酷柏 (COO) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter 2026 CooperCompanies earnings conference call. (Operator Instructions)

感謝您的耐心等待。我叫蒂娜，今天我將擔任你們的會議接線生。在此，我謹代表CooperCompanies公司歡迎各位參加2026年第一季財報電話會議。（操作說明）

It is now my pleasure to turn the calls over to Kim Duncan, Vice President of Investor Relations and Risk Management. Please go ahead.

現在我很高興將電話轉交給投資者關係和風險管理副總裁金鄧肯。請繼續。

Good afternoon, and welcome to CooperCompanies’ first quarter 2026 earnings conference call. During today's call, we will discuss the results and guidance included in the earnings release and then use the remaining time for questions. Our presenters on today's call are Al White, President and Chief Executive Officer; and Brian Andrews, Chief Financial Officer and Treasurer.

下午好，歡迎參加 CooperCompanies 2026 年第一季財報電話會議。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。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 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.

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。

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 in 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.

前瞻性陳述依賴於可能不正確或不準確的假設、數據或方法，並且存在風險和不確定性。可能導致公司未來行動的實際結果與前瞻性聲明中所述結果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 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財務資訊是我們GAAP資訊的補充。我們鼓勵您根據 GAAP 和非 GAAP 準則考慮我們的業績，並參考我們在公司網站投資者關係部分季度資料中提供的盈利報告的調節表。

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

通話結束後，如果您還有其他問題，請發送電子郵件至 ir@cooperco.com。

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

現在，我將把電話交給阿爾，請他致開幕詞。

Thank you, Kim, and welcome everyone. We're pleased to report a strong start to the fiscal year highlighted by product launches, outstanding profitability, and robust cash flow. These results reflect our disciplined execution combined with the significant synergies we're realizing from last year's reorganization. For today's call, I'll begin with an update on the three key strategic priorities we outlined in December and then move to Q1 results and guidance.

謝謝金，也歡迎各位。我們很高興地宣布，本財年開局強勁，產品發布、獲利能力出色、現金流充裕。這些成果反映了我們嚴謹的執行力，以及我們從去年的重組中實現的顯著綜效。在今天的電話會議上，我將首先介紹我們在 12 月提出的三個關鍵策略重點的最新情況，然後介紹第一季業績和展望。

First, we remain focused on delivering consistent market share gains for CooperVision. In calendar 2025, we gained share for an 18th consecutive year, and we enter 2026 with the intention of doing so once again. In our first fiscal quarter, we made meaningful progress with the global rollout of our premium MyDay daily silicone hydrogel portfolio, growing branded sales and executing our private label contracts. Regionally, the Americas and EMEA strengthened and have excellent commercial momentum. Japan weighed on our Asia Pac results, but we're executing our product launches and investing to restore growth in the region. We're also incredibly excited about the early adoption of our MyDay MiSight launches in EMEA and MiSight in Japan. At CooperSurgical, we're encouraged by improving trends in our fertility business and look forward to positive momentum continuing.

首先，我們將持續專注於為庫博光學持續提升市場佔有率。2025 年，我們連續第 18 年擴大了市場份額，進入 2026 年，我們的目標是再次實現這一目標。在第一財季，我們在高端 MyDay 日用矽水凝膠產品組合的全球推廣、品牌銷售成長和自有品牌合約執行方面取得了實質進展。從區域來看，美洲和歐洲、中東及非洲地區市場實力增強，商業發展動能良好。日本市場拖累了我們在亞太地區的業績，但我們正在推動產品發布並增加投資，以恢復該地區的成長。我們對 MyDay MiSight 在歐洲、中東和非洲地區以及 MiSight 在日本的早期推廣也感到非常興奮。CooperSurgical 對生育業務的改善趨勢感到鼓舞，並期待這種積極勢頭能夠繼續保持下去。

Second, our commitment to delivering strong earnings and free cash flow through operational excellence was clearly evident this quarter. The organizational changes and IT implementations we completed last year are generating meaningful synergies, providing us with the opportunity to invest in sales and marketing initiatives while still delivering outstanding financial performance. Q1 earnings exceeded the top end of our guidance range, and those earnings translated into a healthy $159 million in free cash flow. Given our strong start to the year, we're raising guidance for both earnings and free cash flow.

其次，本季我們透過卓越營運實現強勁獲利和自由現金流的承諾得到了充分體現。我們去年完成的組織變革和 IT 實施正在產生有意義的協同效應，使我們有機會投資於銷售和行銷計劃，同時也能取得卓越的財務表現。第一季收益超過了我們預期範圍的上限，這些收益轉化為1.59億美元的健康自由現金流。鑑於我們今年開局強勁，我們上調了盈利和自由現金流的預期。

Third, we continue to maintain a disciplined approach to capital allocation. We've entered a multi-year period of consistent earnings and free cash flow growth and we're deploying capital to high return opportunities. This starts with prioritizing internal investments that drive revenue growth, which we did this past quarter by increasing sales and marketing spend at CooperVision and CooperSurgical in support of product launches and key strategic initiatives across both businesses. We also repurchased $92 million in stock during the quarter, reinforcing our commitment to consistent share repurchases as a core part of our long-term strategy to drive shareholder value. And the remainder of our cash was used to reduce debt.

第三，我們繼續保持嚴謹的資本配置方法。我們已經進入了盈利和自由現金流持續增長的多年期，我們將資本投入到高回報的機會中。首先要優先考慮能夠推動營收成長的內部投資，上個季度我們透過增加 CooperVision 和 CooperSurgical 的銷售和行銷支出，支持兩家公司的產品發布和關鍵策略舉措，從而實現了這一目標。本季我們也回購了價值 9,200 萬美元的股票，這進一步鞏固了我們對持續股票回購的承諾，將其作為我們長期策略的核心部分，以推動股東價值的成長。剩餘的現金則用於償還債務。

Before reviewing the quarterly details, I want to address the strategic review we announced in December. We understand there is strong investor interest in this process. While we're not in a position to provide an update today given where we are in the process, the review is progressing as planned with active engagement from our Board and advisors. We will communicate outcomes if we have something definitive to share or when the process is complete. In the meantime, our Board and management remain highly focused on maximizing long-term shareholder value. This includes driving organic growth by winning new contracts and strengthening customer relationships, delivering strong earnings and cash flow by leveraging our infrastructure, and deploying a consistent capital allocation strategy that includes share buybacks and debt paydown.

在回顧季度細節之前，我想先談談我們在 12 月宣布的戰略評估。我們了解到，投資人對這個過程有著濃厚的興趣。鑑於目前的情況，我們今天無法提供最新進展，但審查工作正在按計劃進行，董事會和顧問也積極參與其中。如果有確切結果可以分享，或者流程完成，我們會及時公佈結果。同時，我們的董事會和管理層仍然高度專注於實現股東長期價值最大化。這包括透過贏得新合約和加強客戶關係來推動內生成長，透過利用我們的基礎設施來實現強勁的利潤和現金流，以及部署包括股票回購和償還債務在內的一致的資本配置策略。

With that, let's move to the Q1 results. Consolidated revenues were $1.024 billion up 6.2%, or up 2.9% organically. CooperVision reported revenue of $695 million, up 7.6% or up 3.3% organically, and CooperSurgical delivered revenue of $329 million, up 3.3% or up 2.2% organically. Operating margins improved meaningfully and non-GAAP earnings grew 20% to $1.10.

接下來，我們來看第一季業績。合併收入為 10.24 億美元，成長 6.2%，其中有機成長 2.9%。CooperVision 公佈營收為 6.95 億美元，成長 7.6%，有機成長 3.3%；CooperSurgical 公佈營收為 3.29 億美元，成長 3.3%，有機成長 2.2%。營業利益率顯著提高，非GAAP收益成長20%至1.10美元。

For CooperVision, on an organic basis, torics and multifocals grew 6% and spheres grew 1%. Daily silicone hydrogel lenses grew 7% led by double-digit growth in MyDay, while clariti was up slightly. Biofinity and Avaira grew a combined 3%, and MiSight continued its strong growth, up 23%. Regionally, the Americas grew 6% led by strength in daily silicone hydrogel lenses and EMEA grew 4% strengthening our #1 market position in that region. Asia Pac declined 4% as execution on new product launches was more than offset by softness in Japan, primarily tied to lower margin older hydrogel products. To accelerate APAC performance, we've upgraded several leadership roles, increased marketing investments, and are ramping up our new [Regional Service Center] (corrected by company after the call) which is already enhancing customer service with faster fulfillment. We've also recently launched MyDay toric in Taiwan, MiSight in Japan, MyDay MiSight in Australia and New Zealand, and we're increasing regional availability of MyDay multifocal and MyDay toric expanded range. We also have private label launches underway in multiple markets and in Japan, we'll be launching the full clariti family later this year with the addition of both a toric and multifocal, providing a competitively priced full family silicone hydrogel upgrade path for the large base of hydrogel wearers in that market. While we expect Asia Pac to remain down in Q2 due to declining legacy hydrogel sales, we are confident the region will return to growth in fiscal Q3 given all of our launch activity.

對於 CooperVision 而言，以自然增長率計算，散光鏡片和多焦點鏡片增長了 6%，球鏡鏡片增長了 1%。日拋型矽水凝膠隱形眼鏡增長了 7%，其中 MyDay 實現了兩位數的增長，而 clariti 也略有增長。Biofinity 和 Avaira 合計成長 3%，MiSight 繼續保持強勁成長勢頭，成長 23%。從區域來看，美洲地區成長了 6%，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 4%，鞏固了我們在該地區的市場第一地位。亞太地區下滑 4%，新產品上市的執行情況被日本市場的疲軟所抵消，主要與利潤率較低的老款水凝膠產品有關。為了加快亞太地區的業績，我們提升了多個領導職位，增加了市場營銷投入，並且正在加緊建設新的[區域服務中心]（電話後公司更正），該中心已經通過更快的訂單履行速度提升了客戶服務。我們最近也在台灣推出了 MyDay toric，在日本推出了 MiSight，在澳洲和紐西蘭推出了 MyDay MiSight，並且我們正在增加 MyDay 多焦點鏡片和 MyDay toric 擴展系列鏡片在各地區的供應量。我們也在多個市場推出自有品牌產品，在日本，我們將在今年稍後推出完整的 Clariti 系列，並增加散光鏡片和多焦點鏡片，為該市場龐大的水凝膠鏡片佩戴者群體提供價格具有競爭力的全系列矽水凝膠升級途徑。儘管我們預計亞太地區第二季度因傳統水凝膠銷售額下降而持續低迷，但鑑於我們所有的上市活動，我們有信心該地區將在第三財季恢復成長。

Turning to products, our daily silicone hydrogel portfolio continues to perform well with MyDay leading the way through expanding customer partnerships, broader availability, and ongoing launches. Our premium priced offerings delivered the strongest performance led by MyDay Multifocal, Energys, and torics, all growing over 15%. Particular strength was seen with MyDay Multifocal as its rollout continues to gain momentum. Our premium MyDay Energys also posted strong growth driven by its innovative DigitalBoost technology designed to provide maximum comfort in today's heavy digital world. This product will be launched shortly in Europe, and we look forward to the boost it will provide in that region. MyDay Toric, which offers the broadest SKU range in the category and is powered by the same leading toric design in our Biofinity toric, also continued delivering exceptional growth. We also closed additional MyDay key customer contracts and private label partnerships this past quarter across all three regions. For the clariti product family, it grew modestly led by the ongoing launch of our new multifocal in the Americas. This multifocal has the same next-generation optical design as MyDay, meaning an easy fit lens with consistent performance across different lighting conditions, distances, and patient profiles, so we expect strong performance as we launch across EMEA and APAC later this year.

