酷柏 (COO) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the CooperCompanies' fourth-quarter 2024 earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫艾比，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加庫柏公司 2024 年第四季財報電話會議。（操作員說明）

Thank you. And I would now like to turn the conference over to Kim Duncan, Vice President of Investor Relations and Risk Management. You may begin.

謝謝。現在我想將會議交給投資者關係和風險管理副總裁 Kim Duncan。你可以開始了。

Good afternoon, and welcome to CooperCompanies' fourth-quarter and full year 2024 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. Presenters on today's call are Al White, President and Chief Executive Officer; and Brian Andrews, Chief Financial Officer and Treasurer.

下午好，歡迎參加 CooperCompanies 第四季和 2024 年全年財報電話會議。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，然後利用剩餘時間回答問題。今天電話會議的主講人是總裁兼執行長 Al White；財務長兼財務主管布萊恩安德魯斯 (Brian Andrews)。

Before we begin, I'd like to remind you that this conference call will contain forward-looking statements including: revenues, EPS, interest events, operating income, tax rate, FX, and other financial guidance and expectations, strategic and operational initiatives, expectations for collaborations and acquisitions, market and economic trends, and product launches and demand.

在我們開始之前，我想提醒您，本次電話會議將包含前瞻性陳述，包括：收入、每股收益、利息事件、營業收入、稅率、外匯和其他財務指導和預期、戰略和運營舉措、對合作和收購的期望、市場和經濟趨勢以及產品發布和需求。

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.

前瞻性陳述所依據的假設、資料或方法可能不正確或不精確，且有風險和不確定性。可能導致我們的實際結果和公司未來行動與前瞻性聲明中描述的結果存在重大差異的事件在今天的收益發布中的“前瞻性聲明”標題下進行了闡述，並在我們向SEC 提交的文件，包括Cooper 的10-K 表格和10-Q 表格文件，所有這些文件均可在我們的網站coopercos.com 上取得。

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 Materials.

另外，提醒一下，我們將在本次電話會議上提供的非 GAAP 財務資訊是作為 GAAP 資訊的補充提供的。我們鼓勵您考慮我們在 GAAP 和非 GAAP 下的業績，並參考我們的收益報告中提供的調節表，該報告可在我們網站的投資者關係部分的季度材料下找到。

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.

如果您在電話會議後還有任何其他問題，請發送電子郵件至 ir@cooperco.com 現在我將把電話轉給 Al 進行開場白。

Thank you, Kim, and welcome everyone to today's earnings call. I'd like to start by congratulating our employees on a fantastic fiscal 2024. This was a tremendous year with all-time record revenues of $3.9 billion, including both CooperVision and CooperSurgical reporting record revenues. Within this, Q4 also closed with record revenues and improving margins that drove record non-GAAP quarterly earnings. We've now entered fiscal 2025 with a focus on taking share, driving profitability, and executing on our strategic priorities including increasing the availability of our innovative products, expanding our state-of-the-art manufacturing capacity, optimizing our technology investments, developing and launching new products, and investing in our people.

謝謝金，歡迎大家參加今天的財報電話會議。首先，我謹祝賀我們的員工在 2024 財年取得了出色的業績。這是輝煌的一年，收入達到創紀錄的 39 億美元，其中 CooperVision 和 CooperSurgical 都創下了創紀錄的收入。其中，第四季營收創歷史新高，利潤率不斷提高，推動非公認會計原則季度收益創歷史新高。現在，我們已進入 2025 財年，重點是奪取市場份額、提高盈利能力並執行我們的戰略優先事項，包括提高創新產品的可用性、擴大我們最先進的製造能力、優化我們的技術投資、開發推出新產品，並對我們的員工進行投資。

Before getting into the details, let me provide some high-level comments on Q4 and fiscal 2025. For Q4, CooperVision had a solid quarter led by strength in silicone hydrogel dailies and our full suite of torics and multifocals, with the main offset being unexpected softness at the end of the quarter. CooperSurgical also had a solid Q4 led by double-digit growth in fertility, offset by a greater decline in Paragard than expected. Our P&L improved with prior investment activity driving margin improvements and strong earnings growth. Moving into fiscal 2025, we forecast the contact lens market growing 5% to 7% in constant currency with us taking share growing 6.5% to 8.5%. Price should offset inflation, supporting around one-third of the growth, with the rest coming from a variety of items, including the ongoing trade-up to dailies, growth in torics and multifocals, growth in wearers and, for us, growth in myopia management. For CooperSurgical, we expect organic growth in the mid-single digits with fertility reporting high single-digit growth, and the remainder of the business posting low single-digit growth.

在詳細介紹之前，讓我對第四季和 2025 財年提供一些高層評論。第四季度，CooperVision 在矽水凝膠樣片以及全套複曲面和多焦點產品的強勁表現的帶動下，季度業績表現穩健，但主要的抵消因素是季度末出乎意料的疲軟。CooperSurgical 在生育率兩位數成長的帶動下，第四季業績也表現強勁，但被 Paragard 降幅超出預期的幅度所抵消。由於先前的投資活動推動了利潤率的提高和強勁的獲利成長，我們的損益有所改善。進入 2025 財年，我們預期隱形眼鏡市場以固定匯率計算將成長 5% 至 7%，我們的市佔率將成長 6.5% 至 8.5%。價格應該抵消通貨膨脹，支撐大約三分之一的增長，其餘的來自各種項目，包括正在進行的日用眼鏡升級、複曲面和多焦點眼鏡的增長、佩戴者的增長，以及對我們來說，近視的成長管理。對於 CooperSurgical，我們預計有機成長將達到中個位數，其中生育率將實現高個位數成長，而該業務的其餘部分將實現低個位數成長。

Moving to Q4 details, consolidated revenues were $1.018 billion, up 10% year-over-year, or up 7% organically. CooperVision reported quarterly revenues of $676 million, up 9% or 8% organically, led by strength throughout our market-leading product portfolio. CooperSurgical posted quarterly revenues of $342 million, up 12% or up 5% organically, including fertility taking significant share growing 15% or 13% organically. Non-GAAP earnings per share grew 19% to $1.04.

至於第四季度的詳細信息，合併收入為 10.18 億美元，同比增長 10%，有機增長 7%。CooperVision 公佈的季度收入為 6.76 億美元，有機增長 9% 或 8%，這得益於我們市場領先的產品組合的實力。CooperSurgical 公佈的季度收入為 3.42 億美元，增長 12% 或有機增長 5%，其中生育手術佔據顯著份額，有機增長 15% 或 13%。非 GAAP 每股收益成長 19% 至 1.04 美元。

For CooperVision, we extended our position as the number-one contact lens company in the world in terms of wearers with our new fit data remaining very healthy. We also gained share on a revenue basis driven by strength in dailies, torics, and multifocals with the Americas growing 6%, EMEA, 11%, and Asia Pac, 7%. Within categories, torics and multifocals grew 9%, and spheres grew 7%. Within modalities, our daily silicone hydrogel lenses, MyDay and clariti, grew 14% and our silicone hydrogel FRP lenses, Biofinity and Avaira, grew 8%. And our myopia management [portfolio] (corrected by company after the call) grew 7% with MiSight up 24%.

對於 CooperVision，我們在配戴者方面擴大了作為世界第一隱形眼鏡公司的地位，我們的新貼合數據仍然非常健康。由於日用鏡片、複曲面鏡片和多焦點鏡片的實力，我們的收入份額也有所增加，其中美洲增長了 6%，歐洲、中東和非洲增長了 11%，亞太地區增長了 7%。在類別中，複曲面和多焦點增長了 9%，球面增長了 7%。在醫療器材中，我們的日用矽水凝膠鏡片 MyDay 和 clariti 增加了 14%，我們的矽水凝膠 FRP 鏡片 Biofinity 和 Avaira 成長了 8%。我們的近視管理[產品組合]（在電話會議後由公司糾正）增長了 7%，其中 MiSight 增長了 24%。

Turning to daily silicone hydrogel lenses, we posted another great quarter. MyDay, our premium daily silicone hydrogel lens, led the way with strong growth across its full portfolio of spheres, torics, and multifocals. In particular, MyDay Energys drove growth in the US, and we look forward to that trend continuing. MyDay Energys offers an innovative DigitalBoost technology designed specifically for today's digital lifestyle and patients love it. Meanwhile, our MyDay Toric parameter expansion across North America and Europe is performing nicely with its market-leading design and industry-leading SKU range. And our MyDay multifocal continues to do well with its unique combination of an advanced design, paired with an easy fitting system that has resulted in very high satisfaction levels, including a 98% fit success rate in two pairs or less. For all these products, the future remains bright as demand is strong and improving capacity will allow us to expand availability. Moving to clarity, we had another solid quarter. These lenses are known for their comfort, easy handling, and affordability, and this is resulting in strength in fitting new wearers and upgrading legacy hydrogel wearers. We've also seen momentum with the launch of our upgraded multifocal which brings our highly successful MyDay multifocal design into the clariti material. This lens is being received well in the US and we'll be launching it around the rest of the world during this year. Speaking from personal experience, both of these multifocals are terrific products. If you're presbyopic and not wearing multifocal contact lenses yet, you're missing out. For me, I didn't need any visual correction until I got into my 50s, and then it hit me. Getting clear, crisp vision without reaching for reading glasses has been a game changer, so I'm really happy that we now offer several outstanding multifocals to choose from.

