Rxsight Inc (RXST) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the RxSight conference call. (Operator instructions)

感謝您的支持，歡迎參加 RxSight 電話會議。（操作員指示）

I would now like to turn the call over to Oliver Morrisvich, VP of Investor Relations. Please go ahead

現在我想將電話轉給投資人關係副總裁 Oliver Morrisvich。請繼續

Thank you, operator. Presenting today are RxSight President and Chief Executive Officer, Dr. Ron Kurtz; and Chief Financial Officer, Shelley Thunen. Yesterday evening, RxSight released preliminary revenue results for the three months ending March 31, 2025, and revised full year guidance. A copy of the press release is available on the company's website.

謝謝您，接線生。今天出席演講的是 RxSight 總裁兼執行長 Ron Kurtz 博士；以及財務長 Shelley Thunen。昨天晚上，RxSight 發布了截至 2025 年 3 月 31 日的三個月的初步收入結果，並修訂了全年指引。新聞稿副本可在該公司網站上查閱。

Before we begin, I would like to inform you that comments and responses to questions during today's call reflect management's views as of today, April 3, 2025, and will include forward-looking and opinion statements, including predictions, estimates, plans, expectations and other information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties.

在我們開始之前，我想通知您，今天電話會議上的評論和對問題的回答反映了管理層截至 2025 年 4 月 3 日的觀點，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。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。

These risks and uncertainties are more fully described in our press release issued yesterday and in our filings with the Securities and Exchange Commission, or SEC. Our SEC filings can be found on our website or the SEC's website. 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 may be required by law.

這些風險和不確定性在我們昨天發布的新聞稿和提交給美國證券交易委員會（SEC）的文件中進行了更詳細的描述。我們的 SEC 文件可以在我們的網站或 SEC 的網站上找到。提醒投資者不要過度依賴前瞻性陳述，我們不承擔更新或修改這些前瞻性陳述的任何義務，除非法律另有要求。

During today's call, we will also discuss certain non-GAAP financial measures. I would also like to remind you that the preliminary results discussed on the call today are estimates and our complete unaudited financial results for the first quarter of 2025, which are subject to the review of our independent auditor, are expected to be announced on Wednesday, May 7, 2025. Please note that this conference call will be available for audio replay on our Investor Relations website.

在今天的電話會議中，我們還將討論某些非公認會計準則財務指標。我還想提醒您，今天電話會議上討論的初步結果是估計值，我們 2025 年第一季度的完整未經審計財務結果（需經我們的獨立審計師審查）預計將於 2025 年 5 月 7 日星期三公佈。請注意，本次電話會議的音訊將在我們的投資者關係網站上播放。

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

說完這些，我將把電話轉給我們的總裁兼執行長 Ron Kurtz 博士。羅恩？

Good morning, and thank you for joining us. I want to first recognize the entire RxSight team as well as our partners in clinical practice for all of their efforts to provide high-quality customized vision to patients undergoing cataract surgery.

早安，感謝您加入我們。我首先要感謝整個 RxSight 團隊以及我們在臨床實踐中的合作夥伴，感謝他們為接受白內障手術的患者提供高品質的客製化視力所做的一切努力。

During today's call, we will be offering additional color on the factors that affected Q1 revenue and have led us to revise our 2025 guidance. We will also outline additional actions we are taking to reinvigorate our growth trajectory. Our preliminary analysis indicates that the top line miss in Q1 was due to several factors, including a weakened premium IOL market and unusual sequential launches of new premium IOLs that have extended from mid-2024 and into Q1 of 2025.

在今天的電話會議中，我們將進一步闡述影響第一季營收並導致我們修改 2025 年指引的因素。我們還將概述為重振成長軌跡而採取的其他行動。我們的初步分析表明，第一季營收下滑是由於多種因素造成的，包括高階 IOL 市場疲軟，以及新型高階 IOL 的異常連續推出（從 2024 年中期延續到 2025 年第一季）。

These factors subsequently combined with abrupt changes in consumer sentiment that occurred later in Q1, resulting in our first year-over-year drop in same-store LAL sales, most commonly measured as LALs per LDD per month. During most of 2024, this metric saw strong year-over-year increases, which, along with new LDD placements resulted in high year-over-year procedural growth rates.

這些因素隨後與第一季後期發生的消費者情緒的突然變化相結合，導致我們的同店 LAL 銷售額首次同比下降，最常用的衡量標準是每月每 LDD 的 LAL 數量。在 2024 年的大部分時間裡，該指標同比均呈現強勁增長，再加上新的 LDD 安置，導致程序增長率同比也較高。

Since nearly half of LAL procedures come from patients who would have otherwise standard monofocal IOL, when volume from the LAL is excluded, the remaining premium IOL market would have likely seen declines beginning in mid-2024. Due to the older demographic and medical necessity associated with cataracts, premium IOL surgery has historically been less sensitive to macroeconomic trends. This is in contrast to other patient paid procedures like LASIK that target younger individuals who can usually delay procedures indefinitely by continuing to wear their glasses or contact lenses.

由於近一半的 LAL 手術來自原本會接受標準單焦點 IOL 的患者，因此，當排除 LAL 的數量時，剩餘的高端 IOL 市場可能會從 2024 年中期開始下滑。由於白內障手術涉及較年長的人口統計因素和醫療需求，高端 IOL 手術歷來對宏觀經濟趨勢較不敏感。這與其他需要患者付費的 LASIK 手術形成了鮮明對比，這些手術針對的是年輕人，而年輕人通常可以透過繼續佩戴眼鏡或隱形眼鏡來無限期地推遲手術。

However, a softening of the overall premium IOL market in the second half of 2024 would be consistent with reports of a much more markedly depressed US LASIK market during this period. While LALs per LDD per month also decelerated in Q4 2024, they remain near their earlier highs, leading us to underappreciate the likely downward trend in the overall premium market.

然而，2024 年下半年整體高階 IOL 市場的疲軟與美國 LASIK 市場在此期間明顯低迷的報導相一致。儘管 2024 年第四季每 LDD 每月 LAL 也有所下降，但仍接近先前的高點，這導致我們低估了整體高端市場可能出現的下降趨勢。

This phenomenon likely also led us to underestimate the impact from sequential market launches of new premium IOLs by two major competitors in Q3 and Q4 of 2024. Historically, presbyopia-correcting IOL market share dynamics have been temporarily disrupted by incentives to surgeons trialing newly launched lenses.

