受到更多人需要視力矯正的宏觀增長趨勢的支持。據估計，到 2050 年，全球 50% 的人口將患有近視或近視，而目前這一比例約為 34%。這是由多種因素推動的，包括更長的放映時間，再加上不斷轉向矽水凝膠日報、對複曲面和多焦點等高價值產品的日益關注以及更高的定價，我們預計多年的強勁增長為行業。我們希望通過強大的產品組合、持續的產品發布、快速增長的近視管理業務以及領先的新適配數據保持領先地位。

Moving to CooperSurgical, this was an excellent start to the fiscal year. Our fertility business posted sales of $112 million, up 10% organically for its ninth consecutive quarter of double-digit organic growth. Success was broad-based with strong results throughout the product portfolio and around the world. The global fertility market remains a very exciting space with strong macro trends supporting significant long-term growth potential.

轉到 CooperSurgical，這是本財年的一個良好開端。我們的生育業務銷售額為 1.12 億美元，有機增長 10%，連續第 9 個季度實現兩位數的有機增長。成功的基礎廣泛，在整個產品組合和全球範圍內取得了強勁的成果。全球生育市場仍然是一個非常令人興奮的空間，強勁的宏觀趨勢支持顯著的長期增長潛力。

There are multiple drivers in this industry, beginning with women delaying childbirth. The average age of a woman's first birth in the U.S., and within several other developed countries, now stands at a record 30 years old, and age is a key factor in contributing to the need for fertility assistance. Other growth drivers include improving access to treatment, increasing patient awareness, improved product offerings, increasing fertility benefit coverage, and technology improvements for both male and female infertility challenges. It's estimated that roughly 15% of reproductive age couples have fertility challenges and that over 750,000 babies are born annually through fertility assisted measures, and these numbers are growing.

這個行業有多個驅動因素，首先是女性推遲生育。在美國和其他幾個發達國家，女性第一次生育的平均年齡現在達到創紀錄的 30 歲，而年齡是促成生育援助需求的關鍵因素。其他增長驅動因素包括改善獲得治療的機會、提高患者意識、改進產品供應、擴大生育福利覆蓋範圍，以及針對男性和女性不孕症挑戰的技術改進。據估計，大約 15% 的育齡夫婦面臨生育困難，每年有超過 750,000 名嬰兒通過生育輔助措施出生，而且這些數字還在增長。

Within the broader fertility space, we compete in a market that's roughly $2 billion in annual sales, and we forecast growth of 5% to 10% for many years to come. Our positioning is excellent with the broadest portfolio in the industry, a solid commercial footprint, and strength in key accounts. We're also investing in our team and in our product portfolio, which includes consumables, capital equipment, and reproductive genetic testing, and we're expanding geographically. Demand remains very strong, especially within our key accounts, so we need to keep building infrastructure by investing in our people and delivering the products and services required in this high-growth market.

在更廣泛的生育領域，我們在一個年銷售額約為 20 億美元的市場中競爭，我們預測未來許多年將增長 5% 至 10%。我們的定位非常出色，擁有業內最廣泛的產品組合、穩固的商業足跡和大客戶實力。我們還在投資於我們的團隊和我們的產品組合，其中包括消耗品、固定設備和生殖基因檢測，並且我們正在擴大地域範圍。需求仍然非常強勁，尤其是在我們的主要客戶中，因此我們需要通過投資於我們的人員並提供這個高增長市場所需的產品和服務來繼續建設基礎設施。

Moving to Office and Surgical products, which includes OB-GYN medical devices, PARAGARD and stem cell storage, we posted sales of $165 million, up 10% organically. Within this, OB-GYN medical devices grew 10% with strength seen in several of our core products. This team is doing a great job managing strong demand with ongoing supply chain challenges, and I'm proud of the hard work and success we're having. PARAGARD grew 11%, driven by buy-in activity from a price increase of roughly 8% implemented at the end of the quarter. We'll see a natural offset to this in Q2, but it's nice to get the year off to a good start.

轉向辦公室和外科產品，包括婦產科醫療設備、PARAGARD 和乾細胞存儲，我們公佈的銷售額為 1.65 億美元，有機增長 10%。其中，婦產科醫療設備增長了 10%，我們的幾個核心產品表現強勁。這個團隊在應對持續供應鏈挑戰的強勁需求方面做得很好，我為我們的辛勤工作和成功感到自豪。 PARAGARD 增長 11%，受本季度末價格上漲約 8% 的買入活動推動。我們將在第二季度看到對此的自然抵消，但很高興今年有一個良好的開端。

And lastly, our stem cell storage business grew 5% organically. We've owned this business for just over a year now, and I'm happy to report that we're seeing improving traction. The synergies we expected as part of the transaction are occurring, and the business is in a good position. As part of our focus in this space and ongoing investment activity, I'm happy to report we recently kicked off an exciting marketing campaign with Chrissy Teigen leading our latest educational efforts around the importance of preserving newborn stem cells. The early reaction to this social media campaign has been very positive and I'm excited to see how it progresses and delivers value through the year.

最後，我們的干細胞存儲業務有機增長了 5%。我們擁有這家公司已經一年多了，我很高興地報告說我們看到了牽引力的提高。作為交易的一部分，我們預期的協同效應正在發生，業務處於有利地位。作為我們對這一領域和持續投資活動的關注的一部分，我很高興地向大家報告，我們最近啟動了一場激動人心的營銷活動，由 Chrissy Teigen 領導我們圍繞保存新生兒乾細胞的重要性開展的最新教育工作。對這項社交媒體活動的早期反應非常積極，我很高興看到它如何在這一年中取得進展並創造價值。

To conclude our CooperSurgical. I want to mention something that I'm really proud of. Worldwide, every minute, a baby is now born using CooperSurgical products. I just love that, and it truly shows what a fantastic and meaningful business CooperSurgical is.

結束我們的 CooperSurgical。我想提一下我真正引以為豪的事情。在全球範圍內，每分鐘都有一個嬰兒使用 CooperSurgical 產品出生。我就是喜歡這一點，它真實地展示了 CooperSurgical 是一家多麼出色和有意義的企業。

So, to summarize, let me again say this is exactly how we wanted to start this fiscal year. Our operational performance was excellent, our momentum is strong, and we're executing on our investments to drive long-term sustainable growth. And with that, let me turn the call over to Brian.

因此，總而言之，讓我再次說這正是我們本財年的開始方式。我們的經營業績非常出色，勢頭強勁，我們正在執行投資以推動長期可持續增長。就這樣，讓我把電話轉給布賴恩。

Thank you, Al, and good afternoon, everyone. Most of my commentary will be on a non-GAAP basis, so please refer to our earnings release for a reconciliation of GAAP to non-GAAP results.

謝謝 Al，大家下午好。我的大部分評論都是基於非 GAAP 的，因此請參閱我們的收益發布，了解 GAAP 與非 GAAP 結果的對賬。

First quarter consolidated revenues were $858 million, up 9% as reported or up 10% organically. Consolidated gross margin was 65.7%, down 1.2% from last year, primarily due to currency and product mix. Operating expenses grew 11% to 43.1% of revenues, and consolidated operating margin was 22.6%, down from 24.6% last year, primarily due to currency. To add some color, I'm happy to report that many of the freight and distribution challenges that we experienced in Q4 that continued into Q1, have now been resolved, and these financial results exceeded our expectations due to the strength at the end of the quarter.

第一季度合併收入為 8.58 億美元，按報告增長 9% 或有機增長 10%。綜合毛利率為 65.7%，比去年下降 1.2%，主要原因是貨幣和產品組合。營業支出佔收入的比例增長 11% 至 43.1%，綜合營業利潤率為 22.6%，低於去年的 24.6%，這主要是由於匯率影響。為了增加一些色彩，我很高興地報告，我們在第四季度遇到的許多運費和分銷挑戰一直持續到第一季度，現在已經得到解決，而且由於年底的實力，這些財務業績超出了我們的預期四分之一。

Below operating income, interest expense was $26 million, and our effective tax rate was 14.4%. Non-GAAP EPS was $2.90 with roughly 49.7 million average shares outstanding. FX negatively impacted earnings by roughly $0.30 year-over-year, which is $0.05 better than we were forecasting when we provided guidance in December. Free cash flow was $84 million including CapEx of $83 million. CapEx continues to be heavily driven by capacity expansion and we expect that to continue. Net debt decreased by $48 million to $2.56 billion.

