酷柏 (COO) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the fourth-quarter 2025 CooperCompanies earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。在此，我謹代表 CooperCompanies 公司歡迎各位參加 2025 年第四季財報電話會議。（操作說明）

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

現在我將把會議交給投資者關係和風險管理副總裁金鄧肯。你可以開始了。

Good afternoon, and welcome to CooperCompanies fourth-quarter and full-year 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 年第四季及全年財報電話會議。在今天的電話會議上，我們將討論盈利報告中公佈的業績和預期，然後用剩餘時間回答問題。

Our presenters on today's call are Al White, President and Chief Executive Officer; and Brian Andrews, Chief Financial Officer and Treasurer.

今天電話會議的主講人是總裁兼執行長 Al White，以及財務長兼財務主管 Brian Andrews。

Before we begin, I'd like to remind you that this conference call will contain forward-looking statements, including statements relating to revenue, 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. Forward-looking statements depend on assumptions, data, or methods that may be incorrect or precise and are subject to risks and uncertainties.

在會議開始之前，我想提醒各位，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、關稅以及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相關的陳述。前瞻性陳述依賴假設、數據或方法，這些假設、數據或方法可能不正確或不準確，並且存在風險和不確定性。

Events that could cause our actual results and future actions of the company to differ materially from those described in forward-looking statements are set forth under the caption forward-looking statements in today's earnings release and are described in our SEC filings, including Cooper's Form 10-K and Form 10-Q filings, all of which are available on our website at coopercos.com.

可能導致公司實際業績和未來行動與前瞻性聲明中所述內容存在重大差異的事件，已在今天的收益報告中“前瞻性聲明”標題下列出，並在我們提交給美國證券交易委員會的文件中進行了描述，包括庫珀公司的 10-K 表格和 10-Q 表格，所有這些文件都可以在我們的網站 coopercos.com 表格上查閱。

Also as a reminder, the non-GAAP financial information we will provide on this call is provided as a supplement to our GAAP information. We encourage you to consider our results under GAAP as well as non-GAAP and refer to the reconciliations provided in our earnings release, which is available on the Investor Relations section of our website under Quarterly Materials. Should you have any additional questions following the call, please email ir@coopercos.com.

另外提醒一下，我們將在本次電話會議上提供的非GAAP財務資訊是我們GAAP資訊的補充。我們鼓勵您同時考慮按照 GAAP 和非 GAAP 準則計算的業績，並參考我們在盈利報告中提供的調節表，該報告可在我們網站的「投資者關係」部分的「季度資料」中找到。通話結束後，如果您還有其他問題，請發送電子郵件至 ir@coopercos.com。

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

現在我將把電話交給阿爾，請他致開幕詞。

Thank you, Kim, and welcome, everyone, to today's earnings call. I'll start by highlighting three key strategic priorities and then move into our quarterly results and guidance. Our first priority is to deliver consistent market share gains for CooperVision. We've accelerated the global rollout of our MyDay premium daily silicone hydrogel lens portfolio and we're seeing momentum build. We're executing on numerous global private label contracts and winning new ones, and we're strengthening branded sales, especially among independent optometrists. We're also looking forward to several upcoming product launches to further strengthen our positioning and ensure CooperVision delivers steady revenue growth throughout fiscal 2026 with the strongest performance expected in Q3 and Q4 and as MyDay achieves full traction.

謝謝Kim，也歡迎各位參加今天的財報電話會議。我將首先重點介紹三個關鍵策略重點，然後再介紹我們的季度業績和展望。我們的首要任務是為庫博光學持續提升市場佔有率。我們加快了MyDay高端日拋矽水凝膠隱形眼鏡產品組合的全球推廣，並且我們看到了發展勢頭。我們正在執行眾多全球自有品牌合約並贏得新的合同，我們正在加強品牌銷售，尤其是在獨立驗光師群體中。我們也期待即將推出的幾款產品，以進一步鞏固我們的市場地位，並確保 CooperVision 在 2026 財年實現穩定的營收成長，預計第三季和第四季業績最為強勁，MyDay 也將全面獲得市場認可。

Second is our continuing commitment to earnings and free cash flow. This quarter marked our eighth consecutive quarter of beating consensus earnings expectations and our fiscal 2026 earnings guidance exceeds current consensus expectations driven by significant cost savings from our recent reorganization. Additionally, for the past two years we've reported double-digit earnings growth and we're targeting making it three years in a row. And importantly these earnings are turning into cash with $150 million of free cash flow delivered in Q4, beating expectations. I'm also pleased to announce this momentum is continuing and we're raising our fiscal 2026 to 2028 free cash flow target to more than $2.2 billion. Our entire organization is aligned behind these efforts as free cash flow became a bonus metric in 2024 alongside revenue and earnings.

其次，我們對獲利和自由現金流的持續承諾。本季是我們連續第八個季度超出市場普遍預期的盈利，並且由於近期重組帶來的顯著成本節約，我們 2026 財年的盈利預期也超過了目前的普遍預期。此外，過去兩年我們的獲利成長均達到兩位數，我們的目標是連續三年實現這一目標。更重要的是，這些收益正在轉化為現金，第四季度實現了 1.5 億美元的自由現金流，超出預期。我很高興地宣布，這一勢頭仍在繼續，我們將 2026 至 2028 財年的自由現金流目標提高到 22 億美元以上。我們整個組織都致力於這些努力，因為自由現金流在 2024 年與收入和利潤一起成為獎勵指標。

Third is our attention to returning capital to shareholders. We repurchased nearly $200 million of stock in fiscal Q4 bringing our total fiscal year repurchases to almost $300 million or roughly two-thirds of our 2025 free cash flow. For fiscal 2026 we expect to allocate a similar percentage to share repurchases with the remaining portion targeted to debt pay down. To support this effort and to reinforce our commitment to share repurchases being a core component of our long-term capital allocation strategy, the Board authorized an increase in our share repurchase plan to $2 billion in September.

第三，我們注重向股東返還資本。我們在第四財季回購了近 2 億美元的股票，使我們本財年的股票回購總額接近 3 億美元，約占我們 2025 年自由現金流的三分之二。預計 2026 財年將分配類似比例的資金用於股票回購，剩餘部分將用於償還債務。為了支持這項工作，並強化我們對股票回購作為長期資本配置策略核心組成部分的承諾，董事會於 9 月批准將股票回購計畫增加到 20 億美元。

Before moving into the quarterly details, I want to emphasize that our Board and management team remain highly focused on driving long-term shareholder value. We've accelerated share repurchases, insiders have bought stock, we've completed significant re-org and integration activity to increase profitability and cash flow, and we've been winning new contracts and solidifying long-term customer partnerships at CooperVision and CooperSurgical. Additionally, we initiated an evaluation of strategic alternatives earlier this year and presented our initial findings to our Board in October, alongside ongoing governance discussions around the timing of our Chair's transition to retirement. Today, we have taken the next step by issuing a press release announcing a formal strategic review to ensure that we explore every opportunity to unlock long-term shareholder value. We also announced the transition of our Chair role from Bob Weiss to independent Board member, Colleen Jay. And finally, we're adding Total Shareholder Return to our Executive performance share plans to further align leadership incentives to our stock's performance.

在詳細介紹季度業績之前，我想強調，我們的董事會和管理團隊仍然高度專注於提升股東的長期價值。我們加快了股票回購，內部人士也購買了股票，我們完成了重大的重組和整合活動以提高盈利能力和現金流，並且我們在 CooperVision 和 CooperSurgical 贏得了新合約並鞏固了長期客戶合作關係。此外，我們今年稍早啟動了對策略選擇方案的評估，並在 10 月向董事會提交了初步調查結果，同時也就董事長退休時間的過渡問題進行了持續的治理討論。今天，我們發布了新聞稿，宣布正式啟動策略審查，以確保我們探索每一個釋放股東長期價值的機會，從而邁出了下一步。我們也宣布將主席一職從鮑伯·韋斯移交給獨立董事會成員科琳·傑伊。最後，我們將股東總回報納入高階主管績效股份計劃，以進一步將領導激勵與公司股票表現掛鉤。

With that, let's move to the Q4 results. Consolidated revenues were up 4.6% year over year or up 3.4% organically, to a quarterly record $1.065 billion. Operating margins improved meaningfully and non-GAAP earnings grew 11% to $1.15.

接下來，我們來看第四季業績。合併收入年增 4.6%，有機成長 3.4%，達到季度創紀錄的 10.65 億美元。營業利益率顯著提高，非GAAP收益成長11%至1.15美元。

For CooperVision, we reported revenue of $710 million, up 4.9% or up 3.2% organically. These results were consistent with our guidance driven by improved global availability of MyDay partially offset by market softness in China in certain areas in EMEA. Overall, the global contact lens market continues to trend toward premium offerings, which is a positive for our MyDay portfolio, including our premium private label MyDay business, but it does create headwinds for clariti and older hydrogel lenses. On an organic basis, by category, torics and multifocals grew 5% and spheres grew 2%. By modality, daily silicone hydrogel lenses grew 5% with double-digit growth in MyDay and declines in clariti. Our silicone hydrogel FRP lenses, Biofinity and Avaira, grew 2% and MiSight delivered strong growth of 37%. Regionally, the Americas grew 5% led by strength in daily silicone hydrogel lenses. EMEA grew 3% strengthening our number one market position led by MyDay and Biofinity. This was slightly below expectations due to market weakness in a few countries, but this doesn't appear to be tied to consumer activity, and we've already seen a pickup this quarter. Asia Pac was flat as growth in MyDay was offset primarily by a 28% decline in China driven by continued weakness in low-margin e-commerce channels where we're not chasing aggressive pricing activity.

CooperVision 的營收為 7.1 億美元，年增 4.9%，有機成長 3.2%。這些結果與我們的預期一致，主要得益於 MyDay 在全球範圍內的可用性提高，但部分被中國市場以及 EMEA 某些地區的疲軟市場所抵消。總體而言，全球隱形眼鏡市場繼續朝著高端產品發展，這對我們的 MyDay 產品組合（包括我們的高端自有品牌 MyDay 業務）來說是一個利好消息，但這確實給 clariti 和較老的水凝膠鏡片帶來了不利影響。從有機成長的角度來看，按類別劃分，散光鏡片和多焦點鏡片增加了 5%，球鏡增加了 2%。按模式劃分，日用矽水凝膠隱形眼鏡增長了 5%，其中 MyDay 實現了兩位數的增長，而 clariti 則出現了下滑。我們的矽水凝膠 FRP 鏡片 Biofinity 和 Avaira 成長了 2%，MiSight 實現了 37% 的強勁成長。從區域來看，美洲成長了 5%，主要得益於日拋型矽水凝膠隱形眼鏡的強勁表現。歐洲、中東和非洲地區成長了 3%，MyDay 和 Biofinity 的強勁表​​現鞏固了我們第一的市場地位。由於部分國家市場疲軟，這一數字略低於預期，但這似乎與消費者活動無關，而且我們已經看到本季出現回升。亞太地區業績持平，MyDay 的成長主要被中國市場 28% 的下滑所抵消，而中國市場下滑的原因是低利潤率的電子商務通路持續疲軟，我們並沒有在這些通路採取激進的定價策略。

Moving to products, MyDay delivered a strong quarter led by torics and Energys. We're continuing to execute on the private label deals we won in Q3, and I'm pleased to report that we won quite a few more contracts in Q4, several of which are in the US and Europe, so you'll see those in the coming months. Momentum is robust and we're seeing increasing fitting activity with especially strong interest in our premium comfort MyDay Energys lens featuring our innovative DigitalBoost technology which we expect to launch in Europe in Q2 of this year, from our MyDay Multifocal which continues to roll out in the APAC region and from our MyDay Toric parameter expansion which is expanding around the world. We'll also be launching MyDay MiSight and MyDay Toric Multifocal in 2026, and we expect those offerings to be received incredibly well. For clariti, we're progressing with repositioning the product family in Asia Pac and we're seeing early positive signs with products such as clariti's new 3-add multifocal launch which delivered double-digit growth in the Americas.

