Rxsight Inc (RXST) 2025 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the RxSight first-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。現在，我歡迎大家參加 RxSight 2025 年第一季財報電話會議。（操作員指示）

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

現在，我想將會議交給投資者關係副總裁 Oliver Moravcevic。先生，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 its financial results for the three months ending March 31, 2025, and reiterated its 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 2025 年 3 月 31 日的三個月的財務業績，並重申了全年預期。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 view as of today, May 7, 2025, and will include forward-looking and opinion statements, including predictions, estimates, plans, expectations and other information.

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 5 月 7 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。

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'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.

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。這些風險和不確定性在我們今天發布的新聞稿和向美國證券交易委員會（SEC）提交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。提醒投資人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。

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.

我們也將討論某些非公認會計準則財務指標。有關非公認會計準則 (non-GAAP) 財務指標的揭露，包括與最具可比性的公認會計準則 (GAAP) 指標的對賬，可在新聞稿中找到。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'll 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 afternoon, everyone, and thank you for joining us. As we discussed during our pre-announcement just over a month ago, the first quarter brought an unusual combination of macroeconomic headwinds and competitive disruptions that led to our first top line miss since becoming a public company in Q3 2021.

大家下午好，感謝大家的參與。正如我們在一個多月前的預公告中討論的那樣，第一季出現了宏觀經濟逆風和競爭幹擾的異常組合，導致我們自 2021 年第三季上市以來首次出現營收下滑。

Although interest in our technology remains high, as evidenced by continued strong LDD demand, we experienced a first-time year-over-year drop in the LALs per LDD metric. I'd like to now share some of our recent analysis, which has helped us develop targeted programs focused on same-store procedure growth, while also continuing to develop the broader opportunity via the addition of new customers and markets. Unsurprisingly, the vast majority of respondents to our customer survey conducted in early April cited negative macroeconomic headwinds as the key reason for reduced LAL procedure volumes in Q1.

儘管人們對我們技術的興趣依然很高，持續強勁的 LDD 需求就是明證，但我們每 LDD 的 LAL 指標首次出現同比下降。現在我想分享一些我們最近的分析，這些分析幫助我們制定了專注於同店業務成長的有針對性的計劃，同時也透過增加新客戶和新市場繼續拓展更廣泛的機會。毫不奇怪，在我們 4 月初進行的客戶調查中，絕大多數受訪者認為宏觀經濟不利因素是第一季 LAL 程序量減少的主要原因。

These findings are consistent with preliminary reports from third-party data aggregators that also suggested reductions in overall cataract procedures and trade downs to lower-priced premium procedures. Given that approximately 75% of LAL patients are drawn from candidates, who would otherwise consider lower-cost options like monofocal or toric lenses, it's not surprising that LALs were also affected by temporary negative wealth effects and uncertainty.

這些發現與第三方數據聚合器的初步報告一致，這些報告也表明白內障手術總體數量減少，並轉向價格較低的高級手術。考慮到大約 75% 的 LAL 患者都是從原本會考慮單焦點或散光鏡片等低成本選擇的候選人中挑選出來的，LAL 也受到暫時的負面財富效應和不確定性的影響也就不足為奇了。

While macro trends worsened in early April, there were signs of improved stabilization later in the month, which were also observed in our procedure volumes. Competitive trialing was also commonly cited by customers with many commenting that the major multifocal offerings were now essentially equivalent across manufacturers.

儘管 4 月初宏觀趨勢惡化，但當月下旬出現了趨於穩定的跡象，這在我們的業務量中也有所體現。客戶也普遍提到競爭性試驗，許多人評論說，現在各製造商提供的主要多焦點產品基本上是相同的。

Even though we expect these competitive pressures to persist over the next several months, we also believe they signal an opportunity for the LAL to offer a compelling alternative to what is rapidly becoming a plethora of undifferentiated multifocal offerings.

儘管我們預計這些競爭壓力將在未來幾個月持續存在，但我們也相信，這為 LAL 提供了一個機會，使其能夠提供一種引人注目的替代方案，以取代迅速變得過多的無差別多焦點產品。

Finally, even though almost all practices expressed a desire to expand their LAL and LAL+ volumes, workload challenges and a desire for additional clinical and marketing guidance were also noted. To address this, we are refining our clinical education and marketing support to better meet existing practice and doctor requirements to drive procedure growth.

最後，儘管幾乎所有實踐都表示希望擴大其 LAL 和 LAL+ 數量，但也注意到工作量挑戰以及對額外臨床和行銷指導的渴望。為了解決這個問題，我們正在改善臨床教育和行銷支持，以更好地滿足現有的實踐和醫生要求，推動業務成長。

As we invest in these efforts, we also remain focused on advancing innovation to drive greater clinical value and customer engagement. We are pleased to share that we are ahead of schedule in launching a previously announced software update that includes both a unique spherical aberration treatment option, as well as new LDD procedure monitoring features, both of which support our enhanced clinical education and marketing efforts. While the ability to customize spherical aberration and other so-called higher order aberrations has been available in corneal refractive surgery for nearly two decades.

在投資這些努力的同時，我們也將繼續致力於推動創新，以推動更大的臨床價值和客戶參與。我們很高興地告訴大家，我們提前推出了先前宣布的軟體更新，其中包括獨特的球面像差治療選項以及新的 LDD 程序監控功能，這兩項功能都支持我們加強臨床教育和行銷工作。而客製化球面像差和其他所謂的高階像差的能力在角膜屈光手術中已經存在了近二十年。

This new LDD capability represents the first such application in cataract surgery, opening the door for further improvements in clinical results compared to fixed IOL technology. Although perhaps less groundbreaking, the additional LDD procedure monitoring features provide surgeons with new tools to ensure adherence to best clinical practices.

這種新的 LDD 功能代表了白內障手術中的首次此類應用，與固定 IOL 技術相比，它為進一步改善臨床效果打開了大門。儘管可能不那麼開創性，但額外的 LDD 程序監測功能為外科醫生提供了新工具，以確保遵守最佳臨床實踐。

Such upgrades enable us to not only to reconnect with our customers and showcase new functionalities, but also deepen relationships, identify growth opportunities within existing practices and embed our technology more fully in their clinical workflows. Looking ahead, our product innovation pipeline remains robust. Recently, we secured approval for very low diopter LAL powers that will now match those already available for LAL+.

這樣的升級使我們不僅能夠與客戶重新建立聯繫並展示新功能，而且還能夠加深關係，在現有實踐中發現成長機會，並將我們的技術更全面地嵌入到他們的臨床工作流程中。展望未來，我們的產品創新管道依然強勁。最近，我們獲得了超低屈光度 LAL 度數的批准，該度數現在將與 LAL+ 現有的度數相符。

We look forward to continuing to develop the LAL family of lenses along with continued software and LDD enhancements that broaden the patient populations that can benefit from customization -- customized visual outcomes. We believe these innovations are also key to enhancing productivity at new customer sites, as surgeons and practices are more likely to recognize RxSight's adjustable technology as a significant long-term growth driver.

我們期待繼續開發 LAL 系列鏡片以及持續的軟體和 LDD 增強功能，以擴大可從客製化（客製化視覺結果）中受益的患者群體。我們相信這些創新也是提高新客戶站點生產力的關鍵，因為外科醫生和診所更有可能將 RxSight 的可調節技術視為重要的長期成長動力。

By capturing these strategic placements promptly, RxSight ensures a strong foundation for sustained future growth, while the practice sees faster revenue and practice appreciation. Though these placements have traditionally been to individual offices, we are also encouraged by the growing third-party light treatment service center business models that [they are] still modest contributors to our total procedures have significant potential to expand access and utilization of our technology, ultimately benefiting more surgeons and patients.

透過及時抓住這些策略佈局，RxSight 為未來的持續成長奠定了堅實的基礎，同時業務收入和業務增值也得到了更快的提升。雖然這些安置傳統上都是在個人辦公室進行的，但第三方光治療服務中心業務模式的不斷發展也讓我們感到鼓舞，它們對我們的總體手術仍然貢獻不大，但具有擴大我們技術的使用範圍和利用率的巨大潛力，最終使更多的外科醫生和患者受益。

On the international front, we recently received full regulatory approval for our LAL, LAL+ and LDD products in South Korea, a market we believe can become highly engaged with our technology. Additionally, following last month's announcement of EU, LDD and LAL approvals, we now expect UK approval in the second quarter and have multiple additional international regulatory submissions in process. As always, the near-term focus remains on delivering excellent clinical outcomes, laying the groundwork for expanded commercialization, both internationally and in the US.

