酷柏 (COO) 2026 Q2 法說會逐字稿

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

感謝您耐心等候。我叫 Janine，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 The CooperCompanies 財報電話會議。（接線員指示）

I will now hand the call over to Kim Duncan, Vice President of Investor Relations and Risk Management. Please go ahead.

接下來我將把電話交給投資人關係與風險管理副總裁 Kim Duncan。請開始。

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

各位下午好，歡迎參加 CooperCompanies 2026 會計年度第二季財報電話會議。今天的會議我們將討論財報新聞稿中所包含的業績結果與財測指引，並在剩餘時間進行問答。今天的簡報人員包括：總裁兼執行長 Al White，以及財務長兼財務主管（Treasurer）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. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties.

在開始之前，我想提醒各位，本次電話會議將包含前瞻性陳述，包括與營收、每股盈餘（EPS）、現金流、利率、外匯（FX）與稅率、關稅及其他財務指引與預期、策略與營運計畫、市場狀況與趨勢，以及產品上市與需求相關的陳述。前瞻性陳述係基於可能不正確或不精確的假設、資料或方法，並受各項風險與不確定性影響。

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

可能導致本公司實際結果及未來行動與前瞻性陳述所述內容出現重大差異的事件，已載於今日財報新聞稿中「前瞻性陳述」標題下，並於我們向美國證券交易委員會（SEC）提交的文件中說明，包括 Cooper 的 Form 10-K 與 Form 10-Q 申報文件；上述文件皆可於我們網站 cooperco.com 查閱。

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

另外提醒各位，我們在本次電話會議中提供的非 GAAP 財務資訊，是作為 GAAP 資訊的補充。我們鼓勵您同時參考 GAAP 與非 GAAP 口徑下的結果，並查閱財報新聞稿中所提供的調節表；該新聞稿可於我們網站投資人關係（Investor Relations）專區的「季度資料」（Quarterly Materials）中取得。若您在會後仍有其他問題，請寄送電子郵件至 ir@cooperco.com。

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

接下來我將把電話交給 Al，請他發表開場致詞。

Thank you, Kim, and welcome, everyone to our Q2 earnings call. We delivered record revenue and non-GAAP earnings this quarter with revenues growing 8% to $1.08 billion and non-GAAP earnings per share increasing 26% to $1.21. This marks our tenth consecutive quarter of beating consensus earnings expectations demonstrating the consistency and disciplined execution of our operating model. We also generated another quarter of robust free cash flow, reinforcing confidence in the strength and durability of our cash generation.

謝謝你，Kim，也歡迎各位參加我們第二季（Q2）財報電話會議。本季我們創下營收與非 GAAP 盈利的新高，營收成長 8% 至 10.8 億美元，非 GAAP 每股盈餘成長 26% 至 1.21 美元。這是我們連續第十個季度優於市場一致預期的盈餘表現，展現我們營運模式的一致性與紀律執行力。我們也再度創造強勁的自由現金流，進一步強化市場對我們現金創造能力之強度與持久性的信心。

CooperVision reported a solid quarter with revenues increasing 8%, or 4% organically, driven by continued strength in the Americas and momentum in EMEA. CooperSurgical also performed well with revenues up 8% or 6% organically, led by our fertility business growing 13%, or 10% organically. We also delivered meaningful operating margin expansion this quarter as back-office consolidation and efficiency initiatives continue to deliver operating leverage, especially within CooperSurgical. Overall, our results reflect steady execution against our strategy of driving sustainable, profitable growth through innovation, new product introductions, leveraging our infrastructure, generating free cash flow, and gaining market share.

CooperVision 本季表現穩健，營收成長 8%，或以有機口徑計成長 4%，主要受美洲地區持續強勁以及 EMEA 動能帶動。CooperSurgical 同樣表現良好，營收成長 8%，或以有機口徑計成長 6%，其中以我們的生殖（fertility）業務成長 13%（有機成長 10%）領軍。本季我們也實現顯著的營業利益率擴張，後勤整併與效率提升計畫持續帶來營運槓桿，尤其在 CooperSurgical 更為明顯。整體而言，我們的結果反映出對策略的穩健執行：透過創新、新產品導入、槓桿化既有基礎設施、創造自由現金流，以及提升市占率，推動可持續且具獲利性的成長。

Now before moving into the quarterly details, let me address two key topics. First is our strategic review. We initiated this process to evaluate opportunities to unlock long-term shareholder value across a range of potential outcomes. At the same time, we've been working through litigation related to a December 2023 embryo culture media recall in our fertility business. We've now reached settlements with substantially all of the claimants in this case as disclosed in the Form 8-K, which was filed this evening with our earnings release. With that done, we are now actively advancing discussions with multiple parties that have submitted significant indications of interest in CooperSurgical. To summarize that activity, we've received robust interest in CooperSurgical and in conjunction with our Board and the assistance of our advisers, we're focused on identifying the optimal path forward to maximize shareholder value. CooperSurgical's strong performance, highlighted by record revenue and non-GAAP earnings this past quarter, strengthens our confidence in the business and underscores our view that this is a very valuable asset. That said, we are working with speed and plan to provide a more definitive update to the market soon.

在進入季度細節之前，我先說明兩個重點議題。第一是我們的策略性檢視（strategic review）。我們啟動此流程，旨在評估在多種可能結果下，釋放長期股東價值的機會。同時，我們也在處理與生殖業務中 2023 年 12 月胚胎培養液召回相關的訴訟。如同我們在 Form 8-K 中所揭露（該文件已於今晚隨同財報新聞稿一併提交），我們目前已與本案中幾乎所有索賠方達成和解。在此告一段落後，我們正積極推進與多方的討論，這些對象已就 CooperSurgical 提交具重大意向的興趣表示。總結而言，我們已收到對 CooperSurgical 的強勁興趣；在董事會及顧問團隊的協助下，我們專注於找出最佳前進路徑，以最大化股東價值。CooperSurgical 的強勁表現——本季創下營收與非 GAAP 盈利新高——提升了我們對該業務的信心，也凸顯我們認為這是一項極具價值的資產。儘管如此，我們正加速推進，並計畫在不久後向市場提供更明確的更新。

Second is an update on our capital allocation strategy. We remain focused on investing in high-return organic growth opportunities, maintaining balance sheet flexibility and repurchasing shares. While buybacks were limited this quarter, they remain a core part of our strategy, and we expect to be significantly more active moving forward.

第二是我們資本配置策略的最新進展。我們仍專注於投資高報酬的有機成長機會、維持資產負債表的彈性，並進行庫藏股回購。雖然本季回購規模有限，但回購仍是我們策略的核心之一，且我們預期未來將更積極進行。

With that, let's turn to our Q2 performance, starting with CooperVision. After achieving an 18th consecutive year of share gains in 2025, our focus is on extending that streak. We remain the number one global contact lens company with roughly one third of all wearers using CooperVision lenses and we expect this leadership position to continue serving as a key driver of revenue share gains as wearers continue transitioning to daily silicone hydrogel lenses. Additionally, our leadership position in pediatric myopia control through MiSight will remain an important growth driver.

接著我們來看第二季表現，先從 CooperVision 開始。在 2025 年達成連續第 18 年市占提升後，我們的重點是延續這項紀錄。我們仍是全球第一大隱形眼鏡公司，約有三分之一的配戴者使用 CooperVision 鏡片；隨著配戴者持續轉向每日拋矽水膠鏡片，我們預期此領先地位將持續成為推動營收市占提升的關鍵動能。此外，我們透過 MiSight 在兒童近視控制領域的領導地位，仍將是重要的成長驅動力。

For the quarter, CooperVision delivered revenue of $724 million, driven by share gains in both the Americas and EMEA. The Americas grew 7%, supported by continued strength in premium lenses, while EMEA increased 6%, fueled by strong demand for MyDay and MiSight, further reinforcing our number one position in that region for both revenue and wearers. In Asia Pac, revenue declined 6% as we continue repositioning our portfolio including rationalizing legacy hydrogel products and manage through broader market softness across the region, including greater-than-expected weakness in Japan, which created additional headwinds and further pressured our results.

本季 CooperVision 營收為 7.24 億美元，主要由美洲與 EMEA 兩地的市占提升所帶動。美洲成長 7%，受高階鏡片持續強勁支撐；EMEA 成長 6%，由 MyDay 與 MiSight 的強勁需求推動，進一步鞏固我們在該區域於營收與配戴者數量方面的第一名地位。亞太地區營收下滑 6%，因我們持續調整產品組合，包括精簡傳統水膠（hydrogel）產品，並因應區域整體市場走弱；其中日本疲弱程度高於預期，帶來額外逆風並進一步壓抑我們的業績表現。

Turning to products, daily silicone hydrogel lenses grew 8% with our flagship MyDay brand delivering double-digit growth driven by expanding customer partnerships and success with premium products. We also saw gains across both branded and private label channels with improvement across all regions and particular strength in multifocals and Energys. Both of these products remain key growth drivers as we continue rolling them out in new markets. The multifocal has excellent momentum supported by its next-generation optical design that enables an easy-to-fit lens with consistent performance across different lighting conditions, distances, and patient profiles. And Energys continues to perform exceptionally well benefiting from its innovative design that combines premium optics with advanced material technology designed specifically for maximum comfort in today's always on digital lifestyle.

在產品方面，每日拋矽水膠鏡片成長 8%，其中我們的旗艦品牌 MyDay 受惠於擴大客戶合作夥伴關係及高階產品的成功，實現雙位數成長。我們在品牌與自有品牌（private label）通路也都看到成長，各區域均有改善，尤其在多焦點（multifocal）與 Energys 產品上表現突出。隨著我們持續在新市場推廣，這兩項產品仍是關鍵成長動能。多焦點產品在其新一代光學設計的支撐下動能極佳，可提供易於驗配的鏡片，並在不同光線條件、距離與患者輪廓下維持一致表現。Energys 亦持續表現出色，受惠於其創新設計，結合高階光學與先進材料技術，專為在當今隨時連線的數位生活型態中提供最大舒適度而打造。

With respect to clariti, we continue to upgrade the portfolio including upcoming launches of our next-generation multifocal in EMEA and Asia Pac, and the toric and multifocal launch in Japan.

就 clariti 而言，我們持續升級產品組合，包括即將在 EMEA 與亞太推出下一代多焦點產品，以及在日本推出散光（toric）與多焦點產品。

Turning to our FRP portfolio. Biofinity delivered strong results, growing 5% organically. Growth was led by toric and multifocal lenses including our market-leading extended ranges and made-to-order offerings. Parameter breadth continues to be a key driver for Biofinity supported by our highly innovative and flexible manufacturing platforms that offer more than six times the prescription options than all other monthly brands combined. As a result, eye care practitioners can fit virtually any patient who walks through the door using just this one product family.