這種現像也可能導致我們低估了兩大競爭對手在 2024 年第三季和第四季相繼推出新的高階 IOL 所帶來的影響。從歷史上看，老花眼矯正 IOL 的市場份額動態曾因外科醫生試用新推出的鏡片的激勵措施而暫時受到干擾。

While typically transitory, the sequential product cycles continue to be a market distraction in Q1, which, when coupled with a soft overall premium market, likely provided less reserve for additional disruptions. Although small sequential declines in LALs per LDD per month were observed from Q4 to Q1 in both 2023 and 2024. We saw a much more pronounced decline from Q4 2024 to Q1 of 2025.

雖然連續的產品週期通常都是暫時的，但在第一季度，它仍然會分散市場的注意力，再加上整體高端市場的疲軟，可能會減少為進一步的中斷提供的儲備。儘管從 2023 年第四季到 2024 年第一季度，每月每 LDD 的 LAL 數量均出現了小幅連續下降。我們看到從 2024 年第四季到 2025 年第一季的下降趨勢更加明顯。

While procedure volumes were consistent with our recent history in early and mid-Q1, lower procedure volumes extended through the month of March when they have historically ramped up. Given the widely reported and rapid changes in the macro environment, including significant declines in the S&P and NASDAQ during the latter part of the quarter, we believe that negative wealth effects may have impacted premium IOL procedure decision-making, leading to potential trade downs to lower-priced or non-premium alternatives.

雖然在第一季初期和中期，手術量與我們近期的歷史情況一致，但較低的手術量一直持續到三月份，而歷史上，手術量是會增加的。鑑於宏觀環境的廣泛報導和快速變化，包括本季後半段標準普爾和納斯達克指數的大幅下跌，我們認為負面財富效應可能已經影響了高端 IOL 手術的決策，導致潛在的交易轉向低價或非高端替代品。

Though we believe these factors are also likely transitory. When coupled with a third sequential product cycle from our largest competitor, they justify a swift and strong response on our part. This starts with leveraging our dedicated commercial and clinical teams to execute refined clinical education and practice adoption programs for both existing and new customers, focusing on those that have experienced procedural declines or slower growth in the first quarter of 2025.

但我們認為這些因素也可能是暫時的。當與我們最大競爭對手的第三個連續產品週期相結合時，它們證明了我們有必要做出迅速而有力的反應。首先，利用我們專門的商業和臨床團隊為現有和新客戶執行完善的臨床教育和實踐採用計劃，重點關注那些在 2025 年第一季經歷程序下降或成長放緩的客戶。

We have also accumulated extensive clinical data and experience with both the LAL and LAL+. That we believe will help doctors better counsel patients on the durable benefits of high-quality customized vision that is uniquely enabled by RxSight's adjustable IOL platform. As an example, our recently completed post-approval study demonstrated that compared to eyes receiving a monofocal IOL, eyes within LAL were 14 times more likely to have what is considered to be an outstanding refractive outcome.

我們也累積了大量有關 LAL 和 LAL+ 的臨床數據和經驗。我們相信，這將有助於醫生更好地為患者提供建議，讓他們了解 RxSight 可調節 IOL 平台獨有的高品質客製化視力所帶來的持久益處。例如，我們最近完成的批准後研究表明，與接受單焦點 IOL 的眼睛相比，LAL 內的眼睛獲得被認為是出色的屈光結果的可能性要高出 14 倍。

Further, our continued rollout of product enhancements provides our teams additional opportunities for meaningful interactions with our doctors and clinical practices to convey their important clinical and efficiency benefits. In addition to these efforts with our traditional customers, we also intend to strongly support the acceleration in new customer business models, including those that offer doctors and patients centralized third-party light treatment options that may further lower the threshold to adopt our technology.

此外，我們不斷推出的產品增強功能為我們的團隊提供了與醫生和臨床實踐進行有意義的互動的更多機會，以傳達他們重要的臨床和效率優勢。除了針對傳統客戶的這些努力之外，我們還打算大力支持新客戶業務模式的加速發展，包括為醫生和患者提供集中式第三方光治療選項的模式，這可能會進一步降低採用我們技術的門檻。

Though our focus remains on expanding adoption within the US market, we are also pleased to report European regulatory approval for our LDD and LAL. While we are excited about the long-term commercial opportunity in the EU, our priority in 2025 will be to build a base of European clinical expertise and practice experience, while we also push ahead with approval of LAL+.

雖然我們的重點仍然是擴大美國市場的採用，但我們也很高興地報告我們的 LDD 和 LAL 已獲得歐洲監管部門的批准。雖然我們對歐盟的長期商業機會感到興奮，但我們 2025 年的首要任務是建立歐洲臨床專業知識和實務經驗的基礎，同時我們也推動 LAL+ 的批准。

We are simultaneously pursuing our regulatory approvals in Asia while gaining early clinical experience in Japan, Hong Kong and South Korea. While we remain highly confident in our long-term opportunity to reshape the premium Iowa market, we also acknowledge the need to reset our 2025 guidance due to the time that may be required for these efforts to have meaningful impact and for the headwinds discussed earlier to subside.

我們同時在亞洲尋求監管部門的批准，並在日本、香港和韓國累積早期臨床經驗。雖然我們對重塑愛荷華州高端市場的長期機會仍然充滿信心，但我們也承認，需要重新設定 2025 年的指導方針，因為這些努力可能需要時間才能產生有意義的影響，並且需要時間才能消退前面討論過的逆風。

For more on these changes, I'll now turn the call over to Shelly.

有關這些變化的更多信息，我現在將電話轉給 Shelly。

Thank you, Ron. I will briefly review the preliminary first quarter revenue results and updated guidance for the remainder of 2025 that were included in our pre-announcement press release. Consistent with the press release, our preliminary first quarter 2025 revenue was $37.9 million, up 28% compared to the year ago quarter and down sequentially 6% from our fourth quarter of 2024 revenue.

謝謝你，羅恩。我將簡要回顧我們預先發布的新聞稿中包含的第一季初步收入結果和 2025 年剩餘時間的最新指引。與新聞稿一致，我們 2025 年第一季的初步營收為 3,790 萬美元，比去年同期成長 28%，比 2024 年第四季的營收季減 6%。

During the first quarter, we sold 73 LDDs, up 11% from the year ago period and down 12% from the fourth quarter of 2024. We ended the first quarter with an LDD installed base of 1,044 units, up 43% compared to the end of the first quarter of 2024 and 8% compared to the end of the fourth quarter of 2024. We also sold 27,579 LALs in the period, up 36% from the first quarter of 2024, and sequentially down 5% from the seasonally stronger fourth quarter of 2024.