在國際方面，我們最近獲得了韓國對 LAL、LAL+ 和 LDD 產品的全面監管批准，我們相信韓國市場可以高度參與我們的技術。此外，在上個月宣布獲得歐盟、LDD 和 LAL 批准後，我們預計英國將在第二季批准，並且還有多個額外的國際監管提交正在進行中。與往常一樣，近期重點仍然是提供出色的臨床結果，為在國際和美國擴大商業化奠定基礎。

With that, I'll turn things over to Shelley to take us through the financial results for the quarter and reaffirmed guidance.

接下來，我將把時間交給雪萊 (Shelley)，讓她向我們介紹本季的財務表現並重申指導意見。

Thank you, Ron. Good afternoon, everyone. Consistent with our April 2nd, 2025, pre-announcement, RxSight generated first quarter 2025 revenue of $37.9 million, up 28% compared to the $29.5 million in the year ago quarter and down 6% compared to $40.2 million in the fourth quarter of 2024. During the quarter, we sold 27,579 LALs and generated $27.2 million in LAL revenue, up 37% compared to the first quarter of 2024 and down 5% compared to the fourth quarter of 2024. In the first quarter of this year, LAL revenue represented 72% of total revenue, an increase from 67% and 71% in the first and fourth quarters of 2024, respectively.

謝謝你，羅恩。大家下午好。與我們 2025 年 4 月 2 日的預公告一致，RxSight 2025 年第一季的營收為 3,790 萬美元，比去年同期的 2,950 萬美元成長 28%，比 2024 年第四季的 4,020 萬美元下降 6%。本季度，我們銷售了 27,579 台 LAL，創造了 2,720 萬美元的 LAL 收入，與 2024 年第一季相比成長 37%，與 2024 年第四季相比下降 5%。今年第一季度，LAL 營收佔總營收的 72%，高於 2024 年第一季和第四季的 67% 和 71%。

During the first quarter of 2025, we sold 73 LDDs up 11% compared to the 66 units in the year ago quarter. On a sequential basis, our LDD units sold during the first quarter were down 12% compared to the seasonally strong capital equipment fourth quarter with the sale of 83 LDDs.

2025 年第一季度，我們售出了 73 輛 LDD，與去年同期的 66 輛相比成長了 11%。與上一季相比，我們第一季銷售的 LDD 單位數量下降了 12%，而第四季由於資本設備季節性強勁，銷售了 83 台 LDD。

During the quarter, LDD sales generated revenue of $9.4 million, up 8% compared to the first quarter of 2024 and down 12% versus the strong fourth quarter of 2024. As of March 31, 2025, our LDD installed base stood at 1,044 units, up 43% and 8% versus the first and fourth quarters of 2024, respectively. Gross margin in the first quarter of 2025 was 74.8% compared to 70.1% and 71.6% in the first and fourth quarters of 2024, respectively.

本季度，LDD 銷售額創造了 940 萬美元的收入，與 2024 年第一季相比成長 8%，與強勁的 2024 年第四季相比下降 12%。截至 2025 年 3 月 31 日，我們的 LDD 安裝基數為 1,044 台，分別較 2024 年第一季和第四季成長 43% 和 8%。2025 年第一季的毛利率為 74.8%，而 2024 年第一季和第四季分別為 70.1% 和 71.6%。

The increased gross margin was primarily due to lower LAL costs and mix. Because we consign LAL inventory, we recognize the LAL cost of goods sold about nine months after we build product. Throughout 2024, we ramped up production to stock LAL+ inventory at ASCs. Because most of the LAL cost is fixed overhead, the higher volume production benefited gross margin at the end of 2024 and the first quarter of 2025.

毛利率的增加主要歸因於 LAL 成本和產品組合的降低。因為我們寄售 LAL 庫存，所以我們在生產產品大約九個月後確認了 LAL 銷售成本。在整個 2024 年，我們提高了產量，以補充 ASC 的 LAL+ 庫存。由於大部分 LAL 成本是固定間接費用，因此較高的產量有利於 2024 年底和 2025 年第一季的毛利率。

In addition, the shift in product mix benefited the first quarter of 2025 with a higher-margin LAL revenue advancing to 72% of revenue from 67% in the first quarter of 2024 and 71% in the fourth quarter of 2024.

此外，產品結構的轉變使 2025 年第一季受益，利潤率更高的 LAL 收入從 2024 年第一季的 67% 和 2024 年第四季的 71% 上升至 72%。

SG&A expenses in the first quarter of 2025 were $28.6 million, representing an increase of $5.3 million or 23% versus $23.3 million in the year ago quarter. This year-over-year increase was primarily due to an increase in personnel costs, expanded collection of registry data with the full rollout of LAL+ during 2024 and increased stock-based compensation expense.

2025 年第一季的銷售、一般及行政費用為 2,860 萬美元，比去年同期的 2,330 萬美元增加 530 萬美元，增幅為 23%。年比成長主要是由於人員成本增加、2024 年全面推出 LAL+ 導致註冊資料收集範圍擴大以及股票薪酬費用增加。

On a sequential basis, SG&A expenses increased 2%, primarily due to higher personnel costs. During the first quarter of this year, R&D expenses rose 29% to $10.4 million compared to $8 million in the first quarter of 2024. This year-over-year change primarily reflects an increase in salaries and stock-based compensation.

與上一季相比，銷售、一般及行政費用增加了 2%，主要原因是人員成本增加。今年第一季度，研發費用為 1,040 萬美元，較 2024 年第一季的 800 萬美元成長 29%。這一同比變化主要反映了工資和股票薪酬的增加。

Compared to the fourth quarter of 2024, R&D expenses in the first quarter rose by 13%, also primarily driven by increases in salaries and stock-based compensation. We reported a GAAP net loss in the first quarter of 2025 of $8.2 million or a loss of $0.20 per basic and diluted share using weighted average shares outstanding of 40.5 million shares. This compares to a GAAP net loss of $9.1 million or $0.25 per share on a basic and diluted basis in the first quarter of 2024.

與2024年第四季相比，第一季的研發費用成長了13%，這也主要受到薪資和股票薪資增加的推動。我們報告稱，2025 年第一季的 GAAP 淨虧損為 820 萬美元，以 4,050 萬股加權平均流通股計算，每股基本虧損和稀釋虧損為 0.20 美元。相比之下，2024 年第一季的 GAAP 淨虧損為 910 萬美元，即基本和稀釋後每股 0.25 美元。

Note also that stock-based compensation in the first quarter of 2025 was $7.1 million, resulting in a non-GAAP loss of $1.1 million or a loss of $0.03 per basic and diluted share. Please refer to the unaudited non-GAAP reconciliation and disclosure included in today's press release for more comparative information.

另請注意，2025 年第一季的股票薪酬為 710 萬美元，導致非 GAAP 虧損 110 萬美元，或每股基本和稀釋後虧損 0.03 美元。請參閱今天的新聞稿中包含的未經審計的非 GAAP 對帳和披露，以獲取更多比較資訊。

We ended the quarter of 2025 with cash, cash equivalents and short-term investments of $229.3 million compared to $207.2 million on December 31, 2024. First quarter cash use is generally high, as our employees earn a portion of their compensation in performance-based bonuses, which are accrued during the year and paid in the first quarter of each year.

截至 2025 年季度，我們的現金、現金等價物和短期投資為 2.293 億美元，而 2024 年 12 月 31 日為 2.072 億美元。第一季的現金使用量通常較高，因為我們的員工以績效獎金的形式獲得部分薪酬，這些獎金在一年內累積並在每年第一季支付。

Moving on to our 2025 outlook. We are reiterating our full year 2025 guidance for revenue, gross margin and operating expenses that we provided on April 2nd as follows. Revenue of $160 million to $175 implying year-over-year growth of 14% to 25% and assuming recovery of LAL volumes in the second half of the year.

接下來是我們對 2025 年的展望。我們重申 4 月 2 日提供的 2025 年全年收入、毛利率和營運費用指引如下。營收為 1.6 億美元至 1.75 億美元，意味著同比增長 14% 至 25%，並假設下半年 LAL 銷量將恢復。

While the early signs of stabilization in April, along with our continued clinical and marketing efforts, as described by Ron, are encouraging, we expect macroeconomic pressures and competitive trends to persist through the second quarter with stronger recovery in LAL procedure volume anticipated in the second half of 2025. Gross margin of 71% to 73%, representing an implied increase of 30 basis points to 230 basis points compared to 2024.