低於營業收入的利息支出為 2600 萬美元，我們的有效稅率為 14.4%。非 GAAP 每股收益為 2.90 美元，平均流通股約為 4970 萬股。外匯對收益的負面影響同比約為 0.30 美元，比我們在 12 月提供指引時的預測好 0.05 美元。自由現金流為 8400 萬美元，其中資本支出為 8300 萬美元。資本支出繼續在很大程度上受到產能擴張的推動，我們預計這種情況將繼續下去。淨債務減少 4800 萬美元至 25.6 億美元。

Turning to fiscal 2023 guidance. We're increasing expectations for revenues and earnings by incorporating our Q1 beat, improved operational performance and slightly better FX rates. This results in consolidated revenues of $3.5 billion to $3.55 billion, up 7% to 9% organically, with CooperVision revenues of $2.35 billion to $2.39 billion, up 8% to 9% organically, and CooperSurgical revenues of $1.14 billion to $1.17 billion, up 5% to 7% organically. Non-GAAP EPS is expected to be in the range of $12.60 to $12.90. Within this, interest expense is expected to be slightly higher at around $110 million, but our effective tax rate is forecasted to be around 14.5%, offsetting this. For interest expense, we're assuming 3 future Fed moves, a 25-basis point rate increase this month, another 25-basis point increase in May, and then an additional 25-basis point increase in June. For currency, using updated rates, we are now expecting a slightly more positive impact to the P&L, which we're fully passing along. And from an operational perspective, we're raising expectations tied to actions we've taken to drive efficiencies.

轉向 2023 財年指南。我們通過結合我們的第一季度業績、改善的運營績效和略微更好的匯率來提高對收入和收益的預期。這導致合併收入為 35 億美元至 35.5 億美元，有機增長 7% 至 9%，CooperVision 收入為 23.5 億美元至 23.9 億美元，有機增長 8% 至 9%，CooperSurgical 收入為 11.4 億美元至 11.7 億美元，增長 5 % 至 7% 有機。非 GAAP 每股收益預計在 12.60 美元至 12.90 美元之間。其中，利息支出預計略高，約為 1.1 億美元，但我們的有效稅率預計約為 14.5%，抵消了這一點。對於利息支出，我們假設美聯儲未來會採取 3 次行動，本月加息 25 個基點，5 月再加息 25 個基點，然後 6 月再加息 25 個基點。對於貨幣，使用更新後的匯率，我們現在預計對 P&L 的影響會稍微積極一些，我們完全傳遞了這一點。從運營的角度來看，我們正在提高與我們為提高效率而採取的行動相關的期望。

To summarize this, we're raising the midpoint of our earnings guidance by $0.30 with $0.20 coming from our Q1 beat, $0.05 coming from operational improvements that we're expecting in Q2 to Q4, and $0.05 for better FX in Q2 to Q4. The increase in our revenue guidance is similar, incorporating the Q1 beat, stronger expected performance in Q2 to Q4, and better FX.

總而言之，我們將盈利指引的中點提高 0.30 美元，其中 0.20 美元來自我們第一季度的業績，0.05 美元來自我們預期的第二季度至第四季度的運營改善，0.05 美元來自第二季度至第四季度更好的外匯。我們收入指引的增長是相似的，包括第一季度的節拍、第二季度至第四季度更強的預期表現以及更好的外匯。

Regarding the operational improvements, in addition to addressing the supply chain challenges from Q4, we've taken further steps to improve our operational efficiencies. One such example would be the consolidation of our specialty lens business into our core lens franchise. Over the past several years, CooperVision has created the world's most comprehensive specialty contact lens portfolio comprised of products such as leading Ortho-K and scleral lenses to treat myopia and more severe cases of irregular cornea. This part of our business has grown nicely, and it's now time to consolidate it into our core operations and leverage our infrastructure.

關於運營改進，除了解決第四季度的供應鏈挑戰外，我們還採取了進一步措施來提高運營效率。一個這樣的例子就是將我們的專業鏡頭業務整合到我們的核心鏡頭特許經營中。在過去的幾年裡，CooperVision 創造了世界上最全面的專業隱形眼鏡產品組合，包括領先的 Ortho-K 和鞏膜鏡片等產品，用於治療近視和更嚴重的不規則角膜病例。我們業務的這一部分發展良好，現在是時候將其整合到我們的核心業務中並利用我們的基礎設施了。

In the meantime, we're continuing to invest in our product launches, manufacturing footprint, and distribution capabilities to support our long-term growth objectives. Demand is strong and long-term growth trends are very positive, so we're investing prudently, but accordingly.

與此同時，我們將繼續投資於我們的產品發布、製造足跡和分銷能力，以支持我們的長期增長目標。需求強勁，長期增長趨勢非常積極，因此我們謹慎投資，但相應地。

There are a lot of positives to take away from this activity. Our capabilities are expanding, our operations are becoming more efficient, and the numbers are looking better. That being said, we remain cautious regarding recession risk and continued inefficiencies tied to supply chain challenges and have incorporated that into our expectations.

這項活動有很多積極意義。我們的能力正在擴展，我們的運營變得更加高效，並且數字看起來更好。話雖如此，我們仍對經濟衰退風險和與供應鏈挑戰相關的持續低效率持謹慎態度，並將其納入我們的預期。

To conclude on guidance, note that it does not include the pending acquisition of Cook Medical's Reproductive Health business. We're exploring all options related to this transaction in order to obtain regulatory approval, including the potential sale of certain Cook assets, and we expect the transaction to be resolved by August of this year.

總結指導意見時，請注意它不包括即將收購 Cook Medical 的生殖健康業務。我們正在探索與此交易相關的所有選項以獲得監管批准，包括可能出售某些庫克資產，我們預計該交易將在今年 8 月之前解決。

And with that, I will hand it back to the operator for questions.

有了這個，我會把它交還給接線員提問。

(Operator Instructions) Our first question comes from the line of Jon Block from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Jon Block。

Brian, maybe I'll just start with some clarifying questions. So the update from FX, I think previously it was a 2.5% drag to revs and net neutral for EPS. That was prior quarter. How has that changed? So is there a new FX number on revenues from the 2.5% drag? And then the impact to EPS, I want to make sure I heard you right. Is that improved by $0.10, $0.05 is embedded in the 1Q outperformance and then $0.05 is sort of the balance of fiscal 2Q to 4Q? Maybe if you can just clear that up a little bit.

布賴恩，也許我會先從一些澄清的問題開始。所以來自 FX 的更新，我認為之前它對 EPS 的轉速和淨中性有 2.5% 的拖累。那是上一季度。這有什麼變化？那麼，2.5% 的拖累是否有新的收入外匯數據？然後是對 EPS 的影響，我想確保我沒聽錯。這是否提高了 0.10 美元，0.05 美元包含在第一季度的出色表現中，然後 0.05 美元是第二季度至第四季度的財政餘額？也許如果你能把它弄清楚一點。

Sure, sure. Yes. So you're right. On the prior guidance, we had a 2.5% headwind to revenues. It's a little bit better, I'd say it's just on the margin. It still rounds to 2.5%, it's a stronger 2.5%, I'd say, for revenues, but still a headwind. And then on EPS, where we were saying neutral to EPS before from FX for the year we're about 1%. When it comes to the updated guidance, just to recap, we beat Q1 by $0.20. $0.05 is from FX, the other $0.15 operational. The rest of the year, Q2 through Q4, we're raising by $0.10, half of which coming from FX, that's the $0.05, and then the other half from operational performance.

一定一定。是的。所以你是對的。根據之前的指導，我們的收入有 2.5% 的逆風。好一點，我會說它只是在邊緣。它仍然四捨五入到 2.5%，我想說，對於收入來說，這是一個更強的 2.5%，但仍然是一個逆風。然後是每股收益，我們之前說外匯對每股收益的影響是中性的，我們大約是 1%。說到更新後的指引，回顧一下，我們比第一季度領先 0.20 美元。 0.05 美元來自 FX，另外 0.15 美元用於運營。今年剩下的時間，從第二季度到第四季度，我們籌集了 0.10 美元，其中一半來自外匯，即 0.05 美元，另一半來自運營績效。

Yes. Okay. Perfect. I think I got you. And that certainly helps. Maybe, Al, just with the second question, I'll just ask a big picture. There's certainly been a lot of chatter about supply concerns within the contact lens industry. You guys certainly seem to be fairing okay. But maybe just talk about where you guys sit. I know you mentioned a little bit around some of your product lines, but broadly speaking, where do you guys sit? And your confidence or comfort level that you're broadly going to be able to stay ahead of the demand curve, especially with hitting the gas and getting the MyDay Energys launch off the ground?

