酷柏 (COO) 2025 Q2 法說會逐字稿

Hello, thank you for standing by. This time I'd like to welcome you to the Q2 2025 CooperCompanies earnings conference call. (Operator Instructions) I would now like to turn the conference over to Kim Duncan, VP of Investor Relations, and Risk Management. Please go ahead.

您好，感謝您的支持。這次，我歡迎您參加 CooperCompanies 2025 年第二季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係和風險管理副總裁 Kim Duncan。請繼續。

Good afternoon, and welcome to CooperCompanies’ second quarter 2025 earnings conference call. During today's call, we will discuss the results and guidance included in the earnings release and then use the remaining time for questions. Our presenters on today's call are Al White, President and Chief Executive Officer; and Brian Andrews, Chief Financial Officer and Treasurer.

下午好，歡迎參加 CooperCompanies 2025 年第二季財報電話會議。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 和財務長兼財務主管 Brian Andrews。

Before we begin, I'd like to remind you that this conference call will contain forward-looking statements, including statements relating to revenues, EPS, cash flows, FX and tax rates, tariffs, and other financial guidance and expectations, strategic and operational initiatives, market conditions and trends, and product launches and demand. Forward-looking statements depend on assumptions, data or methods that may be incorrect or emphasized and are subject to risks and uncertainties. Events that could cause our actual results and future actions of the Company to differ materially from those described in forward-looking statements are set forth under the caption, “Forward-Looking Statements”, in today's earnings release and are described in our SEC filings including Cooper's Form 10-K and Form 10-Q filings, all of which are available on our website at coopercos.com.

在我們開始之前，我想提醒您，本次電話會議將包含前瞻性陳述，包括與收入、每股收益、現金流量、外匯和稅率、關稅和其他財務指導和預期、策略和營運舉措、市場狀況和趨勢以及產品發布和需求有關的陳述。前瞻性陳述依賴可能不正確或強調的假設、數據或方法，並受風險和不確定性的影響。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存在重大差異的事件已在今天的收益報告中的“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 Cooper 的 10-K 表和 10-Q 表文件，所有這些文件均可在我們的網站 coopercos.com 網站上查閱。

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 e-mail ir@cooperco.com. And now I'll turn the call over to Al for his opening remarks.

另外，需要提醒的是，我們將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。如果您在電話會議結束後還有其他問題，請發送電子郵件至 ir@cooperco.com。現在，我將把電話會議交給 Al，請他致開幕詞。

Thank you, Kim, and welcome, everyone, to today's fiscal Q2 earnings call. This was another solid quarter with consolidated organic revenue growth of 7%, led by double-digit growth in both our daily silicone hydrogel lenses at CooperVision, and our office and surgical portfolio at CooperSurgical. We also continued executing at a high level, delivering operational improvements and OpEx leverage that drove double-digit non-GAAP earnings growth.

謝謝 Kim，歡迎大家參加今天的第二季財報電話會議。本季業績表現穩健，綜合有機收入成長 7%，其中 CooperVision 的日拋型矽水凝膠隱形眼鏡以及 CooperSurgical 的診室及手術產品組合均實現了兩位數成長。我們也持續高水準執行，實現營運改善和營運支出槓桿，推動非公認會計準則獲利達到兩位數成長。

Similar to other companies, we're dealing with a more complex global operating environment, but we're controlling what we can by executing well, including taking share, delivering leverage, launching products, and completing capacity expansion projects. And we'll cover all of that on today's call. Moving to the numbers, consolidated revenues were $1.002 billion, up 6% year-over-year or up 7% organically. CooperVision reported quarterly revenues of $670 million, up 5% or up 7% organically. CooperSurgical posted quarterly revenues of $333 million, up 8% or up 7% organically. Margins improved nicely, and non-GAAP earnings were $0.96, up 14% year-over-year. For CooperVision, and reporting growth rates organically, the Americas grew 8%, EMEA 6%, and Asia Pac 5%. Within categories, torics and multifocals grew 7%, and spheres were up 6%. Within modalities, our daily silicone hydrogel lenses, MyDay and clariti, grew 10%, and our silicone hydrogel FRP lenses, Biofinity and Avaira, were up 6%. Our myopia management portfolio grew 19% with MiSight up 35%. Turning to products and starting with daily silicone hydrogel lenses, MyDay continued growing double digits with particular strength in torics, multifocals, and our innovative Energys offering. We remain very bullish on this product family as we increase availability in new markets and in new channels to capitalize on opportunities from greater penetration in existing accounts and with new customers.

與其他公司類似，我們面臨著更複雜的全球營運環境，但我們透過良好的執行來控制我們所能控制的一切，包括佔領市場份額、發揮槓桿作用、推出產品和完成產能擴張專案。我們將在今天的電話會議上討論所有這些內容。從數字來看，合併收入為 10.02 億美元，年增 6%，有機成長 7%。CooperVision 公佈季度營收為 6.7 億美元，成長 5%，有機成長 7%。CooperSurgical 公佈季度營收為 3.33 億美元，成長 8%，有機成長 7%。利潤率大幅提升，非公認會計準則收益為 0.96 美元，年增 14%。對 CooperVision 而言，報告的有機成長率為：美洲成長 8%，歐洲、中東和非洲地區成長 6%，亞太地區成長 5%。在各個類別中，散光鏡片和多焦點鏡片增加了 7%，球面鏡片增加了 6%。在鏡片種類方面，我們的日拋型矽水凝膠隱形眼鏡 MyDay 和 clariti 增長了 10%，而我們的矽水凝膠 FRP 隱形眼鏡 Biofinity 和 Avaira 增長了 6%。我們的近視管理組合成長了 19%，其中 MiSight 成長了 35%。談到產品，從日拋型矽水凝膠隱形眼鏡開始，MyDay 繼續保持兩位數的成長，尤其在散光鏡片、多焦點鏡片和創新 Energys 產品方面表現尤為出色。隨著我們增加該產品系列在新市場和新管道的供應，以利用現有帳戶和新客戶的更大滲透帶來的機會，我們仍然對該產品系列非常看好。

With improved capacity, we're back to being aggressive and that can be seen in a number of areas including increasing availability of our multifocal and extended toric ranges, new launch activities such as MyDay Energys in Canada, and our upgraded clariti 1 day sphere with WetLoc technology in Japan, and expanded private label discussions. A lot of this activity is tied to increasing fitting sets and trial lenses, so we expect this to accelerate revenue growth starting in fiscal Q4, which is supported by the strong fitting activity we're seeing today. To add a little more color, we just launched MyDay Energys with its innovative DigitalBoost technology in Canada through a series of well-covered events and early feedback is extremely positive. We're receiving significant requests for fitting sets and initial orders are rolling in.

隨著產能的提升，我們重新恢復了積極進取的態度，這體現在多個領域，包括多焦點和擴展散光系列產品的可用性不斷提高、新的發布活動（例如在加拿大推出的 MyDay Energys）、在日本推出的採用 WetLoc 技術的升級版 clariti 1 day sphere，以及擴大的自有品牌討論。許多此類活動都與增加試戴套裝和試鏡片有關，因此我們預計這將從第四財季開始加速收入成長，這得到了我們今天看到的強勁試戴活動的支持。為了增添一些色彩，我們剛剛透過一系列報導廣泛的活動在加拿大推出了採用創新 DigitalBoost 技術的 MyDay Energys，早期回饋非常積極。我們收到了大量試穿套裝的請求，初步訂單正在紛至沓來。

Meanwhile, our MyDay Toric parameter expansion, which provides eye care practitioners with the widest SKU range by far for a daily toric lens continues progressing well across North America and Europe, and we'll be launching the range expansion in targeted Asia Pac markets soon. And lastly, MyDay Multifocal’s unique advanced 3 - add design paired with its easy fitting system is performing exceptionally well as market availability continues to increase.

同時，我們的 MyDay Toric 參數擴展功能為眼科醫生提供了迄今為止最廣泛的日常散光鏡片 SKU 範圍，該功能在北美和歐洲繼續順利發展，我們很快就會在亞太目標市場推出該範圍擴展。最後，隨著市場供應量的不斷增加，MyDay Multifocal 獨特的先進 3 添加設計與其易於安裝的系統相結合，表現非常出色。

Turning to clariti, we posted solid results with this high-quality, lower-priced lens portfolio, offering a great alternative to MyDay. The redesigned multifocal, which now mirrors MyDay’s design, is a fantastic product and grew double digits this quarter. And I can speak to this products great handling, comfort, and visual acuity as I'm happily wearing them right now reading this script. Moving to frequent replacement lenses, Biofinity continues to strengthen its position as the number one contact lens in the world with more people wearing it than any other lens. We're seeing nice growth throughout its full portfolio of market-leading prescription options, including spheres, torics, multifocals, extended ranges, made-to-order products, and Energys. Biofinity provides eye care practitioners the ability to fit an amazing 99.9% of all patients, by far the widest offering of any contact lens family on the market.

談到 clariti，我們透過這款高品質、低價的鏡頭組合取得了不錯的效果，為 MyDay 提供了絕佳的替代方案。重新設計的多焦點眼鏡現在與 MyDay 的設計相呼應，是一款出色的產品，本季實現了兩位數的成長。我可以說這款產品具有出色的操作性、舒適性和視覺敏銳度，因為我現在很高興地戴著它們閱讀這篇文章。隨著頻繁更換鏡片的出現，Biofinity 繼續鞏固其作為全球第一大隱形眼鏡的地位，佩戴它的人數比佩戴任何其他鏡片的人數都多。我們看到其市場領先的處​​方選項全線產品均實現了良好的成長，包括球面鏡片、散光鏡片、多焦點鏡片、擴展範圍鏡片、客製化產品和能量鏡片。Biofinity 為眼科醫生提供了為 99.9% 的患者進行配鏡的能力，這是迄今為止市場上提供範圍最廣的隱形眼鏡系列。