正如羅恩所述，雖然 4 月份出現的穩定早期跡像以及我們持續的臨床和營銷努力令人鼓舞，但我們預計宏觀經濟壓力和競爭趨勢將持續整個第二季度，預計 2025 年下半年 LAL 手術量將出現更強勁的複蘇。毛利率為 71% 至 73%，與 2024 年相比隱含增加 30 個基點至 230 個基點。

We are maintaining our gross margin guidance of 71% to 73% despite gross margin of 74.8% reported in the first quarter because a significant portion of our LAL cost of goods sold is fixed, the anticipated benefit to gross margin from higher production LAL volume in 2025 will now be reduced given the revised revenue outlook.

儘管第一季報告的毛利率為 74.8%，但我們仍維持 71% 至 73% 的毛利率預期，因為我們的 LAL 銷售成本很大一部分是固定的，考慮到修訂後的收入前景，2025 年 LAL 產量增加對毛利率的預期收益現在將會減少。

Operating expenses of $150 million to $160 million, representing an increase of 10% to 18% over 2024. As Ron already indicated, our spending will be centered on strengthening our clinical education and marketing programs to better support practice needs and drive higher LAL procedure adoption and continued investment in R&D.

營運費用為 1.5 億美元至 1.6 億美元，比 2024 年成長 10% 至 18%。正如羅恩已經指出的那樣，我們的支出將集中在加強我們的臨床教育和行銷計劃上，以更好地支持實踐需求並推動更高的 LAL 程序採用率和持續的研發投資。

Note that the operating expense estimate includes non-cash stock-based compensation expenses between $27 million and $30 million. While our guidance includes targeted investments aimed to support and reinvigorate LAL procedure growth, we continue to be committed to carefully managing operating expenses. With $229.3 million in cash, cash equivalents and short-term investments, we remain well capitalized, and our strong cash position supports our continued progress toward cash flow breakeven.

請注意，營業費用估算包括 2,700 萬美元至 3,000 萬美元之間的非現金股票薪酬費用。雖然我們的指導包括旨在支援和重振 LAL 程序成長的定向投資，但我們仍致力於謹慎管理營運費用。我們擁有 2.293 億美元的現金、現金等價物和短期投資，資本充足，強勁的現金狀況支持我們繼續實現現金流收支平衡。

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. We believe that the actions we have and will be taking position us to reaccelerate LAL growth, which has been mostly responsible for expanding the premium IOL category over the past several years.

謝謝你，雪萊。我們相信，我們已經採取的和將採取的行動使我們能夠重新加速 LAL 的成長，這在很大程度上推動了過去幾年高端 IOL 類別的擴大。

The ability of our differentiated technology to meet the needs of doctors and patients was on full display at the recent meeting of the American Society of Cataract and Refractive Surgery, which also provided us with a timely check-in with many of our current and future customers both in the scientific sessions and on the exhibitor floor, the more than 40 physician presentations and 2 numerous to count informal references to the light adjustable lens strongly reaffirmed the distinct position our technology continues to hold within the premium IOL market and within cataract surgery more broadly.

在最近舉行的美國白內障和屈光手術學會會議上，我們充分展示了我們差異化技術滿足醫生和患者需求的能力，此次會議還讓我們能夠在科學會議和參展商現場及時與許多現有和未來的客戶進行交流，超過 40 場醫生演講和 2 多次非正式提及光可調晶狀體，有力地重申了我們的高級手術中更廣泛的高端 IOL 市場可調晶狀體，有力地重申了我們的高級手術中更廣泛的領域 IOL 市場可調式晶狀體，有力地重申了我們的高級手術中更廣泛的標準內障手術中更廣泛地佔據了我們的技術地位。

While there were many highlights for the LAL and LAL+, we noted a study by Lee et al that retrospectively compared visual outcomes of cataract surgery in over 150 patients implanted with either the LAL or LAL+ or a multifocal IOL at a large academic ophthalmology department. While about 3 times as many LAL and LAL+ patients had a -- have had previous corneal refractive surgery compared to the multifocal group, both binocular distance and near visual acuity without glasses was found to be statistically better with an adjustable lens, with more than twice the number of patients attaining [20/20] distance and J1 reading vision than with the fixed multifocal IOL.

雖然 LAL 和 LAL+ 有很多亮點，但我們注意到 Lee 等人的一項研究，該研究回顧性地比較了大型學術眼科部門 150 多名植入 LAL 或 LAL+ 或多焦點 IOL 的患者的白內障手術視力結果。雖然與多焦點組相比，LAL 和 LAL+ 患者中接受過角膜屈光手術的患者數量大約是多焦點組的 3 倍，但研究發現，無論是不戴眼鏡的雙眼遠距離視力還是近視力，使用可調節晶狀體的患者在統計上都表現得更好，達到 [20/20] 遠距離和 J1 視力兩倍的患者數量是使用視力的患者數量的多兩倍。

When coupled with the growing body of data now being collected and experienced by numerous clinicians, these results and the overall excitement and engagement we observed at the meeting reinforce our conviction that the precision and customization afforded by postoperative adjustability are shaping both the present and future of premium cataract surgery. In closing, although the first quarter presented meaningful challenges that may persist in the near term, our confidence in RxSight's long-term growth trajectory remains unwavering.

結合眾多臨床醫生正在收集和體驗的越來越多的數據，這些結果以及我們在會議上觀察到的整體興奮和參與度增強了我們的信念，即術後可調節性所提供的精確性和定制性正在塑造優質白內障手術的現在和未來。最後，儘管第一季出現了一些重大挑戰，並且這些挑戰可能會在短期內持續存在，但我們對 RxSight 長期成長軌蹟的信心仍然堅定不移。

We believe the premium IOL market is undergoing a structural shift with commoditized fixed IOLs competing in a relatively stagnant market, while our differentiated customized solution drives expanded premium volumes and in turn, greater surgeon focus. As we move through 2025, our team remains highly focused on executing our plan, energized by the opportunity ahead and committed to delivering lasting values for patients, surgeons and shareholders alike.

我們相信高端 IOL 市場正在經歷結構性轉變，商品化的固定 IOL 在相對停滯的市場中競爭，而我們差異化的客製化解決方案推動了高端 IOL 銷量的擴大，進而吸引了更多外科醫生的注意。隨著我們邁入 2025 年，我們的團隊仍然高度專注於執行我們的計劃，為未來的機會注入活力，並致力於為患者、外科醫生和股東提供持久的價值。

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

說完這些，我將請接線生開始回答問題。

(Operator Instructions) Ryan Zimmerman, BTIG.

（操作員指示）Ryan Zimmerman，BTIG。

Hi, Ron and Shelly, this is Izzy on for Ryan. I was hoping to start out discussing the pace and scale of your redoubled commercial efforts. I was curious when we might start to see contributions from these start to pay off.

嗨，Ron 和 Shelly，我是 Izzy，為 Ryan 服務。我希望先討論一下你們加倍努力的商業努力的速度和規模。我很好奇我們什麼時候才能開始看到這些貢獻得到回報。

Yes. I think as we discussed, taking into account the macro environment and the competitive trialings, we expect those to be in the back half of the year that we would start to see impact from those.

是的。我認為，正如我們所討論的，考慮到宏觀環境和競爭試驗，我們預計這些將在今年下半年開始產生影響。

Understood. And as we think about the broader macro environment, I understand that the focus is still on the US, but I was curious how you're thinking about the pacing or the timing with which you want to expand internationally.

明白了。當我們考慮更廣泛的宏觀環境時，我知道重點仍然在美國，但我很好奇您如何考慮國際擴張的步伐或時機。

Yes. I don't think that the macro environment impacts our pacing internationally, which obviously is initially focused on continued regulatory approvals and then initial market experience. We're starting from such a low base that we wouldn't expect to see significant impact from the macro environment, except for -- there may be special cases in certain markets that we'll stay attuned to.

是的。我認為宏觀環境不會影響我們的國際步伐，顯然我們的首要重點是持續的監管批准，然後是初步的市場經驗。我們的起點很低，因此我們預期宏觀環境不會對我們產生重大影響，除非某些市場可能有特殊情況，我們會密切注意。

Young Li, Jefferies.

