STAAR Surgical Co (STAA) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the STAAR Surgical fourth-quarter and Fiscal Year 2023 financial results conference call. (Operator Instructions)

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 STAAR Surgical 第四季和 2023 財年財務業績電話會議。（操作員說明）

This call is being recorded today, Monday, February 26, 2024.

本次通話將於今天（2024 年 2 月 26 日星期一）進行錄音。

At this time, I would like to turn the conference over to Mr. Brian Moore, Vice President, Investor Relations and Corporate Development for STAAR Surgical. Please go ahead.

現在，我想將會議交給 STAAR Surgical 投資者關係和企業發展副總裁 Brian Moore 先生。請繼續。

Thank you, operator. Good afternoon, everyone. Thank you for joining us on the STAAR Surgical conference call to discuss the company's financial results for the fourth-quarter and fiscal year ended December 29, 2023. On the call today are Tom Frinzi, President and Chief Executive Officer; and Patrick Williams, Chief Financial Officer.

謝謝你，接線生。大家下午好。感謝您參加 STAAR Surgical 電話會議，討論公司截至 2023 年 12 月 29 日的第四季度和財年的財務業績。今天參加電話會議的是總裁兼執行長 Tom Frinzi；和首席財務官帕特里克·威廉斯。

The press release of our fourth-quarter and full-year results was issued just after 4 PM Eastern Time. We have posted the earnings release in the Investor Relations section of STAAR's website at www.staar.com.

我們第四季和全年業績的新聞稿是在東部時間下午 4 點之後發布的。我們已在 STAAR 網站 www.staar.com 的投資者關係部分發布了收益報告。

Before we begin, let me quickly remind you that the company comments during this call will include forward-looking statements. We caution you that any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's projections, expectations, plans, beliefs, and prospects. These statements are based on judgment and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

在我們開始之前，讓我快速提醒您，公司在本次電話會議中的評論將包括前瞻性陳述。我們提醒您，任何不是歷史事實陳述的陳述都是前瞻性陳述。這包括有關公司的預測、期望、計劃、信念和前景的評論。這些陳述是基於截至本次電話會議之日的判斷和分析，並受到許多重要風險和不確定性的影響，可能導致實際結果與前瞻性陳述明示或暗示的結果有重大差異。

The risks and uncertainties associated with these forward-looking statements are described in the safe harbor statement in today's press release as well as STAAR's public periodic filings with the SEC. Except as required by law, STAAR assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

今天新聞稿中的安全港聲明以及 STAAR 向 SEC 提交的公開定期文件中描述了與這些前瞻性聲明相關的風險和不確定性。除法律要求外，STAAR 不承擔更新這些前瞻性聲明以反映未來事件或實際結果的義務，也不打算這樣做。

In addition, on this call and in the press release, we discuss certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA per share. We also provide sales data in constant currency. Definition and reconciliations to GAAP are included in today's press release.

此外，在本次電話會議和新聞稿中，我們討論了某些非公認會計原則財務指標，包括調整後的 EBITDA 和調整後的每股 EBITDA。我們也提供以固定匯率計算的銷售數據。今天的新聞稿中包含了 GAAP 的定義和調整。

For brevity, unless otherwise specified, all comparisons on today's call will be on a year-over-year basis versus the relevant period. Following our prepared remarks, we will open the line to questions for publishing analysts. We ask analysts to limit themselves to two initial questions then re-queue with any follow-ups.

為簡潔起見，除非另有說明，今天電話會議的所有比較都將與相關期間逐年比較。在我們準備好的發言之後，我們將向出版分析師提問。我們請分析師先提出兩個問題，然後再提出後續問題。

Finally, we intend to use our website as a means of disclosing material, nonpublic information, and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the Investor Relations section. Accordingly, investors should monitor our investor website in addition to following our press releases, SEC filings, and public conference calls and webcast.

最後，我們打算使用我們的網站作為揭露重大非公開資訊的方式，並遵守 FD 法規規定的揭露義務。此類披露將包含在我們網站的投資者關係部分。因此，除了關注我們的新聞稿、美國證券交易委員會 (SEC) 文件以及公開電話會議和網路廣播之外，投資者還應關注我們的投資者網站。

And with that, I would now like to turn the call over to Tom Frinzi. Tom?

現在，我想將電話轉給湯姆·弗林齊 (Tom Frinzi)。湯姆？

Thanks, Brian. Good afternoon and thank you, everyone, for joining us. I join you today from the American-European Congress of Ophthalmic Surgeons symposium, where I'm pleased to share that STAAR has an increased podium presence and there continues to be significant interest in our lens-based technology, EVO ICL.

謝謝，布萊恩。下午好，謝謝大家加入我們。我今天參加了美國-歐洲眼外科醫生大會研討會，我很高興地告訴大家，STAAR 在講台上的表現有所增加，並且人們對我們基於晶狀體的技術 EVO ICL 仍然表現出濃厚的興趣。

With that as a backdrop, I am pleased to report that we delivered strong net sales, cash generation, and profitability in 2023. For the third consecutive year, global ICL unit growth exceeded refractive industry growth by over 25 points.

