RxSight, Inc. (RXST) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the RxSight second quarter 2026 earnings conference call. (Operator Instructions)

感謝各位耐心等候，歡迎參加 RxSight 2026 年第二季財報電話會議。（接線員指示）

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

現在我想把會議交給投資人關係副總裁 Oliver Moravcevic。請開始。

Thank you, operator. With me on the call today are RxSight President and Chief Executive Officer, Aziz Mottiwala, and Chief Financial Officer, Mark Wilterding. Earlier today, RxSight released financial results for the three months ended June 30, 2026. A copy of the press release is available on the company’s website.

謝謝，接線員。今天與我一同參與電話會議的有 RxSight 總裁暨執行長 Aziz Mottiwala，以及財務長 Mark Wilterding。稍早，RxSight 已公布截至 2026 年 6 月 30 日止三個月的財務結果。新聞稿副本可於公司網站取得。

Before we begin, I would like to remind you that comments and responses to questions during today’s call reflect management’s views as of today and will include forward-looking and opinion statements, including predictions, estimates, plans, and expectations. 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 Security and Exchange Commission or SEC. Our SEC filings can be found on our website or the SEC’s website.

在開始之前，我想提醒各位，今天電話會議中對問題的評論與回應，反映的是管理層截至今日的觀點，並將包含前瞻性與意見性陳述，包括預測、估計、計畫與預期。由於某些風險與不確定性，實際結果可能與明示或暗示者有重大差異。這些風險與不確定性在我們今日發布的新聞稿以及向美國證券交易委員會（SEC）提交的文件中有更完整的說明。我們的 SEC 申報文件可於公司網站或 SEC 網站查閱。

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. 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.

提醒投資人勿過度依賴前瞻性陳述；除法律要求外，我們不承擔更新或修訂此等前瞻性陳述的義務。我們也將討論若干非 GAAP 財務衡量指標。關於非 GAAP 財務衡量指標的揭露（包括與最可比 GAAP 指標的調節表）可於新聞稿中查閱。另請注意，本次電話會議將於我們的投資人關係網站提供音訊重播。

With that, I will turn the call over to Aziz.

接下來，我把電話交給 Aziz。

Thank you, Oliver, and thank you and good afternoon, everyone. I’m delighted to be at RxSight and to be speaking with you today. I’ve spent most of my career in eye care, an area of healthcare that represents a significant opportunity to make life-changing differences in the quality of patients’ lives. Joining a company dedicated to improving people’s visions is a tremendous privilege, and in a large part is what attracted me to RxSight.

謝謝你，Oliver，也謝謝各位，大家午安。我很高興加入 RxSight，並在今天與各位交流。我職涯大多在眼科照護領域，這是醫療保健中一個能為病患生活品質帶來重大、改變人生差異的領域。加入一家致力於改善人們視力的公司是一項莫大的榮幸，而這也是吸引我加入 RxSight 的重要原因之一。

Most recently, as chief commercial officer of Tarsus Pharmaceuticals, I helped build and lead the commercial strategy for one of the most important category-creating products in eye care. That experience reinforced the importance of differentiated innovation, disciplined execution, and strong customer engagement. I look forward to leveraging those experiences as we work to strengthen execution and create value for physicians, patients, employees, and shareholders.

最近，我擔任 Tarsus Pharmaceuticals 的商務長，協助建立並領導眼科照護領域中最重要、開創新類別產品之一的商業策略。那段經驗再次強化了差異化創新、紀律化執行與強大客戶互動的重要性。我期待運用這些經驗，與大家一起強化執行力，並為醫師、病患、員工與股東創造價值。

I’d like to thank the Board of Directors for placing its confidence in me, and I also want to acknowledge the entire RxSight team. Over the past two weeks, everyone has been incredibly welcoming, and I’ve been impressed by the spirit of innovation, level of commitment, and problem-solving mindset across the organization. That doesn’t surprise me given what this team has accomplished, but it’s reinforced my excitement about the opportunity ahead.

我要感謝董事會對我的信任，也要向整個 RxSight 團隊致意。過去兩週，大家都非常熱情歡迎我，我也對整個組織展現出的創新精神、投入程度與解決問題的思維印象深刻。考量到這個團隊已經完成的成就，這並不令人意外，但也更加強化了我對未來機會的期待。

I also want to take a moment to recognize Ron Kurtz for his leadership in helping to build RxSight and establish the only commercially available adjustable IOL platform in the world. I’m pleased that Ron will continue to contribute his clinical expertise, product knowledge, and physician relationships as chief medical officer, and I look forward to working closely with him as we advance the platform.

我也想花點時間肯定 Ron Kurtz 的領導力，他協助打造 RxSight，並建立全球唯一已商業化的可調式 IOL 平台。我很高興 Ron 將以首席醫療長身分持續貢獻其臨床專業、產品知識與醫師關係；我也期待與他密切合作，推進這個平台的發展。

The RxSight team has developed a highly differentiated technology and pioneered an entirely new category in cataract surgery. The ability to adjust and personalize a patient’s vision post-surgery is truly unique and addresses one of the most important goals in cataract treatment, helping patients achieve the visual outcomes they desire.

RxSight 團隊開發出高度差異化的技術，並在白內障手術領域開創了全新的類別。能在術後調整並個人化病患視力確實獨一無二，也回應了白內障治療中最重要的目標之一：協助病患達成他們期望的視覺結果。

Along the way, the company has developed a robust base of dedicated physicians and practices that strongly believe in our technology and have experienced firsthand the benefit it provides to the patients.

在此過程中，公司也建立了穩健的忠誠醫師與診所基礎，他們深信我們的技術，並親身見證其為病患帶來的效益。

Having only been with RxSight for a short period of time, I want to offer some initial thoughts and observations. Over the last few weeks, I’ve spent considerable time listening, learning, and meeting with leaders across the organization, as well as key customers in the ophthalmic community. Before I can drive change, I need to develop a thorough understanding of the business, identify the underlying challenges, and determine where we can have the greatest impact.

由於我加入 RxSight 的時間尚短，我想提出一些初步想法與觀察。過去幾週，我花了相當多時間傾聽、學習，並與組織內各部門領導者以及眼科社群中的關鍵客戶會面。在我推動改變之前，我需要對業務建立全面理解，找出根本挑戰，並判斷我們能在哪些方面產生最大影響。

With that said, my initial conversations have reinforced that the value of adjustability remains compelling and that physicians recognize the technology’s differentiation and its ability to deliver more precise and personalized vision for their patients.

