酷柏 (COO) 2026 Q3 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 Q3 2026 CooperCompanies earnings conference call. (Operator Instructions) It is now my pleasure to turn the call over to Kim Duncan, Vice President of Investor Relations and Risk Management. Please go ahead.

感謝您耐心等候。我叫 Tina，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 CooperCompanies 2026 會計年度第三季（Q3）財報電話會議。（接線員指示）現在我很榮幸將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 The CooperCompanies’ third quarter 2026 earnings conference call. During today’s call, we will discuss the results and guidance, the conclusion of the strategic review, and current corporate developments. We will 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.

各位下午好，歡迎參加 The CooperCompanies 2026 會計年度第三季財報電話會議。在今天的電話會議中，我們將討論本季業績與財測指引、策略檢討的結論，以及目前的公司最新進展。接著我們將利用剩餘時間進行問答。今天的簡報人員包括總裁兼執行長 Al White，以及財務長 Brian Andrews。

Before we begin, I’d like to remind you that this conference call will contain forward-looking statements, including statements relating to revenue, EPS, cash flow, interest, FX and tax rates, tariffs, and other financial guidance and expectations. Also 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. 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 The CooperCompanies’ Form 10-K and Form 10-Q filings, all of which are available on our website at coopercos.com.

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，以及其他財務指引與預期相關的陳述。亦包括策略與營運計畫、市場狀況與趨勢，以及產品上市與需求。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，並受風險與不確定性影響。可能導致本公司實際結果與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」段落，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 The CooperCompanies 的 Form 10-K 與 Form 10-Q 申報文件；上述文件皆可於我們網站 coopercos.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 email ir@coopercos.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。我們鼓勵各位同時考量 GAAP 與非 GAAP 口徑下的結果，並參考我們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專區的季度資料（quarterly materials）中取得。若您在會後仍有其他問題，請電郵至 ir@coopercos.com。

Now I’ll turn the call over to Al for his opening remarks.

現在我將把電話交給 Al，請他發表開場致詞。

Thank you, Kim, and welcome everyone to our Q3 earnings call. This quarter included a number of notable developments, including earnings exceeding expectations, record free cash flow, solid fertility growth at CooperSurgical, and the favorable completion of a significant tax matter.

謝謝你，Kim，也歡迎各位參加我們的第三季（Q3）財報電話會議。本季有多項值得關注的進展，包括獲利優於預期、自由現金流創新高、CooperSurgical 的生殖醫療業務穩健成長，以及一項重大稅務事項順利以有利結果結案。

At CooperVision, however, we proactively reduced US channel inventory that weighed on our results and will continue to impact Q4. Importantly, our underlying demand in the US remained healthy throughout the quarter, with consumption increasing at a mid-single-digit rate. And we’re now positioned to enter fiscal 2027 with a healthier channel and stronger foundation. We’re also taking additional steps to strengthen CooperVision revenue performance, and I’ll speak to these in a moment, but first I want to address the completion of the strategic review, which we announced in a separate press release today. Following a comprehensive evaluation of alternatives, the Board has concluded the strategic review. As part of the process, we conducted a thorough assessment of CooperSurgical, including a potential sale of the business, where we received significant interest and engaged with numerous parties. Ultimately, however, the Board unanimously determined that shareholders are better served by continued ownership than by pursuing a transaction at this time. The Board and our advisors believe several temporary factors influenced valuations late in the process, including developments related to a competitive entrant in the non-hormonal IUD market and the impact of our fertility litigation settlement. These factors contributed to what we believe was a temporary disconnect between CooperSurgical’s intrinsic value and the offers received, resulting in proposals that did not adequately reflect the full value and long-term potential of the business. While the formal strategic review has concluded, our commitment to enhancing shareholder value has not changed. We gained valuable insights through the process and will intensify our focus on profitable organic growth and disciplined capital allocation, including share repurchases. The Board and management will also continue to evaluate opportunities to maximize long-term shareholder value and remain open to strategic alternatives that appropriately recognize the value of our operations.

然而在 CooperVision 方面，我們主動降低美國通路庫存，對本季業績造成壓力，且將持續影響第四季（Q4）。重要的是，本季美國的基本需求仍維持健康，終端消耗量以中個位數的速度成長。我們目前也已具備更健康的通路狀態與更強的基礎，得以迎接 2027 會計年度。我們也正採取額外措施以強化 CooperVision 的營收表現，我稍後會談到；但首先我想說明我們在今日另行發布新聞稿所宣布的策略檢討完成一事。在對各項替代方案進行全面評估後，董事會已完成策略檢討。在此過程中，我們對 CooperSurgical 進行了深入評估，包括探討出售該業務的可能性；我們獲得相當程度的市場興趣，並與多方進行接觸。然而最終，董事會一致認為，相較於此時推動交易，持續持有該業務更能符合股東利益。董事會與我們的顧問認為，流程後期有數項短期因素影響了估值，包括非荷爾蒙子宮內避孕器（IUD）市場出現競爭者的相關發展，以及我們生殖醫療訴訟和解的影響。我們認為，這些因素造成 CooperSurgical 的內在價值與所收到報價之間出現短期落差，導致提案未能充分反映該業務的完整價值與長期潛力。雖然正式的策略檢討已告一段落，但我們提升股東價值的承諾不變。我們在此過程中獲得了寶貴洞見，並將加大對高獲利的有機成長與嚴謹資本配置的聚焦，包括股票回購。董事會與管理團隊也將持續評估可最大化長期股東價值的機會，並對能適切反映我們營運價值的策略選項保持開放態度。

Turning to the quarter, CooperVision reported revenue of $717 million, essentially flat year-over-year. EMEA and Asia-Pac performed largely in line with our expectations, while the results in the Americas reflected CooperVision’s US channel inventory reductions.Moving forward, we see opportunities to strengthen our growth globally through improved execution of our contract wins and product launches. And to support this effort, we’re investing in expanded sales coverage, increased customer marketing programs, and enhanced commercial execution capabilities, including AI-driven targeting and analytics tools. These initiatives are already gaining traction in Asia-Pac, where our new commercial leadership team is fully in place, and in the US, where we’re actively expanding our salesforce organization. These efforts are driving stronger customer engagement, including within our private label business, where new account wins and SKU introductions are expanding our customer footprint and deepening penetration within existing accounts. We’re also continuing to invest in our distribution infrastructure, including a new packaging facility in Puerto Rico that will expand direct-to-consumer and direct-to-customer fulfillment capabilities, enhancing service levels and supporting long-term growth. All these actions are well underway and position us to drive greater revenue growth in fiscal 2027 and beyond.

回到本季表現，CooperVision 營收為 7.17 億美元，與去年同期基本持平。歐洲、中東與非洲（EMEA）以及亞太地區的表現大致符合我們預期，而美洲地區的結果則反映了 CooperVision 在美國通路去化庫存的影響。展望未來，我們看到透過更佳執行合約得標與產品上市，在全球強化成長的機會。為支持此一努力，我們正投資於擴大銷售覆蓋、增加客戶行銷方案，以及提升商業執行能力，包括以 AI 驅動的目標客群鎖定與分析工具。這些措施在亞太地區已開始展現成效，我們新的商業領導團隊已全面到位；在美國方面，我們也正積極擴編銷售團隊組織。這些努力正帶動更強的客戶互動，包括在我們的自有品牌（private label）業務中，新客戶得標與 SKU 導入正在擴大客戶版圖，並加深既有客戶的滲透率。我們也持續投資於配送基礎設施，包括在波多黎各新建的包裝設施，將擴大直達消費者（direct-to-consumer）與直達客戶（direct-to-customer）的履約能力，提升服務水準並支持長期成長。上述各項行動均已積極推進，使我們得以在 2027 會計年度及其後推動更高的營收成長。

Turning to products, our flagship MyDay franchise continues to perform well, highlighted by double-digit growth in EMEA and double-digit consumption growth in the Americas. This performance was driven by strong customer partnerships, ongoing expansion in high-value categories such as torics and multifocals, growing adoption of our premium MyDay Energys offering, and the successful launch of MyDay MiSight.

在產品方面，我們的旗艦 MyDay 產品線持續表現良好，其中 EMEA 地區呈現雙位數成長，美洲地區的終端消耗量亦為雙位數成長。此表現主要受惠於強健的客戶合作關係、在散光（torics）與多焦點（multifocals）等高價值品類的持續擴張、更多客戶採用我們高階的 MyDay Energys 產品，以及 MyDay MiSight 的成功上市。

MyDay Toric delivered another quarter of double-digit growth, supported by the industry’s broadest daily parameter range and the same market-leading toric design as Biofinity. MyDay Toric maintains a meaningful competitive advantage, offering approximately 30% more prescription options than any other daily Toric lens.

MyDay Toric 本季再度實現雙位數成長，受惠於業界最廣的日拋參數範圍，以及與 Biofinity 相同、同樣領先市場的散光鏡片設計。MyDay Toric 維持顯著的競爭優勢，其可提供的處方選項約比任何其他日拋散光鏡片多 30%。

MyDay Multifocal also delivered another quarter of double-digit growth, supported by its advanced optical design and easy-to-fit platform. With favorable demographic trends and significant room for category expansion, we continue to view multifocals as one of the most attractive growth opportunities in contact lenses. And to build on this, we are preparing to launch MyDay Toric Multifocal, extending our leadership in optics, parameter range, and clinical performance. Finally, MyDay Energys delivered another quarter of double-digit growth, reflecting increasing recognition among eye care professionals and wearers of its differentiated combination of premium optics and advanced material technology.

MyDay Multifocal 也在本季再度實現雙位數成長，受惠於其先進的光學設計與易於驗配的平台。在有利的人口結構趨勢以及品類擴張空間可觀的背景下，我們仍將多焦點視為隱形眼鏡中最具吸引力的成長機會之一。為在此基礎上再進一步，我們正準備推出 MyDay Toric Multifocal，延伸我們在光學表現、參數範圍與臨床性能方面的領先地位。最後，MyDay Energys 本季同樣再度實現雙位數成長，反映眼科專業人士與配戴者對其差異化優勢的認可度提升——其結合了高階光學與先進材料技術。

For clariti, performance varied by region, with growth in EMEA offset by softer performance in our other two regions. However, our next generation clariti multifocal continues to gain momentum, supported by the same proven fitting design as Biofinity and MyDay. And we also recently completed the clariti family launch in Japan, and initial customer response has been encouraging.