接著談我們的 FRP 產品組合。Biofinity 表現強勁，以有機口徑計成長 5%。成長主要由散光與多焦點鏡片帶動，包括我們市場領先的延伸度數範圍（extended ranges）與客製化訂製（made-to-order）產品。參數廣度持續是 Biofinity 的關鍵驅動因素，背後由我們高度創新且具彈性的製造平台所支撐，提供的處方選項超過其他所有月拋品牌合計的六倍以上。因此，眼科照護專業人員幾乎可以僅使用這一個產品家族，就為走進診間的任何患者完成驗配。

Turning to Myopia Control, MiSight delivered an excellent quarter growing 24% to $32 million. Our newest market, Japan is exceeding expectations with strong and accelerating momentum. We recently hosted the 6th annual Asia Pac Myopia Management Summit in Tokyo, highlighting the clinical performance and patient benefits of MiSight and are seeing increased awareness and adoption following the event. Also, our recent launch of the highly innovative MyDay MiSight in Europe is performing extremely well as eye care practitioners absolutely love this product. And we're seeing a similar reception as we expand availability globally. At the same time, we're increasing our consumer awareness activity during the high-demand back-to-school period by having multiple markets run national marketing campaigns to further build parent awareness. Overall, these initiatives spanning innovation, geographic expansion, customer partnerships, and consumer activation, reinforce our confidence and MiSight's continued robust growth.

談到近視控制，MiSight 本季表現亮眼，成長 24% 至 3,200 萬美元。我們最新的市場日本表現超出預期，動能強勁且持續加速。我們近期在東京主辦第 6 屆年度亞太近視管理高峰會，強調 MiSight 的臨床表現與患者效益，活動後我們看到市場認知與採用率提升。此外，我們近期在歐洲推出高度創新的 MyDay MiSight，表現極佳，眼科照護專業人士非常喜愛這項產品。隨著我們在全球擴大供應，也看到類似的市場反應。同時，在需求旺盛的返校季期間，我們加大消費者認知活動，讓多個市場推出全國性行銷活動，以進一步提升家長認知。整體而言，這些涵蓋創新、地理擴張、客戶夥伴關係與消費者啟動的舉措，強化了我們的信心，也支持 MiSight 持續強勁成長。

Turning to CooperSurgical. Q2 revenue reached $358 million, reflecting growth of 8% or 6% on an organic basis. Within this fertility performed well, growing 10% organically to $144 million. Growth was driven by strength across our leading global portfolio of products and services, including capital equipment where we saw strength in the US and continued global momentum from Witness, our highly successful automated lab tracking system. These capital sales provided a near-term lift while also positioning us for longer-term growth as they drive incremental consumable demand over time. Additionally, late quarter buy-in activity in the Middle East contributed to performance as distributors restocked following the reopening of airspace. Geographically, results were led by EMEA where we continue gaining share, and solid performance in the Americas. Asia Pac was mixed with softness in China offset by strength in other markets. By product category, growth was led by genomics, capital equipment, and consumables supported by new clinic wins, expansion within existing accounts, and continued adoption of recently launched products. Looking ahead, underlying fertility trends remain healthy, and we anticipate continued strength in the back half of the year with fertility expected to grow in the mid-single-digit range. The long-term outlook also remains positive, supported by a strong innovation pipeline, particularly in our equipment portfolio.

接著談 CooperSurgical。第二季營收達 3.58 億美元，成長 8%，以有機基礎計算成長 6%。其中，生殖醫療表現良好，有機成長 10% 至 1.44 億美元。成長動能來自我們領先的全球產品與服務組合全面走強，包括資本設備；我們在美國看到強勁表現，且 Witness（我們非常成功的自動化實驗室追蹤系統）在全球持續展現動能。這些資本設備銷售帶來短期提振，同時也為長期成長奠基，因為隨時間推進將帶動額外的耗材需求。此外，本季末中東地區的提前備貨也對表現有所貢獻，因為空域重新開放後，經銷商進行補庫。就地區而言，業績由 EMEA 領先，我們持續提升市占；美洲亦有穩健表現。亞太表現分歧，中國疲弱被其他市場的強勁所抵銷。就產品類別而言，成長由基因體學、資本設備與耗材帶動，並受惠於新診所客戶導入、既有客戶擴張，以及近期上市產品的持續採用。展望未來，生殖醫療的基本趨勢仍然健康，我們預期下半年將持續強勁，生殖醫療預計以中個位數成長。長期展望亦維持正向，並由強勁的創新產品線所支撐，尤其是在我們的設備產品組合方面。

Regarding the overall global fertility market, we continue to expect steady improvement supported by improving cycles and increasing investments in technology and workflow optimization by fertility clinics. The fundamental drivers of the industry also remain intact, including the ongoing trend of delayed childbirth and expanding access to care. This was recently highlighted in the US with updated CDC data showing US fertility rates fell in 2025 to a new annual low of 3.6 million births. Within this, women aged 30 and older now comprise 53% of all births and for the first time in the US, more babies were born to women 40 and above than to women under 20. In response to these trends, support for expanding IVF coverage is growing. For example, in California, starting in January this year, most large group health plans with over 100 employees are now required to cover IVF and infertility treatments, significantly increasing access to care.

就整體全球生殖醫療市場而言，我們仍預期在療程週期改善，以及生殖診所加大對技術與工作流程優化投資的支持下，市場將穩步改善。產業的基本驅動因素也依然存在，包括延後生育的長期趨勢與醫療可近性擴大。這點近期在美國亦有所體現：CDC 更新數據顯示，美國 2025 年生育率降至年度新低，出生數為 360 萬。其中，30 歲及以上女性目前占所有出生的 53%；且在美國史上首次，40 歲及以上女性所生的嬰兒數多於 20 歲以下女性。因應這些趨勢，擴大 IVF（試管嬰兒）給付範圍的支持正在增加。例如在加州，自今年 1 月起，多數員工超過 100 人的大型團體健康保險計畫，現已被要求涵蓋 IVF 與不孕症治療，顯著提升醫療可近性。

Moving to Office and Surgical products and services, sales reached $214 million, up 4%. Medical Devices grew a healthy 6% as our surgical OB/GYN and specialty devices continued to deliver strong performance. And Paragard came in ahead of expectations, delivering flat revenue for the quarter.

接著談辦公室與手術產品及服務，銷售額達 2.14 億美元，成長 4%。醫療器材成長穩健達 6%，因我們的婦產科手術器材與專科器材持續交出強勁表現。而 Paragard 也優於預期，本季營收持平。

Now before I turn the call over to Brian, let me conclude with a few comments on our revenue guidance. For CooperVision, we're guiding to full year organic growth of 3.5% to 4.5%. Similar to our peers, we expect market growth at the low end of the historical 4% to 6% range with Asia Pac weighing on the category while EMEA and the Americas remain healthy. Importantly, this softness is regional not global, and we view it as temporary as Asia Pac resets amid economic pressure, especially in China and Japan and to a lesser extent, Korea. Specifically, for CooperVision, we now expect Asia Pac to decline in Q3 with pressure from both the market and our ongoing rationalization of legacy hydrogel products. That said, we now have full regional leadership in place, including a new regional head, and new country managers in Japan, Korea and China and we're seeing strengthening execution and commercial discipline including progress on MyDay contract wins and product launches. Outside of Asia Pac, demand remains solid for premium products, including daily silicone hydrogel lenses, as well as torics and multifocals. For CooperSurgical, our guidance is unchanged at 4% to 5% organic growth.

在把電話會議交給 Brian 之前，我先就我們的營收指引做幾點總結。就 CooperVision 而言，我們預期全年有機成長 3.5% 至 4.5%。與同業類似，我們預期市場成長落在歷史 4% 至 6% 區間的低端；其中亞太將對類別造成壓力，而 EMEA 與美洲仍維持健康。重要的是，這種疲弱是區域性的而非全球性的；我們認為這是暫時現象，因亞太在經濟壓力下進行調整，尤其是中國與日本，韓國影響相對較小。具體而言，就 CooperVision 而言，我們目前預期亞太在第三季將下滑，壓力同時來自市場環境以及我們持續對傳統水膠（hydrogel）產品進行合理化調整。不過，我們現已完成區域領導團隊配置，包括新任區域負責人，以及日本、韓國與中國的新任國家經理；我們也看到執行力與商業紀律正在強化，包括 MyDay 合約得標與產品上市的進展。在亞太以外，高階產品需求仍然穩健，包括每日拋矽水膠鏡片，以及散光與多焦點產品。就 CooperSurgical 而言，我們的指引維持不變，仍為有機成長 4% 至 5%。

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

那麼，接下來我把電話會議交給 Brian。

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，Al，各位下午好。我大部分的評論將以非 GAAP 基礎進行，因此請參閱今天的財報新聞稿，以取得 GAAP 與非 GAAP 結果之間的調節表。

For the second fiscal quarter, consolidated revenue was $1.08 billion, representing an 8% increase year over year or 5% on an organic basis. Gross margin of 68.1% was roughly flat year over year as positive currency offset higher costs, including tariffs. Operating expenses rose just 1% reflecting benefits from last year's reorganization that delivered efficiencies across the organization. This progress is particularly evident at CooperSurgical where expenses declined year-over-year for the second consecutive quarter. Importantly, this significant operating leverage has been achieved while continuing to invest in key revenue growth initiatives.

在第二個會計季度，合併營收為 10.8 億美元，年增 8%，以有機基礎計算成長 5%。毛利率為 68.1%，與去年同期大致持平，因正向匯率影響抵銷了包括關稅在內的成本上升。營業費用僅上升 1%，反映去年重組所帶來的效益，並在整個組織中提升效率。這項進展在 CooperSurgical 尤其明顯，其費用已連續第二季較去年同期下降。重要的是，我們在持續投資關鍵營收成長計畫的同時，也實現了顯著的營運槓桿。

Operating income increased 19% resulting in a 27.5% operating margin. Interest expense was $20.9 million, and the effective tax rate was 15.4%. Non-GAAP EPS grew 26% to $1.21 with roughly 196 million average shares outstanding. Strong free cash flow of $96 million was used to reduce net debt to $2.3 billion and repurchased $13 million of stock.