話雖如此，我的初步對話再次確認，「可調性」的價值仍然非常具吸引力，且醫師也認可該技術的差異化，以及其為病患提供更精準、更個人化視力的能力。

I’ve also learned that most surgeons prefer LAL for their most important patients, including members of their own family. For example, at a recent dinner here in Orange County, an ophthalmologist shared that she had chosen LAL for both her brother and her sister. I also recently spoke to another ophthalmologist in Florida who implanted LAL in both of his parents.

我也了解到，多數外科醫師會把 LAL 用於他們最重要的病患，包括自己的家人。舉例來說，在橘郡這裡最近的一場晚宴上，一位眼科醫師分享她為自己的弟弟與妹妹都選擇了 LAL。我最近也與佛羅里達州另一位眼科醫師交談，他為自己的父母雙方都植入了 LAL。

To me, those decisions reflect the high level of confidence physicians across the ophthalmic community have in our technology. This level of physician confidence is supported by an extensive body of clinical and real-world evidence demonstrating the precision, consistency, and versatility of our technology.

在我看來，這些決定反映出眼科社群的醫師對我們技術具有高度信心。這樣的醫師信心也有大量臨床與真實世界證據支持，顯示我們技術的精準性、一致性與多樣適用性。

One recent example is a phase IV registry published in the Journal of Cataract & Refractive Surgery. The study involved more than 1,100 patients across 126 sites and reported strong refractive and visual outcomes in patients with and without prior corneal refractive surgery. The breadth and consistency of findings like this reinforce the strength of RxSight’s clinical proposition and the value that adjustability offers to physicians and patients.

近期的一個例子，是發表於《Journal of Cataract & Refractive Surgery》的第四期（Phase IV）登錄研究。該研究涵蓋 126 個據點、超過 1,100 名病患，並在曾接受與未曾接受角膜屈光手術的病患中，皆報告了強勁的屈光與視覺結果。此類研究結果的廣度與一致性，進一步強化了 RxSight 臨床價值主張的實力，以及可調性為醫師與病患帶來的價值。

In addition, our recently announced collaboration with Alcon is a major milestone for the company. It provides further external validation of the technology and its broader potential. It also provides meaningful non-dilutive capital through the $200 million in upfront and potential future milestone payments, along with the potential of significant long-term royalties.

此外，我們近期宣布與愛爾康（Alcon）的合作，是公司的一項重大里程碑。這為該技術及其更廣泛的潛力提供了進一步的外部驗證。同時，透過 2 億美元的預付款以及未來可能取得的里程碑款項，並搭配長期可觀權利金的潛力，這項合作也帶來具意義的非稀釋性資金。

Most importantly, this collaboration reinforces our belief that adjustability is the future of cataract surgery. Nevertheless, we have considerable work ahead of us to translate this opportunity into broader adoption. As I continue my assessment, I want to ensure that we have the flexibility to evaluate the business thoroughly and to make the decisions we believe are in the best long-term interest of the company and our shareholders.

最重要的是，這項合作強化了我們的信念：可調性將是白內障手術的未來。儘管如此，我們仍有大量工作要做，才能把這個機會轉化為更廣泛的採用。在我持續評估的同時，我希望確保我們具備彈性，能夠全面檢視業務，並做出我們認為符合公司與股東長期最佳利益的決策。

While underlying trends remain generally consistent with what we’ve previously guided, this work will require time, and we should not allow our prior outlook to constrain actions we may ultimately determine are appropriate.

雖然基本趨勢大致仍與我們先前提供的指引一致，但這項工作需要時間，我們不應讓先前的展望限制我們最終可能判定為適當的行動。

For that reason, we have decided to withdraw our previously issued full-year financial guidance. We recognize the guidance was provided recently, and we did not make this decision lightly. We believe that this is the appropriate step while we complete our assessment.

因此，我們決定撤回先前發布的全年財務指引。我們理解該指引是在不久前才提供的，我們也不是輕率做出這項決定。我們相信，在完成評估期間，這是適當的步驟。

We will resume formal guidance in early 2027. Before sharing my initial priorities and perspectives on the path forward, I will turn the call over to Mark to review our second quarter financial results and provide some directional commentary on the remainder of the year. Mark?

我們將於 2027 年初恢復正式指引。在我分享對未來路徑的初步優先事項與觀點之前，我先把電話交給 Mark，請他回顧第二季財務結果，並就今年剩餘期間提供一些方向性的評論。Mark？

Thanks, Aziz, and good afternoon, everyone. Consistent with the revenue range we pre-announced last month, second quarter total company revenue was $33.7 million, including $6.5 million recognized in connection with our strategic collaboration agreement with Alcon. This amount represents the portion of the initial milestone payment allocated to our licensed intellectual property.

謝謝，Aziz，各位午安。與我們上個月預先公告的營收區間一致，第二季公司總營收為 3,370 萬美元，其中包含與我們和愛爾康的策略合作協議相關而認列的 650 萬美元。該金額代表初始里程碑款項中分配給我們授權智慧財產的部分。

Excluding revenue related to Alcon, our second quarter product sales were $27.2 million, down 19% compared to the prior-year period, reflecting heightened competitive trialing as well as broader marketplace headwinds.

排除與愛爾康相關的營收後，我們第二季產品銷售為 2,720 萬美元，較去年同期下降 19%，反映競品試用加劇以及更廣泛的市場逆風。

Second quarter LAL unit volumes were 24,917, down 9% compared to the prior-year period. LAL procedure volume translated into second quarter sales of $24.5 million, representing 90% of our RxSight product revenue.

第二季 LAL 單位出貨量為 24,917，較去年同期下降 9%。LAL 手術量在第二季轉化為 2,450 萬美元的銷售額，占我們 RxSight 產品營收的 90%。

During the quarter, we placed 12 LDD units, which accounted for $1.3 million of quarterly revenue. We exited the quarter with an installed base of 1,166 LDD units. Excluding the benefit from the partnership, second quarter gross margin was 71.2%, compared with 74.9% in the prior-year period.

本季我們安裝了 12 台 LDD 設備，帶來 130 萬美元的季度營收。季度末我們的 LDD 設備裝機基數為 1,166 台。排除合作帶來的效益，第二季毛利率為 71.2%，去年同期為 74.9%。

The year-over-year decline primarily reflected higher inventory-related costs due to slower than expected inventory flow-through. Including the favorable contribution of collaboration revenue, second quarter gross margin was 76.7%.

