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 The 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。今天的簡報人員為總裁暨執行長 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.

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。

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.

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。前瞻性陳述依賴的假設、資料或方法可能不正確或不精確，並且受到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 The CooperCompanies’ Form 10-K and Form 10-Q filings, all of which are available on our website at coopercos.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」段落，並於我們向美國證券交易委員會（SEC）提交的文件中加以說明，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。我們鼓勵各位同時參考 GAAP 與非 GAAP 的結果，並請查閱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頁面之季度資料（quarterly materials）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.

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，本季期間我們在美國的基本需求仍維持健康，終端消費量以中個位數的速度成長。而我們現在已做好準備，以更健康的通路狀態與更穩固的基礎迎接 2027 會計年度。

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.

我們也正採取額外措施以強化 CooperVision 的營收表現，我稍後會談到這些；但首先我想先說明策略檢討的完成情況，我們今天已在另一份新聞稿中對外宣布。在對各項替代方案進行全面評估後，董事會已完成並結束本次策略檢討。

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.

在此過程中，我們對 CooperSurgical 進行了全面評估，包括探討出售該業務的可能性；我們獲得高度市場興趣，並與多方進行接觸與洽談。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。

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.

董事會與我們的顧問認為，在流程後期有數項暫時性因素影響了估值，包括非荷爾蒙子宮內避孕器（IUD）市場競爭者進入的相關進展，以及我們生殖醫療訴訟和解的影響。

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.

我們認為，這些因素造成 CooperSurgical 的內在價值與所收到的出價之間出現暫時性的落差，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並未改變。

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.

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替代方案保持開放態度。

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.

回到本季表現，CooperVision 營收為 7.17 億美元，年增率基本持平。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。

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.

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。

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.

這些計畫已在亞太地區開始展現成效，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 導入正在擴大客戶覆蓋範圍，並加深在既有客戶中的滲透率。

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.

我們也持續投資於配送基礎設施，包括在波多黎各的新包裝設施，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。上述各項行動皆已積極推進，並使我們有能力在 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.

接著談產品。我們的旗艦 MyDay 產品線持續表現良好，亮點包括在 EMEA 地區達成雙位數成長，以及在美洲地區終端消費量達成雙位數成長。此表現來自強勁的客戶合作關係、在散光（torics）與多焦（multifocals）等高價值品類的持續擴張、對高階 MyDay Energys 產品的採用提升，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 再度繳出一季雙位數成長，受惠於業界最廣的日拋參數範圍，以及與 Biofinity 相同、同為市場領先的散光鏡片設計。MyDay Toric 維持顯著的競爭優勢，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.

MyDay Multifocal 也再度繳出一季雙位數成長，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，我們持續將多焦鏡片視為隱形眼鏡領域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、參數範圍與臨床表現方面的領先地位。

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.

最後，MyDay Energys 再度繳出一季雙位數成長，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；其優勢在於高階光學與先進材料技術的獨特組合。

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，業績表現因地區而異，EMEA 的成長抵銷了我們另外兩個地區較疲弱的表現。此外，我們的下一代 clariti Multifocal 持續累積動能，並由與 Biofinity 與 MyDay 相同、經驗證的配戴驗配設計所支撐。我們也在近期完成了 clariti 系列在日本的上市推廣，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.

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）之成長，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 與美洲領先帶動表現，而中國的疲弱拖累了亞太地區。

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.

不過，這部分被我們今年稍早在日本推出 MiSight 後動能提升所部分抵銷。在 EMEA，成長受惠於 MyDay MiSight 的持續上市推廣，以及返校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，客戶回饋非常好。

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.

重要的是，在這些已推出 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（Toric）、多焦點，以及高端生活型態產品。

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.

展望未來，我們預期 MiSight 在第四季的成長將落在低十位數百分比，主要因去年同期比較基期較高；因此本年度約可達到約 20% 的成長，並在既有市場持續動能與即將推出的 MyDay MiSight Toric 支持下，為 2027 年奠定良好基礎。

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，而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）、我們的下一代技術製造團隊，以及商業團隊整合於單一的整合環境中。此項投資將加速創新、強化協作，並在我們以單一標準化製造平台支援所有未來產品開發的同時，提高上市速度。

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.

接著談 CooperSurgical，營收為 3.49 億美元，有機成長 3%。其中，生殖（fertility）業務再度交出穩健一季，成長 5% 至 1.41 億美元。以產品類別來看，生殖業務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後，本季資本設備銷售較疲弱，部分抵銷了成長。

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.

基因體（Genomics）是顯著的貢獻來源，受惠於全球需求強勁，以及 RI Witness（我們的自動化實驗室管理平台）持續被採用。業績亦受到新診所客戶得標、既有客戶內部擴張，以及近期推出之產品與服務採用率提升的支持，進而帶動全球市占率持續提升。

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.