從產品來看，MyDay 本季業績強勁，其中 Torics 和 Energys 產品表現優異。我們正在繼續執行第三季度贏得的自有品牌交易，我很高興地報告說，我們在第四季度又贏得了不少合同，其中一些來自美國和歐洲，所以你們將在未來幾個月看到這些合同。市場勢頭強勁，我們看到驗配活動不斷增加，尤其受到對我們採用創新 DigitalBoost 技術的優質舒適型 MyDay Energys 鏡片的濃厚興趣，該鏡片預計將於今年第二季度在歐洲推出；此外，我們的 MyDay Multifocal 鏡片正在亞太地區持續推廣，而我們的 MyDay Toric 參數鏡片也正在全球推廣。我們也將於 2026 年推出 MyDay MiSight 和 MyDay Toric Multifocal，我們預計這些產品將會受到熱烈歡迎。對於 clariti 而言，我們正在亞太地區重新定位其產品系列，並且我們已經看到了一些積極的早期跡象，例如 clariti 新推出的 3 點多焦點鏡片在美洲實現了兩位數的增長。

Regarding frequent replacement lenses, Biofinity delivered solid performance in the Americas and EMEA led by multifocals, Energys, and our innovative made-to-order lenses, but remains soft in Asia Pac, especially outside of Japan. This was similar to last quarter with continued weakness in markets such as China.

在頻繁更換鏡片方面，Biofinity 在美洲和歐洲、中東及非洲地區表現穩健，這主要得益於多焦點鏡片、Energy 鏡片以及我們創新的定製鏡片，但在亞太地區，尤其是在日本以外的地區，表現仍然不佳。這與上季的情況類似，中國等市場持續疲軟。

Turning to myopia control, MiSight delivered strong growth of 37%, driven by robust performance in the Americas and another record-setting quarter in EMEA. Our back-to-school campaigns boosted fitting activity, while customer engagement initiatives and new pricing models supported higher purchase volumes. We expect this momentum to continue into fiscal 2026 with the upcoming launches of MiSight in Japan and MyDay MiSight across Europe, both scheduled for fiscal Q2. Private label programs in Europe and other select markets are also proving highly successful and we expect more deals to be signed this year. With MiSight growing 30% in fiscal 2025 reaching $104 million in sales, we expect growth of at least 20% to 25% for fiscal 2026 with further strength in 2027 as product launches gain traction.

在近視控制領域，MiSight 實現了 37% 的強勁成長，這主要得益於美洲地區的強勁表現以及 EMEA 地區又一個創紀錄的季度業績。我們的返校季活動促進了試穿活動的發展，而客戶互動計畫和新的定價模式則支持了更高的購買量。我們預計這一動能將延續到 2026 財年，屆時 MiSight 將在日本上市，MyDay MiSight 將在歐洲上市，這兩款產品都計劃於第二財季推出。在歐洲和其他特定市場，自有品牌項目也取得了巨大成功，我們預計今年將簽署更多協議。MiSight 在 2025 財年成長 30%，銷售額達到 1.04 億美元，我們預計 2026 財年成長至少 20% 至 25%，隨著產品發布獲得市場認可，2027 年將進一步成長。

To conclude on Vision, let me share details of our performance relative to the market. This is calendar quarter data, so it's apples-to-apples with our competitors. In calendar Q3, we grew 5%, in line with the market, and on a year-to-date basis for the three calendar quarters of 2025, we've grown 4%, also in line with the market. CooperVision has gained share for 17 straight years, and we remain focused on achieving that goal for an 18th consecutive year in calendar 2025.

最後，關於願景，讓我分享我們相對於市場的表現詳情。這是按季度統計的數據，因此可以與競爭對手進行公平的比較。在日曆年第三季度，我們實現了 5% 的成長，與市場表現一致；而從 2025 年前三個日曆季度來看，我們實現了 4% 的成長，也與市場表現一致。CooperVision 已連續 17 年實現市場份額成長，我們將繼續致力於在 2025 年連續第 18 年實現這一目標。

Turning to CooperSurgical., we delivered quarterly revenue of $356 million, up 4% or up 3.9% organically. This was at the high end of our guidance range driven by solid execution. Within Fertility, revenues were $141 million, up 1%, in line with expectations given last year's 13% comp. Growth was driven by market share gains in EMEA and strong global genomics performance, partially offset by softness in the US. As we enter fiscal 2026, we're optimistic this will be a stronger year. We're seeing encouraging traction with new RFP wins from some major fertility clinics, we're receiving significant interest in Witness, our automated lab tracking system, and our genomics portfolio is seeing an uptick in momentum following the recent launch of several new tests. For the overall fertility market, consumer spending remains tight, especially in Asia Pac, and clinics are continuing to manage spending carefully, but we are seeing some early positive signs including improving cycle activity in the US and growing global clinic interest in new technology. We remain highly optimistic about the long-term outlook for fertility given the underlying fundamentals supported by the estimate that one in six people globally are expected to experience infertility at some point in their lives underscoring the long-term significance and resilience of this market.

再來看 CooperSurgical，我們實現了季度營收 3.56 億美元，成長 4%，有機成長 3.9%。由於業績執行穩健，這一數字處於我們預期範圍的高端。在生育業務方面，營收為 1.41 億美元，成長 1%，與去年同期 13% 的成長率相符。成長主要得益於歐洲、中東和非洲地區市場份額的提升以及全球基因組學業務的強勁表現，但部分被美國市場的疲軟所抵消。進入2026財年，我們樂觀地認為這將是業績更強勁的一年。我們看到，一些大型生育診所的新 RFP 中標取得了令人鼓舞的進展，我們的自動化實驗室追蹤系統 Witness 也受到了廣泛關注，而且隨著最近幾項新測試的推出，我們的基因組學產品組合的發展勢頭也越來越強勁。就整體生育市場而言，消費者支出仍然緊張，尤其是在亞太地區，診所也繼續謹慎地控制支出，但我們看到了一些早期的積極跡象，包括美國週期活動的改善以及全球診所對新技術日益增長的興趣。鑑於全球六分之一的人一生中可能會經歷不孕不育，這一估計凸顯了生育市場的長期重要性和韌性，因此我們對生育市場的長期前景仍然非常樂觀。

Moving to Office and Surgical, sales were $215 million, up 6% and up 6%, organically. PARAGARD grew 16% following a softer Q3 driven by strong demand for our single-hand inserter upgrade that was launched earlier this year. Medical Devices grew 3%, led by double-digit growth in our labor and delivery portfolio and a 35% increase in our obp Surgical line of innovative single-use lighted cordless surgical retractors. These gains were partially offset by softness in legacy products.

轉至辦公室及外科領域，銷售額為 2.15 億美元，年增 6%，有機成長 6%。PARAGARD 成長了 16%，此前第三季業績有所下滑，這主要得益於市場對我們今年稍早推出的單手插入器升級版的強勁需求。醫療器材業務成長了 3%，其中分娩產品組合實現了兩位數的成長，而創新一次性照明無線手術牽開器產品線的 obp Surgical 業務成長了 35%。這些收益被傳統產品的疲軟部分抵銷。

Moving to fiscal revenue guidance. For CooperVision, we're guiding fiscal Q1 to 3.5% to 4.5% organic growth as we continue stair-stepping higher with execution around ongoing contract wins. For the full year we're guiding to 4.5% to 5.5% assuming the market grows 4% to 5%. Our expectation is that current momentum will result in strong share gains in Q3 and Q4, but we're maintaining conservatism to avoid having guidance be too back-end loaded. For CooperSurgical, we're guiding Q1 to 2% to 3% growth and full year to 4% to 5% growth. Within this, we're forecasting only a modest improvement in fertility which we're optimistic will prove conservative given some of the recent market trends along with much easier comps.

接下來將討論財政收入預期。對於 CooperVision 而言，我們預計第一財季的有機成長率為 3.5% 至 4.5%，因為我們將繼續穩步推進，並不斷贏得新的合約。假設市場成長 4% 至 5%，我們預期全年成長率為 4.5% 至 5.5%。我們預計目前的成長動能將在第三季和第四季帶來強勁的市佔率成長，但我們仍保持保守態度，以避免業績指引過於偏重季末。對於 CooperSurgical，我們預計第一季將成長 2% 至 3%，全年將成長 4% 至 5%。在此背景下，我們預測生育率只會略有改善，考慮到最近的一些市場趨勢以及相對較低的基數，我們樂觀地認為這一預測將較為保守。

Before turning the call over to Brian, I want to thank the entire Cooper team for their outstanding execution this quarter. Delivering strong results during a period of significant organizational change reflects our team's commitment to building a more streamlined and efficient company and it speaks volumes to the company's dedication to excellence.

在將電話交給布萊恩之前，我要感謝庫柏團隊在本季的出色表現。在組織結構發生重大變革的時期取得優異成績，體現了我們團隊致力於打造一個更精簡高效的公司的決心，也充分體現了公司對卓越的追求。

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

接下來，我將把電話交給布萊恩。

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.

謝謝你，艾爾，大家下午好。我的大部分評論將基於非GAAP準則，因此請參閱收益報告，以了解GAAP與非GAAP結果的調節表。

For the fourth fiscal quarter, consolidated revenues were $1.065 billion, up 4.6% and up 3.4% organically. Gross margin declined marginally as expected to 66.2%, driven by tariffs and product mix, partially offset by positive foreign exchange. Operating expenses were flat, reflecting disciplined cost management, and operating income increased a healthy 9% to a 27% margin. Interest expense was $23.7 million, and the effective tax rate was 14.2%. Non-GAAP EPS grew 11% to $1.15 with 198 million average shares outstanding. Free cash flow was strong at $150 million with CapEx of $98 million, and net debt was $2.4 billion, improving our bank-defined leverage ratio to 1.76 times. Lastly, we repurchased 2.9 million shares for $197.3 million, leaving approximately $1 billion of availability under our $2 billion repurchase plan.