營業利益成長 19%，使營業利益率達 27.5%。利息費用為 2,090 萬美元，有效稅率為 15.4%。非 GAAP 每股盈餘（EPS）成長 26% 至 1.21 美元，平均流通在外股數約 1.96 億股。強勁的自由現金流 9,600 萬美元用於將淨負債降至 23 億美元，並回購 1,300 萬美元股票。

Before moving to guidance, let me address the litigation charge we took this quarter. In December of 2023, CooperSurgical initiated a voluntary recall of one batch of embryo culture media consisting of three specific lots which led to claims and lawsuits being filed across various jurisdictions alleging damages associated with the use of the product. Between December 2023 and mid-March 2026, we resolved a significant number of claims and lawsuits through settlements, which were largely covered by insurance. From mid-March 2026, we identified developments which resulted in a reassessment of our exposure. With this, we proceeded with negotiations and reached settlement agreements covering over 95% of claimants. Based on this, we concluded that a loss was probable and reasonably estimable, particularly with respect to potential exposure exceeding available insurance coverage. The net impact to resolve outstanding claims was $271.6 million, consisting of $324.1 million of accrued settlement, partially offset by $52.5 million of insurance recoveries. We have excluded this charge from our non-GAAP earnings. Additional information regarding this matter is provided in the Form 8-K filed today with the earnings release, and further accounting details will be included in our Form 10-Q, which we anticipate filing tomorrow, June 5.

在進入指引之前，我先說明本季我們認列的訴訟費用。2023 年 12 月，CooperSurgical 主動召回一批胚胎培養液，包含三個特定批號，因而在多個司法管轄區出現索賠與訴訟，主張因使用該產品而造成損害。在 2023 年 12 月至 2026 年 3 月中旬期間，我們透過和解解決了相當數量的索賠與訴訟，且大多由保險承擔。自 2026 年 3 月中旬起，我們發現若干進展，導致我們重新評估曝險。因此，我們展開協商並達成和解協議，涵蓋超過 95% 的索賠人。基於此，我們判定損失很可能發生且可合理估計，特別是就可能超出可用保險保障範圍的曝險而言。解決未結索賠的淨影響為 2.716 億美元，其中包含 3.241 億美元的應計和解金，並由 5,250 萬美元的保險理賠回收部分抵銷。我們已將此費用自非 GAAP 盈餘中排除。關於此事項的更多資訊已載於今日隨財報新聞稿一併提交的 Form 8-K；更進一步的會計細節將納入我們的 Form 10-Q，我們預計於明天 6 月 5 日提交。

Turning to the full year fiscal 2026 guidance, we've updated expectations with revenues expected to be roughly $4.28 billion to $4.32 billion, reflecting growth of 5% to 6%, or organic growth of 3.5% to 4.5%. CooperVision revenue is expected to be in the range of roughly $2.88 billion to $2.91 billion, up 5% to 6%, or 3.5% to 4.5% organically and CooperSurgical remains essentially unchanged with a range of roughly $1.4 billion to $1.41 billion, up 4% to 5% as reported and organically. Interest expense is expected to be around $85 million and the effective tax rate is expected to be around 15.5%. For earnings, we're maintaining guidance at $4.58 to $4.66 and we're increasing our 2026 free cash flow outlook to roughly $650 million, excluding any litigation payouts, the majority of which we do expect will be made during fiscal 2026. There are several key considerations underlying this guidance. As discussed on prior earnings calls, we continue to expect gross margins to decline year-over-year. For the third quarter specifically, we expect gross margins of approximately 66%. This is primarily driven by unfavorable FX and certain higher costs, including tariffs, freight and the impact of lower production at CooperVision where success from our new AI-enhanced inventory control system is allowing us to reduce inventory levels. Importantly, while this inventory work will occur over time, it benefits free cash flow reinforcing our confidence in our 2026 free cash flow objectives and in achieving $2.2 billion in free cash flow from 2026 through 2028.Regarding tariffs, our guidance assumes approximately $22 million this fiscal year but does not include any potential tariff refunds. Should refunds materialize, they could be as much as $15 million and would provide meaningful upside. This guidance also does not include any accretion from share repurchases.

談到 2026 會計年度全年財測指引，我們已更新預期：營收預計約為 42.8 億美元至 43.2 億美元，反映 5% 至 6% 的成長，或有機成長 3.5% 至 4.5%。CooperVision 營收預計約為 28.8 億美元至 29.1 億美元，年增 5% 至 6%，或有機成長 3.5% 至 4.5%；CooperSurgical 基本維持不變，預計約為 14.0 億美元至 14.1 億美元，按報告口徑及有機口徑皆成長 4% 至 5%。利息費用預計約為 8,500 萬美元，有效稅率預計約為 15.5%。在獲利方面，我們維持每股盈餘指引在 4.58 美元至 4.66 美元，同時將 2026 年自由現金流展望上調至約 6.5 億美元（不含任何訴訟賠付），其中大部分我們預期將於 2026 會計年度期間支付。此指引背後有幾項關鍵考量。如同先前財報電話會議所討論，我們仍預期毛利率將較去年同期下滑。就第三季而言，我們預期毛利率約為 66%。這主要是由不利的匯率影響以及若干較高成本所致，包括關稅、運費，以及 CooperVision 產量較低的影響；而我們新的 AI 強化庫存控制系統的成效，正讓我們得以降低庫存水位。重要的是，雖然這項庫存工作將隨時間推進，但它有助於自由現金流，強化我們對 2026 年自由現金流目標的信心，以及對於在 2026 至 2028 年期間達成 22 億美元自由現金流的信心。關於關稅，我們的指引假設本會計年度約 2,200 萬美元，但未納入任何潛在的關稅退還。若退還實現，金額可能高達 1,500 萬美元，並將帶來顯著上行空間。此指引亦未包含股票回購帶來的任何增益。

With that, I will turn it over to the operator for questions.

接下來，我把時間交給接線員進行提問。

(Operator Instructions) Jeff Johnson, Baird.

(接線員指示) Baird 的 Jeff Johnson。

Thank you. Good afternoon, guys. Can you hear me okay?

謝謝。各位下午好。你們聽得到我嗎？

Yes. Hi, Jeff.

聽得到。嗨，Jeff。

So a couple of questions here. Let me just start first on APAC, expecting another quarter of declines. I think we're four quarters in a row now flat to down. You do swing from kind of a plus 5% comp that you came against this quarter when you did the minus 6% to a negative 5% comp if my model is correct.

我這邊有幾個問題。我先從亞太（APAC）開始，你們預期又是一季下滑。我想我們現在已經連續四季持平到下滑。如果我的模型沒錯，你們本季面對的是約 +5% 的比較基期（comp），而你們做出 -6%；接下來則會轉為約 -5% 的比較基期。

What are the drivers of that staying negative on top of a negative 5% comp? And just any progress you're making on getting through some of those older hydrogel and any other updates you can provide on what's going on in Asia Pac? And I have one MiSight follow-up question.

在比較基期為 -5% 的情況下，仍維持負成長的驅動因素是什麼？另外，你們在消化一些較舊的水膠（hydrogel）產品方面有什麼進展？以及你們能否提供任何其他更新，說明亞太地區目前的狀況？我還有一個關於 MiSight 的追問。

Sure. Yes, you're exactly right from a comp perspective on how we move from Q2 to Q3. I would say the difference in that market from what we've seen in prior quarters is softness in the market itself. That Asia Pac market, especially when we look at Japan and China, is softer than we anticipated it was going to be. It looks like it's going to continue to be soft when talking about the market. We're continuing to do what we're doing, which is executing on MyDay and repositioning the products and rationalizing the hydrogels, but we're doing it in a market that's now considerably softer than when we started the process. We still have a little ways to go on rationalizing the hydrogel products, and it's going to continue to put pressure on us maybe all through 2027. But we're starting to get it behind us. The numbers are starting to get smaller, so the impact is at least being reduced.

當然。是的，就比較基期而言，你對我們從第二季到第三季的變化判斷完全正確。我會說，與前幾季相比，這個市場的差異在於市場本身轉弱。亞太市場，特別是日本與中國，比我們原先預期的更疲弱。從我們對市場的觀察來看，疲弱狀況看起來還會持續。我們仍在持續做我們正在做的事，也就是推進 MyDay、重新定位產品並精簡水膠產品線，但我們是在一個比我們啟動這個流程時明顯更疲弱的市場中進行。我們在精簡水膠產品方面仍有一段路要走，這可能會持續對我們造成壓力，甚至可能一路延續到 2027 年。但我們正開始把它處理到尾聲。相關數字正在變小，因此影響至少正在降低。

All right. Let me just pull on that thread and I'll just ask my MiSight question on the call back tonight. But just as you talk about that potentially continuing through 2027, And I know it's hard to predict where the market goes, but especially for your part of the business on reducing some of that FRP exposure there or the hydrogel exposure, should we think about Asia Pac being flat as we get into 2027? Are we going to stay in negative territory for the next six quarters? And again, I know it's hard to predict and you don't guide by geography or product line, but just on that comment, if you can provide any color. Thanks.

了解。我先順著這個話題問到這裡，MiSight 的問題我今晚回撥再問。不過你提到可能會一路延續到 2027 年；我知道市場走向很難預測，但就你們這部分業務而言，在降低那邊的 FRP 曝險或水膠曝險之後，我們是否應該把 2027 年的亞太視為持平？接下來六個季度我們會一直維持負成長嗎？同樣地，我知道這很難預測，而且你們也不按地區或產品線提供指引，但針對你剛剛的評論，若能提供一些方向性的說明。謝謝。

IIt will be dependent largely on what that market does. I think we get to a point here probably even in Q4, not this quarter, but next quarter, where we're going to be essentially in line with market. I think we'll probably grow in line with market in 2027.

這在很大程度上將取決於市場本身的表現。我認為我們可能會在第四季左右（不是本季，而是下一季）到達一個點，屆時我們的表現基本上會與市場一致。我認為 2027 年我們大概會跟著市場同步成長。

It will end up being dependent on that market. Right now, I would probably argue that market is essentially flat. It might even be down a little bit, but flat down. So we'll see what the market does, but I think we'll at least be back in line with the market in Q4 of this year and through 2027.

最終仍將取決於市場。就目前而言，我可能會認為市場基本上是持平。甚至可能略為下滑，但大致是持平到小幅下滑。所以我們會觀察市場走勢，但我認為至少在今年第四季以及整個 2027 年，我們會回到與市場一致的表現。

Jon Block, Stifel.

Stifel 的 Jon Block。

Great, thanks, guys. Good afternoon. Maybe I'll just start with the strategic review for CSI. I'm just curious has that interest that you cited from multiple parties, is that for the entire CSI business? Or is it, call it, different parties more looking for different pieces of the business? Any color that you can provide and sort of elaborate there?

很好，謝謝各位。下午好。我先從 CSI 的策略檢討（strategic review）開始。我想了解一下，你們提到來自多方的興趣，這是針對整個 CSI 業務嗎？還是說，不同的買方更想要業務中的不同部分？你們能否提供一些說明並進一步闡述？

Sure. We’ve received significant interest in the entire business and in pieces of the business, both. But I would say there's a sufficient number of parties that have given indications of interest on the entire business. That's how we're moving forward.

