酷柏 (COO) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Dandarina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2025 CooperCompanies' earnings conference call. (Operator Instructions) I would now like to turn the conference over to Kim Duncan, Vice President of Investor Relations and Risk Management. You may begin.

女士們、先生們，感謝你們的支持。我叫 Dandarina，今天我將擔任您的會議接線生。現在，我歡迎大家參加 CooperCompanies 2025 年第三季財報電話會議。（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。你可以開始了。

Good afternoon, and welcome to CooperCompanies’ third 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.

下午好，歡迎參加 CooperCompanies 2025 年第三季財報電話會議。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。

Our presenters on today's call are Al White, President and Chief of Officer; and Brian Andrews, Chief Financial Officer and Treasurer. 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, interest, FX and tax rates, tariffs and other financial guidance and expectations; strategic and operational initiatives; market conditions and trends; and product launches and demand.

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。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、利息、外匯和稅率、關稅和其他財務指導和預期有關的陳述；策略和營運舉措；市場狀況和趨勢；以及產品發布和需求。

Forward-looking statements depend on assumptions, data or methods that may be incorrect, or imprecise, and are subject to risks and uncertainties. Events that could cause our actual results and future actions of the Company to differ materially from those described in forward-looking statements, are set forth under the caption, “forward-looking statements”, in today's earnings release, and are described in our SEC filings, including Cooper's Form 10-K and Form 10-Q filings, all of which are available on our website at coopercos.com.

前瞻性陳述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。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.

另外提醒一下，我們將在本次電話會議上提供的非 GAAP 財務資訊是作為我們 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下找到。

Should you have any additional questions following the call, please e-mail ir@cooperco.com. And now I'll turn the call over to Al for his opening remarks.

如果您在電話會議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 our earnings call. In today's discussion we'll cover our Q3 results, Q4 guidance, and early thoughts on fiscal 2026. Starting with the numbers, Q3 consolidated revenues were up 5.7% year-over-year, or up 2% organically, to $1.06 billion. Margins improved and non-GAAP earnings grew double digits to $1.10, up 15% year-over-year. Free cash flow was strong at $165 million, and we repurchased $52 million of our stock during the quarter. While revenues were lower than expected, and I'll speak to that in a minute, I'm pleased to report that we delivered strong margins, double-digit earnings growth, and robust free cash flow, reflecting the operational excellence that remains central to our growth strategy. These results reflect disciplined execution and our ability to capitalize on prior investments to drive consistent operating performance across our business. Looking ahead, we expect this type of execution to continue as reflected in our updated earnings guidance and upcoming commentary on free cash flow.

謝謝你，金，歡迎大家參加我們的財報電話會議。在今天的討論中，我們將討論第三季的業績、第四季的指引以及 2026 財年的初步想法。從數字來看，第三季綜合營收年增 5.7%，有機成長 2%，達到 10.6 億美元。利潤率提高，非公認會計準則收益成長兩位數至 1.10 美元，年增 15%。自由現金流強勁，達到 1.65 億美元，我們在本季回購了價值 5,200 萬美元的股票。雖然收入低於預期，我稍後會談到這一點，但我很高興地報告，我們實現了強勁的利潤率、兩位數的盈利增長和強勁的自由現金流，這反映了卓越的運營仍然是我們增長戰略的核心。這些結果反映了嚴格的執行以及我們利用先前投資來推動整個業務持續營運績效的能力。展望未來，我們預計這種執行方式將持續下去，這反映在我們更新的獲利指引和即將發布的自由現金流評論中。

For CooperVision, we reported revenues of $718 million for the quarter, reflecting 6.3% reported growth, and 2.4% organic growth. These results came in below our expectations, driven primarily by two factors. First, clariti declined globally, led by a noticeable drop in AsiaPac and a slowdown in the Americas and EMEA. As customers continue favoring premium daily lenses, the significant increase in MyDay fitting steps and trial lenses led to a faster-than-expected return to MyDay fitting activity. While MyDay delivered double-digit growth this quarter and this fitting activity indicates the future is incredibly bright, this near-term activity meaningfully impacted clariti orders. Second, we saw greater-than-expected weakness within the pure-play e-commerce segment in Asia Pac, excluding Japan. This mirrored our experience in Q1 in China and was again most pronounced there, although it also affected several smaller regional markets. Despite the top line pressure from this activity, the impact on profitability was minimal as this region's pure-play e-commerce channel has very low margins. Regarding the regional results importantly, EMEA delivered a strong quarter, growing 14% or 6% organically, driven by continued strength across key markets. This performance reinforced our number one position in the region and moved EMEA to being CooperVision's largest revenue region globally. Additionally, early fit set and trial lens activity for MyDay is extremely strong in this region, and we expect continued success moving forward. Meanwhile, the Americas grew 2% or 3% organically, navigating the distributor channel inventory dynamic that we discussed on last quarter's earnings call and clariti softness. And Asia Pac grew 1% but declined 5% organically, reflecting the pressure from clariti, which was down double digits in Japan and China and the weakness in the e-commerce channel.

就 CooperVision 而言，我們報告本季營收為 7.18 億美元，反映出 6.3% 的報告成長和 2.4% 的自然成長。這些結果低於我們的預期，主要受兩個因素影響。首先，clariti 在全球出現下滑，其中亞太地區明顯下滑，美洲和歐洲、中東和非洲地區成長放緩。隨著顧客繼續青睞優質日拋型隱形眼鏡，MyDay 試戴步驟和試戴鏡片的大幅增加，導致 MyDay 試戴活動的恢復速度快於預期。雖然 MyDay 本季實現了兩位數的成長，而且這一恰當的活動表明未來非常光明，但這一短期活動對 clariti 訂單產生了重大影響。其次，我們發現亞太地區（日本除外）純電子商務領域的疲軟程度超乎預期。這與我們在第一季在中國的經歷相似，並且在中國最為明顯，儘管它也影響了幾個較小的區域市場。儘管這項活動給營收帶來了壓力，但由於該地區純電子商務通路的利潤率非常低，因此對獲利能力的影響微乎其微。就區域業績而言，重要的是，歐洲、中東和非洲地區本季表現強勁，在主要市場持續強勁的推動下，成長了 14% 或 6%。這項業績鞏固了我們在該地區的領先地位，並使 EMEA 成為 CooperVision 全球最大的收入地區。此外，MyDay 的早期試戴和試鏡片活動在該地區非常活躍，我們預計未來將繼續取得成功。同時，美洲地區的有機成長為 2% 或 3%，這與我們在上個季度的收益電話會議和 clariti 疲軟中討論的分銷商通路庫存動態相符。亞太地區成長了 1%，但有機下降了 5%，這反映了來自 Clariti 的壓力（Clariti 在日本和中國的銷售量均下降了兩位數）以及電子商務通路的疲軟。

Digging deeper into MyDay, we're encouraged by several positive developments surrounding this flagship product family. First and foremost, we successfully resolved the manufacturing constraints that previously limited our ability to fully compete. With full sales execution capabilities now in place, we're regaining momentum as we accelerate the global rollout of fitting sets and trial lenses. This marks a key turning point in our ability to deliver sustained growth and meet increasing demand across global markets. We've also recently renewed several large contracts and feature MyDay as a growth driver and we won several new private label agreements that offer significant MyDay growth opportunities. These wins are driving fit activity and increasing our confidence in accelerating growth as we move into fiscal '26.

深入研究 MyDay，我們發現圍繞這個旗艦產品系列的幾個積極發展令人鼓舞。首先，我們成功解決了先前限制我們充分競爭能力的製造限制。現在，我們已經具備了全面的銷售執行能力，正在重新獲得發展勢頭，加快在全球推出適配套裝和試戴鏡片的步伐。這標誌著我們實現持續成長和滿足全球市場日益增長的需求的能力達到了一個關鍵的轉折點。我們最近還續簽了幾份大合同，並將 MyDay 作為增長動力，並且我們贏得了幾項新的自有品牌協議，為 MyDay 提供了巨大的增長機會。這些勝利推動了健康活動，並增強了我們在進入26財年時加速成長的信心。

Turning back to the quarterly details, and reporting on an organic basis, within categories, torics and multifocals grew 6%, while spheres were down 1%. Within modalities, our daily silicone hydrogel lenses, MyDay and clariti, grew 7%, and our silicone hydrogel frequent replacement lenses, Biofinity and Avaira, were up 2%. MiSight grew 23%.

回顧季度細節，並以有機基礎報告，在各個類別中，散光鏡片和多焦點鏡片增長了 6%，而球面鏡片則下降了 1%。在各種鏡片中，我們的日拋型矽水凝膠隱形眼鏡 MyDay 和 clariti 成長了 7%，我們的矽水凝膠常換型隱形眼鏡 Biofinity 和 Avaira 成長了 2%。MiSight 成長了 23%。

Starting with MyDay and adding some additional color, MyDay grew double digits this quarter with our most innovative and premium price lenses, torics, multifocals and Energys, all posting double-digit growth. In particular, MyDay multifocal grew 20% as this fantastic lens continues to perform extremely well. Importantly, the full family of MyDay products has considerable upside as we expand availability and deepen penetration within existing accounts and new customer segments around the world. Supporting this, we have considerable activity with fitting sets and trial lenses but also launch activity. This includes MyDay Energys, featuring our premium DigitalBoost Technology designed for today's digital lifestyle, which we expect to launch in Europe in early fiscal 2026. MyDay multifocal, which we expect to launch in several major APAC markets soon, along with increasing availability in others. And our MyDay Toric parameter expansion, which is actively being rolled out in multiple markets now.

從 MyDay 開始並添加一些額外的顏色，MyDay 本季憑藉我們最具創新性和高價位的鏡片、散光鏡片、多焦點鏡片和能量鏡片實現了兩位數的增長。尤其是 MyDay 多焦點鏡片，其銷量增長了 20%，因為這款出色的鏡片繼續表現出色。重要的是，隨著我們擴大可用性並深化全球現有帳戶和新客戶群的滲透，MyDay 全系列產品具有相當大的上升空間。為了支持這一點，我們在試戴套裝和試鏡片方面開展了大量活動，同時也推出了一些新品。其中包括 MyDay Energys，它採用了我們專為當今數位生活方式設計的優質 DigitalBoost 技術，我們預計將於 2026 財年初在歐洲推出。MyDay 多焦點眼鏡，我們預計很快就會在亞太地區的幾個主要市場推出，同時也將在其他市場逐步普及。我們的 MyDay Toric 參數擴展目前正在多個市場積極推出。

Moving to clariti, this was a challenging quarter as customers shifted focus to MyDay. However, looking ahead, we're confident that this high-quality value price lens will regain its footing with success from new launches, such as our 3-add multifocal which recently entered the US market and grew double digits, and from wearers focused on high quality at a reasonable price.

轉向 clariti，這是一個充滿挑戰的季度，因為客戶將注意力轉移到 MyDay。然而，展望未來，我們相信，這種高品質、高價值的鏡片將透過新產品的成功推出而重新站穩腳跟，例如我們最近進入美國市場並實現兩位數增長的 3-add 多焦點鏡片，以及注重以合理價格提供高品質的佩戴者。

Turning to our frequent replacement lenses, our Biofinity brand maintained strong fitting activity across its broad portfolio. While a reduction in channel inventory impacted spheres, growth was supported by continuing strength in torics and multifocals. Additionally, our innovative made-to-order products such as the toric multifocal and extended range spheres and torics, delivered healthy growth again this quarter. These offerings remain unmatched in the market offering the broadest range of prescriptions available. Eye care professionals consistently value these products for enabling patients with complex vision needs the ability to wear contact lenses.