談到日常矽水凝膠鏡片，我們發布了另一個出色的季度。MyDay 是我們的優質日用矽水凝膠鏡片，其全系列球面、複曲面和多焦點鏡片產品組合強勁成長，引領潮流。尤其是 MyDay Energys 推動了美國的成長，我們期待這種趨勢持續下去。MyDay Energys 提供專為現今數位生活方式設計的創新 DigitalBoost 技術，深受患者喜愛。同時，我們在北美和歐洲的 MyDay Toric 參數擴展憑藉其市場領先的設計和領先業界的 SKU 系列表現良好。我們的 MyDay 多焦點眼鏡繼續以其先進設計的獨特組合與輕鬆的驗配系統相結合，帶來了非常高的滿意度，包括兩對或更少的驗配成功率達 98%。對於所有這些產品來說，未來仍然光明，因為需求強勁，產能的提高將使我們能夠擴大供應。明確地說，我們又度過了一個穩健的季度。這些鏡片以其舒適性、易於操作和經濟實惠而聞名，這使得適合新佩戴者和升級傳統水凝膠佩戴者變得更加強大。我們還看到了升級版多焦點眼鏡的推出勢頭，它將我們非常成功的 MyDay 多焦點設計融入了 clariti 材料中。這款鏡頭在美國很受歡迎，今年我們將在世界其他地區推出它。從個人體驗來看，這兩款多焦點眼鏡都是很棒的產品。如果您患有老花眼並且尚未佩戴多焦點隱形眼鏡，那麼您就錯過了。對我來說，直到 50 多歲時我才需要任何視力矯正，然後它就擊中了我。無需戴老花眼鏡即可獲得清晰銳利的視力已經改變了遊戲規則，所以我真的很高興我們現在提供了幾種出色的多焦點眼鏡可供選擇。

Moving to our frequent replacement silicone hydrogel lenses, Biofinity and Avaira had another strong quarter in Q4. We continue to see consistent growth from both of these franchises and our innovative manufacturing platforms and market-leading lens designs have created an effective moat, especially with respect to extended ranges and made-to-order products. We expect this performance to continue given our momentum.

轉向我們頻繁更換的矽水凝膠鏡片，Biofinity 和 Avaira 在第四季度再次表現強勁。我們繼續看到這兩個特許經營權的持續增長，我們的創新製造平台和市場領先的鏡頭設計創造了一條有效的護城河，特別是在擴展範圍和定制產品方面。鑑於我們的勢頭，我們預計這種表現將持續下去。

Moving to myopia management, MiSight fitting activity remained strong in the quarter and October was our second highest revenue month ever, benefiting from back-to-school momentum. That being said, US inventory contraction in October suppressed results. Regardless, given the positive fitting trends that we're seeing around the world, we remain comfortable that MiSight will grow around 40% in fiscal 2025, similar to what it did this year. Regarding activity, we just concluded national media campaigns in the US and targeted Asia Pacific markets, educating parents about myopia and the benefits of proactive treatment. These campaigns were very successful and resulted in a significant number of children being fit in MiSight. We also showcased our global scientific leadership and extensive clinical evidence at the 2024 International Myopia Conference in China and at our annual Asia Pacific Myopia Management Symposium in Korea, partnering with the Korean Association of Pediatric Ophthalmology to deliver insights on gold standard clinical interventions. In the US, our Myopia Collective partnership with the American Optometric Association continues to gain momentum creating considerable visibility through media interviews, seminars, and presentations at conferences.

轉向近視管理，MiSight 驗配活動在本季度保持強勁，受益於返校勢頭，10 月是我們有史以來收入第二高的月份。話雖如此，美國 10 月份庫存收縮抑制了業績。無論如何，考慮到我們在全球看到的積極的適應趨勢，我們仍然相信 MiSight 在 2025 財年將成長 40% 左右，與今年的情況類似。在活動方面，我們剛結束了在美國和亞太市場的全國媒體宣傳活動，向家長宣傳近視和積極治療的好處。這些活動非常成功，使大量兒童適應了 MiSight。我們也在中國舉行的2024 年國際近視會議和在韓國舉行的年度亞太近視管理研討會上展示了我們的全球科學領導力和廣泛的臨床證據，並與韓國小兒眼科協會合作，提供有關黃金標準臨床幹預措施的見解。在美國，我們的 Myopia Collective 與美國驗光協會的合作關係繼續獲得動力，透過媒體採訪、研討會和會議演講創造了相當大的知名度。

Moving to CooperSurgical, we reported revenues of $342 million, up 12% or up 5% organically. Within this, fertility posted quarterly revenues of $139 million, up 15% or up 13% organically. Fertility continues to be driven by our leading portfolio of innovative products and services, including consumables, capital equipment, reproductive genetic testing, and donor activity. And we're continuing to drive our portfolio forward with innovation. This was highlighted at the recent American Society of Reproductive Medicine Conference which featured meetings and presentations on our leading genomics capabilities. As the [foremost] (corrected by company after the call) fertility company offering genetic testing built on statistical machine learning and artificial intelligence methods, we were excited to present updates to our suite of tests being developed that will detect variations in the DNA at an embryo level, providing further insights to improve the likelihood of having a healthy baby. We also announced a groundbreaking collaboration with ASRM and the Society for Reproductive Biologists and Technologists for a newly formed Clinical Embryology Learning Lab, a first-of-its-kind national training program to support the growing need for more highly trained professionals in the fertility space.

轉向 CooperSurgical，我們報告營收為 3.42 億美元，成長 12%，有機成長 5%。其中，Firrit 公佈的季度營收為 1.39 億美元，成長 15%，有機成長 13%。我們領先的創新產品和服務組合持續推動生育率的發展，包括消耗品、資本設備、生殖基因檢測和捐贈活動。我們將繼續透過創新推動我們的產品組合向前發展。最近舉行的美國生殖醫學會會議強調了這一點，該會議的特色是關於我們領先的基因組學能力的會議和演示。作為提供基於統計機器學習和人工智慧方法的基因測試的[最重要]（在電話後由公司更正）生育公司，我們很高興向大家介紹我們正在開發的測試套件的更新，這些測試套件將在胚胎水平，提供進一步的見解，以提高擁有健康嬰兒的可能性。我們也宣布與ASRM 以及生殖生物學家和技術專家協會進行突破性合作，建立新成立的臨床胚胎學學習實驗室，這是首個國家培訓計劃，旨在支持生育領域對訓練有素的專業人員日益增長的需求。

Regarding the broader fertility industry, the global market continues to expand, driven by strong underlying macro growth trends. These include women delaying childbirth, improving access to treatment, increasing patient awareness, increasing benefits coverage, and improving technology. The World Health Organization estimates that 1 in 6 people worldwide will experience infertility at some point in their lives due to a variety of health factors, so this is a large industry that offers significant long-term growth potential. As a leader in the space, we remain deeply committed to supporting patients and clinics by driving innovation, improving access to care and addressing the critical global challenges of declining birth rates. Our focus on offering the most advanced solutions is continuing into 2025 where we'll be launching new products and services, providing extensive clinical training, expanding geographically, and advancing our R&D efforts.

就更廣泛的生育產業而言，在強勁的宏觀成長趨勢的推動下，全球市場持續擴張。其中包括婦女延後生育、改善治療機會、提高病患意識、增加福利覆蓋範圍和改進技術。世界衛生組織估計，全球六分之一的人會在一生中的某個階段因各種健康因素而經歷不孕不育，因此這是一個提供巨大長期成長潛力的大型產業。作為該領域的領導者，我們仍然堅定地致力於透過推動創新、改善醫療服務和應對出生率下降的全球嚴峻挑戰來支持患者和診所。我們將繼續致力於提供最先進的解決方案，到 2025 年我們將推出新產品和服務、提供廣泛的臨床培訓、擴大地理範圍並推進我們的研發工作。

Moving to Office and Surgical, we posted sales of $203 million, up 11% year-over-year, driven by the successful strategic acquisitions of certain Cook Medical assets at the beginning of the year, and more recently, Obp Surgical. Excluding these deals, Office and Surgical sales were flat organically. Our medical devices delivered solid growth led by our minimally invasive gynecological surgical devices such as our ALLY Uterine Manipulator portfolio in our labor and delivery portfolio of products. But this was offset by a 10% decline in Paragard, which was weaker than expected as we continue to feel the pressure from other birth control options.

轉向辦公室和外科領域，我們公佈的銷售額為 2.03 億美元，同比增長 11%，這得益於年初成功戰略收購了某些 Cook Medical 資產以及最近收購的 Obp Surgical。排除這些交易，辦公室和外科銷售額有機持平。我們的醫療設備在我們的微創婦科手術設備（例如我們的待產和分娩產品組合中的 ALLY 子宮操縱器產品組合）的帶動下實現了穩健增長。但這被 Paragard 10% 的下降所抵消，由於我們繼續感受到其他避孕方案的壓力，下降幅度低於預期。

To wrap up on CooperSurgical, we had some challenges this year with the Q2 upgrade of our US IT system, but that system is now stable and puts us in a much better position to continue our great growth trajectory. With our diversified portfolio of products and services, we expect solid revenue growth and margin improvements this coming year as we launch new products, leverage prior investment activity, and reap the benefits of successful integration work.

總結一下 CooperSurgical，今年我們在美國 IT 系統第二季升級時遇到了一些挑戰，但該系統現在很穩定，使我們處於更好的位置來繼續我們的巨大成長軌跡。憑藉我們多元化的產品和服務組合，隨著我們推出新產品、利用先前的投資活動並從成功的整合工作中獲益，我們預計明年將實現穩健的收入成長和利潤率提高。

Before I turn the call over to Brian, let me say this was a great year for Cooper. We reported record revenues and made significant advancements throughout our organization investing in capacity expansion, operational improvements, and employee development. As we enter fiscal 2025, we're continuing to execute on our long-range strategic objectives and looking forward to reporting another strong year.

在我把電話轉給布萊恩之前，我要說的是，今年對庫柏來說是偉大的一年。我們報告了創紀錄的收入，並在整個組織內投資於產能擴張、營運改善和員工發展方面取得了重大進展。進入 2025 財年，我們將繼續執行我們的長期策略目標，並期待報告又一個強勁的一年。

And with that, I'll turn the call over to Brian.

然後，我會將電話轉給布萊恩。

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.

謝謝你，艾爾，大家下午好。我的大部分評論將基於非 GAAP 基礎，因此請參閱我們的收益發布，以了解 GAAP 與非 GAAP 業績的對帳。

For the fourth fiscal quarter, consolidated revenues were $1.018 billion, up 10% as reported and up 7% organically. Consolidated gross margin was 66.9%, up from 66.7% driven primarily by price and efficiency gains, offset by the negative impact of currency. Operating expenses were managed well, up only 6.8% and reducing to 41.1% of revenues. We're continuing to see leverage at both CooperVision and CooperSurgical as our prior investment activity pays off. Consolidated operating income was up 16.2%, improving the margin to 25.9% led by strong SG&A leverage. Below operating income, interest expense was $25.6 million, and the effective tax rate was lower than expected at 11.8% due to stock option exercises. Non-GAAP EPS was $1.04, with roughly 201 million average shares outstanding. With respect to FX, it was $0.02 negative for the quarter, as expected in our Q4 guidance. Free cash flow was $128 million with CapEx of $140 million. Net debt decreased to $2.48 billion, with our bank-defined leverage ratio dropping to 1.94 times.