就產品而言，我們的日常矽水凝膠產品組合持續表現良好，MyDay 透過擴大客戶合作關係、擴大產品供應範圍和不斷推出新產品而處於領先地位。我們價格較高的產品表現最為強勁，其中 MyDay Multifocal、Energys 和 torics 的銷售量均成長超過 15%。MyDay Multifocal 的表現特別強勁，其推廣動能持續增強。我們的高階 MyDay Energys 產品也實現了強勁成長，這得益於其創新的 DigitalBoost 技術，該技術旨在為當今高度數位化的世界提供最大的舒適度。該產品即將在歐洲上市，我們期待它能為該地區帶來提振作用。MyDay Toric 擁有該類別中最廣泛的 SKU 系列，並採用與 Biofinity toric 相同的領先 toric 設計，也繼續保持著卓越的成長勢頭。上個季度，我們在三大區域也與 MyDay 達成了更多重要客戶合約和自有品牌合作關係。clariti 產品系列的成長較為溫和，這主要得益於我們在美洲地區持續推出的新型多焦點鏡片。這款多焦點鏡片採用與 MyDay 相同的下一代光學設計，這意味著它是一款易於佩戴的鏡片，在不同的光照條件、距離和患者情況下都能保持一致的性能，因此我們預計它在今年晚些時候在歐洲、中東和非洲以及亞太地區上市時將表現出色。

Turning to Myopia Control, MiSight grew 23% to $28 million. Momentum is building with our latest innovation, MyDay MiSight launching in EMEA in January to an extremely positive reception thanks to the combination of proven myopia control efficacy and the all-day comfort of a premium silicone hydrogel lens. We also launched MiSight in Japan in February and are seeing a similar enthusiastic response. Japan is one of the world's most significant vision care markets, and with an estimated 77% of elementary school children being myopic, it represents a substantial opportunity for MiSight. We're supporting these launches with our most comprehensive professional engagement programs to date highlighted by major conference engagement, high-impact regional launch events, extensive KOL education, and media initiatives reaching tens of thousands of eye care professionals. These efforts are driving very strong clinician activation rates, reinforcing our confidence that our early momentum will continue as MyDay MiSight expands in EMEA, across Asia Pac, and into Canada. MiSight remains the only FDA-approved contact lens for myopia control and the first-and-only lens approved for myopia control in both Japan and China. We're also continuing to invest heavily in myopia control R&D and have several exciting breakthrough innovations underway which further supports our confidence in MiSight's ability to deliver consistent long-term, robust growth.

轉向近視控制領域，MiSight 成長了 23%，達到 2,800 萬美元。我們最新的創新產品 MyDay MiSight 於 1 月在歐洲、中東和非洲地區上市，憑藉其經證實有效的近視控制效果和優質矽水凝膠鏡片帶來的全天舒適感，獲得了非常積極的反響，發展勢頭強勁。今年2月，我們在日本也推出了MiSight，並獲得了類似的熱烈反響。日本是世界上最重要的視力保健市場之一，據估計，日本有 77% 的小學生患有近視，這對 MiSight 來說是一個巨大的機會。我們正在透過迄今為止最全面的專業參與計劃來支持這些產品發布，重點是參與大型會議、舉辦具有重大影響的區域發布活動、開展廣泛的 KOL 教育以及開展媒體宣傳活動，涵蓋數萬名眼科護理專業人員。這些努力正在推動臨床醫生積極參與，增強了我們的信心，並相信隨著 MyDay MiSight 在歐洲、中東和非洲地區、亞太地區以及加拿大擴張，我們早期的發展勢頭將繼續保持下去。MiSight 仍然是唯一獲得 FDA 批准用於近視控制的隱形眼鏡，也是第一款也是唯一一款同時獲得日本和中國批准用於近視控制的隱形眼鏡。我們也持續增加對近視控制研發的投入，並正在進行幾項令人興奮的突破性創新，這進一步增強了我們對 MiSight 實現持續、長期、強勁成長能力的信心。

To conclude our CooperVision, let me highlight our performance relative to the market. This is calendar quarter data, so apples to apples with our competitors. In calendar Q4, we grew 10% and the market grew 6%. For the full calendar year 2025, this translated into 6% CooperVision growth versus the market at 5%, marking our 18th consecutive year of market share gains.

最後，我想總結一下我們對庫博光學的介紹，並重點介紹我們相對於市場的表現。這是按季度統計的數據，因此可以與競爭對手的數據進行直接比較。在日曆年第四季度，我們成長了 10%，而市場成長了 6%。2025 年全年，CooperVision 的成長率為 6%，而市場平均成長率為 5%，這標誌著我們連續第 18 年獲得市佔率成長。

Turning to CooperSurgical, we deliver quarterly revenue of $329 million, up 3% or up 2.2% organically. Fertility revenues were $127 million up 3% organically. Growth was driven by strong global genomics performance, supported by continued commercial and operational execution across product launches, new clinic wins, and expansion within existing accounts. We also saw solid results in consumables led by media, ZyMōt, our sperm separation device that helps optimize fertility procedures, and Witness, our automated lab tracking system. These gains were partially offset by softness in the Middle East and lower equipment installations.

再來看 CooperSurgical，我們公佈其季度營收為 3.29 億美元，成長 3%，其中有機成長 2.2%。生育業務收入為 1.27 億美元，年增 3%。成長主要得益於全球基因組學業務的強勁表現，以及產品上市、贏得新診所和現有客戶拓展等方面的持續商業和營運執行。在耗材方面，我們也取得了顯著的成果，其中以媒體產品為主導，ZyMÅt（我們的精子分離設備，有助於優化生育程序）和 Witness（我們的自動化實驗室追蹤系統）為代表。這些收益部分被中東地區的疲軟和設備安裝量的下降所抵消。

Importantly, we are now seeing early but clear signs of recovery in the fertility market. As we moved through the first quarter, results steadily improved, supported by solid execution on contract wins and new product launches as well as strengthening underlying market trends. This momentum positions us well for continued improvement through the remainder of the year, though developments in the Middle East, where we hold a leading market position, remain a source of uncertainty.

重要的是，我們現在看到了生育市場復甦的早期但明顯的跡象。隨著第一季的推進，在成功贏得合約和推出新產品以及市場基本面趨勢不斷增強的支撐下，業績穩步改善。這一勢頭使我們有望在今年餘下的時間裡繼續取得進步，儘管我們在中東地區（我們佔據領先市場地位）的發展仍然是一個不確定因素。

For the fertility market overall, the product and services segments that we operate in had delivered strong growth for many years before slowing in late 2024. While several factors contributed to the deceleration, the industry is now recovering driven by renewed clinic interest in adopting new technologies along with improving cycles in the US and several European countries. Although a rapid rebound is unlikely, we anticipate steady improvement as we annualize last year's pressures and underlying activity normalizes.

就整個生育市場而言，我們所經營的產品和服務領域在 2024 年底之前已經實現了多年的強勁成長，之後成長放緩。儘管多種因素導致了增速放緩，但隨著美國和幾個歐洲國家醫療服務體系的改善，以及診所對採用新技術的興趣重新燃起，該行業目前正在復蘇。儘管快速反彈的可能性不大，但我們預計隨著去年壓力的年化以及潛在經濟活動的正常化，情況將穩步改善。

Moving to Office and Surgical, sales were $202 million, up 2% organically. Medical devices grew 6%, driven by strong performance in our surgical OB-GYN portfolio led by our uterine manipulators and related products, and continued momentum in our specialty surgical products, including our innovative single-use, lighted, cordless surgical retractors. This was partially offset by softness in some legacy medical devices and Paragard declining 7%, which was expected against a difficult comp tied primarily to last year's launch of the new single-hand inserter.

轉入辦公室及外科領域，銷售額為 2.02 億美元，有機成長 2%。醫療器材業務成長了 6%，這主要得益於我們婦產科手術產品組合的強勁表現，尤其是我們的子宮操作器及相關產品；此外，我們的專業外科產品也保持了持續增長勢頭，包括我們創新的單次使用、帶照明、無線手術牽開器。部分傳統醫療器材的疲軟以及 Paragard 股價下跌 7% 在一定程度上抵消了這一影響，而 Paragard 股價下跌 7% 也符合預期，這主要是由於去年推出了新的單手植入器，導致去年同期基數較高。

To conclude, I want to recognize and thank our Cooper team for their dedication to operational excellence, investing in sales and marketing to drive organic growth while maintaining discipline, cost control, and continuing to build a streamlined and technologically efficient company is no easy task. So thank you to the entire team.

最後，我要表揚並感謝庫柏團隊，感謝他們致力於卓越運營，投資銷售和行銷以推動內生成長，同時保持紀律、成本控制，並不斷打造一家精簡高效、技術先進的公司，這絕非易事。所以，我要感謝整個團隊。

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 today's 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，因此請參閱今天的收益報告，以了解GAAP與非GAAP結果的調節表。

For our first fiscal quarter, consolidated revenue was $1.024 billion up 6.2% year over year and up 2.9% organically. Gross margin was 68.1%, exceeding expectations driven primarily by a lighter mix of low margin Asia Pac revenue at CooperVision. Excluding the impact of tariffs, gross margin would have been essentially flat. Operating expenses rose only modestly and improved as a percentage of sales, declining from 43.6% to 41.2% year over year reflecting the benefits of the reorganization executed in fiscal Q4 of last year. These efficiencies stem from the structural changes we've made as we transition to a smaller, more efficient organization that leverages technology, including AI, to automate work and optimize shared services. The impact of these efforts was particularly evident at CooperSurgical, where expenses decreased year over year.

我們第一財季的合併收入為 10.24 億美元，年增 6.2%，有機成長 2.9%。毛利率為 68.1%，超出預期，主要原因是 CooperVision 亞太地區低利潤率收入佔比降低。如果不考慮關稅的影響，毛利率基本上持平。營業費用僅小幅成長，佔銷售額的比例也有所改善，年比從 43.6% 下降至 41.2%，反映了去年第四財季實施的重組所帶來的好處。這些效率的提升源自於我們轉型為規模更小、效率更高的組織過程中所做的結構性變革，該組織利用包括人工智慧在內的技術來實現工作自動化和共享服務優化。這些努力的效果在 CooperSurgical 公司尤為明顯，該公司的支出逐年下降。

Operating income increased a healthy 13.9%, resulting in a 26.9% margin. Interest expense was $22.4 million and the effective tax rate was 15.1%. Non-GAAP EPS grew 20% to $1.10 with roughly 197 million average shares outstanding.