談到我們經常更換的鏡片，我們的 Biofinity 品牌在其廣泛的產品組合中保持了強勁的適配活動。雖然渠道庫存的減少對球面鏡片產生了影響，但散光鏡片和多焦點鏡片的持續強勁增長支撐了成長。此外，我們創新的客製化產品（如散光多焦點和擴展範圍球面和散光鏡）本季再次實現了健康成長。這些產品在市場上無與倫比，可提供最廣泛的處方範圍。眼科護理專家始終重視這些產品，因為它們使視力有複雜需求的患者能夠佩戴隱形眼鏡。

Turning to Myopia Management, MiSight grew nicely, led by another record-setting quarter in EMEA. This performance was driven by increased fitting activity and robust customer engagement initiatives. The new pricing promotions we discussed last quarter are gaining traction and generating encouraging momentum, and we expect this to continue. In the Americas, MiSight delivered mixed results as we rolled out the new promotional structure, but our Back-To-School campaign is well underway, and we're seeing positive trends in fits. We're also pleased to share that we just received final regulatory approval for MiSight to launch in Japan, and commercialization is planned for early 2026. Additionally, we're actively preparing for the launch of MyDay MiSight across Europe and select Asia Pac countries in the first half of 2026. We remain well on our way to hitting our objective of a $100 million of MiSight sales this year and are confident that our momentum and upcoming launches will support continued success in fiscal 2026.

談到近視管理，MiSight 成長良好，在歐洲、中東和非洲地區再創紀錄的季度中領先。這一業績得益於試穿活動的增加和強勁的客戶參與計劃。我們在上個季度討論的新價格促銷活動正在獲得關注並產生令人鼓舞的勢頭，我們預計這種情況將繼續下去。在美洲，當我們推出新的促銷結構時，MiSight 取得了好壞參半的結果，但我們的返校活動正在順利進行，我們看到了積極的趨勢。我們也很高興地告訴大家，我們剛剛獲得了 MiSight 在日本上市的最終監管批准，並計劃在 2026 年初實現商業化。此外，我們正在積極準備於 2026 年上半年在歐洲和部分亞太國家推出 MyDay MiSight。我們仍在順利實現今年 MiSight 銷售額 1 億美元的目標，並相信我們的發展勢頭和即將推出的產品將支持我們在 2026 財年繼續取得成功。

To conclude on Vision, let me share a few thoughts on the contact lens market. Overall market conditions remain healthy and continue to track to the mid-single-digit growth range we discussed on last quarter's earnings call. Consumption trends remained solid and the market continues to see a steady shift towards silicone hydrogel lenses and sustained interest in toric and multifocal products. Looking ahead, we expect this level of market performance to continue with the key drivers remaining the ongoing transition to silicone hydrogel dailies, expanding adoption of torics and multifocals, and to a lesser extent, pricing and growth in new wearers.

最後，關於視力，讓我分享一些關於隱形眼鏡市場的想法。整體市場狀況仍然健康，並繼續追蹤我們在上個季度收益電話會議上討論的中位數個位數成長範圍。消費趨勢仍然穩固，市場繼續穩步轉向矽水凝膠鏡片，並對散光和多焦點產品保持持續的興趣。展望未來，我們預計這種市場表現水準將持續下去，關鍵驅動因素仍然是向矽水凝膠日拋型鏡片的持續過渡、散光鏡片和多焦點鏡片的廣泛採用，以及在較小程度上定價和新佩戴者的成長。

Moving to CooperSurgical, we posted quarterly revenues of $342 million, up 4.5% or up 2% organically. Within this, fertility revenues totaled $137 million, growing 6% or up 3% organically, led by strength in genomics and consumables where we gained market share in EMEA. However, we're still seeing signs of pressure on the market with clinics continuing to manage cash conservatively by delaying capital purchases and installations, along with ongoing softness in cycles in Asia Pac. Despite these near-term headwinds, we remain highly optimistic about the long-term outlook for fertility. The underlying fundamentals are strong, supported by trends such as delayed childbirth, increasing access to treatment, rising patient awareness, expanded benefits coverage, and continued innovation in technology. It's estimated that one in six people globally will experience infertility at some point in their lives, underscoring the significance and resilience of this market.

談到 CooperSurgical，我們公佈的季度營收為 3.42 億美元，成長 4.5% 或有機成長 2%。其中，生育收入總計 1.37 億美元，成長 6% 或有機成長 3%，這得益於基因組學和耗材領域的強勁表現，我們在歐洲、中東和非洲地區獲得了市場份額。然而，我們仍然看到市場面臨壓力的跡象，診所繼續透過推遲資本購買和安裝來保守地管理現金，同時亞太地區的周期持續疲軟。儘管有這些短期不利因素，我們仍然對生育率的長期前景非常樂觀。基本面強勁，受到延後生育、增加治療機會、提高病患意識、擴大福利覆蓋範圍、技術持續創新等趨勢的支持。據估計，全球六分之一的人在一生中的某個階段會經歷不孕不育，這凸顯了這個市場的重要性和彈性。

Moving to Office & Surgical, we reported sales at $205 million, up 3% year-over-year and up 1% organically. Growth in medical devices was driven by our labor and delivery portfolio of products, which grew double digit, and our specialty surgical device portfolio, which grew upper single digits. And within this portfolio, while not included in organic growth, we continue to see excellent performance from obp Surgical, our most recent acquisition featuring an innovative suite of single-use, lighted cordless surgical retractors, which grew 23%. This was offset by a 10% decline in PARAGARD following a strong start to this fiscal year driven by advanced purchasing ahead of our price increase and the successful launch of our one-handed inserter.

談到辦公室和外科產品，我們報告的銷售額為 2.05 億美元，年成長 3%，有機成長 1%。醫療器械的成長得益於我們的勞動和交付產品組合（增長了兩位數）以及我們的專業手術設備組合（增長了個位數以上）。在這個產品組合中，雖然沒有計入有機成長，但我們繼續看到 obp Surgical 的出色表現。 obp Surgical 是我們最近收購的公司，擁有一套創新的一次性使用、發光無線手術牽開器，成長了 23%。這一銷售額被 PARAGARD 10% 的下滑所抵消，因為本財年開局表現強勁，這得益於我們在提價前的提前採購以及單手插入器的成功推出。

Now before turning the call over to Brian, let me share our thoughts on our Q4 revenue expectations. For CooperVision, we expect continued headwinds on clariti. While trends from MyDay are very positive and may present upside, a significant portion of the activity is tied to fits and trial lenses, which typically take a couple of quarters to convert into revenue. As a result, we're guiding to 2% to 4% organic growth to avoid being overly optimistic about the ramp of MyDay. And this guidance also factors in risk with the pure-play e-commerce channel in Asia Pac as well as the potential for any further inventory contraction. For CooperSurgical, we're also guiding to 2% to 4% organic growth as softness in fertility is expected to persist through Q4. Looking ahead to fiscal 2026, we remain confident in our ability to deliver sustainable revenue growth and gain market share. For CooperVision, as confidence is grounded in the strong momentum we're seeing with MyDay, the positive impact we'll receive from upcoming product launches, and recent contract wins. We expect to outpace the contact lens market and fitting activity and to gain market share. For CooperSurgical, we expect improvements driven by a rebound in fertility market as the Asia Pac region returns to growing cycles and fertility clinics start investing again. Beyond the top line, we expect operating margin expansion as we lever prior investment activity and a more efficient organization.

現在，在將電話轉給 Brian 之前，讓我分享一下我們對第四季度收入預期的看法。對於 CooperVision 而言，我們預計 clariti 將繼續面臨阻力。雖然 MyDay 的趨勢非常積極，並且可能呈現上升趨勢，但很大一部分活動與適配和試戴鏡片有關，通常需要幾個季度才能轉化為收入。因此，我們預計有機成長率將達到 2% 至 4%，以避免對 MyDay 的成長過於樂觀。該指引還考慮了亞太地區純電子商務通路的風險以及進一步庫存收縮的可能性。對於 CooperSurgical，我們也預計其有機成長率將達到 2% 至 4%，因為預計生育能力的疲軟將持續到第四季。展望 2026 財年，我們仍對實現永續收入成長和贏得市場份額的能力充滿信心。對 CooperVision 而言，信心源自於 MyDay 所展現的強勁勢頭、即將推出的產品所將帶來的正面影響以及最近贏得的合約。我們期望超越隱形眼鏡市場和配鏡活動並獲得市場份額。對 CooperSurgical 而言，隨著亞太地區恢復成長週期且生育診所開始再次投資，我們預期生育市場的反彈將推動其業績改善。除了營收之外，我們預計隨著我們利用先前的投資活動和更有效率的組織，營業利潤率將會擴大。

And 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 third fiscal quarter, consolidated revenues were $1.06 billion, up 5.7% as reported and up 2% organically. Gross margin improved by 70 basis points to 67.3%, driven by continued efficiency gains, mix, and positive foreign exchange. Operating expenses grew in line with sales reflecting disciplined cost management. Within this, we delivered targeted SG&A leverage while continuing to invest in R&D, which was up 11%. These R&D investments are consistent with our planned activity around product development at both CooperVision and CooperSurgical as we continue advancing several exciting development programs and support several regulatory initiatives.

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。第三財季，綜合營收為 10.6 億美元，報告成長 5.7%，有機成長 2%。受持續效率提升、產品組合改善和外匯利好推動，毛利率提高 70 個基點至 67.3%。營運費用與銷售額同步成長，反映嚴格的成本管理。在此過程中，我們實現了有針對性的銷售、一般及行政費用槓桿，同時繼續投資於研發，研發費用增加了 11%。這些研發投資與我們在 CooperVision 和 CooperSurgical 的產品開發計畫活動一致，我們將繼續推動幾個令人興奮的開發項目並支持多項監管措施。

Operating income rose 8%, with operating margin expanding to 26.1%. Interest expense was $24.7 million, and the effective tax rate was 13.4%. Non-GAAP EPS was $1.10, up 15%, based on approximately 200 million average shares outstanding.

營業收入成長8%，營業利益率擴大至26.1%。利息支出為 2,470 萬美元，有效稅率為 13.4%。非公認會計準則每股收益為 1.10 美元，成長 15%，基於約 2 億股平均流通股。

Free cash flow was $165 million, with CapEx of $97 million. Net debt declined to $2.35 billion, and our bank defined leverage ratio improved to 1.77x. Finally, we repurchased 724,000 shares of stock for $52.1 million, leaving approximately $164 million ability under our $1 billion Board approved repurchase plan.

