Sight Sciences Inc (SGHT) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Sight Sciences' second quarter 2025 earnings results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Trip Taylor, Investor Relations. Please go ahead.

大家好，感謝您的耐心等待。歡迎參加Sight Sciences 2025年第二季業績電話會議。 （操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言人，投資者關係部的Trip Taylor。請開始。

Thank you for participating in today's call. Presenting today are Sight Sciences' Co-Founder and Chief Executive Officer, Paul Badawi; and Chief Financial Officer, Ali Bauerlein. Also in attendance is Sight Sciences' Chief Commercial Officer, Matt Link. Earlier today, Sight Sciences released financial results for the second quarter ended June 30, 2025, and raised its revenue guidance and reaffirmed its adjusted operating expense guidance for full year 2025. A copy of the press release is available on our website at investors.sightsciences.com.

感謝您參加今天的電話會議。今天出席會議的嘉賓包括 Sight Sciences 聯合創始人兼執行長 Paul Badawi 和財務長 Ali Bauerlein。 Sight Sciences 首席商務長 Matt Link 也出席了會議。今天早些時候，Sight Sciences 發布了截至 2025 年 6 月 30 日的第二季財務業績，並上調了收入預期，並重申了 2025 年全年調整後營運支出預期。新聞稿副本可在我們的網站 investors.sightsciences.com 上查閱。

I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements within the meaning of federal securities laws. These forward-looking statements include statements related to our 2025 revenue and adjusted operating expense guidance.

我想提醒大家，管理層今天發表的評論以及對問題的回答將包含聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述包括與我們2025年收入和調整後營運費用指引相關的陳述。

And the preliminary factors impacting our ability to achieve our guidance, the impact of tariffs costs on our cost of goods sold, our plans to expand our manufacturing lines to additional manufacturing locations and the expected timelines and related costs.

影響我們實現預期目標能力的初步因素包括關稅成本對銷售成本的影響、我們將生產線擴展到其他生產地點的計劃以及預期的時間表和相關成本。

Our ability to achieve our current and long-term strategic objectives and value drivers, our market opportunity and ability to compete and capture market share, the continued adoption of our products by surgeons, our product reimbursement coverage and strategy, including our ability to achieve positive reimbursement coverage and/or payment decisions for TearCare.

我們實現當前和長期策略目標和價值驅動的能力、我們的市場機會和競爭及佔領市場份額的能力、外科醫生對我們產品的持續採用、我們的產品報銷範圍和策略，包括我們實現積極報銷範圍和/或 TearCare 付款決策的能力。

Expectations regarding commercial momentum, account utilization and customer engagement, our pipeline of interventional glaucoma and dry eye technologies, our clinical trial strategy and results, our investments in market development and market research and development projects and expectations regarding the relief that we may ultimately be awarded and the potential impact of recently requested exparte reexaminations on such relief in connection with our patent infringement case against Alcon.

對商業動能、帳戶利用率和客戶參與度的預期、我們的介入性青光眼和乾眼症技術管道、我們的臨床試驗策略和結果、我們對市場開發和市場研發項目的投資以及對我們最終可能獲得的救濟的預期，以及最近要求的單方面復審對與我們對愛爾康的專利侵權案有關的此類救濟的潛在影響。

Forward-looking statements are based on estimates and assumptions as of today are neither promises nor guarantees and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by these statements.

前瞻性陳述是基於截至今日的估計和假設，既不是承諾也不是保證，並且受風險和不確定性的影響，可能導致實際結果與這些陳述所表達或暗示的結果有重大差異。

A description of some of these risks and uncertainties can be found in our public filings with the Securities and Exchange Commission, including in the Risk Factors section of our annual report on Form 10-K and quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

部分風險和不確定因素的描述可參考我們提交給美國證券交易委員會的公開文件，包括我們10-K表格年度報告和10-Q表格季度報告中的「風險因素」部分。除法律要求外，我們不承擔公開更新或修訂任何前瞻性聲明的義務。

On this call, management refers to certain financial measures that were not prepared in accordance with Generally Accepted Accounting Principles in the United States, including adjusted operating expenses. We believe these non-GAAP financial measures are important indicators of the company's operating performance because they exclude certain items that are unrelated to and may not be indicative of its core operating results. See our earnings release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures as well as additional information about our reliance on non-GAAP financial measures.

在本次電話會議上，管理階層提及了某些未依照美國公認會計準則 (GAAP) 編製的財務指標，包括調整後的營業費用。我們認為，這些非公認會計準則 (Non-GAAP) 財務指標是公司經營績效的重要指標，因為它們排除了某些與公司核心經營績效無關且可能無法反映其核心經營績效的項目。請參閱我們的績效報告，以了解這些非公認會計準則 (Non-GAAP) 財務指標與最直接可比較的 GAAP 財務指標的對帳情況，以及我們對非公認會計準則 (Non-GAAP) 財務指標依賴的更多資訊。

I will now turn the call over to Paul.

現在我將把電話轉給保羅。

Thanks, Trip. Our strong second quarter performance underscores the value of our proven interventional technologies for treating glaucoma and dry eye disease. These results also reflect the dedication and consistent efforts of our team in effectively supporting eye care providers and the patients they serve. Our second quarter revenue of $19.6 million was driven primarily by solid execution and growing momentum in our Surgical Glaucoma segment. Within Surgical Glaucoma, sequential growth in both ordering accounts and procedural utilization marked meaningful progress as we strengthen our position as the market leader in implant-free MIGS.

謝謝，Trip。我們第二季的強勁業績凸顯了我們成熟的介入技術在治療青光眼和乾眼症方面的價值。這些績效也體現了我們團隊的奉獻精神和持續努力，有效地支持了眼科護理提供者及其服務的患者。我們第二季1960萬美元的營收主要得益於外科青光眼業務部門的穩健執行和持續成長動能。在外科青光眼業務領域，訂單帳戶和手術利用率的環比增長標誌著我們取得了有意義的進展，鞏固了我們在無植入式微創眼科手術（MIGS）領域的市場領先地位。

We are also continuing to work towards positive reimbursement coverage and/or payment decisions for TearCare this year. In addition, we delivered operational excellence, achieving excellent gross margins, diligent expense management and reduced cash usage. Reflective of this execution, we are raising our full year 2025 revenue guidance to $72 million to $76 million, while maintaining our full year 2025 guidance on adjusted operating expenses. Now diving into our Surgical Glaucoma segment. We believe the growing demand for minimally invasive glaucoma treatments represents a significant long-term market opportunity.

我們今年將繼續努力，爭取TearCare實現積極的報銷覆蓋率和/或付款決策。此外，我們實現了卓越的運營，實現了優異的毛利率、嚴謹的費用管理並降低了現金使用量。有鑑於此，我們將2025年全年營收預期上調至7,200萬美元至7,600萬美元，同時維持2025年全年調整後營運費用預期不變。現在，我們將深入探討外科青光眼業務。我們相信，微創青光眼治療日益增長的需求代表著巨大的長期市場機會。

And we believe we are well positioned to capitalize on the ongoing shift in surgeon behavior towards procedural interventions. As a reminder, this is only the second full quarter operating within the new MIGS environment where Medicare coverage in most states restricts performing multiple MIGS procedures in combination with cataract surgery.

我們相信，我們已做好準備，充分利用外科醫師行為向程序性介入的持續轉變。需要提醒的是，這只是在新的MIGS環境下運作的第二個完整季度，大多數州的醫療保險覆蓋範圍限制了與白內障手術聯合進行多項MIGS手術。

We are pleased with our performance and the resilience of our Surgical Glaucoma segment in this environment. We continue to have conviction in our ability to drive adoption of OMNI based on multiple factors, including the ongoing shift in surgeon mindset towards interventional glaucoma, our market-leading position in the MIGS industry, our focus on meaningful long-term surgeon relationships and customer engagement, OMNI's comprehensive procedure profile and usability and its proven long-term safety and efficacy. In the second quarter of 2025, our Surgical Glaucoma revenue was $19.2 million, down 5% compared to the second quarter of 2024 and up 12% compared to the first quarter of 2025.

我們對自身表現以及外科青光眼業務在當前環境下的韌性感到滿意。我們堅信，基於多種因素，我們有能力推動OMNI的普及，這些因素包括：外科醫生對介入性青光眼的思維模式持續轉變；我們在MIGS行業的市場領先地位；我們對長期有效的外科醫生關係和客戶參與的重視；OMNI全面的手術方案和可用性；以及其久經考驗的長期安全性和有效性。 2025年第二季度，我們的外科青光眼業務營收為1,920萬美元，較2024年第二季下降5%，較2025年第一季成長12%。

Our stronger-than-anticipated second quarter performance reinforces our confidence in the OMNI procedure as a leading solution in interventional glaucoma care. We remain focused on executing with agility in this evolving environment and are actively improving our commercial strategy to sustain momentum and drive growth. We are also making consistent progress across multiple strategic priorities designed to drive long-term growth and shareholder value.