營業收入成長了13.9%，利潤率達到26.9%。利息支出為 2,240 萬美元，實際稅率為 15.1%。非GAAP每股盈餘成長20%至1.10美元，平均流通股數約1.97億股。

Free cash flow is very strong at $159 million, with CapEx of $102 million. We deployed this cash by repurchasing 1.1 million shares of stock for $92 million, making the final $50 million payment related to our 2023 Cook acquisition, and applying the remaining balance towards reducing net debt to $2.4 billion.

自由現金流非常強勁，達到 1.59 億美元，資本支出為 1.02 億美元。我們利用這筆現金回購了 110 萬股股票，花費 9,200 萬美元，支付了與 2023 年收購 Cook 相關的最後一筆 5,000 萬美元款項，並將剩餘餘額用於減少淨債務至 24 億美元。

Lastly, in February we addressed our $1.5 billion term loan maturing in December 2026 by amending and extending $950 million for another five years to February 2031. The remaining $550 million will be repaid in December 2026 when it matures using our strong free cash flow and ample revolver capacity.

最後，在 2 月份，我們解決了 2026 年 12 月到期的 15 億美元定期貸款問題，透過修改和延長 9.5 億美元的貸款期限，將期限再延長五年至 2031 年 2 月。剩餘的 5.5 億美元將於 2026 年 12 月到期時，利用我們強勁的自由現金流和充足的循環信貸額度償還。

Moving to full-year fiscal 2026 guidance, our revenue expectations are essentially unchanged with consolidated revenues of roughly $4.3 billion to $4.35 billion, reflecting organic growth of roughly 4.5% to 5.5%. CooperVision revenue is expected to be in the range of $2.9 billion to $2.93 billion, up 4.5% to 5.5% organically, and CooperSurgical is expected to be in the range of $1.4 billion to $1.41 billion, up 4% to 5% organically. For earnings, we're raising guidance to $4.58 to $4.66 reflecting our Q1 beat and stronger expected operational performance. Regarding tariffs, our estimate of approximately $24 million remains the same for the year. Our expectations on interest expense and tax remain unchanged, with interest expense around $85 million and the effective tax rate between 15% and 16%.

展望 2026 財年全年業績，我們的營收預期基本保持不變，合併收入約為 43 億美元至 43.5 億美元，反映出約 4.5% 至 5.5% 的有機成長。CooperVision 的營收預計在 29 億美元至 29.3 億美元之間，有機成長 4.5% 至 5.5%；CooperSurgical 的營收預計在 14 億美元至 14.1 億美元之間，有機成長 4% 至 5%。對於獲利方面，我們將預期上調至每股 4.58 美元至 4.66 美元，這反映了我們第一季業績超出預期以及更強勁的預期營運表現。關於關稅，我們預計全年約為 2400 萬美元，這一數字保持不變。我們對利息支出和稅收的預期保持不變，利息支出約為 8,500 萬美元，實際稅率在 15% 到 16% 之間。

Turning to cash flow, our cash conversion rate continues to improve, and we're increasing our fiscal 2026 free cash flow outlook to $600 million to $625 million. For fiscal 2026 through 2028 we continue to expect to generate more than $2.2 billion of free cash flow driven by higher operating profits, improving working capital performance, and lower CapEx. From a capital deployment standpoint, our priorities remain unchanged. We're investing in growth and innovation, repurchasing shares, and reducing debt.

再來看現金流，我們的現金轉換率持續改善，我們將 2026 財年的自由現金流預期上調至 6 億至 6.25 億美元。2026 至 2028 財年，我們繼續預期在更高的營業利潤、改善的營運資本表現和更低的資本支出的推動下，將產生超過 22 億美元的自由現金流。從資金部署的角度來看，我們的優先事項保持不變。我們正在投資成長和創新，回購股票，並減少債務。

To conclude, I'm proud of the operational excellence we're seeing across the organization. We're optimizing and leveraging prior investments in numerous areas including IT, distribution, HR, and Finance, and we're increasingly applying AI-enabled tools to streamline areas such as marketing, planning, forecasting, and support functions. Our reorganization efforts are delivering meaningful synergies, and the results are evident. Looking ahead, we have additional opportunities to further optimize the way we work. With our multiyear CapEx cycle winding down, our manufacturing teams are now evaluating ways to capitalize on the next-generation production improvements developed over the past several years. Early planning is underway, and while this work will take time, the results have the potential to be material. In the meantime, we'll continue driving efficiencies by leveraging technology while consistently investing in initiatives to support sustainable organic growth.

總之，我對我們整個組織所展現的卓越運作感到自豪。我們正在優化和利用先前在 IT、分銷、人力資源和財務等多個領域的投資，並且越來越多地應用人工智慧工具來簡化行銷、規劃、預測和支援職能等領域。我們的重組工作正在產生顯著的協同效應，其成果顯而易見。展望未來，我們還有機會進一步優化我們的工作方式。隨著我們多年的資本支出週期接近尾聲，我們的製造團隊現在正在評估如何利用過去幾年開發的下一代生產改進技術。前期規劃正在進行中，雖然這項工作需要時間，但結果有可能產生重大影響。同時，我們將繼續利用科技提高效率，並持續投資於支持可持續內生成長的各項措施。

And with that, I will turn the call over to the operator for questions.

接下來，我將把電話轉交給接線員，回答大家的問題。

(Operator Instructions) Jeff Johnson, Baird.

（操作說明）傑夫·約翰遜，貝爾德。

Thank you, guys. Good afternoon. I guess with the first question, let me just back out and go more higher level. Al, I mean, you reported a 10% calendar 4Q number. I think over the last three quarters, you've been about 3%, 3.5% for CVI. So one, can you reconcile that 10% number versus the last few quarters at 3%? What's different in the number you're citing there versus what we see in your CVI organic growth results? And then one follow-up question. Thanks.

謝謝大家。午安.對於第一個問題，我想還是退一步，從更高的層次來討論吧。艾爾，我的意思是，你報告的第四季（自然年）成長率為 10%。我認為在過去的三個季度裡，你們的 CVI 值大約在 3% 到 3.5% 之間。所以，第一，你能解釋為什麼這個 10% 的數字與過去幾季的 3% 相比有所變化嗎？您引用的數字與我們在 CVI 自然成長結果中看到的數字有何不同？然後還有一個後續問題。謝謝。

Sure. I knew we were going to get that one. It's just a matter of the months and shipment of products. We had had a weak November and December of 2024, and we had a really strong January of 2025. So when you comped against that, the way that the shipments worked, it resulted in a really strong calendar Q4 for us.

當然。我知道我們一定能拿下那一個。這只是幾個月的時間以及產品出貨的問題。2024 年 11 月和 12 月業績疲軟，而 2025 年 1 月業績非常強勁。所以，與此相比，考慮到出貨情況，我們第四季的業績非常強勁。

All right, fair enough. Maybe I'll zoom even further out, and apologies for the feedback. But you've been talking about getting back to above market growth, at least as you report CVI, how is that plan going so far? Maybe update us on the MyDay clariti to MyDay transition. Just in general, it still feels like your results are maybe lagging the market here a little bit relative to some of your peers, so how do you feel like you're doing in getting back up and into above market over the next couple quarters? Thank you.

好吧，說得有道理。或許我會把鏡頭拉得更遠一些，對於帶給您的回饋，我深表歉意。但您一直在談論要恢復到高於市場平均的成長，至少從您報告的 CVI 來看是這樣，那麼到目前為止，該計劃進展如何？或許可以更新 MyDay clariti 到 MyDay 的過渡情況。總的來說，感覺你們的業績相對於一些同業來說可能還是稍微落後於市場，那麼你們覺得在接下來的幾個季度裡，你們的業績要如何才能回升到高於市場平均水平呢？謝謝。

Yeah, great question, Jeff. I'll break that up a couple different ways. If I look at the Americas, we're doing well. The US had a good quarter. We're gaining a lot of traction. We've got product launches and a lot of activity. The team's doing a fantastic job, so I would say we're in good shape with the Americas.

沒錯，傑夫，問得好。我將從幾個不同的角度來解釋一下。如果只看美洲地區，我們做得很好。美國本季表現良好。我們正在獲得很大的支持。我們有新產品發布，還有很多活動。團隊表現非常出色，所以我認為我們在美洲賽區表現良好。

When I look at EMEA, again, in good shape there, we took a step forward this quarter against last one, and we've won a number of contracts there. We have a number of product launches going on. And I would say we have better visibility for that market right now to improving sales, so I feel pretty good about the momentum that we have in the Americas and the momentum that we have in EMEA right now associated with MyDay and clariti.

當我審視 EMEA 地區時，情況依然良好，我們本季比上一季取得了進步，並且在那裡贏得了一些合約。我們目前正在進行多款產品的發布。我認為我們現在對該市場的銷售成長前景更加清晰，所以我對我們在美洲和歐洲、中東及非洲地區與 MyDay 和 clariti 相關的成長勢頭感到非常滿意。

And then Asia Pac is the third one, and the results there have been a little tough for us. And that's the area that we need to get figured out and get back to our old traditional growth rates and then we’ll be in fantastic shape. As I mentioned, we're doing a lot of stuff to drive growth in Asia Pac. We did see success in a number of areas where we've had problems; we stabilized a lot of the e-commerce that we talked about, we've stabilized the China business, we had a number of leadership position changes, so we're now in good shape in a number of countries.

亞太賽區是第三個賽區，我們在那裡的成績有點不太理想。這就是我們需要解決的問題，我們需要恢復到以前的傳統成長率，然後我們就能處於非常有利的地位。正如我之前提到的，我們正在採取許多措施來推動亞太地區的成長。我們在一些曾經遇到問題的領域取得了成功；我們穩定了我們之前談到的許多電子商務業務，穩定了中國業務，我們進行了一些領導層變動，所以我們現在在許多國家都處於良好狀態。

The one that we have left right now is Japan. And I can target that down to Japan older hydrogel products where some of our competitors are taking some share. We have not caved on price or anything along those lines, so I think we're going to continue to have a little bit of pressure in Japan with traditional hydrogels, again, in this next quarter and I think that the region will probably be down because of it.

我們現在剩下的國家就是日本了。而且我還可以把目標鎖定在日本的舊款水凝膠產品上，因為我們的一些競爭對手正在那裡佔據一部分市場份額。我們在價格或其他方面都沒有讓步，所以我認為在接下來的一個季度裡，我們在日本的傳統水凝膠市場將繼續面臨一些壓力，我認為該地區的銷售額可能會因此而下降。

But then all of that success, all those product launches in Asia Pac, the success of executing on those private label contracts, the transition point on that happens in Q3, and we're going to have Asia Pac growing again. So it’s another one where I would say we had a number of points over the last year, [and just a lot clearer visibility] (corrected by company after the call) right now on where those challenges are and where the successes are going to come from. I think fiscal Q2 ends up being a step up certainly from this quarter, and then as I've said all along, we'll be back to rolling in Q3 and Q4.

但是，所有這些成功，所有這些在亞太地區的產品發布，以及自有品牌合約的成功執行，都將在第三季度迎來轉折點，屆時亞太地區將再次成長。所以，這是另一個例子，我想說，在過去一年裡，我們有很多觀點，[現在對挑戰在哪裡以及成功將來自哪裡有了更清晰的認識]（電話會議後公司更正）。我認為第二財季肯定會比本季有所進步，而且正如我一直所說，我們將在第三財季和第四財季恢復正常成長。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Thanks for taking the question. Hey, Al, we heard your comments about the Middle East and IVF. Maybe you could just level set us on what your exposure is there and how you're thinking the war might impact your business, and I had one follow-up.