第一季度，我們售出了 73 輛 LDD，比去年同期成長 11%，比 2024 年第四季下降 12%。截至第一季末，LDD 安裝基數為 1,044 台，與 2024 年第一季末相比成長 43%，與 2024 年第四季末相比成長 8%。在此期間，我們還售出了 27,579 輛 LAL，較 2024 年第一季成長 36%，但比季節性較強的 2024 年第四季環比下降 5%。

Well, we will provide a full financial report on May 7, based on the preliminary revenue results and informed by the multiple dynamics just discussed by Ron, we are revising the guidance we provided in January as follows.

好吧，我們將在 5 月 7 日提供一份完整的財務報告，根據初步收入結果，並根據 Ron 剛才討論的多種動態，我們正在修改 1 月份提供的指導，如下所示。

We are reducing revenue guidance from $185 million to $197 million to $160 million to 175 million. Thereby reducing implied growth compared to 2024 from the previous 32% to 41% range to 14% to 25%. We continue to believe that we will sell more LDDs in 2025 than in 2024, with economic headwinds likely having a greater impact on LAL procedures that are more directly tied to consumer decision making.

我們將營收預期從 1.85 億美元至 1.97 億美元下調至 1.6 億美元至 1.75 億美元。從而將與 2024 年相比的隱含成長率從先前的 32% 至 41% 降低至 14% 至 25%。我們仍然相信，2025 年的 LDD 銷售量將比 2024 年更多，而經濟逆風可能會對與消費者決策更直接相關的 LAL 程序產生更大的影響。

In contrast, as demonstrated by the relatively stable LDD sales in Q1, doctors and practices continue to invest in private pay procedures that deliver better outcomes for their patients and counteract ongoing reimbursement cuts and draw some more economically impacted private pay procedures such as LASIK.

相較之下，正如第一季相對穩定的 LDD 銷售額所表明的那樣，醫生和診所繼續投資於私人支付程序，為患者提供更好的結果，抵消持續的報銷削減，並吸引一些對經濟影響更大的私人支付程序，如 LASIK。

Our gross margin guidance is unchanged at 71% to 73%, representing an implied increase of 30 basis points, 230 basis points compared to 2024. We also remain committed to aligning operating expenses with the pace of revenue growth, with a significant reduction in operating expense from the previous guidance of $165 million to $170 million to $150 million to $160 million, representing a change in the implied increase compared to 2024 from 22% to 25% to 10% to 18%.

我們的毛利率預期保持不變，為 71% 至 73%，這意味著與 2024 年相比，將增加 30 個基點，即 230 個基點。我們也將繼續致力於將營運費用與營收成長速度保持一致，營運費用將從先前預測的 1.65 億美元到 1.7 億美元大幅減少到 1.5 億美元到 1.6 億美元，這意味著與 2024 年相比，隱含的增幅將從 22% 到 25% 變為 10% 到 18%。

Our revised operating guidance of $150 million to $160 million is higher as a percentage of revenue and gross margin than our previous guidance in January, taking into account the anticipated increase in one on one interactions with customers. Included in our costs, primarily in operating expense is non-cash stock-based compensation expense, which we now project to increase from the previous $22 million to $25 million to $27 million to $30 million.

考慮到與客戶一對一互動的預期增加，我們修訂後的營運指引為 1.5 億美元至 1.6 億美元，其收入和毛利率百分比高於我們 1 月份的指引。在我們的成本中，主要是營運費用中的非現金股票薪酬費用，我們預計該費用將從先前的 2,200 萬美元增加到 2,500 萬美元、2,700 萬美元和 3,000 萬美元。

This revision reflects higher than anticipated option grants issued in March 2025 to existing employees for performance, adjustment to market comps, and retention compared to our original guidance provided in early January 2025.

此次修訂反映了 2025 年 3 月向現有員工發放的期權授予量高於預期，這些期權授予量用於績效、市場補償調整和保留，與我們在 2025 年 1 月初提供的原始指導相比。

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

說完這些，我就把電話轉回給羅恩。

Thank you, Shelley. With customer satisfaction at an all-time high of 97%, we believe that RxSight's adjustable technology will continue to reshape the premium cataract surgery market by offering the only IOL that allows patients to customize their vision after surgery. By delivering exceptional clinical outcomes in one of the most important markets in ophthalmology, we believe RxSight remains central to the growth story for both ophthalmic practices and the overall IOL industry.

謝謝你，雪萊。由於客戶滿意度達到了歷史最高的 97%，我們相信 RxSight 的可調節技術將透過提供唯一允許患者在手術後定制視力的 IOL 繼續重塑高端白內障手術市場。透過在眼科領域最重要的市場之一提供卓越的臨床結果，我們相信 RxSight 仍然是眼科實踐和整個 IOL 行業成長的核心。

While our large customer base now exposes us more to market-wide dynamics, we believe it also provides us with the opportunity to leverage our platform for sustained growth through targeted educational efforts and innovative product enhancements. In addition, we believe new clinical delivery channels offer alternative opportunities for growth in the US, while we continue to make progress towards commercialization in key markets outside of North America.

雖然我們龐大的客戶群現在使我們更了解整個市場的動態，但我們相信它也為我們提供了機會，透過有針對性的教育工作和創新的產品改進，利用我們的平台實現持續成長。此外，我們相信新的臨床交付管道為美國的成長提供了替代機會，同時我們將繼續在北美以外的主要市場取得商業化進展。

And with that, I'll ask our operator to open the call for questions.

接下來，我將請我們的接線生開始回答問題。

Thank you. We will now begin the question and answer session.(Operator instructions)

謝謝。我們現在開始問答環節。 （操作員指示）

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Okay, and thanks for taking our questions.

好的，感謝您回答我們的問題。

Morning, Ryan.

早安，瑞安。

So let's start with the guidance, if we could. I appreciate your comments, Shelley, on guidance. But if we could talk a little bit about kind of the subcomponents or the underlying assumptions on guidance, particularly as it relates to productivity, you expect LDDs to grow, but maybe you could elaborate a little bit further on kind of how you're thinking about productivity of LALs per LDD going forward given the dynamics you laid out?

如果可以的話，我們就先從指導開始吧。雪萊，我很感謝你對指導的評論。但是，如果我們可以稍微談論一下指導中的子組成部分或基本假設，特別是與生產力相關的部分，您預計 LDD 會增長，但也許您可以進一步闡述一下，考慮到您列出的動態，您如何看待未來每個 LDD 的 LAL 生產力？

Yes. Thank you very much, Ryan. I think the biggest driver, obviously, other than Q1 performance to our guidance is the fact that the typical significant increase that we see in March in terms of number of LAL procedures since we've been commercial, did not happen. And it was relatively flat to January and February. So I think our guidance really reflects the change in the number of LALs we expect to sell and offset in part by strong LDDs, that we expect to be higher than 2024.