是的。好的。完美的。我想我得到你了。這當然有幫助。也許，Al，關於第二個問題，我只想問一個大局。在隱形眼鏡行業內肯定有很多關於供應問題的討論。你們當然看起來還不錯。但也許只是談談你們坐在哪裡。我知道你提到了一些關於你的產品線的問題，但從廣義上講，你們坐在哪裡？以及您的信心或舒適程度，您將能夠廣泛地保持領先於需求曲線，尤其是在加油和讓 MyDay Energies 啟動方面？

Sure. Yes. There's still supply chain challenges in the market, and we still see those also. And some of our competitors have talked about that and have had some challenges. I feel pretty good about where we're at. As I mentioned, we do have some capacity constraints within Biofinity and a couple of other spots that we're working pretty aggressively at right now to resolve. But at a high level, I feel pretty good about where we're at.

當然。是的。市場上仍然存在供應鏈挑戰，我們也看到了這些挑戰。我們的一些競爭對手已經談到了這一點，並遇到了一些挑戰。我對我們所處的位置感覺很好。正如我提到的，我們在 Biofinity 和其他幾個地方確實存在一些容量限制，我們現在正在積極努力解決這些問題。但在高層次上，我對我們所處的位置感覺很好。

We're in a good spot with MyDay. We've got the Energys rolling out right now, we're in a good position with that from a production perspective and distribution perspective. We're in a good spot with clariti. We're in a good spot with Biofinity. We're in a good spot with Avaira Vitality. So pockets of challenges. But for us, at least from a supply chain perspective, we're definitely getting in a better position.

我們在 MyDay 方面做得很好。我們現在已經推出了 Energy，從生產和分銷的角度來看，我們處於有利地位。我們在 clariti 方面做得很好。我們在 Biofinity 方面處於有利地位。我們在 Avaira Vitality 方面處於有利位置。所以挑戰的口袋。但對我們來說，至少從供應鏈的角度來看，我們肯定處於更好的位置。

Our next question comes from the line of Larry Biegelsen from Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Larry Biegelsen。

Congrats on a really nice quarter here, guys. So I wanted to start, Al, on the contact lens market. And then I had one margin question for Brian. So Al, the guidance implies roughly 8% organic growth the rest of the year. Alcon called out some softness in the contact lens market on their call this week. What are you assuming for the contact lens market for 2023? Have you seen any changes in consumer behavior? And how does your private label business help insulate you?

伙計們，恭喜你在這裡度過了一個非常美好的季度。所以我想從隱形眼鏡市場開始，Al。然後我有一個保證金問題要問 Brian。因此，Al，該指導意味著今年剩餘時間的有機增長約為 8%。愛爾康在本週的電話會議上稱隱形眼鏡市場有些疲軟。您對 2023 年的隱形眼鏡市場有何假設？您是否看到消費者行為有任何變化？您的自有品牌業務如何幫助您隔離？

Yes. So we've had a good start to the year. We had a good January. February was definitely a good month. We're seeing positive momentum. I'm speaking for Cooper. So I think we're in a good place from that perspective, and you see that built into our guidance. If I think about the market a little bit more broadly, I would say we're taking share similar to what we've taken historically. Not a massive amount of share, but 1 point to 2 points, something like that over what the market is growing, similar to last year. And I think the market is going to have another good year, frankly. At this point in time, the way the year is starting off, and with the visibility we have, I think the overall contact lens market growth is going to be certainly mid-single digits and probably on the higher end of the mid-single digits.

是的。所以我們今年開局不錯。我們度過了一個愉快的一月。二月絕對是個好月份。我們看到了積極的勢頭。我在為庫珀說話。所以我認為從這個角度來看我們處於一個很好的位置，你會看到我們的指導方針中包含了這一點。如果我更廣泛地考慮市場，我會說我們正在獲得與歷史上相似的份額。份額不是很大，而是 1 點到 2 點，類似於市場增長，與去年類似。坦率地說，我認為市場將迎來又一個美好的一年。在這個時間點，今年開始的方式，以及我們的知名度，我認為整體隱形眼鏡市場的增長肯定會達到中等個位數，並且可能處於中等個位數的較高端.

When you look at our portfolio, we have the broadest portfolio in the market. We also manage a lot of customer brands and that definitely helps. When you look at retailers right now, some of our bigger accounts are looking at their own profitability and managing their own supply chain issues and so forth, one of the areas that they'll have a tendency to turn and focus on is their own store brands. Those are products that we have a tendency to support to them, and we take a lot of pride in that, and we work very closely with our key accounts and have strong relationships with them to continue to supply their customer brands. So I think that does help us, and I think it will help us as we move through this year.

當您查看我們的產品組合時，我們擁有市場上最廣泛的產品組合。我們還管理著很多客戶品牌，這絕對有幫助。當你現在看看零售商時，我們的一些大客戶正在考慮他們自己的盈利能力和管理他們自己的供應鏈問題等等，他們傾向於轉向和關注的領域之一是他們自己的商店品牌。這些是我們傾向於支持他們的產品，我們為此感到非常自豪，我們與我們的主要客戶密切合作，並與他們建立牢固的關係，以繼續為他們的客戶品牌提供服務。所以我認為這確實對我們有幫助，而且我認為它會幫助我們度過今年。

We have not really seen much in terms of any wearing habit changes in terms of trade down or anything along those lines. We're still seeing success driven heavily by products like MyDay frankly, within our franchise. We are having success with clariti. That's more of a mass market price point. I think that if you do see any moves associated with consumers being a little bit more concerned about the cost of things, we have a great option in clariti, and I think we'll continue to do well with that. So yes, net-net, at the end of the day, I'd say I'm envisioning a strong market this year and us taking a little bit of share of +it.

我們還沒有真正看到任何穿著習慣的改變，如降價交易或類似的任何事情。坦率地說，在我們的特許經營範圍內，我們仍然看到 MyDay 等產品在很大程度上推動了成功。我們在 clariti 方面取得了成功。這更像是一個大眾市場價格點。我認為，如果你確實看到任何與消費者更關心事物成本相關的舉措，我們在 clariti 中有一個很好的選擇，我認為我們會繼續做好這件事。所以是的，net-net，歸根結底，我會說我預計今年市場會很強勁，我們會在 +it 中分得一點份額。

That's super helpful. Brian, on the margins, you peaked the operating margin in 2019, call it, 27.6%. And the past 2 quarters have been kind of in the low to mid-22% range. Can you help us understand the bridge to decline, call it, 500 basis points? And what's the path back to 27.6%? And embedded in 2023 is the operating margin embedded in the guidance about 24%?

這非常有幫助。布賴恩，在利潤率方面，你在 2019 年達到了營業利潤率的頂峰，稱之為 27.6%。過去兩個季度一直處於 22% 的低到中等範圍內。你能幫助我們理解下降的橋樑，稱之為 500 個基點嗎？回到 27.6% 的路徑是什麼？嵌入到 2023 年，指導中嵌入的營業利潤率約為 24%？

Yes. Larry, good question. So yes, since 2019, FX has had obviously a fairly decent headwind to us. So that's been about 1.5%. The other 2%, I would bucketize into 3 parts, 1/3 each. One of them is just equity, that's share-based comp. We moved a few -- a couple of years ago from 5 years to 4 years vesting and that's created a headwind for us. So that's about 1/3 of the delta. Supply chain and distribution, no surprise, we've got about 1/3 tied to that, and that's just all the things we've been talking about recently here. And then, of course, the infrastructure investments that we've been putting into our business, and I focus largely on IT, that includes the automation work that we're doing, but also just ERP and other sort of IT upgrades we've been making over the years. So I'd say that we're eventually going to hurdle the equity piece, and we'll continue to grow into our infrastructure.