Turning to MiSight, we saw growth in fitting activity accelerate this quarter with revenues reaching $25 million, up 35%. A key component to the improved fitting activity is the implementation of a new pricing model initiated following the conclusion of our global pricing review that confirmed that the annual wearer cost is not a significant barrier to greater fitting activity. Price certainly matters, and training eye care practitioners and educating parents on myopia is important, but the key driver is just getting kids into the lens. Once kids begin wearing MiSight, they love it, and with retention rates running around 90%, they stay in it. And when parents verify the benefits of the treatment with their ECPs, they're sold on the technology. With this data, our focus is now heavily on reducing upfront fitting barriers by offering promotions such as an initial 1 - 3 months free. This provides a no-risk opportunity for parents to get comfortable with their children wearing contact lenses and for kids and young adults to get comfortable wearing contacts for the first time. With the broader rollout of this strategy, along with the launch of a large key account private label deal, we're already seeing a nice acceleration in fitting activity in EMEA, and we expect similar success in other markets. This new initial free fitting period will result in a moderate headwind in Q3, but based on current fitting activity we expect a considerably stronger Q4. And lastly, we're progressing well with our launch planning for MiSight in Japan, along with MyDay MiSight in EMEA, with both anticipated to occur in early 2026. Moving to CooperSurgical. We reported revenues of $333 million, up 8% or up 7% organically. The quarter was driven by success in our surgical medical devices, labor & delivery portfolio and PARAGARD. Fertility was a little softer than we were expecting, so let me start there. For the quarter, fertility revenues were $127 million, up 3% and up 2% organically. Although supported by positive signs such as double-digit growth in our donor business and in our Witness system consumables that fertility labs use to track activity, overall growth was lower than expected due primarily to market softness. This was largely tied to Asia Pac where fertility cycles continue to decline year-over-year and from fertility clinics managing cash tighter, which is including delaying capital purchases and installments. We expect this softness to continue and to put pressure on market growth and our growth. Having said that, cycle growth in EMEA and the Americas remains solid which supports the market near term, and we remain incredibly bullish on the long-term prospects for fertility as the underlying growth fundamentals remain intact, including women delaying childbirth, improving access to treatment, increasing patient awareness, increasing benefit coverage, and improving technology. Additionally, it's estimated that 1 in 6 people worldwide will experience infertility at some point in their lives, so this is an issue that impacts a lot of people. As a leader in the space, we will continue delivering innovation, launching new products and services, providing extensive clinical training, and expanding geographically. Moving to office & surgical, we posted sales of $206 million, up 13% or up 10% organically. As mentioned on our last earnings call, we expected a strong Q2, and we delivered. Performance was driven by strength in minimally invasive gynecological surgical devices, such as our Ally uterine manipulator portfolio, and within labor & delivery with products such as Fetal Pillow and our Cervical Ripening Balloon. Although not included in organic growth, we also saw considerable strength in obp Surgical, our most recent acquisition of an innovative suite of single-use, lighted, cordless surgical retractors, which grew 31%. PARAGARD grew 18% this quarter, supported primarily by the conclusion of buy-in activity before our May 1 price increase, but also due to continued interest in our new single hand inserter, which we launched earlier this year. With PARAGARD now having grown 15% through the first six months of the year, heavily driven by channel fill, we now expect a mid-teens decline in fiscal Q3 before a flattish Q4, resulting in low to mid-single-digit growth for the full fiscal year.

談到 MiSight，我們看到本季組裝活動的成長加速，營收達到 2,500 萬美元，成長 35%。改進試穿活動的關鍵要素是實施一種新的定價模式，該模式是在我們的全球定價審查結束後啟動的，該審查確認年度佩戴者成本並不是加大試穿活動力度的重大障礙。價格當然很重要，培訓眼科醫師和教育家長有關近視的知識也很重要，但關鍵驅動力是讓孩子戴上隱形眼鏡。一旦孩子們開始穿著 MiSight，他們就會愛上它，並且保留率高達 90% 左右，他們會一直戴著它。當父母透過 ECP 驗證了治療的益處後，他們就對這項技術產生了興趣。有了這些數據，我們現在的重點是透過提供促銷活動（例如最初 1-3 個月的免費試用）來減少前期試穿障礙。這為父母提供了一個無風險的機會，讓他們可以安心地讓孩子佩戴隱形眼鏡，也為孩子和年輕人第一次佩戴隱形眼鏡時提供了舒適的體驗。隨著這項策略的廣泛推廣，以及大型關鍵客戶自有品牌交易的推出，我們已經看到歐洲、中東和非洲地區的試穿活動顯著加速，我們預計其他市場也會取得類似的成功。這一新的初始免費試穿期將導致第三季出現中等程度的阻力，但根據目前的試穿活動，我們預計第四季的阻力會更大。最後，我們在日本推出 MiSight 以及在歐洲、中東和非洲地區推出 MyDay MiSight 的計畫進展順利，預計都將於 2026 年初推出。轉向 CooperSurgical。我們報告的收入為 3.33 億美元，成長 8%，有機成長 7%。本季的推動力來自於我們的外科醫療器材、分娩產品組合以及 PARAGARD 的成功。生育能力比我們預期的要弱一些，所以讓我從這裡開始。本季度，生育收入為 1.27 億美元，成長 3%，有機成長 2%。儘管我們的捐贈業務和生育實驗室用來追蹤活動的 Witness 系統耗材實現了兩位數成長等積極跡象支撐，但由於市場疲軟，整體成長低於預期。這在很大程度上與亞太地區有關，該地區的生育週期逐年下降，以及生育診所的現金管理更加緊張，包括推遲資本購買和分期付款。我們預計這種疲軟態勢將持續下去，並對市場成長和我們的成長造成壓力。話雖如此，歐洲、中東和非洲地區以及美洲的周期性成長依然穩健，這將在短期內支撐市場，而且我們仍然非常看好生育的長期前景，因為潛在的增長基本面依然完好，包括女性推遲生育、改善治療機會、提高患者意識、擴大福利覆蓋範圍以及改進技術。此外，據估計，全世界每 6 人中就有 1 人會在一生中的某個階段經歷不孕不育，所以這個問題影響著許多人。作為該領域的領導者，我們將繼續進行創新、推出新產品和服務、提供廣泛的臨床培訓並擴大地域範圍。轉向辦公室和外科手術，我們的銷售額達到 2.06 億美元，成長 13% 或有機成長 10%。正如我們在上次收益電話會議上提到的那樣，我們預計第二季業績將表現強勁，而且我們確實做到了。績效成長主要得益於微創婦科手術設備（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）。儘管沒有計入有機成長，但我們也看到了 obp Surgical 的顯著優勢，這是我們最近收購的一套創新的一次性使用、發光、無線手術牽開器，成長了 31%。PARAGARD 本季成長了 18%，這主要得益於我們 5 月 1 日漲價之前買入活動的結束，同時也得益於市場對我們今年早些時候推出的新型單手插入器的持續關注。由於 PARAGARD 今年前六個月的銷售額增長了 15%，這主要得益於渠道填充，我們預計其在第三財季的銷售額將出現十五個百分點左右的下滑，而第四財季的銷售額將持平，從而導致整個財年銷售額將出現低至中等個位數的增長。

To conclude, let me comment on our revenue guidance which we're tightening and raising at the midpoint. This incorporates our solid Q2 performance and the positive impact from updated currency rates, offset by lower organic growth rates that corresponds to a reduction in our market growth assumptions for contact lenses and fertility.

最後，讓我評論一下我們正在中期收緊和提高的收入預期。這包括我們穩健的第二季業績和更新的匯率帶來的正面影響，但有機成長率的降低（這與我們對隱形眼鏡和生育市場成長假設的降低相對應）抵消了這一影響。

For contact lenses, the industry grew 4% in calendar Q1, so we're reducing growth expectations to the 4% to 6% range for the year, down from 5% to 7%. This new range matches the industry's historical growth range, which we saw for many years pre-COVID. With this change, we're adjusting CooperVision's organic growth expectations to 6% to 7%. To be fair, industry pricing remains solid, and consumption remains healthy, so this may prove conservative depending on market conditions and channel inventory. For CooperSurgical, we're reducing market growth expectations for fertility to the low single digits, down from mid- to upper single digits, and correspondingly reducing our fertility growth expectations. This is partially offset by the strength we've seen in PARAGARD, but still reduces CooperSurgical’ s consolidated organic growth rate to the 3.5% to 4.5% range. Again, it's important to note, our commercial execution at CooperVision and CooperSurgical remains strong and we're taking share, but against an expectation for softer market growth. And with that, I'll turn the call over to Brian to cover our financial results in more detail, including our earnings guidance.

對於隱形眼鏡產業來說，第一季的成長率為 4%，因此我們將全年的成長預期從 5% 至 7% 下調至 4% 至 6% 之間。這一新範圍與該行業的歷史增長範圍相符，我們在疫情之前的許多年裡都看到過這種增長範圍。透過這項變化，我們將 CooperVision 的有機成長預期調整為 6% 至 7%。公平地說，產業定價依然穩固，消費依然健康，因此根據市場狀況和通路庫存，這可能是保守的。對於 CooperSurgical，我們將生育市場成長預期從中高個位數下調至低個位數，並相應降低我們的生育成長預期。這部分被我們在 PARAGARD 中看到的實力所抵消，但仍將 CooperSurgical 的綜合有機成長率降低至 3.5% 至 4.5% 的範圍。再次強調，值得注意的是，我們在 CooperVision 和 CooperSurgical 的商業執行依然強勁，我們正在佔據市場份額，但與市場成長放緩的預期相反。接下來，我將把電話轉給布萊恩，讓他更詳細地介紹我們的財務業績，包括我們的獲利預測。

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 second fiscal quarter, consolidated revenues were $1.002 billion, up 6% as reported and up 7% organically. Consolidated gross margin was 68%,up from 67.3%, driven by continuing efficiency gains and mix. Operating expense increased 6% but declined as a percent of revenue to 43.1% driven by leverage in several functional areas as prior investment activity continues to yield positive returns.

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。第二財季，綜合營收為 10.02 億美元，報告成長 6%，有機成長 7%。綜合毛利率從 67.3% 上升至 68%，這得益於持續的效率提升和產品組合的推動。營運費用增加了 6%，但佔收入的百分比下降至 43.1%，原因是先前的投資活動繼續產生正回報，而這主要是由於幾個職能領域的槓桿作用所致。

One line-item worth highlighting this quarter is R&D where expenses increased 21%. Investments in this area were higher than historical levels for both CooperVision and CooperSurgical as development work continues on several exciting projects. For competitive reasons, I won't get into the details, but we're certainly looking forward to launching these new products in future years. Consolidated operating income was up 11%, improving the operating margin to 24.9%. Below operating income, interest expense was $23.5 million, and the effective tax rate was 14.6%. Non-GAAP EPS was $0.96, up 14%, with roughly 201 million average shares outstanding. Free cash flow was $18 million with CapEx of $78 million. Net debt increased slightly to $2.47 billion, while our bank-defined leverage ratio reduced to 1.9 times.

本季值得強調的一項是研發費用，其支出增加了 21%。隨著幾個令人興奮的項目的開發工作繼續進行，CooperVision 和 CooperSurgical 在該領域的投資均高於歷史水平。出於競爭原因，我不會談論細節，但我們當然期待在未來幾年推出這些新產品。綜合營業收入成長 11%，營業利益率提高至 24.9%。低於營業收入，利息支出為 2,350 萬美元，有效稅率為 14.6%。非公認會計準則每股收益為 0.96 美元，成長 14%，平均流通股數約 2.01 億股。自由現金流為 1,800 萬美元，資本支出為 7,800 萬美元。淨債務小幅增加至 24.7 億美元，而我們的銀行定義槓桿率降至 1.9 倍。

Lastly, we repurchased approximately 537,000 shares of stock back this quarter for roughly $40.6 million. This leaves $215.8 million of availability under our Board approved $1 billion repurchase plan. Moving to fiscal 2025 guidance, we're adjusting our revenue guidance to incorporate Q2, improving FX rates and updated market assumptions. On a consolidated basis this translates to revenues of roughly $4.11 billion to $4.15 billion, up roughly 5.5% to 6.5% or up 5% to 6% organically. CooperVision's revenue guidance range is now $2.76 billion to $2.79 billion, up roughly 6% to 7% as reported and up 6% to 7% organically. CooperSurgical’ s range is $1.35 billion to $1.36 billion, up 5% to 6% as reported or up 3.5% to 4.5% organically.