是的。非常感謝，瑞安。我認為，除了第一季業績符合我們的預期之外，最大的驅動因素顯然是，自從我們投入商業運營以來，我們在 3 月份看到的 LAL 程序數量顯著增加並沒有發生。與一月和二月相比，情況相對持平。因此，我認為我們的指導確實反映了我們預計銷售的 LAL 數量的變化，並部分被強勁的 LDD 所抵消，我們預計這一數字將高於 2024 年。

In terms of the number of LALs per LDD, we certainly model that -- those increase over the year. And typically, what you see is kind of sequential growth up in Q2, down in Q3, up in Q4. I'm a little reluctant to say that the typical seasonality will be in place this year until we get through the second quarter and just see what the economic impacts are to the economy and how customers are selling to their clients and what we hear back from our ophthalmic customers about the responsive patients to a premium IOL procedure versus sticking with the monofocal.

就每個 LDD 的 LAL 數量而言，我們當然可以建模——這些數量會逐年增加。通常，你會看到第二季呈現連續成長趨勢，第三季下降，第四季上升。我不太願意說，今年的典型季節性會持續到第二季​​度，看看對經濟的影響是什麼，看看客戶如何向他們的客戶銷售產品，看看我們從眼科客戶那裡聽到的關於患者對高端 IOL 手術的反應，以及堅持使用單焦點手術的反應。

But Shelley, just to be clear, I mean the math would suggest declines on productivity through the year. And I just want to be clear, is that your assumption given the increase in LDDs.

但是雪萊，需要明確的是，我的意思是，計算結果顯示全年生產力都會下降。我只是想明確一點，這是考慮到 LDD 的增加而做出的假設嗎？

I think that other than absent perhaps the fourth quarter, that's going to be true on a much small larger LDD base relative to the number of LALs, but I'm not exactly predicting that. I think second quarter is probably the biggest risk quarter until we understand what is happening with the economy and how it's affecting our customers and weather impact, that's prolonged.

我認為，除了可能缺少第四季度之外，相對於 LAL 的數量而言，LDD 基數要小得多，這種情況將會發生，但我並沒有準確預測這一點。我認為第二季度可能是風險最大的季度，直到我們了解經濟狀況以及它如何影響我們的客戶和天氣影響，這將是一個長期的過程。

Okay. And then the second question is just -- and this is arguably an impossible question, but I'm going to ask it anyway, Ron, which is as you think about the components of what led to the miss you kind of broke down some of it, meaning there was a weakened premium IOL market, there was new product launches. You also alluded to just broader macroeconomic dynamics and in the press release, I think some of your customers are newer and maybe taking longer to ramp.

好的。然後第二個問題是——這可以說是一個不可能的問題，但我還是要問，羅恩，當你思考導致失敗的因素時，你對其中的一些進行了分解，這意味著高端 IOL 市場疲軟，新產品推出。您還提到了更廣泛的宏觀經濟動態，在新聞稿中，我認為您的一些客戶比較新，可能需要更長的時間來發展。

And so I don't know if you can parse this out, Ron, but there's a lot of things kind of thrown in there. And I don't -- if you can prioritize kind of where you think the biggest drivers are in terms of the impact what's transient, what's not transient or maybe out of your control, such as the macroeconomic conditions, I think that would be helpful for everyone to understand.

所以我不知道你是否能分析出這一點，羅恩，但這涉及了很多事情。我不認為——如果你能根據影響程度，優先考慮你認為最大的驅動因素是什麼，哪些是暫時的，哪些不是暫時的，或者可能不受你控制的，比如宏觀經濟條件，我認為這將有助於每個人理解。

Yes. I would say that, as you described, there's been a confluence of factors that happened in Q1, particularly in the latter part of Q1. And I think that all of them are transitory, to some extent, the -- those product launches are something that are planned years in advance. It's unusual to have to let alone three sequential launches in the -- in a relatively short space. And while we're not directly expected by those.

是的。我想說，正如您所描述的，第一季發生了多種因素的匯合，特別是在第一季的後半段。我認為所有這些都是暫時的，從某種程度上來說，這些產品的發布都是提前幾年計劃好的。在相對較短的時間內連續發射三次是很不尋常的。儘管我們並沒有直接預料到這些。

They do cause a distraction in the marketplace as doctors are incentivized to trial new lenses. I think the obvious thing that changed in Q1 was the macro environment. And it's a -- that's a more complicated question. I certainly am hopeful that those -- that, that will also improve. But as we've seen from the events even from yesterday, there's going to be some additional changes.

它們確實會分散市場的注意力，因為醫生有動力去試用新的隱形眼鏡。我認為第一季發生明顯變化的是宏觀環境。這是一個更複雜的問題。我當然希望這些——這些也會得到改善。但正如我們從昨天的事件中看到的那樣，還會有一些額外的變化。

Thank you.

謝謝。

Young Li, Jefferies.

Young Li，傑富瑞。

All right, thanks for taking our questions. The first one, I'm wondering regarding utilization by cohort. When we do some checks, obviously, some surgeons can do a lot more than average. I wanted to get a better understanding if you look at the cohorts from earlier years, '21, '22, how does their utilization rate compare versus the average. Where do you see sort of like a natural ceiling or pain point before some of the practice management things you're going to put into place can help them further become more efficient.

好的，感謝您回答我們的問題。第一個問題，我想知道按群組劃分的利用率。當我們進行一些檢查時，顯然有些外科醫生可以做得比一般外科醫生多得多。我希望透過觀察前幾年（21、22 年）的群體，能夠更好地理解他們的利用率與平均值相比如何。在您將要實施的一些實踐管理措施能夠幫助他們進一步提高效率之前，您認為哪裡存在著某種自然的上限或痛點。

Thank you for the question, Young. We have always spoken about the fact that the cohorts of installed LDDs in '21 and prior '22 and '23 have been relatively the same and they kind of move in concert. And we saw that again in the first quarter. So where the number of LALs per LDD went down, it went down in all cohorts, and they're very tight in their distribution, and that continued to be true -- also as we look across our territories in the US, the change and the effect in March were consistent throughout the US. The 24 class of cohort of LDDs installed.