當然。我們確實收到對整體業務以及對業務部分資產的高度興趣，兩者都有。但我會說，有足夠多的潛在方已表達對整個業務的興趣。因此我們會以此方向往前推進。

Okay. Fair enough. And then, Brian, I'll do some sort of real-time math, which is always dangerous. But the 1H EPS for the year is, I think, $2.31, if I've got that right, it's exactly 50% of the full year guidance at the midpoint. And for each of the past three years, 1H was closer to about 45% or 46%. So in other words, like that would sort of imply maybe some upside to the EPS guidance. I know you called out maybe those inventory dynamics with AI, better controlling the inventory. And so therefore, less consumption. But is that everything? Or why would you have that delta relative to past years when it does seem like you guys are doing a really, really good job on the OpEx side of things?

好的。了解。接著，Brian，我來做一點即時計算，這總是有點危險。但我認為上半年（1H）的全年 EPS 是 2.31 美元，如果我沒算錯，這剛好是全年指引中點的 50%。而在過去三年，上半年通常更接近約 45% 或 46%。換句話說，這似乎暗示 EPS 指引可能有一些上行空間。我知道你提到一些與 AI 相關的庫存動態，能更好地控制庫存。因此消耗更少。但這就是全部原因嗎？或者，為什麼相較過去幾年會出現這個差異，因為看起來你們在營業費用（OpEx）方面做得非常、非常好？

Hi, Jon, thanks for the question. Certainly, we are driving strong operational results, top to bottom, including stronger sales, margins, leverage. My guess is that there is a little bit of a mismatch really between how the Street and we modeled FX for the year. I gave an FX tailwind last quarter of 1% for the year. What you saw in the first half was a pretty decent amount of FX favorability that flowed through the bottom line. The EPS percentage growth that you saw in the 20s between Q1 year over year in Q2 is a direct result of all the work we've done exiting Q4 to drive a stronger operating model. But the FX favorability when I talked about the 1%, –that was really driven by a first half phenomenan. What you see in the second half of the year is really FX turning decently negative. And so that starts here in Q3 with an FX negative to Q3. And then again, here in Q4. So it's probably just a bit of a timing and modeling phenomenon, if you will. But if that continued strong operational delivery with the noise around tariffs and some of those other costs that I talked about.

嗨，Jon，謝謝你的提問。確實，我們正自上而下推動強勁的營運成果，包括更強的銷售、毛利率與營運槓桿。我猜測，主要是華爾街與我們對全年外匯（FX）的建模之間，確實存在一些落差。我在上一季提到，今年外匯將帶來1%的順風。你在上半年看到的是，相當可觀的外匯有利因素流入了最終盈餘。你看到的EPS年增率在20%多（介於Q1年增與Q2年增之間），是我們在Q4結束後所做的所有工作、用以打造更強營運模式的直接成果。但我談到那1%的外匯有利因素時——那其實主要是由上半年的現象所驅動。你在下半年看到的，實際上是外匯轉為相當程度的不利。因此，這從Q3開始就會反映為Q3的外匯不利。然後在Q4也是如此。所以如果你願意這麼說，這大概只是一些時間點與建模上的現象。但若看我們持續強勁的營運交付，以及我提到的關稅雜音與其他一些成本。

Helpful, thanks, Brian.

很有幫助，謝謝你，Brian。

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

Hey, Good afternoon. I'll actually follow up real quick here on the guide. A couple of pieces here. Just really in the context of you beat consensus by $0.11. We're not touching the guide here for the rest of the year. Just is that a little bit of conservatism, a little bit of maybe some of the uncertainty around APAC demand on the CVI side. Just trying to juxtapose that against raising last quarter when you beat as well. So just is there something different here as we think about the philosophy?

嗨，下午好。我想在指引（guidance）上很快追問一下。這裡有幾個點。在你們比市場共識高出0.11美元的背景下，你們並沒有調整今年剩餘期間的指引。這是否代表有一點保守，或是因為CVI端對亞太（APAC）需求的不確定性？我只是想把這點和上一季你們同樣超預期、但卻上調指引的情況做個對照。所以在理念上，這次有什麼不同嗎？

And then on the $2.2 billion free cash flow figure, I just want to confirm that's more of an adjusted figure that doesn't account for the litigation outflow that we got over the settlement that we learned about today.

另外，關於22億美元的自由現金流數字，我想確認一下，這是否比較像調整後的數字，沒有把我們今天得知的和解所帶來的訴訟現金流出算進去。

Sure. I'll take the second one first, and maybe Al can jump in on the first one. On the $2.2 billion free cash flow, that is inclusive of our expected payouts related to litigation. What I'm trying to convey here is we are delivering strong operating results this year, and I expect that to continue. The work we're doing to optimize inventory through the use of our technology-enabled systems, our supply chain system that I mentioned in my prepared remarks, are helping us to drive better inventory balances. While that puts a little bit of a pressure on gross margins for the remainder of this year and next year, it does have a positive impact on driving free cash flow. So the $2.2 billion is essentially an increase from where we were to start the year with respect to the litigation because we're hurdling that litigation and reiterating the $2.2 billion of free cash flow.

好的。我先回答第二個問題，第一個問題也許Al可以補充。關於22億美元的自由現金流，這個數字已包含我們預期與訴訟相關的支付。我想傳達的是，我們今年正交出強勁的營運成果，而且我預期這種表現會持續。我們透過技術賦能系統來最佳化庫存的工作——也就是我在事先準備的發言中提到的供應鏈系統——正在幫助我們達成更好的庫存水位。雖然這會在今年剩餘期間以及明年對毛利率造成一些壓力，但它確實能對自由現金流帶來正面影響。因此，22億美元基本上是相較於年初我們對訴訟的起點預期有所提高，因為我們正在跨越（hurdling）這項訴訟，同時重申22億美元的自由現金流。

On your first question on why the EPS guidance is remaining the same, Ilike I said earlier to Jon, the FX, as we modeled didn't change for Q2. The year-over-year impact for Q2 was $0.08, –and we expected it to be $0.08 when we exited Q1. Really, the delta is just the impact of the FX unfavorability in the second half. Certainly, we are expecting some higher costs. I think it's a balanced guidance, and we've taken down CooperVision revenues a little bit. But I think the guidance is prudent where we've set it and believe that we're putting ourselves in a position to deliver.

至於你第一個問題：為什麼EPS指引維持不變——就像我先前對Jon說的，我們對外匯（FX）的建模在Q2並沒有改變。Q2的年對年影響是0.08美元——而且我們在Q1結束時就預期會是0.08美元。真正的差異（delta）只是下半年外匯不利的影響。當然，我們也預期成本會更高一些。我認為這是一個平衡的指引，我們也把CooperVision營收稍微下調了一點。但我認為我們設定的指引是審慎的，並相信我們正把自己放在一個能夠達成交付的位置上。

All right. Helpful. Just maybe one follow-up here on the share repo strategy. Like the stock is as cheap as it's been in a long time. But obviously, this is a lower buyback activity period relative to what we saw last quarter. Were you blacked out at all from buying back stock in the quarter? Was U.S. free cash an issue? I'm just trying to figure out just how we think about the approach that you took here in the quarter. I hear what you're saying on being more active going forward. But was there something else that limited the activity here in the fiscal second quarter?

好的。很有幫助。我再追問一下股票回購策略。這檔股票的估值已經便宜到很久沒見的程度。但很明顯，這一季的回購活動相較於上一季是比較低的。你們這一季有因為禁售期（blacked out）而無法回購嗎？是美國境內可用自由現金有問題嗎？我只是想了解，我們該如何看待你們本季採取的做法。我聽到你說未來會更積極。但在本財年第二季，是否還有其他因素限制了回購活動？

Yeah, Jason, there was. We started purchasing a few shares back, a very small amount, essentially a few days after we reported earnings but then took a conservative position on share buybacks given other activity. We do not have those restrictions now and would anticipate exiting this call being much more aggressive on share buybacks going forward.

是的，Jason，確實有。我們在公布財報後幾天就開始回購了一些股票，金額非常小，基本上只是回購了少量股份；但考量到其他活動，我們對股票回購採取了較保守的立場。我們現在已沒有那些限制，並預期在這通電話結束後，未來在股票回購上會更積極。

Understood. Thanks so much.

了解。非常感謝。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，Wells Fargo。

Hey, Al. I'm actually going to ask two on the strategic review you talked about. I'll just ask the first one. And then after you answer, the second one. So historically, I think you've believed that it made sense to keep CVI and CSI together. What's changed for you? That's the first question.

嗨，Al。我其實想就你提到的策略檢討（strategic review）問兩個問題。我先問第一個。你回答後我再問第二個。所以從歷史上看，我想你們一直認為把CVI和CSI放在一起是合理的。你們的想法有什麼改變？這是第一個問題。

Sure. The reason I like keeping them together was for flexibility. One had a good quarter, one didn't, we were able to move things around. We have a lot of cash flow as a combined business. And I always believed that we would be able to get significant back office synergies out of the business once we stopped doing acquisitions and had a chance to do that, which we did. We stopped doing acquisitions, it’s been, what, 1.5 years or almost two years since we've done an acquisition. And you're seeing the leverage that we are able to drive through back office consolidation, deliver the earnings this quarter that we just hadand the increase in cash flow. So I still like that piece of it. But I also look at the market right now, and I look at where our valuation is today, which I believe is absurd, I look at the strength of the CooperSurgical business, and we're in a position right now, and we're probably not alone within the medical device industry where there's a good argument that private investors are willing to pay a premium price over the public markets. If that is the case, and it certainly appears that may be the case, then we're going to do what's best for our shareholders. And if what's best for our shareholders is to transact then that is what we're going to do.

好的。我喜歡把它們放在一起的原因是為了彈性。一個事業體某一季表現好、另一個不好時，我們可以做一些調整與配置。作為合併後的業務，我們有大量的現金流。而且我一直相信，一旦我們停止併購並有機會去做整合，就能從業務中取得顯著的後台協同效益（back office synergies），而我們也確實做到了。我們已停止併購——距離上一次併購大概已經1.5年或接近兩年了。你也看到我們透過後台整併所能推動的槓桿效益，交出我們本季剛取得的獲利表現，以及現金流的提升。所以我仍然喜歡這一部分。但我也看著目前的市場，以及我們今天的估值——我認為這是荒謬的——我也看著CooperSurgical業務的強勁表現；而我們現在所處的位置——而且在醫療器材產業中可能不只我們如此——有一個很有力的論點是：私募投資人願意支付高於公開市場的溢價。如果確實如此，而且看起來很可能就是如此，那麼我們會做對股東最有利的事。如果對股東最有利的是進行交易，那我們就會這麼做。

Okay. And then second, do you expect to have an update before the next earnings call. You said soon? And is there any reason why a deal wouldn't happen for CSI based on the offers coming in?