就地區而言，成長由美洲領先，我們持續提升市占；而 EMEA 與亞太地區表現仍較分歧，數個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.

從更宏觀角度來看，全球生殖市場的長期基本面仍具吸引力。晚婚晚育、醫療可近性提升、治療使用率增加，以及生殖診所持續投資，皆支撐長期且可持續的成長。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。

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.

日本的給付（reimbursement）制度持續改善，提升了輔助生殖技術的可近性與可負擔性。在中東，對生殖醫療基礎建設的投資持續支撐阿聯酋（UAE）生殖市場的成長。

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.

此外，在加州，大型團體健康保險計畫現已被要求提供 IVF（試管嬰兒）及特定不孕症治療的保障，這是擴大患者可近性的另一項重要進展。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，受惠於健康的市場趨勢，以及我們創新產品管線動能提升，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%，主要由我們手術用婦產科（OBGYN）與專科器材產品組合的持續強勁表現所帶動，而 Paragard 營收持平。最後，CooperSurgical 再度展現強勁的營運槓桿，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.

在把電話會議交給 Brian 之前，讓我先提出幾個重點結論。在 CooperVision，基本需求仍然健康，我們的長期成長動能也依然穩固，包括 MyDay 的持續動能、對散光與多焦點鏡片的強勁需求，以及 MiSight 的持續成功。

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 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（R&D）產品管線所支撐。最後，儘管策略檢討流程對團隊而言極具挑戰，但也帶來寶貴洞見；我們相信公司已具備良好定位，可執行既定計畫，並在 2027 年及其後交出強勁表現。

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.

謝謝你，Al，各位下午好。我大部分的評論將以非 GAAP 基礎呈現，請參閱今日的財報新聞稿，以取得 GAAP 與非 GAAP 結果的調節表。在第三財季，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。

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.

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，我們的非 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。

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.

本季，我們在英國稅務海關總署（HMRC）完成對我們 2021 財年將智慧財產權及相關資產移轉至英國之審查並獲得有利結論後，認列了一筆約 3.07 億美元的重大一次性（discrete）稅務利益。

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.

重要的是，此次審查結案為一項已被檢視數年的事項提供了清晰度與確定性，且目前預期將至少在未來額外 10 年帶來具實質意義的非 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.

談到獲利，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（以約 1.93 億股稀釋後流通股數計算）。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.

接著談現金流。我們創造自由現金流 2.73 億美元，為 Cooper 歷史上單季最高自由現金流。這主要由強勁的營運表現、營運資金趨勢改善，以及資本支出（CapEx）下降所帶動，並使年初至今自由現金流達 5.28 億美元，較去年成長 86%。此一表現強化我們達成目標的信心，即在 2026 至 2028 財年累計創造 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.

在這股強勁的現金創造力支持下，我們在本季回購了3.39億美元的股票，使本財年至今的回購總額達到4.45億美元，同時將槓桿比率維持在兩倍以下。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.

接著談指引。針對第四季，我們預期合併營收為10.57億至10.80億美元，代表有機成長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。在此之中，我們預期各區域表現趨勢大致與第三季一致：美洲反映通路庫存調整行動的影響，EMEA再交出一個穩健季度，而亞太則持續面臨短期挑戰。

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.

我們預期CooperSurgical營收為3.64億至3.74億美元，代表有機成長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額外借款。

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.

我們預期第四季非GAAP有效稅率約為16%，因此非GAAP每股盈餘（EPS）為1.05至1.09美元。我們預期自由現金流約1.70億美元，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。

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.

總結而言，我們預期第四季將與第三季大致相似，主要差異在於CooperVision更高的商業投資、額外的外匯逆風，以及較低的關稅退稅，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，現在除了指出我們在美國對海外收益課稅中，預計GILTI稅負將上調約2%，將影響我們的非GAAP有效稅率之外，仍言之過早而無法提供其他指引。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，儘管我們在CooperVision採取的行動對表現造成壓力，我們仍交出另一個高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年英國稅務規劃倡議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。這些舉措將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。在強健的資產負債表與嚴謹的資本配置框架支持下，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。

Jon Block.

Jon Block。

Thanks. Thanks, guys. Good afternoon. So 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.

謝謝。謝謝各位。下午好。Al，先前預期2026財年下半年CVI成長約為4%。現在預期下半年將大致持平，而你也提到了一些關於終端消費的評論。

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 [4%-plus] to 0% in fiscal 2H, how much of that is destock versus underlying fundamentals?