是的。拉里，好問題。所以是的，自 2019 年以來，FX 顯然對我們來說是一個相當不錯的逆風。所以這大約是 1.5%。其他 2%，我會分桶成 3 個部分，每個 1/3。其中之一就是股權，這是基於股份的補償。我們移動了一些 - 幾年前從 5 年到 4 年的歸屬，這給我們帶來了逆風。所以這大約是三角洲的 1/3。供應鍊和分銷，毫不奇怪，我們有大約 1/3 與之相關，這就是我們最近在這裡討論的所有事情。然後，當然，我們一直在業務中投入的基礎設施投資，我主要關注 IT，包括我們正在做的自動化工作，但也只是 ERP 和我們已經進行的其他類型的 IT 升級多年來一直在製作。所以我想說我們最終會跨越股權部分，我們將繼續發展我們的基礎設施。

But your operating margin comment for the year is directionally in the neighborhood of where we think we're going to land. And I would say that all of the moves that we're making from an efficiency effort, the cost containment exercises and the one example I gave in my prepared remarks, is just one of the many. But we're going to continue to go after some structural changes to centralize and automate and leverage our infrastructure. But I expect that we'll continue to get leverage as we look forward. The only thing I'd also say is just from an operating income perspective, the midpoint of our guidance is taken up by 1% on a constant currency basis. So you would expect this year, we're already getting leverage, we're going to get around 10.5% constant currency OI growth at the midpoint of our guidance.

但是你對今年的營業利潤率的評論是定向在我們認為我們將要著陸的地方附近。我要說的是，我們為提高效率而採取的所有舉措、成本控制措施以及我在準備好的發言中給出的一個例子，只是眾多舉措之一。但我們將繼續進行一些結構性改變，以集中化、自動化和利用我們的基礎設施。但我希望我們在展望未來時會繼續獲得影響力。我唯一要說的是，從營業收入的角度來看，我們指導的中點在固定匯率基礎上佔 1%。所以你會期望今年，我們已經獲得了槓桿作用，我們將在我們指導的中點獲得大約 10.5% 的恆定貨幣 OI 增長。

Our next question comes from the line of Jeff Johnson from Baird.

我們的下一個問題來自 Baird 的 Jeff Johnson。

Al, maybe starting on the contact lens business. Just what do you see from a pricing standpoint this quarter? Do you still feel like this year could be a little bit better pricing environment for you specifically given some of those larger retail contracts? And should we expect MyDay Energys to come out at a price premium? I know Biofinity Energys was back and forth, whether it's a premium or just a premium value that the wearer got value out of it at the same price. So what are you planning on MyDay Energys?

Al，也許開始從事隱形眼鏡業務。從本季度的定價角度來看，您有何看法？你是否仍然覺得今年對你來說可能是一個更好的定價環境，特別是考慮到一些較大的零售合同？我們是否應該期望 MyDay Energy 以溢價上市？我知道 Biofinity Energys 來來回回，無論是溢價還是佩戴者以相同價格從中獲得價值的溢價。那麼您對 MyDay Energy 有什麼計劃？

Yes. So MyDay Energys will be a price premium to the MyDay sphere. I'm not sure exactly where the number will settle out, but it will be somewhere around a 20% price premium to the regular MyDay lens. On pricing, in general, yes, I think that this will be a decent year from a pricing perspective for us. 2% plus pricing is what we'll get this year. As an industry, you're seeing positive pricing and it's probably in that 2%-plus range, same thing. And I'm talking about net pricing, because a lot of people are putting price increases through, but then you'll run programs behind the scenes, rebate programs or whatever else, right? But net pricing, looking at that 2% to maybe as high as even 3% range. So a pretty good market from that perspective.

是的。因此，MyDay Energy 將比 MyDay 領域溢價。我不確定這個數字到底會在哪裡結算，但它會比普通的 MyDay 鏡頭高出 20% 左右。在定價方面，總的來說，是的，我認為從定價的角度來看，這對我們來說將是不錯的一年。 2% 加上定價是我們今年將得到的。作為一個行業，你看到了積極的定價，而且可能在 2% 以上的範圍內，同樣的事情。我說的是淨定價，因為很多人都在提價，但你會在幕後運行程序、回扣程序或其他任何東西，對吧？但淨定價，看看 2% 甚至可能高達 3% 的範圍。從這個角度來看，這是一個相當不錯的市場。

Yes. That's helpful. And then I think one of the numbers that set out the most to me was the 9% constant currency in your SiHy FRP business. I know there's different data sources out there. One of your competitors talked about that FRP market being flat in the fourth quarter. I don't know if you agree with that, but to beat the market by 9 points. Does that speak to some of the private label benefits that Larry was asking about or how else to think about kind of that outperformance?

是的。這很有幫助。然後我認為對我來說最重要的數字之一是您的 SiHy FRP 業務中 9% 的固定貨幣。我知道那裡有不同的數據源。您的一位競爭對手談到 FRP 市場在第四季度持平。我不知道你是否同意，但要擊敗市場 9 個百分點。這是否說明了 Larry 所詢問的一些自有品牌的好處，或者如何考慮這種出色的表現？

Yes. I don't believe the market was flat, but the market was not up a lot. We are definitely taking share and growing when you look at that space. A big part of that ends up being the magnitude of our product offering, right? Because you have a really good product in Biofinity and a really good product in Avaira Vitality. But you're getting an add-on in growth from a product like Biofinity from things like the extended range sphere and the extended range torics that we have, and the multifocal toric that's out in the marketplace. A lot of that kind of stuff is driving pretty nice growth.

是的。我不相信市場是持平的，但市場並沒有上漲很多。當你看到那個空間時，我們肯定會分享和成長。其中很大一部分最終是我們產品供應的規模，對吧？因為你們在 Biofinity 有一個非常好的產品，在 Aviara Vitality 有一個非常好的產品。但是你會從像 Biofinity 這樣的產品中獲得額外的增長，比如我們擁有的擴展範圍球體和擴展範圍复曲面，以及市場上的多焦點复曲面。很多這樣的東西正在推動相當不錯的增長。

And then I think when you put it all together, that entire franchise together, and you put it under some of these retailers store brands that are out there, that now they're probably focusing a little bit more on and will frankly probably continue to focus a little bit more on. Yes, that's going to be beneficial for us.

然後我認為當你把它們放在一起，整個特許經營權放在一起，你把它放在一些現有的零售商商店品牌下，現在他們可能會更加關注並且坦率地說可能會繼續多關註一點。是的，這將對我們有益。

And that monthly price point is a really good price point for a lot of contact lens wearers. So if you believe anything -- if you believe the economy is going to move in that direction, then the likelihood is you're going to see things continue to move more towards store brands and probably not surprisingly, a little bit more towards a product like a monthly, and Biofinity is perfectly placed for that.

對於很多隱形眼鏡佩戴者來說，這個月度價格點是一個非常好的價格點。因此，如果你相信任何事情——如果你相信經濟將朝那個方向發展，那麼你很可能會看到事情繼續更多地轉向商店品牌，而且可能並不奇怪，更多地轉向產品像每月一樣，而 Biofinity 是完美的選擇。

Our next question comes from the line of Anthony Petrone from Mizuho Securities.

我們的下一個問題來自瑞穗證券的 Anthony Petrone。

This is Brad Bowers on for Anthony. I just wanted to hear about progress on MiSight. It sounds like the myopia management basis was strong in the quarter. Just wanted to see where you're seeing the growth and where you're on track there?

這是安東尼的布拉德鮑爾斯。我只是想听聽 MiSight 的進展。聽起來本季度的近視管理基礎很強。只是想看看你在哪裡看到增長以及你在那裡的軌道上？

Sure. Yes. Myopia Management was solid this quarter. The reason I wouldn't say it was strong, really is China, that's where we ran into difficulty. So if you're outside of China, whether it's MiSight or whether it's our Ortho-K products, we had a really good quarter, and we've got good momentum. We're expanding those offerings, we're seeing MiSight in more big retailers and more big key accounts as they're rolling it out and getting more active on their myopia control practices. So things going fairly well with respect to MiSight. Again, I would say the one clear negative within that space and the challenge that we had this quarter, frankly, was in China, that market just has not returned. So if it does start to return, we'll see some upside from that. We don't have a lot built into our expectations around that. So hopefully, we'll see that.