年對年下降主要反映因庫存周轉低於預期而產生較高的庫存相關成本。若納入合作營收的有利貢獻，第二季毛利率為 76.7%。

Second quarter 2026 SG&A expense were $30.4 million, up 5% compared to the prior-year period, primarily reflecting legal and consulting expenses associated with the collaboration. Second quarter research and development expenses were $9.2 million, compared to $10.2 million in the prior-year period. This year-over-year decline was primarily due to lower personnel-related expenses.

2026 年第二季銷售、一般及行政（SG&A）費用為 3,040 萬美元，較去年同期增加 5%，主要反映與該合作相關的法律與顧問費用。第二季研發費用為 920 萬美元，去年同期為 1,020 萬美元。年對年下降主要由於人員相關費用較低。

We reported a net loss in the second quarter of $12.1 million or $0.29 per basic and diluted share, based on 41.5 million weighted average shares outstanding. Stock-based compensation was $7.5 million, resulting in an adjusted net loss of $4.6 million or $0.11 per share.

我們在第二季報告淨損失1,210萬美元，或每股基本及稀釋虧損0.29美元，係以4,150萬股加權平均流通股數計算。以股票為基礎之酬勞為750萬美元，調整後淨損失為460萬美元，或每股虧損0.11美元。

We ended the second quarter with cash, cash equivalents, and short-term investments of approximately $209 million. This amount does not include the $60 million upfront payment related to the partnership agreement that was received after quarter end.

我們在第二季結束時的現金、約當現金及短期投資約為2.09億美元。此金額不包含與合作夥伴協議相關、於季後收到的6,000萬美元預付款。

As Aziz Mottiwala previously mentioned, while current business trends remain generally consistent with our previous expectations, we have decided to withdraw our formal full-year 2026 financial guidance as we complete our assessment of the business.

如同Aziz Mottiwala先前提到的，雖然目前的業務趨勢整體上仍與我們先前的預期大致一致，但在我們完成對業務的評估期間，我們已決定撤回正式的2026全年財務指引。

That said, we would like to provide some directional commentary on the key factors we expect to influence performance over the remainder of the year. We continue to expect to recognize between $30 million to $40 million of revenue associated with the Alcon strategic agreement. Revenue will be recognized as certain performance obligations are achieved, so the timing by quarter will be variable.

儘管如此，我們仍希望就我們預期在今年剩餘期間影響表現的關鍵因素提供一些方向性的說明。我們仍預期將認列與Alcon策略協議相關的3,000萬至4,000萬美元營收。營收將在達成特定履約義務時予以認列，因此按季度的認列時點將有所變動。

Based on our current expectations, we anticipate limited revenue contribution in Q3 with the balance of the $30 million to $40 million recognized in Q4. With respect to the core business, we are encouraged by quarter to date trends, particularly the continued confidence physicians have expressed in our technology.

依據我們目前的預期，我們預估第三季的營收貢獻有限，其餘3,000萬至4,000萬美元將於第四季認列。就核心業務而言，我們對本季迄今的趨勢感到鼓舞，尤其是醫師對我們技術持續表達的信心。

At the same time, we expect continued competitive activity and ongoing product trialing along with typical Q3 seasonality and broader market trends to influence performance through the remainder of the year. As Aziz noted earlier, we will resume providing formal financial guidance when we report our fourth quarter 2026 results in early 2027.

同時，我們預期持續的競爭活動與持續的產品試用，加上第三季典型的季節性因素及更廣泛的市場趨勢，將在今年剩餘期間影響表現。如Aziz先前所述，我們將在2027年初公布2026年第四季業績時，恢復提供正式的財務指引。

With that, I’ll turn the call back to Aziz.

接下來，我把電話交回給Aziz。

Thanks, Mark. Our second quarter results underscore the work we have ahead of us. Competitive launches, market conditions, seasonality, and patient affordability are all real factors, and each can affect quarterly performance.

謝謝，Mark。我們第二季的結果凸顯了我們前方仍有許多工作要做。競品上市、市場狀況、季節性以及病患負擔能力都是實際存在的因素，而每一項都可能影響季度表現。

However, based on what I’ve seen so far, I believe there’s an opportunity to significantly enhance our strategy and execution. We’ve built a substantial install base and established strong belief in the value of the technology among our customers. However, we are not yet driving the level of procedure volume and utilization that we believe this platform is capable of achieving.

不過，根據我目前所看到的，我相信我們有機會大幅提升策略與執行力。我們已建立相當可觀的裝機基礎，並在客戶之間建立對該技術價值的強烈信念。然而，我們尚未帶動我們認為此平台有能力達成的手術量與使用率水準。

We need to ensure that we have the right commercial strategy, customer support model, and capabilities to help practices more fully integrate the Light Adjustable Lens into their workflows and make adjustability an increasingly prominent component of their cataract surgery offering.

我們需要確保具備正確的商業策略、客戶支援模式與能力，協助診所更完整地將Light Adjustable Lens整合進其工作流程，並使「可調性」成為其白內障手術方案中愈發突出的組成要素。

My immediate priorities are straightforward. First, we’ll complete a thorough assessment of our business and commercial model. Second, we’ll work to strengthen our commercial team and build higher utilization across the install base. As part of this growth strategy, we’ve approved plans to double our US sales team over time, allowing us to expand our reach while continuing to support existing customers. We expect to fund this expansion primarily by reallocating resources within the organization and without meaningfully increasing overall operating expenses.

我眼前的優先事項很明確。第一，我們將完成對業務與商業模式的全面評估。第二，我們將致力於強化商業團隊，並在既有裝機基礎上提升使用率。作為此成長策略的一部分，我們已核准計畫在一段時間內將美國銷售團隊規模加倍，使我們在持續支援既有客戶的同時擴大觸及範圍。我們預期主要透過在組織內重新配置資源來支應此擴編，而不會實質提高整體營運費用。

Third, we will elevate execution and operating discipline. This includes improved forecasting, driven by greater visibility into the underlying drivers of the business, in addition to enhanced agility needed to adapt quickly to changes in the marketplace.

第三，我們將提升執行力與營運紀律。這包括在對業務底層驅動因素有更高可視性的基礎上，改善預測能力，並提升所需的敏捷性，以便快速因應市場變化。

Finally, we will continue to advance our internal pipeline of next-generation adjustable lenses, which are designed to improve workflow, enhance performance, and expand the range of patients who may benefit from adjustability.

