酷柏 (COO) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2025 CooperCompanies earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫 Desiree，今天我將擔任您的會議主持人。現在，我歡迎大家參加 CooperCompanies 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Kim Duncan, VP of Investor Relations and Risk Management. You may begin.

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' first-quarter 2025 earnings conference call. During today's call, we'll 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，歡迎參加 CooperCompanies 2025 年第一季財報電話會議。在今天的電話會議中，我們將討論收益報告中包含的結果和指導，然後利用剩餘的時間回答問題。今天電話會議的主持人是總裁兼執行長 Al White；以及財務長兼財務主管 Brian Andrews。

Before we begin, I'd like to remind you that this conference call will contain forward-looking statements including revenues, EPS, operating income, margins, cash flows, and other financial guidance, expectations and targets, strategic and operational initiatives, market and regulatory conditions and trends, and product launches and demand. Forward-looking statements depend on assumptions, data, or methods that may be incorrect or imprecise and are subject to risks and uncertainty.

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、每股盈餘、營業收入、利潤率、現金流量和其他財務指導、預期和目標、策略和營運舉措、市場和監管條件和趨勢以及產品發布和需求。前瞻性陳述依賴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。

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.

可能導致公司實際結果和未來行動與前瞻性陳述中描述的結果和行動產生重大差異的事件已在今天的收益報告的“前瞻性陳述”標題下列出，並在我們向美國證券交易委員會提交的文件中進行了描述，包括庫珀的 10-K 表和 10-Q 表，所有這些文件均可在我們的網站 coopercos.com 上查閱。

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. Should you have any additional questions following the call, please email ir@cooperco.com.

另外，需要提醒的是，我們在本次電話會議上提供的非 GAAP 財務資訊是作為我們 GAAP 資訊的補充提供的。我們鼓勵您考慮我們根據 GAAP 和非 GAAP 得出的​​結果，並參考我們的收益報告中提供的對帳表，該對帳表可在我們網站的「投資者關係」部分的季度資料中找到。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。

And now I'll turn the call over to Al for his opening remarks.

現在我將把電話交給 Al，請他致開場白。

Thank you, Kim, and welcome, everyone, to today's fiscal Q1 earnings call. We're off to a strong start this year, reporting record Q1 revenues and earnings. We met our expectations for revenues and exceeded expectations for margins, earnings, and free cash flow, and this included hurdling the negative impact of currency. We're also outperforming our operational plans at CooperVision and have increased availability and accelerated product launch activity. This includes moving up international launch dates for MyDay Energys, increasing availability of our MyDay multifocal and extended toric ranges, and starting early-stage launch planning for MyDay MiSight outside the US. We've also increased our private label availability as that part of our business has started accelerating. We'll discuss all this during the call, but let me say we're in excellent shape, driven by strong operational execution.

謝謝 Kim，歡迎大家參加今天的財政第一季財報電話會議。我們今年開局強勁，第一季的營收和收益創下紀錄。我們的收入達到了預期，利潤率、收益和自由現金流也超出了預期，這包括克服貨幣的負面影響。我們在 CooperVision 的營運計劃也表現優異，可用性提高，產品發布活動也加快了。這包括提前 MyDay Energys 的國際發布日期、增加 MyDay 多焦點和擴展散光系列的可用性，以及開始在美國以外地區為 MyDay MiSight 進行早期發布規劃。隨著我們這部分業務開始加速發展，我們也增加了自有品牌的供應。我們將在通話中討論所有這些問題，但我要說的是，在強大的營運執行力的推動下，我們處於極佳的狀態。

Moving to the quarterly numbers, consolidated revenues were $965 million, up 4% year- over- year, and up 5% organically. CooperVision reported quarterly revenues of $646 million, up 4% and up 6% organically. CooperSurgical posted quarterly revenues of $319 million, up 3% and up 2% organically. Margins improved nicely and non-GAAP earnings per share were $0.92.

從季度數據來看，合併收入為 9.65 億美元，年成長 4%，有機成長 5%。CooperVision 公佈季度營收為 6.46 億美元，成長 4%，有機成長 6%。CooperSurgical 公佈季度營收為 3.19 億美元，成長 3%，有機成長 2%。利潤率大幅提升，非公認會計準則每股收益為 0.92 美元。

For CooperVision, the Americas grew 8%, EMEA, 6%, and Asia-Pac 3%. Within categories, torics and multifocals grew 10%, and spheres were up 3%. Within modalities, our daily silicone hydrogel lenses, MyDay and clariti, grew 9%, and our silicone hydrogel FRP lenses, Biofinity and Avaira, were up 9%. Our myopia management portfolio grew 20% with MiSight up 27%.

對 CooperVision 而言，美洲地區成長了 8%，歐洲、中東和非洲地區成長了 6%，亞太地區成長了 3%。在各個類別中，散光鏡片和多焦點鏡片增加了 10%，球面鏡片增加了 3%。在各種鏡片中，我們的日拋型矽水凝膠隱形眼鏡 MyDay 和 clariti 增加了 9%，我們的矽水凝膠 FRP 隱形眼鏡 Biofinity 和 Avaira 成長了 9%。我們的近視管理組合成長了 20%，其中 MiSight 成長了 27%。

As we discussed on our last earnings call, the quarter started soft with some channel inventory contraction, but quickly returned to normal. The only area that continued to see struggles was China where our business declined year over year.

正如我們在上次收益電話會議上所討論的那樣，本季開始時由於通路庫存有所收縮而表現疲軟，但很快恢復正常。唯一持續陷入困境的地區是中國，我們的業務逐年下滑。

Turning to product details and starting with our premium daily silicone hydrogel lenses, MyDay is seeing healthy demand with torics, multifocals, and Energys, all performing really well. MyDay toric continues to see success with our parameter expansion rollout being received extremely well in new markets around the world. And we're also increasing availability in existing accounts where demand remains very high. The fantastic design of this toric lens, which mirrors Biofinity's design, combined with the widest toric SKU range in the market, gives us a great competitive advantage, and we believe we have a long runway of success in front of us. MyDay multifocal also had a strong quarter driven by the unique combination of its advanced design paired with an easy fitting system that is delivering very high satisfaction levels driven by an incredible 98% fit success rate in two pairs or less. That's critical for busy eye care practitioners who want to optimize chair time while capitalizing on the large, lucrative, and growing presbyopic segment of the market. And MyDay Energys continues to grow nicely with ECPs and patients loving its innovative DigitalBoost Technology designed specifically for today's digital lifestyle. We'll be launching this lens in additional markets soon and believe it will be extremely well received. Wrapping up on MyDay, our investments in capacity expansion are running ahead of schedule allowing us to be more aggressive with all our MyDay activity, which is obviously great to see given the strong demand.

談到產品細節，從我們的優質每日矽水凝膠鏡片開始，MyDay 看到了對散光鏡片、多焦點鏡片和能量鏡片的健康需求，它們的表現都非常出色。MyDay toric 繼續取得成功，我們的參數擴展推出在全球新市場受到了極大的歡迎。我們也正在增加現有帳戶的可用性，因為這些帳戶的需求仍然很高。這款散光鏡片的出色設計與 Biofinity 的設計相呼應，再加上市場上最廣泛的散光 SKU 範圍，為我們帶來了巨大的競爭優勢，我們相信，我們面前有著漫長的成功之路。MyDay 多焦點眼鏡本季表現強勁，這得益於其先進的設計與便捷的佩戴系統的獨特結合，兩副或更少副眼鏡的佩戴成功率高達 98%，帶來了極高的滿意度。這對於忙碌的眼科醫師來說至關重要，他們希望優化診療時間，同時利用龐大、利潤豐厚且不斷成長的老花眼市場。MyDay Energys 繼續保持良好的發展勢頭，其專為當今數位生活方式設計的創新 DigitalBoost 技術受到 ECP 和患者的喜愛。我們很快就會在其他市場推出這款鏡頭，並相信它會受到熱烈歡迎。總結 MyDay，我們在產能擴張方面的投資已提前完成，這使我們能夠更積極地開展所有 MyDay 活動，鑑於強勁的需求，這顯然是令人高興的。

Turning to our clariti portfolio, we continue posting nice growth with a very high-quality alternative to MyDay at a lower price point. We're receiving fantastic feedback from customers in the US and Canada and our redesigned clariti multifocal, and we're launching in APAC later this month with more markets to follow. This upgraded multifocal mirrors the MyDay design providing wearers optimal comfort and vision while giving ECPs confidence they'll have the same fitting success they currently enjoy with the MyDay multifocal.

談到我們的 clariti 產品組合，我們繼續保持良好的成長勢頭，並以較低的價格為 MyDay 提供非常高品質的替代品。我們收到了來自美國和加拿大客戶的極好的回饋，我們重新設計的 clariti 多焦點眼鏡將於本月晚些時候在亞太地區推出，隨後將推廣到更多市場。這款升級版多焦點眼鏡沿襲了 MyDay 的設計，為配戴者提供最佳的舒適度和視覺效果，同時讓 ECP 相信他們將獲得與目前使用 MyDay 多焦點眼鏡時相同的配戴成功率。

Moving to frequent replacement lenses, Biofinity continues to deliver great results led by the strong performance of our torics, multifocals, and industry-leading extended range offerings. Biofinity remains the number one lens in the world with more people wearing it than any other contact lens, and the reason is simple - it's an incredibly comfortable lens that has market-leading technology. It offers more prescription options than any other lens, and it's sold at a great price point.

轉向頻繁更換鏡片後，Biofinity 繼續提供出色的效果，這主要得益於我們的散光鏡片、多焦點鏡片和業界領先的擴展範圍產品的強勁性能。Biofinity 仍然是世界上佩戴率第一的隱形眼鏡，佩戴它的人數比佩戴其他任何隱形眼鏡的人數都多，原因很簡單 - 它是一款極​​其舒適的隱形眼鏡，擁有市場領先的技術。它提供比任何其他鏡片更多的處方選項，而且價格非常優惠。

Turning to myopia management, after a soft start to the quarter we saw a significant pickup in activity, particularly in the US. MiSight led the way, and we continue forecasting MiSight growth of around 40% for the year. Supporting this growth is a recent realignment of our US sales force to double account coverage, additional sales resources in key European markets, expanded digital marketing and CRM programs, and increasing activity around key account private label deals. In parallel, we're reinforcing CooperVision's leadership in this category with investments in R&D, in clinical study activity, and with advocacy groups supporting the industry's continuing move to making myopia control standard of care. I'm also happy to report that our capacity improvements in MyDay have allowed us to start planning for the launch of MyDay MiSight outside the US. It will take a little while to get launched, but it's now on the radar, and we expect the combination of the market-leading comfort and design of MyDay, combined with the technology of MiSight, to make MyDay MiSight a truly exciting entry into this market. Lastly in this area, we're seeing tremendous growth with SightGlass in China, which is part of our joint venture with EssilorLuxottica, and we're seeing improving traction with Ortho-K, which was up 9% globally.