我想確認一下，這次修正是否完全與庫存相關？因為你確實提到，在本季特定情況下，終端消費仍維持在個位數成長。我只是想知道，這個終端消費的假設是否也適用於2026財年第四季。也許你可以拆解一下，2026財年下半年從「4%以上」到0%的變化，有多少是去庫存（destock），有多少是基本面因素？

Yeah, Jon, it is all destock. So the consumption in the US market here 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 is it.

是的，Jon，全部都是去庫存。因此，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，都與通路庫存有關。就只有這個。

Okay. So 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。我想接著問一個很直接的問題：如果你今年在相當溫和的比較基期下，以持平的狀態結束，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？或者我們應該這樣想：你今年會低於市場。那明年是否也會低於市場，直到一些新產品開始從創新中心推出？謝謝各位。

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

是的。關於這點有幾件事。我們在美國這裡針對通路庫存所做的一些調整，是影響我們的一個因素。另一個影響我們、已經持續一段時間並將延續到今年結束的因素，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 kind of move away from those products. That work we’re going to get completed here in our fiscal Q4, and that’ll put us in significantly better footing back to kind of CooperVision of old or normal CooperVision, if you will, as we get into 2027.

我們的既有水膠產品在各方面都呈現雙位數下滑，因為我們持續逐步遠離這些產品。這項工作我們會在本財年第四季完成，這將使我們在進入2027年時，回到更穩固的基礎，更接近你所說的「過去的CooperVision」或「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 Block was just asking, and then I’ve got one other follow-up as well. But on the D stock itself, Al White, you may have just answered the question on some of the legacy hydrogel stuff, but what is actually driving that D stock, 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 Block剛才問的同一條問題線追問一下，然後我還有另一個後續問題。但就去庫存（D stock）本身而言，Al White，你可能已經回答了部分關於既有水膠產品的問題，但究竟是什麼在驅動這個去庫存？以及我們該如何看待它延伸到2027年初期的風險？你們是否相當有信心已經把它「圈定」（ring-fenced），也就是說，2026財年第四季應該是最後一波？或者我們該如何看待2027年初期可能的影響？然後我還有一個追問。謝謝。

Yeah. We have ring-fenced that, so to speak. 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. There was stuff with dailies, and there was definitely inventory that was tied to some legacy hydrogels and some of those kind of products. But we are going to get that behind us here 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 get back to normal, if you will, in 2027.

是的。我們可以說已經把它圈定住了。我們已經深入檢視並挖掘所有細節，包括通路庫存在哪裡、正在發生什麼事。其中很大一部分與Biofinity有關。但也有其他因素。有一些與日拋（dailies）相關，另外也確實有一些庫存與部分既有水膠以及那類產品有關。但我們會在第四季把這些問題處理完，或至少處理掉其中絕大部分。亞太的精簡與調整也是一樣，讓我們在2027年回到更穩固的基礎並恢復正常狀態。

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

好的。我想我會就這點再追問你一下。我從你的回答裡聽到有不同產品線在去庫存，但為什麼要去庫存？終端市場是否放緩？你們是否因為過去為了支撐數字而在通路裡累積了過多庫存？是否因為競爭對手推出新產品，導致所需的 CooperVision 庫存變少？任何相關原因都可以。

And then you mentioned APAC there 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 there, 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 maybe why? Thank you.

另外你在回答最後提到了亞太。我想我的另一個問題會聚焦在亞太。上個季度你提到，財年 Q3 會是那邊最後一波 Cooper 特定問題，你覺得亞太市場大致持平、可能小幅下滑，而你們在 Q4 可以回到接近市場成長率。這個假設現在有改變嗎？如果有，原因可能是什麼？謝謝。

Yeah, I will touch 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 and so forth with respect to the legacy hydrogels and clariti entering.

好的，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，甚至略有改善，這是個好消息。我記得我上季說過（我得回去確認一下），我們正在完成許多精簡整併與定位等工作，主要是針對既有水膠產品，以及 clariti 的導入。

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

所以我所指的就是這件事：和上季類似，我們會把它收尾。我們當時大概完成了一半，或可能多一點。我們在 Q3 又處理了一大部分，並會在 Q4 完成。因此我認為，隨著新年度開始，亞太將相對回到比較正常的狀態。

If I look at the channel inventory in the US, we see channel inventory kind of 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.

如果我看美國的通路庫存，我們看到通路庫存時高時低，這些年來我們已經看過很多次。這次通路庫存確實呈現較高的趨勢，而原因有幾個。其中一部分是因為漲價前的提前備貨，一部分是因為通路整併活動，一部分則是因為在 IT 升級等事項上線前的提前採購。

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.

最近在 Q1 和 Q2，你看到通路庫存上升，與我們拿下的一些新的自有品牌（private label）合約所帶動的採購有關，這推高了庫存，但沒有在其他地方形成對沖。

So this was something that we took a look at, 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.