在此背景下，我很高興地報告，我們在 2023 年實現了強勁的淨銷售額、現金產生和獲利能力。全球 ICL 單位成長連續第三年超過屈光產業成長 25 個百分點以上。

STAAR's business model is rare to find. We're growing profitably with high gross margins and we have the ability to continue to drive higher operating margins. And with a record $232 million of cash and investments as of year end, we have a pristine balance sheet and significant flexibility.

STAAR的商業模式是罕見的。我們正在以高毛利率實現獲利成長，並且我們有能力繼續提高營業利潤率。截至年底，我們擁有創紀錄的 2.32 億美元現金和投資，擁有原始的資產負債表和顯著的靈活性。

The number of patients with myopia, which our technology treats, continues to grow and is expected to reach $5 billion by 2050. Our strong financial position allows us to execute against this opportunity through the business cycle.

我們的技術治療的近視患者數量持續成長，預計到 2050 年將達到 50 億美元。我們強大的財務狀況使我們能夠在整個商業週期中抓住這一機會。

Turning to our results. The net sales we reported today are consistent with the preliminary results we projected in early January. We achieved 22% ICL growth in the fourth quarter and 18% ICL sales growth in fiscal 2023. Our APAC and EMEA regions, up 26% and 18%, respectively, drove ICL sales growth in the quarter. EMEA, up 9% sequentially in the fourth quarter, generated solid growth, demonstrating the geographic breadth and diversification of STAAR's business. STAAR's geographic diversity provides a strong underpinning for refractive procedure growth, and that expands the target market for EVO procedures.

轉向我們的結果。我們今天報告的淨銷售額與我們一月初預測的初步結果一致。我們在第四季度實現了 22% 的 ICL 成長，在 2023 財年實現了 18% 的 ICL 銷售額成長。我們的亞太地區和歐洲、中東和非洲地區分別成長了 26% 和 18%，推動了本季 ICL 銷售額的成長。歐洲、中東和非洲地區第四季環比成長 9%，實現穩健成長，展現了 STAAR 業務的地域廣度和多元化。STAAR 的地理多樣性為屈光手術的發展提供了強有力的基礎，並擴大了 EVO 手術的目標市場。

By country, standout ICL sales growth in the fourth quarter included: China, up 30%; Japan, up 16%; South Korea, up 39%; Germany, up 21%; and our other APAC region, which includes emerging markets such as Singapore, Thailand and Vietnam, was up 21%.

按國家/地區劃分，第四季 ICL 銷售額成長突出的包括： 中國，成長 30%；日本，上漲16%；韓國，成長39%；德國，上漲21%；我們的其他亞太地區，包括新加坡、泰國和越南等新興市場，成長了 21%。

We anticipate that APAC, including China and India, will remain a region of remarkable growth for STAAR as the ICL continues to take market share and expand the overall addressable market. The region has some of the highest GDP growth among large economies with many markets seeing increases in incomes and population.

我們預計，隨著 ICL 繼續佔據市場份額並擴大整體目標市場，包括中國和印度在內的亞太地區仍將是 STAAR 顯著成長的地區。該地區是大型經濟體中國內生產毛額成長率最高的地區之一，許多市場的收入和人口都出現成長。

China, for example, has 12 cities with populations larger than New York City. To continue spurring our development in this market, we are investing in people and infrastructure to realize the growing opportunity. We have added a second large distributor with broad reach, including Tier 3 and 4 cities. We have also expanded our relationship with our long-time reliable distributor, Shanghai Lansheng.

例如，中國有12個城市的人口數量超過紐約市。為了繼續刺激我們在這個市場的發展，我們正在對人員和基礎設施進行投資，以實現不斷增長的機會。我們增加了第二家覆蓋廣泛的大型經銷商，包括三、四線城市。我們也擴大了與我們長期可靠的經銷商上海蘭生的關係。

Our expanded hybrid infrastructure in China with over 80 in-country STAAR employees responsible for demand generation will allow for improved customer service, including more real-time and next-day availability of our lenses. I look forward to traveling to Okinawa, Japan, for our APAC Expert Summit next month before proceeding to Mainland China to support our local operations as well as host investor meetings in Shanghai and Shenzhen.

我們在中國擴大了混合基礎設施，擁有 80 多名負責需求挖掘的 STAAR 國內員工，這將改善客戶服務，包括我們的鏡頭更加即時和隔日可用。我期待著下個月前往日本沖繩參加我們的亞太地區專家高峰會，然後前往中國大陸支持我們的當地業務並在上海和深圳舉辦投資者會議。

Turning to the US. Our sales for the fourth quarter were approximately $4.2 million, flat sequentially and consistent with our previously provided expectations for the period. The US, as the second largest market in the world for refractive procedures, remains an important growth opportunity for STAAR.