第四財季，綜合營收為 10.18 億美元，報告成長 10%，有機成長 7%。綜合毛利率為 66.9%，高於 66.7%，這主要是由於價格和效率的提高，但被貨幣的負面影響所抵消。營運費用管理良好，僅成長 6.8%，佔收入的比例下降至 41.1%。隨著我們先前的投資活動獲得回報，我們將繼續看到 CooperVision 和 CooperSurgical 的槓桿作用。綜合營業收入成長 16.2%，在強勁的 SG&A 槓桿作用下，利潤率提高至 25.9%。利息支出低於營業收入 2,560 萬美元，由於股票選擇權行使，有效稅率低於預期的 11.8%。非 GAAP 每股盈餘為 1.04 美元，平均流通股數約 2.01 億股。就外匯而言，本季匯率為負 0.02 美元，正如我們在第四季度指引中所預期的那樣。自由現金流為 1.28 億美元，資本支出為 1.4 億美元。淨債務下降至 24.8 億美元，銀行規定的槓桿率下降至 1.94 倍。

Regarding full year results, we delivered record revenues of $3.9 billion, up 8% and up 8% organically. This included 9% organic revenue growth at CooperVision, which was at the high end of our initial guidance range, and 5% for CooperSurgical, which was at the middle of our initial guidance range. This was an excellent year with particular strength in daily silicone hydrogels and fertility. Within the P&L, we continued our momentum delivering stronger gross margins and leveraging our SG&A investments. Gross margins improved 60 basis points, SG&A improved by 90 basis points, and operating margin expanded 130 basis points. Operating income grew 19% in constant currency, which exceeded the top end of our initial guidance of 13% to 16%, and EPS grew 15%, which hit the top end of our initial guidance of 12% to 15%. We've talked about our commitment to driving efficiency gains and EPS growth, and we delivered in 2024.

就全年業績而言，我們實現了創紀錄的 39 億美元收入，成長 8%，有機成長 8%。其中包括 CooperVision 9% 的有機收入成長（處於我們最初指引範圍的高端）和 CooperSurgical 5% 的有機收入成長（處於我們最初指導範圍的中間）。這是非常好的一年，在日常矽水凝膠和生育能力方面表現尤其出色。在損益表中，我們繼續保持成長勢頭，提供更高的毛利率並利用我們的銷售、管理和行政費用投資。毛利率提高了 60 個基點，SG&A 提高了 90 個基點，營業利潤率提高了 130 個基點。以固定匯率計算，營業收入成長了 19%，超出了我們最初指導的 13% 至 16% 的上限，每股收益成長了 15%，達到了我們最初指導的 12% 至 15% 的上限。我們已經討論了推動效率提升和每股盈餘成長的承諾，並在 2024 年兌現了這項承諾。

Moving to fiscal 2025 guidance for CooperVision, the revenue guidance range is $2.733 billion to $2.786 billion, up 6.5% to 8.5% organically, and for CooperSurgical, the range is $1.347 billion to $1.372 billion, up 4% to 6% organically. On a consolidated basis this translates to revenues of $4.08 billion to $4.158 billion, up roughly 6% to 8% organically. Moving down the P&L, we closed this past fiscal year strong from a production perspective and expect this to translate to improving gross margins, which should help deliver roughly 10% to 12% constant currency operating income growth, which matches our guidance commentary from our last earnings call. Assuming no interest rate changes by the Fed, we expect interest expense to be roughly $90 million with improving free cash flow being prioritized to reduce debt. We expect the full year effective tax rate to be slightly over 15% and expect non-GAAP EPS in the range of $3.92 to $4.02. For currency, we're expecting a headwind of roughly 1.5% to revenues and roughly 4% to earnings.

轉向2025財年指導，CooperVision的收入指導範圍為27.33億美元至27.86億美元，有機增長6.5%至8.5%；CooperSurgical的收入指導範圍為13.47億美元至13.72億美元，有機增長4%至6%。合併後的營收為 40.8 億美元至 41.58 億美元，有機成長約 6% 至 8%。從損益表來看，我們從生產角度看好上一財年的表現，預計這將轉化為毛利率的提高，這將有助於實現約10% 至12% 的恆定貨幣營業收入增長，這與我們上次的指導評論相符財報電話會議。假設聯準會不調整利率，我們預期利息支出約為 9,000 萬美元，優先考慮改善自由現金流以減少債務。我們預計全年有效稅率將略高於 15%，預計非 GAAP 每股盈餘將在 3.92 美元至 4.02 美元之間。就貨幣而言，我們預計收入將受到約 1.5% 的阻力，盈利將受到約 4% 的阻力。

With that, let me conclude by saying that we met or exceeded the expectations we set for fiscal 2024, and we'll work hard to do that again in fiscal 2025. We're in a great position from a revenue perspective with market-leading products and improving capacity, and we expect strong operational performance as we remain focused on delivering a more leveraged P&L. This includes gross margin expansion from higher production levels, price increases, and cost reduction projects, helping to drive operating margin expansion. Within this, we'll still invest, balancing our financial objectives with support for new product launches and expanding our leadership positions in myopia management and fertility.

最後，我要說的是，我們達到或超越了為 2024 財年設定的預期，我們將在 2025 財年努力再次實現這一目標。從收入角度來看，我們憑藉市場領先的產品和不斷提高的產能處於有利地位，並且我們預計將實現強勁的營運業績，因為我們仍然專注於提供更具槓桿性的損益。這包括提高生產水準、價格上漲和成本降低專案帶來的毛利率擴張，有助於推動營業利潤率擴張。在此範圍內，我們仍將進行投資，平衡我們的財務目標與新產品發布的支持，並擴大我們在近視管理和生育方面的領導地位。

And now I will hand it back to the operator for questions.

現在我會將其交還給接線員以供提問。

(Operator Instructions) Craig Bijou, Bank of America.

（操作員說明）Craig Bijou，美國銀行。

Thanks for taking the questions. I wanted to start with the comment on unexpected softness at the end of the quarter and hoping that you can provide a little bit more color on that. And maybe just a clarification of where that softness was from a geographic perspective as well?

感謝您提出問題。我想從對季度末意外疲軟的評論開始，並希望您能就此提供更多資訊。也許只是從地理角度澄清這種疲軟在哪裡？

Sure, Craig. Yes, we were running along with a pretty good quarter, and had some softness mid-October to end the year and frankly, carrying over into the beginning of November. We saw some softness in the US market, no doubt. It's a little hard to put your finger on whether that was coming from the hurricanes or some other activity, but saw some softness here. And then there were a few other pockets around the world where we saw some softness like China as an example. As I mentioned, it has worked its way into November for a little bit, but then it stopped and we've seen things move back to normal. So, like a month of softness there, which was unexpected.

當然，克雷格。是的，我們度過了一個相當不錯的季度，並在 10 月中旬到年底時出現了一些疲軟，坦白說，這種情況一直持續到 11 月初。毫無疑問，我們看到美國市場有些疲軟。很難確定這是來自颶風還是其他活動，但這裡看到了一些柔和的跡象。然後世界上其他一些地區我們也看到了一些疲軟的情況，像是中國。正如我所提到的，它已經進入 11 月一段時間了，但隨後就停止了，我們看到事情恢復正常。所以，就像一個月的柔軟一樣，這是出乎意料的。

Okay. That's helpful. And maybe if I could follow up on the CVI guide. So, the last two years, you've guided 7% to 9%. Obviously, it's 6.5% to 8.5% this year, you're 50 basis points less.

好的。這很有幫助。也許我可以跟進 CVI 指南。所以，過去兩年，你們指導了 7% 到 9%。顯然，今年是 6.5% 到 8.5%，少了 50 個基點。

I think your market expectations was 5% to 7% for next year, and I think that's what you said last year as well. Maybe just a little bit more color on the lower guide. What's reflected in that? Any concern about the level of share you can take. Just want to understand the dynamics of the slightly lower guide than what you've done previously?

我認為你對明年的市場預期是5%到7%，我想你去年也是這麼說的。也許只是在下指南上多一點顏色。這反映了什麼？對您可以接受的份額水平的任何擔憂。只是想了解比您之前所做的稍低的指南的動態？

Sure. I wouldn't read too much into that from the perspective of comparing to prior years. To me I think we're going to continue to grow faster than the market. The 5% to 7%, when I look at it is a little bit slower. For last year, we came in a little bit higher. This current year, the market grew 5% in the first calendar quarter and then 7% and then 7%. We'll see how it plays out going forward. For us, when I look at our growth guidance, the 6.5% to 8.5%, is a fair way to start the year.

當然。從與前幾年比較的角度來看，我不會對此進行太多解讀。對我來說，我認為我們將繼續比市場成長得更快。5%到7%，我看有點慢。去年，我們的排名稍高。今年，市場在第一季成長了 5%，然後成長了 7%，然後成長了 7%。我們將看看未來的發展如何。對我們來說，當我查看我們的成長指引時，6.5% 至 8.5% 是今年開始的公平方式。

We're still in a situation where demand for MyDay exceeds our manufacturing capacity. We're bringing new lines on. We're advancing that. We're doing well in those efforts, but we're not able to meet all the demand that we have right now. That would be one of the things that would hold us back just a little bit. We're going to continue to make advancements and bring on lines. It will position us well as we move through this year and certainly as we think about fiscal '26 and '27.

我們仍然處於 MyDay 的需求超過我們的製造能力的情況。我們正在開通新線路。我們正在推進這一點。我們在這些努力方面做得很好，但我們無法滿足目前的所有需求。這將是稍微阻礙我們的事情之一。我們將繼續取得進步並推出線路。這將使我們在今年以及我們考慮 26 財年和 27 財年時處於有利地位。

Great. Thanks for taking the questions.