好的。第二個問題，你們是否預期在下一次財報電話會議之前會有更新？你說很快？另外，基於目前收到的報價，CSI 的交易有任何不會發生的原因嗎？

It's a little tough to answer that one. We got the litigation stuff done. So we moved into round two of the process, and we're going to work on that really fast right now and see what kind of progress we can make. If that happens to be before we report earnings in the beginning of September, we'll certainly get a release outBut we'll see. There's nothing now holding us back from being able to move very quickly.

這個問題有點難回答。我們已經把訴訟相關的事情處理完了。所以我們進入流程的第二輪，接下來會非常快速地推進，看看能取得什麼樣的進展。如果在 9 月初我們公布財報之前就有結果，我們當然會發布新聞稿，但還要再看看。目前沒有任何事情會阻礙我們非常快速地推進。

Thank you.

謝謝。

Young Li, Jefferies.

Young Li，Jefferies。

All right. Great. I guess, to begin, I was curious if you can make some comments on fiscal 3Q or fiscal 4Q revenue split, if there's any color you can provide to help us model that out.

好的。很好。我想先請教一下，關於會計年度第 3 季或第 4 季的營收拆分，你是否能提供一些看法，幫助我們建立模型？

I'm not sure what you're asking, honestly, just like the revenue gating maybe, I'm not sure.

老實說我不太確定你在問什麼，可能是指營收認列的節奏之類的？我不確定。

Just the revenue cadence for fiscal 3Q versus 4Q was the implied guidance for the second half of the year.

就是會計年度第 3 季相對於第 4 季的營收節奏，因為你們對下半年有隱含的指引。

I think off the top of my head without numbers or anything, CooperVision will be okay in Q3 and be a little bit better in Q4 is what I would envision. That's what we've been seeing and executing through. CooperSurgical should have a decent Q3 and a decent Q4. We don't give quarterly guidance or specific numbers or ranges or anything. So directionally, that's what I would say.

我不看數字、只憑印象來說，CooperVision 在第 3 季應該還可以，第 4 季會再好一點，這是我預期的。這也是我們目前看到並持續執行的狀況。CooperSurgical 在第 3 季和第 4 季都應該會有不錯的表現。我們不提供季度指引，也不提供具體數字或區間之類的。所以就方向性來說，我會這麼看。

All right. Great. That's really helpful. I guess just on the fertility business. It rebounded to double digits earlier than expected, heard some of the positive comments from your prepared remarks. I guess, can you maybe talk a little bit more about what you're seeing in the market and how that progress can maybe continue through the rest of the year?

了解。很好。這非常有幫助。我想再問一下生殖（fertility）業務。它比預期更早回升到雙位數成長，也聽到你在事先準備的發言中提到一些正面評論。你能否再多談一點你在市場上看到的情況，以及這樣的進展如何在今年剩餘時間延續？

Yes. We went through a period within the fertility industry where we were seeing a lot of consolidation among fertility clinics. And we were seeing a much greater focus on clinics driving their own profitability. So we went through that period and it depressed our results. It depressed the market's results for a while. And now we're working through that. We had a good quarter here from a capital equipment perspective. And when we're putting capital in, that's a really good sign for us. It pumps up an individual quarter because capital can always be a little bit lumpy but it also gives us future consumable sales. So you're seeing a market that's getting a little bit better. It's not going to shoot up, but it's going to continue to progress and get a little bit better. And you're seeing us take a little bit of share in that space. And again, it might be a little lumpy with capital. But from a market perspective, we believe we're going to continue to see positive trends.

可以。我們曾經歷一段期間，在生殖產業中看到許多生殖診所進行整併。同時也看到診所更聚焦於提升自身獲利能力。因此我們經歷了那段時期，壓抑了我們的業績表現。也讓整個市場的表現一度受到壓抑。而現在我們正在走出那段影響。就資本設備（capital equipment）而言，這一季我們表現不錯。當我們投入資本設備時，對我們來說是非常好的訊號。它會拉抬單一季度的表現，因為資本設備的出貨本來就可能比較不均勻，但同時也會帶來未來耗材的銷售。所以你會看到市場正在變得稍微好一些。它不會突然大幅跳升，但會持續改善、逐步變好。同時你也會看到我們在這個領域拿到一些市占。再說一次，資本設備可能會有些波動。但從市場角度來看，我們相信會持續看到正向趨勢。

Steve Lichtman, William Blair.

Steve Lichtman，William Blair。

Thank you. I guess, first Al, it sounds like you're seeing a firm end market in the U.S. and in Europe. In the U.S., what are you seeing on price? I know you've been conservative on that, but do you see some opportunities given maybe inflation staying stubbornly high here?

謝謝。Al，我想先問，你的意思聽起來是美國與歐洲的終端市場需求都很穩健。在美國，你們在價格方面看到什麼情況？我知道你們在這方面一直比較保守，但考量通膨可能仍然居高不下，你們是否看到一些機會？

Yes, price is okay when it comes to the U.S. market. Okay in EMEA, it's still a challenge in Asia Pac. When we look at inflation and where pricing is and opportunities, we took pricing earlier this year, like we normally do. We've seen some competitors take pricing. I would just say we'll continue to evaluate it.

是的，就美國市場而言，價格表現還可以。在 EMEA 還可以，但在亞太仍然是個挑戰。當我們看通膨、定價以及機會時，我們今年稍早如同往常一樣做了調價。我們也看到一些競爭對手有調價。我只能說，我們會持續評估。

The nice thing is when you look at most of the world outside of Asia Pac, there continues to be a lot of interest in premium products, higher-priced products, and there's not a pushback necessarily on some of the price increases or people just transitioning over to a higher-priced product. I won't commit to anything on that. But yes, inflation is staying stubbornly high. Brian mentioned we see some of the costs roll through our own P&L. So we'll continue to take a look at it.

好的一點是，當你看亞洲以外的大多數地區，市場對高階產品、較高價格產品仍然很有興趣，對於部分漲價並沒有明顯反彈，或是消費者只是轉向價格更高的產品。我不會在這裡承諾任何事情。但沒錯，通膨仍然頑固地維持在高位。Brian 也提到，我們看到部分成本會反映到我們自己的損益表（P&L）中。所以我們會持續檢視。

Got it. And then just in Japan, have you launched clariti toric multifocal? I wasn't sure if that hit the market? And could that still help in that lower price environment that you've obviously been dealing with over the last few quarters?

了解。另外在日本，你們是否已經推出 clariti toric multifocal？我不確定它是否已經上市？而且在你們過去幾季明顯面臨的較低價格環境下，它是否仍能帶來幫助？

Yes, that is launching soon. I am excited about that, by the way, because that does give us the full clariti family there to compete as we try to move hydrogel wearers over to a silicone hydrogel, be it our own wearers or a number of whom we're losing. But as we get that launch in Japan, that's going to help us keep our own wearers transitioning from older products into that silicone hydrogel, and it's going to give us the opportunity to go after the market a little bit more. So that's coming. I don't think that will have much of an impact, honestly, in this fiscal year, but we'll probably get a little bit positive impact in Q4 and then more in 2027.

是的，那款產品即將上市。順帶一提，我對此很興奮，因為這讓我們在日本擁有完整的 clariti 產品家族，能在我們嘗試把水膠（hydrogel）配戴者轉換到矽水膠（silicone hydrogel）時更具競爭力，不論是我們自己的配戴者，或是其中有不少我們正在流失的配戴者。當我們在日本完成上市後，這將有助於讓我們既有配戴者從舊產品轉換到矽水膠產品，也讓我們有機會更積極地爭取市場。所以這會來的。但老實說，我不認為在本會計年度會有太大影響，不過第 4 季可能會有一些正面貢獻，然後在 2027 年會更明顯。

Travis Steed, Bank of America.

Travis Steed，美國銀行（Bank of America）。

I really wanted to ask about the lower revenue guidance, the 100 basis points lower. Is that all APAC? And what exactly has changed versus three months ago in APAC? Is it more market, more execution? Is the market stuff new? I'm just trying to understand what's changed and why the lower guide?

我想問的是你們較低的營收指引，下修了 100 個基點。那全部都是亞太的影響嗎？以及相較三個月前，亞太到底發生了什麼變化？是市場因素更多，還是執行因素更多？市場方面的因素是新的嗎？我只是想了解到底改變了什麼，以及為什麼要下修指引？

Yes. It's Asia Pac and it's market-based. To be very succinct. That's what it is.

是的。是亞太，而且是市場因素所致。簡單明瞭地說，情況就是這樣。就是如此。

Okay. And why has the market changed versus three months ago? Just want to make sure that's clear to everybody.

好的。那為什麼相較三個月前市場會改變？我只是想確保大家都能清楚理解。

Consumer weakness. We really see that not in every market, but we see it in Japan, and we see it in China. Now China is not very large for us. So it's bigger in Japan where we've seen consumer softness. And those markets, keep in mind, a lot of those markets are more consumer markets, than medical devices, meaning you don't need a script to buy contact lenses.

消費者疲弱。我們並非在每個市場都看到，但在日本看到了，在中國也看到了。不過中國對我們來說規模並不大。所以影響更大的是日本，我們在那裡看到消費者需求轉弱。而且請記住，這些市場中有不少更偏向消費性市場，而不是醫療器材市場；也就是說，你不需要處方箋就能購買隱形眼鏡。

In a lot of our markets around the world, including in Asia Pac, we definitely have more of a consumer bend, like almost a discretionary consumer bend, than we do a medical device sale. And we're seeing some of that activity in that region right now. Some of the soft consumer activity in that region.

在我們全球許多市場（包括亞太地區），我們確實更偏向消費者端，幾乎是偏向可選消費的取向，而不是醫療器材銷售。而我們現在正看到該地區出現部分這樣的活動。該地區消費活動偏疲弱的一些情況。

Yes. Got it. If there is a CSI sale, would assume the proceeds are used for buyback, I just want to make sure that's the right assumption.

是的。了解。如果有 CSI 的出售，我會假設所得款項用於回購，我只是想確認這個假設是對的。

That's correct. I would assume that the vast majority of them are certainly used for buybacks, yes. We'll have to look at RemainCo, balance sheet, and there will be a number of things we'll need to evaluate there. But a significant portion of it certainly will be used for share buybacks. That's right.