談到近視管理，在本季開局疲軟之後，我們看到活動明顯回升，尤其是在美國。MiSight 處於領先地位，我們繼續預測 MiSight 今年的成長率將達到 40% 左右。支持這一增長的是，我們最近對美國銷售團隊進行了調整，將客戶覆蓋率提高了一倍，在歐洲主要市場增加了銷售資源，擴大了數位行銷和 CRM 計劃，並增加了圍繞主要客戶自有品牌交易的活動。同時，我們正在透過投資研發、臨床研究活動以及與倡導團體合作支持產業繼續將近視控製作為護理標準來加強 CooperVision 在這一領域的領導地位。我也很高興地報告，MyDay 的容量改進使我們能夠開始計劃在美國以外推出 MyDay MiSight。它的推出還需要一段時間，但現在它已經引起了人們的關注，我們預計 MyDay 市場領先的舒適性和設計與 MiSight 技術的結合將使 MyDay MiSight 成為這個市場中真正令人興奮的產品。最後，在這個領域，我們看到 SightGlass 在中國取得了巨大的成長，它是我們與 EssilorLuxottica 合資企業的一部分，而且我們看到 Ortho-K 的吸引力正在增強，其全球成長了 9%。

For the broader contact lens industry, we forecast market growth of 5% to 7% this year in constant currency with us taking share. This follows last year where the market grew 7% and CooperVision grew 8%. Factors driving the market remain largely the same, including the ongoing trade up to dailies, growth in torics and multifocals, growth in wearers, improved pricing, and for us, growth in myopia management.

對於更廣泛的隱形眼鏡產業，我們預測今年市場成長率將達到 5% 至 7%（以固定匯率計算），而我們將佔據市場份額。去年，市場成長了 7%，而 CooperVision 則成長了 8%。推動市場發展的因素基本上保持不變，包括日拋型眼鏡的持續升級、散光鏡和多焦點眼鏡的成長、配戴者的成長、價格的提高，以及對我們來說，近視管理的成長。

To conclude on CooperVision, we received some questions around our private label business, so let me address those. To start, we have not changed our private label strategy. It's around one-third of our revenues and it's a core part of our long-range strategic growth plan. A few points to note, contact lens manufacturers produce lenses using different materials and different lens features such as a lens thickness, size, and design, so you can't replace them without patients noticing, especially with torics and multifocals. Also, for private label, packaging, labeling and distribution, is more complex as you need tremendous flexibility within your logistics platforms to meet customer demands. And lastly, our private label portfolio is very diverse with a significant number of long-term contracts tied to a wide variety of brands, including at times, different brands with the same customer.

最後，關於 CooperVision，我們收到了一些有關自有品牌業務的問題，所以讓我來回答一下。首先，我們沒有改變我們的自有品牌策略。它約占我們收入的三分之一，也是我們長期策略成長計畫的核心部分。需要注意的幾點是，隱形眼鏡製造商使用不同的材料和不同的鏡片特徵（例如鏡片厚度、尺寸和設計）來生產鏡片，因此您無法在患者不知情的情況下更換它們，尤其是散光鏡片和多焦點鏡片。此外，對於自有品牌，包裝、標籤和分銷更加複雜，因為您需要在物流平台內具有極大的靈活性來滿足客戶需求。最後，我們的自有品牌組合非常多樣化，與各種各樣的品牌簽訂了大量的長期合同，有時包括與同一客戶簽訂的不同品牌的合約。

Moving to CooperSurgical, we reported revenues of $319 million, up 3% or up 2% organically. This was slightly ahead of our internal expectations, remembering that we implemented an important IT system upgrade in fiscal 2024 which resulted in buy-in activity in Q1 and shipping disruptions in Q2 of last year. This meant a tough comp for Q1, but an easier comp for Q2. We also had strong capital equipment sales in fertility in Q4 of last year which made for a tough quarter sequentially. Regardless, this was all expected and we remain comfortable with our full-year guidance of 4% to 6% organic growth.

談到 CooperSurgical，我們報告的收入為 3.19 億美元，成長 3% 或有機成長 2%。這略高於我們的內部預期，記得我們在 2024 財年實施了一項重要的 IT 系統升級，導致去年第一季的買入活動和第二季的運輸中斷。這意味著 Q1 的比賽很艱難，但 Q2 的比賽會比較容易。去年第四季度，我們在生育領域的資本設備銷售也表現強勁，這使得該季度的業績比上一季更加艱難。無論如何，這都是意料之中的，我們對全年 4% 至 6% 的有機成長預期仍然感到滿意。

Moving to the details, fertility posted quarterly revenues of $120 million, up 1%. This was an unusual quarter for us in terms of revenue growth, but it was due to the unique items I mentioned earlier. The important takeaway is that this was a blip, and we expect fertility to return to high-single-digit to low-double-digit growth for the remainder of the year. During the quarter, we saw a strong demand for our leading portfolio of innovative products and services including within consumables, reproductive genetic testing, and donor activity. And our pipeline of planned equipment installations strengthened nicely during the quarter. We're also continuing to see exciting activity with new innovation including within our reproductive genetic testing business, where our cutting-edge AI-based testing methodologies are advancing efforts at detecting genetic variations at the DNA level in embryos. And our integration activity from prior acquisitions is driving efficiencies such as the recent consolidation of our donor egg and sperm storage into a centralized location.

具體來說，生育部門公佈的季度收入為 1.2 億美元，成長 1%。就營收成長而言，這對我們來說是一個不尋常的季度，但這要歸功於我之前提到的獨特項目。重要的一點是，這只是一個曇花一現，我們預計今年剩餘時間內生育率將恢復到高個位數至低兩位數的增長。在本季度，我們發現市場對我們領先的創新產品和服務組合的需求強勁，包括消耗品、生殖基因檢測和捐贈活動。本季度，我們計劃的設備安裝管道得到了良好的加強。我們也繼續看到令人興奮的新創新活動，包括在我們的生殖基因檢測業務中，我們基於人工智慧的尖端檢測方法正在推動在胚胎 DNA 層面檢測基因變異的努力。我們先前收購的整合活動正在提高效率，例如最近將捐贈的卵子和精子儲存整合到一個集中位置。

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 delivering innovation, 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。這些措施包括女性推遲生育、改善治療機會、提高患者意識、擴大福利覆蓋範圍和改進技術。世界衛生組織估計，全球每6人中就有1人會因各種健康因素而在一生中的某個階段經歷不孕不育，因此這是一個具有巨大長期增長潛力的龐大行業。作為該領域的領導者，我們始終致力於透過提供創新、推出新產品和服務、提供廣泛的臨床培訓、擴展地域範圍和推進研發工作來支援患者和診所。

Moving to our office and surgical products and services, we posted sales of $199 million, up 4% or up 2% organically. From my earlier comments, we had a tough comp in Q1, but expect much stronger performance in Q2, and we're already off to a good start. This performance will continue to be driven by strength in targeted minimally invasive gynecological surgical devices, such as our ALLY Uterine Manipulator portfolio, and within labor and delivery with products such as Fetal Pillow and our Cervical Ripening Balloon. We also saw strength in Q1 from Paragard which grew 12%, although this was primarily tied to channel fill associated with our new single-hand inserter upgrade and a price increase.

談到我們的辦公室和外科產品和服務，我們的銷售額達到 1.99 億美元，成長 4% 或有機成長 2%。從我之前的評論來看，我們在第一季遇到了困難，但預計第二季的表現會更加強勁，而且我們已經有了一個好的開始。這項業績將繼續受到針對性微創婦科手術設備（如我們的 ALLY 子宮操縱器產品組合）以及分娩領域的產品（如胎兒枕和子宮頸成熟球囊）的推動。我們還看到 Paragard 在第一季表現強勁，成長了 12%，儘管這主要與我們新的單手插入器升級和價格上漲相關的通路填充有關。

With that, let me conclude by saying that our focus remains on execution, taking share, driving profitability, and delivering 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.

最後，我想說，我們的重點仍然是執行、佔領市場份額、提高盈利能力和實現我們的戰略重點，包括增加我們創新產品的可用性、擴大我們最先進的製造能力、優化我們的技術投資、開發和推出新產品以及投資於我們的人才。

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

說完這些，我將把電話轉給布萊恩。

Thank you, Al, and good afternoon, everyone. Most of my commentary will be on a non-GAAP basis, so please refer to the earnings release for a reconciliation of GAAP to non-GAAP results. For the first fiscal quarter, consolidated revenues were $965 million, up 4% as reported and up 5% organically. Consolidated gross margin was 68.7%, up from 67.3%, driven by efficiency gains and mix. Operating expenses increased 5% to 43.6% of revenues driven largely by Commercial and R&D investments, offset by leverage in targeted areas within G&A. From a leverage perspective, we're continuing to see success in several parts of the P&L at both CooperVision and CooperSurgical as our prior investment activity pays off. This was especially evident in our production and distribution activities, but also in certain support functions. We expect this to continue as we deliver efficiency improvements combining our back office activity and leveraging technology. Consolidated operating income was up 6.5%, improving the operating margin to 25.1%. On a constant currency basis, operating income grew a healthy 12%. Below operating income, interest expense was $25.3 million, and the effective tax rate was 14.3%. Non-GAAP EPS was $0.92, up 7.4% or up 14.2%, excluding FX, with roughly 201 million average shares outstanding. With respect to FX, it was $0.06 negative for the quarter, $0.02 worse than what was included in our original guidance. Free cash flow was $101 million with CapEx of $89 million. Net debt decreased to $2.44 billion, with our bank-defined leverage ratio reducing to 1.91 times.