最後，我們本季回購了約 537,000 股股票，價值約 4,060 萬美元。根據董事會批准的 10 億美元回購計劃，剩餘可用資金為 2.158 億美元。轉向 2025 財年指導，我們正在調整收入指導以納入第二季、改善外匯匯率和更新的市場假設。以合併計算，這相當於營收約為 41.1 億美元至 41.5 億美元，成長約 5.5% 至 6.5%，或有機成長 5% 至 6%。CooperVision 的營收預期範圍目前為 27.6 億美元至 27.9 億美元，據報導成長約 6% 至 7%，有機成長 6% 至 7%。CooperSurgical 的營收範圍為 13.5 億美元至 13.6 億美元，報告成長 5% 至 6%，有機成長 3.5% 至 4.5%。

Regarding gating for revenues, we expect organic growth in Q4 to be stronger than Q3 when considering year-over-year comps, the timing around the rollout of products at CooperVision and the gating impact of PARAGARD for CooperSurgical. For earnings, we're raising our non-GAAP EPS guidance to $4.05 to $4.11, which is growth of roughly 10% to 11.5% year-over-year. For free cash flow, after a seasonally slow Q2, we expect sizable improvements in the back half of the fiscal year and continue to expect free cash flow to be in the range of $350 million to $400 million. We'll prioritize debt reduction with these proceeds, but also opportunistically evaluate share repurchases as we did in Q2.

關於營收門檻，考慮到同比、CooperVision 產品推出的時間以及 PARAGARD 對 CooperSurgical 的門檻影響，我們預計第四季度的有機成長將強於第三季。對於收益，我們將非 GAAP EPS 預期上調至 4.05 美元至 4.11 美元，年增約 10% 至 11.5%。對於自由現金流，在經歷了季節性放緩的第二季度之後，我們預計本財年下半年將大幅改善，並繼續預計自由現金流將在 3.5 億美元至 4 億美元之間。我們將優先利用這些收益減少債務，但也會像我們在第二季所做的那樣，適時評估股票回購。

Regarding tariffs, we expect a negative impact to cost of goods this year of roughly $4 million, which is built into our guidance. It's too early to guide to next fiscal year, but to help level set everyone, if tariffs remain as is, we expect a pre-mitigation negative impact of roughly 3% to fiscal 2026 earnings. Once we have clarity on what the tariffs will be, we will implement mitigation actions to reduce this impact. With respect to the impact of currency on revenues and earnings for fiscal 2025, we now expect a roughly 0.5% headwind to revenues and a roughly 1% headwind to earnings. This is down from roughly 1.5% and 4% headwind to revenues and EPS, respectively, that was assumed in last quarter's guidance. There are a number of moving parts, but to summarize our updated guidance for earnings, we're increasing the midpoint of guidance by $0.10, passing along the positive impact of currency and our Q2 beat, offset by tariffs. With that, I'll now hand it back to the operator for questions.

關於關稅，我們預計今年的商品成本將受到約 400 萬美元的負面影響，這已計入我們的預期。現在預測下一財年的情況還為時過早，但為了幫助大家達成一致，如果關稅保持不變，我們預計緩解前對 2026 財年收益的負面影響約為 3%。一旦我們明確了關稅，我們將採取緩解措施來減少這種影響。關於貨幣對 2025 財年收入和收益的影響，我們現在預計收入將受到約 0.5% 的不利影響，收益將受到約 1% 的不利影響。這低於上一季指引中假設的收入和每股盈餘分別下降約 1.5% 和 4% 的阻力。有許多變動因素，但總結我們最新的獲利指引，我們將指引中點提高了 0.10 美元，傳遞了貨幣和第二季業績超出預期的正面影響，但被關稅所抵消。這樣，我現在將把麥克風交還給接線員，以便回答問題。

(Operator Instructions) Jeff Johnson, Baird.

（操作員指示）傑夫·約翰遜，貝爾德。

I was wondering if we can just start contact lens end market, sorry, that's my phone making some noise there. I guess my question more than anything is last quarter, you seem to be a decent amount below market or a point or two below market for CVI this quarter, one point or two above.

我想知道我們是否可以啟動隱形眼鏡終端市場，抱歉，這是我的手機發出的噪音。我想我最關心的問題是上個季度，你們的 CVI 似乎比市場低很多，或者比市場低一到兩個點，或者比市場高一到兩個點。

It'd be interesting to hear about some of your online data, other independent industry data that you might have because it does seem like channel inventory has really been making it hard to compare to your growth rates versus others for the last couple of quarters when we just look at revenue reported from the different companies. So any one and or other independent industry data you can share?

我很想聽聽你們提供的線上數據和你們可能擁有的其他獨立行業數據，因為當我們只看不同公司報告的收入時，似乎通路庫存確實使得我們很難比較過去幾個季度你們的成長率和其他公司的成長率。那麼您可以分享任何一個或其他獨立的行業數據嗎？

Yes, good question, certainly because the numbers are bouncing around for ourselves and for some of our competitors as you see some of the channel inventory move around. And I think that's going to continue because distributors, retailers, people are just a little bit tighter with their money than they have been historically. So a reduction in channel inventory is something that's probably going to continue to pressure us. When I look through the fit data, our fit data remains strong. As a matter of fact, it's accelerating right now.

是的，這是個好問題，因為我們自己以及我們的一些競爭對手的數字都在波動，正如您所看到的，一些渠道庫存正在波動。我認為這種情況將會持續下去，因為分銷商、零售商和人們的資金使用情況比歷史上任何時候都要嚴格一些。因此，通路庫存的減少可能會繼續給我們帶來壓力。當我查看適合度數據時，我們的適合度數據仍然強勁。事實上，現在這一進程正在加速。

As we get more aggressive putting MyDay fitting sets out in the market and finally have some availability for trial lenses for people, we're starting to see a pickup in MyDay activity, which is great in a number of markets. I touched on MiSight, same thing that we're starting to see in MiSight with an acceleration of some fitting data. So I would say behind the scenes, underneath the numbers, is some improvement in fitting activity.

隨著我們更加積極地將 MyDay 試戴套裝推向市場，並最終為人們提供一些試用鏡片，我們開始看到 MyDay 活動的回升，這在許多市場都是一件好事。我談到了 MiSight，我們開始在 MiSight 中看到同樣的事情，即一些擬合數據的加速。所以我想說，在這些幕後，在這些數字的背後，是裝配活動的一些改進。

Issie Kirby, Redburn Atlantic.

伊西柯比，《雷德伯恩大西洋》。

I wanted to ask about the lower market growth assumption for Vision Care for this year. When you think about the 4% to 6% versus where you're at earlier in the year, is this lowering of the guide really more on softer pricing? Is it more on volume? Or is it really around mix as well? Just help us understand some of the puts and takes there.

我想問今年視力保健市場成長較低的假設。當您考慮到與今年早些時候相比 4% 至 6% 的降價幅度時，指導價的下調是否真的更多是因為定價更軟？音量更重要嗎？或者它確實也與混合有關？只需幫助我們了解其中的一些情況。

Sure. Yes, the market for a long time was growing in that 4% to 6% range, and it's been stronger than that post COVID. And I think we're back to that growth range. And I know a couple of our competitors more recently said that. I'm pretty consistently an optimist when it comes to the market.

當然。是的，市場長期以來一直以 4% 到 6% 的成長率成長，而且在新冠疫情之後，成長勢頭更加強勁。我認為我們已經回到了那個成長範圍。我知道我們的一些競爭對手最近也這麼說過。當談到市場時，我始終是一個樂觀主義者。

But I do have to look at the market data. And you look at calendar Q1 and the industry grew 4%. And at the end of the day, the fitting activity is still pretty good out there. As I said, it's accelerating some for us. Pricing is still sound.

但我確實必須查看市場數據。查看第一季日曆，您會發現該行業增長了 4%。最終，組裝活動仍然相當不錯。正如我所說，它正在加速我們的進程。定價仍然合理。

I'm not seeing anything when it comes to discounts or any pricing activity. As a matter of fact, the rumblings in the market are there’s going to be some potential price increases here as we move forward. Volume is still good. The mix shift over to dailies is driving a lot of the growth. Torics, multifocals, the specialty lenses, that kind of stuff is still doing well.

我沒有看到任何折扣或定價活動。事實上，市場上的傳言表明，隨著我們不斷前進，價格可能會上漲。音量仍然很好。向日報的混合轉變推動了大量的成長。散光鏡片、多焦點鏡片、特殊鏡片等等仍然賣得很好。

I still remain optimistic about it. But I also have to be practical and say, hey, look at the numbers and where they came out, they came out at 4% for calendar Q1. If I look at the growth for this full year, it's probably more mid-single digits, probably historical ranges, and I think we'll take a little bit of share. So at the end of the day, I don't take back anything on what I've said about our business. We continue to do well. I continue to think we'll take share. But if the market is growing 4% to 6% and I'd say we're growing 6% to 7%, that's still decent market share gains, and I'm still comfortable with that. It's more taking down the market just for general softness, rather than a specific thing I'm pointing to.

我對此仍持樂觀態度。但我也必須務實一點，說，嘿，看看這些數字，它們的結果顯示，日曆第一季的成長率為 4%。如果我看一下今年全年的成長情況，它可能會達到中等個位數，可能是歷史範圍，而且我認為我們會佔據一點份額。所以，最終，我不會收回我對我們的業務所說的任何話。我們繼續表現良好。我始終認為我們會佔據份額。但如果市場成長 4% 到 6%，而我認為我們的成長是 6% 到 7%，那麼這仍然是可觀的市佔率成長，我對此感到滿意。這更多的是由於市場普遍疲軟而導致的，而​​不是我所指的具體事物。

That's helpful. I'm not sure if I can squeeze in a follow-up on the fertility and the IVF market there and just any more color about really what's driving the softness in Asia? And then any thoughts on the consumer or the cyclical risks to IVF demand in the US.

這很有幫助。我不確定我是否可以擠出時間對那裡的生育和 IVF 市場進行跟踪，以及是否可以更詳細地說明導致亞洲經濟疲軟的真正原因？然後您對美國 IVF 需求的消費者或週期性風險有何看法？

Sure. I think there's two pieces to that. Asia Pac is down on cycles. Now some of that goes to the year of the snake in China, which is impacting some of the cycles there where I think some women either move forward faster or have delayed IVF cycles a little bit to avoid having a child in the year of the snake. My gut tells me it's a little bit more of a temporary thing for Asia Pac that we'll work our way out of as we move through this year.