沒錯。我會假設其中絕大多數確實會用於回購，是的。我們還得檢視 RemainCo 的資產負債表，並且會有一些事項需要在那裡評估。但其中相當大一部分肯定會用於股票回購。是的。

David Saxon, Needham & Company.

David Saxon，Needham & Company。

Great. Good afternoon. Just wanted to follow up on the APAC, or down 6%. I guess how much of that was the market and this consumer softness you've talked to versus rationalizing the legacy hydrogel part of the portfolio? And then just on that repositioning, like what inning are you in at this point?

很好。下午好。想追問一下亞太（APAC）下滑 6% 的部分。我想其中有多少是你提到的市場因素與消費疲弱所致，相較於你們在精簡既有水膠（hydrogel）產品組合的影響？另外就那個重新定位而言，你們目前大概進行到哪個階段了？

Yeah, it's always hard to parse that stuff out. The guide down was because of the market. It could have been half of that 6% came from the market. When I think about where we are from a hydrogel perspective, we're probably more than halfway but not much farther, fifth inning or something like that. We still have some work to do.

是的，這類拆分一直很難精確切開來看。下修指引是因為市場因素。那 6% 裡面，可能有一半是來自市場。就水膠的角度來看，我們大概已經超過一半，但也沒有多太多，可能是第五局左右之類的。我們還有一些工作要做。

Okay. And then just on clariti. It was probably kind of in line with last quarter's growth. I guess what's the outlook for that product as you look out to the back half in '27?

好的。另外關於 clariti。它大概與上季的成長差不多。我想問的是，當你們展望到 27 年下半年時，這個產品的前景如何？

Yes. clariti was actually a little bit weaker this quarter than last quarter. MyDay was stronger and more than made up for it . The big thing on clariti right now is that we do have to get it properly positioned in Asia Pac, which we're very actively doing. Get those products launched, get the multifocal out there, so we have the full set of products and start getting that product rolling again.

是的。clariti 這一季其實比上一季稍微弱一些。MyDay 較強，且綽綽有餘地彌補了這一點。clariti 目前最大的重點是，我們必須在亞太把它正確地重新定位，而我們正在非常積極地進行。把那些產品推出上市，把多焦點（multifocal）推出去，讓我們有完整的產品組合，並開始讓這個產品再次跑起來。

The market, as odd as it sounds, the market continues to go to premium products, which is not where clariti is positioned. clariti is super easy handling. It's by far the easiest lens for someone to insert and remove. If you're a new wearer you're going to clariti all day long, but it's not positioned and being sold as a premium product, which oddly or interestingly enough, the market continues to gravitate towards. So clariti is not in a bad space. It's still a pretty decent sized product for us. If we can get the other launches out, we can finish some of the repositioning, we can get it going again.

市場很奇怪地（雖然聽起來有點怪），仍持續往高階產品走，而那不是 clariti 的定位。clariti 的操作非常容易。它是目前為止最容易讓人配戴與取下的鏡片。如果你是新配戴者，你會整天都選 clariti，但它並沒有被定位、也沒有以高階產品的方式銷售；然而市場卻（奇妙或有趣地）持續往那個方向靠攏。所以 clariti 並不是處在不好的位置。它對我們來說仍是規模相當可觀的產品。如果我們能把其他上市推出、完成部分重新定位，就能讓它再次成長起來。

Mr. Anthony Petrone, Mizuho Group.

Anthony Petrone 先生，瑞穗集團（Mizuho Group）。

Thanks. Maybe a couple just on strategic comments, CSI. Is there any major difference in the margin profile of office surgical and fertility just as we consider if it goes piecemeal or as a whole? And if you sort of look ahead to a scenario where CVI stand-alone, maybe just an update on where the bulk of capital allocation would go what could you expect a stand-alone CVI to sort of look like operationally? And what is the stand-alone effective tax rate looks like? Thanks.

謝謝。我想就策略性評論問幾個問題，關於 CSI。就辦公室手術（office surgical）與生殖（fertility）的毛利結構而言，若考慮分拆出售或整體出售，兩者之間是否有任何重大差異？另外，如果往前看一個情境：CVI 作為獨立公司，能否更新一下資本配置的大部分會流向哪裡、以及獨立的 CVI 在營運上大概會是什麼樣子？還有，獨立後的有效稅率大概會是多少？謝謝。

Yeah. I don't want to speculate too much on that. I would say that given where we are from a CapEx perspective in CooperVision, as a stand-alone entity, we'll generate decent free cash flow. And I would imagine a significant portion of that would go to a very consistent share buyback program. I'll hold off on providing more color until we have a little bit more visibility on a transaction.

是的。我不想在這方面做太多揣測。我會說，以我們目前 CooperVision 的資本支出（CapEx）狀況來看，作為獨立實體，我們會產生不錯的自由現金流。而我想其中相當大一部分會用於非常穩定一致的股票回購計畫。在我們對交易有更多能見度之前，我先不提供更多細節。

On the margin question, I'm going to hold off answering that one, too. But I will say, just to be clear, although we have received significant interest on the individual pieces of Surgical, we are proceeding as of today with the entire business because we have enough interest at high enough levels in the entire business that that's the way we're proceeding. That business is fairly integrated. So if you look at fertility and medical device, we have co-located plants, co-located distribution facilities. I'm not saying that you can't split things like that up, but it becomes very difficult to do something like that.

關於毛利的問題，我也先暫不回答。但我想澄清的是：雖然我們確實收到對 Surgical 各個單獨部分的高度興趣，但截至今天，我們仍以整體業務為方向推進，因為我們對整體業務也收到足夠多、且出價水準足夠高的興趣，所以我們就以這種方式推進。那個業務相當整合。因此如果你看生殖與醫療器材，我們有共址的工廠、共址的配送設施。我不是說不能把這類東西拆開，但要做這樣的拆分會變得非常困難。

So right now, that's not where the focus is. The focus on the entire business.

所以目前焦點不在那裡。焦點是在整體業務。

Helpful, thanks.

很有幫助，謝謝。

Navann Ty, BNP Paribas.

Navann Ty，法國巴黎銀行（BNP Paribas）。

On CVI, if you could discuss the contribution of the new launches. I know you mentioned the Myopia Control in Japan, the MyDay MiSight in Europe. So I would be interested to hear about the contribution in Q2 and for the rest of the year. And then on CooperSurgical, your closest competitor had called out improving market conditions and IVF cycles. So do you see similar trends as well continuing and also changes in the competitive landscape as the competitor has also called out market share gains?

關於 CVI，能否談談新上市產品的貢獻？我知道你提到日本的近視控制（Myopia Control），以及歐洲的 MyDay MiSight。所以我想了解它們在第二季（Q2）的貢獻，以及今年剩餘期間的貢獻。另外關於 CooperSurgical，你們最接近的競爭對手提到市場狀況與 IVF 週期正在改善。你們是否也看到類似趨勢持續？以及在競爭格局方面是否有變化，因為該競爭對手也提到市占率提升？

And then just a quick one on the strategic review, thank you for the helpful color on the interest. Would you say that the litigation has slowed down the review process by your quarter or so? Thank you.

另外快速問一個關於策略檢視的問題，謝謝你提供的有用細節，關於市場興趣。你會說訴訟讓檢視流程放慢了大約一季左右嗎？謝謝。

Yeah, a couple there. So let me hit those. The last one is litigation slowed down the process. The answer to that is -- yes. However, the litigation is now done and settled and we're moving on from that and able to move quickly. So yes, it did, but it's behind us. We needed to get that done and we did get that done.

是的，有幾個問題。我來逐一回答。最後一個是訴訟是否讓流程放慢。答案是——是的。不過，訴訟現在已經結束並和解，我們也已經從那件事往前走，能夠加快推進。所以是的，它確實造成延遲，但現在已經過去了。我們需要把那件事處理完，而我們也確實處理完了。

If I look at fertility, I would agree with our peers who have talked about a strength in the market. I mentioned that earlier. We are continuing to see strength in the market. I know we've had some peers come out and say that they're taking share. Numbers are numbers. I don't know what to comment on other than look at the numbers. If you look at new launches within CooperVision, you're touching on MiSight, there's a push and pull going on in MiSight right now. As glasses continue to enter the market, that is a negative to contact lenses short term. I continue to say that short term we want more kids in myopia control products, and we're seeing more and more kids go on myopia control products. Glasses are doing incredibly well around the world. But that is a short-term negative for us. It's pulling our growth down.

如果我看生殖業務，我同意同業所談到的市場走強。我先前也提過。我們持續看到市場的強勁。我知道有些同業出來說他們正在取得市占。數字就是數字。除了請大家看數字之外，我也不知道該怎麼評論。如果你看 CooperVision 的新上市產品，你提到 MiSight，MiSight 目前正出現拉鋸。隨著眼鏡持續進入市場，短期來看這對隱形眼鏡是不利因素。我一直說，短期內我們希望有更多孩子使用近視控制產品，而我們也看到越來越多孩子開始使用近視控制產品。眼鏡在全球表現非常好。但這對我們而言是短期的不利因素。它正在拉低我們的成長。

The flip side is the positive reaction to MyDay MiSight in Europe, which is great. MiSight in Japan, which is going really well. We have quite a bit in R&D and new products that we're developing and some new products that we're going to launch that I'm really excited about. So there's definitely a push and pull going on right now within that space. But that's why we did, 23% growth last quarter, 24%, did a little over $100 million last year in revenue.

另一方面，MyDay MiSight 在歐洲的正面反應令人振奮，這很棒。MiSight 在日本的表現也非常好。我們在研發與新產品開發上投入相當多，也有一些新產品即將推出，讓我非常期待。所以在那個領域裡，現在確實存在拉鋸與互相牽動的情況。但這也是為什麼我們上季成長 23%，24%，去年營收也略高於 1 億美元。

So it's a real product line that's continuing to grow. And I think as long as we can stay focused on it, which we will, and we can drive performance and come out with new and innovative products, which we're going to, we're going to continue to see nice growth from our myopia control franchise.

所以這是一條持續成長的真正產品線。我認為只要我們能持續專注在這上面——我們也會——並且能推動績效、推出新的創新產品——我們也會——我們就會持續看到近視控制產品組合帶來不錯的成長。

Thank you for that color.

謝謝你提供這些補充說明。

Joanne, Citigroup.

Joanne，花旗集團。

Hey. How are you doing today? I want to touch basically on just two things and give an update on the manufacturing of your MyDay lenses. And also PARAGARD looks like it was flat sequentially or year over year might be the right answer, which is better than I think most expected. And if you could just give us a feel for what's going on there? That too would be great. Thank you so much.