所以我們針對這件事做了深入且長時間的檢視，並認為：一般情況下、以及過去發生過的情況是，通路庫存會在接下來一年半左右逐步消化，然後回到正常水位。

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 that we won’t have that overhang at all next year. We’ll go back to growth tied to consumption.

我們不想像過去那樣（在我在這裡 20 多年的期間已經遇過很多次）讓它自然消化並承受其影響，因此我們決定主動加速處理，直接在 Q3 和 Q4 把它解決，這樣明年就完全不會有庫存壓力（overhang）。我們會回到與終端消費（consumption）連動的成長。

Thank you.

謝謝。

Larry Biegelsen.

Larry Biegelsen。

Hi, it’s Leigh 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 digit. 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 Leigh。謝謝讓我提問。你能量化一下美國去化庫存對財年 Q3 的影響嗎？你提到終端消費是中個位數成長。這和你們對 CVI 所報告的數字有差異嗎？這是否就是本季去庫存的幅度？對於財年 Q4 的庫存影響，你們假設是什麼？我還有一個追問。

Yeah. So Leigh, 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. So you’ll have a similar inventory reduction that’ll occur in Q4 in the US.

好的。Leigh，先澄清一下：如果我們沒有採取去庫存的動作，美洲區在 Q3 的成長大約會是 5%。我們預期 Q4 其實會和 Q3 相當類似，我會說，對美洲、EMEA 以及亞太都是如此。所以在美國，Q4 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?

Q4 的去庫存幅度？

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%, just 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 Q4 的損益表（P&L）。根據你們的 EPS 指引，我倒推的營業利益率大概在 20% 中段。這會較前一季下滑，也會年減。第一，我想確認一下是否正確。

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？你們在財年 Q3 有關稅帶來的好處。這完全是庫存相關因素嗎，還是還有其他因素？另外，你們的 EPS 指引是否包含財年 Q4 額外回購？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 kind of touched on it, the factors being tariffs, being FX is a little bit more negative, and then being investments in CooperSurgical. We have started that investment activity in CooperSurgical. We started it during Q3, actually. We are starting to see the impact of that. We will get a return on that, of course, next year, but you are starting to see the impact this year.

當然。指引中沒有包含任何回購相關內容。這題回答完了。至於你對營業利益率的推估，你大致在合理範圍內；Brian 也稍微提到，影響因素包括關稅、匯率（FX）略為更負面，以及對 CooperSurgical 的投資。我們已經開始在 CooperSurgical 進行這些投資活動。其實是在 Q3 就開始了。我們開始看到其影響。當然，明年會看到回報，但今年已經開始反映其影響。

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，午安。謝謝讓我提問。抱歉一直追問、老話重提，但我還是要再問一題關於去庫存。我想問你們有多大信心認為這只是美洲的問題，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能見度。換個角度問，為什麼不在 EMEA 也採取一些措施，讓通路或該地區在邁向財年 2027 時能處於更健康的狀態？

Yeah. 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, is that you are seeing more direct-to-consumer shipping activity. You see that in EMEA right now. That kind of prevents you from having these big inventory swings and so forth.

好的。差異在於 EMEA 是一個更以訂閱制為主的市場。我們其實也看到美國正朝那個方向發展。這也是我提到新波多黎各廠的一個重點：你會看到更多直接面向消費者（direct-to-consumer）的出貨活動。你在 EMEA 現在就看得到這種情況。這在某種程度上可以避免出現這種大幅度的庫存波動等等。

We just do not really see that in EMEA. You can get it with customers and so forth, of course, right? But we just do not 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, if you will, between distributors and some online e-commerce. It is pretty easy to straightforward tackle it, and that is what we did.

我們在EMEA地區確實沒有看到這種情況。當然，你在客戶端等等可能會看到，對吧？但在EMEA我們並沒有發生這種情況，所以我不擔心那個地區。當你看美國時，它基本上集中在相對少數的參與者之間——如果你願意這麼說——介於經銷商與一些線上電商之間。這其實很容易、很直接就能處理，而這正是我們所做的。

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 and so forth. You can look at that delta, and that is how you ring-fence it, so to speak, to be able to say, hey, I can do this, and I can quantify it within a couple of quarter period.

要了解通路庫存到底有多少、大家為了維持客戶服務要求等需要持有什麼水位，其實相當容易。你可以看那個差額（delta），而那就是你所謂把它「圈起來」的方法，讓你能夠說：嘿，我可以做到，而且我可以在幾個季度的期間內把它量化。

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，我想你們兩位今天都談到了在CVI銷售、行銷與研發方面的投資。通常，為了加速成長所需要的這種做法，會以犧牲利潤率為代價，即便只是暫時的。但看起來你們今天並不是這樣在暗示。

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.