自由現金流為 1.65 億美元，資本支出為 9,700 萬美元。淨債務降至23.5億美元，銀行定義槓桿率提升至1.77倍。最後，我們以5,210萬美元回購了72.4萬股股票，董事會批准的10億美元回購計畫下仍有約1.64億美元的回購餘地。

Moving to guidance, with just one quarter remaining in the fiscal year, I'll focus on our Q4 outlook and then share some preliminary thoughts on fiscal 2026. For the fourth quarter, consolidated revenue guidance is $1.049 billion to $1.069 billion, representing 2% to 4% organic growth. CooperVision's revenue is expected to be in the range of $700 million to $713 million, up 2% to 4% organically, and CooperSurgical’s revenue is expected to be $350 million to $356 million, up 2% to 4% organically. For earnings, we're guiding to non-GAAP EPS of $1.10 to $1.14. This assumes slightly lower year-over-year gross margins, primarily from tariffs, offset by solid operational execution, which we expect will result in better operating margins. Interest expense is expected to be around $21 million, and the effective tax rate is expected to be in the range of 14% to 15%.

談到指導，由於本財年僅剩一個季度，我將重點放在第四季度的展望，然後分享對 2026 財年的一些初步想法。第四季綜合營收預期為 10.49 億美元至 10.69 億美元，有機成長率為 2% 至 4%。CooperVision 的營收預計在 7 億美元至 7.13 億美元之間，有機成長 2% 至 4%，CooperSurgical 的營收預計在 3.5 億美元至 3.56 億美元之間，有機成長 2% 至 4%。就獲利而言，我們預計非公認會計準則每股收益為 1.10 美元至 1.14 美元。這假設毛利率同比略有下降，主要原因是關稅，但穩健的營運執行力將抵消這一影響，我們預計這將帶來更高的營業利潤率。利息支出預計約為 2,100 萬美元，有效稅率預計在 14% 至 15% 之間。

For free cash flow, we expect to generate roughly $100 million in Q4, bringing our full year total to roughly $385 million, which aligns with the mid to the upper part of our previously communicated guidance range. We'll continue to focus on debt paydown and share repurchases with these proceeds.

對於自由現金流，我們預計第四季度將產生約 1 億美元，使我們的全年總額達到約 3.85 億美元，這與我們先前傳達的指導範圍的中上部分一致。我們將繼續專注於償還債務並利用這些收益回購股票。

Looking ahead to fiscal 2026, Al covered revenues, so I'll highlight a few additional items. Starting with tariffs, we've begun implementing mitigation strategies and now expect the impact to be approximately $24 million, lower than previously anticipated. While this will pressure gross margins, we plan to more than offset it through disciplined operating expense management. To support this, we're currently executing several productivity and efficiency initiatives to position ourselves for a strong 2026. These actions correlate with the significant progress we've made implementing IT upgrades and finishing integration activity. With this progress, we've been taking a fresh look at our entire organizational infrastructure to ensure we efficiently leverage future growth. Although it's too early to quantify any related charges or P&L benefits, we expect them to be meaningful and will provide more detail on our next earnings call. And lastly, regarding free cash flow, with the completion of CooperVision's large CapEx investment cycle, which significantly expanded our MyDay capacity, we expect much stronger free cash flow ahead. Operating margins remain healthy, and we're committed to further improvement, but just as important is our focus on converting those margins into free cash flow at a higher rate by executing on working capital initiatives, maximizing returns on investments and maintaining disciplined cost control. As a result of these efforts, we expect to generate approximately $2 billion in free cash flow over the next three fiscal years. From a capital deployment perspective, we'll continue investing in growth and innovation while also prioritizing debt reduction and share repurchases.

展望 2026 財年，Al 涵蓋了收入，因此我將重點介紹一些其他項目。從關稅開始，我們已經開始實施緩解策略，現在預計影響約為 2,400 萬美元，低於先前的預期。雖然這會給毛利率帶來壓力，但我們計劃透過嚴格的營運費用管理來抵消這種壓力。為了實現這一目標，我們目前正在實施多項生產力和效率舉措，為 2026 年的強勁發展做好準備。這些行動與我們在實施 IT 升級和完成整合活動方面取得的重大進展相關。隨著這一進展，我們重新審視整個組織基礎設施，以確保我們有效地利用未來的成長。雖然現在量化任何相關費用或損益收益還為時過早，但我們預計它們將是有意義的，並將在下次收益電話會議上提供更多細節。最後，關於自由現金流，隨著 CooperVision 大型資本支出投資週期的完成，我們的 MyDay 容量顯著擴大，我們預計未來的自由現金流將會更加強勁。營業利潤率保持健康，我們致力於進一步提高，但同樣重要的是，我們致力於透過執行營運資本計畫、最大化投資回報和維持嚴格的成本控制，以更高的速度將這些利潤率轉化為自由現金流。透過這些努力，我們預計未來三個財年將產生約 20 億美元的自由現金流。從資本配置的角度來看，我們將繼續投資於成長和創新，同時優先考慮減少債務和回購股票。

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

這樣，我現在將把麥克風交還給接線員，以便回答問題。

(Operator Instructions) Jon Block, Stifel.

（操作員指示）Jon Block，Stifel。

Thanks guys. Good afternoon. Al, if we back out the likely 100 basis points from MiSight growth contribution this year, I think your 2025 CVI growth is probably 3.5% at the midpoint. And that lagging market that I think you said is around mid-single digits this year. So just how do we think about CVI for fiscal '26? You gave some high-level commentary. But is your portfolio outside MiSight lagging market, in line with market, when we think about fiscal '26 and if you're talking about outgrowing industry next year, is that how we get there? In other words, like core CVI portfolio, call it, in line-ish with overall market and then a 100 basis point kicker from MiSight. And I know there's a lot of numbers. I tried to moved slowly, but hopefully that came across okay.

謝謝大家。午安.Al，如果我們從今年 MiSight 成長貢獻中抽出可能的 100 個基點，我認為 2025 年 CVI 成長率的中間值可能是 3.5%。我認為您所說的落後市場今年的成長率約為個位數中段。那麼，我們該如何看待 26 財年的 CVI 呢？您給了一些高水準的評論。但是，當我們考慮 26 財年時，如果您談論的是明年超越行業增長，那麼您在 MiSight 之外的投資組合是否落後於市場、與市場保持一致，我們是這樣實現這一目標的嗎？換句話說，就像核心 CVI 投資組合一樣，與整體市場保持一致，然後從 MiSight 獲得 100 個基點的誘因。我知道有很多數字。我嘗試緩慢移動，但希望一切順利。

Yeah, if we look at the market in calendar Q1 and calendar Q2 of this year, the market grew 4% each quarter. In the first quarter, the market grew 4%, we grew 5%, and in calendar Q2, the market grew 4% and we grew 2%. So you are right, a little bit of share loss, through the first half of this year.

是的，如果我們看今年第一季和第二季的市場，市場每季都成長了 4%。第一季度，市場成長 4%，我們成長 5%；第二季度，市場成長 4%，我們成長 2%。所以你說得對，今年上半年，市佔率確實有下降。

I would say that our portfolio has been lagging the market. When I look at it year-to-date and maybe even some into last year, I'd say the portfolio was lagging because we didn't have full availability of MyDay. We were basically fighting with one hand tied behind our back because we just weren't able to provide the product everyone wanted.s And I think our team did really well, and they did the best of their ability with what they had available to them. But that's changed. And it wasn't quite a snap of a finger, but it was pretty close. And we have put out a significant number of fitting sets and trial lenses into the market to drive that success.

我想說我們的投資組合一直落後於市場。當我回顧今年迄今為止的情況，甚至回顧去年的一些情況時，我會說投資組合落後了，因為我們沒有完全利用 MyDay。我們基本上是束手無策，因為我們無法提供每個人想要的產品。我認為我們的團隊做得非常好，他們盡了最大的努力。但情況已經改變。雖然這不是彈指間的事，但也差不多了。為了推動這一成功，我們已向市場推出了大量的適配套裝和試鏡片。

I think that when you say the portfolio is lagging this year, it’s significantly better from a fitting perspective as we exit the year, and materially better next year from the perspective of daily SiHy. If I look at next year, we're at least at market based on a core portfolio plus the share gains that come from MiSight. I think we've got a chance to be above that depending upon how fast this fitting activity converts into actual revenues.

我認為，當你說今年投資組合表現落後時，從今年年底的擬合角度來看，情況會明顯好轉，而從每日 SiHy 的角度來看，明年情況會大幅好轉。如果我展望明年，我們至少會基於核心投資組合加上來自 MiSight 的股票收益進入市場。我認為我們有機會實現這一目標，這取決於這種擬合活動轉化為實際收入的速度。

Okay. That was great. Maybe just a quick follow-up. And I don't know if I missed something, but why is MyDay's success arguably disproportionately coming from clariti? I think about clariti as a really good cost effective SiHy daily as how it fits into to the portfolio, MyDay more of a premium. So when you talk about MyDay, it's great to hear about the traction after the fitting set, but why seemingly is it disproportionately coming from clariti versus just competing SiHy dailies. And Brian, any maybe one-liner on how we think about clariti margins versus MyDay. Thanks for your time.

好的。那很棒。也許只是一個快速的跟進。我不知道我是否遺漏了什麼，但為什麼 MyDay 的成功可以說主要歸功於 clariti？我認為 clariti 是一款真正物有所值的 SiHy 日報，因為它適合納入產品組合，而 MyDay 則更適合高端產品。因此，當您談到 MyDay 時，很高興聽到試穿套裝之後的吸引力，但為什麼這種吸引力似乎不成比例地來自 clariti，而不是僅僅來自競爭對手 SiHy 日報。布萊恩，您能否就我們如何看待 clariti margins 與 MyDay 做出評論？感謝您的時間。

What we ended up seeing that did surprise us, is there are segments of the market, and it's definitely true in some geographies, such as Asia Pac, where we had people out there selling clariti that wanted to sell MyDay. And they were almost viewed as somewhat similar types of products. There wasn't a clear differentiation between the two products. And where you see that differentiation in some markets, we didn't see much of an impact with all this MyDay activity there. But in some of those markets like Japan, where those were sold much more similar,when we brought MyDay back in, the fitting sets and everything else, what ended up happening was a number of optometrists or ophthalmologists in some of these markets saying, hey, I'm going to hold off for a little while on clariti, and I'm going to tell everybody, hey, try this MyDay, see if you like it, I want to fit you in MyDay and let's take a little bit of time here. We've got these lenses, we’re fitting them, take them, try them, see if you like them, let's figure out if you like those better before we reorder clariti. That was a little surprising to us in terms of the magnitude of that. But it was pretty focused on a few markets where MyDay and clariti are much closer than you think. Because your comment, Jon, is true, you'll see here in the Americas and you see it more in EMEA where there's almost separate channels for MyDay and for clariti. But as I mentioned, that's not exactly true everywhere.

我們最終發現，確實令我們感到驚訝的是，市場存在細分，在某些地區確實如此，例如亞太地區，我們在那裡有銷售 clariti 的人，他們也想銷售 MyDay。它們幾乎被視為某種類似類型的產品。這兩種產品之間沒有明顯的區別。在某些市場中，你會看到這種差異，但我們並沒有看到 MyDay 活動對這些市場造成太大影響。但在日本等一些市場，這些產品的銷售情況大同小異，當我們重新推出 MyDay 時，包括適配套裝和其他所有產品，最終發生的情況是，這些市場中的一些驗光師或眼科醫生說，嘿，我要暫時擱置 clariti 一段時間，我要告訴所有人，嘿，試試這個 MyDay，看看你是否喜歡，我想看看你是否喜歡，我想為你試戴 MyDay，讓我們在這裡花點時間。我們已經拿到了這些鏡片，我們正在安裝它們，拿走它們，試戴它們，看看您是否喜歡它們，在我們重新訂購 clariti 之前，讓我們看看您是否更喜歡它們。就其規模而言，這讓我們有點驚訝。但它主要專注於幾個市場，在這些市場上，MyDay 和 clariti 的距離比你想像的要近得多。因為你的評論，喬恩，是正確的，你會在美洲看到這種情況，你會在歐洲、中東和非洲地區看到更多這種情況，那裡有針對 MyDay 和 clariti 的幾乎獨立的頻道。但正如我所提到的，情況並不完全正確。

Yeah, Jon, on your question on margin, I won't get into the exact margins, but clariti's margins are a little bit better than MyDay's.