第四財季，合併營收為 10.65 億美元，年增 4.6%，有機成長 3.4%。受關稅和產品組合的影響，毛利率如預期略微下降至 66.2%，但部分被有利的匯率所抵銷。營運費用保持不變，反映了嚴格的成本管理，而營運收入則健康成長了 9%，利潤率達到 27%。利息支出為 2,370 萬美元，實際稅率為 14.2%。非GAAP每股盈餘成長11%至1.15美元，平均流通股數為1.98億股。自由現金流強勁，達到 1.5 億美元，資本支出為 9,800 萬美元，淨債務為 24 億美元，使我們銀行定義的槓桿率改善至 1.76 倍。最後，我們以 1.973 億美元的價格回購了 290 萬股股票，根據我們 20 億美元的回購計劃，還剩下約 10 億美元可供使用。

Before moving to guidance, let me recap the reorganization and integration work we completed in Q4. We began executing this effort in early Q3 and moved quickly with a clear focus on improving operational efficiency and reducing back-office costs. By leveraging prior IT investments supported by AI capabilities, we integrated key support functions and are unlocking meaningful productivity gains. At the same time, we completed significant acquisition-related integration work. From a financial perspective, we recorded approximately $89 million in charges associated with all of this activity and expect annual pretax savings to be roughly $50 million or $0.19 starting in fiscal 2026. Beyond operating margin expansion and free cash flow benefits, these savings strengthen our ability to invest in high-return opportunities, repurchase stock, and pay down debt, fully aligned with our commitment to long-term value creation.

在給出指導意見之前，讓我回顧一下我們在第四季度完成的重組和整合工作。我們在第三季初開始執行這項工作，並迅速推進，明確重點是提高營運效率和降低後台成本。透過利用先前的 IT 投資和人工智慧技術，我們整合了關鍵支援功能，並正在釋放出顯著的生產力提升。同時，我們完成了重要的收購相關整合工作。從財務角度來看，我們記錄了與所有這些活動相關的約 8,900 萬美元費用，預計從 2026 財年開始，每年稅前節省額約為 5,000 萬美元或 0.19 美元。除了擴大營業利潤率和帶來自由現金流收益外，這些節省還能增強我們投資高回報機會、回購股票和償還債務的能力，完全符合我們對長期價值創造的承諾。

Moving to guidance and starting with Q1, we're guiding to consolidated revenues of $1.019 billion to $1.03 billion, representing roughly 3% to 4% consolidated organic growth. CooperVision's revenue is expected to be in the range of $693 million to $700 million, up 3.5% to 4.5% organically, and CooperSurgical's revenue is projected to be $327 million to $330 million, up 2% to 3% organically. For earnings, we're guiding to non-GAAP EPS of $1.02 to $1.04 with improving operating margins from strong operational leverage offset by lower gross margins due to tariffs and mix. Interest expense is expected to be around $24 million and the effective tax rate to be in the range of 15% to 16%.

接下來談談業績指引，從第一季開始，我們預計合併營收為 10.19 億至 10.3 億美元，約合 3% 至 4% 的合併有機成長。CooperVision 的營收預計在 6.93 億美元至 7 億美元之間，有機成長 3.5% 至 4.5%；CooperSurgical 的營收預計在 3.27 億美元至 3.3 億美元之間，有機成長 2% 至 3%。對於獲利方面，我們預期非GAAP每股盈餘為1.02美元至1.04美元，營運槓桿作用帶來的營運利潤率提高將被關稅和產品組合導致的毛利率下降所抵銷。預計利息支出約為 2,400 萬美元，實際稅率在 15% 至 16% 之間。

For the full-year fiscal 2026, we're guiding to consolidated revenues of roughly $4.3 billion to $4.34 billion, reflecting 4.5% to 5.5% organic growth. CooperVision is expected to be in the range of $2.9 billion to $2.925 billion, up 4.5% to 5.5% organically, and CooperSurgical is expected to be in the range of $1.4 billion to $1.413 billion, up 4% to 5% organically. For earnings, we're guiding to non-GAAP EPS of $4.45 to $4.60. This assumes another year of strong operating margin improvement driven by operating expense leverage offset by lower gross margins due to tariffs and mix. Interest expense is expected to be around $85 million, assuming no share repurchases or changes in Fed policy. Note that if the Fed does lower rates next week by a 0.25 point, interest expense would be reduced by roughly $2 million in fiscal 2026. The effective tax rate is expected to be in the range of 15% to 16%.

對於 2026 財年全年，我們預計合併收入約為 43 億美元至 43.4 億美元，反映出 4.5% 至 5.5% 的內生成長。CooperVision 的營收預計將在 29 億美元至 29.25 億美元之間，有機成長 4.5% 至 5.5%；CooperSurgical 的營收預計將在 14 億美元至 14.13 億美元之間，有機增長 4% 至 5%。對於獲利方面，我們預期非GAAP每股收益為4.45美元至4.60美元。這項預期基於以下假設：營運費用槓桿作用將推動營運利潤率連續第二年強勁提升，但關稅和產品組合調整導致的毛利率下降將部分抵銷此影響。假設沒有股票回購或聯準會政策變化，預計利息支出約為 8,500 萬美元。請注意，如果聯準會下週將利率下調 0.25 個百分點，2026 財年的利息支出將減少約 200 萬美元。實際稅率預計在15%至16%之間。

Free cash flow for fiscal 2026 is expected to improve to $575 million to $625 million driven by stronger operating cash flow from higher profits, working capital improvements, and lower onetime costs. CapEx will also decline on an absolute basis as CooperVision's investment cycle winds down. These positives will temporarily be somewhat offset by roughly $70 million tied to our reorg and final payments on building activity including our new CooperVision R&D facility. From fiscal 2026 through 2028, we expect to generate over $2.2 billion in free cash flow. This outlook reflects two key drivers: first, consistent improvements in operating cash flow from higher profits, lower onetime items, and tighter working capital management supported by a streamlined and AI-enabled operating structure; and second, CapEx normalizing in fiscal 2027 to roughly 5% of revenues covering both maintenance and growth investments.

預計 2026 財年自由現金流將改善至 5.75 億美元至 6.25 億美元，主要得益於利潤成長帶來的更強勁的營運現金流、營運資本改善以及一次性成本降低。隨著庫博光學投資週期的結束，資本支出絕對值也會下降。這些積極因素將暫時被約 7000 萬美元的重組費用以及包括我們新的 CooperVision 研發設施在內的建築活動的最終付款所抵消。從 2026 財年到 2028 財年，我們預計將產生超過 22 億美元的自由現金流。這個前景反映了兩個關鍵驅動因素：首先，在精簡且人工智慧賦能的營運結構的支持下，更高的利潤、更低的一次性項目和更嚴格的營運資本管理，帶來了持續的經營現金流改善；其次，資本支出將在 2027 財年恢復正常，達到收入的 5% 左右，涵蓋維護和增長投資。

Lastly, on cash flow, at the divisional level, CooperSurgical generates more free cash flow per revenue dollar than CooperVision, but we expect that gap to narrow materially in 2027 as CooperVision's CapEx declines and free cash flow accelerates. From a capital deployment standpoint, we remain committed to investing in growth and innovation, repurchasing stock, and reducing debt.

最後，就現金流而言，從部門層面來看，CooperSurgical 每收入一美元產生的自由現金流比 CooperVision 多，但我們預計到 2027 年，隨著 CooperVision 的資本支出下降和自由現金流加速增長，這一差距將大幅縮小。從資本部署的角度來看，我們仍然致力於投資成長和創新、回購股票和減少債務。

Lastly, as you'll see in our 10-K tomorrow, we have successfully remediated the material weakness related to certain IT general control failures from fiscal 2024.

最後，正如您將在明天發布的 10-K 文件中看到的那樣，我們已經成功糾正了 2024 財年某些 IT 一般控制缺陷相關的重大不足。

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

好了，接下來我會把電話轉回給接線生，回答他們的問題。

(Operator Instructions) Jeff Johnson, Baird.

（操作說明）傑夫·約翰遜，貝爾德。

Thank you, guys. Good evening and congratulations on the progress in the quarter. Al, I wanted to talk first on clariti, obviously, a good MyDay number in the period. Did you give a number for how much clariti was down? And I think that's been about a $400 million annualized line for you guys. What is maybe the floor on that? And as that continues to come down and MyDay grows, do you see those MyDay gross margins eventually within the next year or two getting to clariti gross margin levels? Thanks.

謝謝大家。晚上好，恭喜你們本季的進展。Al，我想先談談 clariti，顯然，它在那段時間的 MyDay 數據表現不錯。你有沒有給出克拉里蒂礦井的具體數據？我認為你們的年收入大約是 4 億美元。那塊地的底面大概是什麼？隨著毛利率持續下降，MyDay 的業務不斷增長，您認為 MyDay 的毛利率在未來一兩年內最終會達到 Clariti 的毛利率水平嗎？謝謝。

I'll let Brian comment on the gross margins because we made a lot of progress there. clariti was down a couple of percent this quarter, and it approached $400 million this year. It's still a sizable product line for us. We're doing a lot of work on it right now. We've got some new products that we're launching that we're excited about. The 3-add multifocal in the US is being received really well. But on the flip side of that, we're doing some repositioning in places like Asia Pac to put that lens family more in the entry-level space that we want it to be in. And so we're going to continue to have some push and pulls over the next couple of quarters. But I do still think that there's a place for that lens and the opportunity to be very successful. If there's ever a situation where the market moves a little bit more towards mass market or is a little bit more price conscious, I think you'll see that lens take off. But in the meantime, to hit on the start of your question, Jeff, good quarter for MyDay. We are making a lot of progress there. We have a lot of really exciting stuff going on.

關於毛利率，我讓布萊恩來評論吧，因為我們在這方面取得了很大進展。 Clariti 本季下降了幾個百分點，但今年的銷售額接近 4 億美元。對我們來說，這仍然是一條相當龐大的產品線。我們現在正在做很多這方面的工作。我們即將推出一些新產品，我們對此感到非常興奮。在美國，3-add多焦點鏡片的市場反應非常好。但另一方面，我們正在亞太地區進行一些重新定位，以便將該鏡頭系列更多地置於我們希望它所處的入門級市場。因此，在接下來的幾個季度裡，我們將繼續看到一些拉鋸戰。但我仍然認為這種視角有其存在的價值，並且有機會取得巨大的成功。如果市場朝大眾市場發展，或是消費者對價格更敏感，我認為這款鏡頭將會大受歡迎。但同時，回到你問題開頭的部分，傑夫，MyDay 這個季度業績不錯。我們在那方面取得了很大進展。我們有很多非常令人興奮的事情正在進行中。

You want to comment on the margins?

你想對頁邊距發表意見嗎？

Thanks for the question, Jeff. I won't comment on individual product line gross margins, but I will say that the gross margins for the family of products of daily silicone hydrogel lenses, is below CooperVision's gross margins. I talked about mix being part of the reason for the gross margin decline in Q4. It will be part of the reason for the gross margin decline year over year next year. And as we sell more daily silicone hydrogels, I expect that we'll still have pressure on the gross margin line. Now that being said, we do get more revenue per patient. When we sell daily SiHys, we get more gross profit dollars, and we get more operating income dollars. As we leverage our prior investment activity and a more streamlined organization, I expect we'll be able to drive operating margin expansion and earnings growth despite some of the headwinds we'll be seeing from the gross margin line.

