Rxsight Inc (RXST) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Andrea and I will be your conference operator today. At this time, I would like to welcome everyone to the RxSight third quarter, 2024 earnings conference call.

謝謝你的支持。我叫安德里亞，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 RxSight 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Oliver Moravcevic, Vice President of Investor Relations. Thank you. Please go ahead.

我現在想將電話轉給投資者關係副總裁 Oliver Moravcevic。謝謝。請繼續。

Thank you operator. Presenting today are RxSight President and Chief Executive Officer, Dr. Ron Kurtz; and Chief Financial Officer, Shelley Thunen. Earlier today, RxSight released financial results for the three months ended September 30, 2024 a copy of the press release is available on the company's website. Before we begin, I would like to inform you that comments and responses to questions during today's call reflect management views as of today, November 7, 2024 and will include forward-looking and opinion statements including predictions, estimates, plans, expectations and other information.

謝謝運營商。今天發言的有 RxSight 總裁兼執行長 Ron Kurtz 博士；和財務長 Shelley Thunen。今天早些時候，RxSight 發布了截至 2024 年 9 月 30 日的三個月財務業績，新聞稿副本可在公司網站上查看。在開始之前，我想通知您，今天電話會議中的評論和對問題的答覆反映了截至今天（2024 年11 月7 日）的管理層觀點，並將包括前瞻性和意見陳述，包括預測、估計、計劃、期望和其他資訊。

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued today and in our filings with the Securities and Exchange Commission or SEC. Our SEC filings can be found on our website or the SEC website.

由於某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。我們今天發布的新聞稿以及我們向美國證券交易委員會或 SEC 提交的文件中更全面地描述了這些風險和不確定性。我們的 SEC 備案文件可以在我們的網站或 SEC 網站上找到。

Investors are cautioned not to place undue reliance on forward-looking statements and we disclaim any obligation to update or revise these forward-looking statements except as it may be required by law. We will also discuss certain non-GAAP financial measures, disclosures regarding non-GAAP financial measures including reconciliations with the most comparable GAAP measures can be found in the press release. Please note that this conference call will be available for audio replay on our Investor Relations website.

請投資人不要過度依賴前瞻性陳述，我們不承擔任何更新或修改這些前瞻性陳述的義務，除非法律要求。我們還將討論某些非 GAAP 財務指標，有關非 GAAP 財務指標的揭露，包括與最具可比性的 GAAP 指標的調整表，請參閱新聞稿。請注意，本次電話會議將在我們的投資者關係網站上提供音訊重播。

With that, I will turn the call over to our President and Chief Executive Officer, Dr. Ron Kurtz. Ron?

接下來，我將把電話轉給我們的總裁兼執行長 Ron Kurtz 博士。羅恩？

Good afternoon and thank you for joining us. We're pleased to report another successful quarter of building the infrastructure for patient driven outcomes in premium cataract surgery with a light adjustable lens. While Shelley will provide a detailed review of our third quarter financial results and our outlook for the remainder of the year, I'd like to highlight some of the broader themes that continue to play out during the quarter and reinforce our confidence and sustained momentum through year end and beyond.

下午好，感謝您加入我們。我們很高興地報告，在使用可調光晶狀體的高級白內障手術中，為患者驅動的結果建立基礎設施又取得了成功。雖然雪萊將對我們第三季度的財務業績和今年剩餘時間的前景進行詳細回顧，但我想強調本季度繼續發揮作用的一些更廣泛的主題，並通過以下方式增強我們的信心和持續動力：年底及以後。

In Q3, we experienced robust growth in our LDD installed base, surpassing typical seasonal expectations. This growth underscores the increasing recognition of the value that postoperative adjustability brings to ophthalmic practices and cataract surgery patients. I want to recognize the high quality efforts of our commercial and operations teams that achieve this result as well as to thank our existing and new customers for showcasing the win clinical and practice benefits of the RxSight system.

第三季度，我們的 LDD 安裝基數強勁成長，超出了典型的季節性預期。這種成長凸顯了人們越來越認識到術後可調節性對眼科實踐和白內障手術患者帶來的價值。我要認可我們的商業和營運團隊為實現這一成果所做的高品質努力，並感謝我們的現有和新客戶展示 RxSight 系統在臨床和實踐中所帶來的優勢。

LAL sales were in line with seasonal trends as Q3 is typically impacted by doctor and patient travel schedules. Despite these seasonal headwinds and even hurricanes in the final weeks of the quarter, we believe our strong LAL sales underscore the value that patients and doctors place on being able to customize superior visual outcomes.

由於第三季通常受到醫生和患者出行安排的影響，鱟魚銷售額符合季節性趨勢。儘管在本季度的最後幾週出現了這些季節性逆風，甚至颶風，但我們相信，我們強勁的鱟試劑銷售突顯了患者和醫生對能夠定制卓越視覺效果的重視。

We are also happy to report the full rollout of LAL-plus in the US and the recent approval of LAL-plus in Canada as presented at the American Academy of Ophthalmology meeting in October, the LAL-plus delivers an average of 1.3 additional lines of distance corrected near vision compared to the already excellent vision achieved with the standard LAL. This combined with the ability to customize refraction in both eyes, a path taken by over 90% of LAL patients, leads to remarkable binocular visual outcomes, with more than 90% of patients achieving distance vision of 20, 20 or better and near vision of J2 or better without glasses.

我們也很高興地報告 LAL-plus 在美國的全面推出，以及最近 LAL-plus 在加拿大的批准，正如 10 月份美國眼科學會會議上所介紹的那樣，LAL-plus 平均可提供 1.3 條額外的生產線與標準LAL 已經達到的出色視力相比，遠距離矯正近視力。這與定制雙眼屈光的能力（超過90% 的LAL 患者採用的方法）相結合，帶來了顯著的雙眼視覺結果，超過90% 的患者實現了20、20 或更好的遠視力和20 % 的近距離視力J2或更好，不戴眼鏡。

While LAL-plus has been positively received by both patients and doctors, the high quality vision provided by the standard LAL continues to be particularly valued for patients with more complex ocular histories. As a result, we expect both the LAL and LAL-plus to maintain their unique market positions with our in house manufacturing capabilities providing the flexibility to adjust the production mix between the two lenses to meet demand.

雖然 LAL-plus 受到了患者和醫生的積極認可，但標準 LAL 提供的高品質視力仍然受到眼部病史更複雜的患者的特別重視。因此，我們預計 LAL 和 LAL-plus 能夠憑藉我們的內部製造能力保持其獨特的市場地位，從而能夠靈活地調整兩種鏡片之間的生產組合以滿足需求。

In Q4, we are also on track to release the recently approved low diopter LAL-plus powers which will give our platform the broadest spherical power range of any astigmatism correcting IOL from minus 2 to plus 30 diopters.

在第四季度，我們還將發布最近批准的低屈光度 LAL-plus 度數，這將為我們的平台提供最廣泛的球面度數範圍，將 IOL 的散光矯正範圍從負 2 到正 30 屈光度。

Our commitment to innovation remains a core driving force at RxSight, and I want to recognize the tremendous efforts of our development and operations teams in continuously advancing our LAL and LDD technologies to deliver superior outcomes for patients. I also want to thank the doctors who adopted our technology and offered their input to our team, helping to direct us toward the most clinically relevant advances that maintain RxSight's position at the forefront of premium IOL innovation and growth.

我們對創新的承諾仍然是 RxSight 的核心驅動力，我想認可我們的開發和營運團隊在不斷推進我們的 LAL 和 LDD 技術以便為患者提供卓越結果方面所付出的巨大努力。我還要感謝採用我們技術並向我們團隊提供意見的醫生，幫助指導我們取得與臨床最相關的進展，從而保持 RxSight 在優質 IOL 創新和成長前沿的地位。

In the near term, our primary growth focus remains on expanding penetration within the North American market, where we are still in the early stages of reaching the broad population of cataract surgeons and patients.

短期內，我們的主要成長重點仍是擴大北美市場的滲透率，我們仍處於接觸廣大白內障外科醫師和病患的早期階段。

As we have discussed previously, we are also expanding our exposure to the optometric community who are key participants in patient diagnosis, counseling, and decision making. We believe the LAL fits extremely well with the clinical mindset of most optometrists who rely on similar refractive principles in their daily practice. For the same reason, optometrists play an increasingly important role in the care of LAL patients in concert with ophthalmologists and other eye care professionals.