為了更清楚說明，業績因地區而異，EMEA 的成長被我們另外兩個地區較疲弱的表現所抵銷。然而，我們的下一代 clariti 多焦點產品持續累積動能，並由與 Biofinity 與 MyDay 相同、經驗證的驗配設計所支援。此外，我們近期也完成了 clariti 系列在日本的上市，初期客戶反應令人鼓舞。

Turning to Biofinity, strength in EMEA and within our market-leading made-to-order portfolio, including Toric Multifocals and extended ranges, was offset by the inventory moves in the US, resulting in a flat quarter. Regarding myopia management, MiSight delivered another strong quarter with 20% organic growth. EMEA and the Americas led performance, while softness in China weighed on Asia PAC, although this was partially offset by growing momentum in Japan following our MiSight launch earlier this year. In EMEA, growth was supported by the ongoing launch of MyDay MiSight with back-to-school campaigns highlighting the benefits of a silicone hydrogel offering. Canada also launched MyDay MiSight in August, and customer feedback has been excellent. Importantly, in these markets that have MyDay MiSight, the MyDay platform now supports patients across every stage of life, from myopia management in children through spherical, toric, multifocal, and premium lifestyle offerings in adulthood. Looking ahead, we expect MiSight growth to be in the low teens in Q4 against a difficult prior year comparison, resulting in roughly 20% growth for this full year and setting the stage for a promising 2027, supported by continued momentum in existing markets and the upcoming launch of MyDay MiSight Toric.

談到 Biofinity，EMEA 的強勁表現以及我們市場領先的客製化（made-to-order）產品組合（包括散光多焦點與延伸度數範圍）所帶來的成長，被美國的庫存調整所抵銷，使本季持平。在近視管理方面，MiSight 再度繳出強勁一季，有機成長 20%。EMEA 與美洲帶動表現，而中國的疲弱拖累亞洲太平洋地區，不過今年稍早 MiSight 在日本上市後動能增強，部分抵銷了影響。在 EMEA，成長受惠於 MyDay MiSight 持續上市，以及開學季行銷活動強調矽水膠產品的優勢。加拿大也於 8 月推出 MyDay MiSight，客戶回饋非常出色。重要的是，在這些已導入 MyDay MiSight 的市場中，MyDay 平台如今可支援患者人生各階段的需求，從兒童近視管理，到成人的球面、散光、多焦點與高端生活型態產品。展望未來，面對去年同期較高基期，我們預期第四季 MiSight 成長將落在低十位數百分比，全年約可達 20% 成長，並在既有市場持續動能與即將推出的 MyDay MiSight Toric 支持下，為 2027 年奠定可期的基礎。

Lastly, on Vision, we’re accelerating programs tied to new product development, and that ties nicely in with the opening of our global vision center in the UK later this month. This state-of-the-art facility brings together R&D, our next-gen technical manufacturing teams, and our commercial teams in a single integrated environment. The investment will accelerate innovation, enhance collaboration, and enable greater speed to market as we capitalize on one standardized manufacturing platform for all future product development.

最後，在視力（Vision）業務方面，我們正加速與新產品開發相關的計畫，這也與我們本月稍晚在英國啟用全球視力中心相互呼應。這座最先進的設施將研發（R&D）、下一代技術製造團隊與商業團隊整合於單一的一體化環境中。這項投資將加速創新、強化協作，並在我們以單一標準化製造平台推進未來所有產品開發之際，提升上市速度。

Turning to CooperSurgical, revenue was $349 million, up 3% organically. Within this, Fertility delivered another solid quarter, growing 5% to $141 million. By product category, fertility growth was driven by broad-based strength across our leading global portfolio of products and services, partially offset by softer capital equipment sales following a very strong prior quarter. Genomics was a notable contributor, driven by robust global demand along with continued adoption of RI Witness, our automated laboratory management platform. Performance was further supported by new clinic wins, expansion within existing accounts, and increasing uptake of recently launched products and services, all resulting in continued global market share gains. Geographically, growth was led by the Americas, where we continue to gain share, while EMEA and Asia PAC remain mixed, as strength across several markets was offset by macro headwinds in the Middle East and China.

接著談 CooperSurgical，營收為 3.49 億美元，有機成長 3%。其中，生殖（Fertility）再度交出穩健一季，成長 5% 至 1.41 億美元。按產品類別來看，生殖成長主要由我們領先的全球產品與服務組合全面走強所帶動，但在上一季資本設備銷售非常強勁之後，本季資本設備銷售較為疲弱，部分抵銷了成長。基因體（Genomics）是重要貢獻來源，受惠於全球需求強勁，以及我們自動化實驗室管理平台 RI Witness 的持續導入。此外，新診所客戶的取得、既有客戶內的擴張，以及近期上市產品與服務的採用率提升，亦支撐了表現，並帶來持續的全球市占率提升。就地區而言，成長由美洲領軍，我們持續提升市占；而 EMEA 與亞洲太平洋地區表現仍不一，部分市場的強勁表現被中東與中國的總體經濟逆風所抵銷。

Stepping back, the long-term fundamentals of the global fertility market remain compelling. Delayed family formation, expanding access to care, increasing treatment utilization, and continued investments by fertility clinics supports durable long-term growth. Government support for family building also remains favorable. Earlier this year, Denmark expanded publicly funded fertility coverage from three cycles to six. Japan’s reimbursement framework continues to improve access and affordability for assisted reproductive technologies. In the Middle East, investments in reproductive healthcare infrastructure continue to support growth in the UAE fertility market. And in California, large group health plans are now required to provide coverage for IVF and certain infertility treatments, representing another meaningful step towards expanding patient access. To conclude on Fertility, we expect continued strength, including a solid fourth quarter, supported by healthy market trends and growing momentum across our innovation pipeline, particularly in genomics.

從更宏觀的角度來看，全球生殖市場的長期基本面仍具吸引力。晚婚晚育、照護可近性提升、治療使用率增加，以及生殖診所持續投資，皆支撐長期且具韌性的成長。政府對家庭生育的支持也仍然有利。今年稍早，丹麥將公費補助的生殖療程涵蓋範圍由三個週期擴大至六個週期。日本的給付（reimbursement）制度持續改善，提升輔助生殖技術的可近性與可負擔性。在中東，生殖醫療基礎建設的投資持續推動阿聯酋生殖市場成長。而在加州，大型團體健康保險計畫現已被要求提供 IVF 與特定不孕症治療的保障，這代表在擴大患者可近性方面又邁出重要一步。總結生殖業務，我們預期將維持強勁表現，包括穩健的第四季，並受惠於健康的市場趨勢與我們創新產品管線日益增強的動能，尤其是在基因體領域。

Turning to Office and Surgical, revenue was $208 million, up 2%. Medical devices grew 4%, driven by continued strength in our Surgical OBGYN and specialty device portfolios, while Paragard revenue was flat. Finally, CooperSurgical delivered another quarter of strong operating leverage, reflecting the improved profitability and cash generation of our streamlined business model.

接著談門診與手術（Office and Surgical）業務，營收為 2.08 億美元，成長 2%。醫療器材成長 4%，主要由我們的婦產科手術（Surgical OBGYN）與專科器材產品組合持續強勁所帶動，而 Paragard 營收持平。最後，CooperSurgical 再度實現強勁的營運槓桿，反映我們精簡後的商業模式帶來更佳的獲利能力與現金創造。

Now, before turning the call over to Brian, let me leave you with a few key takeaways. At CooperVision, underlying demand remains healthy, and our long-term growth drivers remain firmly in place, including continued momentum in MyDay, strong demand for our toric and multifocal lenses, and the ongoing success of MiSight. At CooperSurgical, we remain excited about the fertility market and the opportunities ahead, supported by our strong R&D pipeline. Finally, while the strategic review process was extremely challenging for our teams, it provided valuable insights, and we believe we are well positioned to execute our plans and deliver strong performance in 2027 and beyond.

在把電話會議交給 Brian 之前，我想先分享幾項重點結論。在 CooperVision，基礎需求仍然健康，我們的長期成長動能也依然穩固，包括 MyDay 的持續動能、散光與多焦點鏡片的強勁需求，以及 MiSight 的持續成功。在 CooperSurgical，我們對生殖市場及未來機會仍感到振奮，並由我們強勁的研發管線所支撐。最後，儘管策略檢視流程對我們團隊而言極具挑戰，但也帶來寶貴洞見；我們相信自身已具備良好定位，可執行計畫並在 2027 年及更長遠的未來交出強勁表現。

With that, I’ll turn the call over to Brian.

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. For the third fiscal quarter, consolidated revenue was $1.066 billion, increasing approximately 1% on both a reported and organic basis. Gross margin was 66.7%, down 60 basis points year-over-year. This was largely in line with our expectations, reflecting higher costs and foreign exchange headwinds. Operating margins increased 30 basis points year-over-year to 26.3%, driven by ongoing productivity improvements. Interest expense was $21.5 million, and our non-GAAP effective tax rate was 15.3%. Before moving to earnings, I want to spend a moment on taxes. During the quarter, we recognized a sizable discrete tax benefit of approximately $307 million following the favorable completion of HMRC’s examination of our fiscal 2021 transfer of intellectual property and related assets to the UK. Importantly, the closure of the examination provides clarity and certainty around a matter that has been under review for several years and is now expected to extend meaningful non-GAAP tax benefits for at least an additional 10 years.

謝謝你，Al，各位下午好。我大部分的評論將以非 GAAP 基礎呈現，因此請參閱今日的財報新聞稿，以取得 GAAP 與非 GAAP 結果的調節表。在第三個會計季度，合併營收為 10.66 億美元，無論按公告口徑或有機口徑皆約成長 1%。毛利率為 66.7%，年減 60 個基點。這大致符合我們的預期，反映成本上升與外匯逆風。營業利益率年增 30 個基點至 26.3%，主要由持續的生產力改善所帶動。利息費用為 2,150 萬美元，非 GAAP 有效稅率為 15.3%。在進入獲利之前，我想先花一點時間談稅務。本季，我們在英國稅務海關總署（HMRC）對我們 2021 會計年度將智慧財產權及相關資產移轉至英國的審查順利結案後，認列了一筆約 3.07 億美元的重大一次性（discrete）稅務利益。重要的是，審查結案為這項已審視數年的事項帶來清晰度與確定性，且目前預期至少在未來額外 10 年延續具實質意義的非 GAAP 稅務利益。

Turning to earnings, non-GAAP EPS increased 4% to $1.15, including approximately $0.03 from tariff refunds based on approximately 193 million diluted shares outstanding. This marks our 11 consecutive quarter exceeding consensus earnings expectations, reflecting disciplined execution, strong operational management, and the benefits of the reorganization completed in the fourth quarter of last year.