你們能否再多談一些投資的分類（bucket）？在面對這些支出、且我們在本財年開始前已經做過一些降本努力的情況下，你們對於明年仍能實現利潤率改善的信心程度如何？

Sure. I’ll take that one. Yeah. So the commercial investments in sales force expansion, marketing programs, new product development. The sales force ads tend to be a short-term detriment to margins. As we bring in those sales force, train them up, 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.

當然。我來回答這題。是的。所以商業端的投資包括：擴充銷售團隊、行銷方案、新產品開發。增加銷售人員通常會在短期內對利潤率造成不利影響。當我們招募這些銷售人員、訓練他們、並讓他們上線部署時，短期會有不利影響，但長期會帶來效益。我們正在跨事業、跨區域推動銷售團隊擴編。我現在不會提供2027年的指引。

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 in terms of next year, we’ll get into next year in December in terms of how that’s going to impact how the moves to drive long-term sustainable organic growth will impact our year, including gating in December.

顯然，我們一直在槓桿化（leveraging）損益表（P&L）的部分項目，而且我們會持續這麼做，你也能在獲利能力與盈餘中看到這種落地（drop through）。但就明年而言，我們會在12月再談明年，屆時會說明為了推動長期、可持續的有機成長所採取的動作，將如何影響我們的年度表現，包括12月的分段/門檻安排（gating）。

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？目前通路庫存處於什麼狀態？我不知道你們在美國是否用「天數」來衡量——年初時是什麼水位、去年又是什麼水位？只是想讓我們有個概念。然後我還有一個追問。

Yeah. So I would say, 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 say that we are, I would say, halfway through it. We did it here in Q3, and we are going to do the other half of it in Q4.

是的。所以我會說，我不想回頭按季度去重建那個明細。我不認為那會對任何人有幫助。但我看目前的情況，我會說我們大概進行到一半。我們在Q3做了其中一半，另外一半會在Q4完成。

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, as an example.

嗯，今年的確是高於平均。如我提到的，舉例來說，因為我們贏得了一些新的自有品牌（private label）合約，相關的備貨（stocking）推高了經銷商庫存——例如我們在Q1和Q2看到的情況。

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。然後我知道你們不提供2027年的指引。我想我們都在努力消化過去幾個季度指引中大量的變動與調整。也許你們是否能接受明年EPS槓桿式成長（leveraged EPS growth），以及營收成長約3%到4%？這仍然比市場共識（street）略低一些？或者稅負上升是否會使得無法實現EPS槓桿式成長？非常感謝。

Yeah. As for 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.

是的。就算我很想對明年做一些評論，我現在也不會談，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。我想從不同角度試著問。如果第三季與第四季因通路庫存而受到負面影響，而隱形眼鏡市場成長為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. Like 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, is actually executing and delivering revenues.

可以。這個假設是合理的。我想說幾點，Joanne。我稍微補充一些背景，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。我們正在生產產品。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。我們已經贏得了不少合約。我們的困難在於最後端的執行——也就是實際執行並交付營收。

So it’s kind of like 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 kind of stuff and targeting and so forth, is the key to success for us, right?

所以有點像是：我們一路把整個流程都推進了，這也是讓我保持樂觀的原因之一，但在最後一個階段我們沒有把它轉化（convert）出來。真正發生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、以及在這類事情上的強度與目標鎖定等等，才是我們成功的關鍵，對吧？

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. Like Hindsight’s 20/20, 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 out there right now.

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。我們在外面的銷售人員不夠。事後諸葛（Hindsight’s 20/20），我們本應該在這件事上動作更快。我們在第一線的銷售人員不夠。我們目前在外面的銷售人力明顯少於競爭對手。

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 on that. 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.

所以這就是在最後階段加大投資的問題。我們已經掌握並積極推進。我們現在正以最快速度在這方面行動。我不預期這個通路庫存會反彈回來。我們正在把它降下來，並且會更積極地管理，以確保那裡的穩定性。但我確實預期執行會更好。我們有長期強勁執行的歷史，所以我對團隊有信心，我們會把它交付出來。

Thank you.

謝謝。

Yeah.

是的。

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看，經過這次流程之後，管理層與董事會最終的評估是：為什麼兩者合在一起比拆開更強？因為顯而易見的協同效益不足，一直是投資人提出的問題之一。

Yeah. 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 11 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.