當然。是的。近視管理本季度穩健。我不會說它強大的原因是中國，這就是我們遇到困難的地方。因此，如果你在中國以外，無論是 MiSight 還是我們的 Ortho-K 產品，我們都有一個非常好的季度，而且我們的勢頭很好。我們正在擴展這些產品，我們看到 MiSight 出現在更多大型零售商和更多大客戶中，因為他們正在推出它，並在他們的近視控制實踐中變得更加積極。所以關於 MiSight 的事情進展得相當順利。再一次，我要說的是，這個領域的一個明顯的負面影響以及我們本季度面臨的挑戰，坦率地說，是在中國，那個市場還沒有回歸。因此，如果它確實開始回歸，我們將從中看到一些好處。我們對此沒有太多的期望。所以希望我們會看到這一點。

Got it. That's helpful. And then switching gears a little bit on this one, but I do understand that there is probably not much that you can say on that, but just wanted to hear if there is any contemplation of additional strategic options to kind of get the Cook Medical deal across the goal line? Or just any real update that you could provide on that?

知道了。這很有幫助。然後在這個問題上稍微換檔，但我知道你可能沒有太多可以說的，但只是想听聽是否有任何其他戰略選擇的考慮來獲得庫克醫療交易越過球門線？或者您可以提供任何真正的更新嗎？

Yes, Brad, unfortunately, there's not really much I can add other than just repeating what we said, which is we're working through that process right now. There's a lot of regulatory implications there. So we're evaluating our different alternatives and have everything on the table to see if we can figure something out. And as I mentioned, we'll have a resolution to that no later than August of this year.

是的，布拉德，不幸的是，除了重複我們說過的話，我真的沒有什麼可以補充的，我們現在正在完成這個過程。那裡有很多監管問題。因此，我們正在評估不同的備選方案，並把所有事情都擺在桌面上，看看我們是否能想出辦法。正如我提到的，我們將在今年 8 月之前對此做出決議。

Our next question comes from the line of Jason Bednar from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Jason Bednar。

I'd like to congrats you on a real nice start to fiscal '23. I wanted to maybe start in the Americas, that 9% growth, and I think it's some of the best growth we've seen from the region in several years, really outside of the COVID period when comps are really easy. Can you talk about the dynamics there? Help us understand how much this Americas strength is a function of whether it's new products or if the price there is any different from the 2 to 3 points you're talking about there or just if volume is really just kicking it?

我想祝賀你在 23 財年取得了一個真正好的開端。我想從美洲開始，即 9% 的增長，我認為這是我們幾年來從該地區看到的最好的增長，實際上是在 COVID 時期之外，當時 comps 真的很容易。你能談談那裡的動態嗎？幫助我們了解這種美洲實力在多大程度上取決於它是新產品還是價格與您在那裡談論的 2 到 3 個點有任何不同，或者只是數量真的只是踢它？

And then maybe to follow up on some prior questions. I want to clarify that you haven't really seen any trade down or softening in the consumer, at least within your portfolio, but your guidance still embeds some cautiousness around that -- around the economy, I just want to make sure I have that all correct?

然後可能會跟進一些先前的問題。我想澄清一下，你並沒有真正看到消費者的任何交易下降或疲軟，至少在你的投資組合中，但你的指導仍然包含一些關於經濟的謹慎 - 圍繞經濟，我只是想確保我有那個全對了？

Yes. Let me hit that second one. So no, we have not really seen anything with respect to a trade down or softness in the contact lens marketplace at this point in time. As a matter of fact, we're continuing to hear from some of the big retailers and buying groups out there, including in the U.S. and around the world, challenges they're having with respect to staffing and whether that's staffing office workers or even finding optometrists and getting optometrists to work enough hours.

是的。讓我打第二個。所以不，我們目前還沒有真正看到隱形眼鏡市場出現任何降價或疲軟的情況。事實上，我們不斷聽到一些大型零售商和採購團體的消息，包括在美國和世界各地，他們在人員配置方面遇到的挑戰，無論是辦公室工作人員，還是甚至尋找驗光師並讓驗光師工作足夠的時間。

So no, we're in a good spot from that, we haven't seen that activity. Per what Brian said, yes, we are trying to incorporate some of that just to be a little conservative within our guidance, I think that makes sense. On the Americas, yes, we had a good quarter. Alex is running that business for us now. He's doing a really, really nice job. We've just got some great people on our Americas sales team that are executing really well. So we were growing in line with market there for a while. Maybe we're shaking that loose a little bit now and getting MyDay Energys into the market is going to be another step forward. So it's only 1 quarter. I don't want to attach too much to it, but certainly, you can't have a second good quarter without a first one, so a step in the right direction.

所以不，我們處於一個很好的位置，我們還沒有看到那個活動。根據 Brian 所說，是的，我們正試圖將其中的一些內容納入我們的指導方針中，以保持一點保守，我認為這是有道理的。在美洲，是的，我們有一個很好的季度。亞歷克斯現在正在為我們經營這項業務。他做得非常非常好。我們的美洲銷售團隊中有一些很棒的人，他們執行得非常好。因此，我們在一段時間內與市場同步增長。也許我們現在正在放鬆一點，讓 MyDay Energy 進入市場將是向前邁出的又一步。所以只有 1 個季度。我不想過多地重視它，但可以肯定的是，如果沒有第一個季度，你就不可能有第二個好的季度，所以這是朝著正確方向邁出的一步。

Yes. No, well said. I appreciate that. Maybe just another maybe follow-up to clarifying point from some earlier questions. Al, I don't think you typically bifurcate the growth that you see in different channels. But can you talk about directionally how much stronger your private label business is relative to sales that are going into private practices? Is the delta between those groups, 1 to 2 points, 3 to 4 points. How should we think about that?

是的。不，說得好。我很感激。也許只是澄清一些早期問題的要點的另一個後續行動。 Al，我認為您通常不會將您在不同渠道中看到的增長分開。但是你能從方向上談談你的自有品牌業務相對於進入私人診所的銷售有多強嗎？是那些組之間的增量，1 到 2 點，3 到 4 點。我們應該如何考慮？

Yes. Actually, they're probably pretty even right now. We did see a little bit more strength in our branded products for several quarters there last year. A lot of that tied to MyDay and a lot of success we were seeing in MyDay. But right now, from the numbers, there's not a big difference. We're getting similar growth, from what I have a tendency to call customized solutions., right? All the customer brands and so forth that are out there and the direct sales to the optometrist offices and so forth. So I wouldn't -- at this point in time, I wouldn't highlight really a swing in any direction from that.

是的。實際上，他們現在可能很漂亮。去年的幾個季度，我們確實看到了我們品牌產品的實力有所增強。其中很多與 MyDay 相關，我們在 MyDay 中看到了很多成功。但是現在，從數字上看，並沒有太大的區別。我們正在獲得類似的增長，我傾向於稱之為定制解決方案，對嗎？所有的客戶品牌等等，以及直接銷售給驗光師辦公室等等。所以我不會 - 在這個時間點，我不會強調從那個方向真正的搖擺。

Our next question comes from the line of Matthew Mishan from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Matthew Mishan。

I guess this is for Brian. Could you elaborate further on kind of operational efficiency, kind of where that's coming from? Is that more of a gross margin type driver for you? And kind of how should we think about gross margin year-over-year now?

我想這是給布萊恩的。您能否進一步詳細說明運營效率的類型，以及它的來源？這對你來說更像是一個毛利率類型的驅動因素嗎？我們現在應該如何考慮同比毛利率？

Yes. We're going after several different cost containment initiatives. I mentioned in my prepared remarks, the consolidation of our Specialty Eye Care division into our core. Long term, that will be a gross margin benefit. But for the short term, that's going to be more OpEx benefit. We've gone after some other centralization activities, including consolidating our high-growth subregion within Eastern Europe and Middle East Africa into our European region. And so that will drive some better efficiencies. So I would say it's probably more of an OpEx play than anything else. Within gross margin, our guidance still is -- implied in our guidance is gross margins up year-over-year, a little bit more from currency than on a constant currency basis.