偉大的。感謝您提出問題。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Hey, guys, good afternoon. Thanks for taking the question. Maybe first question on Paragard, the 10% decline in Q4 and the pressure you talked about. Talk a little bit more on that and what you're assuming for fiscal '25 from a growth standpoint for PARAGARD and a competition standpoint? And I had one follow-up.

嘿，夥計們，下午好。感謝您提出問題。也許是關於 Paragard 的第一個問題，第四季 10% 的下降以及你談到的壓力。從 PARAGARD 成長的角度和競爭的角度來看，您對 25 財年的假設是什麼？我有一個後續行動。

Yes. Paragard grew 2% for the year, which was pretty similar to what we were thinking at the end of the day. We came in softer than we were expecting, down 10% in this quarter. When you look at the market right now and you look at competitive products out there, we're going to continue to see pressure in Paragard from a unit perspective. And I've talked about that for a while now. And I think we're going to continue to see that next year. Now each individual quarter will bounce around a little bit like it does for Paragard. So, when I look at fiscal '25, it's going to be down a little bit to maybe up a little bit. We haven't heard anything new on the competitive side of things. So if a competitive product does get approved, it will depend when and how it launches. So, Think about Paragard in that down a little bit to up a little bit range for fiscal '25.

是的。Paragard 今年成長了 2%，這與我們最終的想法非常相似。我們的業績比我們預期的要疲軟，本季下降了 10%。當你看看現在的市場以及那裡的競爭產品時，我們將繼續從單位角度看到 Paragard 的壓力。我已經談論這個有一段時間了。我認為明年我們將繼續看到這種情況。現在，每個季度都會像 Paragard 一樣出現一些波動。因此，當我查看 25 財年時，它會略有下降，甚至可能有所上升。我們還沒有聽到任何關於競爭方面的新消息。因此，如果一款有競爭力的產品確實獲得批准，那將取決於它何時以及如何推出。因此，考慮一下 Paragard 在 25 財年的略微下降到上升的範圍。

That's helpful. And Brian, any color on the cadence of sales and margins in fiscal '25? And then any color on Q1? Thanks.

這很有幫助。Brian，對 25 財年的銷售節奏和利潤有什麼看法嗎？那麼 Q1 有顏色嗎？謝謝。

Larry, thanks for the question. Honestly, I really wouldn't highlight much of anything. You follow us really closely, and you know all about the seasonality of Q1 and Q2 tend to be lighter than Q3 and Q4. So I would just think about modeling '25 similar to the way you've seen it in the past.

拉里，謝謝你的提問。老實說，我真的不會強調太多。您非常密切地關注我們，並且您知道第一季和第二季的季節性往往比第三季和第四季輕。所以我只想考慮以類似於你過去看到的方式來建模'25。

All right. Thanks so much.

好的。非常感謝。

Jeffrey Johnson, Baird.

傑弗裡·約翰遜，貝爾德。

Thank you. Good afternoon, guys. Al, I just want to confirm the lightness in the market, softness in the market that you were seeing in October into the first couple of weeks of November. Is that different than the MiSight inventory reduction?

謝謝。下午好，夥計們。Al，我只是想確認您在 10 月到 11 月前幾週所看到的市場的清淡和疲軟。這與 MiSight 庫存減少有何不同？

And assuming those are factors, any way to quantify how much that MiSight inventory reduction weighed on F Q4 and then just what drove that channel correction there?

假設這些都是因素，有什麼方法可以量化 MiSight 庫存減少對 F 第四季的影響有多大，然後是什麼推動了該通路的修正？

Yes. MiSight would have been pretty similar to its normal growth rates without that. What we ended up seeing was some buy-in in fiscal Q3 and you saw some of that level itself out in fiscal Q4, meaning Q3 wasn't quite as strong as we thought, Q4 is clearly not quite as weak as we reported.

是的。如果沒有這個，MiSight 的成長率將與正常成長率非常相似。我們最終看到的是第三財季的一些買入，而第四財季的一些買入已經水平，這意味著第三季度並不像我們想像的那麼強勁，第四季度顯然也不像我們報道的那麼弱。

Then, the marketplace itself, being different than that, you're right. The marketplace wasn't dramatic. I don't want to act like there was some big all of a sudden thing, but it was softer oddly enough. Now we see that every once in a while. It usually doesn't happen where it impacts the quarter where I talk about it, but it did this quarter for a little bit in a couple of markets.

然後，市場本身與此不同，你是對的。市場並不引人注目。我不想表現得好像突然發生了什麼大事，但奇怪的是它卻變得更柔和了。現在我們每隔一段時間就會看到這樣的情況。這種情況通常不會發生在影響我所談論的季度的地方，但本季在幾個市場中發生了一些情況。

But again, it happened and it ran through a little bit, and we've seen things return back to normal. ISo, it feels like that was just a little blip for some reason. And maybe that was inventory or something where some people were tightening some things down. But there's nothing that indicates that there's any continuation of it.

但它再次發生了，並且經歷了一點，我們看到事情恢復正常。所以，感覺這只是出於某種原因的小插曲。也許這是因為庫存或一些人正在收緊一些東西。但沒有任何跡象表明它有任何延續。

Okay. No, that's fair. And then I guess just pushing a little bit on that comment about the end market. If I look at J&J and Bausch, they both put up double-digit US growth in their calendar third quarter. And I know it's not a perfect overlap, and they didn't have October in there, obviously. But, I think the US market is getting a little bit more competitive or there's just lots of new products coming out from a lot of good manufacturers in that. So how to think about, the 6.5% to 8.5% that you're guiding to, your confidence level on being above market in 2025. How important it is you maintain. Are you managing the business to beat the market by a couple of hundred basis points or if the market is a good market, if you're a point or 2 above it, that's good enough?

好的。不，這很公平。然後我想只是稍微推動一下有關終端市場的評論。如果我看看強生（J&J）和博士士（Bausch），他們都在第三季實現了美國兩位數的成長。我知道這不是完美的重疊，而且顯然他們沒有十月。但是，我認為美國市場的競爭變得更加激烈，或者說有很多優秀的製造商推出了許多新產品。那麼如何思考您所指導的 6.5% 至 8.5%，您對 2025 年高於市場水平的信心水平。你的維護是多麼重要。您是否正在管理業務以跑贏市場幾百個基點，或者如果市場是一個良好的市場，如果您比市場高出一兩個基點，那就足夠了？

Yes. A couple of points on that, and all fair points. Good question. If I look at calendar Q3, we grew 9% and the market grew 7%. So, when I look at it by calendar quarter, I didn't really see much of a difference in performance against our competitors. But when you roll October in and you drop a month, pick up a month, for our fiscal, and you get the impact of October, that's where you start to see a little bit of a difference. Now obviously, I don't know what our competitors did in October, but we'll be able to comment on that at a later date. I think that there are some good competitive products that are entering the market. But at the end of the day, we're going to continue to take share. We're going to grow a little bit faster than the market. I don't see that changing. And then some of that will be because of our myopia management, our MiSight franchise and some of that will be because of what's happening in the dailies space with MyDay.

是的。關於這一點有幾點，而且都是公平的。好問題。如果我看一下日曆第三季度，我們成長了 9%，市場成長了 7%。因此，當我按日曆季度查看時，我並沒有真正看到我們的表現與競爭對手有太大差異。但是，當您進入 10 月並為我們的財務減少一個月、增加一個月時，您會得到 10 月的影響，這就是您開始看到一點差異的地方。現在顯然，我不知道我們的競爭對手在 10 月做了什麼，但我們稍後可以對此發表評論。我認為有一些好的有競爭力的產品正在進入市場。但最終，我們將繼續分享。我們的成長速度將比市場快一點。我認為這種情況不會改變。其中一些是因為我們的近視管理、我們的 MiSight 特許經營權，還有一些是因為 MyDay 日報領域發生的事情。

We're not trying to hit some particular number, and we wouldn't take any strange short-term moves in order to try to drive market share gains. We're going to have a good market, and I think we'll grow faster than the market. My gut tells me we're probably being a little conservative when we talk about 5% to 7% for the market, when I look at what the market is doing right now and I look at price increases, my gut tells me we're probably a little conservative on our guidance. But beginning of the year, prudent to set expectations at an appropriate range.

我們不會試圖達到某個特定數字，也不會採取任何奇怪的短期舉措來試圖推動市場佔有率的成長。我們將擁有一個好的市場，我認為我們的成長速度將超過市場。我的直覺告訴我，當我們談論市場的 5% 到 7% 時，我們可能有點保守，當我看看市場現在的情況以及價格上漲時，我的直覺告訴我，我們正在我們的指導可能有點保守。但年初，謹慎將預期設定在適當區間。

Yes, makes sense. Thank you.

是的，有道理。謝謝。

Jon Block, Stifel.

喬恩·布洛克，斯蒂菲爾。

Great. Thanks, guys. Good afternoon. I'll start on MyDay. And Al, just any color on when you think that supply will get back to where it needs to be. I just feel like that might be taking a little bit longer than anticipated.

偉大的。謝謝，夥計們。午安.我將從 MyDay 開始。艾爾，當你認為供應會回到需要的水平時，你可以使用任何顏色。我只是覺得這可能比預期的時間還要長。

And just to tack on to that, would you point to that as the sole culprit to the more modest APAC numbers that we saw in fiscal '24, that growth rate was steadily right around 13%, 14% in '21, '22, '23, sort of cut in half? Or would you point to any changes to the competitive landscape in APAC as well? And then I just had a follow-up.

就這一點而言，您是否會指出，這是我們在 24 財年看到的亞太地區數字較為溫和的唯一罪魁禍首，即 21 財年、22 財年增長率穩定在 13%、14% 左右， '23，有點切成兩半？或者您也指出了亞太地區競爭格局的變化？然後我就進行了跟進。

Sure. Yes, APAC is definitely tied to MyDay. There's no question about that. Out of the three regions, that's the one most negatively impacted by not having sufficient MyDay capacity. I think as capacity improves, you'll see the Asia Pac region strengthen.