最後，我們將持續推進內部的下一代可調式人工水晶體產品線，這些產品旨在改善工作流程、提升表現，並擴大可從可調性中受益的病患範圍。

We will also establish the processes and capabilities to advance our collaboration with Alcon, which represents important strategic validation of our platform. Our focus will be on achieving the development milestones and advancing these next-generation products to commercialization. The collaboration is expected to generate meaningful long-term value through future royalties and bring the power of adjustability to as many cataract patients as possible.

我們也將建立相關流程與能力，以推進與Alcon的合作；此合作代表對我們平台的重要策略性驗證。我們的重點將放在達成研發里程碑，並推動這些下一代產品走向商業化。預期此合作將透過未來權利金創造具意義的長期價值，並讓可調性的力量惠及盡可能多的白內障病患。

This work will take time. Completing the assessment is the first step. We must then translate those insights into actions, execute them consistently across the organization, and ultimately influence physician and practice behavior. We’ll make disciplined decisions, establish clear priorities, and deliver measurable progress. As this work advances, we will provide greater clarity regarding our strategic priorities, the actions we’re taking, and the milestones we will use to evaluate progress. We will also communicate openly about what is working, what requires further attention, and how our perspective is evolving. We expect to provide more specificity in our next quarterly update.

這些工作需要時間。完成評估是第一步。接著我們必須將這些洞見轉化為行動，在全組織一致地執行，並最終影響醫師與診所的行為。我們將做出有紀律的決策、建立清晰的優先順序，並交付可衡量的進展。隨著工作推進，我們將就策略優先事項、我們正在採取的行動，以及我們用以評估進展的里程碑提供更清楚的說明。我們也會坦誠溝通哪些有效、哪些需要進一步關注，以及我們的觀點如何演變。我們預期在下一次季度更新中提供更具體的內容。

I knew when I joined RxSight there would be significant work ahead. I joined because our technology matters. The market opportunity is significant, and I believe we can translate the potential into meaningful results for patients, customers, and shareholders.

我在加入RxSight時就知道前方有大量工作要做。我加入是因為我們的技術很重要。市場機會相當可觀，而我相信我們能將這份潛力轉化為對病患、客戶與股東都有意義的成果。

With that, I’ll ask the operator to open it for questions. Thank you.

接下來，我請接線生開放提問。謝謝。

(Operator Instructions)

（接線生指示）

Robbie Marcus, J.P. Morgan.

Robbie Marcus，摩根大通（J.P. Morgan）。

Oh, great. Aziz, welcome and congratulations on the new role. You’ve touched on this a little bit, but two from me. First off, if you could give a little bit of what made you step in here. What was it about RxSight and the company and the product and the opportunity that made you step in here? I have a follow-up.

喔，太好了。Aziz，歡迎並恭喜你擔任新職務。你剛剛稍微提到了一點，但我有兩個問題。首先，你能否談談是什麼促使你在此時接手？RxSight、公司、產品以及這個機會的哪些特點讓你決定加入？我還有一個追問。

Sure. Thank you for that. RxSight’s a really unique company. I’ve been in the eye care space for quite some time, and one of the things I always consistently hear is that this is one of the biggest breakthroughs in cataract surgery technology.

當然。謝謝你的提問。RxSight是一家非常獨特的公司。我在眼科照護領域已經有一段時間，其中我一直反覆聽到的一件事是，這被認為是白內障手術技術中最大的突破之一。

I’ve talked to a lot of thought leaders, key opinion leaders, and you hear this very consistently. That was very intriguing. As I’ve dug into the business and obviously assumed the role, it’s really solidified my belief that this is the future of cataract surgery.

我和許多思想領袖、關鍵意見領袖交流過，你會非常一致地聽到這樣的看法。這點非常吸引我。當我更深入了解業務並且顯然也接任這個角色後，更加鞏固了我對這將是白內障手術未來的信念。

The other aspects I looked at is there’s a lot of similarities to what I’ve recently done. Spent a lot of time building a new category in eye care, and this is still a nascent category in my mind in eye care. An area where we’re building the value of adjustability, the ability to tailor results for patients, and really transform cataract surgery. If you think about it, there’s a lot of things that are similar. We’re changing physician behavior. We have to adjust practice workflow. We’re dealing with a technology that delivers great outcomes.

我考量的另一個面向是，這與我最近做過的事情有許多相似之處。我花了很多時間在眼科照護中建立一個新類別，而在我看來，這在眼科照護中仍是一個新興類別。我們正在建立「可調性」的價值、為病患量身打造結果的能力，並真正改變白內障手術。如果你仔細想想，有很多事情是相似的：我們正在改變醫師行為；我們必須調整診所工作流程；我們面對的是一項能帶來優異結果的技術。

There’s a lot of similarities between what’s going on here at RxSight and my past experience, and it’s an area that if I’m in eye care, I’m hearing my physician colleagues really excited about, and that gets me excited about the future potential here as well.

RxSight目前正在發生的事情與我過去的經驗有很多相似之處，而這也是一個只要我身處眼科領域，就會聽到我的醫師同儕對此感到非常興奮的方向，這也讓我對這裡未來的潛力同樣感到振奮。

I know it’s still very early days. We’re talking days into the role here. Any preliminary views on what do you think happened that led to the deceleration in growth and the lower utilization? Any early thoughts on how you might be able to go and address this and restimulate the business after a slowdown? Thanks a lot.

我知道現在仍是非常早期的階段，我們談的是你上任後的幾天而已。你對於是什麼導致成長放緩與使用率下降，有沒有任何初步看法？以及你是否有一些早期想法，打算如何在放緩之後著手解決並重新刺激業務成長？非常感謝。

No, it’s the right question to ask. Obviously, we’re in the process of doing a thorough business assessment to really come back with what is the right strategy and direction to guide the company to really maximize what we think the long-term value of this is. Maybe I’ll start with a couple of things I’m hearing from physician colleagues. I’m spending a lot of time talking to doctors to really understand the dynamics.

不，這是個很恰當的問題。顯然，我們正在進行全面的業務評估，以便回過頭來提出正確的策略與方向，來引導公司真正最大化我們認為其長期價值。我或許先從我從醫師同儕那裡聽到的幾點開始。我花了很多時間與醫師交談，以真正理解其中的動態。

What I can tell you is doctors continue to believe that this is one of the best technologies. Nobody I’ve talked to has said that they’ve capped out their ability to do LALs. They’ve all said they could do more. It’s really about us putting the right strategy forward.