接著談獲利，非 GAAP 每股盈餘（EPS）成長 4% 至 1.15 美元，其中包含約 0.03 美元的關稅退稅收益，係以約 1.93 億股流通在外稀釋股數計算。這是我們連續第 11 個季度超越市場一致預期的獲利表現，反映嚴謹的執行力、強健的營運管理，以及去年第四季完成重組所帶來的效益。

Turning to cash flow, we generated free cash flow of $273 million, the highest quarterly free cash flow in Cooper’s history. This was driven by strong operating performance, improving working capital trends, and declining CapEx, all of which has contributed to year-to-date free cash flow of $528 million, up 86% from last year. This performance reinforces our confidence in achieving our goal of generating $2.2 billion of cumulative free cash flow in fiscal 2026 to 2028.

轉向現金流方面，我們產生了2.73億美元的自由現金流，創下Cooper歷史上最高的單季自由現金流。這主要受惠於強勁的營運表現、營運資金趨勢改善以及資本支出（CapEx）下降，以上因素共同推動年初至今自由現金流達5.28億美元，較去年成長86%。這樣的表現進一步強化我們達成目標的信心：在2026至2028財年累計產生22億美元自由現金流。

Supported by this strong cash generation, we repurchased $339 million of shares during the quarter, bringing fiscal year-to-date repurchases to $445 million while maintaining leverage below two times. Given our confidence in the business and commitment to capital returns, the Board approved a $1 billion increase to our share repurchase authorization, bringing the remaining capacity to approximately $1.5 billion for future repurchases.

在強勁現金創造能力的支持下，我們於本季回購3.39億美元股票，使財年年初至今的回購金額達到4.45億美元，同時將槓桿維持在兩倍以下。基於我們對業務的信心以及對資本回饋的承諾，董事會核准將股票回購授權額度增加10億美元，使未來回購的剩餘可用額度提升至約15億美元。

Turning to guidance. For Q4, we expect consolidated revenue of $1.057 billion to $1.08 billion, representing organic growth of 0% to 2%. We expect CooperVision revenue of $692 million to $706 million, down 2% to flat organically. Within this, we expect regional performance trends to be broadly consistent with Q3, with the Americas reflecting the impact of channel inventory actions, EMEA delivering another solid quarter, and Asia-Pac continuing to face near-term challenges. We expect CooperSurgical revenue of $364 million to $374 million, representing organic growth of 4% to 6%. We expect interest expense of roughly $25 million, reflecting incremental borrowing associated with share repurchases and litigation-related payments. We expect the Q4 non-GAAP effective tax rate to be roughly 16%, resulting in non-GAAP EPS of $1.05 to $1.09. We expect around $170 million of free cash flow, excluding litigation-related payments of roughly $272 million. Our foreign exchange assumptions are largely unchanged from last quarter. In summary, we expect Q4 to be broadly similar to Q3, with the primary differences being greater commercial investments in CooperVision, additional FX headwinds, and lower tariff refunds, which will pressure gross and operating margins.

接著談指引。針對第四季，我們預期合併營收為10.57億至10.8億美元，對應有機成長0%至2%。我們預期CooperVision營收為6.92億至7.06億美元，有機口徑年減2%至持平。其中，我們預期各區域表現趨勢大致與第三季一致：美洲將反映通路庫存調整行動的影響；EMEA將再交出穩健的一季；亞太則仍將面臨短期挑戰。我們預期CooperSurgical營收為3.64億至3.74億美元，對應有機成長4%至6%。我們預期利息費用約2,500萬美元，反映與股票回購及訴訟相關付款所帶來的新增借款。我們預期第四季非GAAP有效稅率約16%，對應非GAAP每股盈餘（EPS）為1.05至1.09美元。我們預期自由現金流約1.7億美元（不含約2.72億美元的訴訟相關付款）。我們對外匯的假設與上季大致不變。總結而言，我們預期第四季整體將與第三季大致相近，主要差異在於：CooperVision將加大商業投資、外匯逆風增加，以及關稅退稅減少，這些因素將對毛利率與營業利益率造成壓力。

Looking ahead to fiscal 2027, it’s too early to provide guidance other than to note that our scheduled GILTI increase of roughly 2% in the US taxation of foreign earnings will impact our non-GAAP effective tax rate. All else being equal, we expect this to increase our tax rate from roughly 15.5% this year to roughly 17.5% in fiscal 2027.

展望2027財年，目前仍言之過早，除了指出：我們在美國對海外收益課稅中，預定的GILTI稅負將上調約2%，這將影響我們的非GAAP有效稅率。在其他條件不變下，我們預期這將使稅率由今年約15.5%提高至2027財年約17.5%。

To conclude, despite actions we took within CooperVision that weighed on performance, we delivered another quarter of earnings above expectations and record free cash flow. We also achieved a favorable resolution of HMRC’s examination of our 2021 UK tax planning initiative and returned significant capital to shareholders.

最後總結，儘管我們在CooperVision採取的行動對表現造成壓力，我們仍交出另一個優於預期的獲利季度以及創紀錄的自由現金流。我們也就HMRC對我們2021年英國稅務規劃方案的審查取得有利的解決結果，並向股東回饋了可觀的資本。

At the same time, we are intensifying our efforts to drive organic growth through new commercial investments and a more streamlined operating model. Together, these initiatives position us to accelerate growth, expand profitability, and increase cash generation in the years ahead. Supported by a strong balance sheet and disciplined capital allocation framework, we remain confident in our ability to create meaningful long-term value for shareholders.

同時，我們正加大力度，透過新的商業投資與更精簡的營運模式來推動有機成長。這些舉措相互配合，使我們在未來幾年具備加速成長、擴大利潤率並提升現金創造能力的有利條件。在強健資產負債表與嚴謹資本配置框架的支持下，我們仍對為股東創造具意義的長期價值充滿信心。

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

接下來，我把電話交給接線員進行提問環節。

Jon Block.

Jon Block。

Thanks, guys. Good afternoon. Al, previously, the fiscal 2H 2026 CVI growth was expected to be up roughly 4%. Now, fiscal 2H is expected to be flattish, and you made some comments around consumption. I just want to be clear, is the entirety of that revision inventory-related, as you did call out consumption amid single-digit growth specific to the quarter? I am just wondering if that consumption assumption also applies to fiscal 4Q. Maybe you can just tease out the plus 4% to 0% in fiscal 2H, how much of that is destock versus underlying fundamentals?

謝謝，各位。下午好。Al，先前預期2026財年下半年（2H）CVI成長約4%。現在，預期財年下半年將接近持平，而你也提到一些關於終端消費的評論。我想確認清楚：這次修正是否完全與庫存相關？因為你確實提到本季在個位數成長下的消費情況。我想知道，這個消費假設是否也適用於2026財年第四季（4Q）。也許你可以拆解一下：財年下半年從+4%到0%的變化中，有多少是去庫存（destock），多少是基本面因素？

Jon, it is all destock. The consumption in the US market has been running pretty steady all year in the mid-single digits, it did in Q3, and it did in the first month of this quarter. So I would expect consumption to remain as is. Meaning the entire reason for the reduction in the revenue guidance for CooperVision was tied to just channel inventory. That’s it.

Jon，全部都是去庫存。美國市場的終端消費今年以來一直相當穩定，維持在中個位數成長；第三季如此，本季第一個月也是如此。所以我預期終端消費會維持現狀。也就是說，CooperVision營收指引下修的全部原因，都只是與通路庫存有關。就這樣。

Okay. Thanks for the clarity there. I guess there is just an obvious follow-up, which would be, if you are exiting this year at flat off of pretty modest comps, just any high-level thoughts on 2027 CVI? In other words, do we think it can go back to mid-single digits as it would revert back to consumption? Or should we think, hey, you are going to be below market this year. Do we think below market next year, really until some new products start to come out of the innovation hub? Thanks, guys.

了解。謝謝你釐清。我想接著有個很直接的追問：如果你們在今年結束時是持平，而且比較基期也相當溫和，那對2027年CVI有沒有一些高層次的看法？換句話說，我們是否認為它可以回到中個位數成長，因為會回歸到終端消費的水準？或者我們應該這樣想：你們今年會低於市場成長。那明年是否也會低於市場，直到有新產品從創新中心推出？謝謝，各位。

A couple things on that. Some of the moves that we’re making in the US with respect to the channel inventory are impacting us. Another one that has been impacting us for a little bit and will to the end this year, is some of the portfolio rationalization we’re doing with our legacy hydrogels.

關於這點有幾件事。我們在美國針對通路庫存所做的一些調整，確實正在影響我們。另外一個已影響我們一段時間、且會持續到今年年底的因素，是我們正在對既有水膠（hydrogel）產品進行部分產品組合精簡（portfolio rationalization）。

Our legacy hydrogels were down double digit across the board as we continue to move away from those products. That work we’re going to get completed in our fiscal Q4, and that’ll put us in significantly better footing back to CooperVision of old, or normal CooperVision, if you will, as we get into 2027.

隨著我們持續淡出這些產品，我們的既有水膠產品整體都呈現雙位數下滑。這項工作我們會在財年第四季完成，並在進入2027年時，讓我們回到更好的基礎，回到過去的CooperVision——或者說更正常的CooperVision。

Thank you.

謝謝。

Jeff Johnson.

Jeff Johnson。

Hey, thanks. Good afternoon, guys. Let me just stick on maybe that same line of question Jon was just asking, and then I’ve got one other follow-up as well. But on the destock itself, Al, you may have just answered the question on some of the legacy hydrogel stuff, but what is actually driving that destock, and how do we think about the risk that that bleeds over into the early part of 2027? Have you ring-fenced that fairly confidently that this is a fiscal Q4 should be the last of it? Or how do we think about the early-2027 potential impact? Then one follow-up. Thanks.