謝謝你的提問，楊。我們一直在談論這樣一個事實：2021 年和 2022 年及 2023 年之前安裝的 LDD 群體相對相同，而且它們的動作是一致的。我們在第一季再次看到了這種情況。因此，當每個 LDD 的 LAL 數量下降時，所有群組的 LAL 數量都會下降，並且它們的分佈非常緊密，這種情況仍然持續——而且當我們縱觀美國領土時，3 月份的變化和影響在全美範圍內是一致的。24 班 LDD 學員順利入校。

It's probably only relevant to look at those installed in the first and second quarter. And what we did see is that they're not growing quite as quickly as the 23 class did during comparable quarters, particularly in the first quarter.

可能只與第一季和第二季安裝的那些相關。我們確實看到，在可比季度中，他們的成長速度不如 23 類那麼快，尤其是在第一季。

So it doesn't have an outsized or even a major effect on the number of LALs per LDD because our installed base is so large. It is something that is a pain point, although small in terms of the total number, but we would like to see them be more confident, particularly in this economic environment.

因此，由於我們的安裝基數非常大，因此它對每個 LDD 的 LAL 數量不會產生太大甚至重大的影響。這是一個痛點，雖然從總數來看很小，但我們希望看到他們更有自信，特別是在這種經濟環境下。

Okay. Got it. Very helpful. I guess to follow-up just regarding driving innovation and product enhancements. Now that we have a better understanding about where Alcon's programs at Bausch & Lomb also has announced a program, but they also had to deal with the recall.

好的。知道了。非常有幫助。我想跟進的只是推動創新和產品改進。現在我們對愛爾康的計劃有了更好的了解，博士倫也宣布了一項計劃，但他們也不得不處理召回事件。

It seems like, at least on the competitive front, there's a little bit more visibility. Can you maybe talk a little bit more about the product pipeline or new lenses coming out and what we should expect on that front?

看起來，至少在競爭方面，知名度更高一些。您能否再多談即將推出的產品線或新鏡頭以及我們對此的期望？

Yes. Thanks for the question, Young. We would agree with you, and I think we've been pretty consistent that -- we don't see anything on the horizon that is directly competitive to the LAL and we also believe that continued innovation has been an important driver for growing adoption over the past five years that we've been commercial. These have primarily been incremental enhancements that really allow us to get that next group of doctors and patients to adopt the technology. Examples of that have been ActivShield, LAL+.

是的。謝謝你的提問，楊。我們同意你的觀點，我認為我們一直非常一致——我們沒有看到任何能夠直接與 LAL 競爭的產品，我們也相信，在過去五年的商業化過程中，持續的創新一直是推動其應用範圍不斷擴大的重要動力。這些主要是漸進式的改進，真正讓我們能夠讓下一批醫生和患者採用這項技術。例如 ActivShield、LAL+。

In the fall, we introduced Low Diopter LAL, which are now beginning to be used in the field. And soon, we're going to be launching our first foray into the correction of higher order operations, and I mentioned that in our last earnings call. So I would expect continued such product enhancements to be steadily introduced.

秋季，我們推出了低屈光度 LAL，目前已開始在現場使用。很快，我們將首次嘗試修正高階操作，我在上次財報電話會議上提到過這一點。因此我期望此類產品增強功能能夠持續穩定地推出。

And this enables our customers to leverage not only their investment in the capital equipment, but also the investment in their time and that of their employees learning the clinical skills associated with our technology. And then they can then apply that to more and more of their patient population.

這使得我們的客戶不僅可以利用他們在資本設備上的投資，還可以利用他們在時間和員工學習與我們的技術相關的臨床技能上的投資。然後他們可以將其應用於越來越多的患者群體。

Thank you very much.

非常感謝。

Rob Marcus, J.P. Morgan.

摩根大通的羅布馬庫斯。

Oh great, good morning. I wanted to -- Ryan -- take Ryan's question in a different way. Shelley and Ron you raised guidance in the second quarter of and then you were in line on third quarter and you were in line on fourth quarter. And it's the two first in-line quarters you had, I believe, since being public, really not I would imagine how you thought the second half of the year would turn out.

哦，太好了，早安。我想——瑞安——以不同的方式回答瑞安的問題。雪萊和羅恩，你們在第二季提高了指導價，然後在第三季也提高了指導價，在第四季也提高了指導價。我相信，這是你們上市以來前兩個業績符合預期的季度，我真的無法想像你們對下半年業績的預期。

And if you look at Street models, it was on better LDD placement and missed both quarters LAL utilization. So from our point of view, we started seeing LAL utilization slowdown in the back half of the year. Then when you provided guidance for 2025, you actually guided a pretty good amount above the Street.

如果你看一下街道模型，它處於更好的 LDD 位置並且錯過了兩個季度的 LAL 使用率。因此，從我們的角度來看，我們開始看到 LAL 的利用率在下半年放緩。然後，當您提供 2025 年的指導時，您給出的指導金額實際上比華爾街的預期高出不少。

So clearly, you were seeing something that we weren't. And even just as latest last week, a competitor Alcon had an Analyst Day, and they didn't bring up any of the same market concerns that you had. So I guess the question is really now with a lot of hindsight did this start much earlier than you've acknowledged.

顯然，您看到了我們沒有看到的東西。甚至就在上週，競爭對手愛爾康舉辦了分析師日，但他們並沒有提出與您相同的任何市場擔憂。所以我想現在的問題是，事後看來，這件事是否比你承認的早得多。

And is it really a market trend, even though we're not necessarily hearing all of those market trends called out by your peers, and we've all known and been publishing on those competitive launches for months now or is it just a utilization issue specifically to LAL and how do you discern between the two? Thanks.

這真的是市場趨勢嗎？儘管我們不一定聽到您的同行所指出的所有市場趨勢，而且我們幾個月來都知道並一直在發布有關這些競爭性發布的消息，或者這只是 LAL 特有的利用率問題，您如何區分這兩者？謝謝。

Maybe I'll start, Robbie. So I think the -- while our LAL procedural growth didn't meet some of the expectations that were out there. The LALs per LDD metric continued to be high through the year. And given our growth in installed base, that drove continued growth overall. And so I think that -- and we, in fact, if you look at the overall market and take out LAL growth, the overall market has -- was not growing and was negative.

也許我先開始，羅比。所以我認為——雖然我們的 LAL 程式成長沒有達到一些預期。每 LDD 的 LAL 指標全年持續保持高位。鑑於我們安裝基數的成長，這推動了整體的持續成長。所以我認為——事實上，如果你看一下整體市場並去除 LAL 成長，整體市場並沒有成長，而且是負成長。

And that was commented at the time, as I recall. The -- and that probably was -- because of our growth was probably led us to underappreciate the softening in the market as well as the impact of these competitive trialing incentives that others had also mentioned. So I think that led to a perhaps underestimate of those impacts and again, laid a foundation which when coupled with very significant disruption in consumer sentiment led to the effects in Q1.