謝謝你，艾爾，大家下午好。我的大部分評論都將以非 GAAP 為基礎，因此請參閱收益報告以了解 GAAP 與非 GAAP 結果的對帳。第一財季，綜合營收為 9.65 億美元，報告成長 4%，有機成長 5%。綜合毛利率從 67.3% 上升至 68.7%，這得益於效率的提高和產品組合的提升。營運費用成長 5% 至營收的 43.6%，主要由商業和研發投資推動，但被 G&A 內目標領域的槓桿所抵銷。從槓桿角度來看，隨著我們先前的投資活動獲得回報，我們繼續看到 CooperVision 和 CooperSurgical 的損益表的多個部分取得成功。這在我們的生產和分銷活動中尤其明顯，但在某些支援功能中也同樣明顯。我們預計這種情況將會持續下去，因為我們將結合後台活動並利用技術來提高效率。綜合營業收入成長 6.5%，營業利益率提高至 25.1%。以固定匯率計算，營業收入健康成長了 12%。低於營業收入，利息支出為 2,530 萬美元，有效稅率為 14.3%。非公認會計準則每股收益為 0.92 美元，上漲 7.4%，不包括外匯則上漲 14.2%，平均流通股數約 2.01 億股。就外匯而言，本季為負 0.06 美元，比我們最初的指導中包含的金額低 0.02 美元。自由現金流為 1.01 億美元，資本支出為 8,900 萬美元。淨債務減少至 24.4 億美元，銀行定義的槓桿率降低至 1.91 倍。

To summarize fiscal Q1, this was a solid quarter and a good start to the year. We met our internal revenue expectations, delivered margin expansion, and took another step forward with free cash flow generation.

總結第一財季，這是一個穩健的季度，也是今年的一個好開始。我們達到了內部收入預期，實現了利潤率擴大，並在自由現金流產生方面又邁出了一步。

Moving to fiscal 2025 guidance, we're holding CooperVision's revenue guidance range unchanged at $2.733 billion to $2.786 billion, up 6.5% to 8.5% organically and holding CooperSurgical's revenue guidance range unchanged at $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. We're raising our non-GAAP EPS guidance range slightly by increasing the bottom end to $3.94 to $4.02, up 7% to 9% or up 11% to 13%, excluding FX. Within this, we expect a very similar P&L to what we highlighted on our last earnings call with strength in gross margins and targeted OpEx leverage delivering solid earnings growth. We expect free cash flow to be in the range of $350 million to $400 million, and we'll continue prioritizing debt reduction with those proceeds.

對於 2025 財政年度指引，我們維持 CooperVision 的收入指引範圍不變，為 27.33 億美元至 27.86 億美元，有機增長 6.5% 至 8.5%，並維持 CooperSurgical 的收入指引範圍不變，為 13.47 億美元至 13.72 億美元，有機增長 4% 至 6%。以合併計算，這意味著收入為 40.8 億美元至 41.58 億美元，有機成長約 6% 至 8%。我們將非 GAAP EPS 預測範圍略有提高，最低值上調至 3.94 美元至 4.02 美元，上漲 7% 至 9%，或上漲 11% 至 13%（不含外匯）。在此範圍內，我們預期損益表與我們上次收益電話會議上強調的非常相似，毛利率強勁，有針對性的營運支出槓桿將帶來穩健的獲利成長。我們預計自由現金流將在 3.5 億美元至 4 億美元之間，我們將繼續優先利用這些收益減少債務。

With that, let me conclude by highlighting a few points. Our investment activity over the past several years is yielding positive results. We've emphasized our commitment to reporting improved financial returns and we're delivering on that with efficiency improvements driving higher gross margins, targeted OpEx leverage, double-digit constant currency operating income growth, and an increase in our EPS guidance.

最後，我想強調幾點。我們過去幾年的投資活動正在取得積極的成果。我們強調了報告改善的財務回報的承諾，我們正在透過提高效率來推動更高的毛利率、有針對性的營運支出槓桿、兩位數的固定匯率營運收入成長以及每股收益預期的提高來實現這一目標。

We still have a lot of work to do, but we're on a great trajectory to continue our momentum, and we remain laser-focused on strong execution. This includes leveraging our newly deployed IT systems, delivering efficiency from centralizing and harmonizing our organizational structure, including capitalizing on cross-functional back-office efficiency projects, and simplifying and standardizing our processes and procedures to reduce the need for further headcount. Our focus remains on ensuring all our activity produces strong operational success, earnings growth, and improving free cash flow generation.

我們還有很多工作要做，但我們正處於繼續保持良好勢頭的良好軌道上，我們仍然專注於強有力的執行。這包括利用我們新部署的 IT 系統，透過集中和協調我們的組織結構來提高效率，包括利用跨職能的後台效率項目，以及簡化和標準化我們的流程和程序以減少對進一步員工的需求。我們的重點仍然是確保我們的所有活動都能產生強勁的營運成功、獲利成長和提高自由現金流的產生。

Now before moving to Q&A, let me make a quick comment on FX. Over the past two days, we've seen the US dollar weaken against most currencies. We did not update our guidance to reflect these moves, but if rates hold, it puts us in a great shape to reach, if not exceed, the top end of our EPS guidance range.

現在，在進入問答環節之前，請允許我先對 FX 做一個簡短的評論。過去兩天，我們看到美元兌大多數貨幣走弱。我們沒有更新我們的指引以反映這些舉措，但如果利率保持不變，它將使我們處於良好的狀態，達到甚至超過我們的每股盈餘指引範圍的最高端。

With that, I'll hand it back to the operator for questions.

說完，我會將其交還給接線員以回答問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you. Good evening, guys. I wanted to start just on some of your MyDay commentary. Our conversations over the last couple of months, you suggested that there's actually some markets you don't have MyDay in and I think that's pretty clear that's Japan, but even some more markets beyond that. As you talk about now some of those MyDay manufacturing constraints coming off, I guess I'm wondering, are there markets that you've been out of for 6, 12, 18 months that you can go back into, and it's almost a slam dunk to get some faster MyDay growth as you go back into those markets? And then I have one follow-up.

謝謝。大家晚上好。我只是想從你的一些 MyDay 評論開始。在我們過去幾個月的談話中，您提到實際上有些市場還沒有 MyDay，我認為很明顯那就是日本，但除此之外還有一些其他市場。正如您現在所說的，MyDay 的一些製造限制正在取消，我想知道，是否有一些您已經離開 6 個月、12 個月、18 個月的市場可以重新進入，而當您重返這些市場時，MyDay 的增長速度幾乎是板上釘釘的？然後我還有一個後續問題。

Yeah, I can probably answer that one very succinctly by saying yes.

是的，我可以非常簡潔地回答「是」。

Could you expand on it?

能詳細說明一下嗎？

You are correct. There is demand out there, whether it's countries that we're not in right now that we can re-enter or go into, and then there's accounts within a number of those countries that are asking for more products, including within private label, that are asking for more product. And us just increasing availability and getting them more product or putting that product into a country or an account where the demand currently exists should result in some nice sales growth.

你是對的。市場上有需求，無論是我們現在尚未進入但我們可以重新進入或進入的國家，而且這些國家中的一些客戶需要更多產品，包括自有品牌，需要更多產品。我們只需增加供應量並為他們提供更多產品或將該產品投放到目前有需求的國家或帳戶，就應該會帶來不錯的銷售成長。

Okay. Any way you could quantify your out of markets that account for 5% of your global revenue that other lenders are in or anything like that, number one. You don't talk very often about the private label business, but since you brought it up, I thought maybe I'd push you there just a little bit. On private label, how has that been growing each of the last couple of years relative to your branded business faster, slower, about the same?

好的。無論如何，您都可以量化佔您全球收入 5% 的其他貸款機構所在的市場或類似的東西，這是第一點。您並不常談論自有品牌業務，但既然您提起了，我想我可以稍微向您推一下這個主題。就自有品牌而言，相對於您的品牌業務，過去幾年的自有品牌成長如何？是更快、更慢，還是差不多？

And given some of the questions that have been raised with RFPs out there on one of your bigger clients right now on the private label side, would you expect that private label business to grow similar trend line relative to branded as you've seen in the last couple of years or any changes there on a go-forward basis? Thank you.

鑑於目前您在自有品牌方面的一個較大客戶在 RFP 中提出的一些問題，您是否預計自有品牌業務的成長趨勢會與品牌業務相似，就像您在過去幾年中看到的那樣，或者在未來會有什麼變化？謝謝。

Sure. On MyDay, I won't quantify it other than to say as we're increasing production right now and things are improving and I'm seeing product working its way through our channel, it certainly gives me more confidence especially in Q3 and Q4 of this year. We kept our guidance the same for a reason, and we have good reason to hold that guidance where it is based on what we're seeing internally and the topics we just discussed.

當然。在 MyDay 上，我不會量化它，只能說，隨著我們目前正在增加產量，情況正在改善，我看到產品正在透過我們的管道運作，這無疑給了我更多的信心，特別是在今年第三季和第四季。我們保持指導不變是有原因的，我們有充分的理由根據我們內部看到的情況和我們剛剛討論的主題來維持這一指導。

On private label growth, the last couple of years, it's been growing in line, roughly the same as what our branded business has been growing. We've started to see a little bit of an acceleration in that part of our market. If I was a betting man, I would say that our private label business will grow a little bit faster than our branded business, probably for the remainder of this year, wouldn't surprise me if it's next year. If customers change their purchase habits, we have a tendency to see some increases in private label if they're looking for lower cost or bulk purchase opportunities. I would think private label actually strengthens a little bit.

就自有品牌的成長而言，過去幾年，它一直保持同步成長，與我們的品牌業務的成長大致相同。我們已經開始看到我們市場這一部分的成長略有加速。如果我是賭徒，我會說我們的自有品牌業務的成長速度會比我們的品牌業務快一點，可能在今年剩餘時間內如此，如果是明年，我也不會感到驚訝。如果顧客改變他們的購買習慣，如果他們正在尋找更低的成本或大量購買的機會，我們傾向於看到自有品牌增加。我認為自有品牌實際上會稍微增強一點。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Hey, Al. Good afternoon. Thanks for taking the question. Al, just asking Jeff's question maybe a little bit differently, maybe just help us understand why your growth was below the peers, in fiscal Q1. Maybe you can give us the calendar-year growth and maybe if you could tell us what January and February did. Just a little bit more confidence that you can accelerate the CVI growth from Q1.

嘿，艾爾。午安.感謝您回答這個問題。艾爾，我只是以稍微不同的方式問了傑夫的問題，也許只是幫助我們理解為什麼你們在第一財季的成長低於同業。也許您可以告訴我們日曆年的成長情況，或者您可以告訴我們一月和二月的成長情況。您只需再多一點信心，就能從第一季開始加速 CVI 成長。

Is it Q3 and Q4 with some of the supply comes online? Just a little more color on Q1 relative to your peers and how to think about the acceleration through the rest of the year?