嗨，謝謝。各位下午好。我先沿著Jon剛才那條問題線再問一下，然後我還有另一個追問。就去庫存本身而言，Al，你可能已經在既有水膠產品那部分回答了一些，但實際上是什麼在驅動這次去庫存？以及我們該如何看待它延伸到2027年初的風險？你們是否相當有信心已把影響範圍圈定住，認為2026財年第四季應該是最後一波？或者我們該如何看待2027年初可能的影響？然後我還有一個追問。謝謝。

We have ring-fenced that. We have gone through that deeply and dug into all the details and where the channel inventory is and what’s happening. A lot of it was tied to Biofinity. But there was other stuff with dailies, and there was definitely inventory that was tied to some legacy hydrogels and some of those types of products. But we are going to get that behind us in Q4, or at least the vast majority of it. Same with the rationalization and the moves in Asia Pac so that we get back in good footing and back to normal in 2027.

我們已將那部分隔離控管。我們已深入檢視並鑽研所有細節，包括通路庫存在哪裡、以及正在發生什麼。其中很大一部分與 Biofinity 有關。但也有一些與日拋產品相關，而且確實有一部分庫存與某些舊款水膠（hydrogel）以及那類產品綁在一起。不過我們會在第四季把這些問題處理完，至少會解決其中絕大多數。同樣地，亞洲太平洋地區的產品精簡與調整也會如此，讓我們在 2027 年回到穩健基礎並恢復正常。

Okay. I guess I will just push you a little bit on that. I hear in your answer the different lines that destocked, but why are they destocking? Have end markets slowed? Did you guys have too much inventory in the channel from past efforts to prop up numbers? Is it competitive new product launches that are just requiring less CooperVision inventory? Just anything there.

好的。我想我會再追問你一下。我從你的回答中聽到不同產品線在去庫存，但為什麼要去庫存？終端市場有放緩嗎？你們是否因為過去為了撐數字而在通路端放了太多庫存？還是競品推出新產品，導致需要的 CooperVision 庫存變少？任何相關原因都可以。

And then you mentioned APAC at the end of your answer. I guess my other question was going to be on APAC. Last quarter, you talked about fiscal Q3 being the last of the Cooper-specific issues, and you felt like the market was kind of flat, maybe down a little bit in Asia Pac, and that you could get back towards that market rate in Q4. Has that assumption now changed? If so, why? Thank you.

另外你在回答最後提到亞太。我想我另一個問題會是關於亞太。上季你提到，會計年度第三季是 Cooper 自身問題的最後一季，你覺得亞太市場大致持平、可能小幅下滑，而你們在第四季可以回到接近市場成長率。這個假設現在有改變嗎？如果有，為什麼？謝謝。

I will touch on that one first, Jeff. On Asia Pac, I would say that market is actually stabilizing to getting a little bit better, which is great news. I think I said last quarter, I would have to go back and look, that we were finishing up a lot of the rationalization work and positioning work with respect to the legacy hydrogels and clariti entering.

Jeff，我先回應這一題。就亞太而言，我會說市場其實正在趨於穩定，甚至略有好轉，這是個好消息。我記得我上季有說（我得回去確認一下），我們正在完成許多與舊款水膠產品以及 clariti 導入相關的精簡與定位工作。

So that is what I am referencing, saying that similar to last quarter, we are going to finish that up. We were halfway through it or maybe a little bit more. We took another chunk out of it in Q3, and we will finish that in Q4. I think you will get Asia Pac relatively back to normal as we start the year off.

所以我提到的就是這件事：和上季類似，我們會把它收尾。我們當時已完成一半，或可能更多一些。我們在第三季又處理掉一大部分，並會在第四季完成。我認為在新年度開始時，亞太會相對回到正常狀態。

If I look at the channel inventory in the US, we see channel inventory go up and go down, and we have seen that many times over the years. We did have channel inventory trend higher here, and that has been for a couple different reasons. Some of it was people buying before price increases, some of it has been consolidation activity, some of it has been buying before things like IT upgrades go in. Most recently here in Q1 and Q2, you saw channel inventory move up associated with buying tied to some of the new private label contracts we won, and that was pushing up inventory without offsetting it in a different spot. This was something that we took a long and hard look at and said, hey, normally, what would happen here and what’s happened in the past is that channel inventory would burn itself off over the next year and a half, or something like that,, and you’d move back to normal. Rather than doing that and dealing with that, as we have many times over the 20 years-plus I’ve been here, we decided to go ahead and proactively accelerate that and just get that taken care of right now in Q3 and Q4 so we won’t have that overhang at all next year and we’ll go back to growth tied to consumption.

如果我看美國的通路庫存，我們看到通路庫存上上下下，這些年來我們已經看過很多次。我們確實看到通路庫存走高，而這有幾個不同原因。部分是因為漲價前的提前備貨，部分是因為通路整併活動，部分是因為像 IT 升級上線前的提前採購。最近在第一季與第二季，你看到通路庫存上升，與我們贏得的一些新的自有品牌（private label）合約所帶動的採購有關，這推升了庫存，但沒有在其他地方形成對沖。我們對此做了長時間、深入的檢視，並說：一般來說，這種情況以及過去發生的情況是，通路庫存會在接下來一年半左右自行消化，然後回到正常水位。我們不想像過去那樣（在我在這裡 20 多年的期間已多次遇到）放任它慢慢消化、再去承受那個影響，因此我們決定主動加速處理，直接在第三季與第四季把它解決，這樣明年就完全不會有庫存壓力，我們也會回到與終端消費（consumption）連動的成長。

Thank you.

謝謝。

Larry Biegelsen.

Larry Biegelsen。

Hi, it’s Lei on for Larry. Thanks for taking the questions. Can you quantify the impact of the US inventory reduction in fiscal Q3? You talked about consumption being in the mid-single digits. Is that different versus what you reported for CVI? Is that the magnitude of inventory reduction in the quarter? What’s assumed about the impact of the inventory in fiscal Q4? I have a follow-up.

嗨，我是代 Larry 提問的 Lei。謝謝讓我提問。你能量化美國在會計年度第三季去化庫存的影響嗎？你提到終端消費在中個位數成長。這和你們對 CVI 所報告的數字有不同嗎？這就是本季去庫存的幅度嗎？那對會計年度第四季的庫存影響假設是什麼？我還有一個追問。

Lei, just to be clear on that, the Americas would have reported growth around 5% in Q3 if we hadn’t made the inventory reduction moves. We would envision Q4 is actually going to be pretty similar to what Q3 was, I would say, for the Americas, for EMEA, and Asia Pac. You’ll have a similar inventory reduction that’ll occur in Q4 in the US.

Lei，先澄清一下：如果我們沒有採取去庫存的動作，美洲地區在第三季本來會呈報大約 5% 的成長。我們預期第四季其實會和第三季非常相似，我會說對美洲、EMEA（歐洲、中東與非洲）以及亞太都是如此。美國在第四季也會出現類似的去庫存幅度。

Okay. So the magnitude should be similar, you’re saying, for the

好的。所以你是說，幅度應該會類似，針對

Correct.

沒錯。

inventory reduction in Q4?

第四季的去庫存？

That’s right.

是的。

Okay, thanks. My other question is around the P&L for Q4. I am backing into an operating margin somewhere in the mid-20%, based on your EPS guidance. That would be down sequentially as well as year-over-year. One, just want to check that.

好的，謝謝。我另一個問題是關於第四季的損益表（P&L）。根據你們的 EPS 指引，我推算營業利益率大約在 20% 中段。那會較前一季下滑，也會年減。第一，我只是想確認一下。

And two, what is driving that lower margin? You have a tariff benefit in fiscal Q3. Is it all inventory related, or are there other factors in there? If there is anything in your EPS guide about additional buyback in fiscal Q4. Thank you.

第二，造成較低毛利率/營業利益率的原因是什麼？你們在會計年度第三季有關稅帶來的利益。這全部都和庫存有關嗎，還是還有其他因素？另外，你們的 EPS 指引中是否包含會計年度第四季額外的庫藏股回購？謝謝。

Sure. Nothing in the guidance with respect to buybacks. Answered that one. When you look at your operating margin thinking, you are in the ballpark, and Brian touched on it, the factors being tariffs, FX a little bit more negative, and then investments in CooperVision. We started that investment activity in CooperVision during Q3, actually. We are starting to see the impact of that. We will get a return on that next year, but you are starting to see the impact this year.

好的。指引中沒有包含任何回購相關內容。這題回答完了。至於你推算的營業利益率，你大致抓得差不多；Brian 也提到了，主要因素包括關稅、匯率（FX）稍微更偏負面，以及對 CooperVision 的投資。我們其實在第三季就開始在 CooperVision 進行這些投資活動。我們開始看到其影響。我們明年會從中獲得回報，但今年已開始反映其影響。

Jason Bednar.

Jason Bednar。

Hey, good afternoon. Thanks for taking the questions. Sorry to hammer here and beat a dead horse, but I am going to ask another one on the destock. Just a question on your confidence that this is just an Americas issue that will not bleed over to EMEA, and maybe talk about how Americas is benchmarked versus EMEA, so we can have confidence that this issue just does not extend over to that geography and visibility that you have into the channel there. Maybe take it from a different perspective, why not make some moves in EMEA so that channel or that geography is on healthy footing heading into fiscal 2027?

嗨，下午好。謝謝讓我提問。抱歉一直追著問、老調重彈，但我還是要再問一題關於去庫存。我想問你們為何有信心這只是美洲的問題，不會蔓延到 EMEA；也請談談美洲相對於 EMEA 的對標方式，讓我們能有信心這個問題不會延伸到那個地區，以及你們對當地通路的可視性（掌握度）。換個角度問，為什麼不在 EMEA 也採取一些動作，讓通路或該地區在邁入會計年度 2027 前就處於健康狀態？

The difference is EMEA is a much greater subscription-based market. We are actually seeing the US move in that direction. That is one of the things I was talking about with the new Puerto Rico facility, that you are seeing more direct-to-consumer shipping activity. You see that in EMEA right now. That prevents you from having these big inventory swings. We do not really see that in EMEA. You can get it with customers of course but we just don’t have that happening in EMEA, so I am not worried about it in that region. When you look at the US, it is centered on a relatively small number of players, between distributors and some online e-commerce. It is pretty straightforward to tackle it, and that is what we did.