是的。我們正在採取幾種不同的成本控制措施。我在準備好的發言中提到，將我們的專業眼科護理部門整合到我們的核心部門。從長遠來看，這將是一個毛利率優勢。但就短期而言，這將帶來更多的運營支出收益。我們已經開展了其他一些集中化活動，包括將我們在東歐和中東非洲的高增長次區域整合到我們的歐洲區域。因此，這將提高效率。所以我想說這可能更像是一種 OpEx 遊戲。在毛利率方面，我們的指導仍然是 - 在我們的指導中暗示毛利率同比增長，從貨幣中比在固定貨幣基礎上多一點。

Okay. That's fair. And then for Al, I think one of the things we've heard is that some of your competitors did pull back on some of the extended parameters or extended ranges that may not be kind of higher volume, but could add up for you. I guess is that enough to help you drive some share or is that just something that just has like increased relevance for Cooper with the ECP?

好的。這還算公平。然後對於 Al，我認為我們聽到的一件事是，您的一些競爭對手確實撤回了一些擴展參數或擴展範圍，這些參數或範圍可能不是更高的數量，但可能會為您增加。我想這是否足以幫助您推動一些份額，或者只是增加了庫珀與 ECP 的相關性？

I think that does drive share gains for us. And I think longer term, it will drive share gains for us. Yes, some of our competitors have pulled back on something like their extended ranges, or I shouldn't even call it extended range in our world, they would be more regular toric ranges that are out there. But some of the broader toric ranges. We haven't really seen much impact from that yet because a lot of that activity is fairly new in the marketplace. But I do think one of the differentiators for us and one of the reasons we take share, and have taken share consistently for a long time, is the breadth of our product portfolio. It's very difficult to manage those wide parameter ranges.

我認為這確實推動了我們的份額增長。而且我認為從長遠來看，它將為我們帶來份額收益。是的，我們的一些競爭對手已經撤回了他們的擴展範圍之類的東西，或者在我們的世界裡我什至不應該稱之為擴展範圍，它們會是更規則的複曲面範圍。但是一些更廣泛的複曲面範圍。我們還沒有真正從中看到太大的影響，因為很多這樣的活動在市場上都是相當新的。但我確實認為我們的差異化因素之一，也是我們分享並長期持續分享的原因之一，是我們產品組合的廣度。管理這些寬參數範圍非常困難。

I mean, it just is. From a production perspective, all the way through distribution and all your packaging and labelling and inventory management and so forth. As you can imagine, when you get those really wide SKU ranges, it just creates a much more complex environment. So we're pretty good at that. We've invested a lot of money on that over the years. As I said, that's a differentiator for us, and I think it will continue to put us in a position to help us gain a little bit of share. So, like you said, I wouldn't overdo that because the dollar amounts aren't that big. But any time you can get something to differentiate you in a positive way, that's a good thing. And I would say that's one of those things.

我的意思是，它就是這樣。從生產的角度來看，一直到分銷以及所有包裝和標籤以及庫存管理等等。你可以想像，當你獲得那些非常廣泛的 SKU 範圍時，它只會創建一個更加複雜的環境。所以我們很擅長這一點。多年來，我們在這方面投入了大量資金。正如我所說，這對我們來說是一個差異化因素，我認為它將繼續使我們能夠幫助我們獲得一點份額。所以，就像你說的，我不會做得太過分，因為美元數額並不大。但任何時候你都能以積極的方式獲得一些讓你與眾不同的東西，那是一件好事。我會說這就是其中之一。

Our next question comes from the line of Robbie Marcus from JPMorgan.

我們的下一個問題來自摩根大通的 Robbie Marcus。

Great. Nice quarter. Maybe to start, are you able to quantify, if at all, any of the share you think you gained as competitors seem to have had more supply chain issues than you did around the world and the impact to the different product lines?

偉大的。不錯的季度。也許首先，您是否能夠量化（如果有的話）您認為您獲得的任何份額，因為競爭對手似乎比您在世界各地遇到的供應鏈問題更多，以及對不同產品線的影響？

I don't think, frankly, very much. Some of the issues that competitors have had around supply chain are relatively recent. We've had some of our own challenges around supply chain, I don't want to act like we haven't. So frankly, I don't think there's very much that has come from supply chain challenges. They haven't been significant or long enough to really start moving market share at this point in time. If they hold and they continue to be a challenge, I do think that could provide positive upside to us. But I wouldn't put much on it for the results that we're reporting right now.

坦率地說，我不這麼認為。競爭對手在供應鏈方面遇到的一些問題是最近才出現的。我們在供應鏈方面遇到了一些挑戰，我不想表現得好像我們沒有遇到過一樣。坦率地說，我認為供應鏈挑戰並沒有帶來太多影響。它們還不夠重要或時間不夠長，無法在此時真正開始移動市場份額。如果他們持有並且他們繼續是一個挑戰，我認為這可以為我們提供積極的上行空間。但我不會為我們現在報告的結果投入太多。

Got it. Okay. Great. And maybe, I know you're not assuming that the Cook deal closes in guidance, but hopefully, we'll know by later in the year. Do you have any thoughts on where it might be either accretive or dilutive at this point if it goes through as is? And what it might look like if you have to divest any of the assets? Do you think it would still be accretive?

知道了。好的。偉大的。也許，我知道你並沒有假設庫克的交易在指導中完成，但希望我們能在今年晚些時候知道。如果它按原樣進行，你有什麼想法嗎？如果您必須剝離任何資產，情況會怎樣？你認為它還會增值嗎？

Yes. As you can imagine, highly dependent upon what we have to sell off and what price we would get for what we have to sell off. At this point in time, I just can't answer that question. If I could, I would. But yes, at this point, I just can't give you color on that one.

是的。正如你可以想像的那樣，這在很大程度上取決於我們必須賣掉的東西以及我們必須賣掉的東西會得到什麼價格。在這個時候，我無法回答這個問題。如果可以的話，我會的。但是，是的，在這一點上，我只是不能給你那個顏色。

Okay. Do you think you'd still do the deal if it's going to be dilutive at this point?

好的。如果此時會稀釋，你認為你還會做這筆交易嗎？

Well, you know what, I'll refrain from answering that one. I'm a believer in accretive transactions. They need to be strategic, and they need to be accretive, and they need to make sense for your company short and long term. I guess that's how I would answer it. There are enough moving parts on that one behind the scenes that I just don't want to get into details on that.

好吧，你知道嗎，我不會回答那個問題。我相信增值交易。它們需要具有戰略性，它們需要增值，並且它們需要對您的公司的短期和長期有意義。我想這就是我要回答的方式。幕後有足夠多的活動部件，我只是不想詳細說明。

Our next question comes from the line of David Saxon from Needham.

我們的下一個問題來自 Needham 的 David Saxon。

Congrats on the quarter. Maybe starting on surgical. You called out some pull-forward buying for PARAGARD in front of some pricing. Just wanted to see if you could quantify that impact and talk about kind of what the underlying demand looks like with PARAGARD?

祝賀這個季度。也許開始手術。你在一些定價之前呼籲對 PARAGARD 進行一些前瞻性購買。只是想看看您是否可以量化這種影響並談談 PARAGARD 的潛在需求是什麼樣的？

Yes. For PARAGARD, I think we probably had about $3 million if we had to put a number on it that was pulled in from what would be Q2 here into Q1. And that's what I was talking about, a little bit more positive in this quarter, that will result in a little bigger hurdle in Q2 from that. From a unit perspective, I would stand by the statements that I made last quarter, which I think we're going to have a hard time getting unit growth this year. There are still patient flow challenges with respect to the OB-GYN marketplace and definitely with respect to IUD's.

是的。對於 PARAGARD，我認為如果我們不得不在上面加上一個從 Q2 到 Q1 的數字，我們可能有大約 300 萬美元。這就是我所說的，本季度更加積極，這將導致第二季度的障礙更大。從單位的角度來看，我會堅持我上個季度所做的聲明，我認為今年我們將很難實現單位增長。就婦產科市場而言，尤其是在宮內節育器方面，仍然存在患者流動方面的挑戰。

So, I think for this year, we grow some. But it's not driven by units, it's driven by price. I still think we're there. I hope I'm wrong. I hope I'm being too conservative on that one, but that's kind of where we're at right now.