嗨。你今天過得如何？我主要想談兩件事，並請你更新一下 MyDay 鏡片的製造情況。另外，PARAGARD 看起來不論是季比或年比都持平（或許年比持平才是正確答案），這比我想大多數人預期的要好。如果你能讓我們了解一下那邊發生了什麼，那也會很棒。非常感謝。

Joanne, yeah, with PARAGARD, it was flat against last year, remember from last year was a pretty hard comp as we were launching the single hand inserter. So yeah, we were expecting PARAGARD to be down. It was flat this quarter. So it's doing well.

Joanne，是的，關於 PARAGARD，它與去年相比持平；請記得去年因為我們推出單手置入器（single hand inserter），基期其實相當具挑戰性。所以，是的，我們原本預期 PARAGARD 會下滑。但本季持平。所以表現不錯。

That product grew nicely last year. And right now, it's well positioned, that single hand inserter is helping us. We're well positioned. Team is doing a really nice job selling it. I continue to think that we've got a chance to put up good numbers in PARAGARD.

那個產品去年成長得不錯。而目前它的定位也很好，單手置入器正在幫助我們。我們的布局很到位。團隊在銷售上做得非常好。我仍然認為我們有機會讓 PARAGARD 繳出不錯的數字。

On the manufacturing of lenses, not too much to add there. We're continuing to crank along. I think the one thing that Brian highlighted, which is important is our inventory levels internally got a little high as we were supporting MDR and supporting customers around the world through our logistics, which can get complex with all the private labels we do. We implemented a new AI-based inventory control system and the team has done a really, really nice job with that. And that targeting and that work they're doing is allowing us to reduce our inventory levels and we're going to continue to do that. That's going to be an effort that's going to happen the rest of this year and all of next year. So that does have a negative impact that Brian mentioned in terms of less production, higher cost per unit, but it has a clear positive impact on cash flow. We'll give more color on that as we proceed through that as those details come out. But yes, we're continuing to work through that process. Ultimately, that is about a more efficient business. So to me, it's positive.

至於鏡片製造方面，沒有太多補充。我們持續穩定推進。我想 Brian 強調的一點很重要：由於我們在支援 MDR，並透過我們的物流體系支援全球客戶——考量到我們做了很多自有品牌（private label），物流會變得相當複雜——因此我們內部的庫存水位一度偏高。我們導入了一套新的 AI 型庫存控管系統，團隊在這方面做得非常、非常好。而他們所做的目標設定與相關工作，讓我們得以降低庫存水位，且我們會持續這麼做。這將會是今年剩餘時間以及明年全年都會持續進行的工作。因此，正如 Brian 提到的，這在產量較少、單位成本較高方面會帶來負面影響，但對現金流有明確的正面影響。隨著我們推進、細節逐步明朗，我們會提供更多補充說明。但沒錯，我們會持續推動並完成這個流程。最終，這是為了讓業務更有效率。所以對我而言，這是正面的。

Thank you.

謝謝。

Robbie Marcus, JPMorgan.

Robbie Marcus，摩根大通。

Oh, great. Good afternoon. Thank you for taking the question. Two for me. First, Al, sorry to come back to this. Just wanted to ask again on the Asia Pac market weakness. You said it's a bit Cooper-related, a bit market related. Is it that volumes are going down in the market? Is it that consumers are shifting to private label? Are they extending wear more than usual? Are they trading back to glasses? Maybe just give us a little more flavor for what exactly is happening to cause the slowdown so we can get a better sense of how transient it might be.

喔，很好。下午好。謝謝讓我提問。我有兩個問題。第一個，Al，抱歉又回到這個話題。我想再問一次亞太市場疲弱的情況。你說一部分是 Cooper 自身因素，一部分是市場因素。是市場整體量在下滑嗎？是消費者轉向自有品牌嗎？是他們比平常更延長配戴週期嗎？還是他們改回戴眼鏡？也許你可以再多給我們一些細節，說明到底是什麼造成放緩，讓我們更能判斷這可能有多短暫。

You're definitely getting some of what you were just talking about, Robbie, which is some changing in wearer behavior. We see that every once in a while in different markets. We're seeing that there. It's always tough to fine-tune that as to whether it's somebody wearing glasses,or how often they're doing it, or what they're doing with their contact lenses. But we are seeing that type of activity. When we've seen that in the past, that will happen for a year and eventually, you annualize that. And eventually, it swings back the other way as people start wearing contact lenses more. So I think that's what we're seeing.

你剛剛提到的那些情況，我們確實有看到一部分，Robbie，也就是配戴者行為出現一些改變。我們在不同市場偶爾會看到這種情況。我們在那邊也看到了。要精準拆解到底是有人改戴眼鏡、或配戴頻率如何變化、或他們對隱形眼鏡的使用方式怎麼改變，這一直都很難細分。但我們確實看到這類活動。過去我們看到這種情況時，通常會持續一年，最後你把它年化之後，最終會往另一個方向擺動，因為人們又開始更常配戴隱形眼鏡。所以我認為我們看到的就是這種情況。

The other thing we're seeing there is a little bit more online purchase activity, meaning, a little bit more e-commerce activity. That is not where we're strong. We're strong with the fitters. We're a little bit weaker when you talk about online activity.

我們在那邊看到的另一件事，是線上購買活動稍微增加，也就是電商活動多了一些。那不是我們的強項。我們在驗配師（fitters）通路很強。但談到線上活動時，我們相對弱一些。

So there's been a little bit of shift over there, which is a little bit of a negative for us. But I think if you're talking about the market, it's largely tied to the dynamics you were talking about. And you don't have pricing over there. That's the other thing is we're able to get positive pricing around the world and the shift of more premium products and in that market, you don't really have any pricing.

所以那邊確實出現了一些轉移，對我們來說略為不利。但如果你談的是市場面，我認為主要仍與你剛剛提到的那些動態有關。而且那邊沒有價格動能。另外一點是，我們在全球能取得正向的價格（pricing）以及更高端產品組合的轉移，但在那個市場，你基本上沒有任何價格空間。

Got it. Okay. Separate question. As we think about a potential separation of the women's health business, how should we think about the fully burdened operating margin for each of the companies and the free cash flow that each generates? Because you talked before about one of the strong rationales as you've integrated it well in the back office. So I'd imagine there's probably a good amount of dissynergies to stand that up if whatever acquirer doesn't have those back-office capabilities to stand it up with. And then I know there's some tax dissynergies as well, anything you could comment on that just as we think about maybe splitting them up and what a RemainCo might look like? Thanks a lot.

了解。好。另一個問題。當我們思考女性健康事業可能分拆時，我們應該如何看待兩家公司各自的「完全負擔」營業利益率（fully burdened operating margin）以及各自產生的自由現金流？因為你之前談到過，一個很強的理由是你們已經把後勤（back office）整合得很好。所以我猜如果收購方本身沒有那些後勤能力來承接，為了把它獨立運作起來，可能會有相當程度的「去協同效應」（dissynergies）。另外我也知道還有一些稅務上的去協同效應；就我們在思考可能拆分、以及 RemainCo 可能長什麼樣子時，你能否對此做些評論？非常感謝。

A few different comments on that. There's definitely some back-office consolidation work that we've done. We did that in Q4 of last year. I think about that in the context of like HR, finance, IT. But CooperSurgical still has a full team of people working on that. So yes, there are some dissynergies, but it's probably not as significant as you think. We don't have co-located facilities. That's probably the biggest thing, meaning that the manufacturing and distribution of CooperVision products is separate from CooperSurgical products. So from that perspective, that's a big one in terms of your ability to do something with the transition services agreement and everything else that comes along with it.

對此我有幾點不同的看法。我們確實做了一些後勤整併的工作。那是在去年第四季完成的。我把它放在像是人資、財務、IT 這些面向來看。但 CooperSurgical 仍然有一整個完整團隊在做這些工作。所以，是的，確實有一些去協同效應，但可能沒有你想的那麼顯著。我們沒有共址的設施。這可能是最大的一點，也就是 CooperVision 產品的製造與配送，與 CooperSurgical 產品是分開的。所以從這個角度來看，這會是你在過渡服務協議（transition services agreement）以及其他隨之而來事項上，能否進行安排的一個重要因素。

If I look at a couple of other things like free cash flow, on a per dollar revenue basis is higher at CooperSurgical than it is CooperVision. But I would say the upside of future free cash flow is actually greater at CooperVision because our CapEx is going to come down a lot, still a little elevated this quarter but as you get to Q4, it's going to start coming down. It will be down a decent amount next year.

如果我看幾個其他指標，例如自由現金流，以每一美元營收來看，CooperSurgical 會高於 CooperVision。但我會說，未來自由現金流的上行空間其實在 CooperVision 更大，因為我們的資本支出（CapEx）將會大幅下降，本季仍略偏高，但到了第四季（Q4）就會開始下來。明年會下降相當多。

So there is some upside coming from future free cash flow in CooperVision. You'll see some of the details. When you look at the Q tomorrow you'll see some of the improvements at CooperSurgical on a GAAP basis.

因此，CooperVision 未來自由現金流會有一些上行空間。你會看到一些細節。你明天看 Q 的時候，會看到 CooperSurgical 在 GAAP 基礎上的一些改善。

We don't have nearly as many non-GAAP adjustments as we used to, and we're going to try to keep those to a minimum. You'll see those improvements. But I won't go too much into the operating margins because if there is a transaction, Robbie, we're rolling up our sleeves, looking at things, and we need to drill through those numbers and get you guys some real information, which we will.

我們現在的非 GAAP 調整項目已經不像以前那麼多了，而且我們會盡量把這些降到最低。你會看到那些改善。但我不會在營業利益率上講太多，因為如果有一筆交易，Robbie，我們會捲起袖子、檢視各項內容，我們需要把那些數字鑽得更深，給各位一些真正的資訊，我們也會這麼做。

And tax?

那稅務呢？

Tax would be, I guess, a RemainCo CooperVision tax would probably be fairly similar to what it is today.

稅務方面，我想，RemainCo 的 CooperVision 稅率大概會和目前相當接近。

Thank you very much. Appreciate it.

非常感謝。感激不盡。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

Hey, guys. Good evening. Thanks for taking questions. Just going to shift gears a little bit back to operating margin in the quarter, which was definitely a bright spot. And I was interested if you could just provide some color or directional split on how much of the improvement was really driven by some of the durable changes in cost structure that you're taking versus other factors like FX or favorable mix with lower sales in APAC CVI this quarter? Thank you.