是的，喬恩，關於你關於利潤率的問題，我不會談論確切的利潤率，但 clariti 的利潤率比 MyDay 的要好一點。

Thanks guys.

謝謝大家。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good afternoon, thanks for taking the question. Al, it looks like the contact lens market had slowed each year since 2021, and it slowed to, as you said, 4% growth in the first half of calendar 2025. So maybe just zoom out a little bit, why has the market slowed so much? And how confident are you there isn't something else going on here like some consumer softness? And I had one follow-up.

下午好，感謝您回答這個問題。Al，看起來隱形眼鏡市場自 2021 年以來每年都在放緩，正如你所說，在 2025 年上半年增長放緩至 4%。那也許只需稍微縮小一點，為什麼市場會放緩這麼多？您有多大信心這裡沒有發生其他問題，例如消費者的疲軟情緒？我還有一個後續行動。

You are right, Larry. The market grew 7% last year, it's grown 4% so far this year. I think there's a little bit of lightness in some areas where we had strength. One of those areas would be pricing where we [had seen](corrected by company after the call) higher pricing. We've seen higher pricing and that started to lag, especially outside of the US. We saw some of that in particular with this pure-play e-channel stuff I was talking about in Asia Pac, where we maintained our pricing, but some competitors got a little bit more aggressive to actually win share and take sales there. I think that you're seeing some of the pricing come off the market a little bit. That's probably one of your key indicators. There could be a little bit with consumer activity. I talked about that on the call last quarter. But I wouldn't go too far with that, but you could see a little bit on the consumer side.

你說得對，拉里。去年市場成長了 7%，今年迄今成長了 4%。我認為，在我們曾經實力雄厚的某些領域，現在卻變得有些輕鬆了。其中一個領域就是我們[看到]（電話會議後公司已修正）的較高定價。我們已經看到更高的定價，並且開始滯後，尤其是在美國以外。我們在我談到的亞太地區的純電子通路業務中看到了一些這樣的情況，我們維持了我們的定價，但一些競爭對手變得更積極一些，以真正贏得份額並在那裡銷售。我認為您會看到部分定價略微脫離了市場。這可能是您的關鍵指標之一。消費者活動可能會有一點影響。我在上個季度的電話會議上談到了這一點。但我不會說太遠，但你可以在消費者方面看到一些。

Okay. That's helpful. Brian, on fiscal '26, thanks for the preliminary color. Maybe a little bit just to push a little bit more. Consensus EPS growth at 9%, any reaction to that? And I heard about the operating margin leverage from Al, but I didn't hear the reiteration of double-digit constant currency operating income growth. And any of the others, just walk us through, it sounds like tariffs are going to be completely offset, if I heard you correctly, FX looks like a tailwind? And then how do we think about tax. It looks like it's coming in at about 14% this year. Should we still think about 15.5%? Thank you.

好的。這很有幫助。Brian，關於 26 財年，感謝您提供的初步顏色。也許只要再推一點點就好了。預計 EPS 成長率為 9%，對此有何反應？我從艾爾那裡聽說了營業利潤率槓桿，但我沒有聽到他重申兩位數的恆定貨幣營業收入成長。還有其他人，請給我們講講，聽起來關稅將會被完全抵消，如果我沒聽錯的話，外匯看起來像是順風？那我們要如何考慮稅收呢？看起來今年的增幅將達到 14% 左右。我們還應該考慮 15.5% 嗎？謝謝。

Larry, good questions. We did give some color. We gave some directional commentary on next year in our prepared remarks. We are always going to target driving low double-digit constant currency OI growth, especially over a multiyear period. There's a lot of moving parts, not the least of which are tariffs. We're focused on tariff mitigation and driving solid operational execution. But really, we're going to provide more details in December on how that all translates to OI growth and EPS growth. I think the tax rate you've assumed is a fair estimate. But again, we'll update you in December.

拉里，好問題。我們確實給了一些顏色。我們在準備好的發言中對明年做出了一些方向性的評論。我們始終致力於推動低兩位數的恆定貨幣 OI 成長，尤其是在多年期內。有很多因素在起作用，其中最重要的是關稅。我們專注於降低關稅並推動穩健的營運執行。但實際上，我們將在 12 月提供更多細節，說明這一切如何轉化為 OI 成長和 EPS 成長。我認為您假設的稅率是一個合理的估計。但我們會在 12 月再次向您更新消息。

All right, thanks Brian.

好的，謝謝 Brian。

Yeah.

是的。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you guys. Good afternoon. Al, I'm still trying to reconcile a little bit maybe the clariti and MyDay comments. As I think about it, especially from a top line perspective, you should, as trade outs happen from clariti into MyDay, you should get some nice benefit from that, not pressures from that. And even if there's a little bit of timing uncertainty in those clariti orders going down this quarter and just fitting activity on MyDay picking up, why does that not translate to then a nicer inflection in 4Q and instead kind of the 4Q CVI number coming down. It just seems like there's an extended period where we're not getting the MyDay benefit, but feeling the immediacy of the clariti headwind.

謝謝你們。午安.Al，我仍在嘗試調和 clariti 和 MyDay 的評論。我認為，特別是從營收角度來看，隨著從 clariti 到 MyDay 的交易發生，您應該從中獲得一些好處，而不是壓力。即使本季 clariti 訂單減少，而 MyDay 活動增加，存在一些時間上的不確定性，但為什麼這並不意味著第四季度會出現更好的拐點，而是第四季度 CVI 數字會下降呢？似乎有一段較長的時間，我們既得不到 MyDay 的好處，又感受到了 clariti 逆風的直接影響。

You're spot on, Jeff. That question is something that we've been spending some considerable time on over the last couple of weeks, which is how does that transition happen? And does clariti bounce back a little bit faster? Or does it not? Does the fitting activity translate to a faster uptake in terms of revenues of MyDay or does it not? Or do we get a situation where we have a similar quarter to this quarter where they come together and it doesn't come to fruition. That's a question mark.

你說得對，傑夫。過去幾週我們花了大量時間思考這個問題：這種轉變是如何發生的？那麼 clariti 的恢復速度會更快嗎？或者不是嗎？合適的活動是否會使 MyDay 的收入更快成長？或者我們是否會遇到與本季類似的情況，他們聚在一起但沒有取得成果。這是一個問號。

The guidance that we gave assumes a very similar quarter, Q3 to Q4. I'm pretty optimistic, as you know, I'm an optimistic guy in this stuff. And when I look at that data, I feel pretty good about it. But we cannot get in front of ourselves. We've had a couple of quarters where we got ahead of ourselves a little bit, and we wanted to ensure that we gave guidance that was certainly reasonable and something that we were going to be able to reach even if we do see a situation where clariti orders continue to lag, and all the MyDay fitting activity doesn't translate into the size of revenue orders that we're hoping to get.

我們給出的指導假設第三季和第四季的情況非常相似。我非常樂觀，正如你所知，我對這些事情非常樂觀。當我看到這些數據時，我感覺非常好。但我們不能超越自己。有幾個季度，我們的業績有些超前，我們希望確保給予的指導是合理的，並且是我們能夠達到的，即使我們看到 clariti 訂單繼續滯後的情況，並且所有 MyDay 試穿活動都沒有轉化為我們希望獲得的收入訂單規模。

All right. Fair enough. And then maybe just on the e-commerce side. Maybe you could flesh that out just a little bit more for us. Are you seeing that from some of your largest competitors, some of those pricing actions? Is that local competitors? Just help us out, that Asia Pac market is a little harder for us to get intelligence on. Thanks.

好的。很公平。然後可能只是在電子商務方面。也許您可以為我們進一步詳細說明這一點。您是否從一些最大的競爭對手那裡看到了一些定價行為？那是當地的競爭對手嗎？幫幫我們吧，我們要取得亞太市場的情報有點困難。謝謝。

I hate to go too much into competitor details, but we are seeing some of that aggressiveness from some of our larger competitors. And again, we lose that business. China was down 25% in the first quarter. It was down similar this quarter. It has very little margin impact because it's such low-margin business. We didn't want to lose it, but yes, we've seen some more aggressive pricing outside of the US, and certainly in the Asia Pac region.

我不想過多談論競爭對手的細節，但我們看到一些較大的競爭對手錶現出了這種攻擊性。我們又一次失去了這項業務。中國第一季經濟下滑25%。本季也出現了類似的下降。由於該業務的利潤率很低，因此對利潤率的影響很小。我們不想失去它，但是是的，我們看到美國以外地區，尤其是亞太地區，出現了一些更具侵略性的定價。

Thank you.

謝謝。

Issie Kirby, Redburn.

伊西·柯比（Issie Kirby），雷德伯恩（Redburn）。

I just wanted to touch upon the restructuring that was mentioned at the end of your prepared remarks. Any more color you could give us on what particular areas you're looking at? Is it mainly in Vision? Is it in Surgical or more across the board? And what prompted you to take a look at this now? And then I have a follow-up. Thanks.

我只是想談談您在準備好的發言最後提到的重組問題。您能否向我們詳細介紹您正在關注的具體領域？主要在 Vision 上嗎？它是在外科手術還是在更全面的領域中？是什麼促使您現在關注這個問題？然後我有一個後續問題。謝謝。

I have a couple of comments. One is that we had done a number of acquisitions over many years. But we haven't done an acquisition in a little while, and we don't have any in the cards. We've done some really hard work on completing integration activity, and we're now taking a fresh look and saying, okay, now that we've got some of that behind us, how does our organization set up and what can we do to make it as efficient as possible moving forward.

我有幾點評論。一是我們多年來進行了多次收購。但我們已經有一段時間沒有進行收購了，而且我們也沒有任何收購計畫。我們在完成整合活動方面做了一些非常艱苦的工作，現在我們正在重新審視並說，好吧，現在我們已經完成了其中的一些工作，我們的組織如何建立，我們可以做些什麼來使其在未來盡可能高效地發展。

We've also had some changes in CooperVision, not just in CooperSurgical over the years, in terms of how we've grown coming out of COVID. And when we take a look at our IT implementations and the number of IT upgrades that we've done that have been very successful, it's a good time to take a look at that and say, hey, we all talk about artificial intelligence, and we talk about ITlet's look at our organization throughout our OpEx structure and with a heavy focus on our G&A areas, and [ask where](added by company after the call) can we leverage all those investments we've done. And it's a hard thing to do. You're seeing a lot of companies do it. We're doing the exact same thing right now. We're going through that challenging period of saying we have to drive more efficient long-term growth. And we've invested very considerably over the last several years to put us in a position where we can complete that analysis and take some appropriate action. So we're going through all that work right now.