正如我們之前所討論的，我們也擴大了對驗光界的接觸，他們是患者診斷、諮詢和決策的關鍵參與者。我們相信 LAL 非常適合大多數驗光師的臨床思維，他們在日常實踐中依賴類似的屈光原理。出於同樣的原因，驗光師與眼科醫生和其他眼科護理專業人員合作，在 LAL 患者的護理中發揮越來越重要的作用。

We plan to apply our North American experience to the significant opportunities for further expansion into the global premium IOL market and look forward to providing updates on our regulatory and commercial efforts in both Asia and Europe over the coming months.

我們計劃將我們在北美的經驗應用於進一步拓展全球優質 IOL 市場的重大機遇，並期待在未來幾個月內提供有關我們在亞洲和歐洲的監管和商業工作的最新資訊。

With that, I'll turn the call to Shelley.

這樣，我就把電話轉給雪萊。

Thank you, Ron and good afternoon everyone. RxSight generated third quarter, 2024 revenue of $35.3 million up 59% compared to $22.2 million in the year ago quarter and up 1% compared to $34.9 million in the second quarter of 2024.

謝謝羅恩，大家下午好。RxSight 2024 年第三季的營收為 3,530 萬美元，比去年同期的 2,220 萬美元成長 59%，比 2024 年第二季的 3,490 萬美元成長 1%。

During the quarter, we sold 24,554 LALs and generated $24.2 million in LAL revenues up 79% and 2% compared to the same year ago quarter and the second quarter of this year respectively. This sequential performance reflects typical seasonality in cataract surgery volumes which tend to dip in the third quarter as both doctors and patients often travel during the summer months.

本季度，我們銷售了 24,554 個 LAL，實現了 2,420 萬美元的 LAL 收入，與去年同期和今年第二季度相比分別增長了 79% 和 2%。這種連續表現反映了白內障手術量的典型季節性，由於醫生和患者經常在夏季出差，白內障手術量在第三季度往往會下降。

Additionally, in the third quarter, LAL revenue represented 69% of total revenue, an increase from 61% in the year ago period and from 68% in the second quarter of 2024. We sold 78 LDDs in the third quarter, up 18% to the 66 units in the year ago period and matching the 78 units sold in the second quarter that is typically stronger for capital equipment.

此外，第三季度，LAL營收佔總營收的69%，高於去年同期的61%和2024年第二季的68%。我們在第三季售出了 78 台 LDD，比去年同期的 66 台成長了 18%，與第二季售出的 78 台相當，而第二季對於固定設備而言通常更為強勁。

During the period LDD sales generated a revenue of $10.1 million up 28% versus the third quarter of 2023 and essentially the same as the second quarter of 2024. As of September 30, 2024 our LDD installed base stood at 888 units representing an increase of 51% and 10% versus the year ago period in the second quarter of 2024 respectively.

在此期間，LDD 銷售收入為 1,010 萬美元，較 2023 年第三季成長 28%，與 2024 年第二季基本持平。截至 2024 年 9 月 30 日，我們的 LDD 安裝基數為 888 台，較 2024 年第二季分別年增 51% 和 10%。

Reflecting continued demand, our average selling price for the LDD remains stable at approximately $130,000. During the quarter, average monthly utilization defined as the number of LALs implanted in a quarter divided by the LDD install base in the previous quarter was 10.1 LALs per LDD, up from 8.7 LALs per LDD in the same period last year. While LAL growth remained strong in the third quarter, average monthly utilization was lower than the 11 LALs per LDD seen in the second quarter a period that was and is generally a seasonally strong quarter.

由於需求持續成長，我們的 LDD 平均售價保持穩定在 13 萬美元左右。本季度，平均月利用率（定義為一個季度植入的 LAL 數量除以上一季的 LDD 安裝基數）為每個 LDD 10.1 個 LAL，高於去年同期每個 LDD 8.7 個 LAL。雖然第三季 LAL 成長依然強勁，但平均月利用率低於第二季每個 LDD 11 個 LAL，而第二季通常是季節性強勁的季度。

The gross margin in third quarter of 2024 was 71.4% compared to 61.9% in the same year ago quarter and 69.5% in the second quarter of 2024. The year-over-year increase reflects a continued increase in the percentage of LALs as a percentage of sales, lower cost of sales for both the LDD and LAL and sustained pricing stability. The sequential gross margin increase of 190 basis points to reflect improvements in the cost for the LAL and the LDD recall that the LAL cost is predominantly overhead. So as production volume increases, the cost to manufacture declines and it is realized six to nine months later in cost of goods sold.

2024年第三季的毛利率為71.4%，去年同期為61.9%，2024年第二季為69.5%。同比成長反映了 LAL 在銷售額中所佔百分比的持續增加、LDD 和 LAL 銷售成本的降低以及價格的持續穩定。毛利率季增 190 個基點，反映了 LAL 成本的改善，LDD 回憶起 LAL 成本主要是管理費用。因此，隨著產量的增加，製造成本會下降，並在六到九個月後在銷售成本中實現。

SG&A expenses in the third quarter of 2024 were $25.6 million representing an increase of $6.5 million or 34% versus $19.1 million in the year ago quarter. This year-over-year change was due primarily to an increase in personnel costs, travel for sales and support teams and higher stock based compensation expense. On a sequential basis, SG&A expenses increased by $1.3 million or 5.4% due primarily to additional hires in sales and marketing and higher stock based compensation expense.

2024 年第三季的 SG&A 費用為 2,560 萬美元，與去年同期的 1,910 萬美元相比增加了 650 萬美元，即 34%。這一同比變化主要是由於人員成本、銷售和支援團隊差旅以及股票薪酬費用增加所致。SG&A 費用較上季增加 130 萬美元，即 5.4%，主要是由於銷售和行銷人員的增加以及股票薪酬費用的增加。

During the third quarter of this year, R&D expenses rose to 24.5% to $8.8 million compared to $7.1 million in the third quarter of 2023. This year-over-year change was primarily attributed to increased facilities costs and increased stock based compensation. Compared to the prior quarter R&D expenses in the third quarter increased by a $0.5 million dollars or 6.6% primarily due to new hires.

今年第三季度，研發費用上漲 24.5%，達到 880 萬美元，而 2023 年第三季為 710 萬美元。這一同比變化主要歸因於設施成本增加和股票薪酬增加。與上一季相比，第三季的研發費用增加了 50 萬美元，即 6.6%，主要是由於新員工的加入。

Our GAAP net loss in the third quarter was $6.3 million or a loss of $0.16 per basic and diluted share using weighted average shares of 39.8 million shares. This compares to a GAAP net loss of $12.4 million or $0.35 per share on a basic -- diluted basis in the third quarter of 2023. Note, this stock based compensation in the third quarter of 2024 was $6.6 million resulting in a non-GAAP income of $214,000 or an income of $0.00 per basic and diluted share.

我們第三季的 GAAP 淨虧損為 630 萬美元，或使用 3,980 萬股的加權平均股計算，每股基本股和稀釋股虧損 0.16 美元。相比之下，2023 年第三季的 GAAP 淨虧損為 1,240 萬美元，即基本稀釋後每股虧損 0.35 美元。請注意，2024 年第三季的股票薪酬為 660 萬美元，非 GAAP 收入為 214,000 美元，或每股基本股和稀釋股收入為 0.00 美元。

Moving to the balance sheet, we ended the quarter -- third quarter of 2024 with cash, cash equivalents and short term investments of $207.1 million compared to $233.3 million on June 30, 2024. The increase in cash, cash equivalents and short term investments is predominantly due to continued favorable accounts receivable collections and low cash use for inventories, limited capital equipment spending and higher accrued expenses.

轉向資產負債表，截至 2024 年第三季度，我們的現金、現金等價物和短期投資為 2.071 億美元，而 2024 年 6 月 30 日為 2.333 億美元。現金、現金等價物和短期投資的增加主要是由於持續有利的應收帳款催收和庫存現金使用量低、資本設備支出有限和應計費用增加。

Turning now to guidance, we are increasing our full year revenue and gross profit guidance while reducing operating expense and noncash expense guidance as follows. Full year 2024 revenue is now projected to be approximately $140 million at the top of the previously provided guidance range of $139 million to $140 million. Our revised guidance range implies year over year growth of approximately 57%. Gross margin is now expected to be in the range of 70% to 71% up from our previous guidance of 68% to 70%, this increase primarily reflects the continued shift in the product mix with the majority of sales coming from the higher margin LAL along with lower costs of manufacturing.