當然。我認為這有兩個面向。亞太地區正處於週期性下滑階段。現在，這其中的一部分與中國的蛇年有關，蛇年對那裡的一些週期產生了影響，我認為一些女性要么加快了受孕速度，要么稍微推遲了試管受精週期，以避免在蛇年生孩子。我的直覺告訴我，對亞太地區來說，這只是暫時現象，隨著今年的推進，我們會想辦法擺脫這個局面。

I do think that there's a little bit there on the consumer side. Now we became a large fertility player, number one fertility player in the marketplace when you look at med device, probably starting 10, 11, 12 years ago. So, this economic difficulty is something we haven't lived through, but I think there is a little bit of consumer pressure there.

我確實認為消費者方面存在一些問題。現在我們已經成為一家大型生育公司，從醫療設備市場來看，我們是排名第一的生育公司，大概從 10、11、12 年前就開始了。所以，我們還沒有經歷過這種經濟困難，但我認為那裡存在一些消費壓力。

You're talking about a process that could cost somebody $15,000, $20,000, and a lot of that, all of that potentially is out of pocket. I think when you combine that with fertility clinics themselves just tightening up a little bit in terms of what they're doing with expansion activity and channel inventory,, when you put that together, you're getting a market that's growing a little bit softer. And last quarter, I was still very optimistic about that and thinking we would be able to work through that. I'm not sure that's the case right now. And again, I have to look at the market numbers. And when I look at the market numbers, our results, results of our competitors and what I'm seeing from some clinic and cycle activity, as much as I want to be an optimist and think it's going to be better, I think that the fertility industry is probably a low single-digit grower this year.

你說的這個過程可能會花費某人 15,000 美元、20,000 美元，而且其中很大一部分費用都可能要自掏腰包。我認為，如果將這一點與生育診所本身在擴張活動和渠道庫存方面採取的措施結合起來，你會發現市場的成長勢頭會稍微疲軟一些。上個季度，我對此仍然非常樂觀，並認為我們能夠解決這個問題。我現在還不確定情況是否如此。我必須再次查看市場數據。當我看到市場數據、我們的業績、競爭對手的業績以及我從一些診所和週期活動中看到的情況時，儘管我希望自己是一個樂觀主義者，認為情況會變得更好，但我認為生育行業今年的增長率可能只有個位數。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Al, can you hear me, okay?

艾爾，你聽得到我說話嗎，好嗎？

Yes, I can hear you.

是的，我聽得到你的聲音。

Okay. Good. So Al, back to the contact lens market, I think you said in calendar Q4, it grew 9%, calendar Q1, 4%. Obviously, a big deceleration. What changes are you seeing in the market at the distributor level?

好的。好的。那麼 Al，回到隱形眼鏡市場，我想您說過，在日曆第四季度，它增長了 9%，日曆第一季增長了 4%。顯然，減速幅度很大。您看到經銷商層級的市場發生了哪些變化？

And what changes are you seeing from consumer behavior and in which geographies? You talked about fittings being strong. We heard consumers are just buying lower supplies. In other words, 3 months as opposed to 12 months. And any color on April and May trends. And I did have one follow-up.

您看到哪些地區的消費者行為發生了哪些變化？您談到了配件的堅固性。我們聽說消費者購買的物資較少。換句話說，是 3 個月而不是 12 個月。以及四月和五月流行的任何顏色。我確實有一個後續行動。

Yes, Larry, I think you're spot on there. That's some of what we're seeing, which is when I talk about channel inventory, a lot of times, people think about that in the context of contact lenses at a distributor, but that does run through distributors, retailers, and individuals who are holding contact lenses in their medicine cabinet. If somebody is not buying a year of supply, but they're buying a three-month or a six-month supply or they're adjusting their wearing habits just a little bit and maybe stretching the lenses or something. All that stuff has an impact. So you end up in a situation where consumption or fitting activity continues to look good, but you get a little bit of softness in your revenues and I think that's the situation that we're in right now.

是的，拉里，我認為你說得對。這就是我們所看到的一些情況，當我談論通路庫存時，很多時候，人們會在分銷商的隱形眼鏡背景下考慮這個問題，但這確實貫穿分銷商、零售商和在藥櫃中持有隱形眼鏡的個人。如果有人不購買一年的量，而是購買三個月或六個月的量，或者他們只是稍微調整一下佩戴習慣，可能會拉長鏡片或做其他事情。所有這些都會產生影響。因此，最終的情況是，消費或裝修活動繼續表現良好，但收入卻有所下降，我認為這就是我們現在所處的狀況。

April, May trend go back?

四月、五月趨勢會回頭嗎？

If I’m remembering right, April was the best month that we've had this year, May, fine. Certainly fine starting off this month. I think there's just a little bit of general pressure out there. There's not a big glaring thing that's coming out there that we can point to other than it's more just general market softness.

如果我沒記錯的話，四月是我們今年最棒的月份，五月也不錯。從本月開始肯定很好。我認為那裡存在一點點普遍的壓力。除了普遍的市場疲軟之外，我們無法指出任何明顯的重大問題。

And Brian, Q3 versus Q4 in CVI, and CSI, how much lower do you expect Q3 to be? I mean do you expect Q3 to be both in the range of the full year organic growth guidance?

布萊恩，CVI 和 CSI 中的 Q3 與 Q4 相比，您預計 Q3 會低多少？我的意思是，您是否預期第三季的業績將達到全年有機成長預期的範圍？

Larry, thanks for the question. What I would say is if you're trying to model Q3, I would think about those two, Vision and Surgical, being below the bottom end of the guidance ranges and then looking at Q4 conversely, those two at or above the top end of the guidance ranges.

拉里，謝謝你的提問。我想說的是，如果您嘗試對 Q3 進行建模，我會認為視覺和外科這兩個方面低於指導範圍的底端，然後反過來看 Q4，這兩個方面處於或高於指導範圍的頂端。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

I guess maybe just following up on a couple of questions here. So Al, where are we with inventory? Maybe if you want to break that apart amongst the distributors and the consumers in your view? And what's the company's expectations going forward, call it, for the rest of the year because seems like you're landing right around 6.5% for 1H. So somewhat two dissimilar 1H-2H when we look at a year ago.

我想也許只是在這裡回答幾個問題。那麼 Al，我們的庫存在哪裡？也許您想從經銷商和消費者的角度來區分這一點？那麼公司對今年剩餘時間的預期是什麼呢？因為看起來上半年的預期利潤將在 6.5% 左右。因此，當我們回顧一年前的情況時，1H-2H 略有不同。

So curious what the assumption there is and just overall market growth in we think about how to tie up for the balance of the year.

所以我們很好奇那裡的假設是什麼，以及我們思考如何與今年的餘額掛鉤的整體市場成長。

Yes. I think that we're just going to continue to get pressure as we move through this year from inventory levels on a year-over-year basis. I wouldn't put my finger on one particular thing, again, I wouldn't come back and say, focus on distributors in the US or focus on retailers in Europe or in Asia Pac or something. I would say just generally, I think as an industry, we're going to continue to have pressure on inventory levels on a year-over-year basis.

是的。我認為，隨著今年庫存水準與去年同期相比繼續下降，我們將繼續面臨壓力。我不會特別指出某件事，再說一次，我不會回過頭來說，關注美國的分銷商或關注歐洲或亞太地區的零售商等等。我想說的是，總的來說，我認為作為一個行業，我們的庫存水準將繼續面臨同比壓力。

And as Larry said, somebody buying three months rather than a six month or three months rather than a year or something like that. I think that's what we're going to see. Now I don't want to overdo that, by the way, because you look at our midpoint of our guidance was 7.5% and now our midpoint of our guidance is 6.5%. And the market is just coming down a point. So I don't want to overdo this, right?

正如拉里所說，有人購買三個月而不是六個月，或三個月而不是一年或類似的期限。我想這就是我們將要看到的。順便說一句，我現在不想過度誇大這一點，因為您看，我們的指導中點是 7.5%，而現在我們的指導中點是 6.5%。而市場正處於下滑階段。所以我不想做得過分，對嗎？

But I do think that we're going to see that consistent pressure as we move through this year. And then, we'll lap that. And inventory will have set itself down a little bit and probably lower than it should be. But I think we will just see that through the year. Not a dramatic shift in any individual quarter, but just a little bit softer all year long.

但我確實認為，隨著今年的推進，我們將會看到持續的壓力。然後，我們再來討論這個問題。庫存將會稍微下降，可能低於應有的水準。但我認為我們將在今年內看到這一點。任何一個季度都不會出現劇烈的變化，但全年都會略微疲軟。

Okay. Maybe just a quick follow-up. It seems like just a change in tune with fertility, right? You've always been relatively resilient, consumer able to power through, or different messaging this quarter in my view. And so how do we think about that over the next handful of quarters?

好的。也許只是一個快速的跟進。這看起來只是與生育能力相符的變化，對嗎？在我看來，本季你們一直都比較有韌性，能夠支撐消費者，或是傳遞不同的訊息。那麼，在接下來的幾個季度中我們如何看待這個問題？

Is it this is the new trend line we're probably safe is extrapolating that out until we get better clarity from a macro perspective? Just again, the messaging seems a little bit different than maybe just a one quarter blip, the top equipment had been responsible for here and there before.

這是新的趨勢線嗎？我們可以安全地推斷它，直到從宏觀角度獲得更清晰的認識？再次強調，這次訊息傳遞似乎與先前頂級設備所負責的某個季度的曇花一現略有不同。

Yes. I mean we have a great market-leading fertility team, and our team knows the industry and what they're doing like the back of their hand. And we grew, I believe, it was 14 out of 15 quarters double digits before we got into Q1 of this year, and we've had the softer Q1 and Q2 of this year.

是的。我的意思是，我們擁有一支優秀的、市場領先的生育團隊，我們的團隊對這個行業以及他們所做的事情瞭如指掌。我相信，在進入今年第一季之前，我們的 15 個季度中有 14 個季度實現了兩位數的成長，而今年第一季和第二季的業績較為疲軟。

So I look at it right now and say, okay, with that level of consistent growth that we had, that level of excellence, and now you see the pullback to where it's at right now. I think you're getting some of this temporary activity out there as concerns with the economy or whatever you want to call it, have tightened up activity in fertility clinics.

所以我現在看著它說，好吧，我們擁有這種持續的增長水平，這種卓越的水平，現在你看到它回調到了現在的水平。我認為，由於對經濟的擔憂或無論你怎麼稱呼它，生育診所的活動已經收緊，所以你才會採取一些臨時活動。

To me, I think we probably swung that a little bit too far it feels like. And I think the fertility industry and us get a little bit stronger here, and I would be really surprised if Q3 and Q4 don't show strength in comparison to the beginning of this year for the industry and for us. But I don't think right now that it jumps back up. I'm not confident like I was last quarter, it jumps back up to the mid or upper single digits. I think it's more low single digits for the market, maybe a little bit stronger for us, mid-single-digit growth in Q3 and Q4.