謝謝你的提問，傑夫。我不會對各個產品線的毛利率發表評論，但我可以說，日拋型矽水凝膠隱形眼鏡系列產品的毛利率低於庫博光學的毛利率。我曾說過，產品組合是導致第四季毛利率下降的部分原因。這將是明年毛利率年減的部分原因。隨著我們日常銷售的矽水凝膠越來越多，我預計毛利率仍將面臨壓力。也就是說，我們確實能從每位患者身上獲得更多收入。當我們每天銷售 SiHys 時，我們會獲得更多的毛利和更多的營業收入。憑藉我們先前的投資活動和更精簡的組織架構，我預期儘管毛利率方面會面臨一些不利因素，我們仍能夠推動營業利潤率擴張和獲利成長。

All right. Thank you, Brian. And maybe just one quick follow-up. Just whenever you guys give calendar versus fiscal numbers, it always opens it up to a question like this. But if you did 5% growth in calendar 3Q, Al, and you did 3.2% in fiscal Q4, it would seem to imply a pretty weak October, I believe, if I'm thinking about that correctly. But just tell me why I'm wrong there or at least help reconcile those two, the 3.2% and the 5% number. Thanks.

好的。謝謝你，布萊恩。或許還需要一個簡短的後續問題。每當你們提供日曆年數據與財政年度數據時，總是會引發這樣的問題。但是，如果你在自然年第三季實現了 5% 的成長，而第四財季只成長了 3.2%，那麼如果我的理解正確的話，這似乎意味著 10 月的業績會相當疲軟。但請告訴我我錯在哪裡，或至少幫我調和一下 3.2% 和 5% 這兩個數字。謝謝。

It was the flip side, Jeff. It was actually the overlap in the beginning of the quarter, not the end of the quarter. October was a good month.

傑夫，情況正好相反。實際上重疊的部分是季度初，而不是季度末。十月是個好月份。

Lawrence Biegelsen, Wells Fargo.

勞倫斯‧比格森，富國銀行。

Hey. Good afternoon. Thanks for taking the question. Al, could you please talk about the strategic review? How long will it take? And what's your reaction to those who have advocated for splitting up CVI and CSI and adding new Board members?

嘿。午安.感謝您回答這個問題。Al，可以談談戰略評估嗎？它需要多長時間？對於那些主張將 CVI 和 CSI 分開並增加新的董事會成員的人，您有何看法？

We announced a strategic review, for those who haven't seen, we issued a press release concurrently with the earnings release. We're going to take a look at options out there because we want to drive shareholder value. We were doing that work proactively with our Board over the summer. We actually presented strategic analysis and a strategic review to them in the month of October, and we’ve now put that out publicly. We'll provide an update on any activity on our next earnings call, which is the beginning of March, that's our Q1 earnings call, unless something material happens beforehand. And if it does, we'll issue a press release or make a statement on that. Outside of that, I'm not going to comment too much on it, but it's underway.

我們宣布了一項戰略評估，對於那些還沒有看到的人來說，我們與財報發布同時發布了新聞稿。我們將研究各種可行的方案，因為我們希望提升股東價值。整個夏天，我們都在積極主動地與董事會一起進行這項工作。實際上，我們在十月向他們提交了戰略分析和戰略評估報告，現在我們已經將其公開發布。我們將在下次財報電話會議上提供最新進展，下次財報電話會議定於 3 月初舉行，也就是我們的第一季財報電話會議，除非在此之前發生重大事件。如果情況屬實，我們會發布新聞稿或發表聲明。除此之外，我不會對此發表太多評論，但這件事正在進行中。

So Al, just maybe your latest thoughts. There are others out there now advocating for splitting up CVI and CSI. Has your position changed? Just love to hear your latest thoughts on that? And I'll leave it at that. Thanks for taking the question.

所以，艾爾，說說你最近的想法吧。現在也有人主張將 CVI 和 CSI 分開。你的立場改變了嗎？很想聽聽你對此的最新想法？我就說到這裡吧。感謝您回答這個問題。

My position has not changed on that. We discussed that actually, Larry, at your conference in September, you raised it, and I gave my opinion on that. My opinion has not changed. Our job is to drive long-term shareholder, if taking certain actions are beneficial for our long-term shareholders then we need to evaluate those. As I talked about in the September meeting that we did, I believe if we drive value in this business that will maximize long-term shareholder value. And that's what we're doing. That's what we did with the reorg. That's what we're doing with stock buybacks. That's what we're doing driving cash flow. That's what we're doing in a whole slew of different ways. But we're going to look at the value of this business and do what's best for our long-term shareholders. That's our job as executives of a public company.

我在這件事上的立場沒有改變。實際上，拉里，我們在你九月的會議上討論過這個問題，你提出了這個問題，我也表達了我的意見。我的觀點沒有改變。我們的工作是為長期股東謀利，如果採取某些行動對我們的長期股東有利，那麼我們就需要評估這些行動。正如我在九月的會議上談到的那樣，我相信如果我們能為這項業務創造價值，就能最大限度地提高股東的長期價值。這就是我們正在做的。這就是我們重組時所做的。這就是我們進行股票回購的目的。這就是我們推動現金流的方式。我們正在以各種不同的方式來實現這一點。但我們會審視這家企業的價值，並做出對長期股東最有利的決定。作為上市公司的管理者，這是我們的職責。

Jon Block, Stifel.

Jon Block，Stifel。

Al, I think your contact lens market growth expectations for 2026, I think you said for the market, 4% to 5%. Year-to-date, the market's 4% and I don't know, it just seems like industry pricing power is fading a bit. So just talk, about the market growth assumption or construct, like what's behind that assumption if we do finish this year four or even a tad below, what's responsible for market growth acceleration if pricing power is decelerating? And then I'll ask a follow-up.

Al，我認為你對 2026 年隱形眼鏡市場成長的預期是，你曾說過市場成長率為 4% 至 5%。今年迄今為止，市場漲幅為 4%，我不知道，但感覺產業的定價能力似乎正在減弱。所以，請談談市場成長假設或結構，例如，如果我們今年最終實現 4 倍甚至略低於 4 倍的成長，那麼這個假設背後的原因是什麼？如果定價能力正在放緩，是什麼因素導致了市場成長加速？然後我會問一個後續問題。

I might go the other direction a little bit on that one. The market grew 4% in calendar Q1 and 4% in calendar Q2. The market grew 5% in calendar Q3. So it actually increased this last quarter. I do think that we're going to be in a 4% to 5% market growth for this year, I'd be really surprised if we're not. From a pricing perspective, I think global pricing for next year will end up being around that 1% on a true global net basis, so pretty similar to what it was this year, which leads me to believe we'll probably be somewhere in that 4% to 5% range next year.

在這個問題上，我可能會稍微改變一下我的看法。市場在第一季成長了 4%，在第二季也成長了 4%。第三季市場成長了5%。所以上個季度其實有所成長。我認為今年市場成長率將達到 4% 到 5%，如果不是這樣，我會非常驚訝。從定價角度來看，我認為明年全球定價最終會達到 1% 左右（以真正的全球淨收益計算），與今年非常相似，這讓我相信明年我們可能會達到 4% 到 5% 的水平。

This quarter, which was 5%, was probably a little bit better representation of where the market is. So I'd say 4% to 5%. But honestly, I think it will be closer to 5% next year.

本季漲幅為 5%，可能更能反映市場現狀。所以我認為是 4% 到 5%。但說實話，我認為明年會接近 5%。

Okay. Fair enough. And then just to shift gears, I take a different approach in terms of CVI numbers for you guys rather than from a product standpoint, just from a geography standpoint. I mean, APAC falling around 0% for fiscal '25. It was up, gosh, 7% in '24. And then at some point, this thing was growing 13%, 14% in the prior year.

好的。很公平。然後，為了轉換主題，我對於你們的 CVI 數據採取了一種不同的方法，不是從產品角度，而是從地理位置角度。我的意思是，亞太地區在 2025 財年將下降到 0% 左右。2024年上漲了7%。然後，在某個時期，這個數字比前一年增加了 13%、14%。

So for fiscal '26, is it more the same argument in Americas and EMEA for the most part, but we just see that APAC claw back a little bit closer to mid-single digits, a function of MyDay, but also a function of getting some of these quasi one-timers behind you. Just looking for any direction from a geographic perspective.

所以對於 2026 財年來說，美洲和歐洲、中東及非洲地區的情況基本上相同，但我們看到亞太地區的成長率略微回升至個位數中段，這既得益於 MyDay 的推動，也得益於一些準一次性專案的完成。我只是想從地理位置的角度來了解方向。

I think you're right, Jon. We had some struggles in Asia Pac this year. It was heavily focused on the pure play e-commerce channel. That's where we lost share. I mentioned that China was down 28% in Q4. As you remember, it was down mid-20%s in Q1 and Q3. Our China business is quite a bit smaller this year than it was the year before and again, heavily focused on low-margin business. That's the reason that you’ve seen our revenues come down and be a little bit softer, but you haven't seen the impact on our profit.

我想你是對的，喬恩。今年我們在亞太地區遇到了一些困難。它主要專注於純電商通路。我們就是在那裡失去了市場份額。我提到過，中國第四季經濟下滑了28%。你可能還記得，第一季和第三季度，它的跌幅都達到了20%以上。今年我們在中國的業務規模比去年小了許多，而且仍然主要集中在低利潤業務上。這就是為什麼你們看到我們的收入下降，成長放緩，但你們還沒有看到這對我們的利潤造成影響的原因。

Now, we clearly do not chase revenues at all costs. We would never do that. And that's a great example of where we don't do it. We're not chasing the market where we're seeing some participants with super aggressive pricing out there. We're maintaining fiscal responsibility and sensibility around how we operate. What I will say is as we move into fiscal '26, these markets like China and the pure-play e-commerce and some other markets, have become a much smaller percent of our overall business. So we're not going to see the same detriment in '26 that we saw in '25.

當然，我們不會不惜一切代價追求收入。我們絕不會那樣做。這就是一個我們不這麼做的絕佳例子。我們不會去追逐市場上那些定價極具競爭力的競爭對手。我們在營運中始終保持著財政責任感和理性。我想說的是，隨著我們進入 2026 財年，像中國、純電商市場以及其他一些市場，在我們整體業務中所佔的比例已經大大縮小。因此，2026 年不會出現像 2025 年那樣的不利影響。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Hi. This is Lily on for Robbie. Thanks so much for taking the question. The guide is a bit more back-end loaded from a revenue growth perspective. So what gives the confidence in growth stepping up over the course of the year? And what are some of the variables across Vision and Surgical that we should think about as improving over 2026.