現在轉向指導，我們將增加全年收入和毛利指導，同時減少營運費用和非現金費用指導，如下。目前預計 2024 年全年營收約 1.4 億美元，高於先前提供的 1.39 億美元至 1.4 億美元的指導範圍。我們修訂後的指導範圍意味著年增約 57%。目前，毛利率預計將在 70% 至 71% 之間，高於我們先前指導的 68% 至 70%，這一增長主要反映了產品結構的持續轉變，大部分銷售額來自利潤率較高的 LAL隨著製造成本的降低。

Full year, 2024 operating expenses are now expected to be at the bottom of our previously provided guidance of $135 million to $136 million representing a year-over-year increase at the low end of approximately 30% to 31%. Noncash expenses which are primarily included in operating expense are now expected to be at the low end of our previous range of $29 million to $30 million.

目前預計 2024 年全年營運費用將處於我們先前提供的 1.35 億美元至 1.36 億美元指引的底部，年增約 30% 至 31%。主要包含在營運費用中的非現金費用目前預計將處於我們之前 2,900 萬美元至 3,000 萬美元範圍的低端。

This revised annual guidance translates to fourth quarter, 2024 revenue of approximately $40 million. Q4 gross margin is similar to that of third quarter and fourth quarter, 2024 operating expense at the low end of the $37 million to $38 million range.

修訂後的年度指引意味著 2024 年第四季的收入約為 4000 萬美元。第四季毛利率與 2024 年第三季和第四季的營運費用相似，處於 3,700 萬美元至 3,800 萬美元範圍的低端。

With that I'll turn the call back to, Ron.

然後我會把電話轉回給羅恩。

Thank you, Shelley. Before we open the call for questions. I'd also like to briefly reflect on our recent participation at the American Academy of Ophthalmology annual meeting in Chicago, which was an standing event for both RxSight and the wider ophthalmic community.

謝謝你，雪萊。在我們開始提問之前。我還想簡要回顧一下我們最近參加在芝加哥舉行的美國眼科學會年會的情況，這是 RxSight 和更廣泛的眼科界的常設活動。

RxSight booth drew significant attention from meeting attendees featuring numerous talks by LAL surgeons and centered on the clinical advantages afforded by adjustability as well as operational pearls for practice integration and growth. These booth talks as well as multiple presentations in the scientific sessions reinforce the unique role LAL is playing in advancing the quality and adoption of premium cataract surgery. Both of which are increasingly recognized as broad trends in the market.

RxSight 展位吸引了與會者的極大關注，其中 LAL 外科醫生進行了多次演講，重點關注可調整性以及實踐整合和發展的操作珍珠所提供的臨床優勢。這些展位演講以及科學會議中的多次演講強化了 LAL 在提高優質白內障手術的品質和採用方面所發揮的獨特作用。這兩者都越來越被認為是市場的廣泛趨勢。

As others have noted, premium cataract surgery is now essential to the economic viability of most ophthalmic practices. The inherent limitations of non-adjustable premium IOLs require surgeons to thread a needle when it comes to patient selection, preoperative calculations, surgical technique and management of common postoperative issues.

正如其他人所指出的，優質白內障手術現在對於大多數眼科診所的經濟可行性至關重要。不可調節優質人工水晶體的固有限制要求外科醫生在患者選擇、術前計算、手術技術和常見術後問題的管理方面嚴格執行。

By enabling patients to optimize their vision after surgery, adjustability delivers predictable high quality results, driving scalable growth in high margin, patient pay revenue to mitigate progressive cuts in reimbursement that will continue to impact global ophthalmic business models for many years to come.

透過使患者能夠在手術後優化視力，可調節性可提供可預測的高品質結果，推動高利潤、患者付費收入的可擴展增長，以緩解報銷的逐步削減，這將在未來許多年繼續影響全球眼科商業模式。

With that, I'll ask the operator to open the call for questions.

之後，我將要求接線員打開提問電話。

(Operator Instructions)

（操作員說明）

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Hi, this is Lily. I'm for Robbie. Thanks for taking the question. We've heard continued concerns about capital and your ability to grow LDD placements. Can you talk a bit more about what you're seeing on that side of the business? What is demand for capital look like and what's been your ability to drive placements like not just in new centers but also existing ones. So driving deeper penetration with a second or third LDD.

嗨，這是莉莉。我是為了羅比感謝您提出問題。我們聽到人們對資本和增加 LDD 安置能力的持續擔憂。您能多談談您在這方面的業務所看到的情況嗎？對資本的需求是什麼樣的，以及您推動安置的能力如何，不僅是在新中心，而且是現有中心。因此，使用第二個或第三個 LDD 來推動更深的滲透。

Thank you for the question. So I think our Q2 and Q3 results continue to show success in that effort. And it's really based on, a number of factors. One obviously is the clinical results with the technology, but also the practice benefits and the relatively quick ROI that practices are able to realize with the RxSight system typically on the order of about six months, but it can be quite quicker than that.

謝謝你的提問。因此，我認為我們第二季和第三季的結果繼續表明我們在這方面的努力取得了成功。這其實是基於很多因素。其中之一顯然是該技術的臨床結果，還有實踐的好處以及實踐能夠透過 RxSight 系統實現的相對較快的投資回報率，通常約為六個月，但也可能比這要快得多。

We do see practices who have already adopted the technology adding LDD units to other offices where they see cataract patients and that's really an internal calculation that they do based on their ability to increase the number of patients that they can offer the service to.

我們確實看到已經採用該技術的診所將 LDD 單位添加到他們收治白內障患者的其他辦公室，這實際上是他們根據增加可提供服務的患者數量的能力進行的內部計算。

Got it. That's helpful. And then just as a follow up, you talked about the impact of hurricanes at the tail end of the quarter. So how meaningful was that headwind? And are you able to quantify how big of an impact that was in the quarter and what you're factoring in for 4Q as well? Thanks so much.

知道了。這很有幫助。然後，作為後續行動，您談到了本季末颶風的影響。那麼這種逆風有多大意義呢？您能否量化本季的影響有多大以及您為第四季度考慮的因素？非常感謝。

Thank you for the question. I think that's been asked a lot of everybody. First and foremost, our employees and our customers and their patients were safe. So that's important. Although some sustained some property damage, we did lose surgery days as ophthalmic practices closed and had some days off, due to that, it's hard to quantify that effect. But definitely we lost a few to maybe more than a few surgery days and of course, some of those markets such as Florida are good markets for us.

謝謝你的提問。我想這個問題已經被很多人問過。首先也是最重要的是，我們的員工、客戶及其病人都是安全的。所以這很重要。儘管有些人遭受了一些財產損失，但由於眼科診所關閉並休息了幾天，我們確實損失了手術時間，因此，很難量化這種影響。但肯定的是，我們損失了一些甚至可能不只幾天的手術時間，當然，其中一些市場（例如佛羅裡達州）對我們來說是很好的市場。

Got it. Thanks so much.

知道了。非常感謝。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Hi, everyone. This is Izzy on for Ryan. Thanks for taking the questions. So just to start out Shelley, we've seen some pretty consistent pricing for both the LAL and the LDD over the past couple quarters. And I was wondering what your confidence is in being able to maintain these pricing levels, particularly when it comes to the consumables.

大家好。這是為 Ryan 準備的 Izzy。感謝您提出問題。首先，從 Shelley 開始，我們在過去幾季中看到 LAL 和 LDD 的定價相當一致。我想知道您對維持這些定價水準的信心有多大，特別是在消耗品方面。

Yeah, on the LAL side, our retail is $1,000 and our ASP is just ever so slightly below that because some of our sales are into Canada and that's a distributor market. We don't get push back the LAL $1,000 per unit. And the reason is, of course, by then, the doctor has charged on average $4,500 per eye for that. And they're already convinced and convinced the patient of the tremendous value they're going to get with the LAL.

是的，在 LAL 方面，我們的零售價為 1,000 美元，而我們的平均售價略低於此水平，因為我們的部分銷售是在加拿大進行的，而那是分銷商市場。我們不會推遲 LAL 每單位 1,000 美元的價格。原因當然是，到那時，醫生平均每隻眼睛收費 4,500 美元。他們已經讓患者相信，他們將從 LAL 中獲得巨大的價值。

With capital equipment, our pricing has been consistent for a little bit over a year right now since we increased the price about 10% in the middle of the third quarter of 2023. I always say that capital tends to drift down a little bit, but you saw again this quarter that we had a tremendously strong LDD quarter despite the fact that it's usually seasonally down from the second quarter and ASPs remain constant, which tells us that the demand is still there at the price that we're asking. So we feel good about our ASP for both products.