當然。是的，亞太地區肯定與 MyDay 息息相關。毫無疑問。在這三個地區中，這是因 MyDay 容量不足而受到最負面影響的地區。我認為隨著產能的提高，您將看到亞太地區的實力增強。

We're going to continue to add capacity. We continue to be challenged, to be honest with you, by new fit data. We're continuing to see strong new fit activity in MyDay, and we keep adding capacity. We're investing, and you can see it in our CapEx numbers that we're catching up, and we're going to be in a good spot as we work through this year and into next year. Catching up by adding capacity and being able to meet the demand out there. But it's a journey, right? Because this isn't an industry where you can order a line and get it the next day. It can still take 1.5 years or something to get a line in - have it ordered and in for full production. So that's what's taking time.

我們將繼續增加產能。老實說，我們繼續面臨新的擬合數據的挑戰。我們在 MyDay 中繼續看到強勁的新健身活動，並且我們不斷增加容量。我們正在投資，你可以從我們正在追趕的資本支出數字中看到這一點，並且在我們今年和明年的工作中，我們將處於一個良好的位置。透過增加產能並能夠滿足市場需求來迎頭趕上。但這是一段旅程，對吧？因為這不是一個你可以訂購產品線並在第二天收到的行業。仍可能需要 1.5 年左右的時間才能投入生產線 - 訂購並投入全面生產。所以這就是需要時間的。

Okay. Helpful. And then maybe just as a follow-up, I'll stick to CVI. The delta from like torics and multifocals, I think that was up 9%. And overall CVI was up 7%.

好的。有幫助。也許作為後續行動，我會堅持使用 CVI。我認為複曲面和多焦點鏡片的增量增加了 9%。整體 CVI 上漲了 7%。

So both certainly healthy numbers, but it's one of the tightest spreads that I can remember between the two, call it the specialty and overall CVI. So is there anything on the toric and multifocal competitive landscape, new entrants or anything there that you'd point to that changes dynamic?

因此，這兩個數字當然都很健康，但這是我記憶中兩者之間差距最窄的數字之一，稱之為專業 CVI 和整體 CVI。那麼，在複曲面和多焦點競爭格局、新進入者或任何您認為會發生動態變化的事物上，有什麼嗎？

Not too much. Multifocal's strong, no doubt about that. If we broke those out, you'd be like, okay, that's the one that makes sense to me. Torics, maybe a little bit, just that we're trying to build some inventory with respect to MyDay to get some additional product out in the marketplace in some different locations. So I wouldn't take too much out of that. That's more us than it is the marketplace.

不是太多。多焦點的強大，這是毫無疑問的。如果我們把它們分開，你會說，好吧，這對我來說是有意義的。Torics，也許有一點，只是我們正在嘗試建立一些有關 MyDay 的庫存，以便在一些不同地點的市場上推出一些額外的產品。所以我不會從中拿走太多。這更多的是我們而不是市場。

Fair enough. Thanks, guys.

很公平。謝謝，夥計們。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Great. Thanks for taking the question. Wanted to ask on the P&L for '25. And I know you've been talking a lot about a focus on reported margins, and we saw that play out in fiscal '24, particularly in fourth quarter here with nice margin upside.

偉大的。感謝您提出問題。想問一下25年的損益表。我知道您一直在談論對報告利潤率的關注，我們在 24 財年看到了這一點，特別是在第四季度，利潤率有不錯的上升空間。

How should we be thinking about gross margin and operating margin in '25? I know you said improving gross margin and 10% to 12% operating income growth. How do we translate that into hard reported numbers for '25?

我們該如何考慮 25 年的毛利率和營業利益率？我知道你說的是提高毛利率和 10% 到 12% 的營業收入成長。我們如何將其轉換為 25 年的硬報告數字？

Hi, Robbie, I'll take that. Thanks for the question. We are executing at a high level. We're seeing leverage from the investments that we've been putting into the business, paying off.

嗨，羅比，我會接受的。謝謝你的提問。我們正在高水準執行。我們看到我們一直在業務中投入的投資正在獲得回報。

You saw that play out in '24. I'm a bit more confident today than I was a year ago that we will see gross margin expansion. We're raising prices. We're getting better freight costs that help out our intercompany shipping, but there’s productivity and successes that we're driving within manufacturing, and I've got a lot of confidence we're going to see gross margin expansion this year.

你在 24 年就看到了這一點。今天，我比一年前更有信心，我們將看到毛利率的成長。我們正在提高價格。我們的貨運成本正在降低，這有助於我們公司間的運輸，但我們在製造業中正在推動生產力和成功，我非常有信心今年我們將看到毛利率的成長。

So that will drive those efficiencies. Our ability to leverage the P&L and also balance out our investment activity, while also being committed to operating margin expansion, that 10% to 12% constant currency OI growth, we're committed to that. We want to make sure we invest in this business to drive future growth and get future returns. So it will be a bit of a balance this year, but certainly, we've got shots on goal to drive leverage in 2025.

這將提高效率。我們有能力利用損益表並平衡我們的投資活動，同時也致力於擴大營業利潤率，即 10% 至 12% 的恆定貨幣 OI 成長，我們致力於這一點。我們希望確保我們對這項業務的投資能夠推動未來的成長並獲得未來的回報。因此，今年會有點平衡，但我們肯定有機會在 2025 年提高槓桿率。

And any color on the reported numbers, how we think about gross and operating margins on a reported basis?

報告的數字有什麼顏色，我們如何看待報告的毛利率和營業利潤率？

Unfortunately, FX from where we were three months ago to today has turned in the other direction. But even with the guidance that we've given, as reported operating margins are going to be up year over year based on the guidance that we shared today.

不幸的是，外匯從三個月前的情況到現在已經轉向另一個方向。但即使有了我們給予的指導，根據我們今天分享的指導，所報告的營業利潤率仍將逐年上升。

Okay. And then as a follow-up, it's anyone's guess as to what will actually happen with the incoming administration and tariffs. I know you have a lot of manufacturing plants outside of the US. Maybe just help us understand your exposure should there be tariffs put in place? And how much of your product is manufactured outside the US and sold inside the US?

好的。接下來，任何人都可以猜測即將上任的政府和關稅實際上會發生什麼。我知道你們在美國以外有很多製造工廠。也許只是幫助我們了解如果徵收關稅的話您的風險敞口？你們的產品有多少是在美國境外生產並在美國境內銷售的？

Yes. I don't want to speculate on what happens with the administration change. But based on the news that's out there, it seems like there's a lot of concern about companies that are manufacturing in places like China, Mexico, and Canada, and happy to report that we have no manufacturing in any of those countries. So we've got manufacturing in a number of different places, and they serve different markets around the world. But without knowing what the new administration says and how it's going to come down, it's really hard to speculate.

是的。我不想猜測政府更迭會發生什麼事。但根據現有的消息，似乎人們對在中國、墨西哥和加拿大等地進行製造的公司有很多擔憂，並且很高興地報告說，我們在這些國家/地區都沒有製造。因此，我們在許多不同的地方都有製造，它們服務於世界各地的不同市場。但在不知道新政府會說什麼以及將如何實施的情況下，真的很難猜測。

Great. I appreciate it. Thanks a lot.

偉大的。我很感激。多謝。

Chris Pasquale, Nephron

克里斯·帕斯誇萊《Nephron》

Thanks. Al, I was hoping you could just comment on the sustainability of the pricing environment you're seeing in contact lenses. Inflation is not quite where it was pre-pandemic but it's come down. And it feels like the improved pricing environment is sticking. So as you look at FY25, are you confident that, that trend will continue?

謝謝。艾爾，我希望您能評論一下隱形眼鏡定價環境的可持續性。通貨膨脹率雖未達到疫情前的水平，但已下降。而且感覺改善的定價環境正在持續下去。那麼，當您展望 2025 財年時，您是否有信心這種趨勢會持續下去？

Yes. I think that we're in a market right now where the contact lens industry will offset the impact of inflation. We'll see where our competitors come out with their price increases. But if we look at inflation being somewhere around 2.5%, 3%, I think you'll see pricing offset that. My belief is we'll see that this year, and where pricing is and where products are, you have a pretty good chance that you'll see that pricing next year. I won't speculate too much on the future, but depending upon where inflation is, I think the industry itself is now at a position where it will pass along those inflationary pressures.

是的。我認為我們現在所處的市場是隱形眼鏡產業將抵消通貨膨脹的影響。我們將看看我們的競爭對手會如何提高價格。但如果我們看看通膨率在 2.5%、3% 左右，我想你會發現價格抵消了這一點。我相信今年我們會看到，定價和產品在哪裡，明年你很有可能會看到這個定價。我不會對未來做出太多推測，但根據通貨膨脹的情況，我認為該行業本身現在處於能夠傳遞這些通貨膨脹壓力的位置。

That's helpful. And I just want to make sure as we're thinking about the contribution from acquired revenue, particularly before it becomes part of the organic base. I think we've lapped Cook now, so that should be done.

這很有幫助。我只是想確保我們正在考慮獲得的收入的貢獻，特別是在它成為有機基礎的一部分之前。我認為我們現在已經超越了庫克，所以應該這樣做。

But are we right in thinking you guys have about $25 million in annualized revenue from the more recent deals that will be coming out over the next few quarters? And then maybe just talk a little bit about the M&A environment that you see heading into FY25. Do you expect to continue to be active?

但我們認為你們從未來幾季即將推出的最新交易中獲得了約 2500 萬美元的年化收入，這樣的想法正確嗎？然後也許只是談談您認為進入 2025 財年的併購環境。您希望繼續活躍嗎？

Yes. That $25 million is pretty close to right. We had Obp, which grew really nice. It was up 30% or something like that since we bought it. And Zymot has been up nicely. I think maybe that's up 10%, 11% or something since we bought that. So a couple of smaller deals, but performing really well. I would say right now, for us, the environment is really quiet. It's really quiet. We did a couple of good deals there. It's worked out really well for us. We're continuing to integrate those. We have to finish some integration activity we have there, and continue to perform on those deals. If other deals come along, so be it. And if they don't, then that's okay, too. Right now, it's pretty quiet.