是的。我會說，歸根結底關鍵其實是損益表（P&L）。因為如果你看看我們推行的共享服務模式，記得我們在去年第四季做了重整。而你也看到了節省成效。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，我們超越獲利預期達 5%、10%。本季我們能超越獲利預期，即使 CooperVision 的營收遠低於原先的營收預期。

So the strength of the P&L, when I look at it from a perspective of operating leverage and being able to drive that and 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、以及能夠推動它並帶動現金流的角度來看，損益表的強勁表現很明顯。這是公司史上最高的單季現金流；正如 Brian Andrews 所說，我們將持續交出大量現金流。

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

說到底，是的，你說得對。我們有兩個不同的業務。但在財務、IT、法務、人資等後勤支援方面，可以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與非常強勁的現金流。

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. So that is where the logic comes in of having the two companies together, and proof is in the pudding, which we have done. Now, we need to get revenue growth going, and I get that. Within Vision, Surgical is actually plugging along fine. Even through all these disruptions. This was an incredibly disruptive process. Like we thought we were going to sell CooperSurgical. Let us be clear about that, like 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庫藏股回購上。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。所以這就是把兩家公司放在一起的邏輯所在；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。在 Vision 內部，Surgical 其實運作得很好。即使經歷了所有這些干擾。這是一個極度具破壞性的流程。就像我們原本以為會出售 CooperSurgical。我們把話說清楚：我在上一次電話會議上就提到過這點。

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

所以公司裡每個人一方面做本職工作，一方面也在處理出售業務的事。我們做的每一項規劃、每一份預算、每一個 IT 計畫，都必須同時做「有它」與「沒有它」兩種情境，等等。但我們挺過來了。我們完成了這個流程，而且我們仍然交出了獲利表現，並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. So 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。所以還有一個要勾選的方框，我認為那就是最後一個需要完成的。這就是把這些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 Vision is going to be a higher focus now than on CSI or else equal?

了解。很好。接著追問一下，關於未來自由現金的運用，除了庫藏股回購之外。你可能已在今晚的新聞稿中提到，但是否可以說，相較於非有機成長（inorganic），Vision 接下來會比 CSI 更成為重點，或至少同等重要？

100%, yeah. The 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，是的。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，我們也正在把注意力放在這裡，資金也投在這裡。這不代表 CooperSurgical 不會表現良好或拿不到投資，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。但第一優先、非常明確的重點，就是現在推動 CooperVision 的有機成長。

Got it. Thanks, Al.

了解。謝謝你，Al。

Yeah.

是的。

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。我先問一個關於 CVI 的問題，第二個我會問 CooperSurgical。先談 CVI，延續銷售與行銷投資的追問。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？另外我也想聽聽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。

Sure. So when it comes to the sales force expansion, I would start that with the US market, because right now -- we have got 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 and so forth, we should be growing faster than market here.

當然。談到擴編銷售團隊，我會先從美國市場開始，因為目前——我們的消費量成長在中個位數。這大致上可能與市場水準差不多。我們應該要做得更好。考量到我們贏得的合約等等，我們在這裡的成長應該要快於市場。

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. So 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 doing better? Yes, we should be.

我們目前新增的直營銷售團隊以及正在進行的擴編，將為大約 5,000 個額外據點增加覆蓋。所以這對我們來說很重要。我們是否需要把這支銷售團隊建置到位，才能達到中個位數成長？不需要，因為以穿透後（look-through）的基礎來看，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 maybe look at some expansion and hiring some more salespeople.

至於歐洲，他們目前狀況不錯。我也對歐洲團隊提出挑戰。我們在那邊有一位非常出色、很棒的領導者負責歐洲，我也要求他或許可以考慮一些擴張，並多招募一些業務人員。

Asia Pac is in pretty good shape right now. I just talked to the head of Japan, great guy, energized. He has got some really good ideas. I am excited about what he is doing. He is doing some hiring over there to focus in some 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，聚焦在市場中一些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. But -- so anyways, that gives you a little bit of color on the worldwide side. Pricing, I would say 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.

這些都是高報酬的機型。我們是從報酬的角度來看這件事。我對此感覺很好。不過——總之，這讓你對全球面的情況多一些了解。至於定價，我會說當我看定價、再看產品組合時，整個產業目前仍相當不錯。較高價位的產品表現更好。

We see that with our competitors. We see that with products like MyDay MiSight, the MyDay Toric, and multifocals and so forth continue to perform better. So higher priced products 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.

我們在競爭對手那邊也看到這點。像是 MyDay、MiSight、MyDay Toric，以及多焦點等產品，持續表現更佳。所以高價位產品表現更好。目前仍有調漲價格的潛力。通膨仍然存在。我們看得到。而我們仍有能力進行提價的空間，我們現在也正積極評估。

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。也想請你更新一下那邊的情況。我想競品是在 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 of things, we are seeing a growth in cycles, and that’s a positive. The other thing we’re seeing is we’re hurdling through that year period 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.

當然。在生殖（fertility）這一塊，我們看到療程週期（cycles）在成長，這是正面的。另外我們也正跨過那段一年左右的整併期，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。他們在搶占大量市占率方面做得非常好。

We have somewhat of a new fertility team that started probably 6, 12 months ago that is really doing that. Our new leader, she’s just fantastic, and she’s doing a great job and killing it. So 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.