我們第二季的業績超出預期，增強了我們對OMNI手術作為介入性青光眼治療領域領先解決方案的信心。在不斷變化的市場環境下，我們始終專注於靈活執行，並積極改善商業策略，以保持成長勢頭並推動成長。我們也在多個旨在推動長期成長和股東價值的策略重點上持續取得進展。

These efforts include enhancing our competitive positioning, investing in targeted commercial resources, expanding the pseudophakic standalone OMNI market and building on the early traction with the OMNI Edge, our latest MIGS innovation. I'll now walk through our recent achievements in support of these initiatives.

這些努力包括提升我們的競爭優勢、投入有針對性的商業資源、拓展人工水晶體獨立式 OMNI 市場，以及鞏固我們最新的 MIGS 創新產品 OMNI Edge 的早期發展勢頭。現在，我將介紹我們最近為支持這些舉措所取得的成就。

First, I want to expand more on the commercial progress we saw in the second quarter, where we have been focused on growing ordering accounts and increasing account utilization. We reached a record high for ordering accounts in the second quarter, up 6% sequentially and 4% versus the same period in the prior year due to both reengagement efforts with accounts who had ordered previously but had gone dormant and also new accounts ordering for the first time.

首先，我想進一步闡述我們在第二季的商業進展。我們一直專注於增加訂購帳戶和提高帳戶利用率。第二季度，我們的訂購帳戶數量創下歷史新高，環比增​​長6%，同比增長4%，這得益於我們重新與先前訂購但處於休眠狀態的帳戶進行合作，以及新帳戶首次訂購。

We also saw a 4% sequential increase in surgical glaucoma utilization and improvements in our average selling price, contributing to our strong quarterly performance above expectations. Next, I want to look at the early success we have seen with the recent launch of OMNIEdge, the latest evolution of our OMNI platform. OMNIEdge is designed to meet the diverse preferences of surgeons and the evolving needs of patients in today's MIGS landscape.

我們也看到青光眼手術的使用率較上季成長了4%，平均售價也有所改善，這促使我們本季業績強勁，超出預期。接下來，我想談談我們最近推出的OMNIEdge（OMNI平台的最新發展）所取得的早期成功。 OMNIEdge旨在滿足當今MIGS領域外科醫生的多樣化偏好和患者不斷變化的需求。

Since launch, surgeons have responded positively and are achieving strong outcomes with our new technology. We believe that with this next-generation technology, we will drive further improvements in OMNI utilization. Lastly, we have also been focused on educating surgeons and their clinic staff on the importance of addressing the unmet need for pseudophakic patients whose glaucoma remains uncontrolled and could benefit from a standalone OMNI procedure.

自推出以來，外科醫生們反應積極，並利用我們的新技術取得了顯著的療效。我們相信，憑藉這項新一代技術，我們將進一步提升 OMNI 的使用率。此外，我們也致力於教育外科醫生及其診所工作人員，讓他們了解滿足人工水晶體眼患者未滿足的醫療需求的重要性，這些患者的青光眼病情仍未得到控制，而獨立的 OMNI 手術或許能為他們帶來益處。

While it is difficult to track specific metrics on adoption, we are helping more customers learn how to identify these patients and implement standalone procedures as part of their clinical practice. We believe addressing this population will help improve long-term clinical outcomes for primary open-angle glaucoma patients and increased adoption of OMNI for use in standalone procedures.

雖然很難追蹤具體的應用指標，但我們正在幫助更多客戶學習如何識別這些患者，並在臨床實踐中實施獨立手術。我們相信，關注這群人將有助於改善原發性開角型青光眼患者的長期臨床療效，並提高 OMNI 在獨立手術中的應用率。

Turning to our Dry Eye business. We have been intentionally executing our long-term strategy to create reimbursed market access for our interventional dry eye technology, TearCare. We have developed best-in-class interventional MGD technology, delivered superior long-term clinical outcomes demonstrated through randomized controlled clinical trials and established coding for this procedure. We have been increasing customer advocacy and advancing our market access initiatives to establish equitable reimbursement for TearCare.

談到我們的乾眼症業務。我們一直在積極執行我們的長期策略，為我們的介入性乾眼症技術TearCare創造可報銷的市場准入。我們開發了一流的介入性MGD技術，並透過隨機對照臨床試驗證明了其卓越的長期臨床療效，並建立了此手術的規範。我們一直在加強客戶宣傳，並推進我們的市場准入計劃，以建立公平的TearCare報銷機制。

In the second quarter of 2025, our Dry Eye revenue was $0.3 million, a decrease from $1.1 million in the second quarter of 2024, primarily due to fewer SmartLids sales, which was a result of our focus on achieving reimbursed market access for TearCare procedures. We were pleased to announce the publication of the 24-month results of the SAHARA RCT, demonstrating the durability of the TearCare procedure for the treatment of dry eye disease.

2025年第二季度，我們的乾眼症收入為30萬美元，較2024年第二季度的110萬美元有所下降，主要原因是SmartLids銷售額下降，而這主要是由於我們專注於推動TearCare手術進入報銷市場。我們欣然宣布已發表SAHARA RCT的24個月結果，證明了TearCare手術在治療乾眼症方面的持久性。

The results show mean signs and symptoms for participants in Stage 3 of the SAHARA trial remained statistically significantly better than study baseline at all time points up to 24 months. The results further validate the durability, consistency and strong clinical benefits of TearCare as an interventional therapy for dry eye disease. As a landmark device versus drug study, this long-term data builds on the positive outcomes from the first two stages of the SAHARA trial and adds to a growing body of robust clinical evidence supporting TearCare's effectiveness.

結果顯示，在長達24個月的所有時間點，SAHARA試驗第3階段參與者的平均徵兆和症狀均顯著優於研究基線，且具有統計意義。此結果進一步驗證了TearCare作為乾眼症介入療法的持久性、一致性和強大的臨床益處。作為一項具有里程碑意義的設備與藥物對比研究，這項長期數據建立在SAHARA試驗前兩個階段的積極成果之上，並進一步豐富了支持TearCare有效性的可靠臨床證據。

We are encouraged that participants maintained clinically meaningful improvements in both signs and symptoms of dry eye disease with just one or two treatments per year, reinforcing TearCare's potential as a long-lasting and efficient treatment option. We have also recently announced the publication of a cost utility analysis assessing the cost effectiveness of TearCare compared to cyclosporine for the treatment of moderate to severe MGD-associated dry eye disease.

我們非常欣慰地看到，參與者每年僅需一到兩次治療，就能在乾眼症的體徵和症狀方面取得具有臨床意義的改善，這進一步證明了TearCare作為持久有效治療方案的潛力。我們近期也發布了一份成本效用分析報告，評估了TearCare與環孢素相比，在治療中度至重度MGD相關乾眼症方面的成本效益。

The analysis demonstrated that TearCare not only improved patient outcomes, but also resulted in significant cost savings compared to cyclosporine. Both publications will further support our discussions with payers as we articulate the long-term clinical benefits of TearCare and criticality of reimbursed patient access to this proven procedural intervention. There is a significant unmet need within the MGD patient population for a reimbursed interventional treatment option.

分析表明，TearCare不僅改善了患者的預後，而且與環孢素相比，還顯著節省了成本。這兩份出版物將進一步支持我們與付款方的討論，因為我們將闡明TearCare的長期臨床益處以及報銷患者獲得這項經過驗證的介入治療的重要性。 MGD患者族群對可報銷的介入治療方案存在巨大的未滿足需求。

And we continue to engage in meaningful conversations with both commercial and MAC payers to seek coverage and appropriate reimbursement for Tearcare. While formal coverage or pricing policies have not been established as soon as we would have liked, our level of confidence and our ability to ultimately ensure reimbursed market access for TearCare remains high, given the compelling clinical and health economic value of TearCare.

我們將繼續與商業和MAC付款者進行有意義的對話，以尋求Tearcare的承保和適當的報銷。雖然正式的承保範圍或定價政策尚未如我們所願盡快確定，但鑑於TearCare卓越的臨床和健康經濟價值，我們對最終確保TearCare獲得報銷市場准入的信心和能力仍然很高。

This includes the most recently published SAHARA Stage III long-term two-year clinical data and the cost utility analysis. Our eye care provider partners also share our belief in the important need for TearCare reimbursement and are submitting claims and processing appeals to payers to demonstrate the unmet need, real-world utilization and significant value of our technology.