我可以告訴你的是，醫師仍然相信這是最好的技術之一。我所交談過的人，沒有人說他們做LAL的能力已經到頂了；他們都說還可以做更多。關鍵在於我們提出正確的策略。

I think, what happened, I believe that you go into a market like this, you establish that initial user base, candidly, I think what we’re doing is pivoting now to drive depth. We’ve established a broad user base, and pivoting to depth takes a little bit of time, takes a different strategy. I think what you’re going to hear from us is an assessment that gives us what are the levers, what are the strategies we can employ, and how we can execute to really drive that depth of utilization.

我認為，發生的情況是：當你進入這樣的市場並建立起最初的使用者基礎後，坦白說，我們現在正在轉向推動「深度」。我們已建立廣泛的使用者基礎，而轉向深度需要一些時間，也需要不同的策略。我想你們將會從我們這裡聽到一份評估，說明我們有哪些槓桿、可以採取哪些策略，以及我們如何執行，才能真正推動使用深度與使用率的提升。

The short answer to your question is this pivot from breadth to depth? And what really encourages me about what we can do here is the feedback we’re hearing from doctors that they still believe this is the best technology and that not a single doctor I’ve talked to said that they’ve capped out on what they can do with LALs.

對你問題的簡短回答是：這是否是從廣度轉向深度的樞紐？而真正讓我對我們在這裡能做的事情感到鼓舞的是，我們從醫師那裡聽到的回饋是，他們仍然相信這是最好的技術，而且我交談過的每一位醫師都沒有說他們在 LAL 上已經做到極限、沒有更多可做的空間。

It’s just a matter of us working with those practices to improve workflow, help identify the right patients, and really partner and get the education out there on the results that this technology delivers, which it does very consistently.

這只是我們與那些診所合作以改善工作流程、協助辨識合適的病患，並真正攜手把這項技術所帶來的成果教育推廣出去的問題；而這些成果確實非常一致。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Hi, this is Jacqueline on for Ryan. Thank you for taking the questions. LDD placements came in at 12 units in Q2. With the placement of your first LDD rental unit, moving forward, how much of your LDD pipeline do you anticipate shifting toward rental units versus capital purchases, particularly as you target international markets to lower the barrier to entry?

嗨，我是 Jacqueline，代 Ryan 提問。謝謝你們接受提問。第二季 LDD 裝機數為 12 台。隨著你們第一台 LDD 租賃設備完成部署，往後你們預期 LDD 的管線中，有多少會轉向租賃而非資本購置，特別是在你們鎖定國際市場、以降低進入門檻的情況下？

Hey, Jocelyn. It’s Mark. Thanks for the question. Yeah, we were excited about our first rental contract in the second quarter, and it’s something we’d be open to more of, especially as, like you said, we look to go more into the international markets.

嗨，Jocelyn。我是 Mark。謝謝你的問題。是的，我們對第二季的第一份租賃合約感到很興奮，未來也願意做更多，尤其是如你所說，當我們更深入國際市場時。

I don’t have a figure for you or a level that we’re targeting, per se. I think what we want to do is offer a range of solutions and opportunities for customers and really allow them to partner with us and pick the direction that makes the most sense and that’s mutually beneficial. It’s something we’ll continue to pursue. I don’t have a way to, like I said, put an exact number behind it, though. We’re excited about the potential of them.

我沒有一個可以提供給你的數字或我們特別鎖定的水準。我想我們想做的是提供一系列解決方案與機會給客戶，真正讓他們能與我們合作，選擇最合理、且對雙方都有利的方向。我們會持續推進這件事。不過如我所說，我目前無法給出一個精確的數字。我們對其潛力感到興奮。

Thank you. Also with the recent regulatory approvals in markets like New Zealand and ongoing commercial efforts in Europe and Asia, has the Alcon collaboration altered your standalone OUS commercial strategy at all?

謝謝。另外，隨著近期在紐西蘭等市場取得法規核准，以及在歐洲與亞洲持續推進商業化工作，與愛爾康（Alcon）的合作是否在任何程度上改變了你們在海外（OUS）的獨立商業策略？

No. I think the way I think about that is broadly. When we look across the world, the value of cataract surgery continues to be high. Adjustability continue a technology that we’re hearing from thought leaders and surgeons from around the world that they’re very interested in. We see that as a continued opportunity.

沒有。我對此的看法是更宏觀一些。當我們放眼全球，白內障手術的價值仍然很高。可調式（adjustability）仍是一項技術，我們從全球各地的意見領袖與外科醫師那裡聽到，他們都非常感興趣。我們把這視為持續的機會。

I think we need to be really thoughtful about going into markets where there’s real potential, where we have access to customers, where we can get real traction. We’re being thoughtful about how we expand in a really thoughtful and methodical way.

我認為我們必須非常審慎地進入那些真正有潛力的市場——我們能接觸到客戶、能取得實質進展的市場。我們正以非常審慎且有條不紊的方式思考如何擴張。

That’s really a unique and separate strategy than what we see with Alcon, which is to really expand the offering of adjustability across a wider range of lenses. Of course, what that means is being able to offer to a broader array of patients.

這其實是一個與我們在愛爾康那邊看到的策略不同、且相對獨立的策略；愛爾康的策略是要把可調式的產品供給擴展到更廣泛的鏡片範圍。當然，這也意味著能提供給更廣泛的病患族群。

In my mind, there’s a world where every premium lens has the value of adjustability, which would be tremendous. I’d look at those as connected, but sort of discreet in how we approach it from a strategy perspective.

在我看來，有一個世界是每一款高階人工水晶體都具備可調式的價值，那將會非常驚人。我會把兩者視為彼此相關，但在策略上我們的切入方式仍是各自獨立。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行（Wells Fargo）。

Good afternoon. Thanks for taking the question. Welcome and congratulations, Aziz. What can you share about your success in your prior roles or the key success factors or your prior companies in the ophthalmology space that you think might be applicable to RxSight?

午安。謝謝接受提問。歡迎你，也恭喜你，Aziz。你能分享一下你在先前職務中的成功經驗、關鍵成功因素，或你在眼科領域的前公司有哪些做法，你認為可能適用於 RxSight 嗎？

Thank you for that question, and thank you for the kind words. There’s a few things I think really help us here. I think there’s some things in terms of how we operate. I think operating discipline, which I know Mark Wilterding has started to institute in his tenure here so far, we continue to refine that. I think getting really close to the customer as well, creating that connectivity. It’s one of the things we really prided ourselves on in multiple areas I’ve spent my career in eye care.