對我來說，我覺得我們可能有點走得太遠了。我認為生育產業和我們在這裡會變得更加強大，如果第三季和第四季與今年年初相比沒有顯示出產業和我們的強勁勢頭，我會感到非常驚訝。但我認為現在它不會再次上漲。我不像上個季度那樣有信心，它又回升到中等或較高的個位數。我認為對於市場來說這是一個較低的個位數成長，對於我們來說可能稍微強勁一些，第三季和第四季將實現中等個位數的成長。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Sorry to belabor the point here. But as you think about the lowered guidance for the rest of the year, I'm still a little unsure how much is from what you've actually seen in results so far because you did put up 7% on a really tough comp in CVI. How much is what you're expecting? How much is what you're seeing so far in fiscal 3Q? And maybe just walk us through if fits are so strong, is it changes in inventory or so on? Maybe just put all the pieces together.

抱歉，我在這裡過度強調這一點。但是，當您考慮降低今年剩餘時間的指導時，我仍然有點不確定與您迄今為止實際看到的結果相比有多少差異，因為您確實在 CVI 中投入了 7% 的非常艱難的資金。您期望的是多少？到目前為止，您在第三財季看到了多少？如果契合度如此之高，您能否向我們介紹一下，是庫存發生了變化還是其他原因？也許只是將所有碎片拼湊在一起。

Yes, Robbie, it's a great question. And you could certainly make an argument that we're being conservative here based on the underlying data and the survey data that's out there when you look at consumption and fit activity. And I sure hope we are. But I also look at it and go, okay, well, what is reality, we had a 4% quarter here. We are seeing some pressure from the marketplace in terms of channel inventory.

是的，羅比，這是一個很好的問題。而且，您當然可以爭辯說，根據您在查看消費和健身活動時獲得的基礎數據和調查數據，我們在這裡是保守的。我真心希望如此。但我也看著它，然後想，好吧，現實情況是怎樣的，我們這個季度的成長率為 4%。我們看到市場在通路庫存方面面臨一些壓力。

We can't ignore that. So I hope I am being conservative, but I don't want to ignore that. It's not a dramatic shift down, but it is a reduction. Now to be fair and to be clear, currency moved in our favor. We passed all that along. Our actual midpoint of our revenue guidance on an as-reported basis is higher year-over-year. But again, to go back to just the organic growth of the industry itself. Yes, I think it's just a matter of not ignoring the fact that something is going on with the channel inventory, and it's coming down because the fitting data, consumption data, that type of activity, pretty much on a global basis, continues to be pretty good.

我們不能忽視這一點。所以我希望我是保守的，但我不想忽視這一點。雖然這不是一個急劇的下降，但確實有所減少。現在公平而明確地說，貨幣走勢對我們有利。我們將這一切都傳承下去。根據報告，我們的實際收入預期中點較去年同期有所上升。但再次回到產業本身的有機成長。是的，我認為這只是一個不容忽視的事實，即渠道庫存正在發生一些事情，而且庫存正在下降，因為在全球範圍內，擬合數據、消費數據等類型的活動仍然相當不錯。

Okay. Great. Maybe just one on margins moving forward. You've shown good margin progression first quarter and second quarter here. As we think about the rest of the year, how should we think about the cadence of margins and where that will come from on the lower revenue guide.

好的。偉大的。也許只是一個關於利潤率的進步。您在第一季和第二季都表現出了良好的利潤成長。當我們考慮今年剩餘時間時，我們應該如何考慮利潤率的節奏，以及在較低的收入指南中利潤率將從何而來。

Yes. Sure. Robbie, thanks for the question. Yes, the margin story is very much a continuation of what we've been seeing. We're getting efficiency gains and leveraging prior investment activity. You saw gross margins up year-over-year again this quarter. I'd expect in the second half of the year, gross margins are up year-over-year. That will help drive operating margins higher.

是的。當然。羅比，謝謝你的提問。是的，利潤率的故事很大程度上是我們所見情況的延續。我們正在提高效率並利用先前的投資活動。本季毛利率再次年增。我預計今年下半年毛利率將年增。這將有助於提高營業利潤率。

We're still getting leverage from prior investment activity in the OpEx line items, with distribution being one of them, but certainly, across a number of the support functions where we are being very disciplined in managing our investment activity and being disciplined around cutting some costs where it makes sense so that we can drive leverage through the P&L.

我們仍然可以從營運支出項目中的先前投資活動中獲得槓桿作用，分銷就是其中之一，但當然，在一系列支援職能中，我們非常嚴格地管理我們的投資活動，並在合理的情況下嚴格削減一些成本，以便我們可以透過損益表來提高槓桿作用。

What you'll see in the back half of the year is a continuation of the story that you've been seeing, which is better operating margins year-over-year.

您將在今年下半年看到的情況將延續，即營業利潤率將比去年同期有所提高。

Craig Bijou, Bank of America.

美國銀行的克雷格‧比喬 (Craig Bijou)。

I wanted to start with a follow-up just on not the contact lens market, but your outperformance of the market. And I think the outperformance is still the same, even though you lowered the guidance. I think it's still 150 basis points above the market at the midpoint. So maybe the moving quarters, some quarters beat some or a little bit below the market. Just what gives you the confidence that you can outperform the market for the rest of the year?

我想先跟進的不僅是隱形眼鏡市場，還有你們在市場上的優異表現。我認為，儘管你降低了預期，但業績表現仍然一​​樣出色。我認為其中間價仍比市場高出 150 個基點。因此，也許在各個季度中，有些季度的表現優於或略低於市場水準。究竟是什麼讓您有信心在今年剩餘時間內跑贏大盤？

Sure. I think there's two things tied to that. One is we spent a lot of time over the last couple of years talking about MyDay and the demand for MyDay. It still remains strong out there. We're getting a lot of fitting sets and trial lenses out into the market so that more people can try that product.

當然。我認為有兩件事與此相關。一是過去幾年我們花了很多時間討論 MyDay 和對 MyDay 的需求。它在那裡依然保持強勁。我們正在向市場推出大量適配套裝和試用鏡片，以便更多人可以試用該產品。

We're in active discussions right now talking about expanding private label contracts that we have, and deals that we have getting more MyDay into the channel. So, when I look at it and I look at the fitting activity and the interest in that product right now that I see, I feel pretty confident that MyDay is going to get going, it's going to accelerate some. Now I think it will take just a little bit, as Brian said, because a lot of it's going to, again, trials sets and free lenses right now. But the fitting activity is there. I see the fitting activity. We see the improvement in it. I think we'll have a stronger Q4. The midpoint of market is 5%, and we're 6.5%. So we are not backing away from taking share in this market. That has remained consistent.

我們目前正在積極討論擴大我們已有的自有品牌合同，以及將更多 MyDay 引入渠道的交易。因此，當我看到它並看到合適的活動以及我現在看到的對該產品的興趣時，我非常有信心 MyDay 將會發展起來，並且會加速發展。現在我認為只需要一點點，正如布萊恩所說的那樣，因為現在很多都是試用套裝和免費鏡頭。但合適的活動是存在的。我看到了合適的活動。我們看到了它的進步。我認為我們的第四季將會表現得更強勁。市場的中間點是5%，我們是6.5%。因此，我們不會放棄搶佔這個市場的份額。這一點一直保持一致。

The other one, I would say, ends up being MiSight. MiSight is on a $100 million run rate. We'll do over $100 million in revenues for MiSight this year. Maybe it's not growing quite at the clip that I thought it was going to grow, but we still probably do 30%, 35% growth in MiSight this year.

我想說，另一個是 MiSight。MiSight 的營運規模為 1 億美元。今年我們將為 MiSight 創造超過 1 億美元的收入。也許它的成長速度沒有達到我預想的水平，但今年 MiSight 的成長幅度可能仍會達到 30% 到 35%。

And I think you're going to see an acceleration in MiSight activity in Q4, that's going to be our strongest quarter because again, I can see a lot of fitting activity right now, and I see a lot of kids starting to wear that product. You see that especially true in Europe right now where we're seeing a pickup.

我認為您將在第四季度看到 MiSight 活動的加速，這將是我們最強勁的一個季度，因為我現在可以看到很多試穿活動，而且我看到很多孩子開始穿著該產品。您會發現，目前歐洲的情況尤其如此，我們正在看到經濟回升。

We've got brand-new large private label contract we entered into, first one like that, that's going out with MiSight technology in Europe. We're seeing fitting activity associated with that. It's tied to free lenses upfront, try it, you'll like it and you'll keep it, but we're seeing that fitting activity right now with MiSight. So when I look at that, I think we've got an excellent opportunity to continue to take market share.

我們簽訂了一份全新的大型自有品牌合同，這是第一份這樣的合同，它將在歐洲採用 MiSight 技術。我們看到了與此相關的適當活動。它與免費鏡片捆綁在一起，嘗試一下，你會喜歡它並且會保留它，但我們現在看到 MiSight 有這種合適的活動。因此，當我看到這一點時，我認為我們有一個絕佳的機會繼續佔領市場份額。

Maybe for Brian. Just on tariffs, can you just help us give a little bit of color on what's driving that $4 million that you have in your guidance for tariffs this year, which countries and how to think about that?

也許對布萊恩來說是這樣。僅就關稅而言，您能否幫助我們稍微解釋一下今年您在關稅指導中提出的 400 萬美元的推動因素、哪些國家以及如何考慮這一點？

Sure, Craig. Yes. Similar to other companies, the way that we account for the activity in cost of goods, and we capitalize it and run that through the P&L six months later. The activity that's impacting us this year is impacting us in Q4. A lot of our manufacturing sites support the markets in those regions, so we benefit from that activity.

當然，克雷格。是的。與其他公司類似，我們將該活動計入商品成本，然後將其資本化，並在六個月後計入損益表。今年對我們產生影響的活動也會在第四季對我們產生影響。我們的許多生產基地都支持這些地區的市場，因此我們從中受益。

But where we are seeing tariff impact predominantly is from manufacturing out of Hungary and to a lesser extent, [out of the UK. I talked about the 3% for next year. That summarizes our expectations on the tariff impact based on today's assumptions on tariffs](corrected by company after the call).

但我們看到關稅影響主要來自匈牙利的製造業，其次是[英國以外。我談到了明年的3%。這總結了我們基於當前關稅假設對關稅影響的預期]（公司在電話會議後進行了更正）。

Sorry, I think I said Hungary earlier. Let me correct that. Costa Rica has the biggest impact from tariffs to us. Second is the UK, Hungary is negligible. Hopefully, that's clear.

抱歉，我想我之前說的是匈牙利。讓我糾正一下。哥斯達黎加受關稅的影響對我們最大。其次是英國，匈牙利則微不足道。希望這是清楚的。

Joanne Wuensch, Citi Bank.

花旗銀行的 Joanne Wuensch。

What I'm trying to get my head around is when you put the new guidance together, how much of this is reflective of this is what we're seeing in the market? How much of it is this is what others are reporting and how much of it is maybe conservatism? I'm trying to get my head around this because you did just beat the quarter. And then I have a follow-up question, please.