其中包括最近發布的 SAHARA III 期長期兩年臨床數據和成本效用分析。我們的眼科護理合作夥伴也與我們一樣，堅信 TearCare 報銷的重要性，並正在向付款人提交索賠和申訴處理，以證明我們技術尚未滿足的需求、實際應用以及其重要價值。

As we are working to support coverage and payment for the TearCare procedure, we have built a foundation with an established commercial infrastructure that has trained eye care providers at over 1,500 facilities and supported over 70,000 TearCare procedures to date.

在我們努力支持 TearCare 手術的覆蓋範圍和支付時，我們已經建立了一個基礎，擁有成熟的商業基礎設施，迄今為止已為 1,500 多家機構的眼科護理提供者提供培訓，並支持了超過 70,000 例 TearCare 手術。

We are confident this meaningful and experienced customer base is capable of quickly ramping to meet demand if and when reimbursement determinations come. We believe TearCare can be a catalyst to drive growth in the robust dry eye opportunity. In summary, our top priorities are strengthening our leadership position in implant-free MIGS and developing the reimbursed procedural Dry Eye market.

我們相信，一旦報銷決定出台，這群重要且經驗豐富的客戶群能夠迅速成長，以滿足需求。我們相信，TearCare 能夠成為推動乾眼症市場強勁成長的催化劑。總而言之，我們的首要任務是鞏固我們在非植入式微創乾眼手術 (MIGS) 領域的領導地位，並拓展已報銷的手術性乾眼症市場。

And we're encouraged by the progress made through the second quarter as we execute on key strategic initiatives. As a reminder, our 2025 strategy centers on working towards securing equitable reimbursement for TearCare, driving commercial momentum in MIGS through the ongoing rollout of OMNIEdge and continued investment in customer education and engagement, publishing new clinical and economic data to support broader adoption of our technologies and advancing our robust product pipeline.

我們對第二季度在執行關鍵策略舉措方面取得的進展感到鼓舞。需要提醒的是，我們的2025年策略重點是努力確保TearCare的公平報銷，透過持續推出OMNIEdge並持續投資於客戶教育和參與來推動MIGS的商業發展勢頭，發布新的臨床和經濟數據以支持我們技術的更廣泛應用，並推進我們強大的產品線。

As we enter the second half of 2025, these developments reinforce our confidence in our ability to deliver long-term value across the eye care landscape. I'll now turn the call over to Ali to discuss our financial results and guidance for 2025.

隨著我們即將邁入2025年下半年，這些發展增強了我們在整個眼科保健領域創造長期價值的信心。現在，我將電話會議交給Ali，討論我們2025年的財務表現和展望。

Thanks, Paul. Unless noted, all results are for the second quarter of 2025 and all comparisons are to the same period in the prior year. In the second quarter of 2025, total revenue was $19.6 million, an 8% decrease. Surgical Glaucoma revenue was $19.2 million, a decrease of 5%. This expected decrease was primarily due to an 11% decrease in account utilization, which was the result of the impact on the MIGS market from the coverage restrictions in the recent Medicare LCDs, partially offset by a higher number of ordering accounts and higher average selling prices.

謝謝，保羅。除非另有說明，所有業績均為2025年第二季的數據，所有比較均與去年同期進行。 2025年第二季度，總營收為1,960萬美元，下降8%。青光眼手術收入為1,920萬美元，下降5%。這一預期下降主要是由於帳戶利用率下降了11%，這是近期聯邦醫療保險(Medicare)有限責任(LCD)的覆蓋範圍限制對MIGS市場造成的影響，但訂購帳戶數量的增加和平均售價的上漲部分抵消了這一影響。

Ordering accounts were up 4%, demonstrating our ability to grow our customer base, albeit at slightly lower volumes. Our Dry Eye revenue was $0.3 million, a decrease from $1.1 million. This expected decline was primarily due to fewer SmartLids sales, which was a result of our focus on achieving reimbursed market access for TearCare procedures.

訂單帳戶增加了4%，儘管交易量略有下降，但這表明我們有能力擴大客戶群。我們的乾眼症收入為30萬美元，較上年同期的110萬美元下降。這項預期下降主要歸因於SmartLids銷售額的減少，而SmartLids銷售額的減少是由於我們專注於爭取TearCare手術的報銷市場准入。

In the second quarter of 2025, we dedicated more resources towards working with our eye care provider partners on appeals of previously submitted claims with a lower volume of new claims submissions and a lower average selling price of our SmartLids compared to the first quarter of 2025. Gross margin was 85%, down slightly from 86%.

2025 年第二季度，我們投入了更多資源與眼保健提供者合作夥伴合作，對先前提交的索賠進行上訴，與 2025 年第一季度相比，新索賠提交量減少，SmartLids 的平均售價降低。毛利率為 85%，略低於 86%。

Surgical Glaucoma gross margin was 86% compared to 88%, primarily due to higher overhead cost per unit, tariff costs and product sales mix, partially offset by higher average selling prices. We incurred $0.1 million in Surgical Glaucoma cost of goods sold associated with tariffs. Dry Eye gross margin was 38% compared to 47%, primarily due to product sales mix and higher overhead cost per unit. Total operating expenses were $28.3 million, a decrease of 9% compared to $31 million, primarily due to lower legal fees. Adjusted operating expenses were $24.4 million, a decrease of 8% compared to $26.6 million.

手術青光眼毛利率為86%，而去年同期為88%，主要原因是單位間接成本、關稅成本和產品銷售組合增加，但部分被平均售價上漲所抵銷。手術青光眼毛利率因關稅相關而產生10萬美元的銷售成本。乾眼毛利率為38%，去年同期為47%，主要原因是產品銷售組合及單位間接成本增加。總營運費用為2,830萬美元，較上年同期的3,100萬美元下降9%，主要原因是法律費用降低。調整後營運費用為2,440萬美元，較上年同期的2,660萬美元下降8%。

Our net loss was $11.9 million or $0.23 per share compared to a net loss of $12.3 million or $0.25 per share. We ended the quarter with $101.5 million of cash and cash equivalents and $40 million of debt, excluding unamortized discount and debt issuance costs. Cash used was $7.3 million compared to $9.1 million. As a reminder, we have not received any monetary damages awarded in our successful jury trial verdict in our patent infringement case against Alcon. We are awaiting the judge's final order whether to confirm the jury's verdict, establish ongoing royalty damages and/or determine any potential enhancements.

我們的淨虧損為1,190萬美元，即每股0.23美元，而去年同期的淨虧損為1,230萬美元，即每股0.25美元。本季末，我們持有1.015億美元的現金及現金等價物，以及4000萬美元的債務（不包括未攤銷的折扣和債務發行成本）。現金使用量為730萬美元，去年同期為910萬美元。需要提醒的是，在我們起訴愛爾康的專利侵權案中，陪審團成功審判，我們尚未獲得任何金錢賠償。我們正在等待法官的最終裁決，以確定是否確認陪審團的裁決、確定持續的專利費賠償和/或確定任何潛在的加重措施。

And the final ruling is subject to appeal. In addition, in the second quarter, Alcon filed petitions with the US Patent and Trademark Office, seeking reexamination of the patents we asserted in the litigation. We intend to defend our patents vigorously in front of the USPTO. Our ability to collect past damages and ongoing royalties may be impacted if the reexamination proceedings result in final non-appealable judgments of invalidity on the asserted claims of the patents in suit before a final non-appealable judgment is entered by the court in the patent infringement litigation.

最終裁決仍有待上訴。此外，愛爾康公司已於第二季向美國專利商標局提交申請，尋求對我們在訴訟中主張的專利進行複審。我們計劃在美國專利商標局積極捍衛我們的專利。如果在專利侵權訴訟中法院作出最終不可上訴的判決之前，複審程序導致對涉案專利主張的權利要求作出最終不可上訴的無效判決，我們收取過往損害賠償金和持續特許權使用費的能力可能會受到影響。

Moving to our revenue outlook for full year 2025. We are raising our revenue guidance to $72 million to $76 million compared to our prior guidance of $70 million to $75 million. This revenue guidance range includes revenue of approximately $1 million for full year 2025 for our Dry Eye segment. This guidance does not contemplate achievement of reimbursement coverage and/or payment decisions for TearCare in 2025. While we outperformed our revenue expectations in Dry Eye in the first half of 2025, we expect revenue to be modest until sufficient reimbursed market access is achieved.

談到我們對2025年全年收入的展望。我們將營收預期上調至7,200萬美元至7,600萬美元，先前預期為7,000萬美元至7,500萬美元。此收入預期範圍包含乾眼症部門2025年全年約100萬美元的收入。此預期未考慮TearCare在2025年實現健保覆蓋和/或付款決策。雖然我們在2025年上半年乾眼症部門的收入超出預期，但我們預計在獲得足夠的健保市場准入之前，收入將保持溫和。

Looking closer at the third quarter of 2025, we expect Surgical Glaucoma revenue to be down by mid-single digits compared to the same period in the prior year. I also want to expand on our tariff exposure, which is applicable only to our imported products and does not impact overhead or other cost of goods sold. Based on the current tariffs incurred to date and assuming the current 30% China tariff rate and our current revenue expectations, including product mix and related inventory on hand.