所以，我認為今年我們會增長一些。但它不是由單位驅動的，它是由價格驅動的。我仍然認為我們在那裡。我希望我錯了。我希望我在那個問題上過於保守，但這就是我們現在所處的位置。

Okay. Got it. And then you've talked about some contact lens capacity expansion projects happening this year. Just wondering if you could give an update there and how we should think about the impact to gross margin this year?

好的。知道了。然後你談到了今年發生的一些隱形眼鏡產能擴張項目。只是想知道您是否可以在那裡提供更新以及我們應該如何考慮今年對毛利率的影響？

Yes. We won't have much of an impact on gross margins this year. I think Brian was spot on. We'll see a little bit of improvement in gross margins. I think we've got the potential for more expansion in gross margins in the coming years. If you look at capacity expansion right now, we've been busy. We were busy last year, certainly busy in Q4. I talked about that last quarter, and as we start the year we're doing some expansion in Puerto Rico and Costa Rica and our U.S. facilities, doing work in the U.K. So there's a lot of facilities around the world where we're doing expansion right now. And a lot of that's tied to capacity expansion.

是的。今年我們不會對毛利率產生太大影響。我認為布賴恩是正確的。我們會看到毛利率略有改善。我認為我們有可能在未來幾年進一步擴大毛利率。如果你現在看看產能擴張，我們一直很忙。去年我們很忙，第四季度當然很忙。我在上個季度談到了這一點，當我們今年開始時，我們正在波多黎各和哥斯達黎加以及我們的美國設施進行一些擴張，在英國開展工作所以我們在世界各地有很多設施正在擴張現在。其中很多與產能擴張有關。

The long-term growth dynamics within the contact lens industry are pretty damn good right now. So we're looking at mid upper single-digit growth, I think, for 10 years or something like that. So we need to put some capacity in to support that. So we're doing that intelligently, if you will.

隱形眼鏡行業的長期增長動力目前非常好。所以我們正在尋找中上個位數的增長，我認為，10 年或類似的時間。因此，我們需要投入一些能力來支持這一點。如果您願意，我們正在明智地這樣做。

Got it. And if I could just follow up on that last comment about mid- to upper single digit growth. I guess you had a peer talk about kind of flattish to down unit growth. A lot of it is driven by pricing and mix. So I just wanted to ask if you're thinking about mid- to high single digit growth, how much of that is units versus price and mix?

知道了。如果我能跟進關於中高個位數增長的最後評論。我猜你有一個同行談論過單位增長放緩。其中很多是由定價和組合驅動的。所以我只想問你是否在考慮中高個位數的增長，其中有多少是單位與價格和組合？

Yes. Well, and I talk about this every quarter, but somewhere around 1/3 of the world is myopic today. And by the year 2050, half the world is going to be myopic. I mean that's where the current trends are. So the macro trends are saying that more and more people are going to need visual correction, and that's going to continue year in and year out for a long time. And that's no surprise to anyone on the phone as we all know how much people are staring at screens, and how much kids are staring at screens and so forth.

是的。好吧，我每個季度都在談論這個，但今天世界上大約有 1/3 的人是近視的。到 2050 年，世界上將有一半人近視。我的意思是這就是當前趨勢所在。所以宏觀趨勢表明，越來越多的人需要視力矯正，而且這種情況會年復一年地持續很長一段時間。這對電話中的任何人來說都不足為奇，因為我們都知道有多少人盯著屏幕，有多少孩子盯著屏幕等等。

So, at the end of the day, you're going to have an expansion of wearers that need visual correction and a percentage of those are going to want contact lenses. So, you are going to continue to see more and more people needing visual correction and contact lenses. Certainly, here in the near term, you're going to see price. I don't think anybody is raising prices like crazy, but I think I'll speak for ourselves, and I'll say, we're not trying to gouge anybody by any means. We're raising price because the price of raw materials and other costs are going up for us. And we're not raising all prices to cover all that stuff because part of our responsibility is to drive efficiencies to cover part of that. But at the end of the day, you're going to see pricing. So, when you look at pricing, when you look at expansion of the wearer base, when you look at better fitting and by better fitting, I mean more toric and more multifocals, higher-priced products, all that activity, all that's going to continue to drive growth.

因此，歸根結底，需要視力矯正的配戴者人數將會增加，其中一定比例的配戴者需要隱形眼鏡。因此，您將繼續看到越來越多的人需要視力矯正和隱形眼鏡。當然，在短期內，你會看到價格。我不認為有人瘋狂地提高價格，但我想我會為自己說話，我會說，我們不會試圖以任何方式欺騙任何人。我們正在提高價格，因為原材料和其他成本的價格正在上漲。而且我們不會提高所有價格來涵蓋所有這些東西，因為我們的部分責任是提高效率以涵蓋其中的一部分。但在一天結束時，您將看到定價。所以，當你考慮定價時，當你考慮佩戴者群體的擴大時，當你考慮更好的合身性和更好的合身性時，我的意思是更多的複曲面和更多的多焦點、更高價格的產品，所有這些活動，所有這些都會繼續推動增長。

So, if we look back 10 years from today and the contact lens industry grew, let's say, 6% a year, I would be comfortable talking about that kind of growth rate. And I think half of that could certainly be driven, if not more than that, ultimately, by expansion in terms of number of wearers.

所以，如果我們回顧 10 年後的今天，隱形眼鏡行業以每年 6% 的速度增長，我會很樂意談論這種增長率。而且我認為，其中一半肯定可以通過佩戴者數量的增加來驅動，如果不是更多的話。

Our next question comes from the line of Chris Pascal from Nephron.

我們的下一個問題來自 Nephron 的 Chris Pascal。

Congrats on a solid quarter, guys. I was curious, the CooperVision upside really came at least relative to our numbers outside of the core SiHy or myopia management segments that get all the attention. Is there anything unusual in that non-SiHy part of the portfolio? I know there was a lot of noise last year with lens solutions coming out, and we thought you had at least one more tough comp before you lapped that?

恭喜一個穩定的季度，伙計們。我很好奇，CooperVision 的優勢確實至少相對於我們在核心 SiHy 或近視管理領域之外的數字而言，這些領域受到了所有關注。投資組合的非 SiHy 部分有什麼不尋常之處嗎？我知道去年鏡頭解決方案的出現引起了很多爭議，我們認為在你超越它之前至少有一個更強大的組合？

Yes. I'm not sure there was anything too unusual in there. I will say that it's interesting you mentioned that because we did have strength, obviously, within areas like our daily silicones and our Biofinity and Avaira Vitality product. But there's still demand for our products out there like Proclear and some of the older products that we have out there. Those are all declining products, but they're maybe not declining as fast as they were.

是的。我不確定那裡有什麼不尋常的地方。我會說你提到的很有趣，因為我們確實有實力，顯然，在我們的日常有機矽和我們的 Biofinity 和 Aviara Vitality 產品等領域。但是我們的產品仍然有需求，比如 Proclear 和我們現有的一些舊產品。這些都是下降的產品，但它們的下降速度可能沒有以前那麼快。

So we're seeing across the board decent demand, including in some of the areas you're talking about that we don't highlight or discuss anymore.

因此，我們看到了全面的體面需求，包括您正在談論的一些我們不再強調或討論的領域。

Okay. And then any update on SightGlass timing of next milestones there? What we should be looking for as we go through '23?

好的。然後是關於下一個里程碑的 SightGlass 時間安排的更新嗎？當我們經歷 23 年時，我們應該尋找什麼？

SightGlass, we're continuing to work on that. We're moving through the fourth year of that clinical data, which we'll get later this year. We'll take a look at it and hopefully get that back in the FDA's hands and, knock on wood, get an approval off that. We still have work to do there. In the meantime, the products launched in several markets around the world. We're selling that product. As you know, we have a great joint venture with EssilorLuxottica, a great team there that we're really, really happy about and excited about. And I think a bright future with that product, that's, I guess, what I would say about it right now.

SightGlass，我們正在繼續努力。我們正在經歷該臨床數據的第四個年頭，我們將在今年晚些時候獲得這些數據。我們將對其進行研究，並希望將其重新交到 FDA 手中，敲木頭，獲得批准。我們在那裡還有工作要做。同時，產品在全球多個市場推出。我們正在銷售該產品。如您所知，我們與 EssilorLuxottica 有一個很棒的合資企業，那裡有一支很棒的團隊，我們真的非常非常高興和興奮。而且我認為該產品的光明未來，我想，這就是我現在要說的。

Our next question comes from the line of Steven Lichtman from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Steven Lichtman。

Al was wondering if you could talk on MiSight relative specifically to the U.S. Any color you can provide in terms of how that ramp is going? What you're hearing from customers? Any feedback on that would be helpful.