是不是第三季和第四季有部分供應上線了？與同業相比，您對第一季的表現有何看法？您如何看待今年剩餘時間的加速發展？

We spent some time on our last earnings call and through the quarter talking about how we had a soft start to this quarter. And we don't give quarterly guidance, so we didn't quantify that. But we did. We had a weak end to last year, the last couple of weeks. And then our fiscal Q1 started slow. Then it started picking back up and actually we had a strong January, and that continued. We had a really good February.

我們在上次收益電話會議和整個季度花了一些時間討論本季如何順利開局。我們不提供季度指導，所以我們沒有量化這一點。但我們做到了。去年最後幾週，我們的表現並不理想。然後我們的財政第一季開始放緩。然後它開始回升，實際上我們度過了一個強勁的一月，並且這種勢頭持續了下去。我們度過了一個非常愉快的二月。

And I'm optimistic about how things are moving forward now. I think the market is doing well, and I think we're doing well.

我對目前事態的發展感到樂觀。我認為市場表現良好，而且我認為我們表現良好。

I will go back and just confirm comments I've made before that we saw some channel inventory reductions that negatively impacted us at the beginning of November. I think we had a couple of competitors running some activity that probably just transferred some inventory holdings in the channel from one party to another party. So whatever, I don't care about that kind of stuff. At the end of the day, when I look at our growth right now and our recent numbers, I'm pretty bullish on where things sit. When I look at the quarterly gating, no reason we're not going to have a good quarter in Q2. I think we will. I think we've got the potential certainly to have better quarters at CooperVision in Q3 and Q4 when I think about the release schedules associated with that MyDay product I'm talking about.

我將回去確認我之前所發表的評論，即我們看到一些渠道庫存減少，這在 11 月初對我們產生了負面影響。我認為我們有幾個競爭對手正在進行一些活動，可能只是將通路中的一些庫存從一方轉移到另一方。不管怎樣，我不關心那些事。總而言之，當我看到我們現在的成長和最近的數據時，我對目前的狀況非常樂觀。當我查看季度門控時，沒有理由認為我們在第二季度不會有一個好的表現。我想我們會的。當我考慮與我所談論的 MyDay 產品相關的發佈時間表時，我認為 CooperVision 在第三季和第四季肯定有更好的表現。

That's very helpful, Al. And just one follow-up, a non-hormonal IUD was recently approved, which I know you've been expecting. What's assumed in the guidance for the competition to Paragard? And how do you think about the longer-term impact of a new competitor? Thanks for taking the question.

這非常有幫助，艾爾。還有一個後續問題，非荷爾蒙子宮內避孕器最近獲得批准，我知道這是您一直期待的。Paragard 競爭指南中假設了什麼？您如何看待新競爭對手的長期影響？感謝您回答這個問題。

Sure. I think that PARAGARD is going to be the same as what we said. It will be down a couple of percent to up a couple of percent this year. We had a good start to the year. We've got some purchasing going with our single-hand inserter that we have in the market right now. But before I get too optimistic on that, because there's definitely channel fill there, we want to see end-user demand increase.

當然。我認為 PARAGARD 將會和我們所說的一樣。今年將會下降幾個百分點或上升幾個百分點。今年我們有了一個好的開始。我們目前正在市場上進行一些單手插入器的採購。但在我對此過於樂觀之前，因為那裡肯定有管道填充，我們希望看到最終用戶需求的成長。

For this fiscal year, yes, somewhere in that minus 2% to plus 2%, something like that. When I look at the competitive product, you're right; it got approved. At the end of the day, they have a couple of hurdles that they have to get over. That product is made with nitinol, which is the same material that was used in Essure, which anyone who knows our space would remember that product. It's less copper, so it's less efficacious. It has a three-year label compared to our ten-year label. We'll see how it goes. I think we're well positioned. We've got a great Paragard team. So we'll see how it plays out.

對於本財政年度來說，是的，介於-2%到+2%之間，類似這樣的數字。當我看到競爭產品時，你是對的；它已獲批准。最終，他們還是需要克服一些障礙。該產品採用鎳鈦合金製成，與 Essure 所使用的材料相同，任何了解我們領域的人都會記得該產品。銅含量較少，因此功效較差。與我們的十年標籤相比，它的標籤是三年。我們將拭目以待。我認為我們處於有利地位。我們擁有一支優秀的 Paragard 團隊。因此我們將拭目以待。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Thanks guys. Good evening. Brian, I'll throw one your way to kick things off. Just gross margin was solid and certainly above our estimate. Anything to call out regarding the sustainability? I think I heard Paragard of 12%. I believe that's accretive to corporate gross margins.

謝謝大家。晚安.布萊恩，我會向你拋出一個機會來開始這件事。毛利率很穩定，肯定高於我們的預期。關於永續性，有什麼需要注意的嗎？我想我聽說過 12% 的 Paragard。我相信這會提高企業的毛利率。

But would just love to get some color on your thoughts going forward because, of course, everyone wanted the margins and now that the revs were light, but the margins were really a standout in the quarter, that is. So any color you can provide there would be helpful.

但是，我只是想了解您對未來的想法，因為當然，每個人都想要利潤率，而且現在轉速很低，但利潤率在本季確實很突出。因此，您提供的任何顏色都會有所幫助。

Sure, Jon. Thanks for the question. The story on gross margins is a continuation of what we talked about last quarter. As we've been driving higher production in existing buildings, we're seeing yields increase. But when we put those high-volume manufacturing lines in existing buildings, we get better utilization, better allocation of overhead absorption, that all results in lower cost per unit.

當然，喬恩。謝謝你的提問。關於毛利率的故事是我們在上個季度討論內容的延續。隨著我們不斷提高現有建築的產量，我們看到產量也在增加。但是，當我們將這些大批量生產線放置在現有建築物中時，我們可以獲得更好的利用率，更好地分配間接費用，從而降低單位成本。

So those efficiency gains we were expecting to play out this year. And those efficiency gains will show up in gross margins year over year, probably every quarter this year, resulting in higher gross margins year over year on an as-reported basis versus last year.

因此，我們預計這些效率提升將在今年實現。這些效率的提高將會體現在毛利率的逐年增長中，很可能是今年每個季度都會有這樣的增長，從而導致報告顯示毛利率同比去年有所提高。

Now I'd say what happened in Q1 resulted in maybe higher margins than what you were thinking, was really tied to product mix and regional mix. As we've talked about in the past, when we have strong Americas revenue growth against weaker Asia-Pac growth that results in a lift to gross margins.

現在我想說的是，第一季發生的情況可能導致利潤率比你想像的要高，這實際上與產品組合和區域組合有關。正如我們過去所討論的，當美洲地區的收入成長強勁而亞太地區的收入成長較弱時，毛利率就會上升。

And then of course, we had product mix advantages in Q1 with strong Biofinity sales, and the strong Paragard sales. That probably gave us a bigger lift than what you were thinking. But I would say, the story around gross margins is going to be a good one for this year.

當然，我們在第一季擁有產品組合優勢，Biofinity 和 Paragard 的銷售都很強勁。這可能帶給我們的幫助比你想像的還要大。但我想說，今年的毛利率狀況會很好。

Okay. Great. That was very helpful. Thanks. And then I'll shift gears and I'll ask the second question that Larry and Jeff did. But for the acceleration in CVI for the balance of this year against tougher comps, the two-year stacks are accelerating meaningfully, is it just this capacity thing getting better or are there any other variable that you can point to?

好的。偉大的。這非常有幫助。謝謝。然後我會換個話題，問拉里和傑夫提出的第二個問題。但是，對於今年與更強勁的競爭對手相比 CVI 的加速，兩年期堆疊正在顯著加速，這僅僅是容量問題變得更好還是還有其他變數可以指出？

And maybe just to tap on to that, I think the capacity issues are on MyDay. I believe last call, you talked about the constraints potentially going all the way to the end of fiscal '26. And so, has that now been pulled forward, because you see more beat on how the manufacturing has gone over the past several months? Thanks.

也許只是為了說明這一點，我認為容量問題出在 MyDay 上。我相信上次您談到的限制可能會持續到 26 財年末。那麼，現在是不是已經提前了呢，因為您看到過去幾個月製造業的進展更加順利？謝謝。

Sure. So much of the contact lens market is driven by upgrades. It's driven by the shift over to daily contact lenses. That's such a material positive. You see it from us and from some of our competitors. In this case, it's almost that simple, which is the demand is definitely out there for MyDay.

當然。隱形眼鏡市場很大程度上是由升級推動的。這是由於人們越來越傾向於配戴日拋型隱形眼鏡所致。這真是一個實質的正面因素。您可以從我們和我們的一些競爭對手那裡看到這一點。在這種情況下，事情幾乎就是這麼簡單，那就是 MyDay 的需求肯定存在。

It's just such a great product. I'm wearing it now. I love it. You guys know that. As we produce more product and get it out to our sales force, they sell it.

這真是一個很棒的產品。我現在就戴著它。我喜歡它。你們都知道。當我們生產更多產品並將其提供給我們的銷售人員時，他們就會將其銷售出去。

Regarding '26, I would say, yes, we've improved the production. We pulled some things forward. That would make me more confident in our fiscal '26 maybe than I even was on our last earnings call.

關於 26 年，我想說，是的，我們提高了產量。我們把一些事情提前了。這可能會讓我對我們 26 財年的業績更有信心，甚至比上次財報電話會議更有信心。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

Hi, guys. Thanks for taking my question. I just wanted to follow up on myopia with both my questions actually. Firstly on SightGlass, would love a little more color on any detail you can give around the number of units sold in China. The number of children perhaps you're reaching with those products, and then remind us of the outlook for approval and rollout outside of China?

嗨，大家好。感謝您回答我的問題。實際上，我只是想透過這兩個問題來了解近視的情況。首先，關於 SightGlass，我希望您能提供更多關於在中國銷售的單位數量的詳細資訊。這些產品可能涵蓋多少名兒童？能否介紹一下在中國以外地區獲得批准和推廣的前景？

And then just as a follow-up on SightGlass as well, how we should really think about how the JV is flowing through the P&L, and the impact on EPS over the next few years? And then I have another myopia follow-up.

然後，作為對 SightGlass 的後續關注，我們應該如何真正思考合資企業如何在損益表中流動，以及未來幾年對每股盈餘的影響？然後我還有另一次近視追蹤。

Sure. A couple of points on that. On the joint venture, just as a reminder, it's a 50-50 joint venture with EssilorLuxottica. We are both very passionate about myopia control. And I believe it's going to be a fantastic market and believe it's great for kids, great for society. I'll speak on both of our behalfs to say we're excited about it. We're passionate about it.