展望2025年第三季度，我們預期手術青光眼業務的收入將與去年同期相比下降中等個位數。我還想進一步說明我們的關稅風險，該風險僅適用於我們的進口產品，不會影響間接費用或其他銷售成本。此數據基於迄今為止產生的關稅，假設中國關稅稅率為30%，以及我們目前的收入預期，包括產品組合和相關庫存。

We expect that our Surgical Glaucoma segment's tariff exposure would increase the segment's cost of goods sold by between $1 million to $1.5 million for full year 2025, down from the prior estimate of $3.5 million to $4.5 million. However, we note that this is still a very fluid situation and the pause on China tariffs expire August 12 and it is uncertain what the tariff rate will be after that expiration.

我們預計，外科青光眼部門的關稅風險將導致該部門2025年全年的銷售成本增加100萬至150萬美元，低於先前預估的350萬至450萬美元。然而，我們注意到，目前情況仍非常不確定，對華關稅暫停令將於8月12日到期，到期後的關稅稅率尚不確定。

We expect Dry Eye gross margin in the second half of 2025 to be similar to the gross margin seen in the first half of 2025, taking into account expected average selling prices and overhead absorption. We expect our Dry Eye gross margin to expand significantly with higher volumes associated with reimbursed market access if and when reimbursed market access is achieved.

考慮到預期平均售價和間接費用吸收，我們預計2025年下半年乾眼症治療的毛利率將與2025年上半年持平。我們預計，如果乾眼症治療能夠獲得報銷市場准入，隨著與報銷市場准入相關的銷量增加，我們的毛利率將大幅提升。

As a reminder, we have been working on additional third-party manufacturing locations. And we expect these facilities will begin producing a portion of our volume, starting with our OMNIEdge product line in the first quarter of 2026. We are also reaffirming our adjusted operating expenses guidance expectations for full year 2025 of $101 million to $105 million, representing an increase of 0% to 4% compared to 2024.

需要提醒的是，我們一直在努力拓展第三方生產基地。我們預計這些工廠將從2026年第一季開始生產我們部分產量，首先是OMNIEdge產品線。我們也重申2025年全年調整後的營運費用預期，為1.01億美元至1.05億美元，較2024年成長0%至4%。

Our estimated 2025 adjusted operating expenses still include investments in pseudophakic standalone Surgical Glaucoma market development, TearCare market access and focused research and development projects. We are proud of the progress made this quarter, both operationally and strategically. And we remain focused on further penetrating and expanding the Surgical Glaucoma and Dry Eye markets as we execute and deliver on our long-term goals and build for our future.

我們預計的2025年調整後營運費用仍包含對人工水晶體眼手術青光眼獨立市場開發、TearCare市場進入以及重點研發項目的投資。我們對本季在營運和策略方面的進展感到自豪。我們將繼續專注於進一步滲透和擴展手術青光眼和乾眼症市場，同時執行並實現我們的長期目標，為未來做好準備。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions) Danielle Antalffy, UBS.

（操作員指示）瑞銀的 Danielle Antalffy。

Good afternoon, guys. Thanks so much for taking the question. Congrats on a good quarterly beat here. Sorry about that. I wanted to first touch on the Surgical Glaucoma business and a pretty strong quarter relative to your expectations. I think you guys had expected at least a high single-digit decline there and only mid-single digits. So maybe talk about what's driving the underlying strength there, at least relative to your expectations and what that means for the standalone market opportunity?

大家下午好。非常感謝你們回答這個問題。恭喜你們取得了不錯的季度業績。抱歉。我想先談談外科青光眼業務，相對於你們的預期，這個季度的業績相當強勁。我想你們之前預計該業務至少會出現高個位數的下滑，但只會出現中個位數的下滑。所以，能否談談是什麼推動了該業務的潛在成長，至少相對於你們的預期而言，以及這對獨立的市場機會意味著什麼？

And then I'll just ask my second question upfront on TearCare. I appreciate the commentary on reimbursement there. Do you expect now reimbursement wins to be in 2026 versus this year? Or how should we think about that? What should we be on the lookout for? Thanks so much.

然後，我先問第二個關於TearCare的問題。我很感謝你們對報銷的評論。您預計報銷勝利會在2026年，而不是今年嗎？或者我們應該如何看待這個問題？我們該關注什麼？非常感謝。

Thanks, Danielle. This is Matt. I'll handle at least the first one on Surgical Glaucoma. I appreciate the sentiments on the quarter. We felt really proud of our team's performance.

謝謝，丹妮爾。我是馬特。我至少會負責第一期關於外科青光眼的通報。我很感激大家對本季的評價。我們為團隊的表現感到非常自豪。

As we've talked about and as we referenced in the comments, obviously, we're facing some headwinds this year relative to the LCD that went into effect and the elimination of combo mix. But I think one of the things we do appreciate is a relative stability in the market, which allows us to plan, allows our teams to plan, allows them to focus on all the activities that are critical to get back to a cadence of consistent and predictable performance, which is really what we start to see coming together. And so I think that the environment is stable. It's certainly still competitive as we've shared in prior comments. We have new competitors coming into the space, but certainly it's not getting any easier.

正如我們之前討論過以及在評論中提到的，顯然，由於《最低銷售限額法》（LCD）的生效和組合銷售模式的取消，我們今年面臨著一些阻力。但我認為，我們確實欣賞的一點是市場的相對穩定，這讓我們能夠規劃，讓我們的團隊能夠規劃，讓他們能夠專注於所有至關重要的活動，以恢復穩定且可預測的業績節奏，而這正是我們開始看到的。所以我認為市場環境是穩定的。正如我們在之前的評論中提到的，競爭仍然很激烈。雖然有新的競爭對手進入這個領域，但競爭肯定不會變得更容易。

But I do believe our team is as focused as ever and is executing on what we've always understood the value of OMNI to be as one of the leading MIGS and certainly the leading implant-free MIGS in the market. We definitely continue to see some tailwinds with the introduction of our newest OMNIEdge in the marketplace and we're seeing good traction with that.

但我相信我們的團隊一如既往地專注，並正在實踐我們一直以來對 OMNI 的理解，即作為市場上領先的多腔內鏡（MIGS）之一，以及毫無疑問領先的無植入式多腔內鏡（MIGS）。隨著我們最新的 OMNIEdge 進入市場，我們無疑將繼續看到一些利好因素，並且看到了良好的發展勢頭。

And we believe that has some additional runway in the second half of the year. To the second part of your question as it relates to standalone, we're still early days in the standalone effort. But again, our team has been very focused and very deliberate in our approach to some early account qualification and activation efforts and we're seeing continued traction.

我們相信，下半年還會有一些額外的發展空間。關於你問題的第二部分，關於獨立運營，我們的獨立運營工作仍處於早期階段。但再次強調，我們的團隊在處理一些早期帳戶資格認證和激活工作時非常專注且慎重，並且我們看到了持續的進展。

We're also benefiting from and grateful for the broader awareness across the market with a focus on interventional glaucoma. There's a very healthy and robust MIGS market as it exists today. But there's still a tremendous opportunity for market expansion into subsegments of the market that are being underserved, we believe, based on the quality of interventional technologies such as OMNI that are available. So we look forward to continuing to provide future updates on our market development effort. But to date, we believe we're on track in line with our expectations for where we intended to be this year.

我們也受益於並感激市場對介入性青光眼的廣泛關注。目前，MIGS 市場非常健康且強勁。但我們相信，基於 OMNI 等現有介入技術的質量，在服務不足的細分市場中，仍有巨大的市場拓展機會。因此，我們期待在未來繼續更新我們的市場拓展工作。但到目前為止，我們相信我們的進展正朝著我們今年的預期目標邁進。

And we'll continue to build momentum through the back half of the year into '26.

我們將在今年下半年至 26 年繼續保持這種勢頭。

And Danielle, I'll just add a few things to Matt's comments on the MIGS side and the growth and the performance. Look, I think we've been focused on MIGS for many years. One of the few companies that's been focused for this long. I think our technology, OMNI in a one MIGS world, it's a very competitive offering for surgeons and patients. As we've said before, it's very comprehensive on its own.

丹妮爾，我想補充馬特關於 MIGS 方面以及成長和業績的評論。你看，我認為我們已經專注於 MIGS 很多年了。我們是少數幾家長期專注於此的公司之一。我認為我們的技術，在單一 MIGS 領域中的 OMNI，對外科醫生和患者來說都是非常有競爭力的產品。正如我們之前所說，它本身就非常全面。

So it can be used in combo cataract can be used in standalone. It can be used in a mild, moderate and advanced disease. And surgeons appreciate its usability and its comprehensive procedure profile. And so we feel like in this new MIGS environment and in a one MIGS world, our focused team that's been commercializing OMNI for quite some time and the new iterations of our OMNI technology make us very competitive.