謝謝你的問題，也謝謝你的好意。有幾件事我認為對我們很有幫助。首先是在我們的營運方式上。我認為營運紀律很重要；我知道 Mark Wilterding 在他到任以來已開始導入這些做法，我們會持續精進。其次是更貼近客戶，建立那種連結性。這是我在眼科照護職涯中多個領域一直引以為傲的一點。

The connection with eye care doctors tends to be very collegial. They tend to be very collaborative, and as I mentioned earlier, they love this technology, and they really want to find ways to expand utilization, and it’s incumbent upon us to channel that enthusiasm.

與眼科醫師的連結往往非常同儕、也很合作；他們通常很願意協作。正如我先前提到的，他們喜愛這項技術，也真的想找到方法擴大使用率，而我們有責任把這份熱情導引並轉化。

Operating discipline, customer connectivity is two, and then third is just a really thoughtful way of continuing to educate and propagate the data and real-world results the technology offers. In every market that I’ve helped build in my career, education and thoughtful education to the community has always been a critical pillar, and I think we can do a lot more here to extol the virtues of adjustability.

營運紀律、客戶連結是第二點，第三點則是以非常周全的方式持續教育市場，並推廣這項技術所提供的數據與真實世界成果。在我職涯中協助建立的每一個市場裡，教育——而且是有策略、深思熟慮的教育——一直都是關鍵支柱；我認為我們在這裡可以做得更多，去彰顯可調式的優勢。

Doctors have case studies. They have real-world experience. This is done exceptionally well in the real world as well as in the clinic. I think there’s opportunities to expand and double-click on the value of education. I think how we operate, getting really close to the customer, and really leveraging the surround sound education and experience doctors have are some examples.

醫師有病例研究，也有真實世界的經驗。這項技術在真實世界以及在診所內都表現得非常出色。我認為我們有機會擴大並更深入地強化教育的價值。我想我們的營運方式、更貼近客戶，以及真正善用醫師所擁有的全方位教育與經驗，都是一些例子。

There’s probably more, we’re obviously assessing where else we can leverage things and do what’s right for this business because there’s a lot of translatable things, this is also a unique opportunity. We want to be thoughtful about tailoring our approach to what’s going to maximize the value for LAL.

可能還有更多。我們顯然正在評估還有哪些地方可以借力使力、做對這門生意最有利的事，因為有很多可移植的做法；但這同時也是一個獨特的機會。我們希望審慎地調整我們的方法，以最大化 LAL 的價值。

That’s helpful. Just one on the Alcon collaboration. It’s actually not on the Alcon, the Alcon deal was non-exclusive. Could you envision doing similar agreements with other companies? Thanks for taking the question.

這很有幫助。再問一題關於與愛爾康的合作。其實不是針對愛爾康本身，愛爾康的交易是非獨家的。你們是否可能與其他公司簽訂類似的協議？謝謝接受提問。

I think we’ve been very thoughtful. The management team work with Alcon. Alcon is a leader in the industry. They have great capabilities. Certainly, we bring a lot to the table here when it comes to adjustability. Our focus right now is how do we make this partnership really come to fruition, realize the milestones, which are very significant for us in terms of the cash value that it can add over the next few years, the royalty.

我認為我們一直非常審慎。管理團隊與愛爾康合作；愛爾康是產業領導者，能力很強。當然，在可調式方面我們也能帶來很多價值。我們目前的重點是：如何讓這個合作真正落地、達成里程碑；這些里程碑對我們而言非常重大，因為就未來幾年它能帶來的現金價值與權利金而言，意義很大。

It’s not exclusive, as we sit today, I like to focus on what’s right in front of us, which is a really valuable opportunity with a great partner to expand the use of this technology to a broad base of patients and across multiple platforms in IOL. It’s not exclusive. Obviously, that gives us options long term. But if you ask what our focus is today, it is to maximize the value of our relationship with a great partner today.

以目前來看，它不是獨家。我傾向把焦點放在眼前最重要的事：與一個很棒的夥伴合作，這是一個非常有價值的機會，能把這項技術的使用擴展到更廣泛的病患基礎，並跨越 IOL 的多個平台。它不是獨家，顯然這讓我們長期有更多選項。但如果你問我們今天的重點是什麼，那就是最大化我們與這位優秀夥伴之間關係的價值。

Stephanie Elghazi, Bank of America.

Stephanie Elghazi，美國銀行（Bank of America）。

Hi, thanks for taking the question. I have a question for Aziz, and I’ll echo congrats on the new role. You laid out some of your areas of focus, which sounded aligned with some of the recent initiatives that have been talking about for a few quarters, like improving utilization and expanding the sales force.

嗨，謝謝接受提問。我有一題想問 Aziz，也同樣恭喜你升任新職。你提出了一些聚焦領域，聽起來與你們過去幾季一直在談的一些近期措施一致，例如提升使用率與擴充銷售團隊。

Maybe you can just help with your vision or plan for the company and what’s similar and/or different. I guess I’ll just ask my second question up front, just how you’re thinking about that in the context of the guide being withdrawn to maintain flexibility, and if that suggests some bigger changes on the horizon. Thank you.

也許你可以談談你對公司的願景或計畫，哪些相同、哪些不同。我想我就先把第二個問題一起問：在撤回財測指引、以維持彈性的背景下，你如何看待這件事？這是否暗示接下來可能會有更大的變動？謝謝。

Sure. Let’s maybe just talk about the guide first, right? I think you heard Mark say in the prepared comments, the overall business is doing a little bit better than the prior quarters. The beginning of third quarter, we’re seeing some better trends. I think that’s great. Fundamentally, that tells me, hey, we’re making some right moves.

當然。我們先談指引（guide）吧，對吧？我想你在 Mark 的事先準備發言中也聽到了，整體業務表現比前幾季稍微好一些。第三季初我們看到一些更好的趨勢。我認為這很好。從根本上來說，這告訴我：我們正在做一些正確的動作。

With that said, I want to make sure that we’re able to do a thoughtful assessment, and if we do need to make decisions, we can do them in a very quick time period here, and course-correct the business, not just to hit the end of the year, but really to orient the business for the next several years of growth. Dovetails into your next question is what’s the same and what’s different? I think fundamentally, you’re hearing a strategy here, right? We’re going into depth with the accounts.