我們有一支算是新的生殖團隊，大概在 6 到 12 個月前開始運作，確實在推動這些成果。我們的新領導者非常棒，她做得非常好、表現非常亮眼。所以我對生殖市場非常樂觀。任何認為這不是個好市場，或認為訴訟和解會打亂我們動能與進展的人，都是錯的。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 it closed during this past quarter for us.

至於 Paragard 的競爭，我們過去也談過。Paragard 目前是市場上唯一的非荷爾蒙 IUD（子宮內避孕器）。有一個競爭產品已獲核准，也已被收購，而該交易在我們這一季期間完成交割。

They started their training, and that product will get launched at some point in the future, and there’s concern about that. And 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.

他們已開始進行培訓，那個產品會在未來某個時間點上市，市場對此有所擔憂。目前我先不提供超出我們既有說法的任何指引或評論，但我們在 12 月的電話會議上，肯定能提供更多細節與背景。

Great. Thank you.

很好。謝謝你。

Yeah.

嗯。

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，包括你提到的槓桿（levers），以及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。我想你是在問策略檢討對 CSI 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.

好的。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。如果你能更詳細說明。

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.

當然。這些洞見很重要，因為策略檢討做的一件事，就是更深入地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、按地理區域與客戶關係來檢視獲利能力。

One of the areas where we’ve seen significant improvement is the profitability of CooperSurgical, and what it did is it kind of highlighted other areas where there’s some opportunity for us to do a better job in terms of driving ongoing profitability improvements.

我們看到顯著改善的一個領域，是 CooperSurgical 的獲利能力；而這次檢討也凸顯出其他一些領域，讓我們有機會在推動持續性的獲利改善方面做得更好。

So we’re going to learn from that like 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. I mean, right now, we are doing investments within fertility. We’ve added some investment activity, including within R&D. We have 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，就像我們從策略檢討中學到很多一樣。它揭露了一些不同的面向，會讓我們成為更好的公司。它也正在讓我們今天就變得更好。我的意思是，現在我們正在生殖領域進行投資。我們增加了一些投資活動，包括研發（R&D）。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 there with some new launches, and some expanded products that we have. So 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振奮的進展，包括一些新上市產品，以及我們既有產品的擴充。所以我會說我們會持續投入。資金就是投在這裡。我們投入的第一優先、最重要的是 CooperVision 的有機成長；第二優先則是生殖領域，我們也持續投資。

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來良好的生殖成長；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槓桿效益。

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。你也在新聞稿中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. So there’s nothing new on that. There was concern that that settlement, that you’ll remember, 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 and so forth.

那已經完全解決了。所以沒有新的進展。先前有人擔心那個和解——你會記得，那是我們在 2023 年遇到的一個問題——有人擔心該和解會對我們持續的銷售造成負面影響，而不是對營運造成影響。自那之後，我們沒有看到任何與媒體等相關的問題。

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. I appreciate whether that was a true concern or a negotiating tactics, 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。我們在第二季沒有看到，在第三季也沒有看到。而且在我們現在進入第四季、開始推進時，當然也沒有看到。我理解那究竟是真正的擔憂，還是談判策略，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。我是 Brad Bowers，代 Anthony 提問。我想問一個關於 CVI 業務整體策略或其背後動能的問題。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，並且在一些新產品上（例如 MyDay）也有所斬獲。

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動態，以及你們對這些因素仍然對你們有利的信心。

I would say that those remain in our favor. So 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 kind of 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.

我會說這些仍然對我們有利。所以在這方面沒有任何改變。我會說，有一個領域用「流失市占」這個詞不太恰當，但我們並沒有在那裡經營，那就是超高端（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。那是非常高價的產品。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 MiSight 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。我們的每位患者營收遠不及一些競爭對手，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 推向更高端的區隔。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, is 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機會收復一些失地。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）一些傳統的水膠（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，以你們相對較小的銷售團隊規模（不是投資不足，而是相較競爭對手人力較少）卻能有超出體量的表現，這顯然是一個順風因素。不過我想再請你們提醒一下，那邊的生產力大概是如何逐步爬升的。

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，目前基期更低，因此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：如果美國有強勁成長，可能會被一些美國以外（OUS）的影響所掩蓋，想請你們也幫我們釐清一下這點。也請協助我們理解。謝謝。

Sure. Just one quick point, because Brian Andrews just said that. I meant MyDay Energys. I think I said MiDay 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 in trained, and have them out on the street executing, I would say probably in early mid-fiscal Q2.