對於固定設備，自 2023 年第三季中期將價格提高約 10% 以來，我們的定價在一年多的時間裡一直保持穩定。我總是說資本往往會稍微下降，但本季度您再次看到我們的 LDD 季度非常強勁，儘管事實上它通常比第二季度季節性下降並且平均售價保持不變，這告訴我們需求仍然是我們要價的價格。因此，我們對這兩種產品的平均售價感到滿意。

Got it. Very helpful. And I know we're not going to get guidance today, but I was just wondering if you guys have any early considerations that we should keep in mind as we start to think about 2025.

知道了。非常有幫助。我知道我們今天不會得到指導，但我只是想知道，當我們開始思考 2025 年時，你們是否有任何我們應該牢記的早期考慮因素。

Yeah. It's a little premature for us to give guidance as well. But as Ron said, as we look at the long term impact of this product, right now, we're about 10% of the total premium IOL market and our goal is to grow 50%. And we have the tools and the most important tool is clinical outcomes for patients. 90% or more of patients get 20, 20 at distance, J2 at near and are generally free from glasses, which is what the patient and the doctor want for the patient.

是的。我們現在給出指導也有點為時過早。但正如 Ron 所說，當我們著眼於該產品的長期影響時，目前我們約佔優質 IOL 市場總量的 10%，我們的目標是成長 50%。我們擁有工具，最重要的工具就是病人的臨床結果。 90％或更多的患者獲得20，遠用20，近用J2，並且通常不戴眼鏡，這是患者和醫生希望患者得到的。

In addition, as Ron included earlier just a second ago, the payback is about six months. The price that roughly $130,000 for the LDD is not much more than they would pay for a piece of replacement equipment that does not generate revenue. And so I think that those are compelling patient doctor practice, trends that have continued since we first introduced product.

此外，正如羅恩剛才所說，投資回收期約為六個月。LDD 大約 13 萬美元的價格並不比他們購買一台不產生收入的替換設備高出多少。因此，我認為這些都是令人信服的患者醫生實踐，自從我們首次推出產品以來，這種趨勢一直在持續。

Would you ask it and add to that Ron?

你會問它並添加到羅恩嗎？

I might just add that, because we're selling the LDD into the clinic, we may not be affected by some of the capital concerns that have been raised that affect mostly hospitals and ACSs. And this is a clinic based decision and they're really basing that on the ROI that Shelley just outlined.

我可能只是補充一點，因為我們將 LDD 出售給診所，所以我們可能不會受到一些主要影響醫院和 ACS 的資本擔憂的影響。這是一個基於診所的決定，他們實際上是基於雪萊剛剛概述的投資回報率。

Great. Thank you both for taking the questions.

偉大的。感謝兩位提出問題。

Yeah.

是的。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Hi, it's Lee calling in for Larry. Thank you for taking our questions. Just to start off, Shelley, I know you mentioned seasonality in Q3, but the seasonality seem a bit more pronounced this year in both LDD and LAL versus prior years. Any thoughts around why that was the case and I have a follow up.

嗨，我是李打電話給拉里。感謝您接受我們的提問。首先，雪萊，我知道您提到了第三季的季節性，但與往年相比，今年 LDD 和 LAL 的季節性似乎更加明顯。關於為什麼會出現這種情況的任何想法，我都會跟進。

Yeah, on the LDD side, we didn't see seasonality and in fact, we saw the opposite of that. Typically you would see capital equipment go down from the second quarter, but third quarter at 78 LDD sales equals the second quarter. And we did see seasonality, however, on the LAL side, and what we heard from our customers and of course, we're very close to them week by week, in the field, is we saw, more doctors, taking longer vacations sometimes in concert, a few of them went to the EU. And they stayed a little longer.

是的，在 LDD 方面，我們沒有看到季節性，事實上，我們看到了相反的情況。通常情況下，您會看到資本設備比第二季度有所下降，但第三季 LDD 銷售額為 78，與第二季持平。然而，我們確實看到了LAL 方面的季節性，以及我們從客戶那裡聽到的情況，當然，我們每週都與他們非常接近，在現場，我們看到，更多的醫生，有時會享受更長的假期他們中的一些人一致前往歐盟。他們又待了一會兒。

And so I think that it was really a function of that and of course, the larger we get, the more we'll see in seasonality, both positive and negative. We saw some very terrific seasonality that we expected a bit lower overall in the first half, both in the first and second quarter. And with that we increased guidance at the mid of the range by about $8 million on the top range. And so that's where we saw really less seasonality in the first half. And that, of course, makes it look like there was a bit more seasonality in the third quarter, both for LALs and we think that a lot of that was really generated by more time off.

所以我認為這確實是一個函數，當然，我們規模越大，我們在季節性中看到的就越多，無論是積極的還是消極的。我們看到了一些非常好的季節性因素，我們預計上半年（第一季和第二季）整體情況會稍低。至此，我們將區間中間的指導值在上限區間上調了約 800 萬美元。這就是我們在上半年看到的季節性確實較少的地方。當然，這使得第三季的季節性因素看起來更多一些，無論是對 LAL 來說，我們認為其中很大一部分實際上是由更多的休息時間造成的。

Got it. That's helpful. And sorry about on that, I misspoke an LDD. My follow up question is on the growth margin. You raised the guidance for this year based on what you said, you seem pretty confident about pricing holding relatively stable, your overhead cost -- the cost seems to be have -- seems to have improved and that's been sustainable for a period of a year or so now. Does that mean the kind of the gross module we're looking at now is relatively stable or sustainable, I should say beyond 2024?

知道了。這很有幫助。抱歉，我說錯 LDD了。我的後續問題是關於成長率。您根據您所說的內容提高了今年的指導，您似乎對定價保持相對穩定非常有信心，您的間接成本（成本似乎已經）似乎有所改善，並且在一年內可持續現在大概是這樣。這是否意味著我們現在看到的總模組類型在 2024 年之後是相對穩定或可持續的？

Yeah, that's a really good question. I think it is. But as we go into future years, the biggest change in cost of sales is the next, the LAL has quite a bit higher margin than the capital equipment LDD and most of the progressive, improvement gross margin comes from mix. But in fact, both the LAL and the LDD costs have come down, LAL more gradually because that's related to overhead and you build product quite a bit ahead of the time that it's actually sold. On the LDD side, of course, we had about a 10% price increase in the third quarter of last year, as well as material cost savings as we introduced the reconfigured LDD, in part to take out some cost.

是的，這是一個非常好的問題。我認為是的。但當我們進入未來幾年時，銷售成本的最大變化是下一個，LAL 的利潤率比資本設備 LDD 高得多，並且大部分漸進的、改進的毛利率來自混合。但事實上，LAL 和 LDD 成本都下降了，LAL 的成本下降得更緩慢，因為這與管理費用有關，而且你在產品實際銷售之前就已經生產了相當多的產品。當然，在LDD方面，去年第三季我們的價格上漲了大約10%，而且由於我們引進了重新配置的LDD，材料成本也節省了，部分是為了減少一些成本。

Great. Thank you so much.

偉大的。太感謝了。

Craig Bijou, Bank of America.

克雷格‧比茹，美國銀行。

Good. Good afternoon, thanks for taking the questions. I just want to start on utilization and maybe utilization by practice. I know you get this question a lot and you have over the last couple of years, but maybe if you can just kind of walk through some of the trends as utilization, as the practices grow, what you see in the trends and utilization, if you've seen any of that change over the last few quarters.

好的。下午好，感謝您提出問題。我只想開始利用，也許透過實踐來利用。我知道你經常被問到這個問題，而且在過去的幾年裡你也遇到過這個問題，但也許你可以稍微了解一下利用率的一些趨勢，隨著實踐的發展，你在趨勢和利用率中看到了什麼，如果在過去的幾個季度中，您已經看到了這些變化。

At a macro basis, we have not, and you know, of course, I've talked about it before, what we've seen is that the [classes] by year of install, '21 and before, '22 and then '23 which are now quote unquote probably installed enough is that they all end up at the same place in terms of volume.

從宏觀角度來看，我們還沒有，當然，我之前已經討論過，我們所看到的是按安裝年份的[類]，'21 及之前，'22 然後' 23 現在引用未引用可能已經安裝得足夠了，因為它們最終都在相同的位置（就體積而言）。

In the third quarter, we had seasonality and the seasonality was the same across three classes. So there wasn't kind of an anomaly standing out, this was global across our practices as well. In terms of individual growth and practices as well, we do have, about 150 people in the field. Most of them are clinical applications people, but they're also very important to adoption along with our LAL sales account managers as well. And that's their job from the LAL account manager perspective, one to get the practice going and ensuring that their doctors and the staff are trained adequately with our clinical applications people.