差異在於，EMEA 是一個以訂閱制為主、程度更高的市場。我們其實也看到美國正朝那個方向發展。這也是我在談到新的波多黎各廠房時提到的其中一點：你會看到更多直接面向消費者（DTC）的出貨活動。你現在在 EMEA 就能看到這種情況。這能避免出現大型的庫存大幅波動。我們在 EMEA 其實不太看到那種情況。當然在客戶端你可能會看到，但我們在 EMEA 並沒有發生，所以我不擔心那個區域。再看美國，市場主要集中在相對少數的玩家之間，包括經銷商以及一些線上電商。要處理這件事其實相當直接，而這就是我們所做的。

It is pretty easy to get an understanding about how much channel inventory is out there, what levels people need to hold in order to maintain customer service requirements. You can look at that delta, and that is how you ring-fence it to be able to say, hey, I can do this, and I can quantify it within a couple of quarters.

要了解通路端到底有多少庫存、以及人們為了維持客戶服務要求需要持有多少水位，其實很容易。你可以看那個差額（delta），這就是你如何把它圈定（ring-fence）起來，進而能說：嘿，我可以做到，而且我可以在兩個季度左右把它量化出來。

Alright. That is helpful. Al or Brian, I think you both discussed today investments in CVI sales, marketing, and R&D. Usually, that type of approach that is needed to accelerate growth comes at the expense of margins, even if temporarily. But it does not seem like that is what you are suggesting today.

好的。這很有幫助。Al 或 Brian，我想你們今天都談到了在 CVI 的銷售、行銷與研發方面的投資。通常，這種為了加速成長所需的做法會以犧牲毛利率為代價，即使只是暫時的。但你們今天的說法似乎不是這樣。

Can you talk a bit more about the investment buckets? Your confidence level in posting margin improvement next year in the face of this spending, knowing that we have already gone through some cost-down efforts coming into this fiscal year.

你們能再多談一點投資的分類（investment buckets）嗎？在這些支出之下，你們對明年仍能實現毛利率改善的信心程度如何？畢竟我們在本財年開始前已經做過一些降本措施。

Sure. I’ll take that one. The commercial investments in sales force expansion, marketing programs, new product development. The sales force adds tend to be a short-term detriment to margins. As we bring in sales force, train them, get them deployed, that will be a short-term detriment for longer-term benefits. We are addressing sales force expansion across our businesses, across regions. I’m not going to get into 2027 guidance right now. Obviously, we’ve been leveraging parts of the P&L, and we continue to leverage that, and you see that drop through in profitability and earnings. But we’ll get into next year in December in terms of how the moves to drive long-term sustainable organic growth will impact our year, including gating in December.

當然。我來回答這題。商業端的投資包括：擴充銷售團隊、行銷方案、新產品開發。增加銷售人力通常會在短期內對毛利率不利。當我們招募銷售人員、訓練他們、並讓他們上線部署時，短期會有負面影響，但能帶來長期效益。我們正在各事業、各區域推動銷售團隊擴編。我現在不會談 2027 年的指引。很明顯地，我們一直在槓桿化損益表（P&L）的部分項目，而且會持續這麼做，你也能在獲利與盈餘中看到這種落地效果。不過，關於為了推動長期、可持續的有機成長而採取的動作將如何影響我們明年的表現（包括 12 月的分段/門檻安排 gating），我們會在 12 月再談明年。

Alright. Understood. Thank you.

好的。了解。謝謝。

Robbie Marcus.

Robbie Marcus。

Great. Thanks for taking the question. Two from me. One, when did you first start the destocking? And where are you now with channel inventory? I don’t know if you measure it in days in the US? Where was it in the beginning of the year, and where was it last year? Just so we could get a sense. Then I have a follow-up.

很好。謝謝讓我提問。我有兩個問題。第一，你們最早是什麼時候開始去庫存（destocking）的？目前通路庫存的狀況如何？我不知道你們在美國是否用「天數」來衡量？年初時在哪個水位？去年又在哪個水位？讓我們可以有個概念。然後我還有一個追問。

Well, I do not want to go back and build out by quarter. I do not think that is going to do anybody any good. But I look at it and I would say, we are halfway through it. We did it here in Q3, and we are going to do the other half of it in Q4.

嗯，我不想回頭按季度把它重建出來。我不認為那對任何人有幫助。但如果要我看，我會說我們完成了一半。我們在第三季做了這一半，第四季會把另一半做完。

Okay. But you are not willing to say if this year ran at above average or below average or

好的。但你不願意說今年是高於平均、低於平均，還是——

Well, this year has run above average. As I mentioned, there was stocking associated with some of the new private label contracts we have won, as an example, that has pushed up distributor inventory that we saw in Q1 and Q2.

嗯，今年確實是高於平均。如我提到的，舉例來說，我們贏得了一些新的自有品牌（private label）合約，相關的備貨推升了經銷商庫存，這是我們在第一季和第二季看到的。

Great. And then I know you are not giving 2027 guidance. I think we are all grappling with so much of the movement and changes in guidance throughout the past several quarters. Maybe are you okay with leveraged EPS growth next year and maybe a 3% to 4% top line? Still a touch lower than where the Street is? Or does the step-up in tax preclude the ability to get leveraged EPS growth? Thanks a lot.

很好。另外我知道你們不提供 2027 年指引。我想大家都在努力消化過去幾個季度指引的各種變動與調整。也許你們是否可以接受明年 EPS 槓桿式成長（leveraged EPS growth），以及營收成長 3% 到 4%？這仍然比市場共識（Street）稍低一些？或者稅負的上升會讓你們無法做到 EPS 槓桿式成長？非常感謝。

As much as I’d like to give commentary on next year, I’m just not going to get into it right now, not until December.

雖然我很想對明年做一些評論，但我現在不會談，至少要等到 12 月。

Joanne Wuensch.

Joanne Wuensch。

Thank you so much for taking the question. And I’m going to try it from a different angle. If the third quarter and the fourth quarter are negatively being impacted by the channel inventory and the contact lens market is growing 4% to 6%, is it reasonable to assume that next year you can grow within the range of the market?

非常感謝讓我提問。我想換個角度試著問。如果第三季和第四季都受到通路庫存的負面影響，而隱形眼鏡市場成長率是 4% 到 6%，那麼是否可以合理假設明年你們能在市場成長區間內成長？

Yes. That is reasonable. I would say a couple things, Joanne. Let me give just a little color on that because your question is very fair. We don’t have a manufacturing issue. Our team is strong. We’re producing product. We don’t have a distribution or logistics issue. We don’t have a problem winning contracts. We’ve won a number of contracts. Where we’ve struggled is execution at the end of that, actually executing and delivering revenues.

是的。這樣的假設是合理的。Joanne，我想補充幾點。我稍微提供一些背景，因為你的問題非常公允。我們沒有製造端的問題。我們的團隊很強。我們有在生產產品。我們沒有配銷或物流方面的問題。我們在贏得合約上也沒有問題。我們贏得了不少合約。我們卡關的地方是在最後端的執行，也就是實際把它執行到位並交付營收。

We’re moving through this entire process, which is one of the things that’s kept me optimistic, but then we’re not converting at the very last stage of that. That actual commercial execution is where the struggling has happened. So this sales force execution, this additional marketing, the intensity around that and targeting, is the key to success for us.

我們一路推進整個流程，這也是讓我保持樂觀的原因之一，但我們在最後一個階段沒有轉換成功。真正出問題的是那個實際的商業執行。因此，銷售團隊的執行力、額外的行銷投入、以及在這方面的強度與精準鎖定，是我們成功的關鍵。

It’s not product, it’s not getting customer products, it’s not winning contracts. It’s executing at the end on the sales. We don’t have enough salespeople out there. In hindsight, we should have moved faster on this. We don’t have enough salespeople on the street. We have quite a bit less than our competitors have right now. So this is a matter of doing that last stage of investing. We’re on top of that. We’re moving as fast as we can right now. I’m not expecting this channel inventory to bounce back. We’re taking it out, and we’re going to manage it more aggressively to ensure stability there. But I do expect better execution. We have a long history of strong execution, so I’m confident in the team and that we’ll deliver that.

問題不在產品，不在把產品交到客戶手上，也不在贏得合約。而是在最後端的銷售執行。我們在外面的業務人員不夠。事後看來，我們應該更快推進這件事。我們在第一線的業務人員不夠。我們目前的人數比競爭對手少很多。所以這就是最後階段投資到位的問題。我們正在積極處理。我們現在正以最快速度推進。我不預期這些通路庫存會反彈回來。我們正在把它去化掉，並且會更積極地管理，以確保那邊的穩定性。但我確實預期執行會更好。我們過去長期都有很強的執行紀錄，所以我對團隊有信心，也相信我們會把它交付出來。

Thank you.

謝謝。

Steve Lichtman.

Steve Lichtman。

Thank you. I just want to switch gears to CSI, and on the decision to keep the business. You pointed to the valuation disconnect. But as you look at the two businesses together, coming off of this process, what was management and the Board’s ultimate assessment of why the two together are stronger than apart? Because obviously the lack of obvious synergies has been one of the questions from investors.

謝謝。我想把話題轉到 CSI，以及關於決定保留該業務。你提到了估值落差。但當你把這兩項業務放在一起、並在這次流程結束後來看，管理層與董事會最終的評估是什麼，為什麼兩者合在一起比拆開更強？因為顯然，缺乏明顯的協同效應一直是投資人提出的問題之一。

Well, I would say that it is really the P&L at the end of the day. Because if you take a look at the shared services concept that we deployed, remember, we did the restructuring in Q4 of last year. And you have seen the savings. I know there is frustration over revenues. I have frustration over revenues, but I think this was something like our 11th straight quarter of beating earnings expectations. And some of those quarters, we have beaten earnings expectations by 5%, 10%. We beat earnings this quarter with CooperVision coming in way under what revenue expectations were.

嗯，我會說，歸根結底看的是損益表（P&L）。因為如果你看看我們推行的共享服務概念，記得我們在去年第四季做了重組。而你們也看到了節省成效。我知道大家對營收有挫折感。我對營收也有挫折感，但我認為這大概是我們連續第 11 個季度超越獲利預期。而且其中有些季度，我們超預期 5%、10%。本季在 CooperVision 的營收遠低於預期的情況下，我們仍然超越了獲利。

So that’s the strength of the P&L, when I look at it from a perspective of operating leverage and being able to drive that, and also drive cash flow. Highest quarterly cash flow we have ever had in the company, and as Brian Andrews said, we are going to keep delivering a lot of cash flow.