當然。關於這一點，有幾點要說。關於合資企業，需要提醒的是，這是與 EssilorLuxottica 的 50-50 合資企業。我們都對控制近視非常熱衷。我相信這會是一個奇妙的市場，對孩子、對社會都有好處。我代表我們雙方表示我們對此感到興奮。我們對此充滿熱情。

When I look at the joint venture financial impact to us, we recognize that activity as a gain or loss below the operating income line. It's not recognized in revenue. That continues to run through our P&L as a loss, which is fine for me. We're continuing to invest in the product and launch the product.

當我審視合資企業對我們的財務影響時，我們將該活動視為營業收入線以下的收益或損失。它不被確認為收入。這將繼續以損失的形式計入我們的損益表，這對我來說很好。我們將繼續對該產品進行投資並推出該產品。

I mentioned last quarter we launched the product in Spain under MiSight glasses, and we have it in Canada and a few other markets. We're continuing to test it in a number of markets as we move along with launch plans in a greater scale.

我上個季度提到，我們在西班牙推出了採用 MiSight 眼鏡的產品，而我們在加拿大和其他一些市場也推出了該產品。隨著我們推進更大規模的發布計劃，我們將繼續在多個市場進行測試。

I'm not going to get into too many details when it comes to China because, again, this is a JV. But I will say that we've seen some dramatic increases in demand and unit activity in China. I remain very, very bullish on SGV. It's a great product, great technology, and it's doing really well live in the market.

我不會談論太多有關中國的細節，因為這是一家合資企業。但我要說的是，我們已經看到中國的需求和單位活動的急劇增長。我仍然非常非常看好 SGV。這是一款很棒的產品，很棒的技術，而且在市場上表現得非常好。

Great, thank you. And then just a follow-up, on MiSight within China. I think you mentioned China declining. Was that really to do with the Ortho-K business, or does that include MiSight within China as well? And just broader comments on the demand and the dynamics you're seeing from MiSight in China would be great. Thank you.

太好了，謝謝。接下來是關於中國境內 MiSight 的後續問題。我認為你提到了中國正在衰落。這真的與 Ortho-K 業務有關嗎？還是也包括中國境內的 MiSight？如果您能就 MiSight 在中國的需求和動態發表更廣泛的評論，那就太好了。謝謝。

Sure. As a reminder, again, for China, for MiSight and our Ortho-K business, that's through our partnership with EssilorLuxottica, they did a great job. We had a good quarter. We had nice growth in MiSight in China. We had nice growth with our Ortho-K products in China. We are back on good footing there and certainly moving in the right direction.

當然。再次提醒一下，對於中國、對於 MiSight 和我們的 Ortho-K 業務，透過與 EssilorLuxottica 的合作，他們做得非常出色。我們度過了一個美好的季度。MiSight 在中國取得了良好的成長。我們的角膜塑形鏡產品在中國取得了良好的成長。我們已恢復良好狀態，並朝著正確的方向前進。

I applaud them in the relationship and how well it's going there. That had nothing to do with our myopia management business in China. That was our core contact lens business, where we saw the decline.

我對他們之間的關係以及進展如此順利表示讚賞。這與我們在中國的近視管理業務無關。這是我們的核心隱形眼鏡業務，我們看到了業務的下滑。

Okay. Great. And just quickly squeeze in a follow-up, the declines in China, is that just tied to broader macro, weaker consumer? Just some color on that would be great.

好的。偉大的。並且快速跟進，中國經濟的下滑是否僅與更廣泛的宏觀經濟和消費者疲軟有關？只要加點顏色就好了。

Sure. I think a little bit, but I think it was more specific to us than it was that. I think some of our competitors, had good quarters in China, and I believe it pushed their numbers up. And if I had to look at one of the key deltas when I look at market share and activity in the quarter, comparing ourselves to our competitors, I'll bet you one of the biggest differences by far, was them having some success in China and us declining. So I think that was more us, some things that we need to fix and straighten out.

當然。我想有一點，但我認為這對我們來說更具體。我認為我們的一些競爭對手在中國的季度表現良好，我相信這推動了他們的業績成長。如果我在查看本季度的市場份額和活動時必須查看一個關鍵的差異，將我們自己與競爭對手進行比較，我敢打賭，迄今為止最大的差異之一是他們在中國取得了一些成功，而我們卻在下滑。所以我認為這更多的是我們的問題，有些事情我們需要修復和理順。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Great. Thanks for taking the questions. Two for me. In the script, you said fertility met your expectations, but only came in 1%, well below the Street. How do I think about the size of the capital pull forward or if it was really pull forward fourth quarter to first quarter? And if it was expected, how do you get confidence in the return to potentially double-digit growth for the rest of the year? And then I have a follow-up.

偉大的。感謝您回答這些問題。對我來說是兩個。在劇本中，您說生育率符合您的預期，但只有 1%，遠低於華爾街的預期。我如何看待資本提前的規模，或者它是否真的從第四季度提前到第一季？如果這是預期的話，您如何對今年剩餘時間內可能恢復兩位數成長抱有信心？然後我有一個後續問題。

That's a very fair question. We definitely had some capital pulled into Q4. I think I may have mentioned that on the last call, but it was a decent amount of capital that got pulled in. And then we've had a little bit get pushed out a little bit.

這是一個非常公平的問題。我們確實在第四季吸引了一些資本。我想我可能在上次電話會議上提到過這一點，但確實吸引了相當多的資金。然後我們就有一點點被推開了。

Our capital backlog for installations improved quite a bit during the quarter, and we have good visibility on that. So one, I feel good from that perspective.

本季度，我們的安裝資本積壓有了很大改善，並且我們對此有很好的了解。所以，從這個角度來看我感覺很好。

Two, when I look year over year, we definitely had orders pulled into Q1 of last year, and we had a weaker fertility quarter in Q2, which made it a tough comp. So when we move into Q2 here, and for the rest of the year, I feel pretty good about fertility. I think fertility is something like 14 of our last 15 quarters with double-digit growth. So to me, this was just an anomaly. We have good visibility on that.

其次，當我回顧去年同期時，我們確實在去年第一季獲得了訂單，而第二季的生育季度表現較弱，這使得比較起來比較困難。因此，當我們進入第二季度以及今年剩餘時間時，我對生育能力感覺相當良好。我認為，在過去 15 個季度中，生育率有 14 個季度實現了兩位數成長。所以對我來說，這只是一個異常現象。我們對此有很好的認識。

Our demand for our consumables is strong. Demand for our reproductive genetic testing is strong. Our donor activity is strong. The team's really got their arms around it. That's why I called it a blip. It seems like an oddity, but I feel pretty confident that you'll see a return to something more normal, at least upper single digits and double digits for the rest of the year.

我們對消耗品的需求很強烈。我們對生殖基因檢測的需求很強。我們的捐贈活動很活躍。該團隊確實已經全力以赴了。這就是為什麼我稱之為曇花一現。這似乎很奇怪，但我非常有信心，你會看到情況恢復正常，至少在今年剩餘時間內會恢復到個位數和兩位數的水平。

Great. And then on China, APAC is about 20% of CVI sales. How do we think about the size of China there? And what's assumed in the rest of the year for guidance in China? Thanks.

偉大的。然後是中國，亞太地區約佔 CVI 銷售額的 20%。我們如何看待中國的規模？那麼，今年剩餘時間中國經濟的預期如何？謝謝。

Sure. China would be a little bit less than 5% of our revenues on a consolidated basis. Not huge, but it's an important market for us. It can certainly, definitely impact our Asia-Pac growth rates when you have a struggle in China, especially when it's down.

當然。從合併數據來看，中國市場占我們總收入的比例略低於 5%。雖然不是很大，但對我們來說是一個重要的市場。當你在中國遇到困難時，尤其是在經濟低迷的時候，這肯定會影響我們亞太地區的成長率。

We've done some stuff there. We've already made some changes. We have some work going. We're seeing some progress already on that.

我們在那裡做了一些事情。我們已經做出了一些改變。我們正在進行一些工作。我們已經看到這方面取得了一些進展。

We have incorporated those challenges into our guidance. It's being more than offset by some strength in some other countries and by the increasing amount of MyDay capacity that we're releasing back through our channels.

我們已將這些挑戰納入我們的指導中。一些其他國家的強勁表現以及我們透過通路釋放的 MyDay 容量的增加，抵消了這一增長。

Steve Lichtman, Oppenheimer.

奧本海默的史蒂夫·利希特曼。

Thank you. Evening, guys. Al, I was wondering if you could talk to what you're expecting for price in your contact lens business this year. And has some of the softening consumer sentiment created any pushback to date?

謝謝。晚上好，各位。Al，我想知道您是否可以談談您對今年隱形眼鏡業務的價格預期。到目前為止，消費者信心的疲軟是否造成了一些阻力？

I would say no change from what we talked about last time. The market is probably, on a global basis, 2% to 3%, somewhere in there. I would say we're in that same range on a net basis, probably more in the mid- upper part of that, because we took a little bit more price than some of our competitors this year.

我想說，與我們上次討論的內容相比沒有什麼變化。從全球範圍來看，市場佔有率大概在 2% 到 3% 之間。我想說，我們的淨利潤處於同一範圍內，可能更偏向中上部分，因為今年我們的價格比一些競爭對手高一點。

Have not seen that pushback. We're continuing to see very strong demand for the premium or the higher-priced products, the torics, the multifocals. And then from a segment perspective, still seeing very high demand for our products, and our consumers wanting the same when it comes to dailies, wanting to wear dailies.

還沒看到這種反擊。我們持續看到對高端或高價產品、散光鏡片和多焦點鏡片的強勁需求。然後從細分市場的角度來看，我們仍然看到對我們的產品有很高的需求，而且我們的消費者對日常產品也有同樣的要求，希望每天佩戴。

Got it. Thanks. And then Brian, I just wanted to go back to mix of expenses this year. You talked about the strength in gross margin. You also talked about some of the initiatives on MiSight. Are those initiatives already embedded in sort of what we saw in the OpEx in the first quarter? Or should we anticipate that building a little bit? Anything more you could talk about on that front would be helpful. Thanks.

知道了。謝謝。然後布萊恩，我只是想回顧今年的支出組合。您談到了毛利率的優勢。您還談到了 MiSight 的一些舉措。這些措施是否已經融入我們在第一季的營運支出中？或者我們應該稍微預測一下這棟建築？如果您能就此方面進行更多討論，將會很有幫助。謝謝。

Sure, Steve. Thanks for the question. Yeah. We've talked about leveraging SG&A. We did that last year with our strong OI growth. We'll continue to see efficiencies within manufacturing, packaging, and distribution.