在第三季度，我們有季節性，三個班級的季節性是相同的。因此，不存在任何突出的異常現象，這在我們的實踐中也是全球性的。在個人成長和實踐方面，我們確實有大約 150 名該領域的人員。他們中的大多數是臨床應用人員，但他們與我們的 LAL 銷售客戶經理一起對於採用也非常重要。從 LAL 客戶經理的角度來看，這就是他們的工作，即推動實踐並確保他們的醫生和員工接受我們的臨床應用人員的充分培訓。

But they also go back along with the clinical folk and that's what they want to do is be able to look at each customer. And so our clinical and our sales people have goals that they set each quarter in terms of accounts that they want to move forward, that they think have more potential to grow. And as I've said, what we do see is the newer accounts, right, those adopted in '23 and now the beginning of '24 tend to get to the same place, not the same apex is the rest of the accounts, but get to the same place a bit quicker as well. Would you add anything to that, Ron?

但他們也會與臨床人員一起回去，這就是他們想要做的就是能夠觀察每個客戶。因此，我們的臨床人員和銷售人員每季都會根據他們想要推進的客戶設定目標，他們認為這些目標有更大的成長潛力。正如我所說，我們確實看到的是較新的帳戶，對吧，那些在 23 年和現在 24 年初採用的帳戶往往會達到相同的位置，其餘帳戶的頂點不是相同的，但是到達同一個地方也快一點。羅恩，你能補充點什麼嗎？

No, I mean, again, we've spoken before about, the different ways that the teams build adoption. Obviously the clinical outcomes are the primary methodology, but they're always looking for ways to help practices be more efficient to grow utilization within the practice by making other doctors that may be doing cataract surgery, but may not have been the initial group that adopted the LAL aware of those clinical results that they can offer it to their patients. And that's just a day by day, practice by practice effort that is going on across the country.

不，我的意思是，我們之前已經談過，團隊建立採用的不同方式。顯然，臨床結果是主要方法，但他們一直在尋找方法來幫助實踐更有效地提高實踐中的利用率，方法是讓其他可能進行白內障手術的醫生（但可能不是最初採用該方法的醫生） LAL 知道他們可以提供給病人的那些臨床結果。這只是全國範圍內日復一日、不斷實踐的努力。

I wanted to add one more thing to what Ron says, Ron also says R&D is the driver of revenue as we introduced, continuous improvements to the product as well new things just like the lower diopter range that we just got approval for. Each of those, give our account managers, sales people an opportunity to go into the practice, educate them and give them an opportunity to learn more about the product. And so it gives our point of call a reason not just to go by and make ourselves known and that's where we focus our calls as well as helping practices become more efficient.

我想在羅恩所說的基礎上再補充一件事，羅恩還說研發是收入的驅動力，因為我們推出了產品，不斷改進產品以及新事物，例如我們剛剛獲得批准的較低屈光度範圍。每一項都為我們的客戶經理、銷售人員提供了進入實踐的機會，對他們進行教育，並讓他們有機會更多地了解產品。因此，它為我們的呼叫點提供了一個理由，而不僅僅是路過並讓我們知道自己，這也是我們集中呼叫並幫助實踐變得更有效率的地方。

Yeah, Absolutely. And we have obviously, the opportunity to do that in the fourth quarter with our lower diopter -- power diopter lenses. And that will appeal to a group of surgeons who may or may not have already adopted the LAL and that's going to give them the exposure to the technology that hopefully spreads to other patients as well.

是的，絕對是。顯然，我們有機會在第四季度使用我們的低屈光度——屈光度鏡片來做到這一點。這將吸引一群可能已經或尚未採用 LAL 的外科醫生，這將使他們接觸到這項技術，並有望傳播到其他患者。

Yeah. And I keep on saying 150 people in the field since the last time we had a call about 165, we're continuing to add people into the field consistently.

是的。我一直說，自從上次我們接到關於 165 人的電話以來，該領域的人員已經有 150 人，我們將繼續不斷增加人員進入該領域。

Got it. That's very helpful. And if I can ask about Q4, and the implied guidance or the $40 million that you talked about, Shelley, it's a little bit lower on the sequential basis than what you've done in the past. So I guess a couple of things with that. How should we think about the impact, LALs versus LDDs if there's a way to think about the mix of the revenue in Q4? And then are you baking in some impact from the hurricanes that might have kind of bled into Q4?

知道了。這非常有幫助。如果我可以問一下第四季度的情況，以及隱含的指導或你談到的 4000 萬美元，雪萊，按順序計算，它比你過去所做的要低一些。所以我想有幾件事。如果有辦法考慮第四季的營收組合，我們應該如何考慮 LAL 與 LDD 的影響？然後，您是否正在考慮颶風的一些影響，這些影響可能會滲透到第四季度？

Those are both good questions. I think that, when we think about guidance, of course, obviously, when you look at it sequentially, we continue to grow. So it's just natural that, period over period. Well we're implying about $5 million of 14% growth between the third and fourth quarter. That's a function of larger numbers.

這些都是好問題。我認為，當我們考慮指導時，當然，顯然，當你按順序查看它時，我們會繼續成長。所以，隨著時間的推移，這是很自然的。嗯，我們的意思是第三季到第四季之間的成長率為 14%，約 500 萬美元。這是更大數字的函數。

When we think about mix in the fourth quarter, as you know, we don't give specific guidance, but typically, the fourth quarter is very strong on procedures and also strong on capital. It typically is our strongest quarter and obviously we've guided it to be our strongest quarter. And I think that hopefully that in the end of the third quarter, of course people had no time to recover and get back to the practices and of course, then they were hit right away again in at the beginning of the fourth quarter.

如你所知，當我們考慮第四季度的混合時，我們不會給出具體的指導，但通常情況下，第四季度在程序上非常強大，在資本上也很強大。這通常是我們最強勁的季度，顯然我們已經將其引導為我們最強勁的季度。我認為，希望在第三節結束時，人們當然沒有時間恢復並回到訓練中，當然，然後他們在第四節開始時再次受到打擊。

But our employees are all safe, our customers are safe. So what we're hoping is that people get comfortable and come back in the fourth quarter, there's more time for that than there was in the third quarter when the hurricane happened right at the end of the quarter.

但我們的員工都很安全，我們的客戶也很安全。因此，我們希望人們能夠感到舒適並在第四季回來，比第三季季末颶風發生時有更多的時間。

Can we move on to the next question, please?

我們可以繼續下一個問題嗎？

Young Li, Jefferies.

年輕的李，傑弗里斯。

Alright, great. Thanks for taking our questions. I guess to start wanted to hear a little bit more about the global expansion color. We'll hear more in the coming months, I'm sure. But maybe if you can level status on when we can potentially see some full US approvals and which are some of the more important countries to focus on.

好吧，太棒了。感謝您回答我們的問題。我想一開始想聽聽更多關於全球擴張顏色的資訊。我確信在接下來的幾個月裡我們會聽到更多消息。但也許如果你能說明我們什麼時候可以看到美國的全面批准，以及哪些是值得關注的更重要的國家。

Yeah, thank you for the question. As we've outlined before the premium IOL market is about 80% OUS. And that's concentrated in about 20 individual markets. And they're the ones that you would expect in major countries in Europe and major countries in Asia. We've started our regulatory process and all in both Asia and Europe and we anticipate updating folks as we get approvals in each of those markets really in the next several months.

是的，謝謝你的提問。正如我們之前所概述的，優質 IOL 市場約佔 OUS 的 80%。這主要集中在大約 20 個單獨的市場。它們是您在歐洲主要國家和亞洲主要國家所期望的。我們已經在亞洲和歐洲啟動了監管流程，預計在接下來的幾個月內我們將在每個市場獲得批准，從而更新相關人員的資訊。

Okay. Great, very helpful. I think early in the year at the ASCO conference, you guys had a panel and there was some PE representation there, wanted to ask a little bit about, how are sort of PE owned practices doing versus sort of the more mom-and-pop shops. Are there any noticeable differences in the way they run their business or utilization rates or growth trends.

好的。太棒了，非常有幫助。我想今年早些時候，在 ASCO 會議上，你們有一個小組，那裡有一些 PE 代表，想問一下，PE 擁有的做法與更多的家庭經營做法相比，表現如何商店。他們經營業務的方式或利用率或成長趨勢是否有明顯差異。

Well, obviously there's a lot of variability both in stand-alone practices as well as in PE managed practices. And so it's hard to generalize about both. But -- and I would say that, most PE run practices are still -- run at that individual site level, where the doctors at the practice are making the clinical decisions and so our efforts are still very much focused at the office level, at the position level and the staff level at those offices.