是的。2500 萬美元非常接近正確的數字。我們有Obp，它變得非常好。自從我們買它以來，它已經上漲了 30% 左右。Zymot 的表現也不錯。我想自從我們買了它以來，價格可能上漲了 10%、11% 之類的。所以有一些較小的交易，但表現非常好。我想說，現在對我們來說，環境真的很安靜。真的很安靜。我們在那裡做了幾筆不錯的交易。這對我們來說效果非常好。我們正在繼續整合這些。我們必須完成在那裡的一些整合活動，並繼續執行這些交易。如果有其他交易出現，那就這樣吧。如果他們不這樣做，那也沒關係。現在，很安靜。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Good afternoon. Thanks for taking the question here. Al, as we contemplate the revenue softness that we were discussing earlier, you did institute a price increase that took effect, November 1, can you talk about when you communicated those price increases?

午安.感謝您在這裡提出問題。Al，當我們考慮之前討論的收入疲軟時，您確實在 11 月 1 日實施了價格上漲，您能談談您何時傳達這些價格上漲的嗎？

I thought I saw the communication maybe didn't come out as early as normal, which maybe would have limited some of that pre-buying activity that normally occurs in October. So maybe I'm totally off base, but just trying to understand to what extent price increases influenced or didn't influence contact lens buying activity in your fourth quarter.

我認為我看到的資訊可能不會像平常那樣早發布，這可能會限制通常在十月發生的一些預購活動。所以也許我完全沒有根據，但只是想了解價格上漲在多大程度上影響或不影響第四季度的隱形眼鏡購買活動。

Jason, that's a good question. I asked that same question. Because the price increases that we put in place go in throughout the first quarter around the world. So different geographies at different times and different amounts by products. So it's pretty hard to triangulate back and say, oh, it was due to this or it was due to that. But I think that's a fair question as to whether there was an impact because of some of the price increases, especially since the timing was slightly different than it was last year.

傑森，這是個好問題。我也問過同樣的問題。因為我們在第一季在全球範圍內實施了價格上漲。因此，不同地區、不同時間、不同數量的產品。所以很難反過來說，哦，這是由於這個或由於那個。但我認為，關於某些價格上漲是否會產生影響，這是一個公平的問題，特別是因為時間與去年略有不同。

Okay. All right. That's helpful. You mentioned a couple of things at the outset in your very first part of your prepared remarks, manufacturing capacity, launching new products. Maybe on that latter piece, if you could help us out what's on the docket?

好的。好的。這很有幫助。您在準備好的演講的第一部分一開始就提到了幾件事：製造能力、推出新產品。也許在後一篇文章中，您是否可以幫助我們了解待辦事項中的內容？

What's coming out of the pipeline here over the next 12 to 18 months that we can look for? Because as Jeff noted, your competition seems like picked up the pace on their own respective launches.

在接下來的 12 到 18 個月內，我們可以尋找哪些產品？因為正如傑夫所指出的，你們的競爭對手似乎加快了各自發布的步伐。

Yes. And I think that the one thing they're going to do and that we're going to do is continue to get products pushed out, around the world. When you think about things like MyDay Energys, which has been a really nice success for us here in the US, we'd love to get that product launched in additional markets and have it around the world. I think we'll get there. We'll be able to do that. When I look at MyDay toric, the expanded range, love to get that in more markets and increase availability, MyDay multifocal, love to get that in a few more markets, increase availability.

是的。我認為他們要做的一件事以及我們要做的一件事就是繼續將產品推向世界各地。當你想到像 MyDay Energys 這樣的產品時，它對我們在美國取得了非常好的成功，我們很樂意在其他市場推出該產品，並將其推廣到世界各地。我想我們會到達那裡。我們一定能做到。當我看到 MyDay toric 時，範圍擴大了，我喜歡在更多市場上獲得它並增加可用性，而 MyDay multifocal 則喜歡在更多市場上獲得它並增加可用性。

So when I look at almost anything associated with MyDay, it even includes spheres, that's what you're going to see more of. It might sound like the same old, same old because we've talked about MyDay for a little while. But we still have products that we have to get out into the marketplace around the world.

因此，當我查看幾乎所有與 MyDay 相關的內容時，它甚至包括球體，這就是您將看到的更多內容。這聽起來可能是老生常談，因為我們已經談論 MyDay 已經有一段時間了。但我們仍然有一些產品需要進入世界各地的市場。

And I think you'll see something similar from our competitors. If you listen to them, they're saying, hey, we've got some products launched, we need to continue to get those products out around the world.

我認為您會從我們的競爭對手身上看到類似的情況。如果你聽他們說，他們會說，嘿，我們已經推出了一些產品，我們需要繼續將這些產品推向世界各地。

I think we're all in a pretty similar boat right now. But I feel good that our products have proven to be very successful products. And as we launch them and increase availability, we're going to get a good return from that.

我認為我們現在都在一艘非常相似的船上。但我很高興我們的產品已被證明是非常成功的產品。當我們推出它們並提高可用性時，我們將從中獲得良好的回報。

Thanks so much. Yes.

非常感謝。是的。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

Thanks for taking my question. First one on the vision piece. One of your competitors coming out with a seven-day wear lens in 2025. Just wanted to get your thoughts on that category and any risks you potentially see to your FRP portfolio.

感謝您提出我的問題。第一個關於願景的作品。您的競爭對手之一將於 2025 年推出 7 天配戴鏡片。只是想了解您對該類別的想法以及您可能在 FRP 投資組合中看到的任何風險。

Yes. So very early on that. I haven't seen any reaction in the market yet. I think that that's more targeted at the two-week market. We don't really play in the two-week market. We're dailies and monthlies, which is where the majority of the market is. But there still is a two-week market. You see it certainly here in the US. So at the end of the day, we'll see how that seven-day lens plays out. I'm not quite sure how it will play out, but I do think that it will be much more linked to those wearers who are two-week wearers and people who use contact lens solutions.

是的。所以很早就開始了。我還沒看到市場有任何反應。我認為這比較針對兩週市場。我們並沒有真正參與兩週市場。我們是日報和月刊，這是大部分市場所在。但還有兩週的市場。你在美國肯定會看到這種情況。因此，最終，我們將看看這 7 天的鏡頭如何發揮作用。我不太確定它會如何發揮作用，但我確實認為它與那些佩戴兩週的佩戴者和使用隱形眼鏡解決方案的人有更大的聯繫。

Okay. Great. And on fertility and the growth side, I mean, can you just perhaps give some color on what's really supporting the outperformance there, the share gains and what you're also seeing in the market, again, particularly with some of the commentary that's been made by the incoming administration.

好的。偉大的。在生育率和成長方面，我的意思是，您能否對真正支持股市表現出色的因素、股票收益以及您在市場上看到的情況提供一些說明，尤其是一些評論由即將上任的政府制定。

Sure. It's interesting when you look at the incoming administration, they've made a number of comments, Trump has, about being very positive about IVF and reimbursement associated with IVF. It seems like a lot of people have asked me questions about that from a negative angle, like the new administration is bad. From everything I've seen and what we're hearing in the marketplace, I would argue that is actually going to be positive for the industry. We'll see how that one plays out.

當然。有趣的是，當你看看即將上任的政府時，他們發表了許多評論，川普也對試管受精和與試管受精相關的報銷非常積極。似乎很多人都從負面的角度問過我這個問題，例如新政府很糟糕。從我所看到的一切以及我們在市場上聽到的一切來看，我認為這實際上對該行業有利。我們拭目以待。

We had strength this quarter from a number of different areas in fertility. Our consumables were good with products like media. Our genomics was good. I mentioned some of the new tests we have coming out. So that part of our business was good. Our donor activity that we had acquired back from the old Generate acquisition; that was good. We are probably a little bit stronger than usual this quarter with some of our capital equipment. And I've mentioned in the past how sometimes you'll see quarters be a little stronger or a little bit weaker depending upon capital equipment. This would have been a quarter that was lifted up because of capital equipment activity. So it was pretty much across the board. It's just a really good, sound, quarter by the fertility team.

本季我們在生育率的多個不同領域都表現強勁。我們的消耗品非常適合媒體等產品。我們的基因組學很好。我提到了我們即將推出的一些新測試。所以我們這部分的業務很好。我們從舊的Generate收購中獲得的捐贈活動；那很好。本季我們的一些資本設備可能比平常更強。我過去曾提到過，有時你會看到季度會稍強或稍弱，這取決於資本設備。由於資本設備活動，這一季度的業績有所增長。所以這幾乎是全面的。這是生育團隊的一個非常好的、健全的季度。

Thanks so much.

非常感謝。

Steven Lichtman, Oppenheimer.

史蒂文·利奇曼，奧本海默。

Thank you, guys. A couple of questions on the financial side. First on free cash flow as we look into FY25, CapEx obviously moved up in this past year and put a little bit of pressure on free cash flow conversion. How should we be thinking about that into FY25? Will you see any relief on CapEx or given the supply commentary we've talked about today, will it be pretty steady?

謝謝你們，夥計們。關於財務方面的幾個問題。首先是自由現金流，當我們展望 25 財年時，資本支出在過去一年中明顯上升，並對自由現金流轉換造成了一些壓力。2025 財年我們該如何思考這一點？您會看到資本支出有所緩解，或者考慮到我們今天討論的供應評論，它會相當穩定嗎？

Hi, Steve, thanks for the question. CapEx came in just a little bit higher than we anticipated. We talked last year about how free cash flow is going to be around $300 million, we ended up just under that. And then CapEx is around $420 million. So I would probably steer people towards really thinking about CapEx on a percentage basis.

嗨，史蒂夫，謝謝你的提問。資本支出只比我們預期高一點。我們去年討論過自由現金流將達到 3 億美元左右，但最終我們的數字略低於這個數字。資本支出約為 4.2 億美元。因此，我可能會引導人們真正以百分比為基礎考慮資本支出。

If you think about CapEx as a percentage of revenue being around 11%, that's probably a good place to think of where CapEx will land in 2025. I talked about in my prepared remarks how free cash flow is going to be driving higher from somewhere in the neighborhood of $350 million to $400 million. I think that's going to come from some combination of revenues and operational improvements, working capital improvement.

如果您認為資本支出佔收入的比例約為 11%，那麼這可能是考慮 2025 年資本支出將達到什麼水準的好地方。我在準備好的演講中談到自由現金流將如何從 3.5 億美元到 4 億美元左右增加。我認為這將來自收入和營運改善以及營運資本改善的某種組合。

Interest expense will be a little bit better, but FX and taxes and then that CapEx driving a bit higher, somewhere in the neighborhood of $450 million, is going to be sort of your puts and takes that gets you free cash flow higher next year.