你好。這是莉莉替羅比上場。非常感謝您回答這個問題。從收入成長的角度來看，該指南更側重於後端內容。那麼，是什麼讓人們對今年的成長充滿信心呢？那麼，在視覺和外科領域，有哪些變數值得我們在 2026 年之前加以改進呢？

Sure. Thanks, Lily. It's a little bit back-end loaded, but it's not that much back-end loaded. We intentionally did not get overly aggressive on Q3 and Q4 so that we wouldn't have a situation where it was heavily back-end loaded. Even though I'm pretty optimistic we're going to have a strong Q3 and Q4 given where MyDay is today and the momentum that we're seeing. But to answer your question, it ties to the MyDay sales that we have right now. The momentum that we’re seeing out there, we won a number of additional private label contracts during Q4. As I mentioned, a number of those are in the US and in Europe, so a number of people on the phone will start seeing some of those as we get into 2026. I'm excited about what's going on with MyDay and the progress that we're making. That's going to be one of your biggest drivers that's going to push forward the CooperVision business.

當然。謝謝你，莉莉。雖然後端負載略高，但後端負載並不算太高。我們特意沒有在第三季和第四季採取過於激進的策略，以免出現後端負荷過重的情況。儘管我對MyDay目前的狀況和我們所看到的勢頭非常樂觀，認為第三季和第四季將會表現強勁。但要回答你的問題，這與我們目前的 MyDay 銷售活動有關。我們看到目前的良好勢頭，在第四季度贏得了許多額外的自有品牌合約。正如我所提到的，其中一些位於美國和歐洲，因此，到 2026 年，許多打電話的人將會開始看到其中一些。我對MyDay目前的發展狀況和我們所取得的進展感到非常興奮。這將成為推動庫博光學業務發展的最大動力之一。

When it comes to CooperSurgical, we're forecasting a relatively similar year next year to this year, and that includes being conservative on fertility. I'm optimistic fertility picks up. We certainly have easier comps that we're going to report against that's going to help us a little bit. But we want to stay a little conservative on fertility and on consumer spending. When I think about CooperSurgical, remember that we launched the single-hand inserter for PARAGARD at the beginning of last year, so we had a really strong Q1, that's the reason that we're guiding a little bit softer here for Q1. Having said that, PARAGARD just had a really strong Q4 and finish to the year. We'll see how that plays out because guidance for CooperSurgical assumes flat to low single-digit growth in PARAGARD, and we did quite a bit better than that this year.

就 CooperSurgical 而言，我們預測明年與今年的情況相對相似，其中包括在生育治療方面採取保守策略。我對生育能力的提升持樂觀態度。我們當然可以參考一些相對容易比較的同類數據，這對我們有幫助。但我們希望在生育率和消費支出方面保持一定的保守態度。提到 CooperSurgical，要知道我們去年年初推出了 PARAGARD 單手植入器，所以我們第一季的業績非常強勁，這也是我們對第一季業績預期稍顯保守的原因。話雖如此，PARAGARD 在第四季和年底的表現都非常強勁。我們將拭目以待，看看結果如何，因為 CooperSurgical 的業績預期是 PARAGARD 的成長持平或低個位數，而我們今年的表現遠超預期。

Great. That's helpful. And then just as a follow-up, I was hoping you could talk a bit more about the improved free cash flow outlook. What's driving that increase relative to the prior guide? And is any of that step-up coming from decreased investment in SG&A or R&D? Thanks so much.

偉大的。那很有幫助。最後，我想問一個後續問題，希望您能再詳細談談自由現金流前景的改善情況。與先前的指導值相比，導致這一增長的原因是什麼？這些成長有一部分來自於銷售、管理及行政費用或研發投入的減少嗎？非常感謝。

The way to think about free cash flow is it is not back-end loaded. It's just consistent performance, consistent execution. We'll step up nicely this year by continuing to do exactly what we've been doing. We just posted the $150 million in Q4, which was strong, and we're going to continue to post strong quarters by delivering earnings growth by doing some of the working capital management that Brian mentioned. Then, as we move into next year, you're going to see CooperVision's CapEx come down. Our maintenance and growth CapEx is about 5% of revenues. It's somewhere in that range and we've been running upper single digits. You're going to see that come down as we make final payments on our MyDay lines this year. And then, we're also completing some relatively significant business activity. The last thing we really have this year is our new CooperVision R&D facility going up. As those roll off and you continue to see profits grow, 2027 is going to be a nice free cash flow year. Then it's just more consistency the next year. We're saying over $2.2 billion now. We feel pretty good about the over $2.2 billion side of it.

理解自由現金流的方式是，它並非後期集中型的。關鍵在於始終如一的出色表現和執行力。今年我們將繼續做好我們一直在做的事情，並且取得更好的成績。我們剛剛公佈了第四季 1.5 億美元的業績，表現強勁。我們將繼續保持強勁的季度業績，透過實施布萊恩提到的一些營運資本管理措施來實現獲利成長。然後，隨著我們進入明年，你會看到庫博光學的資本支出下降。我們的維護和成長資本支出約佔收入的 5%。大概就在這個範圍內，我們一直維持在個位數以上。隨著我們今年對 MyDay 系列產品進行最後的付款，你會看到這個數字下降。此外，我們也正在完成一些相對重要的業務活動。今年我們最後要完成的計畫就是庫博視覺（CooperVision）的新研發中心正在興建中。隨著這些支出逐步減少，利潤持續成長，2027 年將會是個自由現金流充裕的年份。然後第二年就只需要保持這種穩定性就行了。我們現在估計超過22億美元。我們對超過22億美元的部分感覺相當不錯。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Hey. Good afternoon, guys. I think I heard you right, there aren't any repurchases assumed in earnings guidance for fiscal '26. But I thought you referenced in the supplementary PR today that you're allocating free cash entirely to repurchases. So just how to reconcile that. Is that just conservatism? Or do I ask something incorrect there?

嘿。下午好，各位。我想我理解沒錯，2026 財年的獲利預期中沒有假設任何股票回購。但我記得您在今天的補充新聞稿中提到，您將把所有自由現金流全部用於股票回購。那麼，該如何調和這兩者之間的關係呢？那隻是保守主義嗎？還是我問錯了什麼？

We spent about two-thirds of our cash flow this past year on share repurchases, and we're targeting spending about two-thirds of our free cash flow on share repurchases in '26. That will be EPS accretive. We did not include that in the guidance range.

去年，我們將大約三分之二的現金流用於股票回購，我們計劃在 2026 年將大約三分之二的自由現金流用於股票回購。這將提升每股收益。我們沒有將該項納入指導範圍。

Okay. All right. Got it. And then as a follow-up, Al, good to see the TSR addition to the comp plans, I think a lot of us will be happy to see that.

好的。好的。知道了。另外，Al，很高興看到TSR加入薪酬計劃，我想我們很多人都會為此感到高興。

I did want to ask, just if you could discuss how you landed on Colleen as the next Chairman for the business. I know it's maybe a bit of a hot button issue right now, just given some of the items out there in the public domain. But if you could just discuss why that was the right move for the Board in the context of other options, whether currently on the Board or not on the Board? Thank you.

我想問一下，您能否談談您是如何決定選擇 Colleen 作為公司下一任董事長的。我知道這現在可能是個比較敏感的話題，畢竟現在公開的一些東西都存在。但如果您能討論一下，在考慮其他方案的情況下，為什麼這對董事會來說是正確的舉措（無論該方案目前是否在董事會中），那就太好了？謝謝。

We've been having conversations over the last year with Bob. And it's driven by Bob. Bob is a great guy, he adds a ton of value, but he's gotten to the point where he's saying, hey, I want to go into full retirement and it's that time for me. So we were talking about it in the context of transitioning the chair leadership and how that should happen and when that should happen. And this was the right time to do that.

過去一年裡，我們一直在和鮑伯進行對話。而且是由鮑伯駕駛的。鮑勃是個很棒的人，他為公司貢獻了很多價值，但他現在已經到了該退休的地步，他說：“嘿，我想徹底退休，是時候了。”所以，我們當時是在討論主席領導交接的問題，以及交接應該如何進行，何時進行。現在正是做這件事的合適時機。

Colleen has been with us for a number of years. She's fantastic. She's super smart. She was a top executive at Proctor & Gamble. She's got global experience, she's got branding experience. She brings a lot to the table, and she just does a really nice job and she adds a lot of value across the board, which is great.

科琳在我們公司工作多年了。她太棒了。她非常聰明。她曾是寶潔公司的高階主管。她擁有全球視野和品牌推廣經驗。她為團隊貢獻良多，工作做得非常出色，在各方面都創造了很多價值，這很棒。

She was the one who probably six months ago, brought up the TSR and said, hey, we need to roll the TSR in and look at shareholder returns and make sure we're aligning executive comp even closer to the stock's performance. She brought that together with our consultants and put a plan together and as I mentioned, we're going to be rolling that in. I think she's the perfect person to step in as the Chair. Bob's plan is to continue to work with her and transition the roll over to her to ensure it's a really smooth process.

大概六個月前，是她提出了總股東回報率（TSR）的問題，她說，嘿，我們需要把總股東回報率納入考量，看看股東回報，確保我們讓高管薪酬與股票表現更加緊密地掛鉤。她與我們的顧問們一起制定了一個計劃，正如我所提到的，我們將把這個計劃付諸實施。我認為她是擔任主席的最佳人選。鮑伯的計劃是繼續與她合作，將工作交接順利過渡到她手中，以確保這是一個真正平穩的過程。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

Hey, everybody. Just curious on the strategic review, your willingness to take short-term dilution to create longer-term value and how you balance the short term for the long term? And also how you think about consolidation in the contact lens space, are there potential synergies there or antitrust risk with actions like that?

大家好。我只是對策略評估感到好奇，你們是否願意為了創造長期價值而接受短期股權稀釋，以及你們如何平衡短期利益和長期利益？另外，您如何看待隱形眼鏡領域的整合？這種整合是否存在潛在的綜效，或是否有反壟斷風險？

You're always going to have some of those questions around short-term investments and short-term activity and the impact on the long term, be it across the board, product launches or product development or any number of moves that you can potentially make. The important thing is we've done some work on a strategic review. And people have asked the question what does that mean and what actions can you take?

你總是會遇到一些關於短期投資和短期活動及其對長期影響的問題，無論是全面性的問題，還是產品開發或產品開發的問題，亦或是你可能採取的任何行動的問題。重要的是，我們已經進行了一些策略評估工作。人們不禁要問，這意味著什麼？你可以採取哪些行動？

What I want to be clear about, and we issued the press release, is we've done a bunch of work on that. We're rolling up our sleeves to do more work on that. And we're taking a serious look at all the different alternatives that are out there, be it a number of things, that we put in that press release. I'm not going to go into all the details behind that other than to say, we are rolling up our sleeves, we're working with our advisers, we're looking at the different alternatives that are out there, and we want to ensure that we're driving long-term shareholder value, and that's our heavy, heavy focus.

我想明確一點，我們也發布了新聞稿，那就是我們在這方面做了很多工作。我們正擼起袖子，繼續努力。我們正在認真研究所有不同的替代方案，包括我們在新聞稿中提到的許多方面。我不會透露背後的所有細節，只想說，我們正在擼起袖子加油幹，與顧問們一起研究各種可行的方案，我們希望確保能夠為股東創造長期價值，這是我們工作的重中之重。

Right. That's fair. And then gross margins down in'26. Just trying to understand exactly how you're giving operating margin leverage. Is SG&A not growing on '26 and how much are you going to be cutting in the business?