就我們在走出新冠疫情方面的發展而言，這些年來，不僅僅是 CooperSurgical，CooperVision 也經歷了一些變化。當我們審視我們的 IT 實施情況以及我們已完成的非常成功的 IT 升級次數時，這是一個很好的時機來審視這一點並說，嘿，我們都在談論人工智能，我們談論 IT，讓我們看看我們整個 OpEx 結構的組織，重點關注我們的 G&A 領域，並[問]（電話會議後公司添加）我們可以在哪裡利用我們所做的所有投資。這是一件很難做到的事。你會看到很多公司都這麼做。我們現在正在做同樣的事情。我們正經歷一個充滿挑戰的時期，我們必須推動更有效的長期成長。過去幾年我們投入了大量資金，以便能夠完成分析並採取適當的行動。所以我們現在正在進行所有這些工作。

Great. Thanks for the color. And then just on the Myopia business overall, I think MiSight actually holding up pretty well despite some of the potential cost impact. Is that really coming from Europe? How is MiSight doing in Asia? And then do you have any update on the SightGlass approval and whether that's something we could see towards the back end of this year still. Thanks.

偉大的。謝謝你的顏色。然後就近視業務整體而言，我認為儘管存在一些潛在的成本影響，但 MiSight 實際上表現相當不錯。這真的是來自歐洲嗎？MiSight 在亞洲的經營狀況如何？那麼，您對 SightGlass 批准有什麼最新消息嗎？我們是否仍可能在今年底看到這項消息？謝謝。

MiSight, is performing really well in Europe. Some of the stuff I talked about last quarter is playing out successfully. We've got good momentum in that marketplace right now. We've got MyDay MiSight coming next year in that market. and that will include at some point, MyDay MiSight toric. We're going to continue to hit that market hard and we're doing really well there, including with some key strategic accounts. I'd say Asia Pac is doing okay. We have our fits and starts there. But I'm excited about getting MiSight into Japan. That's going to be a pretty big market for us. That's over half our revenues in the Asia Pac region, and we don't have that product there.

MiSight 在歐洲的表現非常出色。我上個季度談到的一些內容正在成功實施。目前，我們在該市場的發展勢頭良好。我們將於明年在該市場推出 MyDay MiSight，其中將包括 MyDay MiSight 散光鏡。我們將繼續大力開拓該市場，並且我們在那裡做得非常好，包括一些關鍵的策略客戶。我認為亞太地區表現還不錯。我們在那裡時斷時續。但我很高興 MiSight 能進入日本。對我們來說這將是一個相當大的市場。這佔了我們在亞太地區收入的一半以上，但我們在那裡沒有該產品。

So we'll be launching that at the beginning of next year, and I think that will give us an extra kick. A little bit slower here in the Americas and in the US. Some of this promotional activity we talked about is coming into the marketplace now and there's been a little bit of confusion around that as we roll it out and work to standardize it. So we'll get that going with the Back-To-School work, but a little bit slower in the Americas. No update on SightGlass right now. It's with the FDA. I'll provide an update as soon as I can on that, but nothing new to add.

因此我們將在明年年初推出這項計劃，我認為這將為我們帶來額外的動力。在美洲和美國這裡速度稍微慢一點。我們談到的一些促銷活動現在已經進入市場，當我們推出並努力使其標準化時，出現了一些混亂。因此，我們將透過返校活動來推進這項工作，但在美洲，進展會稍微慢一些。目前 SightGlass 上沒有更新。它屬於 FDA。我會盡快提供更新信息，但沒有什麼新內容可以添加。

Great, thanks.

太好了，謝謝。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Good afternoon and thanks for taking the question. I want to press a little bit on the commentary about the market growing mid-single digits and the potential to grow at the market, and it all seems to be tied to MyDay. Maybe this is too broad of a description, but I'm really trying to understand how the CVl segment has slowed so much and how it's expected to reaccelerate, and thank you.

下午好，感謝您回答這個問題。我想稍微強調一下有關市場成長中等個位數以及市場成長潛力的評論，這一切似乎都與 MyDay 有關。也許這個描述太廣泛了，但我確實想了解 CVl 部分為何會放緩這麼多，以及它預計如何重新加速，謝謝。

Joanne, you're right. It is tied to MyDay. MyDay was very successful for a long time, growing well north of 20%. It still grew double digits this quarter because all the capacity that we have been bringing on over the last year or so, we've been producing product and selling product out into the marketplace. Now thankfully, we have a lot more capacity coming because we need that capacity based on all the fitting activity and everything we have going on right now. We got into a situation where we just weren't able to get enough MyDay out to meet all the demand that was in the marketplace and we're there now. And based on all this activity, we're going to sell more of MyDay. I can tell you right now, we have over 30 brand-new MyDay private label contracts and launches going on. We have an almost 50% increase in our fitting sets that are out in the market year-over-year right now, and we have over a 300% increase in trial lenses associated with those fitting sets. Those are pretty dramatic numbers that support the fact that we're going to do well with MyDay, and we're going to get MyDay going again. I look at it and say hey, if we step back, we're going to do somewhere around $1 billion in sales of daily silicone hydrogel lenses this year, a little bit over $600 million of that is associated with MyDay, somewhere around $400 million is clariti. The demand around the activity, the fitting sets, the trial lenses, these new contracts that we have, it's pretty exciting. And maybe it will convert a little bit faster as Jeff was asking about. I hope it does, maybe it doesn't. It takes a little while longer, but it's still there, and we're still going to be successful with it. I really truly believe that. I do end up saying it's almost all tied to MyDay. And I think we'll be pretty successful with it.

喬安妮，你說得對。它與 MyDay 相關。MyDay 長期以來一直非常成功，成長率遠超 20%。本季仍然實現了兩位數的成長，因為我們在過去一年左右的時間裡一直在投入全部產能，生產產品並將產品銷售到市場上。現在值得慶幸的是，我們擁有了更多的產能，因為根據所有組裝活動以及我們現在正在進行的一切，我們需要這種產能。我們陷入了這樣的境地：我們無法推出足夠的 MyDay 來滿足市場上的所有需求，而我們現在就面臨這種情況。基於所有這些活動，我們將銷售更多的 MyDay。我現在可以告訴你，我們有超過 30 個全新的 MyDay 自有品牌合約和產品正在發布中。目前，我們市場上的試戴套裝數量年增了近 50%，與這些試戴套裝相關的試戴鏡片數量增加了 300% 以上。這些相當驚人的數字表明，MyDay 將會取得良好業績，而且我們會讓 MyDay 再次運作。我看著它說，嘿，如果我們退一步來看，今年我們的日用矽水凝膠隱形眼鏡的銷售額將在 10 億美元左右，其中略高於 6 億美元與 MyDay 有關，約 4 億美元與 clariti 有關。活動、適配套裝、試戴鏡片以及我們所簽訂的新合約的需求都非常令人興奮。也許它會像 Jeff 詢問的那樣轉換得更快一些。我希望如此，但也許不會。雖然這需要更長的時間，但它仍然存在，而且我們仍然會成功。我確實相信這一點。我最終說這幾乎都與 MyDay 有關。我認為我們會取得相當大的成功。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Hey, good afternoon, I want to come at this MyDay clariti discussion from a different angle. I'm sorry, to be a dead horse here. But it's been a market of trade-ups over the last several years, a couple of decades, the old dynamic we're trading up to silicone hydrogels and then the dailies and then daily silicone hydrogels. I don't recall ever a situation like this where they expect to draw down in demand for one lens ahead of the buildup for other lenses. So a similar track that Jeff was asking around, but can you talk about why the situation with clariti and MyDay would be different from other trade up cycles that we've seen and how you're confident this is just an internal trade out that you're going through the markets going through and digesting versus some competitive challenge you're running into?

嘿，下午好，我想從不同的角度來談談這個 MyDay clariti 討論。很抱歉，我又無能為力了。但在過去幾年、幾十年裡，這個市場一直在不斷升級，我們先是升級到矽水凝膠，然後是日用矽水凝膠，最後是日用矽水凝膠。我不記得曾經出現過這樣的情況，他們預計一種鏡頭的需求會在其他鏡頭的需求增加之前下降。所以 Jeff 到處詢問類似的軌跡，但是您能否談談為什麼 clariti 和 MyDay 的情況與我們見過的其他交易週期不同，以及您如何確信這只是您正在經歷的市場經歷和消化的內部交易，而不是您遇到的一些競爭挑戰？

Yeah, absolutely, Jason. I'll take EMEA is a good example of a place where you didn't really see that activity. Did we see a little bit of softness in clariti? Yes. But EMEA still plugged along with a pretty good quarter. That would be a quarter where you had a split almost between MyDay and clariti, much more similar to the way you're thinking about the marketplace. They were differentiated. That's not necessarily as true in the Americas market, and that's where we saw some of the softness there. And it's definitely not true in some of those Asia Pac markets where those two products have been on top of one another. One of the things that we're spending time on right now and that we need to do is ensure that we're properly positioning clariti into the appropriate channels where it's successful. We've seen it have a lot of successes, this high-quality, lower-priced entrant product going into some of these bigger key accounts. That's where it's been successful. That's where it's going to be successful in the future. Because we never had enough MyDay, I've talked about this on prior calls, we've never had enough MyDay to meet the demand in Asia Pac, it's a lower margin region. We pushed a lot more clariti into that region than we did MyDay over the years. And it put us in a situation where that region has a higher percentage of clariti associated with it. And that's what we saw that surprised us and caught us off guard, that segment that quote, unquote, is supposed to be MyDay, was clariti, took this immediate hit. And we just we need to reposition clariti in Asia Pac, and we need to attack the market in a different of a way. That's well underway with us. Hopefully, that explains it a little bit clearer.

是的，絕對是，傑森。我認為 EMEA 是一個很好的例子，在這個地方你實際上並沒有看到這種活動。我們是否看到了 clariti 中的一點柔和？是的。但歐洲、中東和非洲地區本季的表現仍然相當不錯。在那個季度中，MyDay 和 clariti 幾乎處於分裂狀態，這與您對市場的看法更加相似。它們是有區別的。但美洲市場的情況並非如此，我們看到那裡出現了一些疲軟現象。但在某些亞太市場，情況肯定不是這樣，因為這兩種產品的價格一直處於高位。我們目前正在花時間做的事情之一就是確保將 clariti 正確定位到能夠取得成功的適當管道。我們已經看到它取得了許多成功，這種高品質、低價的入門產品進入了一些較大的關鍵客戶。這就是它成功的地方。這就是它未來成功的原因。因為我們從來沒有足夠的 MyDay，我在之前的電話會議上談到了這一點，我們從來沒有足夠的 MyDay 來滿足亞太地區的需求，這是一個利潤率較低的地區。多年來，我們向該地區推廣的清晰度比 MyDay 高得多。這使我們處於這樣一種情況：該區域具有更高比例的清晰度。這就是我們所看到的讓我們感到驚訝和措手不及的事情，那個引號中所謂的 MyDay 片段，是 clariti，立即受到了打擊。我們只是需要重新定位 Clariti 在亞太地區的地位，我們需要以不同的方式進入市場。我們這項工作進展順利。希望這樣可以解釋得更清楚。

Okay. All right. So it sounds like you have a pretty good handle that it's not competitive. But as a follow-up question, building out some of the pricing comments earlier. It seems like the first time today where your knowledge pricing, industry pricing may be moderating ever so slightly.