當然，史蒂夫。謝謝你的提問。是的。我們已經討論過如何利用銷售、一般和行政費用 (SG&A)。去年，我們憑藉強勁的 OI 成長實現了這一目標。我們將繼續看到製造、包裝和分銷方面的效率提高。

But we're getting leverage from functional areas within G&A. But the strong gross margins will allow us to balance our investment activity and really ensure that we meet or beat our numbers. So we'll continue to see an ebb and flow as we work through the year.

但我們正在從 G&A 內的職能領域中獲得槓桿作用。但強勁的毛利率將使我們能夠平衡投資活動，並真正確保我們達到或超越我們的目標。因此，在全年的工作中，我們將繼續看到這種起伏。

(Operator Instructions)

（操作員指示）

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good evening, and thank you for taking the question. I'll just put them both upfront. I'm curious if you have a view on some of the language coming out of Washington as it relates to tariffs and how you think about that and its impact on your business?

晚上好，感謝您回答這個問題。我會把它們都放在前面。我很好奇，您對華盛頓有關關稅的一些言論有何看法，以及您如何看待這個問題及其對您的業務的影響？

And then my second question has to do with the market. As I look at all the participants that have reported so far, including yourself, there seems to be a market growing faster than 5% to 7%. What is the mismatch between lining up everybody's results and those market growth commentaries? Thank you.

我的第二個問題與市場有關。當我看到包括您在內的所有迄今為止報告的參與者時，似乎有一個市場的成長速度超過了 5% 到 7%。每個人的結果和市場成長評論之間有什麼不匹配之處？謝謝。

I won't go too far into what's coming out of the administration and tariffs other than to say it doesn't really impact us right now. So, I won't go down that path, because I don't have to.

我不會過多談論政府和關稅的出台，只能說它現在並沒有真正影響到我們。所以，我不會走那條路，因為我沒有必要。

On the market growth, the market grew 7% last year. As I mentioned, we grew 8%. I commented that I think the market will grow 5% to 7%. We'll see how that plays out as we go through the year. But the underlying factors that drove that 7% market growth last year are still there. They're still there. The market is still healthy. It's still strong. We're seeing good consumption. We're seeing good demand. We've got good products, as an industry, that are going into the marketplace, increasing availability, replacement schedule against older products with newer products.

在市場成長方面，去年市場成長了7%。正如我所提到的，我們成長了 8%。我評論說我認為市場將成長5%至7%。我們將會看到這一情況在今年將如何發展。但推動去年市場成長 7% 的根本因素仍然存在。它們還在那裡。市場依然健康。它仍然很強大。我們看到消費情況良好。我們看到了良好的需求。作為一個行業，我們擁有優質的產品，這些產品正在進入市場，可用性不斷提高，新產品正在取代舊產品。

So a lot of good, exciting things going in the market. I don't know if the market goes to 7% again. I sure hope it does. But when I look at it and say, hey, is it going to be somewhere in that 5% to 7%, I think it probably will be.

因此，市場上出現了很多好的、令人興奮的事情。我不知道市場是否會再次達到 7%。我當然希望如此。但當我看著它並說，嘿，它會在 5% 到 7% 之間時，我認為它可能會。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Hey. Good evening. Thanks for checking the questions. Al, I wanted to start on the MyDay MiSight reference. You commented you're doing early launch planning. I know it's early, but what exactly does this entail? What are the prerequisites or trial work that might be necessary here?

嘿。晚安.感謝您檢查這些問題。Al，我想開始參考 MyDay MiSight。您評論說您正在進行早期發布規劃。我知道現在還早，但這到底代表什麼？這裡可能需要哪些先決條件或試驗工作？

And then also I know it's very early days, but talk to us a little bit about pricing strategy, if you could. I guess I'm wondering, we typically see silicone hydrogel lenses come with a standard price premium. Is that the right way to think about the approach or you walk it on what the premium on top of MiSight? Or would you look to slot this new lens in at your existing price point and use the introduction as a way to make price on MiSight more affordable?

而且我也知道現在還為時過早，但如果可以的話，請與我們談談定價策略。我想我感到奇怪，我們通常會看到矽水凝膠鏡片帶有標準價格溢價。這是思考方法的正確方式嗎？或者您是否在考慮 MiSight 之上的溢價？或者您希望以現有的價格水平安裝這款新鏡頭，並利用介紹的方式使 MiSight 的價格更實惠？

Yeah, Jason. Great questions. It's literally what we're talking about internally right now. There is some regulatory work that we have to do in different markets to get the product approved into the markets. That will take us a little bit of time.

是的，傑森。很好的問題。這其實就是我們現在內部討論的事情。我們必須在不同的市場進行一些監管工作，才能讓產品獲得市場批准。這需要花費我們一點時間。

Then we're working around the strategy. MyDay has an incredibly strong brand name. I love MyDay MiSight because it's perfect. It's two leading products connected together.

然後我們圍繞該策略開展工作。MyDay 擁有非常強大的品牌知名度。我喜歡 MyDay MiSight，因為它很完美。這是兩種領先產品的結合。

When I think about pricing, that's something we're working through right now. We need to work through it, which is, does pricing need to be lower on the more traditional MyDay lens with a higher-priced MyDay MiSight? Or how do we put those together? How do we sell that through private label? How do we sell that through independent practitioners? How do we think about ensuring that children can get this product?

當我考慮定價時，這就是我們現在正在努力解決的問題。我們需要解決這個問題，即更傳統的 MyDay 鏡片的定價是否需要更低，而價格更高的 MyDay MiSight 的定價是否需要更高？或者我們如何將它們組合在一起？我們如何透過自有品牌銷售它？我們如何透過獨立從業者銷售它？我們如何考慮確保孩子們能夠獲得這種產品？

One of the things I remain passionate about is that this is for children, and we need to get this product in the eyes of children. If price is a challenge and we could sell more if we had a lower priced product, especially a really high-quality one, like the existing MiSight product, I'd be an advocate for that, even if it caused us some challenges of getting there.

我一直熱衷的事情之一是，這是為孩子們準備的，我們需要讓孩子們看到這個產品。如果價格是一個挑戰，而我們如果擁有價格較低的產品就能賣出更多產品，尤其是像現有的 MiSight 產品這樣的真正高品質的產品，那麼我會提倡這樣做，即使這會給我們帶來一些挑戰。

Getting this product on kids' eyes, and building this marketplace is really important. We are continuing to work through that internally, figure out that pricing strategy because at the end of the day, this is a big win. It's just a matter of how we get there.

讓孩子們看到這個產品並建立這個市場非常重要。我們正在繼續內部研究這個問題，制定定價策略，因為最終這是一個巨大的勝利。這只是我們如何到達那裡的問題。

And I can tell you this is a big step. The other thing with MyDay MiSight is it's going to have a toric. And there's a decent percentage of the marketplace right now, maybe it's a third of the kids out there, where optometrists are hesitant to fit MiSight because the kid has an astigmatism. We're going to be able to launch a MyDay MiSight toric, and that's going to be another great entrance into this market.

我可以告訴你，這是一個重大的進步。MyDay MiSight 的另一個特點是它具有散光鏡片。目前市面上有相當一部分孩子，大概是三分之一，驗光師都不願意為他們配戴 MiSight，因為這些孩子有散光。我們將推出 MyDay MiSight 散光鏡，這將是我們進入市場的另一個重大舉措。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Thank you. I'll keep it to one. US target penetration could you remind us where you think we're up to today in toric penetration for those who are astigmatic. And from the market research you guys are doing, maybe a dumb question, but what proportion of those do you think who have not switched to toric. Is it because they don't know they are astigmatic, or is it because they're choosing somehow not to for one reason or other? What's the marginal flip there, if you see what I mean?

謝謝。我會將其保留為一個。您能否提醒我們，對於散光患者來說，您認為我們目前的散光滲透率處於什麼水平？從你們所做的市場調查來看，這可能是個愚蠢的問題，但你們認為有多少比例的人還沒有改用 toric 呢？是因為他們不知道自己有散光，還是因為他們因為某些原因選擇不去知道？如果你明白我的意思，那麼那裡的邊際翻轉是什麼？

It's a great question and a long answer. Just because when you break that toric market up into its segments and you look at monthly versus dailies and a lot of the daily torics are newer into the marketplace. And then depending upon what markets you're looking at with expanded range of torics, it gets pretty broad.

這是一個很好的問題，答案也很長。只是因為當您將環面市場分成各個部分並比較月刊和日報時，您會發現很多日報環面市場都是新進入的。然後，根據您所關注的市場，隨著環面鏡範圍的擴大，其範圍變得相當廣泛。

The other thing about it is that your toric penetration in a market like the US is quite a bit higher than it is in Europe. And then it would be the lowest, generally speaking, in a lot of the Asia-Pac markets.

另一件事是，你們在美國等市場的Toric滲透率比在歐洲高得多。一般來說，它是亞太地區許多市場中最低的。

It's clearly showing a lot of growth. It's good growth. If you looked at it on a revenue perspective, it used to be running for many years about 25% of revenues coming from torics. That number continues to move up. I'm not sure what it's at now, 30% something like that, low-30s. Because doctors are doing a better job identifying patients who have astigmatisms and then fitting them correctly. And the old days where it was super difficult to fit someone in a toric and get the right toric and get a stable toric, a lot of those days are moving past us.

它顯然顯示出了很大的增長。這是很好的成長。如果從收入角度來看，多年來，該公司約有 25% 的收入來自環面鏡。這個數字還在持續上升。我不確定現在是多少，30% 左右，或 30% 出頭。因為醫生在識別患有散光的患者並為他們進行正確配鏡方面做得更好。過去，為某人安裝散光鏡片、獲得合適的散光鏡片以及獲得穩定的散光鏡片都是非常困難的，但這些日子已經一去不復返了。

The Biofinity toric is such a great design and such a stable product. And that same design being in MyDay gives you a lens that as a doctor, you're very comfortable fitting. You know you can fit it. You know that visual acuity is going to be strong. And you know the patient is going to walk out the door happy with that product.

Biofinity toric 的設計非常出色，產品也非常穩定。MyDay 中的相同設計為您提供了一款鏡片，作為醫生，您可以非常舒適地佩戴它。你知道你可以適應它。你知道視力會變強。而且您知道患者將會對該產品感到滿意。

So without getting into a bunch of crazy numbers, I would say penetration is highest in the US, Americas, middle woud be Europe, then low in Asia-Pac, but growing in all areas. And the majority of that growth coming either from daily silicone hydrogels or from Biofinity itself.