因此，它既可以用於白內障聯合治療，也可以單獨使用。它適用於輕度、中度和晚期白內障。外科醫生非常欣賞它的易用性和全面的手術方案。因此，我們認為，在這個全新的 MIGS 環境和單一 MIGS 世界中，我們專注於 OMNI 商業化已有相當長時間的團隊以及我們 OMNI 技術的新迭代，使我們極具競爭力。

So in regards to your second question on TearCare and coverage, we still are expecting payer wins in 2025 and we're working towards that timing. But we do acknowledge that that is somewhat out of our control as well. We're certainly working on many efforts. We think with the recent publication of SAHARA as well as the cost utility analysis as well as continued growth in claims with various payers. We do think we are building that foundation.

關於您關於TearCare和保險範圍的第二個問題，我們仍然預計2025年支付方將獲得勝利，我們正在朝著這個目標努力。但我們也承認，這在某種程度上也超出了我們的控制範圍。我們確實在做很多努力。我們認為，隨著最近發布的SAHARA報告、成本效用分析以及各支付方理賠的持續成長，我們正在建立這個基礎。

And we do think that there is still -- we have strong conviction in the fact that TearCare should be covered and we should, over time, be able to establish that reimbursed market access. But being now in August of the year of 2025 and having not yet had a win, we do acknowledge that that we're slightly behind our expectations in terms of being able to execute that plan.

我們確實認為，我們仍然堅信TearCare應該被覆蓋，並且隨著時間的推移，我們應該能夠建立報銷的市場准入。但現在是2025年8月，我們還沒有任何進展，我們承認，在執行該計劃方面，我們略微落後於預期。

Okay. But it doesn't make you feel like you won't ever get the -- it's still very much on the table, right? Or is there something in the conversation that make you --

好的。但這並不意味著你永遠都得不到——它仍然在討論中，對吧？或是談話中有什麼讓你——

Yes, Danielle, I think our conviction grows, frankly. While we don't control the timing, the conversations with payers have been of high quality, continued conversations and the more recent publications that we discussed in the prepared remarks are critical. That's the foundation to drive reimbursement and coverage. We now have, we believe, everything that's necessary to support successful coverage determinations. That's SAHARA Stage 1 published, SAHARA Stage 2, the 12-month published, now SAHARA Stage 3, the 24-month published, the budget impact model published, the cost utility analysis published and our RVU analysis.

是的，丹妮爾，坦白說，我認為我們的信心正在增強。雖然我們無法掌控時間，但與付款人的對話品質很高，持續的對話以及我們在準備好的發言稿中討論的最新出版物至關重要。這是推動報銷和覆蓋的基礎。我們相信，我們現在擁有支援成功覆蓋範圍確定所需的一切。這些包括已發布的 SAHARA 第一階段、已發布的 SAHARA 第二階段（12 個月），以及現在已發布的 SAHARA 第三階段（24 個月）、已發布的預算影響模型、已發布的成本效用分析以及我們的 RVU 分析。

So those six items are kind of the foundation, which creates a very compelling story for payers and is leading to very high-quality conversations. In terms of timing, it's not in our control. But we still very much believe it's a when, not if.

所以這六項內容算是基礎，它們為付款人創造了一個非常引人入勝的故事，並促成了非常高品質的對話。至於時機，我們無法掌控。但我們仍然堅信，這只是一個時間問題，而不是是否會發生的問題。

Adam Maeder, Piper Sandler.

亞當梅德、派珀桑德勒。

Hi, this is Kyle Winborne on for Adam. Congrats on a good quarter. I guess maybe first for me, if we could just kind of dig in a little more on some of the competitive dynamics. I respect kind of your commentary around there that it's still very relevant, top of mind. Just with regards to kind of some of the trialing and launches that we saw throughout this year.

大家好，我是凱爾溫伯恩 (Kyle Winborne)，代替亞當 (Adam) 發言。恭喜您本季取得了不錯的成績。我想，首先我想談談一些競爭動態。我尊重您先前的評論，它仍然非常重要，是最重要的。就我們今年看到的一些測試和發布而言。

Are you may be seeing some of these headwinds kind of start to abate? Are you may be taking some share given the strong performance this quarter? Just any more color on the competitive dynamics would be helpful. Thanks.

您是否看到一些不利因素開始減弱？鑑於本季的強勁表現，您是否會搶佔一些市場份額？如果您能進一步了解競爭態勢，那就更好了。謝謝。

Yes. I think the main commentary I have is we don't necessarily believe that the competitive environment has subsided. I believe that we, as an organization and specifically our Surgical Glaucoma sales team are performing better than we have in prior periods. And as I stated in my former response or my previous response. I think part of that can be attributed to, again, while we're facing headwinds as a result of the elimination of combo MIGS.

是的。我認為我的主要觀點是，我們不一定認為競爭環境已經減弱。我相信，作為一個組織，特別是我們的外科青光眼銷售團隊，我們的表現比以往更好。正如我在先前的回覆中所說，我認為部分原因可以歸因於我們正面臨組合式MIGS產品停產帶來的阻力。

We at least have a stable environment. And so we're able to focus on the market dynamics in front of us that are known to us. We're able to focus on our customers and our customers' needs. And we're able to continue to highlight the broad appeal of OMNI in particular, given its comprehensive efficacy and usability for providers. And so again, I think the focus of our team has been exceptional.

我們至少擁有一個穩定的環境。因此，我們能夠專注於我們已知的市場動態。我們能夠專注於我們的客戶及其需求。並且，我們能夠繼續強調OMNI的廣泛吸引力，尤其是考慮到它對供應商的全面功效和可用性。因此，我認為我們團隊的專注力非常出色。

Certainly a bit of a tailwind as we've added EDGE to our portfolio to better, I think, tailor our engagement with customers based on what their needs and preferences are and what they're trying to provide to their patients. Obviously, we focus a lot on OMNI, but Sight has continued to perform well in the market as well and growing. And so for those providers who are looking for an alternative solution to OMNI. It's great to have that tool in our pocket. But again, we still see a lot of competitive dynamics.

這無疑對我們有利，因為我們已將 EDGE 添加到我們的產品組合中，我認為，這將更好地根據客戶的需求和偏好，以及他們試圖為患者提供的服務，定制我們與客戶的互動。顯然，我們非常重視 OMNI，但 Sight 在市場上也表現良好，並且還在持續發展中。對於那些正在尋找 OMNI 替代解決方案的供應商來說，擁有這個工具真是太好了。但同樣，我們仍然看到很多競爭態勢。

It's a desirable market, a lot of interest to try to replicate the success that OMNI has. And I think also going back to Paul's prior comments, we have a very experienced sales organization. We have an established market-leading solution in OMNI. And the team is continuing to execute very effectively. And so we look forward to continuing that through the second half of the year.

這是一個令人嚮往的市場，許多人對複製 OMNI 的成功感興趣。我想回到 Paul 之前的評論，我們擁有一支經驗豐富的銷售團隊。 OMNI 擁有成熟的市場領先解決方案。團隊的執行力也非常有效率。因此，我們期待在下半年繼續保持這種勢頭。

That's super helpful. And then maybe just quickly on guidance. I understand kind of the raise comes maybe close to where the beat was in Q2. So maybe if you could just shed a little more light on the cadence for Q3 and Q4. I think I heard you say down mid-single digits for glaucoma for Q3. Where does that -- does that kind of land Q4? Maybe on the upper end, it could actually say, be flat to positive year over year? Or how are you kind of thinking about the cadences for the back half?

這非常有幫助。然後我想快速地談談指導意見。我知道這次的漲幅可能接近第二季的水平。所以，您能否再稍微解釋一下第三季和第四季的節奏？我記得您說過，第三季青光眼業務的銷售額會下降個位數左右。那麼，第四季的銷售額會下降到多少呢？也許在上限，實際上可以說，與去年同期持平或為正增長？或是您如何看待後半年的銷售成長節奏？

Yes. Great question. And as we said in the prepared remarks, we do expect around a mid-single-digit decline for the Surgical Glaucoma business, which would imply kind of at the midpoint of guidance that you're looking at slightly up for the fourth quarter. Now remember, the fourth quarter is our easiest comp of the year on the Surgical Glaucoma side because you had half of the quarter already impacted by the restrictions on the stacked MIGS procedures. So it, of course, should be returning to some level of growth as we lap those restrictions.