嗨，各位。晚安。謝謝讓我提問。我想稍微換個方向，回到本季的營業利益率，這確實是一個亮點。我想請你們多提供一些背景或方向性的拆分：改善幅度中，有多少是真正來自你們正在推動的成本結構的長期性變化， versus 其他因素，例如匯率（FX），或是本季亞太（APAC）CVI 銷售較低帶來的有利產品組合？謝謝。

I'll comment quickly. Certainly, Brian knows the numbers like the back of his hand. CooperSurgical drove a decent amount of that operating margin upside just because of all the leverage that we're getting out of that from the consolidation, the back office stuff, I was just talking to Robbie about. I would say the bigger side was there. You've got some certainly in corporate where we were able to leverage expenses here also.

我先簡短回應。當然，Brian 對這些數字瞭若指掌。CooperSurgical 推動了相當一部分營業利益率上行，主要是因為整併帶來的各種槓桿效益，以及我剛才跟 Robbie 提到的後勤／後台（back office）相關事項。我會說較大的部分在那裡。另外在公司層面（corporate）也有一些，我們也能在這裡槓桿化費用。

That does not diminish Vision, who's done a really nice job leveraging their P&L also. And then, yes, FX is certainly a positive that Brian highlighted compared to the beginning of the year where FX is a nice positive to us, in the back where it's a decent negative to us, it kind of flattens out for the year. But that's part of the win, does that help?

這並不是要淡化 Vision 的貢獻，他們在槓桿化損益表（P&L）方面也做得非常好。然後，是的，匯率（FX）確實是正面因素，正如 Brian 強調的：相較於年初，匯率對我們是個不錯的正面；但在下半年它對我們是個相當程度的負面，所以全年看起來大致會被拉平。但這也是勝利的一部分，這樣有幫助嗎？

Yeah, that's helpful. So it sounds like a combination of some of the underlying improvement and then maybe like split with some of the more temporary benefits like FX and product mix.

有，這很有幫助。所以聽起來是一些基本面改善的組合，再加上可能一些較短期的利多，例如匯率和產品組合。

Correct. Yes.

沒錯。是的。

All right. And then maybe just on a completely different topic. On the MiSight Japan launch, it did sound like momentum has picked up a little bit. I was wondering if you just had any new thoughts on the broader opportunity here around either the TAM or just overall contribution to the MiSight revenue story over the next, call it, six quarters?

好的。接著換一個完全不同的主題。關於 MiSight 在日本的上市，你們提到動能似乎有稍微加快。我想請問你們對於這裡更廣泛的機會是否有新的看法，不論是 TAM（總可服務市場）或是未來大概六個季度內，對 MiSight 營收故事的整體貢獻？

Yeah. The myopia control market, I've always been an optimist about that, and it was progressing a little slowly for a little while when we were basically the only company driving it. But now that you have spectacles out there, it is definitely accelerating. It's a really good market. I mean spectacles are doing well. You're seeing markets like China that have just exploded, throughout Europe, you're seeing similar momentum. We have a joint venture on one of those. The numbers are just really strong, and they continue to be strong, and we continue to see really nice growth on the spectacle side of things.

是的。近視控制市場，我一直都很樂觀；在我們幾乎是唯一推動它的公司時，它一度進展得有點慢。但現在有眼鏡（spectacles）產品加入之後，確實正在加速。這是一個非常好的市場。我的意思是，眼鏡端表現很好。你看到像中國這樣的市場已經大幅爆發，在整個歐洲也看到類似的動能。我們在其中一個項目上有合資企業。數字非常強勁，而且持續強勁，我們也持續看到眼鏡端有非常不錯的成長。

I think that the myopia control market is going to be a big market. At the end of the day, almost every kid gets braces right now, every kid who's got myopia should be wearing some form of myopia control product. So, I feel good about where we're at. Japan is one of those markets where you have a lot of children that are myopic, this product is going to be fantastic for them.

我認為近視控制市場會是一個很大的市場。說到底，現在幾乎每個孩子都會戴牙套；每個有近視的孩子都應該配戴某種形式的近視控制產品。所以，我對我們目前的位置感到很有信心。日本是那些孩子近視比例很高的市場之一，這個產品對他們會非常棒。

We're actually looking at that right now from an investment perspective because as that market picks up and it's doing better, we're challenging ourselves how to invest and where to invest and where to be more aggressive to ensure that we're capitalizing on our position. We're the only contact lens company with an FDA-approved product out there. So we're doing well. I think we're going to continue to do well. And I feel good about the market in the near term and the long term.

我們其實正在從投資角度檢視這件事，因為隨著市場動能提升、表現變好，我們也在挑戰自己：要如何投資、投資在哪裡、以及在哪些地方要更積極，以確保我們能把既有優勢變現。我們是唯一一家擁有 FDA 核准產品的隱形眼鏡公司。所以我們做得不錯。我認為我們會持續做得不錯。而且我對這個市場的短期與長期都很有信心。

Chris Pasquale, Nephron.

Chris Pasquale，Nephron。

Thanks. Al, I wanted to circle back to fertility. 10% growth this quarter, you talked about mid-singles in the back half of the year. Is the delta there really a bolus of capital sales that you got this quarter that we should view as kind of onetime in nature? Or are there other factors?

謝謝。Al，我想回到生殖（fertility）業務。本季成長 10%，你提到今年下半年是中個位數成長。這個差異是否主要是因為本季有一波資本設備銷售（capital sales），我們應該把它視為一次性因素？還是有其他因素？

Yes. I touched on that a little bit in the script. It's a great question. Because I think in the back half of the year, when we look at Q3 and Q4 fertility, it will probably be somewhere in the mid-single digits. So that delta that you were looking at was a combination of two things. One, it was capital. The other one was when the airspace opened in the Middle East, we talked about that some last quarter. We had distributors buy product from us and buy in advance in case the airspace shut down again. So we actually had a couple of positives there that pushed us up to the 10%.

是的。我在講稿裡有稍微提到。這是個很好的問題。因為我認為在下半年，當我們看第三季（Q3）和第四季（Q4）的生殖業務時，可能會落在中個位數。所以你看到的那個差異是兩個因素的組合。第一是資本設備。第二是中東空域開放，我們上季也談到一些。我們有經銷商向我們採購產品，並且提前備貨，以防空域再次關閉。所以我們確實有幾個正面因素，推升到 10%。

It was a great quarter. We did really well. We're not back yet to throwing down double digits. I think we did 14 out of 15 quarters stretch double digits. We're not back there yet, but we're at least back to mid-single-digit growth in fertility.

這是一個很棒的季度。我們表現得非常好。我們還沒有回到能夠持續交出雙位數成長的狀態。我想我們曾經連續 15 個季度中的 14 個季度都是雙位數。我們還沒回到那裡，但至少生殖業務已回到中個位數成長。

Okay. And then one quick one for Brian. Do you plan to seek refunds for prior tariff payments? And when do you expect to have clarity on whether you actually get those?

了解。再快速問 Brian 一題。你們是否計畫就先前支付的關稅申請退稅（refunds）？你們預期何時能釐清是否真的能拿到那些退款？

We're in process of filing all those refunds. I mentioned in my prepared remarks, we're expecting up to $15 million at this moment. A lot of those have been submitted, though we're submitting some more. We actually just got one refund recently, a small one. So that's not included in guidance. To the extent that we get some of those refunds in the third and fourth quarter, then that's going to be upside to guidance.

我們正在辦理提交所有那些退稅申請。我在事先準備的發言中提到，目前我們預期最高可達1,500萬美元。其中很多已經提交了，不過我們還會再提交一些。我們最近其實剛收到一筆退稅，金額不大。所以那筆沒有納入財測指引。如果我們在第三季和第四季收到其中一些退稅，那將會成為指引的上行空間。

Thanks.

謝謝。

David Roman, Goldman Sachs.

David Roman，高盛。

Yeah. Hi. Good afternoon, everyone and thanks for taking the question.This is [Marco] on for David Roman. You touched a little bit on this, but I was hoping that you could clarify. As you think about retaining the earnings guidance with the top line reduction, can you talk a little bit about the interplay between protecting the P&L and sustaining growth investments? Thanks.

是的。嗨。各位下午好，謝謝讓我提問。我是代替David Roman的[Marco]。你們稍微提到了一點，但我希望你們能再釐清一下。在營收下修的情況下仍維持獲利指引時，能否談談保護損益表（P&L）與持續投入成長投資之間的相互影響？謝謝。

It's a good question. And we look at that very consistently. We are investing in growth opportunities. We're leveraging the P&L through all that work that we've done in back office but we are continuing to invest in growth. We're launching products in different spots around the world, and we're supporting those launches. That's one of the most important things to us.

這是個好問題。我們一直很一致地看待這件事。我們正在投資於成長機會。我們透過在後勤部門所做的所有工作來提升損益表（P&L）的槓桿效益，但同時也持續投資成長。我們在全球不同地區推出產品，並且支持這些上市。這是我們最重視的事情之一。

If you look at how strong we were in the Americas, how strong we were in Europe. We have to get going in Asia Pac. We made a lot of moves. We're doing a lot of things there. So we are investing in growth. At the same time, we want to put up good numbers. I'd just say we've got a lot going on right now. That's the other thing. There's a lot of activity in the company right now, no surprise.

如果你看我們在美洲有多強、在歐洲有多強。我們必須在亞太地區加快腳步。我們做了很多調整。我們在那裡做了很多事情。所以我們是在投資成長。同時，我們也希望交出好的數字。我只能說，我們現在有很多事情在進行。這是另一點。公司目前有很多活動在推進，這並不令人意外。

So you've got some risk around disruption in other areas as we jump through hoops and do all the things that we're trying to do. I think we're trying to balance all of that and I think, as Brian said, that guidance range is a good way to look at it. And to me, that was a prudent guidance range right now given everything that's going on.

因此，當我們為了達成各項目標而克服重重關卡、做所有我們試圖做的事情時，其他領域也會有一些因干擾而產生的風險。我認為我們正在努力在這些之間取得平衡，而且如Brian所說，那個指引區間是一個很好的看法。就我而言，考量到目前正在發生的一切，那是一個審慎的指引區間。

Thank you. There are no further questions at this time. I will now hand the call back over to Al for closing remarks.

謝謝。目前沒有其他問題。我現在把電話交回給Al作結語。

Great. Thank you, operator, and thank you, everyone, for being on the call today. I'll just end by restating that there's a lot going on right now. We're working super hard. We're making a lot of progress in a lot of areas.

很好。謝謝接線員，也謝謝各位今天參與電話會議。最後我想重申，現在有很多事情正在進行。我們非常努力。我們在許多領域都取得了很大的進展。

We look forward to continuing to make a lot of progress and communicating that progress in the future. So with that, I thank everyone for the call and look forward to talking to you in the coming months.

我們期待持續取得更多進展，並在未來與各位溝通這些進展。因此，感謝各位參與本次電話會議，也期待在接下來幾個月與各位再度交流。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。