因此，無需考慮大量瘋狂的數字，我想說滲透率最高的是美國和美洲，中間是歐洲，然後是亞太地區，但所有地區都在成長。其中大部分增長來自日常矽水凝膠或 Biofinity 本身。

Craig Bijou, Bank of America.

美國銀行的克雷格‧比喬 (Craig Bijou)。

Good afternoon, guys. Thanks for taking the questions. A couple of follow-ups for me. One, Al, maybe a follow-up on the cadence of CVI growth through the year. I heard your comments on Q3, Q4, those are expected to be strong. You have a pretty tough comp in Q2.

大家下午好。感謝您回答這些問題。對我來說還有幾項後續事宜。首先，Al，也許應該跟進一下全年 CVI 成長的節奏。我聽到了您對第三季、第四季的評論，預計這些評論會很強勁。你們在第二季的競爭相當激烈。

So maybe just a little bit more expansion on how to think about that growth in each of the quarters. And then I'll throw my other one on here. EMEA with 6% growth this quarter, slightly lower than kind of the double digit that you guys have been doing in the last couple of years. So just wanted to understand anything with EMEA specifically in Q1 and how to think about that for the rest of the year? Thanks, guys.

因此，也許我們只需要稍微擴展一下如何看待每個季度的成長。然後我會把另一個丟到這裡。歐洲、中東和非洲地區本季成長 6%，略低於過去幾年的兩位數成長。所以只是想了解第一季 EMEA 的具體情況以及如何考慮今年剩餘時間的情況？謝謝大家。

Sure. EMEA has been putting up good growth here for a little while, just a fantastic team over there that's killing it. I’ve got to get over there and see them, because it's been a little while since I've been there. I should go there and tip my hat to the level of excellence that that team is delivering.

當然。歐洲、中東和非洲地區 (EMEA) 一段時間以來一直保持著良好的成長勢頭，這要歸功於那裡一支出色的團隊。我得去那裡看看他們，因為我已經有一段時間沒去那裡了。我應該去那裡，向那支球隊所表現出的卓越水平致敬。

But I wouldn't take anything away from the 6%. I think they have put up good numbers, and they're going to continue to put up good numbers.

但我不會從 6% 中拿走任何東西。我認為他們已經取得了不錯的成績，而且他們將繼續取得不錯的成績。

If I look at CooperVision growth through the year, Q2 is going to be a fine quarter. It's a tough comp, but it's going to be a good quarter. Q3, Q4 have potential to have faster organic growth rates. Maybe the only other wrinkle I'd mention, as you know, Brian just ended his script talking about the fact that we didn't roll in the improvements from improved FX over the last couple of days. That is a benefit to earnings if those rates hold. They would also be a benefit to top line, and those benefits would push more on a forward basis, which would positively impact Q3 and Q4 on an as-reported basis.

如果我看一下 CooperVision 全年的成長情況，第二季將會是一個很好的季度。這是一個艱難的競爭，但這將是一個好的季度。Q3、Q4 有可能實現更快的有機成長率。也許我要提到的另一個問題是，正如你所知，布萊恩剛剛結束了他的腳本，談到我們在過去幾天沒有從改進的 FX 中獲得改進這一事實。如果這些利率保持不變，這將有利於獲利。它們也會為營收帶來好處，而這些好處將在未來產生更大的推動作用，從而對報告的第三季和第四季產生積極影響。

Brett Fishbin, KeyBanc.

布雷特·菲什賓（Brett Fishbin），KeyBanc。

Hey, guys. Thank you very much for fitting in the questions. Just wanted to ask one follow-up on Paragard. First time that there's been a new entrant into this market in really a long time. So just curious if you could touch on maybe any changes in strategy that you'd be considering just given the changing dynamics maybe either around pricing or the marketing of the product? Thank you.

嘿，大家好。非常感謝您提出這些問題。只是想問一下有關 Paragard 的後續問題。這是很長一段時間以來第一次有新企業進入這個市場。所以我很好奇，您是否可以談談，考慮到不斷變化的動態，例如圍繞定價或產品行銷，您是否正在考慮進行任何策略調整？謝謝。

To me, continue to execute, that's what it's about. We've got a killer team there. They do a great job. They know the product extremely well. We went through a relatively lengthy FDA approval process to get our new single-hand inserter approved. We're putting that product in the market, making sure everyone knows how to use it.

對我來說，繼續執行，這就是意義所在。我們在那裡有一支殺手團隊。他們做得很好。他們非常了解該產品。我們經歷了一個相對較長的 FDA 審批流程，才使我們的新型單手插入器獲得批准。我們將該產品推向市場，確保每個人都知道如何使用它。

So to me, it's no, you don't need to change. We need to keep executing. We need to keep doing what we're doing. We just had a really good Q1. Let's keep our heads down and keep executing and drive end-user unit growth on that because that's ultimately what's going to improve that product's performance.

所以對我來說，你不需要改變。我們需要繼續執行。我們需要繼續做我們正在做的事情。我們剛剛度過了一個非常好的第一季。讓我們埋頭苦幹，繼續執行，推動最終用戶單位的成長，因為這最終將提高該產品的效能。

And then I'll ask one more follow-up on the same topic. I think you highlighted a couple of the advantages of Paragard versus this product. I think you touched on your efficacy and duration, but it feels like those are definitely good points. But just thinking about what's incorporate it into the guidance, it feels like still a pretty tight range just given how the product has swung positive and negative at times in the past.

然後我會就同一主題再問一次後續問題。我認為您強調了 Paragard 相對於該產品的幾個優勢。我認為您提到了功效和持續時間，但感覺這些絕對是很好的觀點。但是，只要考慮將其納入指導範圍，考慮到產品過去有時會出現正向和負向波動，感覺範圍仍然相當狹窄。

Maybe just any thoughts on like risk to that guidance and like how you'll be evaluating that going forward. Thanks again.

也許只是對該指導的風險以及您將如何評估未來風險的任何想法。再次感謝。

I think the key to take away on that is we have all this variability by quarter with that product, which is interesting. Last year, we grew 2%, if I remember right. But the 2% came from some pretty dramatic swings up and down. It won't surprise me if that's similar to this year where we get some dramatic swings up and down.

我認為關鍵在於該產品每個季度都有變化，這很有趣。如果我沒記錯的話，去年我們的成長了 2%。但這 2% 的漲跌幅度相當劇烈。如果今年的情況與今年類似，出現一些劇烈的波動，我不會感到驚訝。

I think when you look back on it on a full-year basis, it's probably somewhere in that tighter range, because really that's what it's doing. When I look at the non-hormonal market from a unit perspective, it's really not doing that much. It's down probably from a unit perspective. You're getting a little bit of price. And at the end of the day, you'll get quarterly fluctuations, but the reality is you'll have a product that's relatively flat. Hopefully, it's up a little bit.

我認為，當你從全年角度回顧時，它可能會處於更狹窄的範圍內，因為它確實就是這樣做的。當我從單位角度看待非荷爾蒙市場時，它確實沒有發揮太大的作用。從單位角度來看，它可能會下降。您得到了一點好處。最終，您會得到季度波動，但實際情況是，您的產品是相對平穩的。希望它能稍微上升一點。

Young Li, Jefferies.

Young Li，傑富瑞。

All right. Great. I guess maybe on CSI to start. Fertility was an unusual quarter, as you mentioned. The office business faced some bumps. But I wanted to get your updated views on continued thoughts on M&A or continued investments in CSI, whether it's geographic expansion or products to expand the back?

好的。偉大的。我想也許從《犯罪現場調查》 (CSI) 開始。正如您所說，生育率是一個不尋常的季度。辦公業務遇到了一些困難。但我想了解您對繼續進行併購或繼續投資 CSI 的最新看法，無論是地理擴張還是擴大後方的產品？

I would certainly say we've seen an increase in our R&D within CSI. We're going to continue to work there to develop new products. We are spending some money certainly within fertility and some within our specialty medical device side in geographic expansion. I think you'll continue to see that. That's where our focus is certainly with respect to CooperSurgical.

我可以肯定地說，我們已經看到 CSI 內部研發的增加。我們將繼續在那裡努力開發新產品。我們肯定會在生育領域投入一些資金，也會在專業醫療器材方面投入一些資金，以進行地理擴張。我想你會繼續看到這一點。就 CooperSurgical 而言，這當然是我們的重點。

Okay. Great. And then a follow-up just on the CVI spherical growth. 3% organic comps wasn't too bad. I guess tougher later in the year. When you factor in maybe some upgrades and pricing, it looks like volume (technical difficulty) I guess, curious (technical difficulty) you're expecting the second half to have a big increase. Just wanted to hear about the relative confidence for spherical growth for the rest of the year? And what's sort of driving the comp (technical difficulty) the second half (technical difficulty)?

好的。偉大的。接著是關於 CVI 球形生長的後續研究。 3% 的有機成分還不算太糟。我想今年晚些時候會更加艱難。當你考慮到一些升級和定價時，看起來數量（技術難度）我猜，好奇（技術難度）你預計下半年會有大幅成長。只是想聽聽對今年剩餘時間球形增長的相對信心？是什麼導致了下半場的技術難度（技術難度）？

Sure. That's a really good question. The thing that's driving that is MyDay. Anytime that you're building out a toric expanded range, and we have by far the widest toric range in the market, is you're building a lot of parameters. You're building a lot of SKUs, a lot of lenses out there. And we've been doing a lot of work on that.

當然。這真是一個好問題。推動這項進程的是 MyDay。任何時候，當您建立一個散光擴展範圍時，您都在建立許多參數，而我們目前擁有市場上最廣泛的散光範圍。您正在建立大量的 SKU，大量的鏡頭。我們為此做了大量工作。

So as we accelerate our production right now, we are increasing our production levels on our spheres, and it's going to allow us to get more spheres into the marketplace. So that ends up being the answer. It's MyDay spheres.

因此，隨著我們現在加快生產，我們正在提高球體的生產水平，這將使我們能夠將更多的球體推向市場。這就是最終的答案。這是 MyDay 領域。

Chris Pasquale, Nephron Research.

克里斯‧帕斯誇萊 (Chris Pasquale)，腎元研究機構。

Thanks. One quick financial question and then I had a follow-up on MiSight. On the financial side, you mentioned that the recent dollar weakness is not reflected in guidance. Can you remind us what you're assuming in terms of interest rates and whether any movement by the Fed could also represent some upside?