利息支出會好一點，但外匯和稅收以及資本支出會稍高一些，大約為 4.5 億美元，這將是你的看跌期權和認沽期權，這會讓你明年的自由現金流更高。

So certainly, capacity expansion drives future growth, and we're investing in the business to ensure that we capitalize on the opportunities.

因此，產能擴張無疑會推動未來的成長，我們正在對該業務進行投資，以確保我們能夠充分利用這些機會。

Okay. Great. And then just a follow-up on FX. Obviously, as you mentioned, dynamic here. One, where will we see some of that headwind?

好的。偉大的。然後是 FX 的後續行動。顯然，正如您所提到的，這裡是動態的。第一，我們會在哪裡看到一些逆風？

Will it be on gross margin again on a reported basis? And two, anything first half, second half on that front in terms of where the flow-through of that headwind will show up?

在報告的基礎上，它會再次反映在毛利率上嗎？第二，上半場、下半場的逆風將在哪裡出現？

Yes. I guess I would just say FX is hitting us relatively evenly through the quarters. I mentioned 1.5% headwind to revenues and 4% headwind to EPS. So on the EPS side, you're looking at it fairly consistent from quarter to quarter.

是的。我想我只想說外匯在整個季度對我們的打擊相對均勻。我提到了收入面臨 1.5% 的阻力，每股收益面臨 4% 的阻力。因此，在每股盈餘方面，您會發現每季的每股盈餘相當一致。

And primarily in the gross margin side is where we'll see it?

主要是在毛利率方面我們會看到它嗎？

Yes. I mean, cost of goods hasn't impacted quite so much, but certainly to revenues, you'll see it.

是的。我的意思是，商品成本並沒有影響那麼大，但肯定會影響收入，你會看到它。

Okay. Thanks so much.

好的。非常感謝。

Brett Fishbin, KeyBanc Capital Markets

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc 資本市場

Hey, guys, thank you very much for taking the questions. A lot of good ones already asked. I'll just ask a question on MiSight. I think you mentioned 40% growth expectation for FY25. And I was just curious how you're thinking about the contribution from the US versus some of the international markets?

嘿，夥計們，非常感謝你們提出問題。很多好人已經問過了。我只會在 MiSight 上問一個問題。我想你提到了 2025 財年 40% 的成長預期。我只是很好奇您如何看待美國與一些國際市場的貢獻？

And then maybe just as a follow-up to that, any more color on how you've seen the momentum progress in areas such as being in the UK and Korea for MiSight? Thank you.

然後，也許只是作為後續行動，您對 MiSight 在英國和韓國等領域的發展勢頭有何看法？謝謝。

Yes. Good question. Some of the areas out there, like Korea as an example, we've been very successful with MiSight. And we're trying to take those learnings and put them in other markets. The UK is another market where we're gaining some real traction as we start working with some of the bigger key accounts in the UK and in Europe.

是的。好問題。在某些地區，例如韓國，我們在 MiSight 方面取得了非常成功的成果。我們正在嘗試將這些經驗教訓應用到其他市場。英國是另一個市場，隨著我們開始與英國和歐洲的一些較大的關鍵客戶合作，我們正在獲得一些真正的吸引力。

When I look at the US, I think all the markets are going to drive MiSight forward. We grew about 40% this year. The number is bigger, but I still think we'll grow 40%, something like that, next year. And I think you'll end up seeing it driven by markets around the world.

當我看美國時，我認為所有市場都將推動 MiSight 向前發展。今年我們成長了約 40%。這個數字更大，但我仍然認為明年我們會成長 40%，類似的數字。我認為你最終會看到它是由世界各地的市場所驅動的。

The one thing that could drive that higher that I continue to watch is the uptake by some of the bigger key accounts and some of the bigger retailers that are out there. That activity, I've talked about it in the past, has definitely started, it's definitely gaining traction. We're getting some good positive movement there.

我繼續關注的可能推動這一價格上漲的一件事是一些較大的關鍵客戶和一些較大的零售商的採用。我過去曾談到過，這項活動肯定已經開始，而且肯定正在獲得關注。我們在那裡取得了一些積極的進展。

I'm optimistic that we'll be able to be north of 40% this year. But we'll see how that plays out, and we'll see what markets move a little bit faster in that direction. But I think Europe will definitely be one of them. And Asia Pac should be pretty good, too.

我樂觀地認為今年我們將能夠超過 40%。但我們會看到結果如何，我們會看到哪些市場朝這個方向發展得更快一些。但我認為歐洲肯定會是其中之一。亞太地區應該也不錯。

All right. Super helpful color. And then just one follow-up. You've talked a bunch in recent quarters about MyDay Energys as well as Biofinity Energys supporting growth for their respective product families. Just curious if you can comment a little bit directionally how sizable the Energys product lines have become just thinking about the CVI business as a whole?

好的。超有用的顏色。然後只有一個後續行動。最近幾個季度，您多次談到 MyDay Energys 和 Biofinity Energys 支持各自產品系列的成長。只是好奇您是否可以稍微方向性地評論一下，僅考慮整個 CVI 業務，能源產品線的規模有多大？

Yes. For competitive reasons, I won't get into the size of them, but I will say that they're doing well. And certainly, MyDay Energys is doing well. I highlighted that as a product that’s pulling a lot of growth forward. That's a true innovation, right?

是的。出於競爭的原因，我不會透露它們的規模，但我會說它們做得很好。當然，MyDay Energys 的表現也不錯。我強調說，這是一種能夠推動大量成長的產品。這才是真正的創新，對吧？

It's a very unique product for us. I think people sometimes have a tendency to forget some of the innovation that we deliver to the market, whether it is something like MiSight or Energys. But yes, I'll steer clear of giving numbers, but I will say it's becoming more material.

這對我們來說是一個非常獨特的產品。我認為人們有時傾向於忘記我們向市場提供的一些創新，無論是 MiSight 還是 Energys。但是，是的，我會避免提供數字，但我會說它正在變得更加實質。

Fair enough. Thank you very much.

很公平。非常感謝。

Navann Ty, BNP Paribas.

納萬·泰，法國巴黎銀行。

Hi, thanks for taking my question. I had a follow-up on the greater erosion in Paragard. Is that in anticipation of that new competitor? Or is Paragard losing share versus organic implant (inaudible)? And also does the 2025 guidance, including the low double-digit operating income growth assume the entry of that new low copper IUD?

您好，感謝您提出我的問題。我對帕拉加德更大的侵蝕進行了追蹤。這是對新競爭對手的期待嗎？或者 Paragard 與有機植入物相比正在失去市場份額（聽不清楚）？2025 年的指導，包括低兩位數的營業收入成長，是否假設新的低銅子宮內避孕器的進入？

And then also on fertility, if you could discuss the trends across the government. I know you touched base on the US, also the corporate fertility benefits and the competitive landscape that supports the high single-digit growth going forward? Thank you.

然後還有生育率，如果你能討論整個政府的趨勢的話。我知道您提到了美國，還有企業生育福利和支持未來高個位數成長的競爭格局？謝謝。

Sure. A couple of points there. I think the fertility market will grow nicely again this year. The piece that we play in, medical devices broadly defined , I'll be surprised if we don't see mid-single-digit growth, maybe a little bit above mid-single-digit growth.

當然。有幾點。我認為今年生育市場將再次成長良好。我們所涉足的醫療設備領域，如果我們沒有看到中個位數的成長，或略高於中個位數的成長，我會感到驚訝。

We've been seeing pretty good growth in the industry for a while now. There's great underlying growth characteristics. You touched on some of them when you look at insurance reimbursement. And there are some countries that are getting more focused on reimbursement for fertility. The trends there are positive.

一段時間以來，我們已經看到該行業的良好成長。有很大的潛在成長特徵。當您查看保險報銷時，您提到了其中一些。有些國家越來越關註生育報銷。那裡的趨勢是積極的。

I think the industry-wide growth being a good solid mid-single digits is probably going to be in place for a number of years. And that's why I always talk about us being in upper single digits.

我認為整個行業的成長可能會持續多年，並保持穩定的中個位數成長。這就是為什麼我總是談論我們處於高個位數。

We clearly have posted double-digit quarters, and we can continue to post that. But I think it's a good, solid, healthy market with a lot of good underlying macro growth trends.

我們顯然已經發布了兩位數的季度業績，並且我們可以繼續發布這一數據。但我認為這是一個良好、堅實、健康的市場，有許多良好的潛在宏觀成長趨勢。

When I look at Paragard in the IUD space Paragard is still the only nonhormonal IUD on the market, so it has the full market share here in the US. The competitive product has not been approved. I don't know when that's going to get approved. I don't have any details on that. I would say the performance of Paragard has had nothing to do with that.

當我觀察子宮內避孕器領域的 Paragard 時，帕拉加德仍然是市場上唯一的非荷爾蒙子宮內避孕器，因此它在美國擁有完整的市場份額。競爭產品尚未獲得批准。不知道啥時候能批下來我對此沒有任何細節。我想說 Paragard 的表現與此無關。

I do think that some of the competitive products that are out there, and they're hormonal products, but some of the products out there are doing a little bit better and maybe taking a little bit of share from IUDs in general, I think.

我確實認為一些有競爭力的產品，它們是荷爾蒙產品，但我認為，有些產品做得更好一點，可能會從子宮內避孕器中佔據一點。

I'm not sure we're doing worse than the IUD market, but the IUD market is a little bit softer, I believe, from a unit basis. And that's probably due to some of the other competitive products that have entered the marketplace.

我不確定我們的表現是否比子宮內避孕器市場更差，但我相信，從單位數量來看，子宮內避孕器市場要軟一些。這可能是由於其他一些競爭產品已經進入市場。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Young Li, Jefferies.

年輕的李，傑弗里斯。

Hi, great. Thanks for taking the questions. I wanted to ask about the health of the consumer in key regions worldwide. You have a sizable private label business, so a wide range of pricing. Any incremental changes with the consumer price sensitivity, daily SiHy adoption, trade-ups, trade downs and private label growth.