感謝您回答這個問題。嘿，艾爾，我們聽到了你關於中東和試管嬰兒的評論。或許您可以先向我們說明您在那裡的風險敞口，以及您認為戰爭可能會對您的業務產生怎樣的影響，我還有一個後續問題。

Sure. To put some numbers around that for us on a consolidated basis, the Middle East is about 2% of our sales. A lot of it is distributor, the Middle East is a very large region, so it won't have that much of an impact on us other than it could impact fertility because there's a decent amount of fertility business. We're number one in that region. We have good strength there, it's just a matter of us being able to get products there. Women are obviously still going through fertility treatment there, we have to be able to get product in. So, if that situation extends for a period of time, it'll be more challenging for us. Even with that, we have a lot of good momentum in fertility, and I think we’ll still improve quarter over quarter but that's the one question mark. Otherwise, I'd even be more bullish on fertility.

當然。為了更直觀地說明這一點，我們從合併後的銷售額來看，中東地區約占我們銷售額的 2%。很多都是經銷商的問題，中東是一個非常大的地區，所以除了可能會影響生育率之外，對我們不會有太大的影響，因為那裡有相當多的生育業務。我們在該地區排名第一。我們在那裡實力很強，問題在於我們能否把產品運到那裡。顯然，那裡的女性仍在接受生育治療，我們必須能夠獲得產品。所以，如果這種情況持續一段時間，對我們來說將會更具挑戰性。即便如此，我們在生育率方面仍然保持著良好的發展勢頭，我認為我們每季都會有所改善，但這仍然是一個未知數。否則，我對生育率的預期會更加樂觀。

Thanks. And Brian, the margins were really strong in Q1. Just remind us how we should think about the phasing for the year, and how you're thinking about the tariffs, you said no change. But in light of this recent Supreme Court ruling, if that stood, would there be upside on tariffs? Thanks for taking the question.

謝謝。布萊恩，第一季的利潤率非常高。請提醒我們今年的分階段實施計劃應該如何安排，以及您對關稅的看法，您之前說過不會改變。但鑑於最高法院最近的這項裁決，如果該裁決維持不變，關稅是否會有上漲空間？感謝您回答這個問題。

Sure, Larry. I'll start with the second part of your question, at least as it relates to tariffs, we've assumed $24 million in the year. That's what we assumed as of the last guidance. We're going to sit tight. We capitalize and release the impact of tariffs four months later, so any change to tariff rules or guidelines or whatever takes effect won't impact us until later in the year. But a 10% tariff makes very little impact. It's pretty similar to the $24 million, so I would assume that. If it goes up to 15%, that could be somewhere upwards of $4 million. But for now, the 10% is what it is, and that's what we factored in the guidance.

當然可以，拉里。我先回答你問題的第二部分，至少就關稅而言，我們假設一年為 2400 萬美元。這是我們根據上次指導意見所做的假設。我們打算按兵不動。我們利用關稅的影響，並在四個月後釋放這些影響，因此任何關稅規則或指南的變化，或其他任何生效的措施，都不會在今年晚些時候對我們產生影響。但10%的關稅影響甚微。這和 2400 萬美元差不多，所以我猜是這樣。如果漲幅達到 15%，那可能高達 400 萬美元。但就目前而言，10% 的比例就是這樣，這也是我們在製定績效指引時所考慮的因素。

As it relates to operating margins, it's the same story that we've been talking about from exiting last quarter. We're getting really durable savings from the synergies and the elimination of fixed costs from the reorganization that we talked about in Q4. We're leveraging prior investment activity, and we're being really disciplined. We're scrutinizing all non-revenue generating expenses, particularly, the back office, and we're investing in sales and marketing, so the drop through in operating margins was good in Q1, and I would expect you're going to continue to see stronger operating performance, which is why we raised our guidance, $0.13 at the bottom end and $0.10 at the midpoint, based on stronger operating performance, but I'm not going to get into gating at this moment.

至於營業利益率，情況和我們上個季度末一直在討論的情況一樣。我們從第四季度討論過的重組帶來的協同效應和固定成本削減中獲得了真正持久的節省。我們正在利用先前的投資成果，並且我們非常注重紀律。我們正在仔細審查所有非創收支出，特別是後台運營支出，同時我們也在銷售和市場營銷方面進行投資，因此第一季度的營業利潤率下降幅度較小，我預計你們將會看到更強勁的運營業績，這也是我們基於更強勁的運營業績將業績預期下限上調 0.13 美元、中點上調 0.10 美元的原因，但我現在不會增長。

All right. Thanks, Brian.

好的。謝謝你，布萊恩。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Hey, good afternoon. Thanks for taking the questions. I actually want to pick up on the line of questioning that that Jeff had. But as far as the competitive landscape as it stands today and your share position, maybe talk about your new fit activity across the quarter, just what are you seeing in the data when you look at your performance versus peers, if you can break it down dailies versus monthlies.

嘿，下午好。謝謝您回答問題。我其實想接著傑夫提出的問題繼續問下去。但就目前的競爭格局和你的市場份額而言，或許可以談談你本季度的新舉措，當你查看你的業績與同行的對比數據時，你看到了什麼，如果可以的話，最好能按日和按月進行細分。

Sure. If I look at new fit activities, it hasn't really changed that much. At the end of the day, we're taking wearers, so the fit activity continues to put us in a good position. Now, you have a whole lot of other variables that go into it. But if I narrowed it down to just new fit activity, whether it's dailies or FRPs, we are [gaining] (corrected by company after the call) wearers in both of those, we did this past quarter, so I feel good about that continuing to be a good indicator of the future.

當然。如果我觀察一下新的健身活動，就會發現它並沒有太大的變化。歸根究底，我們吸引的是配戴者，所以保持良好的運動狀態能讓我們繼續處於有利地位。當然，還有很多其他因素會影響這一點。但如果我將範圍縮小到新的健身活動，無論是日常活動還是 FRP（健身相關活動），我們在這兩方面都獲得了（公司在電話會議後更正）佩戴者，我們在上個季度做到了這一點，所以我認為這將繼續成為未來的良好指標。

Okay, all right. And then as a follow-up, it really seems like industry pricing dynamics have calmed down, at least relative to where we were last year. It sounds like the latest round of increases here, the last few months are sticking, should be good for all the players out there. How are you thinking about future list price increases and managing these discussions with wholesalers and docs, especially as I think back, we went through multiple increases the past few years, usually like two increases a year. Do you think the market can absorb more than one price increase a year without negatively affecting demand here going forward?

好的，沒問題。隨後，產業定價動態似乎真的已經趨於穩定，至少與去年相比是如此。聽起來最近幾個月的漲價動能似乎會持續下去，這對所有玩家來說都是好事。您如何看待未來的標價上漲以及如何與批發商和經銷商進行這些討論？尤其是回想一下，過去幾年我們經歷了多次漲價，通常一年漲價兩次。你認為市場能否承受一年內多次漲價而不影響未來的需求？

Yeah. I do because of the technology that's coming out. As an industry, we're launching new products, really innovative products. We have some great ones ourselves. There's nothing more innovative in the contact lens industry today than MyDay MiSight that's [launching, but] (corrected by company after the call) the multifocals that we're launching are also great products. Energys is a great product. I know some of our competitors have some products out there that they're launching at good price points. Consumers are willing to pay for high quality, and contact lenses are not particularly expensive at the end of the day.

是的。我確實這麼認為，因為新技術正在不斷湧現。作為一個產業，我們正在推出新產品，真正具有創新性的產品。我們自己也有一些很棒的人。在當今的隱形眼鏡產業，沒有什麼比即將推出的 MyDay MiSight 更具創新性了，但是（電話會議後公司更正）我們推出的多焦點隱形眼鏡也是很棒的產品。Energys是一款很棒的產品。我知道我們的一些競爭對手已經推出了一些價格不錯的產品。消費者願意為高品質產品買單，而且說到底，隱形眼鏡的價格並不算特別昂貴。

The positive pricing that you're picking up on your comment is true. I feel positive about pricing in the marketplace right now. The only reason I put a little caveat on that is still on Asia Pac. There's definitely markets in Asia Pac where there's some pretty competitive pricing. But, generally speaking, pricing is positive right now and it's appropriate given the technologies that are rolling into the marketplace.

您在評論中提到的積極定價策略是正確的。我對目前的市場定價持樂觀態度。我之所以稍作補充說明，是因為目前仍處於亞太地區。亞太地區確實存在一些價格競爭非常激烈的市場。但總的來說，目前的定價是積極的，考慮到正在進入市場的新技術，這樣的定價是合理的。

All right, fair enough. Thank you.

好吧，說得有道理。謝謝。

Jon Block, Stifel.

Jon Block，Stifel。

Great, thanks. Good evening. The CVI number, I think I heard you at 3.3% precisely. It was a bit below expectations, even the bottom end of the midpoint. But you gave that guidance, call it, first or second week in December. So maybe just talk to us, again, it was slightly below, but what deviated from expectations relative to when you gave it? And it would seem to suggest that maybe January was a little bit [weaker] (corrected by company after the call) than you expected. So can you give us any color on how things trended into February.

太好了，謝謝。晚安.CVI 數值，我好像聽你說的是 3.3%。比預期略低，甚至低於中點的下限。但你在十二月的第一週或第二週給了那份指導。所以，或許您可以再跟我們談談，這次的成績略低於預期，但與您給出的成績相比，有哪些地方與預期不符？這似乎表明，1 月份的業績可能比您預期的要弱一些（公司在電話會議後進行了更正）。那麼，您能否為我們介紹二月份的市場趨勢呢？

You're right, Jon, because we were looking at Asia Pac being essentially flat for the quarter, similar to what we did in Q4, and that would have meant CooperVision consolidated growth would have been 4.1% something like that. And you're right, it was 3.3%. So that delta was very specific and very targeted to what happened in Japan on those legacy products. We started seeing it in December, and then we definitely saw that activity in January. So that's what happened. That's where it picked up.

你說得對，Jon，因為我們預計亞太地區本季基本持平，與第四季的情況類似，這意味著 CooperVision 的綜合成長率將達到 4.1% 左右。你說得對，是 3.3%。因此，該增量非常具體，並且針對的是日本在這些傳統產品上發生的情況。我們從 12 月開始注意到這種情況，然後在 1 月我們明顯看到了這種活動。事情就是這樣。事情就是從那裡開始的。

I thought that the momentum we had with all the product launches and activity and everything would overcome that. But yes, that was a decent hit for us as we rolled through December and January. You're right and that's why I said, I think Asia Pac will probably be down one more quarter before all the positive energy that we have overwhelms that.

我原以為憑藉我們所有的產品發布、活動等等所取得的勢頭，能夠克服這個問題。但沒錯，這在12月和1月期間對我們來說是一個不錯的成功案例。你說得對，所以我才說，我認為亞太地區可能會再下跌一個季度，之後我們所有的正向能量就會抵銷這種下滑趨勢。

Okay. Fair enough. And second one, I apologize for the boring question. But Brian, when I look at the add-backs in the quarter, almost half of the add backs were from like a hit from natural causes and litigation, which is just a little uncommon, it didn't seem to be the case in the prior quarter. So any color on what you can give around the add-backs if you can elaborate a bit. Thank you.