Young Li，傑富瑞。

I guess, I wanted to ask a little bit about the comments you made on April. It sounded like early April trends were still pretty choppy and rough, but it got better later on. Can you maybe talk a little bit more about what you're seeing sort of in more recent periods?

我想問一下您在四月發表的評論。聽起來四月初的趨勢仍然相當不穩定，但後來有所改善。您能否再多談談您最近看到的情況？

Yes. I don't think I would go too far beyond what we've already commented. I think that, obviously, April was -- there were a lot of things going on at the macro level in April. But overall, those by the end, had roughly stabilized. And that was something that we also saw in our numbers. Do you want to add anything, Shelley? No.

是的。我認為我不會超出我們已經評論的範圍。我認為，顯然，四月宏觀層面發生了很多事情。但整體來說，到最後已經大致穩定下來。我們也從數據中看到了這一點。雪萊，你還有什麼要補充的嗎？不。

Great. That's very helpful. I guess, I wanted to ask a little bit about the guidance. There's a lot of moving parts here with competitive trialing and 2Q dynamics versus second half. Is there any incremental color you can provide just on the quarterly cadence for the rest of the year?

偉大的。這非常有幫助。我想問一下有關指導的一些問題。這裡有許多活動部件，包括競爭性試驗和第二季與下半年的動態。您能否提供有關今年剩餘時間季度節奏的任何補充資訊？

Yes. We don't give quarterly guidance just annual, and we don't break it out by LAL and LDD. But I think what we have said is we would expect the number of LDDs that we sell during the year continue to be higher than 2024. And typically, the second quarter is a very strong quarter for us seasonally.

是的。我們不提供季度指導，只提供年度指導，我們不會按 LAL 和 LDD 進行細分。但我認為我們已經說過，我們預計今年銷售的 LDD 數量將繼續高於 2024 年。通常來說，第二季對我們來說是季節性非常強勁的一個季度。

But with everything going on with macroeconomics, trialing and whatnot, what we are cautioning investors to keep in mind is the environment is so much different than it's been in past years and that we expect the LAL volume mostly to increase in the second half of the year.

但隨著宏觀經濟、試驗等各方面情況的進展，我們提醒投資者要記住，目前的環境與過去幾年相比有很大不同，我們預計 LAL 交易量將在下半年大幅增加。

And that just represents a transition hopefully out of this kind of macroeconomic environment and the uncertainty around it as patients get more certain about how the economics are going to affect them personally.

這代表著一種希望的轉變，即擺脫這種宏觀經濟環境及其周圍的不確定性，因為患者越來越確定經濟將如何影響他們個人。

And that makes a difference as well as the fact that we have to give time for some of the new marketing initiatives we're using to help our customers sell in this kind of environment and also to -- we'll have opportunities, as Ron said, to touch customers, as we do our new software upgrade. It has some really nice features. It gives us an opportunity to come in and train and offer value to our customers, as we do that, and that always has some benefit to us. Would you add anything to that, Ron?

這不僅很重要，而且我們必須留出時間來實施一些新的行銷舉措，以幫助我們的客戶在這種環境下進行銷售，而且正如羅恩所說，隨著我們進行新的軟體升級，我們將有機會接觸客戶。它有一些非常好的功能。這為我們提供了一個機會，讓我們能夠為客戶提供培訓和價值，這樣做總是會為我們帶來一些好處。羅恩，你還有什麼要補充的嗎？

No.

不。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Two quick ones. First, I'd love to dig in a little bit more on the workload challenges that you mentioned. Is -- because I would have thought like the premium IOL side dropping a little bit might have freed up a little bit of consultation time. So like what is it that's eating up the time for the customers so much that you're speaking to? What's kind of blowing out that time that's making things hard at the moment?

兩個簡單的。首先，我想更深入地探討您所提到的工作量挑戰。是——因為我認為優質 IOL 價格稍微下降可能會釋放出一點諮詢時間。那麼，是什麼佔用了您與客戶交談的那麼多時間呢？當時發生了什麼事，導致現在的情況變得困難？

Yes. I just want to clarify, Patrick, you said the workload challenges, right?

是的。我只是想澄清一下，派崔克，你說的是工作量挑戰，對嗎？

Yes.

是的。

Yes. So I think that this is not necessarily something that's brand new. It's something that's been going on for a while, just staffing challenges in practices that we certainly picked up in our survey. And that's going to be a little bit practice to practice dependent, but that was definitely one of the items that was -- that we saw in the responses to our survey. And so, that's really what we were referring to.

是的。所以我認為這不一定是全新的東西。這種情況已經持續了一段時間，只是我們在調查中發現的實踐中存在的人員配備挑戰。這需要一點實踐，但這絕對是我們在調查回覆中看到的項目之一。這就是我們所指的。

Got you. That's handy. And then just as a quick follow-up. For the H2 macro factors getting better, I mean, what was the sort of thought process in embedding that within the guide? I mean, is it more that you can engage with the customers more so you can pull things around that side? Why -- not to sound sort of provocative, but why would we expect that sort of 70-year-old cohort to feel much better about the world in the second half relative to the first?

明白了。這很方便。然後只是進行快速跟進。對於 H2 宏觀因素的改善，我的意思是，將其嵌入指南中是什麼樣的思考過程？我的意思是，您是否可以與客戶進行更多互動，以便可以更好地處理這些事情？為什麼——聽起來並不是有點挑釁，但是為什麼我們會期望這群 70 歲左右的人在下半年對世界的感覺會比上半年好得多？

Well, I don't know that we're necessarily expecting that they're going to feel that much better. But I do feel that there's some normalization that probably has already occurred to some extent. Now remember, cataract surgery is something that patients generally can put off for a little bit of time, but ultimately, they're going to have to do something.

嗯，我不知道我們是否一定期望他們會感覺好很多。但我確實感覺到某種程度上可能已經實現了正常化。現在請記住，白內障手術是患者通常可以推遲一段時間的事情，但最終，他們必須採取一些行動。

And one of the things that we try to emphasize, and we'll continue to do so is that this is an investment that is for that person's rest of their life and that there's not many things other than vision that can have a direct impact on so many aspects of their -- of the quality of life. So we're -- we anticipate that over time, that will become more apparent even if we don't see a wholesale turnaround in the macro environment.

我們試圖強調的一點是，而且我們將繼續強調的是，這是一項為人們餘生所做的投資，除了視力之外，很少有東西能夠直接影響他們的生活品質的許多方面。因此，我們預計，即使宏觀環境沒有全面好轉，隨著時間的推移，這一點也會變得更加明顯。

Steve Lichtman, Oppenheimer.

奧本海默的史蒂夫·利希特曼。

Ron, you mentioned workflow and wanting to support your customers through education and other marketing initiatives. Can you talk a little bit more about sort of what that entails?

羅恩，您提到了工作流程，並希望透過教育和其他行銷舉措為您的客戶提供支援。您能否再詳細談談這意味著什麼？

Yes. So Steve, what we've -- we've learned a lot over the last 4.5 years of commercialization. And to some extent, we've been able to disseminate that knowledge to our customers, but we still see gaps. And we think that we can do an even better job of translating all the pearls that you learn when you develop -- when there's a new technology, a new -- really a new clinical capability that hasn't existed before.

是的。所以史蒂夫，我們在過去 4.5 年的商業化過程中學到了很多。在某種程度上，我們已經能夠將這些知識傳播給我們的客戶，但我們仍然存在差距。我們認為，當出現一項新技術、一項新的——實際上是一種以前不存在的全新臨床能力時，我們可以更好地轉化您在開發過程中學到的所有寶貴經驗。

There are many subtle things that are either clinical pearls or practice pearls that have to be first learned and then disseminated. And we continue to collect those and are now taking the opportunity to more fully compile them in a format that our customers, who may not all have made use of them can -- to be able to be applying those best practices.

有許多微妙的東西要么是臨床珍珠，要么是實踐珍珠，必須先學習，然後傳播。我們將繼續收集這些信息，並藉此機會以一種我們的客戶（可能並非所有客戶都使用過它們）可以採用的格式更全面地彙編它們——以便能夠應用這些最佳實踐。

Got it. That's helpful. And then just as a follow-up, the strong gross margin for the year and understanding the cadence, Shelley, but for the year as well as the balance sheet suggests you got some flexibility on OpEx reinvestment. So any thought about adding more sort of feet on the street or anything else in terms of being even more aggressive, especially in light of sort of the competitive trialing environment?