謝謝。我快速詢問了一個財務問題，然後對 MiSight 進行了跟進。在財務方面，您提到近期美元疲軟並未反映在指引中。您能否提醒我們，您對利率的假設是什麼，以及聯準會的任何舉動是否也可能帶來一些好處？

And then on MiSight, to get to that 40% goal for the year, growth does need to pick up from here. Is MyDay MiSight part of how you get there? Or is that really more of an FY26 story and you think 40% is within reach without it?

然後就 MiSight 而言，為了實現今年 40% 的目標，成長確實需要從現在開始回升。MyDay MiSight 是您實現這一目標的一部分嗎？或者這實際上更像是 FY26 故事，您認為即使沒有它，40% 也是可以實現的？

I'll answer that one quickly. MyDay MiSight would be a fiscal '26 story. So that is not included in '25 numbers. That will be an increase in MiSight sales based off our existing platform.

我會很快回答這個問題。MyDay MiSight 將會是 26 財年的一個故事。所以這不包括在 25 個數字中。基於我們現有的平台，這將會增加 MiSight 的銷售量。

Chris, I'll take the first question. Interest expense or at least the Fed expectations, there's no expectation of any Fed moves later this year. As a reminder, we have a large part of our debt fixed as it is. So really a quarter point move really only has about $0.5 million impact or so to a quarter. But our interest expense assumptions for the year are largely unchanged.

克里斯，我來回答第一個問題。利息支出或至少是聯準會的預期，預計今年稍後聯準會不會採取任何舉措。提醒一下，我們的大部分債務都已經解決。因此，四分之一點的變動實際上僅對四分之一產生約 50 萬美元的影響。但我們對今年的利息支出假設基本上沒有改變。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Thanks. A few quick ones here. One would just be on contact lens inventory trends, both at the distributor level but as well as big box retailers, looking at Costco here. After hours, it is down. and one of the things they're talking about is how tariff is kind of impacting what they're going to have on the shelf.

謝謝。這裡簡單列舉幾個。其中一個就是關注隱形眼鏡庫存趨勢，既包括經銷商層面，也包括大型零售商，這裡以 Costco 為例。幾個小時後，它就癱瘓了。他們討論的事情之一是關稅將如何影響貨架上的商品。

And I imagine tariffs are also going to have an impact at the distributor level. You guys have 10 distributors on the CVI side. So do you think there's any risk just on a destock or a tighter inventory situation in contact lenses?

我認為關稅也會對經銷商產生影響。你們在 CVI 方面有 10 家經銷商。那麼，您是否認為隱形眼鏡去庫存或庫存緊張會帶來風險？

And then on CSI, just any thoughts on the executive order on IVF. On the one hand, it calls for expanded access which is good. But on the other side of the equation, it's calling for reduced out-of-pocket expenses and lower health care costs. So just thoughts on that executive order. Thanks.

然後關於 CSI，我對 IVF 行政命令有什麼看法。一方面，它呼籲擴大准入，這是好事。但另一方面，它呼籲減少自付費用並降低醫療保健成本。這只是對該行政命令的一些想法。謝謝。

On the IVF side of things, I think that executive order, and I won't say just that one, because there's been other activity around the world. That is all positive. Continuing to look at pricing on that and what needs to be done in pricing is an ongoing challenge. Frankly, our products are a relatively small portion of the costs associated with fertility. That cost gets very heavily driven by the pharma side.

就 IVF 方面而言，我認為行政命令，而且我不會只說這一點，因為世界各地還有其他活動。這一切都是正面的。繼續關注定價以及定價時需要做什麼是一個持續的挑戰。坦白說，我們的產品只佔生育相關成本的一小部分。這一成本很大程度是由製藥方面造成的。

But more patients and more support for IVF is a positive. On the channel inventory side of things, there could be a little bit of risk of that in spots around the world, talking about tighter channel inventory that could hit people as companies tighten up their hold levels. I will say that for us, speaking on behalf of Cooper, a lot of that is set up around contractual obligations where certain minimums need to be met because of the demand of the product and the flow-through of the product.

但更多的患者和對 IVF 的更多支持是一件積極的事。從渠道庫存來看，世界各地可能都存在一些風險，隨著公司收緊庫存水平，渠道庫存趨緊可能會對人們造成衝擊。我想說的是，對於我們來說，代表 Cooper 發言，其中許多都是圍繞合約義務而設立的，由於產品的需求和產品的流通，需要滿足某些最低要求。

So I don't see that as a significant risk or anything. That doesn't mean that there's not some fluctuations that could happen on a quarterly basis.

所以我不認為這是一個重大風險。這並不意味著每季不會發生一些波動。

Navann Ty, BNP Paribas.

法國巴黎銀行的 Navann Ty。

Hi. Thanks for taking my questions. Can you discuss further your private label contracts or any high customer concentration or typical length of contract, et cetera? And on Paragard, what have you seen since the approval of the low-copper IUD that you mentioned? And do you expect less than competitive impact due to the nickel allergy. Thank you.

你好。感謝您回答我的問題。您能否進一步討論您的自有品牌合約或任何高客戶集中度或典型的合約期限等？關於 Paragard，自從您提到的低銅子宮內避孕器獲得批准以來，您看到了什麼？您是否認為鎳過敏會對競爭造成較小影響？謝謝。

Sure. On the private label contracts, we have a lot of them, and they span in time. Obviously, when you sign them, they're longer. And time goes by, and they go down; you renegotiate them and extend them. We have contracts that go out as long as 10 years, A lot of contracts are in the 2-, 3-, 4-, 5-year range because both of us are making a commitment on both sides.

當然。關於自有品牌合同，我們有很多，而且跨度很長。顯然，當你簽名時，它們會更長。隨著時間流逝，他們也倒下了；你重新協商並延長它們。我們的合約最長為 10 年，許多合約的期限為 2 年、3 年、4 年或 5 年，因為我們雙方都做出了承諾。

We're making a commitment to have that product, and labeled, and produced, and shipped to someone's stores. They're making a commitment around it, that they're going to build a brand around it and continue to sell it. So those are very much partnership type deals. And there's just a lot of them. It's a very diverse portfolio of products, and it even has multiple brands to the same customer and numerous examples in different geographic locations.

我們承諾提供該產品，貼上標籤，生產並運送到某人的商店。他們對此做出了承諾，他們將圍繞它建立一個品牌並繼續銷售它。所以這些都是非常合作類型的交易。而且這樣的人還有很多。它的產品組合非常多樣化，甚至針對同一客戶有多個品牌，並且在不同的地理位置有許多樣品。

With Paragard, I really don't have too much to add on that. A competitive product was approved, and we'll see what they do with it. And when they launch it, and how they launch it, and they have to go through the full REMS process on that for training. They'll do what they're going to do. In the meantime, we'll do what we're going to do.

有了 Paragard，我真的沒有太多要補充的。一款競爭產品已獲批准，我們將看看他們會如何處理它。當他們啟動它時，以及如何啟動它，他們必須經過完整的 REMS 流程進行培訓。他們會做他們想做的事。同時，我們會做我們要做的事。

David Saxon, Needham and Co.

大衛‧薩克森（David Saxon），尼德漢姆公司

Great. Hey, guys. Good afternoon. Thanks for squeezing me. And just two quick ones. First on CVI, I think in the script, you mentioned you realigned the sales force in the myopia management part of the business. What drove that move? What's changing and kind of level of confidence you can manage that transition without anything falling through the cracks?

偉大的。嘿，大家好。午安.謝謝你擠壓我。簡單說兩點。首先關於 CVI，我想在腳本中您提到您重新調整了業務中近視管理部分的銷售人員。是什麼促使了這項舉動？發生了什麼變化？您有什麼樣的信心能夠順利完成這項轉變，而不會出現任何問題？

And then my second is just a follow-up on Paragard. I think a lot of that growth has been driven by pricing. So with this new launch kind of how are you thinking about your ability to continue to take price and see that product grow? Thanks so much.

我的第二個作品是對 Paragard 的後續作品。我認為這種成長很大程度上是由定價推動的。那麼，隨著這款新產品的推出，您如何看待自己繼續保持價格優勢和推動產品成長的能力？非常感謝。

Sure. On Paragard, that's a fully reimbursed product. IUDs are fully reimbursed. So that is what it is. We'll see how that plays out in time. We're taking a price increase right now. It's an inflationary plus price increase. But I think you'll continue to see that.

當然。對於 Paragard 來說，這是一種完全報銷的產品。子宮內避孕器費用可全額報銷。事實就是這樣。我們將拭目以待事情最終會如何發展。我們現在正在提高價格。這是通貨膨脹加上價格上漲。但我認為你會繼續看到這一點。

On the sales force work that we're doing with respect to myopia management, MiSight, in particular, that work's done. We went ahead and made those moves and adjusted just some of our sales practices there. You'll remember over the years, I've talked about how we shifted over to dedicated salespeople and specialists who are able to work on myopia control.

關於我們在近視管理方面所做的銷售團隊工作，特別是 MiSight，這項工作已經完成。我們繼續採取這些舉措並調整了那裡的一些銷售實踐。您會記得，這些年來，我曾談論過我們如何轉向專門的銷售人員和能夠控制近視的專家。

And we have just an amazing team there. I'm super happy with and super proud of the myopia management specialists that we have in the marketplace and the education they're doing and the travel and the work they do to support that product. By reorganizing the sales a little bit to put it more in the hands of our traditional sales force that's really strong, that's just going to benefit that product. And we're already seeing some of that play out.

我們在那裡有一支出色的團隊。我對我們市場上的近視管理專家以及他們為支持產品所做的教育、旅行和工作感到非常高興和自豪。透過稍微重組銷售，將銷售業務更多地交給我們非常強大的傳統銷售隊伍，這將有利於該產品。我們已經看到了一些這樣的情況。

As I mentioned, we saw acceleration as we went through Q1. So that's one of the things that gives me confidence as I think about us reaching that 40% for the full year.

正如我所提到的，我們在第一季看到了加速。因此，當我想到我們全年將達到 40% 的目標時，這是讓我充滿信心的事情之一。

That concludes the question-and-answer session. I would like to turn the call back over to Al White for closing remarks.

問答環節到此結束。我想將電話轉回給艾爾懷特 (Al White) 做最後發言。

Great. Thank you. Thank you, operator, and thank you, everyone, for taking the time to listen to the call today. There's not really too much to add at this point. Looking forward to continuing to execute this quarter, and I'm really looking forward to getting on our next earnings call here at the end of May. Thank you.

偉大的。謝謝。謝謝接線員，也謝謝大家今天抽空聽取電話。目前確實沒有太多內容需要補充。我期待繼續執行本季的工作，我非常期待在五月底召開下一次收益電話會議。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。