我記得當時有人評論過這一點。這可能是因為我們的成長可能導致我們低估了市場疲軟以及其他人提到的這些競爭性試驗激勵措施的影響。因此，我認為這可能導致人們低估了這些影響，並再次奠定了基礎，再加上消費者情緒的嚴重混亂，導致了第一季的影響。

Yes. And to address your comment more specifically about the third and fourth quarters, you are correct. We beat and raised in the first half, both in the first quarter and the second quarter and raised guidance both times and then, of course, overexceeded in the second quarter. We raised guidance for the second half, and we met that increased guidance and, but we did not exceed it in the second half. And so I do think that Q3 definitely was affected by more vacations.

是的。關於您關於第三季和第四季的更具體地評論，您說得對。我們在第一季度和第二季度都超出預期並提高了業績，並且兩次都提高了預期，當然，在第二季度，我們的業績也超出預期。我們提高了下半年的指導值，並且達到了增加的指導值，但是下半年並沒有超出該指導值。因此我確實認為第三季肯定受到了更多假期的影響。

As we discussed Q4, I think that it was strong, but certainly not as strong as the Street expected. It was consistent with our raised guidance, but we weren't able to rise above that. And as Ron said, I think that we were less aware of market dynamics. And the rest of the market was shrinking. And certainly, we recall our competitors talking about that as well.

正如我們討論第四季時那樣，我認為它表現強勁，但肯定不如華爾街預期的那麼強勁。這與我們上調的指導價一致，但我們無法超越這一水平。正如羅恩所說，我認為我們對市場動態的了解較少。其餘市場則正在萎縮。當然，我們記得我們的競爭對手也談論過這一點。

But it was really masked by our own performance. And so I think as we went through the second half, we didn't recognize the overall market dynamics and the shrinkage in the second half and as you know, since 2022 or so, the market has remained roughly at 18% to 19% of total IOL procedures, and that really was because of us. So I think that we look into 2024 with this -- 2025 with the same confidence that we had in 2024, up until the point that March LALs did not increase substantially as they typically do in that first quarter period.

但這其實被我們自己的表現所掩蓋。因此，我認為，當我們進入下半年時，我們沒有意識到整體市場動態和下半年的萎縮，而且如你所知，自 2022 年左右以來，市場一直保持在 IOL 手術總量的 18% 到 19% 左右，這確實是我們的功勞。因此，我認為，我們對 2024 年以及 2025 年的信心與對 2024 年的信心相同，直到 3 月的 LAL 並未像第一季那樣大幅增加。

Thanks, Maybe a follow-up. Shelley, you -- you raised -- you lowered the guide on sales, ballpark $30-ish million for 2025 and OpEx about $10 million. There's still a big -- let's just say, current rates, there is really no crossover into free cash flow generation, at least not for a very long time, assuming trends change or hold. How are you thinking about time lines on cash flow breakeven, your cash needs and any possibility for a need for a race. Thanks.

謝謝，也許可以跟進。雪萊，你——你提高——你降低了銷售指南，預計 2025 年的銷售額約為 3000 萬美元，營運支出約為 1000 萬美元。仍然存在很大的——我們只能說，目前的利率實際上並沒有交叉到自由現金流的產生，至少在很長一段時間內不會，假設趨勢發生變化或保持不變。您如何考慮現金流損益平衡的時間表、您的現金需求以及任何可能需要參加比賽的可能性。謝謝。

Okay. Yes. Thank you very much. And I think that that's a (inaudible) point you brought up. We're bringing down kind of in the middle of the range, guidance by $23 million and OpEx down by $10 million. So in our previous guidance, we were putting more money down to the bottom line.

好的。是的。非常感謝。我認為這是你提出的（聽不清楚）觀點。我們將預算下調至中間水平，指導金額下調 2,300 萬美元，營運支出下調 1,000 萬美元。因此，在我們先前的指導中，我們將投入更多資金用於底線。

Each and every quarter, except the first quarter typically, which is a heavier cash use quarter due to payment of prior year bonuses. But -- in this guidance, we are assuming that we need to put relative to our revenue, more resources into sales and marketing in particular, I think we need to be we're very active with our customers, which we have about 200 people that are customer facing.

每個季度，通常第一季除外，由於支付了上一年的獎金，第一季是現金使用量較大的一個季度。但是 - 在本指南中，我們假設我們需要投入相對於我們的收入更多的資源到銷售和行銷中，我認為我們需要非常積極地與我們的客戶打交道，我們有大約 200 名員工專門面向客戶。

We'll continue to add to those as we add customers and -- so I'm not expecting that we're dropping that gross margin increase to the bottom line in the OpEx guide as well. However, as you know, we have more than adequate cash to get to cash flow breakeven and profitability, but it does impact the timing of when we may meet cash flow breakeven as well as GAAP breakeven because, of course, we'll continue to have investments in inventory and accounts receivable as we grow.

隨著客戶的增加，我們將繼續增加這些費用——因此，我並不認為我們會將毛利率的成長降至營運支出指南的底線。然而，如您所知，我們擁有足夠的現金來實現現金流收支平衡和盈利，但它確實會影響我們實現現金流收支平衡以及 GAAP 收支平衡的時間，因為隨著我們的發展，我們當然會繼續投資庫存和應收帳款。

And that is delivered on our part in terms of guidance. We want to make sure that during this period of time, we don't under resource, and we continue to stay close to our customers. Do you add anything to that, Ron?

這是我們以指導形式提供的。我們希望確保在這段時間內我們不會資源不足，並且能夠繼續與客戶保持密切聯繫。羅恩，你對此還有什麼補充嗎？

Steve Lichtman, Oppenheimer.

奧本海默的史蒂夫·利希特曼。

Thank you. Good morning. Just a follow up on that last point in terms of where the spend is going to be focused. During the prepared remarks, Ron, you also highlighted strongly supporting acceleration of new customer business models. Can you sort of -- can you double click on that a little bit, talk about what your efforts are going to be there?

謝謝。早安.關於支出的重點，我只想跟進最後一點。羅恩，在準備好的發言中，您也強調大力支持加速新的客戶業務模式。您能否稍微詳細地談談這一點，談談您將在這方面做出哪些努力？

Because I guess to the extent you can further streamline those efforts that could have an impact on the end customer price and therefore, potentially offset some of the macro headwinds. So maybe you could talk a little bit more about what you're doing -- what you're going to be doing specifically on those centralized business models.