知道了。這很有幫助。然後作為後續問題，雪萊，今年的強勁毛利率和對節奏的理解，以及今年的資產負債表表明你在營運支出再投資方面有一定的靈活性。那麼，有沒有想過增加更多的街頭人員或其他措施，以變得更加積極主動，特別是在競爭激烈的試驗環境下？

No, I think it's a good question. We have rightsized the OpEx to the size of revenue, right, at the low end. And I think one of the things that we did is we did not drop as much of the gross margin impact to the bottom line, as we did in -- as a percent as we did in our initial guidance when we expected revenue to be higher.

不，我認為這是個好問題。我們已經將營運支出調整到與收入規模相符的低端水平。我認為我們所做的事情之一是，我們沒有像最初預期收入會更高時那樣，將毛利率對底線的影響降低那麼多百分比。

I think that if we can continue to make progress, particularly in the second half, that any kind of additional reinvestment would be in sales and marketing. I think that the R&D line is pretty fixed to where we're expecting right now.

我認為，如果我們能夠繼續取得進展，特別是在下半年，任何形式的額外再投資都將用於銷售和行銷。我認為研發路線已經相當固定，符合我們目前的預期。

But if we could put more into sales and marketing, we saw the benefit from that, we would as well. I wouldn't expect us to put more money than we budgeted into the international side just because in the initial phases of international introduction, it's very focused on key opinion leaders.

但如果我們能夠在銷售和行銷方面投入更多，並且從中看到好處，我們也會這麼做。我不會期望我們在國際方面投入超出預算的資金，因為在國際推廣的初始階段，我們主要關注關鍵意見領袖。

David Saxon, Needham & Company.

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

Good afternoon, Ron and Shelley. Maybe I'll start with you, Shelley, on the P&L. So gross margin, almost 75%, obviously, really strong. Can you quantify the benefit you saw from the volume leverage, as a result from the LAL+ production last year? I guess, do you think some of that benefit might spill into the second quarter? And then just given kind of the back half weighting of the year and the guidance, I guess, why wouldn't you see similar volume leverage for the full year, assuming that cadence plays out?

下午好，榮恩和雪萊。雪萊，也許我應該和你一起開始討論損益表。因此毛利率幾乎達到 75%，顯然非常強勁。您能否量化去年 LAL+ 生產所帶來的產量槓桿效應所帶來的好處？我想，您是否認為其中一些好處可能會延續到第二季​​？然後考慮到今年下半年的權重和指導，我想，假設節奏發揮作用，為什麼你不會看到全年類似的交易量槓桿？

Yes. I think that's a really good question. We'll see some spillover into the second quarter. But I think the most important part of our guidance relative to the first quarter actual results is that we increased production a lot to stock the ASCs in 2024.

是的。我認為這確實是一個好問題。我們將看到第二季度的一些溢出效應。但我認為，相對於第一季的實際結果，我們指導中最重要的部分是，我們大幅增加了產量，以便在 2024 年儲備 ASC。

Had we kept at our initial guidance with a higher revenue number, we probably would have produced to fulfill both orders, as well as increases to new customers in their ASCs at probably a pretty comparable level, but we're also reducing the production this year in 2025, and we started that at the end of the first quarter to recognize, one, we wouldn't sell as much during the year.

如果我們堅持最初的指導方針，保持較高的收入數字，我們可能會生產以滿足兩個訂單，並且新客戶的 ASC 可能會以相當可比的水平增加，但我們今年也會在 2025 年減少產量，我們在第一季度末就開始認識到，第一，我們全年的銷量不會那麼多。

And also, we went into the year, right, because you've got to have inventory with a little bit -- with an inventory consistent with our original guidance. So we cut back to that as well. But I think that, that will primarily be [effective] in the third and fourth quarters, where you see the lower gross margins to come between the 71% and 73%.

而且，我們進入了新的一年，因為你必須有一點庫存 - 庫存與我們最初的指導一致。所以我們也削減了這一點。但我認為這主要會在第三季和第四季發揮作用，毛利率將在 71% 和 73% 之間下降。

Okay. That's helpful. Thanks for that Shelley. And then on international, congrats on South Korea. It looks like UK is in the near term. So can you quantify the premium IOL volumes in those markets? I think the US is around [1 million]. Would love to hear what the combined South Korea, UK, and you can throw Europe in there. And then I guess, how are you thinking about tariffs, as you prepare to launch in those regions?

好的。這很有幫助。謝謝你，雪萊。在國際方面，祝賀韓國。看起來英國即將實現這一目標。那麼，您能能量化這些市場的優質 IOL 數量嗎？我認為美國就在附近[100萬]很想聽聽韓國、英國和歐洲的綜合情況。那麼我想問一下，當您準備在這些地區推出產品時，您是如何考慮關稅的？

Yes. I don't have those numbers off the top of my head, but Oliver could certainly pull those. I would say typically in the OUS market that premium volume as a percent of total cataract surgery is closer to 10%, but higher in these specific countries. But that would be a follow-up we need to do. I'd need to pull some reports to get that to you.

是的。我還沒想清楚這些數字，但奧利佛肯定能做到。我想說，通常在美國市場，保費佔白內障手術總額的百分比接近 10%，但在這些特定國家更高。但那是我們需要做的後續工作。我需要提取一些報告才能將其發送給您。

But the reason we think about these regions are really about their potential as much as anything else. Among the 20 countries or so that we think have potential value, a number of good countries in Asia. Korea is certainly one of them as well and Japan, China ultimately and a few smaller countries within the EU, predominantly in Germany, which is very strong for premium, it would be Spain, Italy -- Spain, Italy, France and then, of course, UK that are the most penetrated and where we'll start our penetration.

但我們考慮這些地區的原因其實主要是因為它們的潛力。我們認為有潛在價值的20多個國家中，有很多是亞洲的好國家。韓國當然也是其中之一，然後是日本、中國，以及歐盟內的一些較小的國家，主要是德國，德國在高端市場非常強大，西班牙、義大利——西班牙、義大利、法國，當然還有英國，這些國家的滲透率最高，我們將從這些國家開始滲透。

And I think that one of the things Ron always says to me, and I'll let him talk about that, particularly when he's in Asia, the ASCs and doctors' offices are just superb, and they're very, very focused on quality. And I think that's very important because that's what we offer to customers. Would you add anything about that, Ron, at all?

我認為 Ron 經常跟我講的一件事，我會讓他談論這個，特別是當他在亞洲時，ASC 和醫生辦公室非常棒，他們非常非常注重品質。我認為這非常重要，因為這就是我們為客戶提供的服務。羅恩，你對此還有什麼補充嗎？

Yes. I think that, again, ophthalmology is an international field. It's very similar across the developed world in Asia and Europe. Specifically, South Korea is a little bit smaller market than overall in cataracts than Canada, but has been -- there have been some ups and downs in the market due to changes in some of the reimbursement rules in the last several years. But overall, it's a very strong private pay market in a number of fields.

是的。我認為眼科是一個國際領域。亞洲和歐洲的已開發國家的情況非常相似。具體來說，韓國的白內障市場總體比加拿大略小，但由於過去幾年一些報銷規則的變化，市場出現了一些起伏。但整體而言，在許多領域，私人支付市場都非常強勁。

And we think that there's -- that there'll be a lot of interest in the LAL there. Similarly, Europe is a large market overall. Total cataract market is somewhat larger than the US, but the premium market has been smaller, as Shelley mentioned. And there'll be -- and we'll take a targeted approach there.

我們認為那裡的 LAL 會引起很多人的興趣。同樣，歐洲整體來說是一個巨大的市場。正如雪萊所提到的，整個白內障市場比美國略大，但高端市場規模較小。我們將採取有針對性的方法。

Okay. Great. And then just on the tariff part of the question, will the LAL and LDD be exempt? Or is there some impact there?

好的。偉大的。然後就問題的關稅部分而言，LAL 和 LDD 會被豁免嗎？或者說那裡有影響嗎？

Yes. We did have our tax accountants look at Canada because we're currently selling into Canada. Like very often, pharmaceuticals and medical devices are exempt. Now of course, with the administration coming in and saying that pharmaceuticals coming in from China are going to be subject to taxes coming into the US. I don't know about other countries yet.