是的，問得好。正如我們在準備好的發言中所說，我們確實預計手術性青光眼業務將出現中等個位數的下滑，這意味著在預期的中點，第四季度的業績將略有上升。請記住，第四季度是我們手術性青光眼業務今年業績最輕鬆的季度，因為該季度已有一半時間受到了MIGS手術限制的影響。因此，隨著這些限制措施的逐步解除，該業務應該會恢復到一定程度的成長。

On top of that, I would also point out that while we are looking at a kind of mid-single-digit decline for our Surgical Glaucoma business in the third quarter, that actually is our toughest comp. We saw throughout the year last year that the percent of combination procedures being done of stacked MIGS procedures actually increasing up to the point that the MIGS restrictions went into effect.

除此之外，我還要指出的是，雖然我們預計第三季外科青光眼業務將出現中等個位數的下滑，但這實際上是我們面臨的最嚴峻的挑戰。去年全年我們都看到，在MIGS限制生效之前，MIGS堆疊手術的組合手術比例實際上有所上升。

And so because of that, the third quarter was actually the highest percent of those stacked procedures. So that really should show our confidence in our ability to operate in this market and the fact that we are seeing a strong performance from the sales team. And then, of course, on the Dry Eye side, we expect very modest sales over the next period until we have market access established. And so that's what's reflected in guidance is that $1 million total contribution from the Dry Eye segment. Hopefully, that helps.

因此，第三季的疊加治療比例實際上是最高的。這確實顯示了我們對在這個市場運作能力的信心，也顯示了我們銷售團隊的強勁表現。當然，在乾眼症方面，我們預計在下一季的銷售額將非常溫和，直到我們獲得市場准入。因此，在績效指引中反映的是乾眼症部門的總貢獻為100萬美元。希望這能有所幫助。

Thank you.

謝謝。

Justin Wang, Morgan Stanley.

摩根士丹利的賈斯汀王（Justin Wang）。

Hey everybody, I'm Filling in for Patrick. Can you talk a little bit more about how conversations with payers are going for TearCare? I appreciate the 24-month SAHARA data in the CUA. But just wondering if you can add a little bit more color on how payers are thinking about this and what the potential target reimbursement level might be? Thank you so much.

大家好，我是 Patrick 的替補。能否再多談談 TearCare 與付款人的溝通進度如何？我很欣賞 CUA 中 24 個月的 SAHARA 數據。不過，您能否再詳細談談付款人對此的看法，以及潛在的目標報銷水準是多少？非常感謝。

Yes, I'm happy to take that and others jump in as well. We are pleased with the tone of the discussions. We've had multiple rounds with several payers. And we're continuing to work towards that goal of positive reimbursement coverage for payment decisions for TearCare in 2025. And so I think the tone has been good.

是的，我很樂意接受，其他人也參與其中。我們對討論的基調感到滿意。我們已經與多家付款方進行了多輪談判。我們將繼續努力，爭取2025年實現TearCare支付決策的積極報銷覆蓋率。所以我認為目前的基調很好。

There has been high respect for the clinical data that we have produced with the SAHARA readout, Stage 1, 2 and 3 as well as the health economic data. So those are very positive conversations. In terms of actual payment rate, that is something that is uncertain at this point. Obviously, we are producing data for payers, both through claims submissions where they are requesting invoices and requesting information to justify the payment for those procedures. And we are, of course, having our providers provide that information to the payers to establish appropriate reimbursement.

我們透過 SAHARA 數據、1、2 和 3 階段以及衛生經濟數據得出的臨床數據一直備受好評。因此，這些都是非常積極的對話。至於實際支付率，目前尚不確定。顯然，我們正在為付款人提供數據，包括他們透過索賠提交（要求發票）以及要求提供資訊來證明這些程序的付款合理性。當然，我們也要求我們的醫療服務提供者向付款人提供這些信息，以便確定適當的報銷方案。

We've also done an RVU analysis to kind of outline to payers what we think would be an appropriate payment given the cost of these procedures. So we do think that we have robust evidence and data. And we continue to expect those positive decisions at some point in time in the future. All of that is very positive. What we can't control is the exact timing of those decisions.

我們還進行了RVU分析，大致向付款人概述了我們認為考慮到這些手術的費用後，合理的付款方式。因此，我們確實認為我們擁有確鑿的證據和數據。我們仍然期待未來某個時間點能做出積極的決定。所有這些都非常積極。我們無法控制這些決定的具體時間。

But we know that we are building a strong case for payers to cover the TearCare procedure.

但我們知道，我們正在為付款人承擔 TearCare 手術的費用提供強而有力的支援。

Just to emphasize, again, on the SAHARA trial, this RCT was designed specifically to allow us to have the quality of conversations we're having today. So it's actually a payer design study, obviously helps with market development as well. But we're here ultimately to elevate the standard of care for patients.

再次強調一下，關於SAHARA試驗，這項隨機對照試驗的設計初衷就是為了讓我們能夠進行今天這樣的高品質對話。所以它實際上是一項付款人設計研究，顯然也有助於市場開發。但我們最終的目的是提高患者的治療標準。

And the best way to do that is to innovate and develop new technologies that work better and provide patients with better clinical outcomes than whatever else is available today. And so the SAHARA trial is a head-to-head against the standard of care in dry eye, which today, in terms of prescription eye drops is cyclosporine.

而實現這一目標的最佳途徑是創新和開發新技術，使其效果更佳，並為患者提供比現有任何技術都更好的臨床療效。因此，SAHARA 試驗是對乾眼症治療標準——目前處方眼藥水是環孢素——的正面交鋒。

And so it achieves two things. It showed how TearCare compares to the gold standard in dry eye, cyclosporine, but it also went beyond that. Another important consideration for payers is the durability of treatment effect. And so it's very rare, if you look at the dry eye category to see an RCT in a trial, prospective study that follows outcomes out to two years. Most dry eye RCTs are a month, three months, maybe six months max.

因此，它實現了兩點。它展示了TearCare與乾眼症治療的黃金標準環孢素的比較，但它也超越了這一點。支付方的另一個重要考慮因素是治療效果的持久性。因此，如果你關注乾眼症治療類別，很少能看到一項為期兩年的前瞻性隨機對照試驗（RCT）。大多數乾眼症RCT的觀察期為一個月、三個月，最多六個月。

So between the design of the study being head-to-head against the standard of care and demonstrating either non-inferiority or superiority, demonstrating clinically significant improvements in all signs and symptoms out to 24 months from baseline. We believe we've delivered what payers need to see to support successful coverage. And as Ali mentioned, we're not surprised by the quality of those conversations. We just don't control the timing, but they are advancing.

因此，這項研究的設計與標準治療方案進行了正面交鋒，並證明了非劣效性或優效性，證明了自基線起24個月內所有體徵和症狀均有顯著的臨床改善。我們相信，我們已經達到了支付方需要看到的效果，從而支持其成功獲得醫療覆蓋範圍。正如Ali所提到的，我們對這些對話的品質並不感到驚訝。我們只是無法控制時間，但它們正在推進。

Got it. Thank you so much.

明白了。非常感謝。

Tom Stephan, Stifel.

湯姆‧史蒂芬 (Tom Stephan)，Stifel。

Great. Hey, guys. Good afternoon. Thanks for taking the questions. Nice quarter. I'll start with MIGS. I guess two questions on MIGS. First question just on share. Paul, maybe if you can talk a bit about share dynamics in MIGS that you're seeing year-to-date as surgeons kind of continue to digest the LCD impact? Any insights you have there would be great.

太好了。大家好。午安.感謝大家回答問題。這個季度表現不錯。我先從MIGS開始。我想有兩個問題。第一個問題是關於份額的。 Paul，您能否談談今年迄今為止MIGS的份額動態？外科醫生仍在消化LCD的影響。您對此有什麼見解？

Hey, Tom, it's Matt. I'll take it. So look, I mean, the share dynamics can be a little bit tricky, right? We have a view, obviously, of the percentage of procedures that were combined MIGS procedures and that were eliminated. And obviously, we have our own internal view and estimates of what percentage of our procedures, predominantly with OMNI were conducted in a combined MIGS setting.

嘿，湯姆，我是馬特。我接電話。所以，我的意思是，份額動態可能有點棘手，對吧？我們顯然對合併MIGS程序和被淘汰的程序的百分比有一個看法。而且，顯然，我們有自己的內部觀點和估計，關於我們的程式（主要是OMNI）中有多少百分比是在合併MIGS環境中進行的。

And so that is essentially the offset we entered the year with. And based on that information, we believe that we are winning at a rate higher than 50%. So if you look at those combined procedures of which OMNI was utilized as another MIGS, 50% of those units of MIGS sales going away as a result of only being able to use one MIG. From our own internal view, we know that we are performing better to that. And that is certainly a contributor to the positive performance we've seen in Q1 and Q2.