正確的。這很合理。然後，2026 年毛利率下降。我只是想弄清楚你們是如何提高營業利潤率的。2026 年的銷售、一般及行政費用沒有成長嗎？你們打算在業務上削減多少成本？

When you look at it, you can just plug the numbers in, you can see that OpEx or SG&A, is not going to grow very much because that's where we're set right now. This is not additional cuts. This isn't like we need to go do things. We had this reorg activity planned out a while ago, and we completed it aggressively. The team did a fantastic job doing it aggressively and getting it done. You can see that in the SG&A or in the OpEx in our Q4 as reported results and you should assume to continue to see that level of excellence in terms of spending, supporting the top line, and driving leverage on a go-forward basis.

你仔細看看，只要把數字代入計算，就會發現營運支出或銷售、管理及行政費用不會有太大成長，因為我們目前的水準就是這樣。這並非額外削減開支。這並不是說我們需要去做某事。我們很早就計劃好了這次重組活動，並且積極主動地完成了它。團隊表現出色，積極主動地完成了任務。您可以在我們第四季度報告的銷售、一般及行政費用或營運支出中看到這一點，並且您應該假設在未來繼續看到這種卓越的支出水平，以支持收入增長和推動槓桿作用。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Hey. Thanks so much for taking the questions. One follow-up on an earlier question around your intention expectation of gaining share in the fourth calendar quarter. Maybe just talk about where you see the various business lines impacting this is envisioned obviously. Just some color as to which catalysts do you think are lifting off a little bit in the last month or so of the year. And then I have one follow-up.

嘿。非常感謝您回答這些問題。關於您之前提出的關於您在第四季度獲得市場份額的預期目標的問題，我有一個後續問題。或許可以談談你認為各個業務線會在哪些方面對這項設想產生影響。請您就今年最後一個月左右哪些催化劑開始發揮作用發表一些看法。然後我還有一個後續問題。

Sure, Matt. That's a really good question. You'll remember last year in Q4, we did not have a particularly good quarter. We had some competitors launching product and they had a lot of activity going on, and it was one of the weaker quarters that we've had with respect to the market in a long time. We are comping against that and we are in a significantly better position in this calendar Q4 than we were in last calendar Q4. What it comes down to is just weakness last year and strength this year, and a lot of that ties right to the topics we've been discussing starting with MyDay. I do think we have an excellent opportunity to close this calendar year strong. When you compare that to last year's weakness, it should be a pretty good number. I said it in the call, we're 17 straight years of market share gains, and we have not given up on making that 18. So we'll see how things close out.

當然可以，馬特。這真是個好問題。您應該還記得去年第四季度，我們的業績並不理想。一些競爭對手推出了新產品，市場活動非常活躍，這是我們很長一段時間以來市場表現最疲軟的季度。我們與去年同期相比，今年第四季的狀況明顯優於去年第四季。歸根結底，就是去年的弱點和今年的優勢，而這很大程度上與我們一直在討論的話題有關，從 MyDay 開始。我認為我們有很大的機會在今年年底取得強勁的收官成績。與去年的疲軟表現相比，這應該是一個相當不錯的數字。我在電話會議中說過，我們已經連續 17 年實現市場份額成長，我們還沒有放棄爭取第 18 年實現這一目標。所以，我們拭目以待，看看事情最終會如何結束。

That's great. And then the follow-up, your question earlier on this as well, the separation, you've talked about it, you've answered how you feel about it creating shareholder value. It feels like these reporting lines and operating-wise feels like it has been running separately or independently in many ways and some might say ready to separate for some time. If that's the case, have you looked at this before, what is changing now given the new Board involvement and new investor involvement that you think could make this possible now from a tax basis? Is the restructuring done and it's a tuned up upgraded portfolio that we think will get more interest? What would you say? Thanks.

那太棒了。然後是後續問題，你之前也問過關於分拆的問題，你已經談過，也回答你對分拆如何創造股東價值的看法。感覺這些匯報關係和運作方式在很多方面都像是各自獨立運作的，有些人可能會說它們已經準備好分開一段時間了。如果情況確實如此，您之前是否考慮過這個問題？鑑於新的董事會和新的投資者的參與，現在有哪些變化使得從稅務角度來看，這個問題成為可能？重組是否已經完成？我們是否已經對投資組合進行了調整和升級，認為這將吸引更多投資者的興趣？你會怎麼說？謝謝。

If you talk about a separation, it is a negative in that it will create dis-synergies. It is a negative from a tax perspective. Having said that, you've seen a number of companies, whether in the med device space, med tech more broadly, or those with diverse portfolios, exploring ways to unlock value. And many have pursued strategic alternatives, such as spinning off their diabetes business or they’re going to spin this off or they’re going to spin that off and look at different strategic alternatives.

如果說分離，那就是負面的，因為它會造成協同效應的喪失。從稅務角度來看，這是不利的。話雖如此，你也看到許多公司，無論是醫療器材公司、更廣泛的醫療技術領域的公司，還是擁有多元化產品組合的公司，都在探索釋放價值的方法。許多公司都在尋求策略性替代方案，例如剝離糖尿病業務，或剝離這個業務或剝離那個業務，並考慮不同的策略替代方案。

I think that's good hygiene. I think that's important to do. Now is an appropriate time for us to do that. We made a ton of progress at CooperVision to position ourselves to really grow again and take market share. We made a ton of progress in CooperSurgical with our fertility business, and we're going to do great in fertility. When you look at the businesses right now, it's fair to ask the question, are there strategic moves that we can make to unlock shareholder value. And that's one of them. And I think it’s important for us to roll up our sleeves and evaluate that, and that's what we're committed to do.

我認為這是良好的衛生習慣。我認為這樣做很重要。現在正是我們做這件事的合適時機。我們在庫博光學取得了巨大進步，為再次實現成長和搶佔市場份額做好了充分準備。我們在 CooperSurgical 的生育業務方面取得了巨大進步，我們將在生育領域取得巨大成功。檢視目前的企業狀況，我們有理由提出這樣的問題：我們能否採取一些策略措施來釋放股東價值？這是其中之一。我認為我們應該擼起袖子認真評估一下，這也是我們致力於做的事情。

David Saxon, Needham & Company.

David Saxon，Needham & Company。

Yeah, great. Thanks for taking my questions and good afternoon. Maybe I'll start with CSI just on PARAGARD. Al, I think you said flat to up low single digits for fiscal '26. It looks like the competitive IUD is going to launch in the first half of calendar '26. Is there anything embedded in that PARAGARD expectation as it relates to that launch?

好的，太棒了。謝謝您回答我的問題，下午好。或許我會先從 PARAGARD 上的 CSI 開始看起。Al，我記得你說過 2026 財年業績持平或略有成長（個位數百分比）。看來這款具競爭力的子宮內避孕器將於 2026 年上半年上市。PARAGARD 的預期是否與此發布有關？

And then, when you first acquired it, you talked about the margin profile really strong. Has there been any meaningful change to that margin profile? And then I have one follow-up.

然後，當初你收購它的時候，你曾經非常看好它的利潤率。該利潤率結構是否發生了任何實質變化？然後我還有一個後續問題。

Sure, David. A couple of things. There is the competitor product that was approved. I have no idea if it's going to launch or when it's going to launch or anything else about it. We did factor in some conservatism into the guidance of flat to up a couple of percent, assuming that there is a competitive launch.

當然可以，大衛。有幾件事。競爭對手的產品已經獲得批准。我完全不知道它是否會發布，也不知道它何時發布，或關於它的其他任何資訊。我們在給出的業績預期中確實考慮了一些保守因素，預期持平或上漲幾個百分點，前提是市場競爭激烈。

PARAGARD grew 9% this year. I'm optimistic we'll have another good year. But we did factor in a little conservatism around the potential for a competitor launch. I will say the margins have come down a little bit because of the single-hand inserter launch, nothing that I would classify as material. But the gross margins are a little bit lower on that product.

PARAGARD 今年成長了 9%。我對今年的前景充滿信心。但我們確實考慮到了競爭對手可能推出新產品的可能性，並採取了一些保守措施。我要說的是，由於單手插入器的推出，利潤率略有下降，但這不算什麼實質的變化。但該產品的毛利率略低。

Okay. Great. Thanks for that. And then just on CVI. The Asia Pac e-commerce dynamics, it sounds like we'll lap that in the fiscal first quarter. But any residual impact from the distributor channel inventory dynamics you talked about a couple of quarters ago or the private label conversion from clariti to MyDay. Just how we should think about those moving pieces as it relates to fiscal '26. Thanks so much.

好的。偉大的。謝謝。然後就只在 CVI 上。亞太地區的電子商務動態，聽起來我們在第一財季就能超越它。但您幾季前提到的通路庫存動態或自有品牌從 Clariti 向 MyDay 的轉換所帶來的任何殘留影響。我們該如何看待與 2026 財年相關的這些變動因素？非常感謝。

As we think about that from an Asia Pac perspective, I think you're still going to have a little bit of that noise in Q1 and we factored that into the guidance. We did 3.2% globally, and we factored in 3.5% to 4.5% as a company and we factored in continuing weakness in Asia Pac in Q1. Whether we see that or not or how much that changes, we'll see and we'll play that out. But you can see some of that as you continue to transition.

從亞太地區的角度來看，我認為第一季仍然會受到一些幹擾因素的影響，我們也已將這些因素納入了業績預期中。全球成長率為 3.2%，公司整體成長率預計為 3.5% 至 4.5%，並考慮到第一季亞太地區的持續疲軟。無論我們是否會看到這種情況，或者這種情況會發生多大的變化，我們都會拭目以待。但隨著你不斷過渡，你會看到其中的一些變化。

Young Li, Jefferies.

楊莉，傑富瑞。

All right. Great. Thanks for taking the question. I guess to start, maybe a question about the pipeline. I did hear that you're launching some new products that can contribute to growth. But some of your competitors have been talking more and more about next-generation contact lenses and materials. I was wondering if you can comment where you are with your program.

好的。偉大的。感謝您回答這個問題。我想先問一個關於管道的問題。我聽說你們正在推出一些有助於成長的新產品。但你們的一些競爭對手一直在越來越多地談論下一代隱形眼鏡和材料。我想問一下您能否透露一下您的程式目前進展如何。

We have some great stuff going on in R&D. A couple of things that I'm not going to get into that I'm super excited about. We have some launches going on right now that I talked about. We have some stuff like MyDay MiSight. That is market-leading innovation. First of all, we're the only contact lens company with an FDA-approved product for myopia control in MiSight and now we're launching MiSight on the silicone hydrogel platform. We're one of the leading brands out there in MyDay. You can't get much more exciting and innovative than that, and that's coming in Q2.