顯然，獨立實務和 PE 管理實務都存在著許多變化。因此很難對兩者進行概括。但是，我想說的是，大多數 PE 運行實踐仍然是在各個站點級別運行，實踐中的醫生正在做出臨床決策，因此我們的努力仍然非常集中在辦公室級別，這些辦事處的職位級別和工作人員級別。

And really, that's the first step in any of the sales process, whether it's a stand-alone practice or part of a larger PE group is demonstrating the value or during conversations with the individual positions in that office.

事實上，這是任何銷售流程的第一步，無論是獨立的實踐還是大型私募股權團隊的一部分，都是在與該辦公室的各個職位進行對話時展示價值。

Of course, the process deviates a little bit once you get to that -- once you get past that, because now the decision making is a little bit more complex for a larger practice or PE practice. However, there's also some benefits to that because the practice -- those practices increasingly already have successfully installed LDD and LAL utilization within their system.

當然，一旦你做到了這一點，這個過程就會有點偏差——一旦你超越了這一點，因為現在對於更大的實踐或體育實踐來說，決策有點複雜。然而，這樣做也有一些好處，因為這些實踐已經越來越多地在其係統中成功安裝了 LDD 和 LAL 使用。

And so they can recognize that it's delivering -- the RxSight system is delivering additional patient pay revenue, high margin revenue. And therefore it's in their interest and really is one of the few ways that they can expand their margins into other -- their other practices, which are generally very well and efficient run practices. And so the best way to do that is through increasing premium IOL utilization and of course, we think the best way to do that is by adopting light adjustable lens.

因此，他們可以認識到它正在提供——RxSight 系統正在提供額外的患者付費收入和高利潤收入。因此，這符合他們的利益，而且確實是他們可以將利潤擴大到其他實踐的少數方法之一，這些實踐通常都是非常好的和高效的運作實踐。因此，實現這一目標的最佳方法是提高優質人工水晶體的利用率，當然，我們認為實現這一目標的最佳方法是採用光可調鏡片。

All right. Thank you very much.

好的。非常感謝。

Thomas Stephan, Stifel.

托馬斯·斯蒂芬，斯蒂菲爾。

Great. Hey guys, thanks for taking the questions. Wanted to start with LAL trends and I think guidance may imply 4Q utilization growth and maybe the high single digit range, maybe upwards of 10% somewhere around there. And that's down from high 10s to low 20s over the last number of quarters on a year over year basis. So Ron or Shelley, can you talk about, I guess a bit why there would be kind of this much of a deceleration in the fourth quarter and some of the factors that may be at play.

偉大的。嘿夥計們，感謝您提出問題。我想從 LAL 趨勢開始，我認為指導可能意味著第四季度的利用率成長，可能會達到高個位數範圍，可能會達到 10% 以上。與去年同期相比，這一數字在過去幾季中從 10 多歲下降到了 20 多歲。所以羅恩或雪萊，你能談談，我猜為什麼第四季會出現如此大的減速，以及一些可能起作用的因素。

So, I want to understand a little bit better, your question about deceleration. You're talking about the LALs, right, in just terms of absolute numbers? And why perhaps we were growing as quickly as it applied in the fourth quarter coming up versus the fourth quarter a year ago? Is that what you're asking? I want to make sure I understand.

所以，我想更好地理解你關於減速的問題。您談論的是 LAL，對吧，僅就絕對數量而言？為什麼我們第四季的成長速度與去年同期相比可能如此之快？這就是你問的嗎？我想確保我理解。

Yeah, basically when I'm trying out my numbers, hopefully, I'm not too far off here. I'm arriving at utilization growth on a year-over-year percent basis of 8%. But over the past four, five quarters, it's been in the high 10s to low 20s on a year-over-year basis, percentage wise. So I guess I'm asking why there would be a 4Q '24 deceleration? Sorry that was --

是的，基本上當我嘗試我的數字時，希望我離這裡不會太遠。我得出的利用率年增率為 8%。但在過去的四、五個季度中，年比百分比一直處於 10 多到 20 多的水平。所以我想我是在問為什麼 24 年第四季會減速？抱歉，那是--

I don't think -- I've gotten specific enough in the guidance, but pretty specific almost approximately $40 million depends on the mix in your model, as well. But over time, whether it's in the fourth quarter, as we go into future years, our goal obviously is number one to grow the number of LALs in each practice and continue to penetrate them. And that translates to over the long run and the short run, higher utilization on LAL for LDD.

我認為——我在指南中已經說得足夠具體了，但非常具體，大約 4000 萬美元也取決於模型中的組合。但隨著時間的推移，無論是在第四季度，還是在我們進入未來幾年時，我們的首要目標顯然是增加每個實踐中 LAL 的數量並繼續滲透它們。從長期和短期來看，這意味著 LDD 的 LAL 利用率更高。

And I think the implication is like all large numbers -- the larger your base number is, the larger the denominator is, you're not going to get the same level of growth, such as [21] to [22] and things like that. So I think it's more that than anything else, but we've seen really nice acceleration, overall in the number of LALs per LDD. And of course, we always say that that's not how we run the business, but certainly it's a very valid measure.

我認為這意味著就像所有大數字一樣 - 你的基數越大，分母就越大，你不會獲得相同水平的增長，例如 [21] 到 [22] 等等那。所以我認為這比其他任何事情都重要，但我們已經看到了非常好的加速，總體而言每個 LDD 的 LAL 數量。當然，我們總是說這不是我們經營業務的方式，但無疑這是一個非常有效的措施。

Got it. Okay. That makes sense. Thanks Shelly. And then my follow up more related to share, I guess as we think about long term continued share gains for LAL in the US. You might be at 10%-ish premium today. We think long term to maybe 20% 30% even higher, if standard of care is achieved. In the per doctor share would assumably have to be a bit higher. So I'd be curious if you could, I guess just elaborate a bit on the call it longer term train surgeons, where share may be stalling a bit. I assume there may be some out there.

知道了。好的。這是有道理的。謝謝雪莉。然後我的後續行動更多地與份額相關，我想是因為我們考慮了拉爾在美國的長期持續份額增長。今天你可能有 10% 左右的溢價。我們認為，如果達到照護標準，長期來看可能會達到 20%、30% 甚至更高。每位醫生所佔的份額可能會更高一些。所以我很好奇你是否可以，我想只是詳細說明所謂的長期培訓外科醫生，其中份額可能會有點停滯。我想那裡可能有一些。

You just talk about with those doctors, some of the main limiting factors or hurdles. And then importantly how the company and your field reps are working toward removing these ceilings or barriers for those customers where share may be stalling at lower levels. Thanks for taking the questions.

您只需與那些醫生討論一些主要的限制因素或障礙。然後重要的是，公司和您的現場代表如何努力為那些份額可能停滯在較低水平的客戶消除這些上限或障礙。感謝您提出問題。

Yeah, maybe I'll take that first. I think that again, these are -- there's a lot of varied practices out there. And so generally what we see though is that utilization has grown over time and it continues to grow. So I think that overall the directionally that the numbers are going in the right direction. We always are looking at individual practices or our field teams are looking at individual practices and saying, well, gee how can we make them grow faster? Whether they're already doing a lot of procedures or not.

是的，也許我會先接受。我再次認為，這些是──有很多不同的做法。一般來說，我們看到的是利用率隨著時間的推移而增長，並且持續增長。因此，我認為總體而言，數字正朝著正確的方向發展。我們總是專注於個人實踐，或者我們的現場團隊在關注個人實踐時說，好吧，我們怎麼能讓它們成長得更快？他們是否已經做了很多程序。

And, a lot of that will depend on who's doing the procedures in the office. Generally, offices have more than one doctor and generally one doctor or perhaps a couple will be the first adopters of the technology within the practice and then more will adopt it as the practice has figured out how to integrate the RxSight system and they've started to see the clinical results and the rest of the team in the practice becomes more and more enthusiastic about the clinical results.

而且，這在很大程度上取決於誰在辦公室辦理這些手續。一般來說，辦公室有不止一名醫生，通常一名或一對醫生將是診所內該技術的第一批採用者，然後更多的醫生會採用該技術，因為診所已經弄清楚如何整合RxSight 系統，並且他們已經開始使用該技術。

So again, I wouldn't say that there's a common thread. I think that it's the day to day work of our teams to continue to grow within the practices. Sometimes practices can have variability in their own volumes. There's no one practice type. So their overall cataract volumes or their share of premium can vary as well. But generally we see those numbers going up.