是的。我們確實讓我們的稅務會計師關注加拿大，因為我們目前正在向加拿大銷售產品。與往常一樣，藥品和醫療器材不受此限制。當然，現在美國政府出面表示，從中國進口的藥品進入美國後需要課稅。我還不知道其他國家的情況。

And of course, it is a back and forth number, whether any country would have a retaliatory tariff on med device and pharma. But where we're going so far, it's -- these -- our products have been exempt from tariffs.

當然，這是一個反覆的數字，是否有國家會對醫療設備和製藥業徵收報復性關稅。但到目前為止，我們的產品都免關稅。

And of course, on the other side of the tariff equation, we produce everything in the US and most of our suppliers are also in the US.

當然，在關稅等式的另一邊，我們所有的產品都在美國生產，我們的大多數供應商也在美國。

Adam Maeder, Piper Sandler.

亞當梅德、派珀桑德勒。

Two for me. Just one quick one on international. And just wondering if there's any update, Ron or Shelley, in terms of the commercial strategy for those geographies? Will you be going direct or partnering with the distributor? And then I had a follow-up.

對我來說是兩個。關於國際，我只想簡單說一句。我只是想知道 Ron 或 Shelley，關於這些地區的商業策略是否有任何最新消息？您是直接銷售還是與經銷商合作？然後我進行了後續跟進。

So that will be -- that's a market-by-market decision. Some markets, including South Korea, require a distributor. And so, we do have one. The other markets, where there's not, we'll make the decision whether we'll be direct or not. Currently, we use a distributor in Canada.

所以這將是一個根據市場情況而定的決定。包括韓國在內的一些市場需要分銷商。所以，我們確實有一個。對於其他沒有直接業務的市場，我們將決定是否採取直接業務。目前，我們使用加拿大的經銷商。

Okay. That's helpful, Ron. I appreciate the color. And then for the follow-up, I'm admittedly newer to the story, but I just wanted to level set on the freestanding LDD treatment center initiative that you guys have. When did the initiative start? How far along are you in terms of number of sites or customers that use the option, volumes that come from those freestanding sites? And just how you think about some of those metrics trending going forward?

好的。這很有幫助，羅恩。我很欣賞這個顏色。至於後續情況，我承認我對這個故事還不太熟悉，但我只是想對你們的獨立 LDD 治療中心計劃進行概述。這項倡議何時開始？就使用該選項的網站或客戶數量以及這些獨立網站的數量而言，您目前進展如何？您如何看待這些指標未來的發展趨勢？

Sure. So actually, the idea of treatment centers for offering LDD services, again, these are third parties. That idea has been around for several years. And there are -- there have been a few successful ones, more individually based in certain regions.

當然。因此實際上，治療中心提供 LDD 服務的想法同樣來自第三方。這個想法已經存在好幾年了。並且已經有一些成功的案例，它們大多基於特定地區。

I would say it's caught more -- as our market awareness has grown about the light adjustable lens, then certainly, there's been more interest amongst surgeons on figuring out how they can get access if they wanted to not necessarily purchase an LDD or offer the light treatment centers in their own clinics.

我想說的是，隨著市場對可調光晶狀體的認識不斷提高，外科醫生對如何獲得該晶狀體的興趣也越來越濃厚，如果他們不一定想購買 LDD 或在自己的診所提供光治療中心的話。

And there can be various reasons for that. And certainly, we saw in -- we've seen in other areas of ophthalmology, specifically LASIK, where center models have been successfully implemented. So currently, there are several efforts out there, and we're -- we're certainly working with them and see them as good partners. But there -- it's still early in the rollout. But we do see there's some natural advantages for certain customers, and we see this as a promising area.

造成這種情況的原因可能有很多。當然，我們看到——我們已經看到在眼科的其他領域，特別是 LASIK，中心模型已經成功實施。因此，目前已經有幾項努力正在進行，我們當然正在與他們合作，並將他們視為良好的合作夥伴。但目前這項技術仍處於早期階段。但我們確實看到某些客戶具有一些天然優勢，並且我們認為這是一個很有前景的領域。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Two for me. First, Shelley, I just want to make sure I heard you right. I think you said second quarter will be below the low end of the range. Does that mean we're looking at something less than $38 million in sales in 2Q?

對我來說是兩個。首先，雪萊，我只是想確保我聽清楚了你的意思。我認為您說的是第二季將低於該範圍的低端。這是否意味著我們預計第二季的銷售額將低於 3,800 萬美元？

Oh, I didn't get that specific at all. I didn't give guidance on the second quarter. What I did say is that as we go through the year, I would expect second quarter to not be the type of quarter we've typically seen with a big uptick and that most of the growth on the LAL side will happen in the second half. What Ron did say is that we saw encouraging signs as we exited April in terms of volume getting better.

哦，我根本沒聽清楚。我沒有給出第二季度的指導。我確實說過，隨著我們度過這一年，我預計第二季度不會是我們通常看到的那種大幅上漲的季度，而且 LAL 方面的大部分增長將發生在下半年。羅恩確實說過，四月結束時，我們看到了令人鼓舞的跡象，交易量正在好轉。

And so, I'm just being cautionary on the second quarter, just given the macroeconomics and some market turmoil and giving us time for consumers to not necessarily -- they haven't been harmed, but people tend to stand still until they know how something is going to affect them. So we think more of that will happen in the second half and also that trialing will start to abate in the third quarter.

因此，我對第二季度持謹慎態度，因為考慮到宏觀經濟和一些市場動盪，我們有足夠的時間讓消費者不必擔心——他們沒有受到傷害，但人們往往會按兵不動，直到他們知道某些事情會如何影響他們。因此，我們認為下半年將會出現更多這樣的情況，而且試驗將在第三季開始減弱。

Great. I appreciate the clarification. And maybe just to continue on that thought, what makes you think that trialing will abate in third quarter and sales will -- and the macro will pick up? Just simply, you have Bausch + Lomb, who's reentering the market after a pause. I imagine they'll sample for a while. Alcon is launching. Why wouldn't it continue for a long time? And given the lower guidance, do you think it's prudent to assume a stoppage in third quarter?

偉大的。我很感謝你的澄清。也許只是繼續這個想法，是什麼讓您認為試用將在第三季度減少，而銷售額將 - 並且宏觀經濟將回升？簡單來說，博士倫 (Bausch + Lomb) 在暫停一段時間後重新進入市場。我想他們會嘗試一段時間。愛爾康正在推出。為什麼它不能持續很長時間？鑑於較低的預期，您是否認為第三季停產是明智之舉？

So Ron, why don't you start and then I think I said to abate, but not absolute stoppage.

那麼羅恩，你為什麼不開始呢？然後我想我說的是減弱，但不是完全停止。

Yes. I mean I think we're in a -- we've sort of exited an era when there was a single player that dominated the market. We now have multiple players with -- in terms of fixed IOLs, particularly multifocal IOLs that have very similar offerings. And we anticipate that, that will return to what used to be the case, where there was more competitive back and forth.

是的。我的意思是，我認為我們已經脫離了單一企業主導市場的時代。就固定 IOL 而言，我們目前擁有多家廠商，特別是多焦點 IOL，它們提供的產品非常相似。我們預計，情況將恢復到以前那樣，競爭更加激烈。

But recall that 3/4 of our volume for LALs comes from non-multifocal IOL patients, patients who would have otherwise gotten a monofocal or a toric lens. And so, we would -- again, we're not ignoring that there will continue to be competition and that there is going to continue to be a more complicated macro environment. But we think that it won't be quite as dramatic as what we saw over the last six to nine months when we had that pretty dramatic change in what had been existing in the premium space.

但請記住，我們 3/4 的 LAL 手術量來自非多焦點 IOL 患者，這些患者本來會接受單焦點或散光水晶體手術。因此，我們不會忽視競爭將會繼續存在，宏觀環境也會繼續變得更加複雜。但我們認為，它不會像過去六到九個月所看到的那樣劇烈，當時高端領域發生了相當大的變化。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

I think, Ron and Shelley, I think what a lot of people are trying to understand is how derisked the updated guidance is. So for my question, you did 28% growth in Q1. You talked about on your Q4 call was in late February. So March, it seems like it really deteriorated. And you said April actually worsened before it stabilized.