我們在研發方面正在進行一些很棒的項目。有幾件事我特別興奮，但我不想細說。我剛才提到過，我們目前正在進行一些產品發布。我們有類似MyDay MiSight這樣的產品。這是市場領先的創新。首先，我們是唯一一家擁有 FDA 批准的近視控制產品 MiSight 的隱形眼鏡公司，現在我們又推出了矽水凝膠平台上的 MiSight。我們是MyDay領域的領導品牌之一。這簡直太令人興奮、太有創新性了，而且它將在第二季度面世。

We've got some other really cool innovation and stuff, including some material work that we're doing internally. I'm not going to start touting that right now. It's not the time to do that. But suffice it to say, we have some good exciting stuff going on ourselves, and we have some product launch activity that's pretty exciting right in front of us.

我們還有一些其他非常酷的創新和成果，包括我們內部正在進行的一些材料方面的工作。我現在還不打算開始吹噓這件事。現在還不是時候。但總而言之，我們自己也有一些令人興奮的好項目正在進行，而且我們眼前也有一些非常令人興奮的產品發布活動。

Okay. Great. Thanks for that. I guess the follow-up question just on the fertility business. Can you maybe go a little bit more into detail on the assumptions for growth next year, talking about the geographic variances between US and its impact from consumers?

好的。偉大的。謝謝。我想接下來的問題就只關於生育業。您能否更詳細地談談明年的成長假設，談談美國與其他地區之間的地理差異及其對消費者的影響？

It's going to be interesting to see what happens with fertility. I happen to believe that fertility, by the end of the coming year, will end up growing mid-single digits, and I think we'll grow a little bit faster than that. I think some of that's going to come because of the easier comps. Some of that's going to come because consumer activity levels off in Asia Pac, where it's been weaker. Some of that's going to come because you have some pretty cool technology upgrades that are working their way through the system right now, including by us and you're going to see some fertility clinics upgrading.

生育能力方面會發生什麼變化，值得關注。我個人認為，到明年年底，生育率最終會成長到個位數中段，而且我認為成長速度還會更快一些。我認為部分原因在於比賽難度降低了。部分原因是亞太地區的消費活動趨於平穩，該地區的消費活動一直比較疲軟。其中一些變化將會發生，因為目前有一些非常酷的技術升級正在系統中逐步應用，包括我們自己也在進行的技術升級，你會看到一些生育診所也在進行升級。

Having said that, that is not what we factored into our guidance for this year. We factored in a more conservative expectation around fertility because I don't want to get ahead of ourselves. When we look at it from a guidance perspective, it's a market more in the low single digits and us growing more in the mid-single digits.

儘管如此，這並沒有影響我們今年的業績預期。我們對生育能力的預期比較保守，因為我不想操之過急。從業績指引的角度來看，市場整體成長率約為個位數，而我們本身的成長率約為個位數中段。

Navann Ty, BNP Paribas.

Navann Ty，法國巴黎銀行。

Hi. Thanks for taking my questions. On the MyDay momentum, can you discuss the revenue contribution of the MyDay product label contract in APAC throughout 2026 and 2027? And then, on fertility, could you provide more details on the recently improving cycles you have called out and any changes in competitive landscape between you, Vitrolife, and Nexpring? And I don't know if you can give some details on the new technologies the clinics are interested in. Thank you.

你好。謝謝您回答我的問題。關於 MyDay 的發展勢頭，您能否談談 MyDay 產品標籤合約在 2026 年和 2027 年在亞太地區的營收貢獻？那麼，關於生育能力，您能否提供更多關於您最近提到的周期改善情況的細節，以及您、Vitrolife 和 Nexpring 之間的競爭格局是否有任何變化？我不知道您能否詳細介紹一下這些診所感興趣的新技術。謝謝。

Sure. A number of things there. I'll answer your last one first because some of the new technology you may have just seen or if anyone follows it at ASRM, which is the big fertility conference here in the US, we just launched three new genomics tests that are being received incredibly well. And we have some other technology advancements that we're going to be launching this year within our genomics space and also within our capital space. And then we've got some super exciting stuff that we're working on in our R&D side that I'm excited to get out in the coming years.

當然。那裡有很多東西。我先回答你的最後一個問題，因為你可能剛剛在 ASRM（美國最大的生育會議）上看到了一些新技術，或者如果有人關注的話，我們剛剛推出了三項新的基因組學測試，反響非常好。今年，我們也將在基因組學領域和資本領域推出一些其他的技術進步。此外，我們在研發方面還有一些非常令人興奮的項目正在進行中，我很期待在未來幾年內推出這些項目。

I'm going to step back to the MyDay momentum. I talked about that last quarter and that we were winning contracts, and we've been executing on those contracts. A lot of that was tied to Asia Pac. As I mentioned, we're now seeing contract wins in EMEA and in the US, and you're going to see that momentum build as we move into Q3 and Q4. That's a process that's going to happen. That's why I talk about step improvements because we have to manufacture the product, we have to label it, package it. We have to get it over into the hands of the retailer, the key account, whomever it is that’s selling that product, and we have to get it launched. It does take a little bit of time. We clearly took a step forward here in Q4, and we're going to take a step forward again, and then we're going to take another step forward as we execute on those contracts. This is not the first time we've done it. I've seen this many times over the years here at CooperVision and it's going to happen again this time. I won't give you specific numbers, but I will just say that as you win those contracts and as you execute on those contracts, just over the quarter, you start picking up energy, and we see that momentum right now picking up from fitting activity, and that's the key. The first step is get product in people's hands, get the fitting activity increasing, , then it transfers over to the sales and you see that momentum building, and that's what we're seeing and that's what I'm referencing. I won't give you specific numbers on that, but hopefully, that gives you enough color to get comfortable with it.

我打算回歸 MyDay 的發展勢頭。我在上個季度談到了這一點，我們贏得了合同，而且我們一直在履行這些合約。其中很多都與亞太地區有關。正如我之前提到的，我們現在在歐洲、中東和非洲地區以及美國都獲得了合同，隨著我們進入第三季度和第四季度，你會看到這種勢頭不斷增強。這是一個必然會發生的過程。這就是為什麼我要強調循序漸進的改進，因為我們需要生產產品、貼標籤、包裝產品。我們必須把產品送到零售商、大客戶，或任何銷售產品的人手中，然後我們必須讓它上市。確實需要花點時間。我們在第四季度顯然取得了進步，我們將繼續前進，隨著這些合約的執行，我們將再前進一步。這並非我們第一次這樣做。多年來，我在庫博光學公司見過很多次這種情況，這次恐怕又要重演了。我不會給出具體數字，但我只想說，隨著你贏得這些合同並執行這些合同，僅僅一個季度下來，你就會開始積蓄能量，我們現在看到這種勢頭正隨著業務活動的開展而增強，這就是關鍵。第一步是讓人們拿到產品，增加試穿活動，然後這種勢頭就會轉化為銷售額，你會看到這種勢頭不斷增強，這就是我們正在看到的，也是我所指的。我不會給出具體數字，但希望這些資訊足以讓你對此有所了解。

Thank you. That's helpful.

謝謝。那很有幫助。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

Hi. This is Anthony on for Joanne. Thanks for taking the question. Could you just talk about your expectations for MiSight and the management portfolio for fiscal '26? Thank you.

你好。這裡是安東尼替喬安妮發言。感謝您回答這個問題。您能否談談您對 MiSight 以及 2026 財政年度管理產品組合的預期？謝謝。

For MiSight for fiscal '26? Sure. We closed the year out well. We had a good solid quarter. I think we're going to have a good year next year. As I mentioned, I think we'll do at least 20% - 25% in fiscal '26. There's a lot of reasons to believe that we're going to be stronger than that. But we also have the Stellest launch that's happening here in the US. We're building a little conservatism in because of that. Right now, it's actually looking like it's a positive because you're seeing so many people in the optical community talk about myopia control for children and how important it is and how it needs to be standard of care. In my mind, there's no question that long term, it's a significant positive and it's a significant positive for MiSight.

適用於 MiSight 2026 財政年度？當然。我們很好地結束了這一年。我們本季表現穩健。我認為明年我們會迎來美好的一年。正如我之前提到的，我認為我們在 2026 財年至少能達到 20% - 25%。有很多理由相信我們會比這更強大。但我們還在美國舉行了Stellest的發表會。因此，我們正在培養一些保守主義傾向。目前看來，這實際上是一個積極的信號，因為你會看到光學界的許多人都在談論兒童近視控制，以及它的重要性，並認為它應該成為標準護理。在我看來，毫無疑問，從長遠來看，這是一個重大的積極因素，對 MiSight 來說也是一個重大的積極因素。

If I look at just fiscal '26, could that impact our revenues here in the US market a little bit? It could. And if it does, we factored that in. That was our assumption, if we are negatively impacted because of Stellest in the very short term, the growth on MiSight might come down towards the 20% range. But there's a lot of reasons to be more optimistic.

如果只看 2026 財年，這會不會對我們在美國市場的營收產生一些影響？有可能。如果確實如此，我們已經把這一點考慮進去了。我們當時的假設是，如果由於 Stellest 在短期內對我們造成負面影響，MiSight 的成長率可能會下降到 20% 左右。但有很多理由讓我們更樂觀。

MiSight is launching in Japan, that should be a great market. It's not until Q2, but that's coming. I'd argue MyDay Misight is arguably the most innovative thing going on in the contact lens market, probably by a wide margin, going on in the contact lens market. That product is launching in Europe and we're going to hit a few other countries in Asia as we move through the year. There's a lot of reasons to be excited about MiSight right now. We'll see how the year plays out.

MiSight即將在日本上市，那應該是個很棒的市場。雖然要等到第二季度，但肯定會有的。我認為 MyDay Misight 可以說是隱形眼鏡市場上最具創新性的產品，而且可能遙遙領先其他產品。該產品將在歐洲上市，隨著年內推進，我們也將進入亞洲其他幾個國家市場。現在有很多理由讓我們對MiSight感到興奮。我們拭目以待，看看今年會發生什麼事。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

Hey, guys. Thanks very much for taking the question. Just had a couple of follow-ups on some of the CVI assumptions for FY26. You were just talking about MiSight, but maybe just drilling into the Japan launch, which I think you mentioned today is planned for 2Q. Was hoping you can maybe just touch on how you're thinking about the longer-term opportunity in that region. And then just coming back specifically to what's expected in the FY26 guide as a result of that launch.

嘿，夥計們。非常感謝您回答這個問題。剛剛對 2026 財年的一些 CVI 假設進行了後續跟進。你剛才還在談論 MiSight，但也許應該深入探討日本的發布計劃，我想你今天提到過，計劃是在第二季發布。希望您能簡要談談您對該地區長期發展機會的看法。然後，讓我們具體回到 2026 財年指南中，根據此次發表會預期的情況。

Let me just be clear because the launch is for MiSight in Japan. We have MyDay there now, although to be fair, it's pretty new and a lot of the contracts are pretty new. So let me just bifurcate that quickly. Because I think that MiSight itself going into Japan for the very first time should be very successful. That's an ophthalmologist market. A product like that relies on clinical data, and that's the key when it comes to MiSight. MiSight is the only lens with this really strong clinical data. That will go over really well in a country like Japan. Although it's a Q2 launch, it will gain traction as we move through the year, and I would envision that's going to be a really successful product towards the end of '26 and into '27.