再說一遍，我不會說有共同點。我認為我們團隊的日常工作就是在實踐中不斷成長。有時，實踐的數量可能會有變化。沒有一種練習類型。因此，他們的整體白內障數量或保費份額也可能有所不同。但總的來說，我們看到這些數字正在上升。

Yeah, I mean, you see it in our LAL numbers. But I would also say this is we think about customers, we focus on new customers and what you see in the focus on new customers as the -- when I look internally at our data by cohort by your install, the more recent installs get to the same place a little bit more quicker, right? And so that's where we work with the practice with our knowledge and their knowledge and of course, the references we've gotten and one of the easiest things we do with doctors is encourage them to do multiple cases in their first week, four or five patients because they bring them back for their light treatments at the same time.

是的，我的意思是，您可以在我們的 LAL 數據中看到這一點。但我也想說，這是我們對客戶的思考，我們專注於新客戶，以及您在關注新客戶時所看到的——當我在內部按安裝情況查看我們的數據時，最近的安裝會達到同一個地方快一點吧？因此，這就是我們利用我們的知識和他們的知識來實踐的地方，當然，我們獲得的參考資料以及我們與醫生一起做的最簡單的事情之一就是鼓勵他們在第一周（四到五週）內做多個病例患者，因為他們同時帶他們回來接受光療。

And this reinforces the training that they get as well as the fact that they get to see the tremendous clinical results from the patients, not from a [NaN of one but NaN of five or six]. And so that's one of the things that we do with our new customers, but we're just as focused on our existing customers and as Ron says, sometimes they can have turnover, but just as importantly as I mentioned earlier, we always have new things coming up for the practice. And that gives us another reason, not just for maybe practices held off buying the LDD, but just as importantly for a practice that we know that they can have some improved volume, gives us a chance to go back in and when we do that, we're not just talking about what's new, we're asking them what are their barriers and what can we do to help? And so I think that's what we do kind of day to day job.

這強化了他們所接受的培訓，也讓他們能夠看到來自患者而不是來自醫生的巨大臨床結果。[1 的 NaN 但 5 或 6 的 NaN]。因此，這是我們對新客戶所做的事情之一，但我們也同樣關注現有客戶，正如羅恩所說，有時他們可能會有營業額，但正如我之前提到的一樣重要，我們總是有新客戶練習中即將發生的事情。這給了我們另一個原因，不僅是因為實踐可能推遲購買 LDD，而且同樣重要的是，我們知道他們可以提高銷量，讓我們有機會回去，當我們這樣做時，我們不只是談論新事物，我們也詢問他們的障礙是什麼以及我們能提供什麼幫助？所以我認為這就是我們的日常工作。

Ron, you want to add something?

羅恩，你想補充點什麼嗎？

Yeah, just to echo on the importance of continued innovation, we obviously saw that this year with LAL-plus adding that to the portfolio. Certainly are able to go back to existing customers who may be using the LAL in some patients. And now the LAL-plus gives them an opportunity to expand their use of the technology. I think we'll see that again with the low diopter IOLs that are coming out this quarter and this is going to be a continuing trend for many years to come. I believe we're still at the very early stage, not only of the commercial introduction of this technology, but also in the development cycle.

是的，為了呼應持續創新的重要性，我們今年顯然看到了 LAL-plus 將其添加到產品組合中。當然能夠回到可能在某些患者中使用鱟試劑的現有客戶。現在，LAL-plus 為他們提供了擴大該技術用途的機會。我認為我們將在本季推出的低屈光度人工水晶體中再次看到這一點，這將成為未來許多年的持續趨勢。我相信我們仍處於非常早期的階段，不僅是這項技術的商業引入，而且還處於開發週期。

Super helpful. Thanks, Ron. Thanks, Shelly.

超有幫助。謝謝，羅恩。謝謝，雪莉。

Thank you.

謝謝。

Steve Lichtman, Oppenheimer.

史蒂夫·利奇曼，奧本海默。

Thank you. Hi guys. Sorry, I've been jumping between calls, but I wanted to ask about the optometrist program. If you can just update us on learning so far and what opportunities you're seeing as you really started to ramp that up.

謝謝。嗨，大家好。抱歉，我一直在打電話，但我想詢問驗光師計劃。您能否向我們介紹一下到目前為止的最新學習情況以及您在真正開始提升學習能力時​​看到的機會。

Yeah, thank you, Steve. So, just to kind of review, you optometrists, there are about 50,000 optometrists in the US compared to about 10,000 cataract surgeons and for much of the country, optometrists are the primary eye care providers. So as much as we can educate the general optometric community about the light adjustable lens and the benefits thereof that's going to help when those patients are referred into ophthalmic practices for surgery that they've already been provided some information or at least when that patient comes back to their trusted optometrist, that, that person has some background in the technology, even if they themselves have not taken care of LAL patients.

是的，謝謝你，史蒂夫。因此，請各位驗光師回顧一下，美國大約有 50,000 名驗光師，而白內障外科醫生大約有 10,000 名，而且對於美國大部分地區來說，驗光師是主要的眼保健提供者。因此，我們盡可能地向一般驗光界宣傳可調節光的鏡片及其優點，當這些患者被轉介到眼科診所進行手術時，他們已經獲得了一些信息，或者至少當患者來時，這將有所幫助回到他們信任的驗光師那裡，那個人有一些技術背景，即使他們自己沒有照顧過 LAL 患者。

The other factors within ophthalmic practices and in their existing collaborations with optometrists -- the optometrist actually plays a very important role in the LAL since it is based on -- the treatments are based on a refraction, which is at the core skill set of optometry, they utilized refraction throughout their careers, they nuances of refraction, which are many and they become an integral part of making sure that that patient gets the optimized visual outcome that they want and of course we want.

眼科實踐中的其他因素以及他們與驗光師現有的合作中 - 驗光師實際上在 LAL 中發揮著非常重要的作用，因為它基於 - 治療基於驗光，這是驗光的核心技能他們在整個職業生涯中都使用了屈光，他們對屈光的細微差別有很多，他們成為確保患者獲得他們想要的、當然也是我們想要的優化視覺結果不可或缺的一部分。

And that knowledge base, there's -- that has to be developed that clinical expertise and we're seeing that we have now optometrists who have literally cared for thousands of LAL patients and they themselves have organized education programs that are open to the optometric community. They're giving talks at optometric meetings. Some we sponsor but some are just initiated by themselves. And that's again, another method for us to spread the word about the LAL so that it may be an optometrist coming into an ophthalmic practice saying, you know, I'd really like my patients to have access to this technology.

這個知識庫，必須發展臨床專業知識，我們看到我們現在擁有真正照顧過數千名 LAL 患者的驗光師，他們自己組織了向驗光社區開放的教育計劃。他們在驗光會議上發表演說。有些是我們贊助的，但有些只是他們自己發起的。這又是我們宣傳 LAL 的另一種方法，以便驗光師進入眼科診所時說，你知道，我真的希望我的病人能夠使用這項技術。

Great. The other thing I wanted to ask about was, what you're seeing in the field from your customers as far as how they're able to take share from practices perhaps in their region that don't offer LAL. The reason I asked that is -- at least by my estimate maybe in the neighborhood of 1,500 or so surging customers. So you're at a point now where there's -- those that don't have it, I'm sure hear about it.

偉大的。我想問的另一件事是，您在現場從客戶那裡看到的情況是，他們如何能夠從可能不提供鱟試劑的地區的實踐中獲得份額。我問這個問題的原因是——至少根據我估計，附近可能有 1,500 名左右激增的顧客。所以你現在所處的階段是──那些沒有它的人，我肯定聽過它。

So, what are you seeing on that front relative to sort of marketing that your customers are doing and how that may be allowing them to take share? And that, of course, opening the eyes of those that don't have.

那麼，您在這方面對您的客戶正在進行的行銷活動有何看法，以及這如何讓他們能夠分享市場份額？當然，這也讓那些沒有的人大開眼界。

Well, certainly we're acutely aware of practices in a particular region that do and don't have our technology and our sales team, is targeting the ones that don't have the technology. And we think we benefit when there are more practices in a region that have -- that are offering LAL because that means more patients are coming in to the practices that don't have it and asking about it. So I think that is part of our -- part of the sales cycle is as we increase the numbers of the LDD systems that are out there. I -- not sure if that answered your question, Steve.

嗯，當然，我們敏銳地意識到特定地區擁有和不擁有我們技術的做法，而我們的銷售團隊正在針對那些沒有技術的地區。我們認為，當一個地區有更多的診所提供 LAL 時，我們就會受益，因為這意味著更多的患者會來到沒有 LAL 的診所詢問情況。因此，我認為這是我們銷售週期的一部分，即我們增加現有 LDD 系統的數量。我不確定這是否回答了你的問題，史蒂夫。

Yeah. You know, Ron, I don't know if we've seen it yet, but I think he's kind of asking about, do we have a halo effect yet? Remember we saw that at like Interlace, but in LASIK people were advertising a lot, right, versus in cataract, that's not necessarily the case. It's more rare, right?