好的。先快速補充一點，因為 Brian Andrews 剛剛提到：我指的是 MyDay Energys。我想我剛才說成 MyDay MiSight，但高端產品是 MyDay Energys。至於銷售團隊，如果要給一些時間參數，我們現在正在招募。我們會讓新人到位受訓，並讓他們上線拜訪客戶、開始執行，我認為大概會在本財年第二季初到中段。

From that perspective, they need to visit offices and start doing their jobs and so forth and pulling revenues in. So 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、把流程跑起來，進而帶動營收。所以較明顯的正面影響，可能會更多落在第三季、第四季的時間窗。另外，我確實認為在年初，終端消費仍會維持穩健。因此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，當我看全球其他一些市場時，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。非常感謝你們回答問題。我想問的很多都已經被問過了，所以我就針對剛才那點追問一下。我原本想問你們對潛在市占動態的看法，特別是考量你們對美洲地區全年 CVI 成長的指引。

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（Salesforce）有關，而且你們正在進行一些增量投資活動。所以第一部分：除了這點之外，還有沒有其他特別突出的因素，你們認為可能會導致美洲全年成長低於市場？

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.

第二個追問是關於你們對產品組合的感受。我覺得你們提到超高端鏡片這點很有意思。想請教你們如何看待目前的產品供給，以及在研發（R&D）管線方面，對於一些新想法甚至新品牌的推進會有多積極。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，已經和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, right? You have seen that in some of the guidance. You have seen it in some of my commentary.

過去當我們拿下這些合約時，通常會看到銷售執行把它們轉化為營收成長，而這正是我們原本預期會看到更多的部分，對吧？你們在部分指引中也看到了這點。你們也在我一些評論中聽到過。

That is where that has not come to fruition yet, and where 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.

但這部分至今尚未實現；當我們回頭檢視、抽絲剝繭地問：為什麼？差異在哪裡？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.

可以說這可能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，同步擴編銷售團隊與提供足夠的行銷支援。我們需要做這些投入，才能把已拿下的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 kind of 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 damn exciting.

我們已與研發團隊以及商業團隊開了多次會議。我們正在把原本規劃在 2030 年左右時程的上市活動加速，往前拉個兩年。研發非常活躍，並且高度聚焦於一些我們認為會相當令人振奮的新產品導入。

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.

我們在某些事情上做得有點太廣泛了，因此把範圍收斂、落實執行，並將一些新產品推向市場，將會對我們有利。我現在先不會談得太深入，但在不久的將來，我們會花一些時間說明其中一些細節。

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.

好的，太棒了。非常感謝。我就只問一個問題，但也期待在接下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，謝謝讓我插隊提問。我想我大多數的問題也都被問過了。不過我想特別談一下亞太與中國，尤其是中國，這段時間以來一直是拖累。你能提醒我們，你們在視力（vision）業務中，這塊業務的規模大概多大，以及你們在策略上是怎麼思考的嗎？例如，是否會到某個程度，考量市場動態，你們可能覺得不一定值得再繼續留在那裡？謝謝。

Yeah. 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.

是的。嗯，中國本季又是一個挑戰。舉例來說，它是唯一一個 MiSight 實際出現下滑的市場。對我們而言，這一直不是個很好的市場。所以我們正在那裡重新調整與再造。我們已經換上新的團隊。我們也在檢視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帶動成長。

I do believe that 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 gotten to be, it’s just relatively small. I think it’s less than 2%.

我確實認為，在亞太的脈絡下，經過許多季的負成長，以及在中國與其他一些市場進行產品精簡/汰弱留強之後，我們的確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，當你看這項業務的規模時，它已經變得——相對而言非常小。我想不到 2%。

It is less than 2% of revenues this quarter on a consolidated basis. The business just is getting smaller over there. Yeah, 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，本季它占營收不到 2%。那邊的業務確實正在縮小。是的，這是個很好的問題，也是個很大的挑戰；我們正在評估是否能讓這項業務重新振作、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, if you will, 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，在某些通路上仍有一些機會，例如電商，我們可以用不同的方式參與並取得成功。但我們目前正在嚴肅地重新檢視，因為我們希望取得良好的營收——也就是有利潤的營收，以及合理、有意義的業務。我們正在做相關工作，等到 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，本季 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，它還帶動了整體市場的成長。

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）。由於政府的定價政策，你在 Ortho-K 上面臨很大的價格壓力，因此這確實擾亂了那個市場。

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. So 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 的定價周邊有很多干擾與混亂。那裡也有很多仿冒的眼鏡鏡片等等。所以，雖然以近視兒童的人數來看機會非常巨大，但市場本身目前非常分裂、缺乏一致性。

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.

由於隊列中已無其他問題，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，我也相信接下來會有很多後續電話會議來補充細節。感謝大家的關注，也期待在 12 月下一次財報電話會議時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。