我先說明一下，這次發布是針對日本市場的MiSight產品。我們現在有了 MyDay，不過公平地說，它還很新，很多合約也都很新。讓我快速地把它分成兩個部分。因為我認為MiSight首次進入日本市場應該會非常成功。那是眼科醫生市場。像這樣的產品依賴臨床數據，而這正是 MiSight 的關鍵所在。MiSight是唯一一款擁有如此強大臨床數據的鏡片。這在日本這樣的國家會非常受歡迎。雖然是在第二季推出，但隨著時間的推移，它將獲得市場認可，我預計到 2026 年底到 2027 年，它將成為一款非常成功的產品。

If I think about Japan on a broader basis, we just didn't have the amount of MyDay capacity that we wanted there. We weren't able to do a number of the private label contracts that we wanted to because we didn't have product. As you remember, Brett, we stopped being capacity constrained over the summer. We were able to aggressively go into all of Asia Pac, including Japan and start winning the private label contracts. We've won a number of those. We're executing on those now. The assumption is not anything herculean, it's just that we execute under the contracts that we have and continue to get the product into the marketplace.

如果從更廣闊的角度來看日本，我們在那裡並沒有達到我們想要的MyDay容量。由於缺乏產品，我們無法完成許多我們想要簽訂的自有品牌合約。布雷特，你還記得嗎？我們在夏季期間不再受容量限制了。我們得以積極進軍整個亞太地區，包括日本，並開始贏得自有品牌合約。我們贏過其中不少比賽。我們正在執行這些計劃。這個假設並不難做到，只是我們按照合約執行，並繼續將產品推向市場。

So relatively straightforward. That's one of the reasons that we put guidance at 3.5% to 4.5% in Q1. We did 3.2% this past quarter. We're not saying that we're going to get a hockey stick immediate ramp up. We're just saying we're going to continue to get consistent, solid, improving performance.

所以相對來說比較簡單。這也是我們將第一季成長率預期設定在 3.5% 至 4.5% 的原因之一。我們上個季度實現了3.2%的成長。我們並不是說我們會立即迎來爆發性成長。我們只是想說，我們將繼續保持穩定、穩健、不斷進步的表現。

All right. Thank you for that color. And apologies if I misspoke, I meant to say MiSight. And then just circling back, one other question. You've talked about some of the distributor channel inventory dynamics in the Americas. I was hoping you could just update whether that had any impact on 4Q, either negative or if there was some positive reversion? And then if you're still assuming like a relatively neutral impact there for FY26. Thank you.

好的。謝謝你提供的這種顏色。如果我剛才說錯了，請見諒，我本來想說的是MiSight。最後，再補充一個問題。您談到了美洲地區通路庫存動態的一些情況。我希望您能更新這是否對第四季度產生了任何影響，無論是負面影響還是出現了一些積極的逆轉？如果你仍然假設 2026 財年的影響相對中性的話。謝謝。

Sure. There was really nothing there from an inventory perspective. I didn't raise it because there was nothing to talk about.

當然。從庫存角度來看，那裡真的什麼都沒有。我沒有提起這件事，因為沒什麼好說的。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Thank you. I'll just ask two questions here quickly upfront. One is, can you give us just a little bit more detail on the nature of some of the reorganization efforts that you've undertaken here? And then what are some of the actions you're taking to ensure retention. Sometimes with these restructurings, there’s unintended consequences of losing the right people, you need to execute the business on a go-forward basis. What are you putting in place to ensure you have the right people to achieve the forward strategic objectives?

謝謝。我先快速問兩個問題。第一個問題是，您能否更詳細地介紹您在這裡進行的一些重組工作的性質？那麼，你們正在採取哪些措施來確保客戶留存？有時，重組會帶來意想不到的後果，例如失去合適的人才，你需要繼續推動業務發展。您正在採取哪些措施來確保擁有合適的人才來實現未來的策略目標？

David, good question. On the reorg, it was pretty much across the board with a heavy focus on back-office support. We did look at all of our areas. CooperSurgical a little bit more so because we had some integration-related work and some sales force consolidation there. But there was a lot of leverage opportunity in our support function areas because of all the IT upgrades that we've done. You hear people talk about AI all the time. Well, it is real. And when we looked at the AI that we've deployed and our opportunities to leverage it, there were some good opportunities there. When I look at retention details, we have fantastic people with great teams of people who are here and the one thing that we're pushing on our organization right now is that we want everyone to embrace AI, continue to embrace it, continue to learn it, make AI your friend. We made the moves that we needed to make in Q4 and our teams know that right now, it's about staying focused on executing, leveraging our growth, making all the appropriate moves. But one of the things that we want to make sure we do we always try to do is, first and foremost, promote from within. And that's a key point. If I gave you the stats, you would be amazed at how many promotions we have from within. And we're going to continue to do that. We train our people and we want our people promoted from within. We want everybody to be successful, make more money, and get ahead because we're a growing organization. We just need to do it intelligently so that we can really truly leverage this revenue growth on a go-forward basis. And the company right now is so much more efficient than it was and less bureaucratic. We're in a great spot right now to just do our jobs and execute.

戴維，問得好。這次重組幾乎是全面進行的，重點是後台支援部門。我們確實考察了所有區域。CooperSurgical的情況更嚴重一些，因為我們在那裡進行了一些與整合相關的工作和銷售團隊的整合。但由於我們進行了大量的 IT 升級，我們在支援職能領域中有很多可以利用的機會。你經常能聽到人們談論人工智慧。這是真的。當我們審視我們已經部署的人工智慧以及我們可以利用它的機會時，我們發現了一些很好的機會。從員工留任情況來看，我們擁有非常優秀的人才和團隊，而我們目前正在向組織推廣的一點是，我們希望每個人都能接受人工智慧，繼續接受它，繼續學習它，讓人工智慧成為你的朋友。我們在第四季度採取了必要的措施，我們的團隊也知道，現在最重要的是專注於執行，利用我們的成長，採取所有適當的措施。但我們始終努力確保做到的一件事是，首先也是最重要的，就是從內部提拔人才。這是關鍵所在。如果我把數據給你，你會驚訝於我們內部晉升的人數之多。我們將繼續這樣做。我們培養員工，也希望員工從內部晉升。我們希望每個人都能獲得成功，賺更多的錢，並取得進步，因為我們是一個不斷發展的組織。我們只需要採取明智的做法，以便真正能夠持續利用這種收入成長。現在的公司效率比以前高很多，官僚作風也減少了。我們現在處境很好，只需要做好自己的工作，把事情做好就行了。

Anthony Petrone, Mizuho Group.

Anthony Petrone，瑞穗集團。

Thanks. And maybe one on CVI and one on strategic review. Just on CVI, maybe a little bit on the private label business, how that trended in the fiscal year, were there bigger opportunities out there that you either gained or lost, how is that going to set up for '26 as well just thinking of the private label trend?

謝謝。或許還可以安排一位負責CVI的專家和一位負責策略評估的專家。就 CVI 而言，也許可以稍微談談自有品牌業務，這個財年的發展趨勢如何，是否有更大的機會出現或消失，以及自有品牌的發展趨勢在 2026 年將如何變化？

And then on strategic, maybe just to recap on historically, what are the synergies of having CSI and CVI under one umbrella. And then over the years, have you noticed any dis-synergies? In other words, has capital allocation between those two businesses, has that been an issue that could be resolved if they were two separate entities? Thanks, again.

然後從策略角度來看，或許可以回顧歷史，將 CSI 和 CVI 置於同一管理之下有哪些綜效。那麼這些年來，你有沒有註意到任何不協調的情況？換句話說，如果這兩個企業是兩個獨立的實體，那麼它們之間的資本配置問題是否可以解決？再次感謝。

Sure. On the private label trends,I would point to the new private label contracts that we've won in the US and in Europe. There's some exciting stuff there. I'm not going to go too far into it, but you'll see some of it because it will be hitting and making itself public in maybe even January, but February, March timeframe. That's going to set us up well for Q3 and Q4 this year to be good quarters for us. I like the momentum that we have in Asia Pac in some different areas, but I'm equally excited about some of the newer contracts that we've won and that we'll be rolling out.

當然。關於自有品牌趨勢，我想指出我們在美國和歐洲贏得的新自有品牌合約。那裡有一些令人興奮的東西。我不會深入探討，但你會看到一些相關內容，因為它可能會在一月份，或者二月、三月左右發布並公之於眾。這將為我們今年第三季和第四季的良好業績奠定基礎，使其成為我們業績不錯的季度。我喜歡我們在亞太地區某些領域取得的進展勢頭，但我同樣對我們贏得的一些新合約以及即將推出的合約感到興奮。

On the strategic synergies, I would say, from a capital perspective, we have always invested in CooperVision first and foremost. That's our main driver. We put our dollars there. You've seen that over the years in terms of new manufacturing lines and distribution center upgrades and IT upgrades.

關於策略綜效，從資本角度來看，我們始終將投資 CooperVision 放在首位。這是我們的主要驅動力。我們把錢投到那裡了。這些年來，無論是新的生產線、配送中心升級或IT升級，我們都看到了這一點。

We've also done a number of deals at CooperSurgical as we built that business out. But the last one we did was over a year ago, we did a little tuck-in in August of last year. It's been a little while. We've got a great business there. Holly has pulled everything together and has a much more efficient business today than it was a year or so ago. Because of that, we've been able to do that work and reallocate our capital to share repurchases, and we're going to continue to focus in that area. I would say that there's been no negative at all from a capital allocation perspective. The synergies that we have are back-office synergies largely. And I talked about that and how we're just doing all that more intelligently, but it's still back office-type synergies. Those businesses still to a great degree run separately.

在 CooperSurgical 業務發展過程中，我們也達成了一系列交易。但我們上一次做這件事還是在一年多前，去年八月我們做了一次小小的安頓儀式。已經有一段時間了。我們在那裡的生意做得很好。霍莉把一切都理順了，如今她的生意比一年前效率高得多。正因如此，我們才能進行這項工作，並將資金重新分配用於股票回購，我們將繼續專注於此領域。從資本配置的角度來看，我認為沒有任何負面影響。我們擁有的綜效主要體現在後台營運方面。我談到了這一點，以及我們如何更聰明地處理所有這些事情，但這仍然是後台類型的協同效應。這些企業在很大程度上仍然是獨立運作。

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

問答環節到此結束。現在我謹將電話交還給艾爾·懷特，請他作總結發言。

Great. Thank you, operator, and thank you, everyone. As you could tell, we had an incredible amount of work that was completed in this last quarter. And I'm excited that we were able to get on the phone with everyone today and go through those details and present it. And we look forward to speaking with everyone over the coming weeks. Thank you. Thank you for your time.

偉大的。謝謝接線員，也謝謝大家。正如你所看到的，我們在上個季度完成了大量的工作。我很高興今天我們能夠和每個人通電話，討論這些細節並進行報告。我們期待在接下來的幾週內與大家交流。謝謝。感謝您抽出時間。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。