好的。很公平。第二個問題，很抱歉問了個無聊的問題。但是布萊恩，當我查看本季的加回項目時，發現幾乎一半的加回項目都是由於自然原因和訴訟造成的損失，這有點不常見，上個季度似乎並非如此。所以，如果您能詳細說明一下關於附加項的任何信息，那就太好了。謝謝。

Jon, I think you're talking about the other category where we break out $6.7 million related to other legal related matters. Our stance is not typically to talk about what legal matters are going on.

Jon，我想你指的是另一類，其中我們列出了與其它法律相關事項有關的 670 萬美元。我們通常的立場是不談論正在進行的法律事務。

We obviously have insurance for a number of things, but there are some things that we don't have insurance on where we're defending ourselves or we've got some legal related matters that show up. So it was a little bit higher this quarter, but not too atypical from years past.

我們顯然為很多事情都買了保險，但有些事情我們沒有保險，例如我們需要為自己辯護，或遇到一些法律相關問題。所以本季略高一些，但與往年相比並沒有太大異常。

Thanks, guys.

謝謝各位。

Young Li, Jefferies.

楊莉，傑富瑞。

All right, great. Thanks for taking the questions. I guess to start, I was wondering if you could talk a little bit about there's an update on how the supply dynamics have impacted your ability to win new contracts in the quarter?

好的，太好了。謝謝您回答問題。首先，我想請您談談，供應動態變化對貴公司本季贏得新合約的能力有何影響？

For, supply, you're probably referencing some of the MyDay capacity. We don't have those issues anymore. When it comes to manufacturing or supply constraints or logistic challenges, I am very happy to say those are in the rearview window now. We don't have those challenges anymore. So that's not impacting us.

至於供應方面，你可能指的是 MyDay 的部分產能。我們已經不再有這些問題了。至於生產製造或供應限製或物流挑戰，我很高興地說，這些都已成為過去。我們現在不再面臨這些挑戰了。所以對我們沒有影響。

I don't think you heard the question fully, but I was just wondering if you were able to win more new contracts this quarter, just given the improvement in supply?

我覺得你可能沒完全聽清楚我的問題，但我只是想問一下，鑑於供應情況的改善，你們這季度是否贏得了更多的新合約？

The answer to that is yes. Yes. We did win a number of new contracts. As a matter of fact, we won them in all three regions, and they were definitely MyDay-related. We won a bunch last year and as we were exiting last year, but we've continued to expand relationships and partnerships and win additional MyDay business. So yes, we have.

答案是肯定的。是的。我們確實贏得了一些新合約。事實上，我們在所有三個地區都贏得了比賽，而這些比賽肯定與 MyDay 有關。去年我們贏得了不少獎項，雖然去年我們退出了市場，但我們繼續拓展人脈和合作夥伴關係，並贏得了更多 MyDay 的業務。是的，我們有。

Okay. Great. Very helpful. And then to follow up, I wanted to get a little bit of color and update on Paragard. It's a high-margin business, although we know about the volume pricing dynamics. Are there any incremental updates on the competitive front, just given the potential for impact on the profitability side?

好的。偉大的。很有幫助。然後，我想跟進一下，了解一下 Paragard 的最新情況和進展。雖然我們了解批量定價的動態，但這是一個高利潤的行業。考慮到對獲利能力的潛在影響，競爭方面是否有任何實質進展？

I would say no updates. As far as I'm aware that licensing agreement that you referenced on the competitive side, has not closed. So, I don't have any updates or any details on any of that. For us, Paragard was minus 7% for the quarter. We're still expecting it to be flat to up a little bit for this fiscal year. And then we'll see how that plays. If that deal actually does happen, then we'll give some color on their launch plans. But right now, I don't want to speculate on any of that.

我覺得沒有更新。據我所知，您在競爭方面提到的許可協議尚未最終敲定。所以，我沒有任何關於這方面的最新消息或細節。對我們來說，Paragard 本季下跌了 7%。我們仍預期本財年經濟成長將持平或略有成長。然後我們再看看結果如何。如果這筆交易真的達成，我們會詳細介紹他們的發布計畫。但目前，我不想對此進行任何猜測。

Okay. Thank you.

好的。謝謝。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Great, thanks so much. One question just following up on the market. There was some kind of unusual trajectory during last year in terms of the market. Based on your best guess and what you saw, during and exiting Q4 on a calendar basis, do you think that's improving now? Do you think we're stable? Any further color on what the ups and downs were from last year? And then I have one follow-up.

太好了，非常感謝。關於市場，還有一個問題想問。去年市場走勢有些不尋常。根據你的最佳猜測和你在第四季度期間及季度末所觀察到的情況，你認為現在情況有改善嗎？你覺得我們目前的狀況穩定嗎？關於去年的起伏情況，還有什麼需要補充說明的嗎？然後我還有一個後續問題。

We're at least stable, if not improving a little bit. We did have, as a contact lens industry, a softer year last year. But it's at least stable. The reason I say improving, is because of pricing that somebody asked about earlier. Looking at the market, about 1% is going to come from price, about 1% will come from wearers, and then you'll have all the other stuff, the shift to dailies and so forth that's happening that will drive it. That 1% that's coming from price, I would certainly stand by that, and it could be potentially a little bit better than that. I do think the market is well positioned for a decent year. It’s not going to be a rebound of what it was years ago, but it's going to be a better year, I think, in [2026 than it was in 2025] (corrected by company after the call).

我們至少保持穩定，甚至可能略有改善。去年，我們隱形眼鏡產業確實經歷了相對疲軟的一年。但它至少很穩定。我說「改進」的原因是，之前有人問到了價格問題。從市場來看，價格因素將貢獻約 1% 的成長，佩戴者數量將貢獻約 1% 的成長，然後還有其他因素，例如向日常佩戴的轉變等等，這些都會推動成長。那1%的成長來自價格，我絕對認同，而且實際情況可能比這還要好一些。我認為市場已經做好迎接良好一年的準備。雖然不會恢復到幾年前的水平，但我認為今年會比去年好。[2026 年比 2025 年更糟]（電話會議後公司已更正）。

Got it. And then just a follow-up on some of the dynamics that are driving growth this next quarter and the quarter after, you mentioned Japan is down in this quarter, improving by the third fiscal quarter, I think. How should we think about the impact of some of the private label engagements that you announced and mentioned that you were able to close some more. When do you see those coming in this year? Are they just kind of filter in and support sustainable growth? I mean, how to think about it because it just seemed like there was quite a number of them that you signed. And I'm just wondering, if that's something we're going to notice as you get into the middle half of this year? Thanks.

知道了。然後，我想就推動下一季和下下一季成長的一些動態進行後續探討。您提到日本本季經濟下滑，但我認為到第三財季情況會有所改善。我們應該如何看待您宣布的一些自有品牌合作項目的影響，以及您提到的您已經達成了更多合作項目。你預計今年什麼時候能到貨？它們是否只是以某種方式融入其中，並支持永續發展？我的意思是，該怎麼想呢？因為你簽的合約好像相當多。我只是想知道，到了今年年中，我們會不會注意到這種情況？謝謝。

Yeah. Good question. And yes, we are executing on those private label contracts and a number of branded contracts that we won, and you will see those as we progress through the year. They got masked this quarter because of what happened in Japan, otherwise we would have been 4.1%, 4.2%, somewhere around there. But we are executing and doing well on those contracts.

是的。問得好。是的，我們正在執行那些自有品牌合約和我們贏得的一些品牌合同，隨著今年的推進，你們將會看到這些合約的進展。由於日本發生的事情，他們本季的業績被掩蓋了，否則我們的業績應該在 4.1%、4.2% 左右。但是我們正在履行這些合同，而且做得很好。

The way I see it playing out is we continue to execute on those contracts, and we have good visibility on that. That's going to result in a better Q2. But as I've said all along, it's going to be Q3 and Q4 is when all those contracts and those launches really start coming together for us. We have one more quarter behind us with some of the challenges that we were dealing with, and we have one more quarter, the quarter that we're in, where we have some residual challenges in Asia Pac, still putting up a step in the right direction in Q4. But then we get back to the CooperVision of old and the more consistent solid revenue growth rates in Q3 moving forward.

我認為事情的發展趨勢是，我們將繼續履行這些合同，而且我們對此有很好的預期。這將使第二季業績更好。但我一直都說，第三季和第四季才是所有這些合約和產品發布真正開始落實的時候。我們已經度過了一個季度，克服了一些挑戰；而我們現在所處的這個季度，亞太地區仍然存在一些挑戰，但我們仍然在第四季度朝著正確的方向邁出了一步。但之後我們又回到了以前的庫博視覺，第三季的營收成長率將更加穩定可靠。

Great. Thank you.

偉大的。謝謝。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

Hey, thanks for the question. I guess the first question I have is on Q2 revenue, where you want the Street to shake out and kind of the cadence of revenue growth for total company and CooperVision and CooperSurgical. We heard the comments on Japan other dynamics that you'd point to that we should model for Q2.

嘿，謝謝你的提問。我想問的第一個問題是關於第二季營收，您希望華爾街對公司整體營收成長的預期如何，以及公司整體、CooperVision 和 CooperSurgical 的營收成長節奏。我們聽到了關於日本其他動態的評論，您指出我們應該在第二季度進行建模。

Well, if I look at it that way, we'll probably have another good quarter, I expect in the Americas. I would expect EMEA to be a little bit better than it was this quarter, and Asia Pac is the question mark. It will be down a little bit in total. So, I would assume that the Q2 results are little bit better than what we did here.

嗯，如果這樣來看，我預計美洲地區可能會迎來另一個不錯的季度。我預期歐洲、中東和非洲地區的情況會比本季略好一些，而亞太地區的情況則有疑問。整體上會略有下降。因此，我估計第二季的結果會比我們這次的結果略好。

I would look at Surgical pretty similar. Fertility should be a little bit better even with some Middle East risk out there. And the rest of that business is humming along fairly well. So I would think CooperSurgical will post a little bit better sequential quarter than what they did in Q1.

我對外科手術的看法也差不多。即使考慮到中東地區存在一些風險，生育能力應該也會略有改善。而其他業務也進展得相當順利。所以我認為 CooperSurgical 的季度業績會比第一季略好。

Great, thank you. On the second question, I wanted to ask on the strategic review. When do you expect that to be complete? What's the goal for the outcome? Anything else you could kind of say on the strategic review would be helpful.

太好了，謝謝。關於第二個問題，我想問一下策略評估方面的狀況。你預計什麼時候能完成？最終結果的目標是什麼？關於戰略評估，您還能補充些什麼呢？

Sure. There's really not much else I can add on that. We announced that we were doing that formally at the beginning of December and through the holidays. We're very active on it right now with our advisers and the Board. I don't want to comment or say anything right now, it probably wouldn't be appropriate to go into any details until we get some concrete information. So I'll hold off on that one, but certainly provide updates when we can.