因為我認為在某種程度上你可以進一步簡化那些可能對最終客戶價格產生影響的努力，從而有可能抵消一些宏觀不利因素。所以也許您可以多談談您正在做的事情——您將在這些集中式商業模式上具體做些什麼。

Yes. Again, these are third-party innovators who are seeing the opportunity with the LAL technology to make it potentially more approachable for some ophthalmic practices in -- across the country. And that's been going on actually for a number of years. And we've seen several individually successful efforts in this.

是的。再次強調，這些第三方創新者看到了 LAL 技術帶來的機遇，希望能讓全國各地的一些眼科診所更容易使用這項技術。事實上這種情況已經持續好幾年了。我們已經看到這方面的一些努力取得了成功。

Our role in that is similarly supportive to what we do with our traditional practices, providing both marketing and training and clinical support, not only to the stand-alone light treatment center, but also to the individual doctors who make use of that and providing them with both the clinical and marketing materials and education that helps them offer it -- offer the LAL to more of their patients. So I think that it will be an expansion of those activities very similar, but directed in a slightly different way than what we have traditionally done.

我們在這方面所扮演的角色與我們在傳統實踐中所扮演的角色類似，不僅為獨立的光治療中心提供營銷、培訓和臨床支持，也為利用該中心的個體醫生提供營銷、培訓和臨床支持，並為他們提供臨床和營銷材料和教育，幫助他們向更多患者提供 LAL。因此，我認為這將是對那些非常相似的活動的擴展，但指導方式與我們傳統上所做的事情略有不同。

Okay. Got it. Just wondering on the recent recall announcement from one of your competitors. How are you thinking about that in terms of potential upside to your revised guidance? Or are you not factoring that in at this point? How are you thinking -- I know it's fresh, but how are you thinking about that?

好的。知道了。我只是對你們競爭對手最近發布的召回公告感到好奇。您如何看待修訂後的指引所帶來的潛在好處？或者您目前還沒有考慮到這一點？您怎麼想的——我知道這很新鮮，但是您怎麼想的呢？

Yes, I would agree with you, Steve, that there's no way for us to know what the duration of that would be. I think it's largely not going to be as impactful on us as it would be for some of the other competitors. But certainly, anything that gives us an opportunity to let surgeons and patients see the benefits of the LAL approach to high-quality, customized vision, that's an opportunity that we're going to take.

是的，史蒂夫，我同意你的看法，我們無法知道這會持續多久。我認為這對我們的影響不會像對其他一些競爭對手那麼大。但可以肯定的是，任何能讓我們有機會讓外科醫生和患者看到 LAL 方法對高品質、客製化視覺的好處的事情，都是我們會抓住的機會。

Just quickly, obviously, not the focus of this call, but you did mention the CE mark. I assume no revenues built in for this year at this point. But which countries are you going to be focusing on as you sort of build toward that for, I guess, in 2026?

顯然，這不是本次通話的重點，但您確實提到了 CE 標誌。我認為目前今年還沒有任何收入。但是，當您在 2026 年實現這一目標時，您會重點關注哪些國家？

So as we've talked about in the past, in Europe, we'll focus on the major economies in Europe that already have strong premium IOL markets similar to the approach that we've taken in Asia. And so those are going to be the major markets that everyone is familiar with. And while we don't see significant revenue in 2025, we will start to grow our presence there. It takes time. And in Europe, it takes some things -- sometimes new product introductions take a little bit more time. So we certainly don't want to -- we're not going to be going slow.

因此，正如我們過去所討論的，在歐洲，我們將重點放在已經擁有強大的高端 IOL 市場的歐洲主要經濟體，類似於我們在亞洲採取的方法。這些將成為每個人都熟悉的主要市場。雖然我們預計 2025 年的收入不會很高，但我們將開始擴大在那裡的業務。這需要時間。在歐洲，這需要一些時間——有時新產品的推出需要更多時間。所以我們當然不想──我們不會放慢腳步。

Okay, got it. Thanks, Ron.

好的，明白了。謝謝，羅恩。

David Saxon, Needham & Company.

大衛‧薩克森 (David Saxon)，Needham & Company。

Great. Yeah thanks. Good morning, Ron and Shelly thanks for taking my questions. So I wanted to maybe first ask on LDD. So on the market, if the premium IOL market volumes are softer, are you assuming in guidance that, that translates into softer LDD demand or longer sales cycles? Or kind of how does that market view inform how you think about LDD placements and kind of customers or prospective customers appetite for a capital purchase.

偉大的。是的，謝謝。早安，羅恩和雪莉，謝謝你們回答我的問題。所以我想先在 LDD 上詢問。那麼在市場上，如果高端 IOL 市場銷售疲軟，您是否在指導中假設，這會轉化為 LDD 需求疲軟或銷售週期延長？或者說，這種市場觀點如何影響您對 LDD 佈局的看法以及客戶或潛在客戶對資本購買的興趣。

Yes. Thank you. That's a good question. We did again say that we would expect more LDD sales in 2025 than we had in 2024. But the overall guidance does assume in our internal numbers that, that number is a bit lower.

是的。謝謝。這是個好問題。我們確實再次表示，我們預計 2025 年的 LDD 銷售量將比 2024 年增加。但我們的整體指導確實假設，在我們的內部數據中，這個數字會略低一些。

And that would certainly be consistent with our guidance. As Ron had said earlier, practices still are struggling with profitability because of Medicare cuts, other reimbursements across other product lines. And as far as we know, premium IOLs are the only product where they can build Medicare for the minor amount that they provide as well as a direct cost to the consumer. It's a profitable procedure for them. And during these periods of time, LASIK drops precipitously. That just goes with the economy because that certainly can be put off and it's a younger population.

這肯定與我們的指導一致。正如羅恩之前所說，由於醫療保險削減以及其他產品線的其他報銷，診所仍然在為盈利而苦苦掙扎。據我們所知，高端 IOL 是唯一能夠以極低的價格建立醫療保險並直接向消費者收取費用的產品。對他們來說這是一個有利可圖的過程。在這些時期內，LASIK 手術的成功率會急劇下降。這與經濟有關，因為這肯定可以被推遲，而且人口更年輕。

The population of roughly 65-plus year olds, of course, remain a bit more isolated. But certainly, turmoil and particularly in their assets, such as stocks can result in some delay or in different choices temporarily. We do think that this is temporary though.

當然，大約 65 歲以上的人群仍然比較孤立。但可以肯定的是，動盪，特別是股票等資產的動盪，可能會導致一些延遲或暫時不同的選擇。但我們確實認為這只是暫時的。

Okay. Great. And then, Shelly, you mentioned profitability and obviously, that's a focus for docs and practices. So I guess, how are you thinking about pricing at this point? You've held pricing on the LAL side at least.