我想弄清楚的是，當你把新的指導意見放在一起時，其中有多少反映了我們在市場上看到的情況？其中有多少是其他人所報道的，又有多少可能是保守主義？我正在努力理解這一點，因為你確實剛剛超過了這個季度。然後我還有一個後續問題。

Yes, that's very fair, Joanne. And a part of it is, yes, what we've seen other people reporting. I was a little surprised by some of the numbers that came out. What we see reporting, Q1 4%. What we've seen in the market, we are seeing some tightening of the market when it comes to the channel inventory that we've been talking about.

是的，這非常公平，喬安妮。是的，其中一部分是我們看到其他人所報告的。我對得出的一些數字感到有些驚訝。我們看到報告顯示，第一季成長了 4%。我們在市場上看到的情況是，就我們一直在談論的通路庫存而言，市場正在收緊。

And then I would say a portion of it to be fair, is conservatism. I think that we needed to reset our numbers. Our expectations out there were a little bit high. We just had a good quarter. We just did 7%. We beat expectations for vision, we beat expectations for surgical, we beat earnings expectations. I mean, frankly, we raised revenue guidance at the midpoint. We raised earnings guidance.

然後我想說，公平地說，其中一部分是保守主義。我認為我們需要重新設定我們的數字。我們的期望有點高。我們剛剛度過了一個良好的季度。我們只完成了7%。我們的視力超出預期，我們的外科手術超出預期，我們的利潤超出預期。我的意思是，坦白說，我們在中期提高了收入預期。我們提高了獲利預期。

So it's an across the board, raise. Having said that, you look through to the organic growth rates, and I think it's just a prudent time to be a little bit more conservative.

所以這是一次全面的加薪。話雖如此，看看有機成長率，我認為現在是採取更保守的謹慎時機。

And my follow-up question has to do with FX because FX has moved so dramatically since we all got together and talked less than 90 days ago. What are you dialing in for FX impact? And can you just remind us how to think about that as we go forward and the world continues to dance or shift?

我的後續問題與 FX 有關，因為自從我們不到 90 天前聚在一起討論以來，FX 發生了巨大的變化。您要調撥什麼來獲得 FX 效果？當我們繼續前進，世界繼續舞動或變化時，您能否提醒我們該如何思考這個問題？

Yes, I'll comment quickly, and then Brian, obviously knows this like the back of his hand. With respect to OpEx, the one thing I would say is I think people are probably underestimating the efficiencies that we're driving in the organization right now.

是的，我會快速評論，然後布萊恩顯然對此瞭如指掌。關於營運支出，我想說的是，我認為人們可能低估了我們目前在組織中推動的效率。

There are a lot of moving parts here. But the operational efficiencies that we're delivering from our manufacturing team who's driving cost per units down on the products and then the leverage that we're getting through the P&L that Brian talked about in some of these areas like distribution is quite a bit more than people are thinking. We invested a lot of money for a couple of years there, and people saw that in terms of our investment activity.

這裡有很多活動部件。但是，我們的製造團隊正在降低產品的單位成本，從而提高營運效率，然後，正如 Brian 所談到的，我們透過損益表在分銷等一些領域獲得的槓桿作用，比人們想像的要多得多。我們在那裡投資了幾年，人們從我們的投資活動中看到了這一點。

Those returns are now starting to work their way through the P&L. So, there's a lot of noise with FX, but it's operational efficiencies. And I'll turn it over to Brian because he's a big part of that, and he's one of the guys who's driving that throughout our entire organization. So he deserves credit, I should shut up and let him talk.

這些回報現在開始透過損益表發揮作用。因此，FX 存在著許多噪音，但它的運作效率很高。我將把這個任務交給布萊恩，因為他是其中的重要組成部分，也是推動我們整個組織這項工作的人之一。所以他值得稱讚，我應該閉嘴讓他說話。

Al, you said it pretty well. It's a lot of really hard work being demonstrated by our operational leaders around packaging, labeling, manufacturing, shipping, that's all across Vision, Surgical, working together, really grinding away, and making sure that we get the leverage from that prior investment activity. And that's also true within OpEx. We all remain vigilant and disciplined during these uncertain times making sure that we are managing our expenses closely. When we took down the revenue ranges at the midpoint for organic growth, the operational efficiencies in cost of goods and OpEx really helped to offset all of that. And so what you're left with is FX being a big part of the EPS raise along with the Q2 beat and the impact from tariffs. So that's how you get to the $0.10.

Al，你說得很好。我們的營運領導在包裝、標籤、製造、運輸等方面付出了很多艱苦的努力，這些都涉及視覺、外科領域，他們共同努力，努力工作，確保我們從先前的投資活動中獲得優勢。對於 OpEx 來說也是如此。在這些不確定的時期，我們都保持警覺和自律，確保我們嚴密管理我們的開支。當我們將收入範圍降低到有機成長的中間點時，商品成本和營運支出的營運效率確實有助於抵消所有這些影響。因此，剩下的就是外匯成為每股盈餘成長的重要組成部分，以及第二季業績超出預期以及關稅的影響。這就是你得到 0.10 美元的方法。

Young Li, Jefferies.

Young Li，傑富瑞。

I guess to start, I wanted to hear a little bit about the private label business growth, if you can provide any color on the growth versus branded and if you can comment in general, if there's any differences you're seeing between the higher-priced products versus lower price products consumer seems to be a little bit.

首先，我想聽聽關於自有品牌業務增長的一些情況，您是否可以提供一些關於其與品牌業務相比的增長情況的詳細信息，您是否可以進行總體評論，您是否看到消費者在高價產品和低價產品之間似乎存在一些差異。

Sure. So two things on that. I'd say private label business for us at CooperVision is growing a little bit faster than our branded business. No real surprise there, trends continuing. We'll continue to see that activity based on what I'm seeing out there with contracts and sales.

當然。關於這一點有兩點。我想說，CooperVision 的自有品牌業務的成長速度比我們的品牌業務快一點。這並不令人意外，趨勢仍在繼續。根據我所看到的合約和銷售情況，我們將繼續觀察這項活動。

I think you'll see the private label business grow a little bit faster than the branded business. The high price, low price, that question, it's interesting. The high-priced products, when we talk about like MyDay, torics, multifocals, continue to outperform. They continue to do well. We haven't necessarily seen anyone moving to lower-priced products, but we've seen a shift in some of the purchasing behavior for some of those more expensive products.

我認為你會看到自有品牌業務的成長速度比品牌業務快一點。高價，低價，這個問題很有趣。當我們談論 MyDay、散光鏡、多焦點鏡片等高價產品時，它們的表現持續優異。他們繼續表現良好。我們並未看到有人轉向購買低價產品，但我們看到部分昂貴產品的購買行為發生了轉變。

So we'll see what happens with that. Like, is there ultimately a shift over to some of those where people say, hey, I want to wear my contact lenses every single day and I shift over to clariti or something? I don't know, we'll say. But as of right now, we're continuing to see pretty good demand and activity around the higher-priced products.

我們將拭目以待。例如，最終是否會出現這樣的轉變：人們說，嘿，我想每天都戴隱形眼鏡，然後我就換成克拉瑞迪或別的什麼眼鏡？我不知道，我們會說。但截至目前，我們持續看到高價產品的需求和活動相當良好。

All right. Great. Very helpful. I guess to follow up one of your competitors launched a weekly product. Seems like the early momentum is pretty good. Wondering how much you're seeing that market and your interest in that type of modality, if you were to try to get something out that's similar? How long would that (technical difficulty)

好的。偉大的。非常有幫助。我想跟進一下您的一個競爭對手推出的每週產品。看起來早期的勢頭相當不錯。想知道您對這個市場了解多少，以及您對這種模式的興趣如何，您是否嘗試推出一些類似的東西？那要多久（技術難度）

Yes. That's a market that we don't really play in, which is kind of funny because it seems like we play in every market. But that would be a segment of the market that we're not really in, which is the weekly/two-week market. That's J&J and Alcon that are out there playing in that market right now.

是的。這是我們實際上並未涉足的市場，這有點好笑，因為似乎我們在每個市場都有涉足。但這是我們實際上尚未涉足的市場部分，即每週/兩週的市場。強生公司和愛爾康公司目前正在該市場上競爭。

So that's not a market we're going to enter. Like we're in the daily side of things, and we're on the monthly side of things. So I'll leave it to those two guys to battle out the winner of that space.

所以這不是我們要進入的市場。就像我們處理每日事務一樣，我們處理每月事務一樣。所以我會讓這兩個傢伙來爭奪這個空間的贏家。

Chris Pasquale, Nephron.

克里斯·帕斯誇萊（Chris Pasquale），Nephron。

Al, one just on contact lens market and then Brian, a follow-up for you on tariffs. On the market. So Al, I think you used the word sound for contact lens pricing. The biggest difference between the last few years and the pre-COVID period, as far as we can tell, is that pricing has been above the historical trend.

Al，先談談隱形眼鏡市場，然後 Brian，請跟進關稅問題。在市場上。所以 Al，我認為你使用「聲音」這個詞來表示隱形眼鏡的定價。據我們所知，過去幾年與疫情之前最大的區別在於，價格一直高於歷史趨勢。

So is this downshift in market growth as simple as pricing trends returning to what we used to consider normal, and then you mentioned rumblings about a new round of price increases to come. As you look at your own business, do you still see the same opportunities for price as what you had the last couple of years?

那麼，市場成長的放緩是否只是價格趨勢回歸到我們過去認為的正常水平，然後您提到了有關新一輪價格上漲的傳言。當您審視自己的業務時，您是否仍然看到與過去幾年相同的價格機會？

Yes, I do. I think that as an industry right now, and I'll speak for us, in particular, as we look at inflationary pressures, I think we have the ability to pass along price increases that tie to inflation. Not above and beyond that, but inflationary pricing, I think all companies can pass that along. We can pass that along, a retailer selling the product can pass that along. So I don't see much change in terms of pricing.

是的，我願意。我認為，作為目前的一個行業，特別是當我們考慮通膨壓力時，我認為我們有能力轉嫁與通膨相關的價格上漲。不是超出這個範圍，而是通貨膨脹定價，我認為所有公司都可以將其轉嫁出去。我們可以傳遞這一點，銷售該產品的零售商也可以傳遞這一點。因此我認為價格方面不會有太大變動。

Yes, there are some rumblings out there from at least one competitor about a midyear price increase tied to tariffs. We'll see how that plays out. But I do think that pricing right now in the market is solid. I think future pricing is probably going to be a little bit higher than what it was pre-COVID.

是的，至少有一家競爭對手抱怨說，年中價格會因關稅而上漲。我們將拭目以待事情將如何發展。但我確實認為目前市場定價是穩定的。我認為未來的價格可能會比疫情前的價格略高一些。

So I think this is probably more a period of challenges around channel inventory and purchasing and wearing behavior than it is anything to do with pricing.