所以，從營運槓桿、以及能夠推動它並同時推動現金流的角度來看，這就是損益表的強項。公司史上最高的單季現金流；正如 Brian Andrews 所說，我們會持續交付大量現金流。

At the end of the day, you are right. We have two different businesses. But the back office, when it comes to finance, IT, legal, and HR, can support very effectively both of these businesses so that we can generate good earnings and really strong cash flow.

歸根結底，你說得對。我們確實是兩個不同的業務。但在後勤支援方面，包含財務、IT、法務與人資，能非常有效地同時支援這兩項業務，讓我們能產生良好的獲利以及非常強勁的現金流。

And then we need to deploy that cash flow to stock buybacks. We did a lot of buybacks this quarter. We are going to generate a lot of cash next year, and that is going to continue to be our focus. That is where the logic comes in of having the two companies together, and the proof is in the pudding, which we have done. Now, we need to get revenue growth going, and I get that. Surgical is actually plugging along fine. Even through all these disruptions. This was an incredibly disruptive process. We thought we were going to sell CooperSurgical. Let us be clear about that, I got on the last call, and I talked about that.

接著我們需要把這些現金流用在股票回購上。我們本季做了大量回購。明年我們會產生大量現金，而這將持續是我們的重點。這就是把兩家公司放在一起的邏輯所在，而成果也已經證明了，我們做到了。現在，我們需要讓營收成長動起來，我理解這點。Surgical 其實運作得不錯。即便經歷了所有這些干擾。這是一個極度干擾性的流程。我們原本以為會出售 CooperSurgical。讓我們把話說清楚：我在上一通電話會議上也談到過。

Everybody at this company was working their normal jobs and on the sale of the business. Every piece of planning that we were doing, every budget, every IT plan had to have a with and without Surgical plan. But we got through that. We got through the exercise, and we still delivered the earnings, and we killed the free cash flow.

公司裡每個人一邊做本職工作，一邊投入出售業務的工作。我們做的每一項規劃、每一份預算、每一個 IT 計畫，都必須同時有「包含 Surgical」與「不包含 Surgical」兩套方案。但我們撐過來了。我們完成了這個流程演練，仍然交出了獲利表現，而且自由現金流表現非常亮眼。

And now we turn our attention back to where it needs to be, which is driving revenue growth within CooperVision and investing heavier in CooperVision. That is what we are going to do next. It is one more box we need to check, and I think that is the last one that we need to check. That is the logic of having the businesses together.

現在我們把注意力轉回到應該聚焦的地方，也就是推動 CooperVision 的營收成長，並加大對 CooperVision 的投資。這就是我們接下來要做的。這是我們還需要勾選的一個項目，我認為這也是最後一個需要勾選的項目。這就是把兩項業務放在一起的邏輯。

Got it. Great. And then just follow up to that, in terms of use of free cash looking forward beyond stock buybacks. You may have mentioned this in your release tonight, but is it fair to say that relative to inorganic, that CVI is going to be a higher focus now than on CSI or else equal?

了解。很好。接著就此追問一下，關於未來自由現金的運用，除了股票回購之外。你今晚的新聞稿可能有提到，但是否可以說，相較於非有機（inorganic）成長，CVI 現在會比 CSI 更成為優先重點，或在其他條件相同下是如此？

100%. Very heavy focus right now on CooperVision organic growth. That’s where we need to put our attention, that’s where we are putting our attention, and that’s where we’re putting our money. That doesn’t mean that CooperSurgical is not going to do well and get its investments, because fertility is very important to us and we’re strong on the med device side, and we’re going to continue to invest and grow those businesses. But the number one focus, clear and away, is driving organic growth at CooperVision right now.

百分之百。目前非常重點聚焦在 CooperVision 的有機成長。這是我們需要投入注意力的地方、我們正在投入注意力的地方，也是我們正在投入資金的地方。這不代表 CooperSurgical 不會表現良好、也不會獲得投資，因為生殖醫療對我們非常重要，而且我們在醫療器材端很強，我們會持續投資並成長這些業務。但毫無疑問、最優先的重點，就是現在推動 CooperVision 的有機成長。

Got it. Thanks, Al.

了解。謝謝，Al。

David Saxon.

David Saxon。

Great. Thanks for taking my questions. Good afternoon. Maybe one on CVI, and I will ask one on CooperSurgical as my second. Just on CVI, a follow-up to the sales and marketing investments. Are there specific regions that need those additional resources? Do you need those additional sales reps to get to the mid-single digits next year? And then I would love to just get your latest take on pricing and how you are feeling about the market’s ability to take price.

很好。謝謝回答我的問題。下午好。我可能先問一題關於 CVI，第二題再問 CooperSurgical。先談 CVI，延續你們在銷售與行銷投資上的話題。是否有特定區域需要這些額外資源？你們是否需要增加這些業務代表，才能在明年達到中個位數成長？另外也想請你分享一下你們對定價的最新看法，以及你們對市場承受漲價能力的感受如何。

Sure. When it comes to the sales force expansion, I would start with the US market, because we have consumption growing mid-single digits. That is probably in line roughly with where the market is. We should be doing better than that. Given the contracts we have won, we should be growing faster than market here. The addition of this direct sales force and the expansion that we are doing right now is going to add coverage for something like 5,000 additional doors. That is a big deal for us. Do we need to get that sales force in place to get to mid-single digit? No, because that is what we are doing right now on a look-through basis. Should we be accelerating that anddoing better? Yes, we should be.

當然。談到擴編銷售團隊，我會先從美國市場開始，因為我們的終端消耗量（consumption）成長在中個位數。這大致上與市場水準相符。我們應該要做得比這更好。以我們贏得的合約來看，我們在這裡的成長應該要快於市場。我們目前新增的直營銷售團隊與擴編，將為大約 5,000 個額外的通路據點（doors）增加覆蓋。這對我們來說很重要。我們是否需要把這支銷售團隊到位，才能達到中個位數成長？不需要，因為以穿透（look-through）口徑來看，我們現在就在做到了。我們是否應該加速、做得更好？是的，我們應該。

When I look at Europe, they are in a good spot. I challenged the European team there. We have a great, fantastic leader running Europe over there, and I have challenged him to look at some expansion and hiring more salespeople.

至於歐洲，我們目前處在不錯的位置。我也對歐洲團隊提出了挑戰。我們在那邊有一位非常出色、很棒的領導者負責歐洲，我也要求他評估一些擴張計畫並增聘更多業務人員。

Asia Pac is in pretty good shape right now. I just talked to the head of Japan, great guy, energized. He has some really good ideas. I am excited about what he is doing. He is doing some hiring over there to focus on different areas of the markets where we do not currently compete. He needs to keep doing that. I stressed that to him and the rest of the team. Invest, drive growth.

亞太目前狀況也相當不錯。我剛和日本負責人談過，是個很棒的人，充滿幹勁。他有一些非常好的想法。我對他正在做的事情感到很興奮。他正在那邊進行一些招募，聚焦在市場中我們目前尚未競爭的不同領域。他需要持續這麼做。我也向他以及團隊其他成員強調了這點。投資、推動成長。

These are all high return models. We are going through this from a return perspective. I feel good about that. That gives you a little bit of color on the worldwide side. When I look at pricing and when I look at product mix, it is still pretty good in the industry. The higher priced products are doing better. We see that with our competitors. We see that with products like MyDay MiSight, the MyDay Torics and Multifocals continue to perform better. So higher priced products are doing better. There still remains the potential to take price. Inflation is still out there. We see that. And there is still the potential for us to be able to take price, and we are actively looking at that right now.

這些都是高報酬模型。我們是從報酬的角度來看這件事。我對此感覺很好。這讓你對全球端的情況有更多一些脈絡。當我看定價、也看產品組合時，整個產業目前仍然相當不錯。較高價位的產品表現更好。我們在競爭對手那邊也看到這點。我們也看到像 MyDay、MiSight 這類產品，以及 MyDay 散光片與多焦點產品持續表現更佳。所以高價位產品確實表現更好。目前仍然存在調價的空間。通膨仍然存在。我們看得到。而我們仍有可能進行調價，我們現在也正在積極評估。

Okay. Great. Thanks for that, Al. On CSI, maybe just talk about what you’re seeing in terms of cycle trends, what the outlook is going into fiscal 2027. And then you mentioned Paragard competition in the release. So would love just an update there. I think that competitive launch was in August, so curious if you’re seeing any impact there. Thanks so much.

好的。很好。謝謝你，Al。關於 CSI，能否談談你們看到的週期趨勢，以及展望到 2027 會計年度的前景？另外你在新聞稿中提到 Paragard 的競爭。也希望你能更新一下那邊的情況。我記得那個競品是在 8 月上市，所以想了解你們是否看到任何影響。非常感謝。

Sure. On the fertility side, we are seeing growth in cycles, and that’s a positive. The other thing is we’re hurdling through that year where we have some consolidation, and you’re starting to see fertility clinics investing more. There’s more capital equipment opportunities out there. Our genomics team is absolutely killing it. They’re doing a great job taking a whole bunch of market share. We have somewhat of a new fertility team that started 6 to12 months ago that is really doing that. Our new leader, she’s just fantastic, and she’s doing a great job and killing it. I’m super optimistic about the fertility market. Anybody who thinks that that’s not a good market or that litigation settlement is going to disrupt our momentum and progress is just wrong. I just don’t see that in the market.

當然。在生殖（fertility）方面，我們看到療程週期（cycles）在成長，這是正面的。另外一點是，我們正在跨過那一年整併期，你開始看到生殖診所增加投資。市場上有更多資本設備的機會。我們的基因體團隊表現非常出色。他們在拿下大量市占方面做得非常好。我們有一支算是新的生殖團隊，大約在 6 到 12 個月前成立，確實正在推動這些成果。我們的新領導者非常棒，她做得非常好、表現非常亮眼。我對生殖市場非常樂觀。任何人如果認為這不是個好市場，或認為訴訟和解會打亂我們的動能與進展，那就是錯的。我在市場上完全看不到那種情況。

When you look at the Paragard competition, we’ve talked about that in the past. Paragard is the only non-hormonal IUD in the market right now. There is a competitive product that received approval, that was bought, that closed during this past quarter. They started their training, and that product will get launched at some point in the future, and there’s concern about that. At this point in time, I’m going to hold off giving any guidance or commentary above and beyond what we’ve already given, but we’ll certainly have a lot more color to be able to give on the December call.