好的。偉大的。然後，雪莉，你提到了盈利能力，顯然，這是文件和實踐的重點。那我想，您現在對於定價是怎麼考慮的呢？您至少已經掌握了 LAL 方面的定價權。

So does this change how you think about pricing and then in the -- I forgot if it was in the script or to a question, but you talked about how the 2024 class utilization was slower than prior cohorts at least in the first half of '24. So what does that mean in terms of like the cohorts you've penetrated so far? Or have you kind of fully penetrated the higher volume group or segment of ophthalmologists and now are we kind of in the average to lower volume practices? Thanks very much.

那麼，這是否會改變您對定價的看法，然後——我忘了​​這是在腳本中還是在問題中，但您談到了 2024 年班級的利用率至少在 24 年上半年比之前的班級要慢。那麼，對於您迄今為止已經滲透的群體而言，這意味著什麼？或者您已經完全滲透到眼科醫生的高容量群體或部分，而現在我們是否處於平均或較低容量的實踐中？非常感謝。

Maybe I'll start. So with respect to the last question. I don't think that we've fully penetrated any group. There are a wide variety of practices that have not yet adopted our technology. We have about 1,000 LDDs. There are about 2,000 surgeons. There are 10,000 cataract surgeons out there with at least several to more thousands of practice product offices where cataract surgery is cataract surgery patients are seen. So I certainly don't believe that we're anywhere near a saturation point and even by a class of surgeon. And then the -- I'm sorry, the second -- the first question was.

也許我會開始。關於最後一個問題。我認為我們尚未完全滲透任何群體。很多實踐都尚未採用我們的技術。我們有大約 1,000 個 LDD。約有2000名外科醫生。有 10,000 名白內障外科醫生，至少有幾家到數千家診所為白內障患者提供白內障手術服務。所以我當然不相信我們已經接近飽和點，甚至對某一類外科醫師來說也是如此。然後——對不起，第二個——第一個問題是。

Yes, just around pricing. I mean, LALs are kind of the highest, yes. So how are you thinking about that in terms of like trying to allow doctors to kind of protect some level of profits while the market volumes are kind of weaker. Thanks so much.

是的，只是關於定價。我的意思是，LAL 是最高的，是的。那麼，您如何看待這個問題，例如在市場規模較小的情況下，試圖讓醫生保護一定程度的利潤。非常感謝。

Yes. So in terms of pricing, the cost of the LAL is a relatively small fraction of the price that doctors charge to their patients. So -- we believe that the value provided by the technology justifies its cost, which is somewhat higher than the highest level presbyopia correcting IOLs. We have kept pricing stable since our introduction into the market about five years ago. And part of the way that we've been able to do that is through efficiencies.

是的。因此，從定價方面來看，LAL 的成本僅佔醫生向患者收取的費用的一小部分。因此，我們相信該技術所提供的價值證明了其成本是合理的，該成本略高於最高水準的老花眼矯正 IOL。自從大約五年前進入市場以來，我們一直保持價格穩定。我們能夠做到這一點的部分原因是透過提高效率。

And we fully manufacture all the components of the technology in the US, specifically here in California. And so we're not going to be significantly impacted by tariffs. And I think that we'll try to maintain a good relationship between the value and the price that we charge to our customers.

我們在美國，特別是在加州，完全生產該技術的所有組件。因此我們不會受到關稅的重大影響。我認為我們會盡力維持向客戶收取的價值和價格之間的良好關係。

Great, thank you.

太好了，謝謝。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Hey, good morning guys, thanks so much for taking the question. My question is really just pretty straightforward, I think. I mean I guess I'm just a little concerned about whether -- or what gives you confidence that this hasn't been the last few years. You guys just got the low-hanging fruit here and you've now sort of penetrated what you are going to penetrate of the premium market.

嘿，大家早安，非常感謝你們回答這個問題。我認為我的問題其實很簡單。我的意思是，我想我只是有點擔心——或者是什麼讓你相信這不是過去幾年的情況。你們剛剛獲得了唾手可得的果實，並且已經進入了你們即將進入的高端市場。

So I appreciate all the commentary on the economy, macroeconomic environment affecting the premium market. But more if we're just looking at LAL penetration within the premium market. Rob, maybe you can talk about what gives you confidence that that's not what's happening here. Thanks so much.

因此，我很欣賞所有關於經濟、宏觀經濟環境影響高端市場的評論。但如果我們只關注 LAL 在高端市場的滲透率，那就更多了。羅布，也許你可以談談是什麼讓你確信這裡發生的事情不是這樣的。非常感謝。

Well, I would say two things give me confidence. One is just my interactions with doctors and practices throughout the country, and the vast number of practices that not only haven't adopted our technology, but don't know too much about our technology. It's very clear that we're still at a relatively early phase of the market penetration for this technology.

嗯，我想說有兩件事給了我信心。一是我與全國各地的醫生和診所的互動，絕大多數診所不僅沒有採用我們的技術，而且對我們的技術也不太了解。很明顯，我們仍處於該技術市場滲透的相對早期階段。

And I would just point out that it would be a really amazing coincidence if we peaked out in the adoption curve, exactly when there has been a confluence of macroeconomic and market trends over a short period of time.

我只想指出，如果我們在採用曲線中達到頂峰，恰好是在宏觀經濟和市場趨勢在短時間內匯合的時候，那將是一個非常驚人的巧合。

I just don't believe in those kinds of coincidences. So I'm confident that these are going to -- that these things will pass and that we'll continue to penetrate the market, which is the largest opportunity in -- certainly in inter segment ophthalmology.

我只是不相信那種巧合。因此，我相信這些都會過去，我們將繼續滲透市場，這是跨領域眼科領域最大的機會。

Okay, thanks for that.

好的，謝謝。

There are no further questions at this time. I would now like to turn the call back over to Ron Kurtz, CEO, for closing remarks. Please go ahead.

目前沒有其他問題。現在我想將電話轉回給執行長 Ron Kurtz，請他做最後發言。請繼續。

Thank you, operator, and thank you all again for your interest in RxSight. We look forward to seeing some of you later this month in Los Angeles at the meeting of the American Society for cataract and refractive surgery as well as providing further updates at our regularly scheduled first quarter 2025 conference call in early May. Goodbye.

謝謝您，操作員，再次感謝大家對 RxSight 的關注。我們期待本月稍後在洛杉磯舉行的美國白內障和屈光手術協會會議上見到大家，並在 5 月初定期舉行的 2025 年第一季電話會議上提供進一步的更新資訊。再見。