這基本上就是我們今年年初的抵銷額度。基於這些信息，我們相信我們的勝率超過50%。所以，如果你看看那些將OMNI用作另一個MIGS的組合流程，你會發現由於只能使用一個MIG，50%的MIGS銷售單位消失了。從我們內部來看，我們知道我們的表現比這更好。這無疑是我們在第一季和第二季取得正面業績的一個因素。

Again, a credit and testament to our team and their focus on engaging our customers and making sure that they understood what our surgeon providers were looking for as they reconciled the new MIGS environment and elimination of combo. As we think about, okay, then what is the share shifting as a result of us believing that we're winning better than 50% of the procedures that we were participating in a combined manner as well as you heard in the prepared remarks, increased number of active accounts.

再次，這要歸功於我們團隊的努力，他們專注於與客戶互動，確保客戶理解我們的外科醫生在協調新的 MIGS 環境和取消組合治療時的需求。讓我們思考一下，好吧，那麼，由於我們相信我們以組合方式參與的手術勝率超過 50%，以及正如您在準備好的發言中聽到的，活躍帳戶數量的增加，我們的份額發生了哪些變化？

And while utilization was down year over year, sequentially, it's up. So that suggests we're growing new customers as well, not just winning our fair share in MIGS -- excuse me, our fair share in the combo MIGS space. All this leads us to believe that we are doing better than simply holding steady.

雖然利用率年減，但季比來看，卻有所上升。這表明我們也在發展新客戶，而不僅僅是在MIGS領域贏得了應有的份額——不好意思，是在組合MIGS領域贏得了應有的份額。所有這些都讓我們相信，我們的表現遠不止於保持穩定。

We believe there are share gains. Ultimately, we'll continue to evaluate the claims data to understand where that share shifting is, certainly from other competitors in the market space, there could be a mix of price and unit volume playing into results. So it's hard to read through all of that until we have more of the information from a claims perspective.

我們相信市場佔有率會有所成長。最終，我們將繼續評估理賠數據，以了解市場佔有率的變化方向，當然，從市場上其他競爭對手的角度來看，價格和銷售量可能會對業績產生影響。因此，在我們獲得更多理賠的資訊之前，很難解讀所有這些資訊。

But as we evaluate the environment, understanding new competitors are coming in, looking at the impact of elimination of combo mix and looking at our own internal data, record number of active accounts and sequential growth in utilization, we feel really good about how we're performing in the market. Again, our team is doing an incredible job with focus and execution.

但當我們評估市場環境，了解新的競爭對手的加入，審視取消組合方案的影響，並審視我們自己的內部數據——創紀錄的活躍帳戶數量和連續增長的利用率——時，我們對市場表現感到非常滿意。再次強調，我們的團隊在專注和執行方面做得非常出色。

Got it. That's great appreciate that Matt.And then sort of similar question, but more market related. Matt or Paul, can you talk a bit about just what you're seeing in terms of, call it, eye or visit growth in MIGS, sort of setting aside the LCD device headwinds? And how does that maybe inform your view on 2026 MIGS growth once we lap the LCDs?

明白了。非常感謝 Matt。接下來是類似的問題，但更多與市場相關。 Matt 或 Paul，您能否談談您對 MIGS 成長的看法，拋開 LCD 設備逆風不談？這如何影響您對 2026 年 MIGS 成長的看法？一旦我們超越 LCD 設備，這又將如何影響您的看法？

Yes. And I can actually start there, maybe just for a little bit of data here. Obviously, the visits have been growing slightly. And of course, the claims data has been coming down. So we look at it both ways in the MIGS category.

是的。我其實可以從這裡開始，也許只是一些數據。顯然，就診人數一直在略有增加。當然，失業救濟申請數據一直在下降。所以我們在MIGS類別中從兩個角度來看這個問題。

We haven't yet seen the second quarter data, Tom. So it is a bit hard for us to kind of use what's a pretty outdated data on the first quarter. And of course, that was the first quarter post the MIGS environment. So for us to provide specific data on exactly how it's trending. I think it's harder for us to say outside of visits was maintained to slight growth in this transition period and that is something that we expect to continue to grow.

湯姆，我們還沒有看到第二季的數據。所以，我們很難用第一季那些相當過時的數據來做判斷。當然，那是MIGS環境之後的第一季。所以我們很難提供具體的數據來說明目前的趨勢。我認為，我們很難說在這個過渡時期，除了訪問量之外，其他方面都保持了小幅增長，而且我們預計訪問量還會繼續增長。

The market estimates have been in that high single-digit range for MIGS procedure visits. So that's the best we can provide today in terms of procedure data, but feel free to add on to that.

市場對MIGS手術就診量的估計一直處於較高的個位數區間。所以，這是我們目前能提供的最佳手術數據，歡迎您隨時補充。

No, we're excited, Tom. I think we're performing well. We know that the MIGS market in terms of devices used will get back to growth in 2026. And so we're excited and focused on exiting this year in a strong a position as we can so that we can capitalize on that return to growth. As Matt mentioned, I think our team has been focused.

不，我們很興奮，湯姆。我認為我們表現不錯。我們知道，MIGS 市場（就設備使用量而言）將在 2026 年恢復成長。因此，我們很興奮，並致力於在今年年底前盡可能保持強勁勢頭，以便充分利用這種恢復成長的機會。正如馬特所提到的，我認為我們的團隊一直都非常專注。

I think we're demonstrating commercial excellence. And we're also demonstrating the utility of the OMNI technology in terms of its comprehensive procedure profile for primary open-angle glaucoma patients.

我認為我們正在展示卓越的商業價值。同時，我們也正在展示OMNI技術在治療原發性開角型青光眼的綜合療效。

Got it. Thanks.

明白了。謝謝。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，湖街資本市場。

Great, thanks for taking the questions. Congrats on a solid quarter. I wanted to start with a follow-up related to guidance for the second half of the year. Clearly, it sounds like you're outperforming your kind of expectations on the OMNI side following the LCD challenges. Accounts looks good. OMNIEdge is contributing.

太好了，感謝您回答問題。恭喜您本季業績穩健。我想先跟進下半年的業績指引。顯然，在經歷了液晶面板業務（LCD）的挑戰之後，OMNI 業務的表現超出了預期。帳戶業務看起來不錯。 OMNIEdge 也做出了貢獻。

You had nice sequential growth. Just curious about kind of why not bring the guide a little bit higher. I think at the midpoint of the guide, it still implies sequentially down from a Surgical Glaucoma standpoint, but it feels like a lot of things are going your way. So I wasn't sure if there's a market dynamic you're still trying to digest or just a little bit of conservatism baked into the forward expectation.

你們的環比成長表現不錯。我只是好奇為什麼不把指引稍微提高一點。我認為，從外科青光眼的角度來看，指引處於中點，仍然意味著環比下降，但感覺很多事情都在朝著你們希望的方向發展。所以我不確定你們是否仍在努力消化市場動態，還是只是在對未來的預期中融入了一點保守主義。

Yes. Thanks, Frank. Good question here. And while we do feel good about the data, good about the performance year-to-date on the Surgical Glaucoma side. We do think it's really important in position that we're in to have appropriate and achievable guidance. So that is part of our factors when we put out these guidance numbers that we're trying to make sure that we don't get out ahead of any market factors or any additional headwinds that may come our way.

是的，謝謝，弗蘭克。這個問題問得好。我們對數據確實很滿意，對外科青光眼業務今年迄今的表現也很滿意。我們確實認為，在目前的狀況下，制定合適且可實現的業績指引至關重要。因此，當我們發布這些指引數據時，會考慮一些因素，確保不會因任何市場因素或任何可能出現的額外不利因素而導致業績下滑。

And then maybe just a follow-up on OMNIEdge and apologies if this was covered earlier. Just curious how your customers are using it differently? And is this cannibalizing some of your old OMNI? Or is this an incremental patient characteristic that they're using this on? Just any other kind of deeper thoughts into that launch would be great.

然後，也許可以跟進 OMNIEdge，如果之前已經提到過，請見諒。我只是好奇你們的客戶使用它的方式有什麼不同？這會蠶食你們原有的 OMNI 嗎？還是說，這是他們用來提升患者特徵的增量？如果能對 OMNIEdge 的發布進行更深入的思考，那就太好了。

Yes. So I think it's a combination of multiple things. And so look, I mean, the reality is OMNI Ergo, which preceded Edge in the market and continues to maintain a strong presence in the market, has been an outstanding device and obviously holding a market-leading position in the implant-free MIGS space. And so there's a lot of strong utility there.

是的。我認為這是多種因素共同作用的結果。事實上，OMNI Ergo 比 Edge 更早進入市場，並且一直保持著強勁的市場地位，它是一款出色的設備，在無植入式 MIGS 領域佔據著市場領先地位。因此，它具有許多強大的實用性。

As we continue to see the MIGS space evolve, I think there's a lot of interest in surgeons understanding of how best to treat the underlying disease state, being able to customize the MIGS procedure intervention based on either their specific physician preference or their patient need.