至於 Paragard 的競爭，我們過去談過。Paragard 目前是市場上唯一的非荷爾蒙子宮內避孕器（IUD）。有一個競爭產品已獲核准，且已被收購，並在本季完成交割。他們已開始訓練，該產品會在未來某個時間點上市，市場對此有所擔憂。就目前而言，我先不提供超出我們既有說法之外的任何指引或評論；不過在 12 月的電話會議上，我們肯定能提供更多細節與脈絡。

Great. Thank you.

很好。謝謝你。

Navann Ty.

Navann Ty。

Hi, thank you for taking my question. Just on the CSI post-strategic review, you mentioned some insights from that review. Can you maybe discuss that in more detail and the levers that you mentioned, including investment that you started in the quarter to drive fertility growth? If you could give more details. Thank you.

嗨，謝謝讓我提問。關於 CSI 在策略檢討（strategic review）之後，你提到從該檢討得到一些洞見。你能否更詳細談談那些洞見，以及你提到的槓桿，包括你們在本季開始投入、用以推動生殖成長的投資？如果可以提供更多細節。謝謝。

Navann, it was a little difficult to hear. I think you were asking for the impact of, or did you say the impact from the strategic review tied to CSI? Can you repeat your question?

Navann，剛剛有點聽不清楚。我想你是在問與 CSI 相關的策略檢討所帶來的影響，對嗎？你可以再重複一次你的問題嗎？

Yeah. I think Al mentioned that you gained some insight from the strategic review, and also mentioned some investment that you started in the quarter to drive fertility growth. If you could discuss that in more detail.

可以。我想 Al 提到你們從策略檢討中獲得一些洞見，也提到你們在本季開始一些投資來推動生殖成長。如果可以的話，能否更詳細說明？

Sure. The insights is an important one because one of the things that the strategic review did was to really drill down into the profitability of our portfolio, all aspects of our portfolio, frankly, and take a look at profitability by product and take a look at profitability by geography and relationship. One of the areas where we’ve seen significant improvement is the profitability of CooperSurgical, and what it did is it highlighted other areas where there’s some opportunity for us to do a better job in terms of driving ongoing profitability improvements.

當然。這些洞見很重要，因為策略檢討做的一件事，是深入檢視我們產品組合的獲利能力——坦白說，是我們整個產品組合的各個面向——並按產品、按地理區域與合作關係來看獲利能力。我們看到顯著改善的一個領域，是 CooperSurgical 的獲利能力；同時它也凸顯出其他一些領域，我們仍有機會在推動持續的獲利改善方面做得更好。

So we’re going to learn from that,we learned a lot from the strategic review. It uncovered some different things, and it’s going to make us a better company. It is making us a better company today. Right now, we are doing investments within Fertility. We’ve added some investment activity, including within R&D. We have a great new head of R&D who’s running that organization and pulling forward some launches.

所以我們會從中學習——我們從策略檢討學到很多。它揭露了一些不同的面向，並且會讓我們成為一家更好的公司。它今天就正在讓我們變得更好。目前我們正在生殖事業內進行投資。我們增加了一些投資活動，包括在研發（R&D）方面。我們有一位很棒的新研發主管在帶領該組織，並把一些產品上市時程往前拉。

We’ve got some exciting stuff going in genomics with some new launches, and some expanded products that we have. I would say we’re continuing. That’s where we’re putting dollars. We’re putting number one, first and foremost, is CooperVision organic growth, and number two, though, after that, is Fertility, where we are continuing to invest.

我們在基因體方面也有一些令人興奮的進展，包括一些新上市，以及我們既有產品的擴充。我會說我們會持續投入。這就是我們投放資金的地方。我們的資金配置第一、最優先的是 CooperVision 的有機成長；第二則是在此之後的生殖事業，我們會持續投資。

And we believe that those investments are going to drive good fertility growth, and we also believe that some of the stuff that we’ve uncovered in the insights is going to give us opportunity to continue to drive leverage in that business.

我們相信這些投資將帶動良好的生殖成長；同時我們也相信，從這些洞見中挖掘出的部分，將讓我們有機會持續在該業務中推動營運槓桿（leverage）。

Thank you. And you also mentioned in the press release the valuation impact of the fertility settlement. Is that fully settled, or is there anything else we should know about?

謝謝。另外你在新聞稿中也提到生殖和解對估值的影響。那件事是否已完全解決？或還有其他我們需要知道的？

That is fully settled. There’s nothing new on that. That was from an issue we had in 2023. There was a concern that that settlement would negatively impact our ongoing sales, not our operations. We haven’t had any issues since then associated with the media.

那已經完全解決了。沒有任何新的進展。那是我們在 2023 年遇到的一個問題所致。當時有人擔心該和解會對我們持續的銷售造成負面影響——不是對營運。自那之後，我們沒有看到任何與媒體相關的問題。

So I just don’t believe that’s accurate, and we haven’t seen that. We didn’t see it in Q2, we didn’t see it in Q3, we’re certainly not seeing it as we get rolling here in Q4. Whether that was a true concern or a negotiating tactic, hard to tell.

所以我不認為那種說法是正確的，我們也沒有看到那樣的情況。我們在第二季沒看到、第三季也沒看到，現在進入第四季的推進過程中當然也沒有看到。那究竟是真實的疑慮，還是一種談判策略，很難判斷。

Thank you.

謝謝。

Anthony Petrone.

Anthony Petrone。

Hey there. You have Brad Bowers on for Anthony. Just maybe wanted to ask one about the overall strategy or dynamics underlying the CVI business. Obviously, slowdown in growth is not unique to Cooper, but still growing. Below growth we got into destocking dynamics, but obviously you had also taken some share in some of the wider SKU ranges and obviously some of the new products with the MyDay.

嗨，你好。我是 Brad Bowers，代替 Anthony 發問。我想問一個關於 CVI 業務整體策略或其背後動態的問題。顯然，成長放緩並非 Cooper 獨有，但你們仍在成長。在低於市場成長的情況下，我們談到去庫存的動態，但顯然你們也在更廣的 SKU 範圍中拿到了一些市占，還有一些新產品，例如 MyDay。

It sounds like the Americas growth is strong, but you even admit you wish you were growing better. So wanted to hear about some of the more competitive dynamics and the confidence that those remain in your favor.

聽起來美洲地區的成長很強，但你們也承認希望能成長得更好。所以想聽聽一些更具競爭性的市場動態，以及你們對這些因素仍然有利於你們的信心。

I would say that those remain in our favor. Nothing has changed with respect to that. I will say that the area where, losing share is the wrong word, but where we don’t operate is in the super premium segment. There’s a part of the market, especially on the daily side, that we refer to as super premium. It’s really high-priced products. And that’s just not an area that we compete in right now, and that’s shown a lot of growth, and it has very high revenue per patient.

我會說這些因素仍然對我們有利。在這方面沒有任何改變。我會說，有一個領域，用「流失市占」這個詞不太精準，但我們目前沒有參與的，就是超高端（super premium）區隔。市場上有一部分，特別是在日拋這一端，我們稱之為超高端。那是價格非常高的產品。而那並不是我們目前競爭的領域，但那一塊成長很多，而且每位患者的營收非常高。

So where we continue to do well, we continue to win patients. Our revenue per patient is not close to where some of our competitors are, and a lot of the market continues to get driven by that really premium segment. Now, we’ve launched MyDay Energys into that more premium segment. That’s what’s being launched into Europe.

因此，我們持續表現良好的地方，是我們持續贏得患者。我們每位患者的營收，與部分競爭對手相比差距很大，而市場很大一部分仍由那個真正高端的區隔所驅動。不過，我們已將 MyDay Energys 推向較高端的區隔。這就是目前在歐洲推出的產品。

So I think there’s some potential for us to gain some ground there. But if I had to highlight two things, that would be one of them, not having products in the super premium space. And then the other one would be the desire to rationalize some of our legacy hydrogel products. Again, we’re definitely seeing the negative impact from that.

所以我認為我們在那裡有一些機會可以收復失土。但如果要我強調兩點，其中之一就是我們在超高端領域缺乏產品。另一點則是我們希望精簡（rationalize）一些既有的傳統水膠（hydrogel）產品。同樣地，我們確實看到這帶來的負面影響。

No, sure thing, that makes sense. But obviously, punching above your weight, given the under-investment in, not under-investment, but smaller sales force than competition, obviously that is a tailwind. But just wanted to hear, maybe remind us, how productivity kind of ramps there.

了解，這很合理。但顯然，考量到你們的投入並不如競爭對手——不是投入不足，而是銷售團隊規模比競爭對手小——你們的表現其實超出自身量級，這顯然是一個順風因素。不過也想請你們談談，或許提醒我們一下，那邊的生產力（效率）是如何逐步提升的。

Obviously, the base is now lower, so it does kind of imply getting back towards that mid to even high single digits, to your point, getting above consumption. And then also just the impact obviously apparent, maybe the opportunity that that would be obscured, if there is strong growth in the US by some of the OUS impacts. Just maybe help us figure that out as well. Thank you.

顯然，基期現在更低，所以確實意味著有機會回到中到高個位數成長；如你所說，回到高於終端消費（consumption）的水準。另外，影響也很明顯：如果美國因為一些美國以外（OUS）的影響而出現強勁成長，可能會讓某些機會被掩蓋。也請幫我們釐清一下。謝謝。

Sure. Just one quick point, I meant MyDay Energys. I think I said MyDay MiSight, but MyDay Energys is the premium product. With the sales force, I would say if I had to put some parameters around that, we’re recruiting now. We’ll get people trained, and have them out on the street executing, I would say probably in early mid-fiscal Q2.