因此，我認為這可能更多的是圍繞著通路庫存和購買及穿著行為的挑戰時期，而不是與定價有關的時期。

Okay. That's helpful. And then, Brian, you talked about a 300 basis point headwind from tariffs next year, absent any mitigation efforts, if I heard you correctly. You guys seem to be perennially capacity constrained on manufacturing. So what abilities the company have to move things around if you need to get some of that production to different geographies to try and mitigate that impact.

好的。這很有幫助。然後，布萊恩，如果我沒聽錯的話，您談到了明年關稅將帶來 300 個基點的阻力，如果不採取任何緩解措施。你們的製造能力似乎長期受到限制。那麼，如果需要將部分生產轉移到不同的地區以嘗試減輕影響，公司有什麼能力來轉移這些產品？

Chris, thanks for the question. There's a number of things that we could do. The first thing, and Al just talked about it, is to consider additional price increases., That's something that we don't have factored into our guidance for this year, but it's certainly something that we can consider that will help offset [the tariff impact](added by company after the call). Beyond that, it comes down to what do we do with our supply chain flows, how do we manage inventory differently and how do we adjust some of our manufacturing. We have the ability to do some of that, and we're evaluating those moves right now.

克里斯，謝謝你的提問。我們可以做很多事。第一件事，Al 剛才也談到了，就是考慮進一步漲價。這是我們今年的指導中沒有考慮到的因素，但肯定是我們可以考慮的，這將有助於抵消[關稅影響]（公司在通話後添加）。除此之外，還涉及我們如何處理我們的供應鏈流程，如何以不同的方式管理庫存以及如何調整我們的一些製造方式。我們有能力做其中的一些事情，我們現在正在評估這些措施。

It just seems like even over the last 48 hours, we've heard different commentary about tariffs and what might happen and what’s not going to happen as of a few hours ago. So we are absolutely in the planning mode of what could we do, what's easier to do, what's harder to do, but there's a number of things that we can do to take action on, but we want to make sure there's a little bit more clarity. And so that's why we're taking a bit of a wait-and-see approach before doing anything disruptive to our operations.

似乎即使在過去的 48 小時內，我們聽到了關於關稅的不同評論，以及幾個小時前可能發生和不會發生的事情。因此，我們絕對處於規劃模式，我們可以做什麼，什麼更容易做，什麼更難做，但我們可以做很多事情來採取行動，但我們希望確保更加清晰。因此，在採取任何可能擾亂我們營運的行動之前，我們會採取觀望態度。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Al, sorry to belabor this point. The topic is on the CVI guidance seems to be this channel inventory dynamic. But I'm having a hard time squaring that against the comment you made earlier that you posted your best month of the year in April. So where is the disconnect? Because you obviously didn't see it in April.

Al，很抱歉我過度強調這一點。該主題是關於 CVI 指導的，似乎是該渠道庫存動態。但我很難將此與您之前所說的四月份是您一年中表現最好的月份的評論相提並論。那麼，脫節在哪裡呢？因為你顯然在四月沒有看到它。

Does this have to do with what you think is happening to channel inventory for others and you expect it to happen to your business? Or is this like visibility that you have to inventory adjustments that you think are coming in like the next few months?

您認為這是否與其他企業的通路庫存情況有關，並且您預計這種情況也會發生在您自己的企業中？或者這是否像您認為未來幾個月將要進行的庫存調整一樣具有可見性？

Yes, Jason, I say this, it feels like every quarter, you just have to be so careful in this industry. When you look at any month's performance because you talk about a big April, well, you saw the numbers, that would mean that February and March were softer months. Let's not read too much into any individual month because you have big shipments that go to key accounts and channel inventory swings that are going from one month to the next month that can impact any month or any individual quarter. So I wouldn't read too much into that.

是的，傑森，我這麼說，感覺每個季度，你在這個行業都必須非常小心。當你查看任何月份的表現時，因為你談論的是四月份的表現，嗯，你看到了數字，這意味著二月和三月是較為疲軟的月份。我們不要對任何單月份進行過多的解讀，因為您有大量貨物發送到主要客戶，並且渠道庫存波動會從一個月持續到下個月，這可能會影響任何月份或任何單季。所以我不會對此進行過多的解讀。

I still think when you’re a year in the future and your turnaround and look back, you see big months and low months as shipments happen. But ultimately, what ended up happening for this year, that's where I get back to the 4% to 6% growth for the full year, and that's where I get back to some channel inventory contraction that happens in the marketplace.

我仍然認為，當你在未來一年內回顧時，你會看到出貨量大的月份和低谷的月份。但最終，今年發生的事情是，全年成長回到了 4% 到 6%，市場上出現了一些通路庫存收縮。

Okay. All right. Fair enough. On the pricing side, just a follow-up there on some prior questions. I mean we've seen some of those pricing schedules from one of your peers. They do look like some large price increases. I guess I'm curious how you're thinking about your price strategy and response, do you try to move forward in a similar fashion because you now have cover to take price as well? Or are you going to take an approach of wait and see how the market responds to these tariff-related increases and then proceed as such?

好的。好的。很公平。在定價方面，我只是對一些先前的問題進行跟進。我的意思是，我們從你們的一位同行那裡看到了一些定價計劃。看起來價格確實大幅上漲。我想我很好奇您是如何考慮您的價格策略和反應的，您是否嘗試以類似的方式前進，因為您現在也有價格保障？或者您打算採取等待的態度，觀察市場對這些與關稅相關的增加的反應，然後再繼續進行？

Yes. Right now, I'm not going to give any other color other than to say we're evaluating it. We'll see what's going on with the market, and we'll evaluate it. And if it's appropriate to take price increases, we'll look to do that and if we decide not to, we won’t. So the team is working on that right now.

是的。現在，除了說我們正在評估之外，我不會給出任何其他資訊。我們將觀察市場情況並進行評估。如果價格上漲是適當的，我們就會考慮這麼做，如果我們決定不這麼做，我們就不會這麼做。因此團隊目前正在致力於此事。

Brett Fishbin, KeyBanc Capital Markets.

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc 資本市場。

Just wanted to ask if you could expand a little bit on what you're seeing around broader demand for toric and multifocals. It seems like we got into like a pretty steady cadence of double-digit growth from those categories for a pretty long time. Just like noting growth has come in a little bit, I think, 7% this quarter and a lot lower growth of the overall CVI portfolio. So I'm just wondering if there was any competitive dynamics to call out or anything else that might be driving that?

只是想問一下您是否可以稍微詳細說明一下您對散光和多焦點鏡片的更廣泛需求。看起來我們在這些類別中已經長期保持了相當穩定的兩位數成長節奏。正如注意到成長有所回升，我認為本季為 7%，而整體 CVI 投資組合的成長率則要低得多。所以我只是想知道是否存在任何競爭動態或其他可能推動這現象的因素？

Yes. No, not too much. I remember when I saw those numbers coming through this quarter, I asked that same question. But there's not too much to read into that. Torics and multifocals continue to do well. You definitely get some activity associated with dailies. Now that marketplace has continued to shift more and more to dailies, you're getting some bigger swings in some of those numbers. But no, the toric and multifocal markets continue to do well and our products continue to do well there. That got a little bit more tied to some of the Biofinity shipments that were going out there for those products. I wouldn't read too much into that.

是的。不，不算太多。我記得當我看到本季的這些數字時，我也問了同樣的問題。但對此並無太多可解讀之處。散光鏡片和多焦點鏡片繼續表現良好。您肯定會獲得一些與日報相關的活動。現在市場已經越來越多地轉向日報，一些數字出現了較大的波動。但事實並非如此，散光和多焦點市場繼續表現良好，我們的產品也繼續在那裡表現良好。這與 Biofinity 運出的部分產品有更密切的關聯。我不會對此進行過多的解讀。

All right. Very helpful. And then I'll just ask a really quick follow-up. I think last quarter, you mentioned that China was a decline year-over-year. Just curious if you're able to give any color on how China performed in CVI this quarter as well.

好的。非常有幫助。然後我只想問一個非常快速的後續問題。我認為上個季度您提到中國經濟年減。我只是好奇您是否能夠透露本季中國在 CVI 中的表現如何。

Sure. Yes. China was down quite a bit last quarter. It was essentially flat this quarter for us. MiSight business was actually down a little bit. I mean we had 35% growth in MiSight on a global basis with China being just a little bit negative, but essentially a flat business in China for Q2.

當然。是的。上季中國經濟下滑幅度相當大。本季我們的業績基本持平。MiSight 業務實際上略有下滑。我的意思是，MiSight 在全球範圍內實現了 35% 的成長，而中國市場略微出現了負成長，但第二季中國市場的業務基本上持平。

Steve Lichtman, Oppenheimer & Company.

史蒂夫·利希特曼，奧本海默公司。

I wanted to follow up on your comments on MiSight. I think you mentioned price isn't the headwind based on your analysis but you are instituting the free trial program. So what is driving you to start that program if price isn't a factor?

我想跟進您對 MiSight 的評論。我認為根據您的分析，您提到的價格不是不利因素，但您正在製定免費試用計劃。那麼，如果價格不是因素的話，是什麼促使您啟動該計劃的呢？

Yes, Steve, 100%. We did this work. We've done it for actually a decent period of time in a lot of different markets. Looking at the annual price of that and thinking, hey, that's the thing that's holding back greater adoption of this product. What we've really found out is it's not that it's the initial pricing, it's the initial activity.

是的，史蒂夫，100%。我們做了這項工作。實際上，我們已經在許多不同的市場中這樣做了相當長一段時間。看看每年的價格，然後想，嘿，這就是阻礙該產品更廣泛採用的原因。我們真正發現，問題不在於初始定價，而是初始活動。

You have to get the parents comfortable that their child can wear contact lenses. You have to get the child comfortable that they can put the contact lenses in and take the contact lenses out. The parents are saying hey listen, I don't want to go down that journey and pay all this money upfront when I don't think that my child is going to be able to wear them or like to wear them. So I'm hesitant to even get started in MiSight because of that.

您必須讓父母放心，他們的孩子可以配戴隱形眼鏡。您必須讓孩子感到舒適，他們可以戴上隱形眼鏡並取下隱形眼鏡。父母說，聽著，我不想走那條路，也不想預先支付所有的錢，因為我覺得我的孩子不能穿這些衣服或不喜歡穿它們。因此，我甚至對開始使用 MiSight 感到猶豫不決。

Once you go to them and say, hey, here's three months free. Go ahead and try this product. They’re daily lenses, here are three months for you, go ahead and try and wear them, make sure that your kid can wear them, make sure that your kid is getting the treatment benefit that the eye care practitioner is saying they'll get.

一旦你去找他們並說，嘿，這裡有三個月的免費使用。繼續嘗試該產品吧。它們是日拋型隱形眼鏡，您可以使用三個月，請繼續嘗試佩戴，確保您的孩子可以佩戴，確保您的孩子獲得眼科醫生所說的治療效果。

Once you give them that and the kid goes through the process of figuring out how to put lenses in and take them out, I mean, bam, they get the visual correction associated with the lenses, the kids love it and want to stay in them once they get comfortable with them. The parents go back and say, wow, this treatment is actually working. I really like the fact that treatment has worked, and I want to continue to offer that to my child. Once you get over that hump, then you're in. That's where the retainage rates is like 90%. What we've really found is it's not that annual cost, it's the cost of the initial purchase activity. You have to hook them, into the value of contact lenses and into the value of the treatment.