隨著我們繼續看到 MIGS 領域的發展，我認為外科醫生對如何最好地治療潛在疾病狀態有著濃厚的興趣，能夠根據特定的醫生偏好或患者需求量身定制 MIGS 手術幹預。

And one of the considerations associated with a comprehensive procedure like OMNI is how much of a canaloplasty is relied on the vasodilation of the canal as well as the trabeculotomy. And so with OMNIEdge, we've introduced a higher volume of viscoelastic to be -- that allows the surgeon to be delivered into the canal. And so that's where a lot of the interest is. But it really, I think, again, comes down to customization. The embodiment of the device and usability is in line with Ergo with some increases in viscoelastic based on physician preference.

像 OMNI 這樣的綜合手術需要考慮的因素之一是，小梁切開術和小梁成形術在多大程度上依賴小梁管的血管擴張。因此，在 OMNIEdge 中，我們引入了更大容量的黏彈性材料，以便外科醫生能夠將藥物輸送到小梁管內。這也是我們關注的重點。但我認為，最終還是要歸結於客製化。該設備的設計和易​​用性與 Ergo 一致，但根據醫生的偏好，黏彈性材料增加。

And this is one of the great things as we continue to engage the market and really understand the preferences of providers. We have an incredible platform in OMNI that we can continue to evolve. And Paul made the comments earlier around the comprehensive nature of OMNI. And the fact that it has the broad utility to treat mild, moderate and moderate to severe patients with a high level of efficacy and durability. We will continue to evolve the platform and family of OMNI products.

這是我們持續參與市場並真正了解供應商偏好的一大優勢。 OMNI 平台非常出色，我們可以持續發展。 Paul 先前也提到了 OMNI 的全面性，以及它廣泛的用途，能夠有效治療輕度、中度以及中重度患者，且療效顯著、療效持久。我們將繼續改進 OMNI 平台及其產品系列。

based on the needs of surgeons and the needs of patients. And EDGE is one and what we expect will be several steps moving forward to meet those needs and preferences of providers. So again, this has been, I just think, another example of our team engaging the market, understanding where there's a need from a provider and meeting that need with a new technology and where providers satisfied and achieving the results they desire. Ergo continues to be an incredible product in the market.

基於外科醫生和患者的需求。 EDGE 就是其中之一，我們預計將在未來進一步滿足這些需求和醫療服務提供者的偏好。所以，我認為這再次證明了我們團隊積極參與市場，了解醫療服務提供者的需求，並運用新技術滿足這些需求，最終使醫療服務提供者感到滿意並實現其期望結果。 Ergo 仍然是市場上令人難以置信的產品。

And just to add to Matt's comments. We've talked a lot about our sales execution excellence. Our marketing team is locked in. Our R&D teams are locked in on MIGS. And so we're paying, as Matt said, very close attention to the market, paying close attention to our customers and their feedback to us. And while EDGE is the latest, it's not going to be the last. And we continue to innovate, make EDGE even better and come out with future versions of OMNI that meet the evolving MIGS landscape needs.

補充一下Matt的評論。我們已經多次談到了我們卓越的銷售執行力。我們的行銷團隊也全心投入，研發團隊也專注於MIGS。正如Matt所說，我們非常關注市場，密切關注客戶以及他們對我們的回饋。雖然EDGE是最新的產品，但它絕對不會是最後一款。我們將持續創新，不斷改進EDGE，並推出滿足不斷變化的MIGS市場需求的OMNI未來版本。

Perfect. That's helpful thank you.

太好了！很有幫助，謝謝。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Thank you and good afternoon. I feel like we've been hearing or talking about standalone MIGS for quite some time. And I'm hearing you again talk about that a little bit more on this call. I'm curious what the obstacles are to physicians moving in that direction and quite frankly, how you can help them get there? Thank you.

謝謝，下午好。我覺得我們已經聽到或談論獨立MIGS很久了。這次電話會議中，我又聽到您稍微談了一下這個問題。我很好奇醫生們朝這個方向發展會面臨哪些障礙？坦白說，您能如何幫助他們實現目標？謝謝。

No, thank you. Appreciate the question. I think one of the challenges when you think about standalone MIGS is you think of it as an exact sort of proxy of combo MIGS, and it's not, right? I mean the cataract patient that has glaucoma at the time of cataract surgery and is indicated and received a MIGS procedure is really a different workflow than many standalone patients because obviously, they're not coming in for the cataract consult. They're not having surgery to treat another principal diagnosis and then the MIGS oftentimes being secondary or predominantly secondary to that cataract intervention.

不，謝謝。感謝您的提問。我認為，當你考慮獨立MIGS時，挑戰之一是你會把它看作是組合MIGS的某種替代，但事實並非如此，對吧？我的意思是，在白內障手術時患有青光眼、符合指徵並接受MIGS手術的白內障患者，其工作流程與許多獨立患者截然不同，因為很明顯，他們來這裡不是為了白內障會診。他們接受手術不是為了治療其他主要疾病，而且MIGS通常是繼發於或主要繼發於白內障幹預的。

And so one of the things that we've really tried to focus on is a very prescriptive approach to a patient population that providers have helped guide us to that has a well-defined unmet clinical need. And this is a patient that had glaucoma at the time of cataract surgery. At the time of that surgery with or without a MIGS was controlled for some periods of time. But moving beyond that treatment and intervention, three to seven years down the line. Statistically, it's been shown that about 50% of those patients will have elevated IOP and be on two or more meds.

因此，我們真正努力關注的一件事，就是針對醫療服務提供者指導下，針對那些具有明確未滿足臨床需求的患者群體，採取非常規範的治療方案。這位患者在接受白內障手術時患有青光眼。手術時，無論是否使用MIGS，他的眼壓都得到了一段時間的控制。但經過治療和介入後，三到七年後，情況會有所改善。統計顯示，約50%的患者會出現眼壓升高，需要服用兩種或兩種以上的藥物。

And when you look at that patient, you then start to worry about patient compliance on two medications, the elevated IOP, the side effects associated with the off-target impact of these medications. This is a patient that is underserved clinically and helping to be more prescriptive in identifying a specific patient population and then working with physician practices and their referring ODs to say, okay, how do we integrate these newly identified patients into a workflow?

當你觀察這位患者時，你會開始擔心患者對兩種藥物的依從性、眼壓升高以及與這些藥物脫靶效應相關的副作用。這類患者在臨床上缺乏充分的醫療服務，我們需要更規範地識別特定的患者群體，並與執業醫師及其轉診醫生合作，探討如何將這些新識別的患者整合到工作流程中。

So as I had mentioned in some earlier comments, we have some really strong efforts ongoing, identifying targeted practices that are motivated to identify these patient populations and to intervene. And we're starting to see more consistent adoption of a programmatic approach. And it's definitely worth mentioning that this comes in an environment where we're seeing a broad push towards a more interventional mindset to the treatment of glaucoma.

正如我之前提到的，我們正在大力開展工作，尋找有針對性的實踐，以識別這些患者群體並進行幹預。我們也開始看到越來越多的機構採用程序化方法。值得一提的是，在青光眼治療領域，我們正廣泛推行更具介入性的概念。

We talked a lot about interventional glaucoma. And ultimately, the pseudo safety standalone population that we're really targeting is a subset of that. So one, I think this is a byproduct of a broader industry trend to more comprehensively address the needs of patients with glaucoma. And then secondarily, I think a unique focus from us as a company, Sight Sciences with an incredible technology with demonstrated efficacy in OMNI to help physicians better understand how to integrate the workflow and identifying and treating these patients in their practice. So that's the progress we're making today and look forward to making further progress moving forward.

我們討論了很多關於介入性青光眼的問題。最終，我們真正瞄準的偽安全獨立人群只是其中的一部分。首先，我認為這是更廣泛的行業趨勢的副產品，即更全面地滿足青光眼患者的需求。其次，我認為我們公司Sight Sciences的獨特關注點在於，我們擁有一項在OMNI（全眼視光）中已證實有效的卓越技術，可以幫助醫生更好地理解如何整合工作流程，並在實踐中識別和治療這些患者。這就是我們今天的進展，並期待在未來取得更大的進步。

Thank you. I'm showing no further questions at this time. I would now like to turn the call back to Paul Badawi for closing remarks.

謝謝。目前我沒有其他問題。現在我想請保羅·巴達維作最後發言。

Thank you for attending today's call. We appreciate your interest in Sight Sciences. And we look forward to updating you on our progress in the future. Thank you all.

感謝您參加今天的電話會議。感謝您對Sight Sciences的關注。我們期待未來向您報告我們的進展。謝謝大家。

Thank you. This does conclude the program. And you may now disconnect.

謝謝。程式到此結束。現在您可以斷開連線了。