是的。你知道，羅恩，我不知道我們是否已經看到了，但我認為他是在問，我們有光環效應嗎？請記住，我們在 Interlace 等項目中看到了這一點，但在 LASIK 中人們做了很多廣告，對吧，與白內障相比，情況不一定如此。比較少見吧？

Yeah. The patients are getting referred. So it's not -- it's typically not the case that the external advert -- that there's a lot of external advertising in cataract because it's again, unlike the LASIK model where patients are not normally coming in to the doctor's office who have glasses, they're seeing their optometrist, they're getting their contact lenses and they have to be marketed to, in order to bring them in for LASIK surgery for cataract surgery, they're typically either being self-referred or referred in by optometry or another ophthalmologist because they've had reduced vision from cataract and then the marketing is going on internally.

是的。患者正在接受轉診。所以，外部廣告通常不是這樣的，白內障有很多外部廣告，因為它與 LASIK 模型不同，在 LASIK 模型中，患者通常不會帶著眼鏡來醫生辦公室，他們」在看驗光師時，他們要拿到隱形眼鏡，並且必須向他們推銷，為了讓他們接受LASIK 手術進行白內障手術，他們通常要么自行轉介，要么由驗光師或另一位眼科醫生轉介因為他們因白內障而視力下降，然後營銷就在內部進行。

But there is -- certainly as patients in a community get more of them have the LAL and get what we hope are our outstanding results, then that leads to word of mouth where our patients will self-refer to practices that have that technology.

但是，當然，隨著社區中越來越多的患者獲得 LAL 並獲得我們希望的出色結果，那麼這會導致口耳相傳，我們的患者將自我參考擁有該技術的實踐。

That's really helpful color and obviously tied back into the optometry initiative. So, thanks so much. Appreciate it.

這是非常有用的顏色，顯然與驗光計劃相關。所以，非常感謝。欣賞它。

Thank you, Steve.

謝謝你，史蒂夫。

David Saxon, Needham.

大衛‧撒克遜，李約瑟。

Great, good afternoon, Ron and Shelley. Thanks for taking my questions. I just have two, one on the customer base and then one on international. So my first question is just what you're seeing in terms of number of active surgeons per LDD and in general, how you think about kind of where the upper limit is on that metric?

太好了，下午好，羅恩和雪萊。感謝您回答我的問題。我只有兩個，一個是客戶群，另一個是國際。所以我的第一個問題是，您所看到的每個 LDD 的活躍外科醫生數量以及總體而言，您如何看待該指標的上限？

So if I look at the numbers that I most recently got from sales and marketing and look at our numbers, I'm just going to take a quick look at that. I think that it's remained pretty constant. We remain at somewhere used to be kind of 1.3. I think we're as high as 1.5 or 1.6 right now., physicians per LDD practice overall.

因此，如果我查看最近從銷售和行銷部門獲得的數據以及我們的數據，我將快速瀏覽一下。我認為它保持相當穩定。我們仍然停留在以前類似 1.3 的地方。我認為我們現在高達 1.5 或 1.6，每個 LDD 實踐的醫生總體而言。

And that's if you think about it, we're barely scratching the surface of those 10,000 cataract surgeons and I think in certain markets, the practices tend to be larger and that's a function of just the area as well as the population. I know Ron often talks about what's the difference between Dallas and Houston versus State New York State. Right, where practices are smaller.

如果你仔細想想，我們僅僅觸及了這 10,000 名白內障外科醫生的表面，我認為在某些市場中，診所的規模往往更大，而且這只是地區和人口的函數。我知道羅恩經常談論達拉斯和休斯頓與紐約州之間的區別。是的，實踐規模較小。

Yeah. Generally, the coastal practice are smaller just because the density of ophthalmologists is higher. But again, I would just caution that, we don't approach that, that metric just like the average LAL utilization metric is, I understand important from your perspective. But from our perspective, each practice is an individual practice and there's just a lot of variability in the size of practices who's doing cataract surgery, who's doing premium cataract surgery with in the practice.

是的。一般來說，海岸診所規模較小，只是因為眼科醫師密度較高。但我再次提醒大家，我們不會採用這種方法，該指標就像平均 LAL 使用率指標一樣，從您的角度來看，我理解這一指標很重要。但從我們的角度來看，每個診所都是單獨的診所，並且進行白內障手術的診所的規模以及在診所中進行優質白內障手術的診所的規模存在很大差異。

And we just want to have as many LALs implanted as possible, it may be that for some practices they're going to more shunt more of those patients to a particular surgeon, but other practices are going to spread it throughout the practice. And again we work equally well with any of those models.

我們只是希望植入盡可能多的 LAL，對於某些診所，他們可能會將更多的患者分流給特定的外科醫生，但其他診所會將其傳播到整個診所。我們同樣可以與這些模型中的任何一個一起工作。

Okay. Got it. Very clear, thanks. And then on international, Ron, I mean, it sounds like you might get some approvals shortly. I think you said maybe a few months. But once you do get those approvals. How should we think about the cadence in terms of investing to build the commercial team and then going out and selling and actually generating revenue. And then I guess also on that topic, are there -- how should we think about the channels? Are you going through distributors or will you have a direct sales force? Thanks so much for taking the questions.

好的。知道了。非常清楚，謝謝。然後在國際上，羅恩，我的意思是，聽起來你可能很快就會得到一些批准。我想你說的是可能幾個月。但一旦你獲得這些批准。我們應該如何考慮投資建立商業團隊，然後出去銷售並實際產生收入的節奏。然後我想在這個話題上，我們該如何考慮管道？您是透過經銷商還是有直銷隊伍？非常感謝您提出問題。

Thank you. So, again, it's going to be market dependent. As you know, we -- in Canada, we've involved a distributor, somebody that we've worked with previously and that's worked out well. But over time, we'll make that decision market by market. In terms of the cadence what we're going to focus on, obviously regulatory approval is a critical factor, right after that is, the same factors that helped us develop the market in the US, which is establishing strong partnerships with individual position practices in country so that they can both be reference sites in the country, but also help us refine, the specific process marketing, etcetera materials that work best in that region or country.

謝謝。因此，這又將取決於市場。如您所知，在加拿大，我們聘請了一位經銷商，我們之前曾與該經銷商合作過，而且效果很好。但隨著時間的推移，我們將根據市場狀況做出決定。就我們要關注的節奏而言，顯然監管部門的批准是一個關鍵因素，緊隨其後的是，與幫助我們開發美國市場的因素相同，美國正在與個人倉位實踐建立牢固的合作夥伴關係。 ，這樣它們既可以成為該國家/地區的參考站點，又可以幫助我們完善在該地區或國家/地區最有效的具體行銷流程等材料。

And we expect that we're going to be able to leverage a lot of what we've developed in the US over the past four years. But there will be individual market differences. And we'll certainly learn as we start to roll out into these regions.

我們預計我們將能夠利用過去四年在美國開發的許多成果。但個別市場會有差異。當我們開始向這些地區推廣時，我們肯定會學到一些東西。

Great, thanks so much.

太好了，非常感謝。

Thank you.

謝謝。

Thank you. There are no questions. I will now turn the call back over to Ron Kurtz, for closing remarks.

謝謝。沒有問題。現在我將把電話轉回給羅恩·庫爾茨，讓其致閉幕詞。

Well, thank you. To summarize our report today, RxSight robust LDD placements and sustained growth in LAL sales include Q3, are a testament to the power of adjustability and the significant value it provides to both patients and doctors. Based on our Q3 results, the positive signals from the AAO meeting and a traditionally strong Q4, we believe we are well positioned to successfully finish out 2024 and to build on our momentum globally in 2025.

嗯，謝謝。總結我們今天的報告，RxSight 強勁的 LDD 投放量和 LAL 銷售的持續成長（包括第三季）證明了可調整性的力量及其為患者和醫生提供的重要價值。根據我們第三季度的業績、AAO 會議發出的積極信號以及傳統上強勁的第四季度，我們相信我們處於有利地位，能夠成功結束 2024 年，並在 2025 年在全球範圍內鞏固我們的勢頭。

Thank you all for your interest in RxSight. We look forward to updating you on our progress in future quarters.

感謝大家對 RxSight 的興趣。我們期待向您通報我們未來幾季的最新進展。

Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。