好的。先快速更正一點，我指的是 MyDay Energys。我想我剛才說成 MyDay MiSight，但 MyDay Energys 才是高端產品。至於銷售團隊，如果要給一些時間參數，我們現在正在招募。我們會把人員訓練好，並讓他們上線到第一線執行；我認為大概會在會計年度第二季初到中段。

From that perspective, they need to visit offices and start doing their jobs and pulling revenues in. That’s probably a positive impact more in the Q3, Q4 timeframe. Now, I do think early in the year, we’ll continue to have consumption be solid. So we’ll still put up good results, but I believe we’ll accelerate a little bit off that as we get the benefit from those employees. Frankly, same thing when I look at some of the other markets around the world.

從那個角度來看，他們需要拜訪診所並開始工作、把營收拉進來。這大概會在第三季、第四季期間帶來較明顯的正面影響。另外，我確實認為年初時終端消費仍會穩健。所以我們仍會交出不錯的結果，但我相信隨著這些員工帶來的效益，我們會在此基礎上再加速一些。坦白說，我看全球其他一些市場也是同樣的情況。

Brett Fishbin.

Brett Fishbin。

Hey, guys. Thank you so much for taking the questions. I have to say, a lot of mine have been asked, so maybe just a follow-up on the last point. I was going to ask about your thoughts on underlying market share dynamics, just given the full year CVI growth guide for the Americas.

嗨，各位。非常感謝讓我提問。我很多問題其實都已經被問過了，所以我就針對上一點追問一下。我原本想問的是，在美洲地區全年 CVI 成長指引的背景下，你們對於底層市占動態的看法。

It sounds like a lot of it has to do with salesforce and you are looking at some incremental investment activity. So maybe just the first part, is there anything else that stands out that you think might be driving, call it, full-year growth in the Americas below market outside of that?

聽起來其中很大一部分與銷售團隊有關，而且你們正在考慮一些額外的投資活動。所以第一部分是：除了這些之外，還有沒有其他特別突出的因素，可能導致美洲地區全年成長低於市場？

And then the second follow-up question is just how you are feeling about the product portfolio. I think your point about super premium lenses is really interesting. Just curious, like, how you feel about current offerings and maybe how active the R&D pipeline might be in regards to some new ideas or even new brands. Thank you so much.

第二個追問是：你們對產品組合的感受如何。我覺得你提到超高端鏡片的觀點很有意思。想請教你對目前產品供給的看法，以及在新點子甚至新品牌方面，研發（R&D）管線可能會有多積極。非常感謝。

Sure. I would say on the selling side, I would go back to sales execution. We have won some great private label contracts here in the US with a few of the buying groups. We have won some really nice contracts in Asia Pac.

好的。我會說在銷售端，我會回到銷售執行力。我們在美國這裡，已經與幾個採購聯盟拿下了一些很不錯的自有品牌（private label）合約。我們在亞太也拿下了一些非常好的合約。

Historically, when we win those contracts, we would see the sales execution turn those into revenue growth, and that is what we have expected more of that. You have seen that in some of the guidance. You have seen it in some of my commentary.

過去當我們贏得這些合約時，通常會看到銷售執行把它們轉化為營收成長，而這也是我們原本預期會看到更多的部分。你們在部分指引中也看得到這點。在我一些評論中也有提到。

That is where that has not come to fruition yet, and when we looked at it and peeled back the onion and said, well, why? What is the difference? What is happening? We have a full portfolio out there right now. I feel good about the portfolio.

但這部分到目前為止還沒有實現；當我們深入檢視並追根究柢地問：為什麼？差異是什麼？發生了什麼事？我們目前在市場上有完整的產品組合。我對這個產品組合感覺良好。

It’s arguably the most robust that we’ve ever had, and we didn’t build out the sales force and a lot of the marketing support commensurate with the size of the portfolio that we have right now. We need to do this activity so we can capitalize on these contract wins that we have. I will say with respect to R&D and new products, we have accelerated that activity.

可以說這是我們歷來最強健的一次；但我們並沒有依照目前產品組合的規模，同步擴建銷售團隊以及相應的行銷支援。我們需要做這些動作，才能把我們贏得的這些合約勝利轉化為成果。至於研發與新產品方面，我要說我們已加速相關活動。

We’ve had a number of meetings with the R&D team and with our commercial team. We are accelerating launch activity that we were looking at in the 2030 timeframe and pulling that forward a couple of years. Very active on R&D and laser-focusing in on some new product introductions that we think are going to be pretty exciting.

我們已與研發團隊以及商業團隊開了多次會議。我們正在加速原本規劃在 2030 年左右推出的上市活動，並把時程往前拉了兩年左右。研發非常積極，並且高度聚焦在一些我們認為會相當令人期待的新產品導入上。

We were a little too broad on some things, so narrowing that down and executing and getting some new products into the marketplace is going to be beneficial for us. I won’t go too far on that yet, but we will spend some time in the nearer future going through some of those details.

我們在某些事情上講得有點太廣了，因此把範圍收斂、落實執行，並將一些新產品導入市場，對我們會有幫助。我現在先不深入談太多，但在不久的將來，我們會花一些時間把其中一些細節說清楚。

Alright, awesome. Thanks so much. I’ll keep it to one question, but look forward to hearing more about that in the next few years. Thanks so much.

好，太棒了。非常感謝。我就只問這一題，但也期待在未來幾年能聽到更多相關內容。非常感謝。

Yeah, thanks, Brett.

好的，謝謝你，Brett。

Issie Kirby.

Issie Kirby。

Hey, thanks for squeezing me in. I think most of mine have been asked as well. But just wanted to touch on Asia Pacific and China, in particular, which has been a drag for quite some time now. Can you remind us of the size of that business for you guys in vision and just how you’re thinking about it strategically? Like, does it get to a point where it’s really, given the dynamics in the market, not necessarily worth you being there anymore? Thanks.

嗨，謝謝讓我插個問題。我想我大多數的問題也都被問過了。不過我想談一下亞太，特別是中國，這一塊已經拖累一段時間了。你們能否提醒我們，你們在視力（vision）業務中這塊業務的規模有多大，以及你們在策略上是怎麼思考的？例如，考量市場動態，會不會到某個程度，讓你們覺得不一定值得再繼續留在那裡？謝謝。

Well, China was another struggle this quarter. It was the only market, as an example, where MiSight was actually down. It has not been a great market for us. So we are re-engineering there. We’ve got a new team in place. We’re looking at some different growth opportunities to see the best way to reestablish and drive growth in that marketplace right now.

嗯，中國這一季又是一個挑戰。舉例來說，它是唯一一個 MiSight 實際上出現下滑的市場。對我們而言，那一直都不是一個很好的市場。所以我們正在那裡進行重整。我們已經換上新的團隊。我們也在看一些不同的成長機會，看看目前要用什麼最佳方式在那個市場重新站穩並推動成長。

I will say within the context of Asia Pac, after many quarters of negatives and product rationalization in China and some of the other markets, we are definitely coming to an end with that activity. I know you’ve heard that before, but I’ll just tell you, when you look at the size of the business, it’s just relatively small. I think it’s less than 2%.

我想在亞太的脈絡下補充一下：在經歷了許多季的負成長，以及在中國和其他一些市場進行產品精簡之後，我們確實正接近那項活動的尾聲。我知道你以前也聽過這樣的說法，但我只想說，當你看這塊業務的規模時，它其實相對很小。我認為不到 2%。

It is less than 2% of revenues this quarter on a consolidated basis. The business just is getting smaller over there. It’s a great question and a great challenge, and we are looking at seeing if we can reinvigorate that business to drive success.

以合併口徑來看，這一季該業務占營收不到 2%。那邊的業務規模確實正在縮小。這是個很好的問題，也是很大的挑戰；我們正在評估是否能讓這塊業務重新振作，以推動成功。

I do believe there are some opportunities there in some channels like e-commerce, where we can play differently and be successful. But we’re taking a hard look at it right now because we want to get good revenues, profitable revenues and things that make sense. Doing work on it, and I’ll update you more as we get into December and give guidance on next year.

我確實相信在某些通路上存在一些機會，例如電商，我們可以用不同的方式切入並取得成功。但我們目前正在嚴格檢視，因為我們希望取得良好的營收、具獲利性的營收，以及合理可行的業務。我們正在做相關工作，等到進入 12 月、提供明年指引時，我會再向你更新更多。

Thanks so much. Can I just really quickly squeeze in a follow-up on what went on with MiSight in China in the quarter?

非常感謝。我可以很快再追問一下，這一季 MiSight 在中國到底發生了什麼嗎？

Sure. We have not been able to gain traction with MiSight in China. And if I look around the world in other markets that have spectacles, we continue to do fine. As a matter of fact, it just grows the overall marketplace.

當然。我們一直無法讓 MiSight 在中國取得進展。如果我看全球其他有眼鏡（spectacles）的市場，我們的表現仍然不錯。事實上，它只是讓整體市場規模成長。

I think the unique thing with China ends up being Ortho-K, probably more than anything. You’ve had a lot of pricing pressure on Ortho-K because of government pricing policies, so it’s really disrupted that marketplace.

我認為中國比較特殊的地方，最主要可能是 Ortho-K（角膜塑形鏡）。由於政府定價政策，你們看到 Ortho-K 面臨很大的價格壓力，因此那個市場受到很大干擾。

There’s a lot of knock-offs there. There’s a lot of disruption around pricing with Ortho-K. There’s a lot of knock-off spectacle lenses and so forth there. Although there’s massive opportunity with the number of children that have myopia, the market itself is very disjointed right now.

那裡有很多仿冒品。Ortho-K 的定價也出現很多擾動。那裡也有很多仿冒的眼鏡鏡片等等。雖然以近視兒童的人數來看機會非常大，但市場本身目前非常分散、缺乏整合。

Thanks so much.

非常感謝。

Yeah.

好的。

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

由於目前沒有更多排隊提問，我現在把電話交回去做結語。

Thank you, operator, and thank you everyone for taking the time. I know we had a lot to discuss today, and I am sure we will have a lot of follow-up calls with details. I appreciate everyone’s interest and look forward to catching up and providing an update on our next earnings call in December. Thank you.

謝謝接線員，也謝謝各位撥冗參與。我知道我們今天有很多內容要討論，我也確信後續會有很多通話來補充細節。感謝大家的關注，也期待在 12 月的下一次財報電話會議上再與各位交流並提供最新進展。謝謝。

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

再次感謝各位今天加入。今天的電話會議到此結束。各位現在可以掛線。