話雖如此，我想確保我們能做出周全的評估；如果我們確實需要做決策，我們也能在很短的時間內做出，並對業務進行修正（course-correct），不只是為了達成年底目標，而是要讓業務定位於未來數年的成長。這也呼應你下一個問題：哪些相同、哪些不同？我認為從根本上，你聽到的是一個策略，對吧？我們要在客戶帳戶上做深做透。

We’re going to get closer to the customer. We’re going to have a broader sales force to get in front of the customer often. These are fundamentals. I think there’s a lot more to peel back here to really elevate this organization to drive the full potential of LAL. Sort of goes back to why I decided to come here. I really believe that this has tremendous potential and that we’ve just scratched the surface. It’s really about orienting a bigger overarching strategy.

我們會更貼近客戶。我們會擴大銷售團隊，以便更頻繁地面對客戶。這些都是基本功。我認為我們還有更多可以深入拆解的地方，真正把這個組織提升到能驅動 LAL 全部潛力的水準。這也回到我為什麼決定來這裡：我真的相信它有巨大的潛力，而我們目前只是觸及表面。關鍵在於把更大、更上位的整體策略定位清楚。

I think there’s things that we’re doing that are right on the path. I think that there’s more that we can do, and I think you hit the nail on the head with this is not about any signal around how the business is performing today, vis-a-vis the prior guidance.

我認為我們正在做的一些事情，確實走在正確的道路上。我也認為我們還能做得更多；而且你一語中的——這並不是在釋放任何訊號，說明目前業務表現相較於先前指引有何變化。

This is really about us saying, hey, look, we may need to make some more changes, and we just want to account for any disruption in the business that might happen in that acute period. The ideal is that we do that in the acute period, orient the business back on track, get it to a growth trajectory for the long term, and then give you guys and gals a good visible line of where we’re headed in 2027.

這其實是我們在說：嘿，你看，我們可能需要再做一些調整，而我們只是想把在那段急性期內可能發生的任何業務擾動納入考量。理想狀態是，我們在急性期完成這些調整，讓業務重新回到正軌，讓它回到長期的成長軌跡，然後在2027年給各位一條清晰可見的路徑，讓大家知道我們要往哪裡走。

(Operator Instructions)

（接線員指示）

Young Li, Jefferies.

Young Li，Jefferies。

All right, great. Thanks for taking the questions. Welcome, Aziz. Looking forward to working with you and congrats on the new role. I guess, first question, just in terms of your assessment, do you have a sense, when you think you’d be able to finish it? I know we’ll hear more on the next earnings call. Do you think you’ll largely be finished by then? Then if you can, just in general, if you can talk a little bit about the type of KPIs you focus on, as well as your approach to guidance.

好的，很棒。謝謝讓我提問。歡迎你，Aziz。期待與你合作，也恭喜你升任新職。我想第一個問題是，就你的評估而言，你是否大概有個概念，什麼時候能完成？我知道我們會在下一次財報電話會議聽到更多。你覺得到那時候你大致會完成嗎？另外，如果可以的話，能否概括談談你會聚焦哪些KPI，以及你對財測指引的做法？

Sure thing. Obviously we want to be thoughtful about how we do the assessment, we want to be pretty thoughtful about doing it quickly and in a really disciplined manner we can get past that and move to orienting the business to growth.

當然可以。顯然我們希望以審慎的方式來做這項評估；我們也希望在快速且非常有紀律的方式下完成，這樣我們就能跨過這一階段，轉而把業務重新導向成長。

In terms of a specific timeline, I think you’ll hear updates on the next quarter. I think a good way to think about this is we’re committing to giving 2027 guidance, when we do year-end earnings. That’s a great point to say, hey, here’s all the changes we made. Here’s how we’re orienting the business for the targets for 2027. That’s likely going to have some implications of how we think about the business in the future as well.

至於具體時程，我想你們會在下一季聽到更新。我認為一個好的理解方式是：我們承諾在年終財報時提供2027年的指引。那會是一個很好的時間點來說：嘿，這些是我們做過的所有改變；這是我們如何讓業務朝向2027年的目標來調整方向。這也很可能會對我們未來如何看待這門業務帶來一些影響。

I think that that’s kind of the timeline and framework we’re thinking. In terms of KPIs, the obvious one is the number of LALs we can get in the patient’s eyes. That’s obviously the first and foremost, and in terms of other indicators, part of the assessment is, are there other KPIs that really align to where we’re heading the business?

我想這就是我們所思考的時程與框架。就KPI而言，最明顯的一項是：我們能讓多少顆LAL進入病人的眼睛。這當然是第一優先；至於其他指標，評估的一部分也在於：是否還有其他KPI能真正與我們要帶領業務前進的方向一致？

That’s part of the assessment, will be part of the plan. You can think about, hey, here’s the strategy, here’s how we’re going to execute, here’s how we’re going to measure, and here’s what you can expect to see. That’s sort of the recipe we want to deliver externally over the coming months, and certainly as we get in line to give guidance again for 2027.

這會是評估的一部分，也會成為計畫的一部分。你可以這樣想：嘿，這是策略；這是我們要如何執行；這是我們要如何衡量；以及你可以期待看到什麼。這就是我們希望在未來幾個月對外交付的「配方」，當然也包括在我們準備再次提供2027年指引之際。

Yeah. All right, great. That’s pretty helpful. You met with some of the surgeon customers already. It sounds like there’s been a lot of positive feedback on the opportunities and the potential there. Just maybe on the flip side, what were some of the issues or frictions or challenges they highlighted to you?

是的。好的，很棒。這很有幫助。你已經和一些外科醫師客戶見過面了。聽起來他們對機會與潛力給了很多正面回饋。那反過來說，他們向你提到的一些問題、摩擦點或挑戰是什麼？

Sure. I think this is an area where it’s been really remarkable because we’re hearing a lot of positive feedback and even some of the challenges we hear from physician colleagues, some I’ve known for many, many years. Almost all of them are approaching it with a very solution-oriented attitude, right? hey, I want to use more LALs. I’m just trying to figure out how to optimize workflow, for instance. Hey, I would love to use more. Let’s figure out who are the ideal patients. Where do I use a multifocal? Where do I use this, and how can I expand my utilization to a broader patient offering? Right? These are the things we’re hearing. Who’s the ideal patient? How do we integrate it into workflow? Those are really easily addressable over time, right?