當然。關於這一點，我實在沒什麼好補充的了。我們在 12 月初正式宣布了這項計劃，並在整個假期期間實施。目前我們正與顧問和董事會積極推動此事。我現在不想發表任何評論或言論，在獲得一些具體資訊之前，透露任何細節可能都不合適。所以這件事我暫時先擱置，但一旦有進展，我一定會及時更新。

Okay, that's fair. I just wanted to ask. Thank you.

好吧，這很合理。我只是想問。謝謝。

Anthony Petrone, Mizuho.

Anthony Petrone，瑞穗銀行。

Thanks, and good evening, everyone. Maybe one on private label and then one on MyDay MiSight. So on private label, I don't know if you can share this, Al or Brian, but what was the percent of private label exiting last fiscal year? And with the addition of these new private label contracts, where can that increase to? And is that margin neutral? Is it a margin drag or can it be accretive to margins? I have the one quick follow-up on MiSight.

謝謝大家，晚上好。或許一款會以自有品牌推出，另一款則會以 MyDay MiSight 品牌推出。關於自有品牌，我不知道Al或Brian能否透露一下，上個財年自有品牌退出市場的百分比是多少？隨著這些新的自有品牌合約的加入，這個數字還能成長到什麼程度？那這種利潤率是中性的嗎？這會拖累利潤率還是會提升利潤率？關於MiSight，我還有一個簡短的後續問題。

Our private label was running for quite a while about a third of our revenues. It's a little bit higher than that. We don't break out the specific numbers. It's a little bit higher than that. And it's still trending along there. We actually had a pretty good quarter with branded sales. And we're seeing a little bit more success now winning some contracts and business around branded sales. I wouldn't highlight too much with respect to that one.

我們的自有品牌經營了相當長一段時間，約占我們收入的三分之一。比那略高一些。我們不公佈具體數字。比那略高一些。而且這種趨勢仍在持續。實際上，我們本季品牌銷售業績相當不錯。現在我們在品牌銷售方面贏得了一些合約和業務，並取得了一些成功。我不會太強調那件事。

Margin wise, we have a tendency to look at things at an operating margin level, and I know the operating margin on those are fairly similar. From that perspective, it doesn't make too a big of a difference. It could make a little difference on gross margins. As those contracts come through, they'll put a little pressure on gross margins probably as we move to the back half of the year.

從利潤率的角度來看，我們傾向於從營業利益率的角度來看問題，我知道這些營業利潤率都相當接近。從這個角度來看，差別並不大。這可能會對毛利率產生一些影響。隨著這些合約的生效，進入下半年，可能會對毛利率造成一些壓力。

And then on MyDay MiSight, Japan, maybe can you size that in terms of the number of target practices you're going after, like how many sites are you looking to penetrate? And what is the market size in dollars for MiSight in Japan?

那麼，關於 MyDay MiSight 日本，您能否根據您瞄準的目標數量來估算一下，例如您打算滲透多少網站？MiSight在日本的市場規模（以美元計）是多少？

Just to be clear on that one, the product that got launched in Japan was MiSight, the regular MiSight because it took us three years to get regulatory approval on that.

需要澄清的是，在日本推出的產品是 MiSight，是普通的 MiSight，因為我們花了三年才獲得監管部門的批准。

MyDay MiSight is in multiple European countries right now. We just launched it in Australia, New Zealand, and South Africa, but Japan is the traditional, if you will, MiSight.

MyDay MiSight目前已在多個歐洲國家銷售。我們剛在澳洲、紐西蘭和南非推出了這款產品，但日本才是 MiSight 的傳統市場。

As I mentioned on the call, 77% kids are myopic. There's a big opportunity there. It's really hard to gauge the size of that market and to put numbers out associated with it. But I will say we are super aggressive there right now, and I'm crazy happy to say that the product is being received really well. That's an ophthalmology market rather than an optometrist.

正如我在電話會議中提到的，77% 的兒童患有近視。那裡蘊藏著巨大的機會。要準確評估該市場的規模並給出相關的數據，真的很難。但我必須說，我們目前在那裡的攻勢非常猛烈，我非常高興地說，該產品反應非常好。那是一個眼科市場，而不是驗光師市場。

So you have a marketplace with doctors who look at clinical data and they understand clinical data. And when you have that combination of a lot of myopic kids and professionals who understand clinical data, a product like MiSight is going to do really well there.

所以，你現在擁有一個由醫生組成的市場，他們會查看臨床數據，並且他們理解臨床數據。當有很多近視兒童和了解臨床數據的專業人士聚集在一起時，像 MiSight 這樣的產品就會在那裡大受歡迎。

I talked about 20% to 25% growth from MiSight this year. We did 23%. And I would certainly be comfortable saying 20% to 25% again or higher based on the success that we're seeing with early indications on MyDay MiSight and MiSight in Japan.

我談到了MiSight今年20%到25%的成長。我們做到了23%。根據 MyDay MiSight 和 MiSight 在日本的早期表現，我完全有信心再次達到 20% 到 25% 甚至更高。

Navann Ty, BNP Paribas.

Navann Ty，法國巴黎銀行。

Hi, good evening. Thanks for taking my questions. One on CooperVision, if you could discuss MiSight, again, solid performance in light of the Stellest entering the market?

您好，晚上好。謝謝您回答我的問題。關於CooperVision，您能否再談談MiSight？考慮到Stellest已經進入市場，MiSight的表現依然穩健嗎？

And my second question is on the CooperSurgical, your fertility pure-play peer had supportive market comments. So what are you seeing in IVF cycles across the US, EMEA, and APAC? Thank you.

我的第二個問題是關於 CooperSurgical，你們的生育領域同業公司 CooperSurgical 獲得了市場支持性評論。那麼，您在美國、歐洲、中東和非洲地區以及亞太地區的試管嬰兒週期中觀察到了什麼情況？謝謝。

Sure. I'll touch on the first one, which was the Stellest activity here in the US. That is going to turn out to be a positive for us. There is a lot more interest in myopia control, pediatric myopia issues, and the education that's coming because of Stellest and the attention that the optical community is now putting on myopia control is quite a bit more than it was when it was just us pushing it. So there's going to be some push and pull from that because obviously younger kids are going to move into glasses much quicker.

當然。我先談談第一個，也就是Stellest在美國的活動。這最終對我們來說將是一件好事。由於 Stellest 的研究，人們對近視控制、兒童近視問題以及相關的教育有了更大的興趣，光學界現在對近視控制的關注度也比以前我們獨自推動時高得多。所以這方面會有一些拉鋸戰，因為很明顯，年紀小的孩子會更快戴上眼鏡。

But when you look at, especially 11 and 12 year olds who are in sports or any activities, or anyone else concerned about their looks or whatever, we're seeing an increasing amount of fit activity when it comes to kids in that 10 to 12 age in the US market. At the end of the day, that's going to be a positive for us long term. And I even think this year, it's not going to be detrimental to us where I thought that it might be at one point. So, I'm happy that product's in the market. I'm happy with what they're doing, and I'm happy with promotional activity that's out there educating the marketplace.

但是，如果你觀察一下，特別是那些參與運動或任何活動的 11 歲和 12 歲的孩子，或者任何其他關心自己外貌或其他方面的人，我們會發現，在美國市場上，10 至 12 歲的孩子參與健身活動的比例越來越高。從長遠來看，這對我們來說是件好事。而且我甚至認為今年，它不會像我之前一度認為的那樣對我們造成不利影響。所以，我很高興這款產品上市了。我對他們的做法很滿意，也對他們所進行的、旨在教育市場的宣傳活動感到滿意。

On the fertility side of things, I think the risk of the downside that was there and that market continuing to trend down, I would take that off the table because we are seeing positives in the fertility industry now. We're seeing improving IVF cycles in the US. We're seeing improving IVF cycles in some of the European countries. We're seeing fertility clinics starting to look at upgrades as new technology comes out, new equipment comes out. I would say that we're going to continue to see the fertility industry get a little bit better. I don't see a fast, huge ramp-up or something like that, but I would say the downside has been taken off the table. And I would say, stabilization to improvement is what we're seeing right now.

就生育方面而言，我認為之前存在的下行風險以及市場持續下滑的趨勢，現在看來是可以忽略的，因為我們現在看到了生育行業的積極發展。我們看到美國的試管嬰兒週期正在改善。我們看到一些歐洲國家的試管嬰兒週期正在改善。隨著新技術和新設備的出現，我們看到生育診所開始考慮升級改造。我認為生育產業將會繼續好轉。我沒看到快速、大幅成長之類的跡象，但我認為不利因素已經消除。我認為，我們現在看到的是穩定向改善的轉變。

Steven Lichtman, William Blair.

史蒂文·利希特曼，威廉·布萊爾。

Thank you. Hi, guys. Al, you mentioned reinvestment in myopia control, and it sounds like on the R&D side, can you talk about the opportunities you see to build on the MiSight platform from an innovation perspective? And then I have a quick follow-up on free cash flow.

謝謝。嗨，大家好。Al，你提到了對近視控制的再投資，聽起來像是研發方面的問題，你能從創新的角度談談你認為在 MiSight 平台上可以有哪些發展機會嗎？接下來，我還要快速跟進一下自由現金流的狀況。

Sure. There's some really exciting stuff there. One is that we need to get a MyDay MiSight toric out into the marketplace. That is one of the products that the optical community really wants, so we're doing a lot of work on that right now. That's a positive.

當然。那裡有一些非常精彩的東西。第一，我們需要將 MyDay MiSight 散光鏡片推向市場。這是光學界真正需要的產品之一，所以我們目前正在為此投入大量精力。這是個好消息。

We have kind of like a MiSight 2, if you will, that we're working on to even get better efficacy. We've also got some really cool exciting stuff when you look at combinations with atropine that have the potential to really, really help kids that are not reacting to regular or traditional treatment. You're right. We're spending a decent amount of money in R&D on MiSight or myopia control in general, and we're going to continue to spend that because this is a great market. We have opportunity to have that product continuing to grow a solid 20%-plus for years and years and years and years. So, we're investing in that pretty decently.

我們正在研發類似 MiSight 2 的產品，希望能獲得更好的效果。當我們研究阿托品與阿托品的組合時，我們還有一些非常酷炫令人興奮的東西，這些組合有可能真正幫助那些對常規或傳統治療沒有反應的孩子。你說得對。我們在 MiSight 或近視控制方面的研發投入了相當多的資金，而且我們將繼續投入這筆資金，因為這是一個龐大的市場。我們有機會讓該產品在未來很多年持續維持 20% 以上的穩定成長。所以，我們在這方面投入了相當可觀的資金。

Great. Thanks, Al. And then Brian, the upside you're seeing on free cash flow this year and the raised guidance. Is that coming from higher operating margin, better working capital management, maybe all of the above? What's exceeding your initial expectations heading into the fiscal year?

偉大的。謝謝你，艾爾。然後是布萊恩，你看到了今年自由現金流的成長以及上調後的業績預期。這是源自於更高的營業利益率、更好的營運資本管理，還是以上所有因素共同作用的結果？進入新財年，哪些方面超出了您的預期？

Hi, Steve. Thanks for the question. Really, all of the above, we're seeing stronger operating performance, and I touched on that earlier. But we're collecting better. We're building inventory smartly [and in a more efficient manner] (corrected by company after the call). FX is helping a little bit, but it's really just a combination of the operating performance and better working capital. Obviously, the lower CapEx helps, too.