嗨，太好了。感謝您提出問題。我想詢問全球主要地區消費者的健康狀況。您擁有規模可觀的自有品牌業務，因此定價範圍廣泛。消費者價格敏感度、每日 SiHy 採用率、換購、換購和自有品牌成長等增量變化。

Nothing to highlight there. We're continuing to get nice growth and similar growth in our branded products as we are our store brand products that are in the marketplace. You're seeing continued strength in the monthlies space, which is a little bit less expensive. But you're also seeing continued growth in multifocals and in the dailies space where we were in the teens again.

那裡沒有什麼值得強調的。我們的品牌產品持續獲得良好的成長和類似的成長，因為我們是市場上的商店品牌產品。你會看到月刊領域的持續強勢，而且價格稍微便宜一些。但你也看到了多焦眼鏡和樣片領域的持續成長，而我們又回到了十幾歲的時候。

So pretty consistent performance from our portfolio, not seeing a lot of change from consumer behavior right now. And this calendar quarter grew 7%, last calendar quarter grew 7%. So not a lot of change from consumer fitting activity and consumer wearing habits.

我們的產品組合表現相當一致，目前消費者行為並沒有太大變化。本季成長 7%，上季成長 7%。因此，消費者的試穿活動和消費者的穿著習慣並沒有太大的改變。

Okay. Very helpful. For my follow-up, just on the supply-demand dynamics. You made a lot of investments in the past two years, doubling CapEx and are seeing some of the excess capacity coming online. Where do you think the competitors are in terms of ramping up their own supply? How much more manufacturing capacity is still needed to balance demand as an industry? Any risk for overcapacity as their capacity comes online in addition to yours?

好的。非常有幫助。我的後續行動僅涉及供需動態。您在過去兩年中進行了大量投資，使資本支出增加了一倍，並且看到一些過剩產能上線。您認為競爭對手在增加自己的供應方面處於什麼位置？作為一個產業，還需要多少製造能力來平衡需求？除了您的容量之外，他們的容量也同時上線，是否有容量過剩的風險？

I don't believe so. I believe everybody is investing right now because of the shift to dailies. So as wearers move to dailies, we as an industry and obviously CooperVision, have to produce a lot more lenses. Producing a lot more lenses, obviously, is taking more machinery, more time. It creates more challenges throughout your logistics. So I think the shift over to dailies is going to continue for many, many years in front of us, and that's going to require a lot of capital from a lot of people.

我不相信是這樣。我相信，由於向日報的轉變，現在每個人都在投資。因此，隨著佩戴者轉向日常佩戴，我們作為一個行業，當然還有 CooperVision，必須生產更多的鏡片。顯然，生產更多的鏡片需要更多的機器和時間。它給整個物流帶來了更多挑戰。因此，我認為向日報的轉變將在我們面前持續很多很多年，這將需要很多人提供大量資金。

Now we've had this bulbus going, and I think we probably have it again in '25 before it starts coming down some because we've had some facility expansion in addition to the lines. We're putting ourselves into a lot better position here with more flexibility in our manufacturing lines and a little bit of a different mindset around some of our expansion activity. I think we're in a better spot here to position ourselves for 2026, '27, '28.

現在我們已經有了這個球莖，我想我們可能會在 25 年再次擁有它，然後它開始下降一些，因為除了線路之外我們還進行了一些設施擴建。我們將自己置於一個更好的位置，我們的生產線更加靈活，並且圍繞著我們的一些擴張活動有一些不同的思維方式。我認為我們在 2026 年、27 年、28 年處於更好的位置。

I think as long as the market shifts into dailies, you're going to have to continue to add capacity. And I think the industry is, and will, for a while, to be catching up.

我認為只要市場轉向日報，你就必須繼續增加產能。我認為該行業正在並將在一段時間內迎頭趕上。

Because, again, the point I made earlier is well worth remembering. When you order a manufacturing line, it's going to take you a year or two years from the time you're ordering that line to getting it in and fully producing product to put it into the marketplace. So it's not a fast solution.

因為，我之前提出的觀點非常值得記住。當您訂購一條生產線時，從您訂購該生產線到投入生產並完全生產產品並將其推向市場，您將需要一年或兩年的時間。所以這不是一個快速的解決方案。

Thank you very much.

非常感謝。

Anthony Petrone, Mizuho

安東尼佩特隆，瑞穗

Thanks. Maybe one on CVI and one on MiSight, just on CVI, SiHy daily torics in particular. Silicone hydrogel daily torics are margin accretive to the business. SiHy as a material within dailies has been growing. But maybe just to recap on where your SiHy daily mix is overall? And how much of that can shift to toric over time? And what would that mean for margins?

謝謝。也許一個關於 CVI，一個關於 MiSight，只是 CVI，特別是 SiHy 每日環圖。矽水凝膠日常複曲面可增加業務利潤。SiHy 作為樣片中的一種材料一直在不斷發展。但也許只是回顧一下您的 SiHy 日常組合的整體情況？隨著時間的推移，其中有多少會轉變為複曲面？這對利潤率意味著什麼？

And then I have one quick follow-up on MiSight.

然後我對 MiSight 進行了快速跟進。

Yes, Anthony. Boy, that's a good question. There's a lot to that one when you peel that onion back. When you're talking about a sphere wearer, making a sphere and getting a sphere throughout your logistics and distribution systems and into the marketplace, is pretty straightforward.

是的，安東尼。男孩，這是個好問題。當你把洋蔥剝開時，裡面有很多東西。當您談論球體佩戴者時，製造一個球體並將其通過您的物流和分銷系統並進入市場是非常簡單的。

Somebody who has astigmatism and gets fit in a toric, the toric range is considerably larger. We're the number one company in the world in terms of selling toric lenses out there. We know how complex it is. And as you do those expanded ranges it increases the complexity. I mentioned earlier how we're trying to build up some inventory on that to be able to launch a little bit more aggressively in a couple of spots and get some more fitting sets out there.

對於患有散光並佩戴複曲面眼鏡的人來說，複曲面範圍要大得多。就銷售複曲面鏡片而言，我們是世界第一的公司。我們知道它有多複雜。當你擴大範圍時，複雜性就會增加。我之前提到我們如何嘗試在此基礎上建立一些庫存，以便能夠在幾個地點更積極地推出一些產品，並在那裡獲得一些更合適的設置。

That's a dynamic that I could probably talk about for a couple of hours. I'll try to summarize it quickly by just saying that we are seeing nice growth in torics. You are seeing opticians recognize and correctly fit patients who have astigmatism in torics. It's a great product for us. It has good margins and we're going to continue to see it grow.

這是一個我可能可以談論幾個小時的動態。我將嘗試快速總結一下，我們看到複曲面的良好成長。您會看到配鏡師識別並正確配戴複曲面散光的患者。這對我們來說是一個很棒的產品。它的利潤率很高，我們將繼續看到它的成長。

So I'll pause there just because that's a little bit of a hard one to answer. It's a good question, but it's a hard one to answer. And I do think because of the price point, you're going to continue to see torics grow faster than the overall market for ourselves and our competitors.

所以我會在這裡暫停，因為這個問題有點難回答。這是個好問題，但很難回答。我確實認為，由於價格點，您將繼續看到複曲面的成長速度快於我們自己和競爭對手的整體市場。

I'll be surprised if you're not hearing for years, almost every competitor talking about strength in torics driving their contact lens numbers higher.

如果您多年來沒有聽到幾乎每個競爭對手都在談論複曲面的力量，從而推動他們的隱形眼鏡數量更高，我會感到驚訝。

That's helpful. And really just quick on MiSight. You mentioned a little bit on an inventory contraction. So you had strong back-to-school fits. But then in October, you had inventory contraction. So anything there? Or is that do you think that's just going to be the seasonal pattern? Thanks.

這很有幫助。在 MiSight 上速度真的很快。您提到了一些關於庫存收縮的問題。所以你在返校期間有強烈的不適感。但到了十月份，庫存出現收縮。那有什麼嗎？或者您認為這只是季節性模式？謝謝。

Yes. I think that's just seasonal pattern tied to distributors. We have seen distributors around the world tighten some of their inventory up. We've seen people generally tighten up inventory just a little bit, as everybody is looking at cash and interest expense. To me, that's just a matter of a fairly high-growth product where you have distributors managing their inventory.

是的。我認為這只是與經銷商相關的季節性模式。我們已經看到世界各地的經銷商收緊了部分庫存。我們看到人們普遍會稍微收緊庫存，因為每個人都在考慮現金和利息支出。對我來說，這只是一個相當高成長的產品的問題，你可以讓經銷商管理他們的庫存。

And I think you'll see some fluctuations higher and lower on MiSight because of that. And I think we'll probably deal with that a little bit as we move through next year. And I'll just try to really be transparent on that, that if it's helping growth, highlighting that a little bit, and in a quarter like this when it pulls the growth numbers down a little bit, mentioning it.

我認為您會因此在 MiSight 上看到一些波動。我認為明年我們可能會稍微處理一下這個問題。我會盡力做到透明，如果它有助於成長，就稍微強調一下，在這樣的季度，當它把成長數字稍微拉低時，就會提到這一點。

And that concludes our question-and-answer session. I will now turn the conference back over to Mr. Al White for closing remarks.

我們的問答環節到此結束。我現在將會議轉回由阿爾·懷特先生致閉幕詞。

Great. Well, thank you, everyone. As Brian summarized with the numbers, and I said, fiscal '24 was a really good year. We closed strong, and we feel good about where we're at today. And we're confident we're going to be able to produce really strong results in fiscal '25.

偉大的。嗯，謝謝大家。正如布萊恩用數字總結的那樣，我也說過，24 財年是非常好的一年。我們收盤表現強勁，我們對今天的處境感覺良好。我們相信我們將能夠在 25 財年取得非常強勁的業績。

We're obviously going to do what we always try to do, which is outperform the guidance that we give. I look forward to catching up with everybody through the quarter and when we report our next quarter. Thank you. Thank you, operator.

顯然，我們將做我們一直嘗試做的事情，這將超越我們給予的指導。我期待在整個季度以及我們報告下一個季度時與大家保持聯繫。謝謝。謝謝你，接線生。

You're welcome. And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

不客氣。女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。