當然。我認為這點非常值得注意，因為我們聽到很多正面回饋；即便是我們從醫師同業那裡聽到的一些挑戰——其中有些我認識很多很多年——幾乎所有人都以非常「以解決方案為導向」的態度在看待，對吧？像是：嘿，我想用更多LAL，我只是想弄清楚如何優化工作流程，例如。或是：嘿，我很想用更多；我們來找出哪些是理想病人。我什麼情況用多焦點？什麼情況用這個？我如何把使用擴展到更廣泛的病人選項？對吧？這些就是我們聽到的：誰是理想病人？如何把它整合進工作流程？而這些其實都能在時間推進下相對容易地被解決，對吧？

This is about education, this is about sharing best practices across clinics, and these are areas that I think you’re going to see a lot more depth of from us in terms of a broader strategy. But to me, it’s actually very reassuring, right? There’s not a significant major obstacle to opening this up. It will take some time to make sure we get those messages right, the positioning right, we get buy-in from the physicians and really understand what’s going to resonate with them.

這關乎教育，也關乎在各診所之間分享最佳實務；而我認為你們會看到我們在更廣泛策略上，對這些面向提供更深的內容。但對我而言，這其實非常令人安心，對吧？並不存在一個重大的關鍵障礙會阻止我們把它打開。確實需要一些時間，確保我們把訊息講對、定位做對，獲得醫師的認同，並真正理解什麼會引起他們的共鳴。

I think that’s where, when we mentioned earlier in one of the prior questions, the value of education, educating them on this is how you can maximize it in your practice. This is how you pick the right patients. I talked to one doctor who’s done his 3,000th eye.

我認為這就是為什麼——如同我們先前在某個問題中提到——教育的價值很重要：教育他們如何在其診所中把效益最大化、如何挑選合適的病人。我曾和一位醫師聊過，他已經做到第3,000顆眼睛了。

There are people that have gotten this down to a science, and if we can leverage those experiences and replicate those more broadly, I think that’s going to address a lot of these perceived barriers.

有些人已經把這件事做到像科學一樣精準；如果我們能善用那些經驗，並更廣泛地複製推廣，我認為就能解決許多這些被認為的障礙。

Thomas Stephan, Stifel.

Thomas Stephan，Stifel。

Great. Hey, guys. Thanks for taking the questions, Aziz, congrats on the new role. Aziz, just one question for you. Sort of as we think about your pharma experience, would be great if you can talk about just the anterior segment landscape more broadly from a physician or from a practice standpoint. Would love to hear your views on, call it the intersection between drugs and devices in cataract and refractive surgery and for these anterior segment surgeons. What areas is focus increasing at the practice level? Where is kind of the puck going as we think about the customer? Thanks.

很好。各位好，謝謝讓我提問；Aziz，恭喜你升任新職。Aziz，我只有一個問題。從你的藥廠經驗來看，如果你能更廣泛地談談前節（anterior segment）市場版圖——不論是從醫師或診所經營的角度——會很棒。我也很想聽聽你對白內障與屈光手術中「藥物與器械」交會點的看法，尤其是對這些前節外科醫師而言。從診所層面來看，哪些領域的關注度正在提高？從客戶角度思考，整體趨勢（puck）大概會往哪裡走？謝謝。

It’s a great question and one I’m really passionate about, having been in this space for so long and really purposely thinking about where areas I can contribute to exactly where the puck is going, right? That’s part of the science and the art here. I’d say the biggest overall trend I’m seeing, and this is relevant to my prior experience and I think is highly relevant here at RxSight is patients are becoming more and more demanding, and the expectation is the physician’s able to deliver real results.

這是個很棒的問題，也是我非常有熱情的一題；我在這個領域待了很久，也一直很有意識地思考我能在哪些地方做出貢獻、以及整體趨勢究竟往哪裡走，對吧？這裡面既有科學也有藝術。我會說我看到最大的整體趨勢——這與我過去的經驗相關，也我認為與RxSight高度相關——是病人變得越來越挑剔，而期待是醫師能交付真正的結果。

Good enough is no longer good enough, if that makes sense, right? People want perfect vision. They don’t want any aspects to come in the way. Think about the demographic of a person getting cataract surgery today versus, say, 15 years ago. It’s very different. People are living much more active lifestyles. They want to be able to do everything that they were able to do in their younger years as they’re in their post-cataract years.

如果這樣說得通的話，「夠好」已經不再夠好，對吧？人們想要完美視力，不希望有任何因素來妨礙。想想今天接受白內障手術的人口結構，和例如15年前相比，是非常不同的。人們的生活型態更活躍；他們希望在白內障術後的歲月裡，仍能做他們年輕時能做的一切。

I think the physicians are looking for ways to optimize that value to the patient. The satisfaction expectation is increasing. The doctors want to meet that need. They really genuinely want to deliver amazing outcomes. I think there’s a higher premium in terms of technologies and products, whether it be on the pharma or device side, that offer real meaningful outcomes.

我認為醫師正在尋找方法，把對病人的價值最佳化。對滿意度的期待正在提高；醫師也想滿足這個需求。他們真心想交付令人驚豔的結果。我認為無論在藥物端或器械端，能提供真正有意義結果的技術與產品，其溢價（價值）正在提高。

If you’re thinking about therapeutics, marginal therapeutic benefit, unless it’s a very sight-threatening disease, obviously, is not going to cut it, right? They’re really looking for products that really make a difference, and I think the same thing on the surgical realm, right?

如果你在思考治療藥物，些微的療效增益——除非是非常威脅視力的疾病，這當然另當別論——顯然是不夠的，對吧？他們真正尋找的是能帶來實質差異的產品；而我認為在手術領域也是同樣的道理，對吧？

A little bit better is not going to cut it. They’re looking for, hey, can I get out of glasses? Can I really nail the outcomes? That’s where, when I looked at the opportunity here, I said, this is the technology that does this in surgery. We have that ability, and I think we can really double-click on the trend of patients wanting better and better outcomes and demanding perfection, and our ability with our technology to actually meet that need. I think that intersection is somewhere we can play really, really nicely.

「好一點點」是不夠的。他們在找的是：嘿，我能不能不用戴眼鏡？我能不能真的把結果做到位？也正因如此，當我看到這裡的機會時，我說：這就是能在手術中做到這件事的技術。我們具備這樣的能力；而我認為我們可以更深入地抓住病人對更好、再更好結果的需求與對完美的追求，並且用我們的技術真正滿足這個需求。我認為那個交會點是我們可以非常、非常好發揮的地方。

There are no further questions at this time, that concludes today’s call. Thank you all for joining. You may now disconnect.

目前沒有其他問題，今天的電話會議到此結束。感謝各位參與。您現在可以斷線。