我認為，羅恩和雪萊，很多人都想了解的是更新後的指南的風險有多低。所以對於我的問題，你們在第一季實現了 28% 的成長。您在二月底的第四季電話會議上談到了這一點。所以三月的情況似乎真的惡化了。您說四月份的情況實際上在穩定下來之前就惡化了。

So are you willing to give us any color on how March and April were relative to, call it, the guidance range or the midpoint of the Q2 to Q4 guidance, which is 17% or so implied. Any color on where March and April were relative to the updated guidance range? And I had one follow-up.

那麼，您是否願意告訴我們 3 月和 4 月的業績相對於指導範圍或第二季度至第四季度指導的中點（隱含 17% 左右）的情況如何。相對於更新後的指導範圍，三月和四月的情況如何？我還有一個後續行動。

Yes. So I'll start with March and then make commentary that you made about April. In March, what we saw is that typically March approaches or is at 45% of the total volume for the first quarter. And you see that uptick in March, as you lead into the seasonally strong second quarter. We didn't see that in March.

是的。因此，我將從三月開始，然後對您關於四月的評論進行評論。3 月份，我們看到的情況是，3 月份的交易量通常接近或達到第一季總量的 45%。隨著進入季節性強勁的第二季度，您會看到三月的上漲趨勢。我們在三月沒有看到這種情況。

It wasn't any worse than January or February. It was certainly up a bit. And that -- but it was more a third, a third, a third. And that was kind of one of the things that was unexpected in the first quarter as well. Of course, a lot more turmoil economically and macroeconomically in the -- in that March time period.

這並不比一月或二月更糟。它確實上漲了一點。而且 — — 但它更像是三分之一、三分之一、三分之一。這也是第一季出乎意料的事情之一。當然，在三月期間，經濟和宏觀經濟的動盪更加嚴重。

I didn't say that April was worse. What we said is April, and maybe I misspoke, but we saw recovery in the second part of April towards the end of April. So it was better than March, right? But we saw that more in the second half of April rather than in the entire quarter, right? So I think that, that was positive as well.

我並沒有說四月的情況更糟。我們說的是四月，也許我說錯了，但我們在四月下半月到四月底看到了復甦。所以比三月好多了，對吧？但我們在 4 月下半月看到的更多是這種情況，而不是整個季度，對嗎？所以我認為那也是正面的。

In terms of our overall guidance, if I think about the low end of the guidance, and I'm just going to provide two bookmarks, the low end of guidance, even though we're expecting more LDD sales, which I think is very positive, the way I thought about the low end of guidance when we gave it is that we would sell more LDDs but the same-store sales would remain relatively stagnant to the first quarter, which we haven't seen that so far. So that's good news.

就我們的整體指導而言，如果我考慮指導的低端，我只會提供兩個書籤，指導的低端，即使我們預計 LDD 銷售額會更高，我認為這是非常積極的，當我們給出指導的低端時，我的想法是，我們會銷售更多的 LDD，但同店銷售額將與第一季保持相對停滯，到目前為止我們還沒有看到這種情況。這是個好消息。

And that most of the LAL increase in volume would come from newer customers, people, who installed in the second half of '24 and installs in 2025. So that's kind of that end of the bookmark. As we go through to the high end of the guidance, what we hope to see is two things.

LAL 的大部分新增容量將來自新客戶，即 2024 年下半年安裝併計劃在 2025 年安裝的客戶。這就是書籤的結尾。當我們達到指導的高端時，我們希望看到兩件事。

One is that consumers get used to the turmoil or maybe it even ends, and therefore, they have more confidence in upgrading to a premium IOL rather than staying with the monofocal or even a toric. And so, that is certainly a part of it, as well as the fact that the competitive pricing on the premiums in terms of trialing can't go on forever, right?

一是消費者已經習慣了這種混亂，甚至可能這種混亂已經結束，因此，他們更有信心升級到高端 IOL，而不是繼續使用單焦點甚至是散光 IOL。所以，這當然是其中的一部分，而且試用方面的保費競爭性定價不可能永遠持續下去，對嗎？

So that is one of our premises as well and that we continue to see that in part because at some point in time, doctors will realize that, as Ron said, the multifocal IOLs are not all that different from each other. And the reason is they go less and less multifocality, as they introduce new products. And that goes down in glare and halo, but they're all moving in the same direction as well.

所以這也是我們的前提之一，我們之所以繼續看到這一點，部分原因是在某個時間點，醫生會意識到，正如羅恩所說，多焦點 IOL 彼此之間並沒有太大的不同。原因是，隨著他們推出新產品，他們的多焦點性越來越弱。雖然眩光和光暈會減弱，但它們都朝著同一個方向移動。

Would you add anything to that on trialing, Ron?

羅恩，在審判時你還有什麼要補充的嗎？

No. Again, I think this is something that we've seen over the years in the field, and there is this waning that typically is in about a six-month time frame. So that's within the time frame that we've discussed.

不。再說一次，我認為這是我們多年來在該領域看到的情況，而這種減弱通常會在大約六個月的時間內發生。所以這在我們討論的時間範圍內。

Craig Bijou, Bank of America.

美國銀行的克雷格‧比喬 (Craig Bijou)。

Just one from me. And I appreciate the comments on the LDDs and you still expect LDD growth or LDD placements to be above [24%] in '25. But I wanted to get a sense for have you heard or have you had discussions with some of the practices that are in your funnel thinking about purchasing an LDD? And if they have any concerns on a softer premium IOL market and whether that could have some impact on the timing or maybe the deferral of purchasing an LDD until they see that pick up?

我只有一個。我很欣賞您對 LDD 的評論，您仍然預計 25 年 LDD 成長或 LDD 安置將高於 [24%]。但我想了解一下，您是否聽說過或與一些正在考慮購買 LDD 的實踐者進行過討論？他們是否擔心高端 IOL 市場疲軟，這是否會影響購買 LDD 的時間安排，或者是否會推遲購買 LDD 直到看到市場回升？

Well, I guess the way I would answer that would be that while that's certainly a possible reaction, it's -- given that a large fraction of the LAL patients come from non-premium, if you wanted to grow your premium, not adopting the LAL would be the opposite of what you would want to do. So we think there's a strong rationale to actually adopt the technology now and take the opportunity of perhaps a softer market to incorporate that into your practice.

嗯，我想我會這樣回答：雖然這當然是一種可能的反應，但是——考慮到很大一部分 LAL 患者來自非保費人群，如果您想增加保費，那麼不採用 LAL 就與您想要做的背道而馳。因此，我們認為現在真正採用這項技術並藉力疲軟的市場將其融入實踐中有著充分的理由。

Tom Stephan, Stifel.

湯姆‧史蒂芬 (Tom Stephan)，Stifel。

I'll start with a big picture question. I know there's obviously a lot of macro and competitive factors, but the main kind of investor concern we hear right now is if the US could be, I guess, nearing or approaching some sort of saturation point. Ron or Shelley, your reaction to that or thoughts to that, maybe notably given, Shelley, I think you've said the class of 2024's adoption curve has been a little slower than prior classes. Maybe if you can talk about that.

我將從一個宏觀問題開始。我知道顯然有很多宏觀和競爭因素，但我們現在聽到的投資者主要擔心的是，美國是否可能接近或即將達到某種飽和點。羅恩或雪萊，您對此的反應或想法，也許值得注意的是，雪萊，我認為您說過 2024 屆的採用曲線比之前的屆要慢一些。也許你可以談論這個。

So I just want to make sure I understand the question, Tom. You're talking about reaching a ceiling for LAL?

所以我只是想確保我理解了這個問題，湯姆。您說的是 LAL 達到了上限嗎？

Correct. LAL either on a per surgeon basis or adoption kind of within the context of the 10,000 cataract surgeons in the U.S. either/or kind of just big picture.

正確的。LAL 要麼按每位外科醫生計算，要麼在美國 10,000 名白內障外科醫生的範圍內採用，要麼只是一種宏觀視角。

Yes. Again, I just don't have -- I don't see a good argument for that based on the overall penetration of the technology. We're currently sitting at maybe somewhere between 10% and 12% where there are many, many surgeons, I would say, even most who are just getting familiar with the LAL and the potential. So while I understand the concern, I think that, that's still something that is going to be in the later years. I think there are better ways that we can certainly address the market, and we've talked about some of them.