好的。好的。所以聽起來你已經很好地意識到了它並不具有競爭力。但作為後續問題，我們之前已經提出了一些定價評論。今天似乎是第一次，您的知識定價和行業定價可能會略有緩和。

I guess where do you think we sit on a global basis as we look ahead and start thinking about our models here for '26 and go forward. Is this still a market where you think you can take price? I think you typically take price in the fall time period. Is that something you're looking to do again this year?

我想，當我們展望未來並開始思考 26 年的模式並繼續前進時，您認為我們在全球範圍內處於什麼位置。您認為這仍是一個您可以接受價格的市場嗎？我認為你通常會在秋季期間採取價格。今年您還想再做這件事嗎？

I think you're still seeing some pricing in the Americas. Now that's mostly list pricing. There's a decent amount of discount activity that no one wants to talk about that comes off those list prices. But you're still seeing positive pricing in the Americas. When I look outside of the Americas, especially in Asia Pac, you are seeing more price pressure. And I'm not sure this coming year that you're actually going to see year-over-year pricing based on some of the activity I see from some competitors' region for market share or for sales. I'm not sure you're going to see price increases there. I would say on a global basis, we're probably looking at somewhere for next year around 1% [global net](added by company after the call) price increases, down from the 2% and 3% that we've been talking about. I think it’s just a little bit lighter.

我認為您仍然會看到美洲的一些定價。現在這主要是標價。在這些標價的基礎上，還有相當多的折扣活動，但沒人願意談論。但你仍然看到美洲的積極定價。當我放眼美洲以外，特別是亞太地區時，你會看到更大的價格壓力。而且根據我所看到的一些競爭對手在市場份額或銷售方面的活動，我不確定明年你是否會看到同比定價。我不確定那裡的價格是否上漲。我想說，從全球範圍來看，我們預計明年的價格漲幅可能會在 1% 左右（全球淨漲幅，公司在電話會議後補充道），低於我們一直在談論的 2% 和 3%。我認為它只是稍微輕一點。

All right, helpful, thank you.

好的，很有幫助，謝謝。

David Saxon, Needham.

大衛薩克森，尼德漢姆。

Oh great. Thanks for taking my questions. Maybe I'll switch over to some financials with Brian, just on the free cash flow comment, I think you talked about doing $2 billion over the next three years. I think you've been historically in the mid to upper teens from a free cash flow margin. What's that $2 billion imply on the margin? And how does that ramp over the three year period? .

哦，太好了。感謝您回答我的問題。也許我會和布萊恩討論一些財務問題，僅就自由現金流評論而言，我認為您談到了在未來三年內實現 20 億美元的目標。我認為您的自由現金流利潤率一直處於十幾歲到十幾歲的中間水平。20 億美元的利潤意味著什麼？那麼這三年內進展如何呢？。

Yeah, David, thanks for the question. You're right. I think we've actually had free cash flow margin back in 2018, 2019 in the low 20s or right around there. We're now at a place where CapEx comes down, the operating margin improvements are converting to better, stronger operational profits, the actions we're taking contribute to that as well, the working capital initiative. So I would expect we're going to take a meaningful step forward next year. It's a stair step. We took a stair step this year. We'll take another stair step next year, again the year after and again the year after. So we're not talking about a hockey stick. This is a step forward consistently each and every year that gets us to that $2 billion. I feel pretty confident about that.

是的，大衛，謝謝你的提問。你說得對。我認為，我們在 2018 年、2019 年的自由現金流利潤率實際上已經達到了 20% 出頭或差不多這個水平。我們現在處於資本支出下降的階段，營業利潤率的提高正在轉化為更好、更強勁的營業利潤，我們正在採取的行動也有助於實現這一目標，即營運資本計畫。因此我希望我們明年能夠邁出有意義的一步。這是一座階梯式的。今年我們邁出了新的一步。明年我們會再進一步，後年我們會再進一步，後年我們會再進一步。所以我們談的不是曲棍球棒。我們每年都向前邁進一步，最終實現 20 億美元的目標。我對此很有信心。

Okay. Great. And then maybe switching back to CVI. So last quarter, you talked about some distributor inventory dynamics. I guess, has that normalized? Or will there be any impact on the fiscal fourth quarter? And then everything about fiscal '26, does any of that distributor inventory, the clariti, the APAC e-commerce stuff. Does any of that spill into fiscal '26? Thanks so much.

好的。偉大的。然後也許切換回 CVI。上個季度，您談到了一些分銷商庫存動態。我想，這已經正常化了嗎？或者對第四季的財報會有影響嗎？然後關於 26 財年的一切，包括經銷商庫存、clariti 和亞太地區電子商務等。這些影響會延伸到 26 財年嗎？非常感謝。

Sure. We had some of that, I'll break it in the two markets. We had some of that in the US market. We did factor into our guidance some additional channel inventory reductions in the US market in Q4. We'll see if that happens and to what degree. I don't see a scenario where we're talking about that when it comes to fiscal '26. If I look at the pure-play e-commerce channel over in Asia Pac, we had that happen in Q1 with China, we talked about it. We got the bounce back in Q2. We had another challenge here in Q3. I think we have a challenge with that again in Q4, but I think we just annualize that. Maybe there's a little bit of residual impact that happens there in a few markets, but that should be pretty small and should go away. I don't see a lot. If there's anything, it would be a modest amount in Q1, but I don't see much.

當然。我們有一些這樣的情況，我會在兩個市場中將其分解。我們在美國市場上有一些這樣的產品。我們確實將第四季度美國市場的一些額外管道庫存減少考慮在我們的指導中。我們將看看這種情況是否會發生以及發生到何種程度。我認為在 26 財年我們不會出現討論這種情況的情況。如果我看一下亞太地區的純電子商務管道，我們在第一季與中國就發生過這種情況，我們討論過這個問題。我們在第二季度實現了反彈。我們在第三季面臨另一個挑戰。我認為我們在第四季度再次面臨挑戰，但我認為我們只是將其年度化。也許在某些市場會產生一些殘餘影響，但這種影響應該很小而且會消失。我沒看到太多。如果有的話，那在第一季將會是一個適度的數額，但我看不到太多。

Great, thank you.

太好了，謝謝。

Navann Ty, BNP Paribas.

法國巴黎銀行的 Navann Ty。

Hi, thanks for taking my questions and thanks for the color on the contact lenses side. In fertility, could you please clarify the driver of the expected Q4 rebound? Is that driven by the upcoming year of the horse. Can you also comment on fertility in 2026, at least qualitatively. Thank you.

你好，感謝您回答我的問題，也感謝您提供隱形眼鏡方面的顏色。在生育方面，您能否澄清一下預期第四季反彈的驅動因素？這是受即將到來的馬年的影響嗎？您能否至少從品質上評價一下 2026 年的生育率？謝謝。

Sure. When we look at fertility, the market is getting a little bit better. It got a little bit better this quarter. We saw some improvements in some areas, genomics and consumables. We took some share in some spots in Europe. I think we saw just a little bit of progression there. The year of the snake is behind us. I mentioned that last quarter. We're seeing a little bit of improvement in Asia Pac, although we're still seeing cycle softness there. When I look at us finishing the year out, we have a really, really hard comp of 13% against last year. I think we probably have another pressure quarter for ourselves to finish up our fiscal year. But I think that you're going to have cycles coming back in Asia Pac. You're going to have fertility clinics that have been delaying for a while start doing some investing again. They're going to upgrade some equipment. I think you're going to start seeing the fertility industry continue to improve from here. I think we're seeing it improve a little bit right now, and I think we'll continue to see it improve over the coming quarters.

當然。當我們觀察生育能力時，市場正在變得更好一些。本季情況有所改善。我們在基因組學和消耗品等一些領域看到了一些改進。我們在歐洲的一些地區佔了一些份額。我認為我們在那裡看到了一點進展。蛇年已經過去了。我上個季度提到過這一點。我們看到亞太地區的情況略有改善，儘管我們仍然看到那裡的周期疲軟。當我回顧今年的收官時，我發現與去年相比，我們的成長率確實非常非常高，只有 13%。我認為我們可能還要再經歷一個壓力季度才能結束我們的財政年度。但我認為亞太地區的經濟週期將會復甦。那些已經拖延了一段時間的生育診所將會開始再次進行一些投資。他們將要升級一些設備。我認為從現在開始你將會看到生育產業繼續改善。我認為我們現在看到它有所改善，我認為我們將在未來幾季繼續看到它改善。

Thank you. That's helpful.

謝謝。這很有幫助。

Anthony Petrone, Mizuho.

瑞穗的安東尼‧佩特羅內 (Anthony Petrone)。

Hey, thanks for taking the questions. You have Brad Bowers on for Anthony. First, I want to start with PARAGARD. It's been a drag for a while on the volume side. You're able to cover it with pricing. But I wanted to get an update on market situation, market share dynamics with the competing product launch, and maybe any way to potentially stymie some of the revenue loss and allow the rest of the business to kind of show some of the growth.

嘿，謝謝你回答這些問題。布拉德鮑爾斯 (Brad Bowers) 代替安東尼。首先，我想從 PARAGARD 開始。就交易量而言，這已經持續了一段時間。您可以透過定價來彌補這一點。但我想了解最新的市場狀況、競爭產品發布的市場份額動態，以及任何可能阻止部分收入損失並讓其他業務成長的方法。

On PARAGARD, no competitive launch in the marketplace as of now. You are right, volumes are decreasing on that product. They have been for a while. The non-hormonal IUD space is seeing declining volume activities. As a matter of fact, you're seeing pressure on the entire IUD market from some alternative options. We have been able to offset that by pricing. We had a pretty good start to the beginning of this year. Our new single-hand inserter was part of that, which we launched that put us on equal footing with Mirena and some of the hormonal IUDs. We had the softer quarter here. I think in Q4, we grow a little bit. We get to the point where we end up with an okay year driven by those price increases. We'll see what next year holds. But as we sit here today, it will probably be similar challenges on volumes offset by pricing.

目前，市場上尚無 PARAGARD 同類產品。您說得對，該產品的銷量確實在下降。他們已經在一起有一段時間了。非荷爾蒙子宮內避孕器領域的活動量正在下降。事實上，你會看到整個子宮內避孕器市場面臨一些替代方案的壓力。我們已經能夠透過定價來抵消這一影響。今年年初我們的開局相當不錯。我們的新型單手插入器就是其中的一部分，它使我們與 Mirena 和一些荷爾蒙子宮內避孕器處於同等地位。本季我們的經濟表現較為疲軟。我認為在第四季我們會有一點成長。在價格上漲的推動下，我們最終度過了一個還不錯的年份。我們將拭目以待明年會發生什麼。但今天我們坐在這裡，可能還是會面臨類似的銷售挑戰，但價格會抵銷這種挑戰。

Helpful, thank you. And then just if I could, on the margin side, obviously, tariff impact sounds like it's a little bit better. Also it sounds like some of the CapEx projects are behind us, so we might start to see some throughput improvement. So I just wanted to hear about some tailwinds to gross margin. And it sounds like on the operating margin side, a lot of the leverage might be coming or upside might come from gross margin, maybe some SG&A, but just how we should think through that. Thank you.