Al 想知道您是否可以談談 MiSight 與美國相關的具體情況。您可以提供任何關於斜坡進展情況的顏色嗎？您從客戶那裡聽到了什麼？對此的任何反饋都會有所幫助。

Sure. I would say here in the U.S., it's the same old, same old, good, strong, consistent performance. It's not ratcheting up. It hasn't turned all of a sudden where we've hit a point where it's escalating higher at a faster trajectory. It's just good, solid, consistent performance. And we're seeing that in a number of markets around the world. Now a lot of markets have much higher incidences of myopia than the U.S. does. But if you're talking specifically the U.S. market, I would say good, solid, consistent performance. And I think, frankly, that's what we're going to continue to see, right?

當然。我會說在美國這裡，它是同樣古老、同樣古老、良好、強大、一致的表現。它沒有上升。它並沒有突然轉向，我們已經達到了一個以更快的軌跡升級更高的點。這只是良好、穩定、一致的性能。我們在世界各地的許多市場都看到了這一點。現在很多市場的近視率比美國高很多。但如果你專門談論美國市場，我會說良好、穩固、一致的表現。我認為，坦率地說，這就是我們將繼續看到的，對吧？

As I sit here today, that's what we've seen, which is more independent optometry offices utilizing the product, more retailers, buying groups, getting in, evaluating the product, starting to use it. We haven't hit an inflection point, where it shoots up, but we certainly have not slowed down on it. So I would just say a good, solid, strong, consistent growth.

正如我今天坐在這裡，這就是我們所看到的，更多的獨立驗光辦公室使用該產品，更多的零售商、購買團體進入，評估產品，開始使用它。我們還沒有達到拐點，它會猛增，但我們當然沒有放慢速度。所以我只想說良好、穩固、強勁、持續的增長。

Got it. Great. And then I think last quarter, you guys talked about some increased investments this year overall on the OpEx line. I apologize if you mentioned this already, but is that still consistent this quarter, still expecting an elevated investment on that front? And can you just update us in terms of what some of those investments are?

知道了。偉大的。然後我想上個季度，你們談到了今年總體上在 OpEx 線上增加了一些投資。如果您已經提到了這一點，我深表歉意，但本季度是否仍然保持一致，仍然期待在這方面增加投資？您能否就其中一些投資向我們介紹最新情況？

Sure. Yes. We're continuing, no question, to have investment activity whether it's the infrastructure of the business or whether it's commercially based around product launches. Obviously, on a product like MyDay Energys, we're putting dollars behind the launch on that product, and we'll continue to do that. When you look at some of the other products we have, say MyDay multifocal, as we roll it out in different spots around the world, we have promotional campaigns, marketing campaigns supporting those products. So, we'll continue to do that. I would say we did that in Q1, and we're going to continue to do that.

當然。是的。毫無疑問，我們將繼續進行投資活動，無論是業務基礎設施，還是基於產品發布的商業活動。顯然，對於像 MyDay Energies 這樣的產品，我們會投入資金支持該產品的發布，我們將繼續這樣做。當您查看我們擁有的其他一些產品時，例如 MyDay multifocal，當我們在世界各地推出它時，我們會開展促銷活動和營銷活動來支持這些產品。所以，我們會繼續這樣做。我會說我們在第一季度做到了這一點，我們將繼續這樣做。

I think what Brian talked about here, that he's really spearheaded, driving efficiencies within our business, that's a different story. So that's not a matter of cutting back on investment activities that we need to do and that are part of driving the growth of our business. That's about operating our business or businesses more efficiently than we've done in the past. And I think that's great. And in today's world, that's something we have to do. So I can tell you that's a focus and maybe a relatively newer focus within the organization, but a focus within this organization is driving strong, efficient growth.

我認為 Brian 在這裡所說的，他真的很帶頭，在我們的業務中提高效率，這是一個不同的故事。因此，這不是削減我們需要做的投資活動的問題，這是推動我們業務增長的一部分。這是關於比過去更有效地經營我們的業務或業務。我認為那很好。在當今世界，這是我們必須要做的事情。所以我可以告訴你這是一個焦點，也許是組織內一個相對較新的焦點，但這個組織內的焦點正在推動強勁、高效的增長。

Our final question comes from Navann Ty from BNP Paribas.

我們的最後一個問題來自法國巴黎銀行的 Navann Ty。

My first question is what is your outlook on OB-GYN visits in 2023? And do you foresee a sustainable recovery of PARAGARD longer term and volume market share opportunities in addition to price increases?

我的第一個問題是您對 2023 年婦產科就診有何看法？除了價格上漲之外，您是否預見到 PARAGARD 長期和批量市場份額機會的可持續復甦？

Yes. I might be more conservative than many people on that, but I'm still concerned about patient traffic within the OB-GYN office. We've seen some improvements there, but we haven't seen a lot of improvement there. And I think that might be the case as we roll through this year. Now I'm not saying that's necessarily true on all areas of the OB-GYN world, but in the areas where we operate and we compete, that's true in a lot of those spaces. One of those areas where that's true would be in the IUD market.

是的。在這方面我可能比許多人更保守，但我仍然擔心婦產科辦公室內的患者流量。我們在那裡看到了一些改進，但我們還沒有看到很多改進。我認為，隨著我們今年的到來，情況可能會如此。現在我並不是說在婦產科世界的所有領域都一定如此，但在我們經營和競爭的領域，很多領域都是如此。宮內節育器市場就是其中一個真實的領域。

We just haven't seen that foot traffic or the patient flow, return at the levels that I've been hoping. And that's one of the reasons I was saying that I think at the end of the day, PARAGARD unit volume ends up being relatively flat this year, so that growth comes from price. Again, I hope I'm wrong on that. I hope we see the traffic because that would certainly be upside. But right now, not anticipating that.

我們只是還沒有看到人流量或病人流量恢復到我一直希望的水平。這就是我說的原因之一，我認為最終，PARAGARD 今年的單位銷量最終相對持平，因此增長來自價格。再一次，我希望我錯了。我希望我們能看到流量，因為那肯定有好處。但是現在，沒有預料到。

And maybe one on Cook if I may. So if the FTC requires disposal of the Cook business you'd like to keep. Could you redirect M&A in other women's health acquisitions?

如果可以的話，也許還有關於庫克的。因此，如果聯邦貿易委員會要求處置你想保留的庫克業務。您能否將併購重定向到其他女性健康收購中？

Well, we could. Right now, I would say that from a capital perspective, our focus is on paying down debt. Obviously, the Cook transaction is out there, and we're going to evaluate that Cook transaction and come to a resolution on it. But outside of that, I would say the majority of our focus from a capital perspective right now is on paying down debt.

好吧，我們可以。現在，我想說，從資本的角度來看，我們的重點是償還債務。顯然，庫克交易已經存在，我們將評估庫克交易並就此達成解決方案。但除此之外，我想說，從資本的角度來看，我們目前的主要關注點是償還債務。

I would now like to turn the call over to Al White for closing remarks.

我現在想把電話轉給 Al White 作結束語。

Great. Well, thank you. Thank you, everyone, for your time and for joining the call today. As I mentioned earlier, this is exactly how we wanted to start this fiscal year off. So good revenue growth at Vision, good revenue growth at Surgical, efficiencies within the company, driving earnings upside. And I think we're well positioned to have a good Q2 to Q4. So I look forward to seeing you guys during the quarter and certainly on our next quarterly conference call. Thank you.

偉大的。嗯，謝謝。謝謝大家抽出時間參加今天的電話會議。正如我之前提到的，這正是我們希望本財年開始的方式。 Vision 的收入增長如此之好，Surgical 的收入增長如此之好，公司內部的效率，推動了收益的增長。而且我認為我們已經準備好擁有一個好的 Q2 到 Q4。所以我期待在本季度見到你們，當然也期待在我們的下一個季度電話會議上見到你們。謝謝。

Thank you, ladies and gentlemen. This does conclude today's call. Thank you for your participation. You may now disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。