嗨，史蒂夫。謝謝你的提問。實際上，綜上所述，我們看到營運業績更加強勁，我之前也提到過這一點。但我們現在收集得更好了。我們正在智慧地建立庫存[而且效率更高]（公司在電話會議後進行了更正）。外匯波動起到了一定的作用，但實際上這主要歸功於營運績效的提升和營運資本的改善。顯然，較低的資本支出也有幫助。

Great. Thanks, guys.

偉大的。謝謝各位。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

Good evening, and thanks for taking the question. Fundamental one and a bigger picture one, please. Foreign exchange, what are you dialing in with all of the shifting US dollar given the macroenvironment?

晚上好，感謝您回答這個問題。請分別從根本上和更宏觀的角度來分析。鑑於當前宏觀經濟環境，美元匯率波動劇烈，您如何看待外匯市場？

And then my second question, I'll just put it on right up front. How are you thinking about CSI revenue improving throughout the year? What are the drivers or levers that we can pull on that one or we can see you pull? Thank you.

那我的第二個問題，我就直接問了吧。您認為CSI收入在全年會有怎樣的成長？我們可以採取哪些行動或措施來改變現狀？或者我們可以看到你採取哪些行動？謝謝。

I'll answer the second one, and I'll let Brian answer the first one. On the CSI side of things, we'll have Paragard, which was down 7%, we expect it to finish the year flat to up a little bit. I think Q2 will be another quarter because of the comp, where it will probably be down a little bit, but then we'll have a good back half of the year with that product.

第二個問題我來回答，第一個問題就讓布萊恩來回答吧。在CSI方面，Paragard的股價下跌了7%，我們預計它今年將持平或略有上漲。我認為第二季度由於同業比較的影響，銷量可能會略有下降，但下半年該產品的銷量應該會不錯。

When I think about the medical devices, boy, our specialty surgical team is killer. Those guys just do a fantastic job. So I think we'll continue to have strength there.

一想到醫療器械，我就覺得，我們專業的外科團隊真是太棒了。他們做得太棒了。所以我認為我們在這方面仍將保持優勢。

And as I mentioned on fertility, just better visibility, more comfortin that that market is at least stabilized, and arguably trending up, is going to put some improving growth rates on that. So I think Q2 is better. I think, frankly, Q3 is better than Q2 for CooperSurgical. So just progressing along with improvement, probably somewhat similar to Vision, where the best quarter will be Q3, Q4.

正如我之前提到的生育市場一樣，更高的市場透明度，以及市場至少趨於穩定甚至可能呈上升趨勢的更多信心，都將推動該市場實現更高的成長率。所以我認為Q2比較好。坦白說，我認為 CooperSurgical 的 Q3 比 Q2 更好。所以，一切都在穩步改進，可能和 Vision 有些類似，最好的季度將是第三季和第四季。

Hi Joanne. I'll take the FX question. As we were exiting last week, we were sitting more favorable relative to last guidance on FX. But , with the Middle East conflict, the dollar strengthened. As we set the guidance ranges for this earnings call, we took up the revenue ranges by $6 million at Vision and $1 million at Surgical, reflecting FX. But really, we kept the rates pretty similar to the rates from last earnings call, it's a little bit conservative. We're looking at tailwind to revenues of roughly 1% and also a tailwind to EPS of roughly 1%. So very, very similar to the last call.

你好，喬安妮。我來回答外匯問題。上週我們結束交易時，我們對外匯市場的預期比先前的指引更為有利。但是，隨著中東衝突的爆發，美元走強。在為本次財報電話會議設定預期範圍時，我們根據匯率因素，將 Vision 的收入範圍上調了 600 萬美元，將 Surgical 的收入範圍上調了 100 萬美元。但實際上，我們維持的利率與上次財報電話會議的利率非常接近，這有點保守。我們預計營收將有約 1% 的利多因素，每股盈餘也將有約 1% 的利多因素。與上次通話非常非常相似。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Great. Thanks for taking the questions. Two for me. First, Al, I wanted to get your thoughts. First-quarter organic growth missed on CVI guide and overall. And it sounds like second quarter will still be maybe a little weaker than original expectations due to Asia Pac.

偉大的。謝謝您回答問題。我兩個。首先，艾爾，我想聽聽你的想法。第一季有機成長未達到CVI預期及整體水準。而且，由於亞太地區的影響，第二季的業績可能仍會略低於最初的預期。

You talked about third and fourth quarter and a lot of the private label drive in fourth quarter, and you didn't flow that all through in the original guidance. How are you thinking about sort of the conservatism of the guide now with the slower start to the year? And does the slower start maybe take some of the upside off the table as you left the guidance the same.

您談到了第三季度和第四季度，以及第四季度自有品牌業務的大力發展，但您並沒有在最初的業績指引中完全體現這一點。鑑於今年開局較為緩慢，您如何看待本指南目前略顯保守的風格？而由於你維持了先前的業績預期，較慢的開局是否會削弱一些上漲空間？

I would characterize that the exact same. Because where we had that softness in Japan, I can pinpoint that softness and talk about what happened there and we have good, good visibility around what happened and how we're correcting that. But we have more strength in the Americas and more strength in EMEA than I would have said back in December.

我的描述也完全一樣。因為在日本，我們存在著這種軟弱之處，我可以準確地指出這種軟弱之處，並談論那裡發生了什麼，我們對發生了什麼以及我們是如何糾正它的有很好的、很好的了解。但我們在美洲和歐洲、中東及非洲地區的實力比我去年 12 月所說的要強得多。

I net that out and say, yeah, we came in below our range and where we wanted to come in in fiscal Q1. But I would say that America is stronger than when we gave that guidance in December. EMEA is stronger than when we gave that guidance in December. Asia Pac probably pretty similar to where we gave that guidance because of a net positive of contract execution and product launches and wins offset by the negative of the stuff I talked about. So net-net, I would put the odds of us being able to post a good year and success in the back half pretty similar to what we had in December.

我把這些因素綜合起來，可以說，是的，我們在第一財季的表現低於預期範圍，也低於我們想要達到的水準。但我認為，美國現在的實力比我們去年12月給出那項指導意見時強大得多。歐洲、中東和非洲地區的經濟狀況比我們去年 12 月給予預期時要好。亞太地區的情況可能與我們給出的預期非常相似，因為合約執行、產品發布和中標帶來的淨收益被我剛才提到的那些負面因素所抵消。總的來說，我認為我們今年下半年取得好成績和成功的可能性，與 12 月的情況非常相似。

Great. I wanted to go back to the question on the Paragard competitor. I realize deal hasn't closed yet, and you're not ready to talk about the competitiveness here. But I'm guessing that wasn't included in the guidance. So did you include any competitive threats like that in the guidance for the year? I guess, that's the question as we think about it. Thanks a lot.

偉大的。我想回到關於 Paragard 競爭對手的問題上來。我知道交易還沒完成，你現在還不是時候談論競爭問題。但我猜想這並沒有包含在指導意見中。那麼，你們在年度業績預期中是否考慮了類似這樣的競爭威脅？我想，這就是我們思考這個問題時所要面對的問題。多謝。

Yeah. When we gave initial guidance, I thought I mentioned it on the December call. But when we gave the initial guidance, we assumed a negative impact because of the competitive launch and that it would happen at the end of this year. It's probably more likely that we will not have a negative impact, meaning that was a little conservative. But we'll see. I don't know. I mean, that thing hasn't closed and we're in March already of our year. So, we're working obviously well into our year at this point in time. So we'll see. But to confirm, yes, we had included that in the initial guidance of assuming flat to up just a little bit.

是的。我記得在12月的電話會議上提到過，我們當時是給初步指導意見的。但當我們給出最初的指導意見時，我們假設由於競爭性的上市，會產生負面影響，並且這種情況會在今年年底發生。我們很可能不會產生負面影響，也就是說，之前的估計有點保守了。但我們拭目以待。我不知道。我的意思是，那件事還沒結束，而我們今年的行程已經進入三月了。所以，很明顯，我們現在已經進入今年的工作階段了。我們拭目以待。但需要確認的是，是的，我們在最初的指導意見中已經考慮到了這一點，即假設持平或略有上漲。

Perfect. I appreciate you taking the questions.

完美的。感謝您回答這些問題。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

All right. Thank you for fitting me in. Hopefully, there's not too much feedback. Just wanted to circle back on the 1Q operating margin performance, which I think you noted in the press release was better than expected and obviously is a top priority this year. I was just hoping you could unpack a little bit in terms of what went better than you thought and why you were able to call the operating margins as exceeding expectations this quarter.

好的。謝謝你安排我過來。希望不會收到太多回饋。我想再補充一下第一季的營業利潤率表現，我認為您在新聞稿中也提到過，這比預期要好，顯然也是今年的首要任務。我只是希望您能詳細解釋一下，本季哪些方面進展順利，以及為什麼您能夠將營業利潤率預測為超出預期。

Okay, financial details, of course. A big part of that was just good solid execution. We did all that work in Q4. And we knew the team was going to do a good job with it and they have organizationally, we've just done a really nice job. I would highlight AI, and I hate to sound like one more person talking about it. The reality is that our organization has embraced it. And this isn't our organization all of a sudden getting on and training. Our organization embraced it last summer. And we started implementing that as we were going through the year, and we're seeing positives come out of that type of work. The technology advancements at Cooper are fantastic. I'm super happy. And we have a lot more to do. This isn't a one-quarter thing. We saw some of it certainly in Q4. We're seeing those improvements in Q1, and we're going to continue to see the use of technology and AI advancements be a positive to us on our operating margins as we move through this year.

好的，當然，還有財務細節。很大程度是因為執行力強、執行到位。我們在第四季度完成了所有這些工作。我們知道團隊會做得很好，他們在組織方面也確實做得很好，我們做得非常出色。我想重點談談人工智慧，但我不想聽起來像是另一個談論人工智慧的人。事實上，我們組織已經接受了它。這並不是說我們組織突然開始進行訓練。我們組織去年夏天就開始採用這種方法。我們在一年中逐步實施了這些措施，我們看到了這類工作帶來的正面成果。庫柏公司的技術進步令人驚嘆。我太高興了。我們還有很多工作要做。這不是四分之一的事。我們在第四季確實看到了一些這樣的例子。我們在第一季看到了這些改善，隨著今年的推進，我們將繼續看到科技和人工智慧的進步對我們的營業利潤率產生積極影響。

Yes. I guess not much to add to what Al just said. In Q4, we grew OpEx, it was basically flat year over year. And then here again in Q1 OpEx was roughly flat year over year. There's a lot that we're doing to drive synergies and efficiencies, leveraging prior investment activity, and we're just really being very disciplined about fixed costs in the back office. We want to leverage IT. We're doing that much, much more than ever before, as Al talked about. And this is just great operational execution. Al talked about it, and I talked about it in our prepared remarks and I expect that to continue through the year.