有幫助，謝謝。然後，如果可以的話，在利潤方面，顯然關稅的影響聽起來會好一些。聽起來一些資本支出項目已經完成，因此我們可能會開始看到一些吞吐量的提高。所以我只是想聽聽一些關於毛利率的順風因素。聽起來，在營業利潤率方面，許多槓桿可能會出現，或者上漲空間可能來自毛利率，也許是一些銷售、一般和行政費用，但我們應該如何思考這個問題。謝謝。

I'll just quickly answer and then certainly let Brian jump in, he's the expert on this. From my perspective, at a high level, I talked a lot about the growth in MyDay, and we think that's going to be the big driver for us. As Brian mentioned earlier, gross margins are okay on that, and they're certainly improving as we increase capacity, but they're a little bit lighter than clariti. So the product mix itself puts a little pressure on gross margins, and then you also get the pressure from the tariffs Brian mentioned. Brian can quantify it more. Well, he will definitely quantify it more on the Q4 call. But the restructuring activity where we're looking to make the organization as efficient as possible should offset that. So we end up with year-over-year operating margin improvements and still deliver a good year. Thank you. Anything to add?

我會快速回答，然後讓 Brian 加入，他是這方面的專家。從我的角度來看，在高層，我談了很多關於 MyDay 的成長，我們認為這將成為我們的主要推動力。正如 Brian 之前提到的，毛利率還可以，而且隨著我們產能的增加，毛利率肯定會提高，但比 clariti 要低一點。因此，產品組合本身會給毛利率帶來一些壓力，然後你也會受到布萊恩提到的關稅的壓力。布萊恩可以進一步量化它。嗯，他肯定會在第四季電話會議上進一步量化這一點。但我們希望透過重組活動使組織盡可能高效，從而抵消這項影響。因此，我們最終實現了營業利潤率的同比增長，並且仍然取得了良好的業績。謝謝。還有什麼要補充的嗎？

Yeah. I don't have much more to add there. I mean I think Al said it well. We'll give details on gross margins and SG&A. I'd say we have an ethos here of continuous improvement. That's all the way through from manufacturing down through the organization. So you've got some puts and takes in gross margin as Al talked about. But certainly, the disciplined cost management that we discussed earlier along with some of the actions we're taking are going to help drive SG&A leverage more so next year to help offset some of those headwinds.

是的。我沒有什麼好補充的了。我的意思是我認為 Al 說得很好。我們將提供有關毛利率和銷售、一般及行政費用 (SG&A) 的詳細資訊。我想說我們這裡有一種持續改進的精神。這是從製造到組織整個過程。因此，正如 Al 所說的那樣，您在毛利率方面有一些投入和產出。但可以肯定的是，我們之前討論過的嚴格的成本管理以及我​​們正在採取的一些行動將有助於在明年進一步推動銷售、一般和行政費用槓桿率，以幫助抵消其中的一些不利因素。

Thank you.

謝謝。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Thanks. Two questions from me. First, Al, can you help us understand what happened between the last earnings call and this earnings call, there were two months, the Street was saying that 5.7%, 5.8%, something like that. And there's a big gap between your expectations and the results. So help us just bridge exactly what happened in the two months from the last earnings call? And then I got a follow-up.

謝謝。我有兩個問題。首先，艾爾，您能幫助我們了解上次收益電話會議和這次收益電話會議之間發生了什麼嗎？有兩個月的時間，華爾街都說是 5.7%、5.8% 之類的數字。你的期望和結果之間存在著很大差距。那麼請幫我們準確描述一下自上次收益電話會議以來兩個月內發生的事情吧？然後我得到了後續消息。

Sure. I would put it out on those two points, Robbie, we were talking about earlier. One was an expectation that what had happened with the pure-play e-commerce channel in Asia Pac, especially China was behind us. We did not see that play out. So that was a hit to us. And then the other one was clariti. Like we were getting a relatively consistent cadence of clariti orders and revenues from a number of customers and certainly some larger ones that did not transpire as we ended this quarter. So certainly, that activity was at the latter end of this past quarter. And then we incorporated that into the guidance. I think we were a little optimistic in terms of how fast some of this ramped activity would happen with MyDay and how everything would hold up. And I think that the guidance incorporates a reset of that to say that we believe we fully incorporated all of this risk activity into the numbers.

當然。羅比，我想談談我們之前討論過的那兩點。其中一個預期是，亞太地區，特別是中國的純電子商務通路所經歷的一切都已成為過去。我們沒有看到那場比賽的發生。這對我們來說是一個打擊。另一個是 clariti。就像我們從一些客戶（當然還有一些較大的客戶）那裡獲得了相對一致的 clariti 訂單和收入一樣，但在本季度末並沒有發生這種情況。因此可以肯定的是，該活動是在本季末進行的。然後我們將其納入指導之中。我認為，我們對 MyDay 的這些激增活動將以多快的速度發生以及一切將如何進行持樂觀態度。我認為該指南對此進行了重新調整，表明我們相信我們已經將所有這些風險活動完全納入了數字中。

Great. Maybe just a quick follow-up. Given some of the uncertainties here in the below market growth, how do you get comfortable with what the market will grow next year and your ability to grow at least with market. Thanks a lot.

偉大的。也許只是一個快速的跟進。鑑於低於市場成長水平的一些不確定性，您如何判斷明年市場的成長以及您至少與市場同步成長的能力。多謝。

Sure. If we look at the contact lens market, it's grown forever it seems in the mid-single digits. And we had some downtimes during COVID, and we had a strong rebound from that. But if you step back from that, you end up with an oligopoly that's supported by this underlying factor that people need more visual correction. Right now, a little over a third people are myopic, and half of people are going to be myopic by the year 2050.

當然。如果我們看一下隱形眼鏡市場，它似乎一直以中等個位數的速度成長。在新冠疫情期間，我們經歷了一些停工期，但之後我們強勁反彈。但如果你退一步來看，你最終會發現寡占，而這種壟斷是由人們需要更多視力矯正這一潛在因素所支撐的。目前，有三分之一多一點的人患有近視，到 2050 年，一半的人會患有近視。

You have more people needing visual correction. At the same time, you have people and optometrists that want the comfort and the ability to put lenses in every single day and be able to take those out. That's a great thing to be able to do. And everybody wants that, the cleanliness associated with that, the flexibility associated with that. You're continuing to see this move over to dailies. You're seeing better fitting activity by optometrists around the world when it comes to torics. You're seeing much better lenses when it comes to multifocals. You're seeing more people wear those. You have this underlying theme. I sometimes compare it to either going down the river or going up the river. It's nice when the [current](corrected by company after the call) is with you and helping you, and the contact lens market is the same way. Does it end up growing 6% next year? Or does it grow 4% or somewhere in between? My belief is it will grow somewhere in there. And all the underlying fundamentals will end up pushing it in that direction. I think that's where it will grow. And then when I look at how we fit in the marketplace right now, and I'd say what's been holding us back, our ability to deliver all the product that's being demanded by our customers is what's held us back. Having the capacity finally to be able to get all that product out is a big, big swing for us. That's why I think we'll be able to at least hit, if not exceed, market growth when you layer MiSight.

有更多人需要視力矯正。同時，人們和驗光師都希望能夠舒適地每天佩戴和取下鏡片。能夠做到這一點真是太棒了。每個人都想要這樣，這樣清潔，這樣靈活。您將繼續看到這一趨勢轉向日報。當涉及散光鏡片時，您會看到世界各地的驗光師正在進行更好的驗配活動。當涉及多焦點鏡片時，您會看到更好的鏡片。你會看到越來越多的人穿著這些衣服。你有這個潛在的主題。我有時會把它比喻為順流而下或逆流而上。當[當前]（電話後公司更正）與您在一起並幫助您時，感覺很好，隱形眼鏡市場也是如此。明年最終會成長 6% 嗎？或成長 4% 或介於兩者之間？我相信它會在那裡的某個地方生長。所有潛在的基本面最終都會推動它朝這個方向發展。我認為它將會在那裡成長。然後，當我審視我們現在在市場中的地位時，我會說是什麼阻礙了我們，是我們提供客戶所需的所有產品的能力阻礙了我們。最終有能力將所有產品生產出來，這對我們來說是一個巨大的轉變。這就是為什麼我認為當你使用 MiSight 時，我們至少能夠達到（甚至超過）市場成長。

Great, thanks a lot, Al. I appreciate it.

太好了，非常感謝，艾爾。我很感激。

Yeah.

是的。

Brett Fishbin, KeyBanc Capital Markets.

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc 資本市場。

Hey guys, thanks very much for taking the questions. Just thinking about some of the points that you made on central drivers supporting improvement in growth in CVI in FY26. You mentioned that you won some new private label agreements. And I was just curious if you could maybe expand a little bit on some of those wins, where you are seeing them. I'm wondering if it's substantially all MyDay or across some of the different brands or some of your brands under the private labels? And then just like any way to think about like how much upside these opportunities could deliver next year?

嘿夥計們，非常感謝你們回答這些問題。只是思考一下您提出的關於支持 26 財年 CVI 成長改善的核心驅動因素的一些觀點。您提到您贏得了一些新的自有品牌協議。我只是好奇您是否可以稍微詳細地談論這些勝利以及您在哪裡看到它們。我想知道這是否基本上都是 MyDay 的，還是涵蓋一些不同的品牌或自有品牌下的一些品牌？然後就像思考這些機會明年能帶來多大的上漲空間？

Yeah, I won't go too far into that because a lot of that gets tied into customers. But these are MyDay private label launches that we're talking about. I made a comment of over 30 of them earlier, and that's what those are. Those are customers of ours who wanted MyDay products. They wanted a larger portfolio or they wanted to offer MyDay as a private label offering, and we have not been able to provide that product to them. During this quarter, especially at the end of this quarter, we negotiated a number of new contracts with people to give them that product and give them the availability. And we started getting fitting sets and trials out to some of them so that they could start all that activity. And I think they'll be active with that throughout the fourth quarter, and I think that will translate into revenue. I won't quantify it other than to say that it's the thing that gives me the most comfort When I think about the number of fitting sets out there. When I think of the activation, meaning the number of trial lenses that are going out, try it, you'll like it. When I think about the number of contracts that we've signed and that we're already out there actively working on, it's that that gives me confidence that we're going to be successful with MyDay, and it's going to ramp up. To me, it's a question of timing as to when it's going to be more so than if it's going to happen.

是的，我不會深入探討這個問題，因為很多內容都與客戶有關。但我們談論的是 MyDay 自有品牌的推出。我之前對其中 30 多個做出了評論，這就是這些。這些都是我們想要 MyDay 產品的客戶。他們想要更大的產品組合，或者他們想要將 MyDay 作為自有品牌產品提供，但我們無法向他們提供該產品。在本季度，特別是本季末，我們與一些公司協商了多項新合同，為他們提供該產品並提供可用性。我們開始為其中一些孩子提供合適的套裝和試用，以便他們能夠開始所有這些活動。我認為他們會在整個第四季度積極開展這項工作，我認為這將轉化為收入。我不會量化它，只能說，當我想到那裡有多少合適的套裝時，它是讓我感到最舒服的東西。當我想到啟動時，意味著要出去的試用鏡片的數量，嘗試一下，你會喜歡的。當我想到我們已經簽署的合約數量以及我們正在積極開展的合約數量時，我就有信心 MyDay 將會取得成功，而且業務還會不斷增長。對我來說，這是一個時間問題，什麼時候發生比是否會發生更重要。

All right. That was helpful. And then just one other question on the CVI business. I think like last quarter, you were talking about implementing short-term promotions, I think you were saying one to three months of lenses to get people fitting with MiSight and potentially become like long-term users, but it sounded like the early results were mixed. So just curious where maybe you saw some initial success or lack of success driving that commentary. I'm curious if you're sticking with the same approach into the back-to-school season or if you're kind of going back and reevaluating if that's the right approach to the market. Thank you.