是的。再說一次，我只是沒有——根據該技術的整體滲透率，我沒有看到對此有很好的論點。我們目前的比例大概在 10% 到 12% 之間，我想說，其中有很多外科醫生，甚至大多數人才剛剛熟悉 LAL 及其潛力。因此，儘管我理解這種擔憂，但我認為這仍將是未來幾年才會出現的問題。我認為我們有更好的方法來解決市場問題，我們已經討論過其中的一些方法。

Some of those doctors are going to be better addressed through an open access model, and some of them will be traditional -- more traditional methods. But this is the best -- premium IOLs are the best way for practices to resist the continued negative onslaught of reimbursement cuts that they're seeing in all other aspects of their practice. And the LAL has been the primary mechanism for growing premium overall. So I still see that in play for a long time to come.

其中一些醫生將透過開放取用模式得到更好的治療，而另一些醫生將採用傳統——更傳統的方法。但這是最好的——優質的 IOL 是診所抵禦他們在診所的所有其他方面所看到的報銷削減的持續負面影響的最佳方式。LAL 一直是整體保費成長的主要機制。因此我仍然認為這現像在未來很長一段時間內都會存在。

That's helpful. Thanks, Ron. Appreciate that. And then pivoting to the pipeline. I know you keep it pretty close to the vest, but I just want to ask what your view is on both a multifocal LAL and an accommodative LAL. I guess my question is, are these feasible technologies to begin with when considering, I guess, the BEs adjustability technology with LAL?

這很有幫助。謝謝，羅恩。非常感謝。然後轉向管道。我知道您對此守口如瓶，但我只是想問一下您對多焦點 LAL 和調節性 LAL 的看法。我的問題是，當考慮 BE 與 LAL 的可調式技術時，這些技術是否可行？

I mean, again, I think that adjustability affords benefits for all types of IOLs. And my view, and I think I've said this before, is that I think that the precision and customization that adjustability enables is something that will become a -- if not a requirement, a very strong preference for any time there's in the premium space, where patients have the ability to upgrade for technology.

我的意思是，我再次認為可調節性可以為所有類型的 IOL 帶來好處。我的觀點是，我想我以前就說過，可調節性所帶來的精確度和定制化將成為一種——如果不是一項要求的話，那麼在高端領域，患者有能力升級技術，這是一種非常強烈的偏好。

So in that context, and as we've already kind of done with LAL+ and some of our expansions into the different power ranges, we're developing a family of lenses. And where that takes us is going to be guided by surgeon input and financial opportunity. Certainly, multifocals have a strong place in the market and accommodating IOLs have a strong interest in the market.

因此，在這種背景下，正如我們已經對 LAL+ 以及對不同功率範圍的一些擴展所做的那樣，我們正在開發一系列鏡頭。而這將帶給我們什麼，將取決於外科醫生的意見和財務機會。當然，多焦點鏡片在市場上佔有重要地位，而調節型人工水晶體在市場上也頗具吸引力。

And I think we've seen other efforts of -- towards accommodating IOLs recognize that in order to have a practical accommodating IOL, you likely need to have an adjustable IOL first. So I would -- we have a long runway of product pipeline activity for this technology. I'm certainly beyond my career. And I think that all the things that you mentioned are certainly possible.

我認為我們已經看到了其他方面的努力——朝著調節型 IOL 的方向發展，認識到為了擁有實用的調節型 IOL，您可能首先需要擁有可調節的 IOL。所以我想——我們為這項技術制定了長期的產品線活動。我肯定已經超越了我的職業生涯。我認為您提到的所有事情都是可能的。

Angela Kumirai, UBS Group.

瑞銀集團的 Angela Kumirai。

I'm on for Danielle. So mine is just a follow-up on Larry's question. You said historically March represents about 45% of the quarter's revenue, and that is usually a good proxy of the ramp to 2Q, but that is not something that you saw this quarter.

我支持丹妮爾。所以我的問題只是對拉里的問題的後續回答。您說過，從歷史上看，三月的收入約佔該季度收入的 45%，這通常可以很好地代表第二季度的收入成長，但本季的情況並非如此。

So I was just wondering, appreciating your comment on signs of improving stability in April, what level of visibility do you have into customer case schedules? Just want to get a sense of your confidence in being able to reach your renewed guidance. And then I have one follow-up.

所以我只是想知道，感謝您對四月份穩定性改善跡象的評論，您對客戶案例時間表的了解程度如何？只是想了解一下您對獲得新的指導的信心。然後我還有一個後續問題。

So I just want to restate your question, Angela. So you're asking how do we have visibility into April numbers? Is that what your question is?

所以我只想重申你的問題，安琪拉。所以您問我們如何了解四月的數據？這就是你的問題嗎？

Yes. 2Q numbers.

是的。第二季數據。

Okay. So obviously, because we consign inventory, it's reported to us when the implant is made into the patient. So we see those usually within a few days of implant, as they get reported to us. We don't have visibility into a particular doctor's schedule. So we don't know what they have planned for the balance of the quarter, but we try and use some historical data, but we have stopped using it given our unique circumstances as well.

好的。顯然，因為我們寄售庫存，所以當植入物進入患者體內時，我們會收到報告。因此，我們通常會在植入後的幾天內看到這些情況，因為它們會向我們報告。我們無法了解特定醫生的日程安排。因此，我們不知道他們對本季餘額有何計劃，但我們會嘗試使用一些歷史數據，但考慮到我們的獨特情況，我們已經停止使用它了。

And as we said, the low end of guidance assumes virtually no recovery in same-store sales. The higher end of the guidance obviously does so. And the only warning we have about second quarter is while we saw improvement in April, we would expect most of the growth to get beyond the low end of the guidance would happen in the second half. Did I answer your question?

正如我們所說，該指引的低端假設同店銷售額幾乎沒有復甦。指導意見的高端顯然是這樣做的。我們對第二季唯一的警告是，雖然我們看到 4 月有所改善，但我們預計大部分超出預期低端的成長將發生在下半年。我回答你的問題了嗎？

Oh, yes. That is helpful. And then my second follow-up is just also a follow-up on Pat's question on workload challenges. What types of practices are making these comments? And what are you doing to release capacity there?

哦是的。這很有幫助。我的第二個後續問題也是對帕特關於工作量挑戰的問題的後續問題。哪些類型的實踐正在做出這些評論？您正在採取什麼措施來釋放那裡的產能？

Because our checks have sometimes showed doctors looking at the postoperative adjustment as a barrier to do more LALs. So any color on the practice profile for those making workload challenge comments would be helpful for us.

因為我們的檢查有時會發現醫生將術後調整視為進行更多 LAL 的障礙。因此，對於那些提出工作量挑戰評論的人來說，實踐概況中的任何顏色都會對我們有幫助。

So I think that this is not a new observation that we've seen since we've introduced the technology. There have been kind of standard responses as people become first familiar and then start to consider adopting. Typically, the initial resistance is around piece of capital equipment and then a change in practice pattern that the technology involves. But these are not new.

所以我認為這並不是我們引入這項技術以來所看到的新現象。隨著人們逐漸熟悉並開始考慮採用，已經出現了一些標準的反應。通常，最初的阻力與資本設備有關，然後是技術所涉及的實踐模式的改變。但這些都不是新鮮事。

And so, we've developed over the last several years, good -- not only good explanations for how practices have adopted the technology successfully, but we have many, many examples of that, that we can refer new and potential practices to be able to see the benefits of making that commitment to this technology.

因此，在過去的幾年裡，我們不僅有關於實踐如何成功採用該技術的良好解釋，而且我們還有很多這樣的例子，我們可以參考新的潛在實踐，以便能夠看到對這項技術做出承諾的好處。

And I would say it's not significantly different than every other new paradigm that comes -- has come into ophthalmology, which there's a -- these same objections are raised and then overcome.

我想說的是，它與眼科領域出現的其他新範式並沒有顯著的不同，同樣的反對意見被提出，然後被克服。

Seeing no further questions at this time, I will turn the call back over to Ron Kurtz, CEO, for closing remarks.

目前沒有其他問題，我將把電話轉回給執行長 Ron Kurtz 作最後發言。

Well, thank you all for your time and attention today. We appreciate your interest in RxSight, and we're looking forward to updating you on our progress in future quarters. Goodbye.

好吧，感謝大家今天的時間和關注。感謝您對 RxSight 的關注，我們期待在未來幾季向您通報我們的進展。再見。

Thank you.

謝謝。

This concludes today's conference call. Thank you all for joining, and you may now disconnect.

今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。