是的。我想沒什麼要補充的了，艾爾剛才說的都對。第四季度，我們的營運支出有所成長，但與去年同期基本持平。同樣，第一季的營運支出與去年同期基本持平。我們正在採取許多措施來推動協同效應和提高效率，利用先前的投資活動，我們對後台的固定成本也嚴格控制。我們希望充分利用資訊科技。正如艾爾所說，我們現在比以往任何時候都做得更多。這完全是出色的營運執行。艾爾談到了這一點，我在事先準備好的發言稿中也談到了這一點，我預計這種情況會持續一整年。

All right. Great. And then most of my questions were asked. Maybe I'll just ask one more on some of the new product launches. You mentioned several incremental launches that are really phased throughout this year, including MiSight in Japan, MyDay MiSight Europe, and in Asia, Energys, the toric multifocal. Are there one or two of these that you would call out as maybe the most exciting to you in terms of like just what they can do for company growth over the next year or two as they ramp? Thank you.

好的。偉大的。然後我的大部分問題都被問完了。或許我還可以再問一個關於新產品發布的問題。您提到今年將分階段推出幾款新產品，包括在日本推出的 MiSight、在歐洲推出的 MyDay MiSight，以及在亞洲推出的散光多焦點眼鏡 Energys。在這些項目中，有沒有一兩個項目，你覺得它們在未來一兩年內隨著規模擴大，對公司發展最有吸引力，最能促進公司成長？謝謝。

You could hear my excitement on [MiSight] (corrected by company after the call) in Japan and MyDay MiSight. I still believe that there is a fantastic market out there in pediatric optometry in treating kids’ myopia progression. And we have the product. We got off to a little slower start than I would have liked, and China has turned out to be pretty small in the grand scheme of things. But the rest of the world is gaining traction and doing well.

在日本，你可以聽到 [MiSight]（通話後公司更正）和 MyDay MiSight 的興奮之情。我仍然相信，在治療兒童近視加重方面，兒科驗光領域有著巨大的市場潛力。我們有產品。我們的開局比我預想的要慢一些，而且從宏觀的角度來看，中國其實很小。但世界其他地區正在迎頭趕上，發展良好。

MiSight is back, and it is doing well. And with MyDay MiSight and the products that we have [in R&D] (corrected by company after the call), it's going to continue to do well for a number of years. I'm really excited about that.

MiSight 回歸了，而且表現不錯。憑藉 MyDay MiSight 和我們正在研發的產品（電話會議後公司更正），它將在未來幾年繼續保持良好的發展勢頭。我對此感到非常興奮。

On the MyDay side, it's execution. I mean, that's what it is. Like I said, we got full product availability last summer. And we finally got out there. We're executing on contract wins, branded, private label getting product launches done, all that stuff probably takes a little bit longer than you want it to take, but it's execution and that's what we're doing right now.

MyDay這邊，關鍵在於執行。我的意思是，事實就是這樣。正如我所說，去年夏天我們實現了產品全面供應。我們終於出發了。我們正在執行合約中標、品牌化、自有品牌產品發布等工作，所有這些事情可能比你希望的要花更長的時間，但這就是執行，而這正是我們現在正在做的事情。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

Thank you. I had a couple of questions. One on fertility. You talked about improving cycles in the US and Europe. You didn't mention China, which I think was a big piece of the weakness last year. So what are you seeing in that market? And are you still confident that it can bounce back to where it was historically?

謝謝。我有幾個問題。一篇關於生育的文章。你談到了改善美國和歐洲的自行車騎行。你沒有提到中國，我認為這是去年經濟疲軟的重要原因。那麼，你對這個市場有什麼看法？你仍然相信它能夠恢復到歷史水平嗎？

I highlighted the Americas and Europe, but Asia Pac and China, in particular, is still continuing to be not the greatest market in the world. I wouldn't say it's getting worse, –but we're not seeing the improvements that we are in other markets around the world.

我重點關注了美洲和歐洲，但亞太地區，尤其是中國，仍然不是世界上最好的市場。我不會說情況正在惡化，但我們沒有看到像世界其他市場的改善。

Okay. And then just on the capital allocation front, your debt leverage ratio is lower now than it's been in a few years. It's going to go down even further when you repay that portion of the term loan. As you think about your priorities and the pace of buybacks, is there a target leverage ratio that you think is appropriate for the business that would dictate how quickly you go, you've still got, I think, close to $1 billion in authorization available?

好的。再看看資本配置方面，你們目前的債務槓桿率比近幾年來的都要低。當你償還那部分定期貸款時，它還會進一步下降。當您考慮優先事項和回購速度時，您認為是否有一個適合業務的目標槓桿率，可以決定您的回購速度？我認為您目前還有近 10 億美元的授權可用。

Well, share buybacks are a high priority of ours right now, given where our stock is trading. So I would envision us continuing to do share buybacks. And depending upon what happens with the stock price after this and the next quarter and so forth, especially with our belief, our visibility in the back half of the year, I think you could see us get quite a bit more aggressive on stock buybacks.

鑑於我們股票目前的交易情況，股票回購是我們目前的首要任務。因此，我預計我們會繼續進行股票回購。根據本季及下個季度股價的走勢，特別是考慮到我們對下半年的信心和可見性，我認為我們可能會在股票回購方面採取更積極的策略。

Issie Kirby, Redburn.

伊西柯比，雷德伯恩。

Hi, thanks so much for squeezing me in. You made an interesting comment at the end around looking at sort of next-generation manufacturing and production, obviously appreciate it’s early, but would love any more color around that. Do you think this puts you really ahead of your peers in terms of manufacturing capabilities. And then is this factored in, I guess, to the CapEx and free cash flow guidance over the next few years? Thanks.

您好，非常感謝您抽空接待我。您在最後就下一代製造和生產發表了一番有趣的評論，當然，我知道現在談論這個主題還為時過早，但我很想了解更多這方面的細節。你認為這真的能讓你在製造能力上領先同業嗎？那麼，這是否已經納入未來幾年的資本支出和自由現金流預期呢？謝謝。

[Our manufacturing teams are best-in-class] (corrected by company after the call). They've been spending a lot of time and energy, especially in CooperVision over the last number of years, expanding facilities, starting new lines up and so forth. To be able to now take a breather and work with our great R&D team to look at next-generation work in deploying that and optimizing our infrastructure, there's a lot of exciting stuff that we can do there. It takes time. But there's a lot of exciting stuff that we can do there as our CapEx comes down. I'll turn it to Brian because I think that's all factored in and how we looked at free cash flow.

[我們的製造團隊是業界最好的]（通話後公司進行了更正）。過去幾年，他們投入了大量的時間和精力，尤其是在庫博光學（CooperVision）方面，擴建設施，開通新生產線等等。現在我們可以喘口氣，和我們優秀的研發團隊一起研究下一代技術部署和基礎設施優化，有很多令人興奮的事情我們可以去做。這需要時間。但隨著資本支出的減少，我們可以在那裡做很多令人興奮的事情。我把這個問題交給布萊恩，因為我認為這些因素都已經考慮進去了，而且我們也已經分析過自由現金流了。

Yeah, certainly. We have a 3-year, 5-year, 10-year view on things. And so when we gave the free cash flow commentary and we reiterated again today over $2.2 billion. That factors that in. But we've talked over the years as we're building, building, building to support more supply and capacity, it's hard for us to work on continuous improvement and these optimization things. And now we've got a breather, and we can do that. But there's lots of great ideas and lots of opportunities to drive success into the future.

當然可以。我們看待事物通常著眼於3年、5年、10年。因此，當我們給出自由現金流評論時，我們今天再次重申，自由現金流將超過 22 億美元。這已經把這一點考慮進去了。但多年來，我們一直在討論，隨著我們不斷建設、建設、再建設以支持更多的供應和產能，我們很難進行持續改進和優化工作。現在我們有了喘息之機，我們可以做這件事了。但未來有很多很棒的想法和很多機會可以推動成功。

Great, thank you. And then just really quickly, if I may, on SightGlass and the FDA approval. Any updates there? I know it seems to be performing well with Essilor in Asia. So I'd just love to hear thoughts on SightGlass?

太好了，謝謝。然後，如果可以的話，我想快速地談談 SightGlass 和 FDA 的批准。那邊有什麼最新進展嗎？我知道它在亞洲與依視路合作似乎表現良好。所以我很想聽聽大家對SightGlass的看法？

Yeah. It's performing well in Asia, you're exactly right. We still love that product, and it's doing really well in Asia and a number of other markets around the world. So we love it, and we think it's going to be fantastic long term, no update on FDA approval.

是的。它在亞洲的表現很好，你說得完全正確。我們仍然很喜歡這款產品，它在亞洲和世界其他一些市場上的表現都非常出色。我們非常喜歡它，並認為它從長遠來看會非常棒，但目前還沒有關於FDA批准的最新消息。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Thank you. Good afternoon. I'll keep it to one here given where we are in the time of the call. I think in your prepared remarks, you talked about some of the specifics you were seeing on OpEx efficiency. And I think you called out operating expense declines in CSI, which I know we'll see when the Q comes out here. But can you maybe just help us think through how you are reflecting on some of the G&A savings that you're realizing here from the restructuring you announced last year, to what extent you're contemplating reinvesting that and whether that is showing up in the P&L now? And then in a scenario you did go down a path of reinvestment, where would you be looking to deploy those resources?

謝謝。午安.鑑於我們通話時的具體情況，我只說一個問題。我認為您在準備好的演講稿中談到了您在營運效率方面看到的一些具體情況。我認為你提到了CSI的營運費用下降，我知道我們會在季度財報出來時看到這一點。您能否幫我們思考一下，您是如何看待去年宣布的重組所帶來的管理費用節省的，您在多大程度上考慮將這些節省的資金重新投資，以及這些節省是否已經體現在損益表中？那麼，如果您選擇進行再投資，您會考慮將這些資源部署到哪裡？

We are doing that. We're doing that already. I was talking about how aggressively we're doing that certainly in the MiSight side of things, and we certainly saw that in Q1. That's just putting dollars back into sales and marketing. That's where it's going.

我們正在這樣做。我們已經在這麼做了。我當時在談論我們在這方面的積極性，尤其是在 MiSight 方面，而我們在第一季也確實看到了這一點。這只不過是把錢重新投入銷售和行銷而已。它最終會去那裡。

So leverage G&A, put dollars into sales and marketing, and we're getting enough savings through all of our work that we're able to do those reinvestments and still put up stronger earnings than people were expecting. So the combination has come together very, very nicely for us.

因此，我們利用一般及行政費用，將資金投入銷售和行銷，透過我們所有的努力節省了足夠的資金，使我們能夠進行這些再投資，並且仍然能夠獲得比人們預期更高的收益。所以，對我們來說，這樣的組合非常非常完美。

Okay, thank you.

好的，謝謝。

And with no further questions in queue, I will turn the call back over to Al White for closing remarks.

由於沒有其他問題需要提問，我將把電話轉回給艾爾懷特，請他作總結發言。

Great. Thank you, operator, and thank you, everyone, for taking the time on this call. We look forward to talking to everybody in three months and continuing to make progress and having a good call then.

偉大的。謝謝接線員，也謝謝各位抽出時間參加這通通話。我們期待三個月後與大家見面，繼續取得進展，並期待屆時能進行一次愉快的通話。

So thank you, and have a good night.

謝謝，祝你晚安。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天蒞臨。今天的電話會議到此結束。您現在可以斷開連線了。