一旦你給了他們這個，並且孩子們經歷瞭如何戴上和取下鏡片的過程，我的意思是，他們得到了與鏡片相關的視力矯正，孩子們喜歡它，並且一旦他們適應了鏡片就想一直戴著它。父母回去後說，哇，這種治療確實有效。我真的很高興這種治療有效，而且我想繼續為我的孩子提供這種治療。一旦你克服了這個困難，你就成功了。那裡的保留率大約是 90%。我們真正發現的並不是年度成本，而是初始購買活動的成本。你必須吸引他們，讓他們專注於隱形眼鏡的價值和治療的價值。

Probably not a shocker. When you look at the massive success that you're seeing from spectacles, outside of the US, when you see it in China and European markets, parents are very interested in it, the hesitancy is tied to that initial cost. So that's what we're talking about with the free initial trial period.

這可能並不令人震驚。當你看到眼鏡在美國以外、在中國和歐洲市場取得的巨大成功時，你會發現家長對它非常感興趣，而猶豫則與初始成本有關。這就是我們談論的免費初始試用期。

Got it. And then just quickly on the fertility market commentary, you mentioned capital purchasing delays given the macro. Was that a comment for any particular region? Or are you seeing that globally? Any more color on that?

知道了。然後，關於生育市場的評論，您提到了宏觀因素導致的資本購買延遲。這是針對某個特定地區的評論嗎？或者您在全球範圍內都看到了這一點？還有更多顏色嗎？

Yes, well, for us, that would be greater in Europe and India. But we're also seeing that some here in the Americas. It's prevalent in a number of locations right now. I don't think that's going away. I think it's more somebody or a fertility clinic looking at stuff saying, hey, do I need new workstations do I need some of that kind of activity? Yes, I would like to upgrade. Do I have to upgrade today? No. I can delay this activity a little bit. It seems to be much more tied to that than anything else.

是的，對我們來說，歐洲和印度的情況會更好。但我們也看到美洲也有這樣的情況。目前，這種現像在很多地方都很普遍。我不認為這種情況會消失。我認為更多的是某個人或生育診所在看東西時會說，嘿，我需要新的工作站嗎？我需要一些這樣的活動嗎？是的，我想升級。我今天必須升級嗎？不。我可以稍微推遲一下這個活動。它似乎與此的聯繫比其他任何事情都更緊密。

David Saxon, Needham.

大衛薩克森，尼德漢姆。

Maybe just a follow-up on these on MiSight. So you talked about the promo activity during the third quarter. Can you quantify the impact that you're expecting? And then for the myopia management portfolio, including Ortho-K, can you talk about the profitability of that portfolio, Is it profitable? And then longer term at scale, how should we think about the margin profile relative to kind of core CVI margins?

也許只是對 MiSight 的後續跟進。所以您談到了第三季的促銷活動。您能量化您所預期的影響嗎？然後對於包括 Ortho-K 在內的近視管理組合，您能談談該組合的盈利能力嗎？它盈利嗎？然後從長期來看，我們應該如何看待相對於核心 CVI 利潤率的利潤率狀況？

Sure. So yes, I was talking about MiSight, right? We're doing a lot of this activity. I don't want to lead anyone down the wrong road. I mean MiSight in Q3 is still going to be a decent quarter.

當然。是的，我在談論 MiSight，對嗎？我們正在進行大量此類活動。我不想把任何人引入歧途。我的意思是 MiSight 在第三季仍然會是一個不錯的季度。

My guess is probably 25%, 30% growth, something like that. My expectation is we're over 40% growth in Q4. So if this goes the way I think it's going to go, solid quarter in Q3, maybe just a little bit lighter, and then good, strong Q4. Ortho-K this quarter was roughly flat. When I look at those combined from a profitability perspective, gross margins are good on those, would fall in line with company-wide averages. Operating margins depending upon how you allocate costs, you can argue those are still lighter because we're still investing a lot of dollars. We're integrating a lot of the sales activity into our regular commercial infrastructure to be able to sell the product more efficiently and get better coverage. So I think that long term, that is going to be a margin-accretive portfolio for us.

我的猜測可能是成長 25%、30% 或類似的數字。我預計第四季的成長率將超過 40%。因此，如果情況按照我認為的那樣發展，那麼第三季度將會表現穩健，可能只是稍微輕鬆一些，然後第四季將會表現良好、強勁。本季 Ortho-K 基本持平。當我從獲利能力的角度來看這些合併業務時，我發現它們的毛利率不錯，與全公司的平均水平一致。營業利潤率取決於您如何分配成本，您可以說這些利潤率仍然較低，因為我們仍然投入了大量資金。我們將大量銷售活動整合到我們的常規商業基礎設施中，以便能夠更有效地銷售產品並獲得更好的覆蓋範圍。因此我認為從長遠來看，這將是我們利潤增值的投資組合。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

I'll keep it just one. Trying to keep you time efficient. I don't mean to belabor the point, but the industry has taken probably cumulatively 10%, 15% gross pricing over the last couple of years. Is it the like mix of new fittings that's giving you confidence that you're not seeing any real beginnings of change in consumer behavior? Because I hear them destocking and holding less and I think a cumulative price increase.

我只保留一個。盡力讓你保持高效率的時間。我並不想過度強調這一點，但在過去幾年中，該行業可能已經累積了 10% 到 15% 的總定價。是因為這些新配件的組合讓您確信，您沒有看到消費者行為有任何真正的改變？因為我聽說他們正在減少庫存，減少持有量，我認為價格會累積上漲。

You can't help worry a little bit on our end. Anything you can kind of speak to confidence around how they've absorbed that aggregate total pricing. I'd love to hear anything.

你不禁讓我們有點擔心。您可以以任何方式表明他們如何吸收整體定價的信心。我很樂意聽聽任何消息。

Yes, Patrick. Something I didn't touch on that I probably should touch on here because I think it's a component of what's happening. And that is some of the legacy products that are out there, legacy hydrogel products that are out there. That's still a decent portion of the market. There's still quite a bit of older legacy hydrogels that are out there that a lot of the industry are moving out of, that we're moving out of, our traditional hydrogel sales declined pretty decent this quarter. They are masking our growth. And I think you're seeing some of that impact in the marketplace. As you're seeing older traditional hydrogels continue to decline and people tighten up on what's out in the channel associated with those products as those products decline and go away because a lot of people are discontinuing those. I mean we are. We had millions of dollars of discontinued sales this quarter from older products.

是的，派崔克。我沒有觸及但可能應該在這裡觸及的事情，因為我認為這是正在發生的事情的一個組成部分。這是現有的一些傳統產品，現有的傳統水凝膠產品。這仍然佔據了相當大的市場份額。目前市場上仍有相當多的老式水凝膠，許多產業正在淘汰這些產品，我們也正在淘汰這些產品，本季我們的傳統水凝膠銷售量下降相當大。它們掩蓋了我們的成長。我認為您在市場上已經看到了一些影響。正如您所看到的，老式傳統水凝膠的銷售持續下降，隨著許多人停止使用這些產品，這些產品銷售下降並逐漸消失，人們對這些產品相關管道的控制也越來越嚴格。我的意思是我們是。本季度，我們有數百萬美元的舊產品停產銷售。

So as we continue as a company and as an industry to shift away from some of these legacy hydrogel products, that puts pressure on channel inventory and puts pressure on our as reported growth rates. You flip over to the other side because Patrick, I get your point a little bit of a head scratcher here and you say, okay, price is there. We're not seeing a pushback on price, which we're not. We're continuing to see good growth in the specialty lenses and these higher-priced lenses. We're getting fitting activity, it's a little bit of how do I reconcile that?

因此，隨著我們作為一家公司和一個行業繼續擺脫一些傳統的水凝膠產品，這將給通路庫存帶來壓力，並給我們報告的成長率帶來壓力。你翻到另一邊，因為派崔克，我明白你的觀點有點令人費解，你說，好吧，價格就在那裡。我們沒有看到價格下跌，事實確實如此。我們繼續看到專業鏡頭和高價鏡頭的良好成長。我們正在進行合適的活動，但我該如何協調這一點？

We shouldn't ignore the negative impact coming from some of these traditional hydrogel lenses because they are impacting industry growth. They're certainly impacting our growth because we're dealing with that. So that's an important component. I probably should have said that earlier.

我們不應忽視這些傳統水凝膠鏡片的負面影響，因為它們正在影響產業成長。它們肯定會影響我們的成長，因為我們正在處理這個問題。所以這是一個重要的組成部分。我可能早就該這麼說。

Navann Ty, BNP Paribas.

法國巴黎銀行的 Navann Ty。

So back on fertility, there's a fertility pharma company that reported a sluggish performance in China, but did not revise down their global fertility guidance. So I’m curious what is Cooper's original mix for fertility revenue? Maybe you see a difference between fertility consumables and therapeutics.

回到生育問題上，有一家生育製藥公司報告在中國的業績表現疲軟，但並未下調其全球生育指導。所以我很好奇 Cooper 最初的生育收入結構是什麼？也許您看到了生育耗材和治療劑之間的差異。

Yes. We do not have any fertility pharma products. I would definitely split those two. When you look at a fertility treatment, the largest cost associated with that treatment is on the pharma side. And we just don't have those products.

是的。我們沒有任何生育醫藥產品。我肯定會把這兩個分開。當您考慮生育治療時，與該治療相關的最大成本是在製藥方面。但我們就是沒有這些產品。

So when I'm speaking about fertility growth, I'm talking about consumables, genetic testing, donor activity, capital equipment, but not pharma-based. I definitely wouldn't automatically link any commentary or any pharma sales activity to our industry or our market.

因此，當我談論生育力成長時，我談論的是消耗品、基因檢測、捐贈活動、資本設備，但不是基於製藥的。我絕對不會自動將任何評論或任何製藥銷售活動與我們的行業或市場聯繫起來。

There are no further questions at this time. I'll turn the call back over to Al White, President and Chief Executive Officer.

目前沒有其他問題。我將把電話轉回給總裁兼執行長艾爾懷特 (Al White)。

Great. Thank you, everyone. I appreciate the time. I know we had a lot to go through, and hopefully, we were able to communicate all that clearly. Look forward to catching up with people during the quarter and certainly look forward to our next earnings call. Thank you. Thank you, operator.

偉大的。謝謝大家。我很感激你抽出時間。我知道我們有很多事情要經歷，希望我們能夠清楚地傳達這一切。期待在本季與大家見面，當然也期待我們的下一次財報電話會議。謝謝。謝謝您，接線生。

This concludes the meeting. You may now disconnect.

會議到此結束。您現在可以斷開連線。