好的。這很有幫助。然後是關於 CVI 業務的另一個問題。我認為就像上個季度一樣，您在談論實施短期促銷活動，我想您說的是使用一到三個月的鏡片讓人們適應 MiSight 並有可能成為長期用戶，但聽起來早期的結果好壞參半。所以我只是好奇，您可能在哪裡看到了推動這一評論的一些初步成功或缺乏成功。我很好奇，在返校季您是否會堅持同樣的方法，或者您是否會回過頭來重新評估這是否是正確的市場方法。謝謝。

Sure. Great question on that one. Where we saw success was in EMEA, where we initiated that program and have implemented that pricing. We've seen great fitting activity and we've already been seeing some sell-through on that as that fitting is converted into revenues. Where we did not have that standardized, we have had situations where we have people saying, hey, is that coming this way, when am I going to get it? And should I wait and fit until we have that new pricing structure in place. What kind of promotional programs are there. That's where we got some of the mixed results. That was largely here in the US market that we saw that. We need to get all of that activity resolved, we are. We're working on that very actively right now. And we'll get that resolved so we can level set ourselves correctly so that pricing is standardized around the world. But I would say that the early indications or the early returns on that pricing model, which was basically to allow parents to take lenses home and see if their children can put the contacts in and take them out, and would actually like them. That strategy is working. So we're going to continue to deploy that around the world.

當然。這個問題問得真好。我們在歐洲、中東和非洲地區取得了成功，在那裡我們啟動了該計劃並實施了該定價。我們看到了很好的試穿活動，我們已經看到了一些銷售，因為試穿轉換為了收入。當我們沒有標準化的時候，我們就會遇到這樣的情況，人們會問，嘿，這是這樣嗎，我什麼時候能得到它？我是否應該等到新的定價結構到位後再進行調整？有什麼樣的促銷計劃。這就是我們得到一些混合結果的地方。我們主要在美國市場看到了這種情況。我們需要解決所有這些問題，我們正在這樣做。我們目前正在積極地致力於此事。我們會解決這個問題，以便我們能夠正確設定價格，從而實現全球定價標準化。但我想說的是，這種定價模式的早期跡像或早期回報基本上是允許父母將隱形眼鏡帶回家，看看他們的孩子是否可以戴上和取下隱形眼鏡，並且是否真的喜歡它們。這一策略正在發揮作用。因此我們將繼續在世界各地部署這項舉措。

Alright perfect. Thanks again.

好的，完美。再次感謝。

Chris Pasquale, Nephron Research.

克里斯‧帕斯誇萊 (Chris Pasquale)，腎元研究機構。

Thanks. I want to follow up on MiSight and then I had one for Brian as well. So Al, you talked about still being on track to do over $100 million from MiSight this year. I think the original goal for the year was 40% growth. And three quarters in by our math, you're maybe a little bit below 30%. So obviously, is still good, but not quite where you hoped. Just curious how you're thinking about where that goes from here. You've got a bunch of stuff heading into FY26. Between the promotional pricing starting to have a positive impact with Japan launch, MyDay, MiSight. Can that drive an acceleration? Or should we expect further growth moderation just because the numbers are getting larger?

謝謝。我想跟進 MiSight，然後我也為 Brian 準備了一個。所以 Al，您談到今年仍有望從 MiSight 獲得超過 1 億美元的收入。我認為今年的最初目標是成長40%。根據我們的計算，四分之三之後，您的比例可能略低於 30%。顯然，這仍然很好，但還沒有達到你所希望的程度。我只是好奇你怎麼想的，接下來會發生什麼事。您有很多事情要處理到 26 財年。隨著日本的推出，促銷定價開始對 MyDay、MiSight 產生正面影響。這能推動加速嗎？或者我們應該僅僅因為數字越來越大就預期增長會進一步放緩？

Yeah. I think that it ends up being -- I hate to give anything for next year on that as some of this plays out. But I think that the growth ends up being more similar year-over-year than an acceleration just because the numbers are getting bigger. You're right, we took a little bit of a hit this year because some of the pricing changes and the promotional activity but we're getting better fitting on that, and we do have all those launches coming. We'll see. I'll give an update on that as we get to next quarter. But I will say that I feel pretty good about MiSight, we’re going to get good growth next year. It's certainly going to support the overall business driving our growth.

是的。我認為最終結果是——我不想為明年的事情付出任何代價，因為有些事情已經發生了。但我認為，最終的成長趨勢與去年同期相比更加相似，而不是僅僅因為數字越來越大而加速成長。你說得對，今年我們受到了一些打擊，因為一些價格變化和促銷活動，但我們正在更好地適應這些變化，而且我們確實有所有這些產品的發布。我們將拭目以待。進入下個季度後，我會更新相關情況。但我要說的是，我對 MiSight 感覺很好，明年我們將取得良好的成長。它肯定會支持推動我們成長的整體業務。

Okay. And then, Brian, CapEx has obviously been really elevated over the past three years. The $2 billion free cash flow target seems to imply a pretty big step back. I would love you to put a finer point on what exactly you're thinking next year for CapEx? And then how do we think about how that grows relative to sales going forward. In the past, it's been hard for CVI to have both strong revenue growth and moderate that investment in CapEx in one or the other. So is it different this time?

好的。然後，布萊恩，資本支出在過去三年中顯然已經大幅增加。20 億美元的自由現金流目標似乎意味著相當大的倒退。我希望您能更詳細地說明一下您對明年資本支出的具體想法？那麼我們該如何看待它相對於未來銷售額的成長呢？過去，CVI 很難同時實現強勁的收入成長和適度的資本支出投資。那麼這次有什麼不同嗎？

Yeah. That's a great, great question, Chris. First of all, I'll just talk about next year in CapEx. CapEx is going to come down on a percentage basis and on an absolute dollar basis. We've been trending high as a percentage of revenues on CapEx. If you look back in time, we've been anywhere from 7% to 10% of revenues for CapEx. As we continue moving forward, we're still going to have to deploy capital for investments in new growth, and that's innovation in new lines and new equipment and new launches. So that will be a part of the number. But it's all of the other things that are happening around it with CapEx starting to moderate and normalize and all those other elements that are driving it forward that allow us to continue to confidently now drive free cash flow higher similar to historical levels. So you're exactly right. We're going to have to invest in the business. We have a lot of lines still that need to come in over the next couple of years, and those are on order, and that will continue to play out. But the peak level of CapEx that we've been seeing is now going to be normalizing. And that's what drives along with the other steps that we're taking will drive the free cash flow higher.

是的。這是一個非常好的問題，克里斯。首先，我只談明年的資本支出。資本支出將以百分比和絕對美元金額下降。我們的資本支出佔收入的比例一直呈現高趨勢。如果回顧過去，我們會發現我們的資本支出佔總收入的 7% 到 10%。隨著我們繼續前進，我們仍然需要部署資本來投資新的成長，那就是新生產線、新設備和新產品的創新。所以這將是數字的一部分。但隨著資本支出開始緩和並正常化，以及推動其向前發展的所有其他因素，我們正在周圍發生的所有其他事情，使我們能夠繼續充滿信心地推動自由現金流達到與歷史水平相似的水平。所以你說得完全正確。我們必須對這項業務進行投資。未來幾年我們還有很多生產線需要投入，這些生產線都已訂購，並將繼續投入生產。但我們所看到的資本支出高峰水準現在將趨於正常化。這與我們正在採取的其他措施一起將推動自由現金流的增加。

Thanks.

謝謝。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Beautiful. Thank you very much. I'll keep it to one, just to keep things flowing. And it's probably a dumb question, but how do you guys know about the clariti versus MyDay dynamic? Was that feedback that came from like chatting with optometrists or is it in from the sales force? Or did you back into it because you saw the really strong MyDay promotional side of things. Like was it all three, I'm just curious, how did you work it out? Because it's obviously a big market with a lot of different things happening, it can be hard to see. That's my question.

美麗的。非常感謝。我會將其限制為一個，只是為了讓事情順利進行。這可能是一個愚蠢的問題，但是你們如何了解 clariti 與 MyDay 之間的動態？這些回饋是透過與驗光師聊天獲得的，還是來自銷售人員的？或者您是因為看到了 MyDay 非常強大的促銷功能而重新加入的。就像這三種情況一樣，我只是好奇，你是怎麼做到的？因為這顯然是一個很大的市場，有很多不同的事情發生，所以很難看清楚。這就是我的問題。

Yeah, Patrick, it's pretty straightforward in that a lot of that activity was with larger accounts, and you know what their standard order cycle is, when they order and how much they order. And when those orders did not happen it's a pretty straightforward conversation with them of, hey, what's going on and getting what turned out to be a pretty straightforward response of, we're focusing our time and efforts on MyDay fitting activity right now and taking a little bit of a pause on clariti. And their feedback was we're going to make that move right now, and we'll see what happens. But we're doing, Cooper, what you've asked us to do and what we want to do. It was pretty straightforward oddly enough to see that. I don't want to act like that was the entire thing because there's bits and pieces that go to optometrists and smaller shops. But the biggest clearest point was pretty obvious visibility on some of the order patterns from some of the large accounts.

是的，帕特里克，這很簡單，因為很多活動都是針對較大的帳戶，你知道他們的標準訂單週期是多少，他們何時訂購以及訂購多少。當這些訂單沒有發生時，我們會與他們進行非常直接的對話，詢問發生了什麼事情，然後他們給出了一個非常直接的答复，我們現在將時間和精力集中在 MyDay 的裝配活動上，並在 clariti 上稍作停頓。他們的回饋是我們現在就採取這項行動，然後看看會發生什麼。但是，庫柏，我們正在做你要求我們做的事和我們想做的事。奇怪的是，這看起來相當簡單。我不想表現得好像這就是全部，因為還有一些零碎的東西要送給驗光師和小商店。但最明顯的一點是，一些大帳戶的訂單模式非常明顯。

Super clear. That's encouraging to hear. Thanks guys.

超級清晰。聽到這個消息令人鼓舞。謝謝大家。

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

其中包括問答環節。我想將電話轉回給艾爾懷特 (Al White) 做最後發言。

Thank you, everyone, and thank you for being on the call. I'm sure we'll have a lot of post call conversations here and look forward to talking about and going through the details, and driving some continued success so we can discuss that in our next earnings call. So, thank you, everyone. I appreciate your time.

謝謝大家，也謝謝你們接聽電話。我相信我們會在這裡進行許多電話會議後的對話，並期待討論和研究細節，並推動一些持續的成功，以便我們可以在下次收益電話會議上討論這個問題。所以，謝謝大家。感謝您抽出時間。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。