轉向美國。我們第四季的銷售額約為 420 萬美元，與上一季持平，與我們先前對該期間的預期一致。美國作為全球第二大屈光手術市場，仍是 STAAR 的重要成長機會。

Our US Highway 93 go-to-market initiative is beginning to show progress as demonstrated by the strategic agreement we announced last month with SharpeVision. The initial target purchase amount under that agreement of 1,000 ICL units annually represents approximately 25% of the group's refractive procedure volume.

我們上個月與 SharpeVision 宣布的戰略協議證明了我們的美國 93 號公路市場推廣計劃已開始取得進展。該協議的初始目標採購量為每年 1,000 個 ICL 單位，約佔該集團屈光手術量的 25%。

Given the outstanding outcomes SharpeVision has experienced with the EVO ICL, they want to make it available to more of their patients. And they are pricing the procedure at a small premium relative to laser vision procedures. STAAR and SharpeVision see this as a great win-win opportunity. And we believe it is a model we can continue to leverage as we drive growth in the US.

鑑於 SharpeVision 在 EVO ICL 上取得的出色成果，他們希望將其提供給更多患者。相對於雷射視覺手術，他們的定價略高。STAAR 和 SharpeVision 認為這是一個雙贏的絕佳機會。我們相信，在推動美國經濟成長的過程中，我們可以繼續利用這個模式。

We anticipate several more customers will join the fast lane of our Highway 93 initiative with large volume commitments in 2024, placing us on a path along with other initiatives to achieve meaningful sequential growth in the US in the second half of this year. Further, we believe we can successfully deploy aspects of our US Highway 93 initiative in other regions to drive growth. Using Highway 93 as a model, we are in the process of launching similar initiatives in key European markets.

我們預計，到2024 年，更多客戶將加入我們的93 號高速公路計劃的快車道，並做出大量承諾，使我們與其他計劃一道走上今年下半年在美國實現有意義的連續增長的道路。此外，我們相信我們可以在其他地區成功部署美國 93 號公路計畫的各個方面，以推動成長。我們以 93 號高速公路為模型，在歐洲主要市場推出類似措施。

Now I would like to turn to the projects and investments we are making to drive growth in global ICL market share. The first of our initiatives is increasing surgeon confidence in measurement of the eye and lens selection. We anticipate publication of two peer-reviewed clinical papers relating to pre-operative measurement of the eye around the ASCRS Conference in April. The paper should help our surgeons utilize the ICL nomogram for their specific biometer, which is a measuring device.

現在我想談談我們為推動全球 ICL 市場份額成長而進行的項目和投資。我們的第一個舉措是提高外科醫生對眼睛測量和晶狀體選擇的信心。我們預計在 4 月的 ASCRS 會議上發表兩篇與眼睛術前測量相關的同儕審查臨床論文。這篇論文應該可以幫助我們的外科醫生將 ICL 列線圖用於他們的特定生物計（一種測量設備）。

We are also exploring technical solutions such as AI-based lens size selection tools currently used successfully by some surgeons. Our diligence phase includes the funding of a study already underway. Additionally, we are preparing to introduce intermediate lens sizes as requested by surgeons in China to further increase their confidence and willingness to select EVO as their solution of choice for patients seeking visual freedom from eyeglasses and contacts.

我們也正在探索技術解決方案，例如目前一些外科醫生成功使用的基於人工智慧的晶狀體尺寸選擇工具。我們的盡職調查階段包括為正在進行的研究提供資金。此外，我們正準備根據中國外科醫生的要求推出中間鏡片尺寸，以進一步增強他們選擇 EVO 作為尋求擺脫眼鏡和隱形眼鏡視覺自由的患者的首選解決方案的信心和意願。

And finally, we recently established a Department of Global Professional Education and Training under our Chief Medical Officer, which brings together strategic and professional education, clinical training, and commercial training under a single leadership point. That department will more closely align training, education, and commercial activities globally to enhance knowledge and understanding of our ICL technology and its benefits to patients and practices.

最後，我們最近在首席醫療官的領導下成立了全球專業教育和培訓部，將策略和專業教育、臨床培訓和商業培訓匯集在一個領導點下。該部門將在全球範圍內更緊密地協調培訓、教育和商業活動，以增強對我們的 ICL 技術及其對患者和實踐的好處的了解和理解。

Our second initiative to drive growth is increased focus on further expanding our market opportunity by moving down the diopter curve to lower levels of vision correction initially by becoming the first choice in minus six diopters to minus eight diopters globally. The mix of lenses we sell less than or equal to minus 8 diopters today is approximately 32% of our ICL sales.

我們推動成長的第二項舉措是更加重視進一步擴大我們的市場機會，首先將屈光度曲線向下移動到較低的視力矯正水平，成為全球負六屈光度至負八屈光度的首選。目前，我們銷售的屈光度小於或等於 -8 屈光度的鏡片組合約佔 ICL 銷售額的 32%。

As many of you know, EVO ICL is already the preferred choice for higher diopter levels of correction above minus 8 diopters. Our strategy to move down the diopter curve includes focused and coordinated downstream marketing for our physician customers that EVO's customer value proposition, supported by easily understood clinical evidence, a master brand message, and other proof points.

正如許多人所知，EVO ICL 已經成為負 8 屈光度以上較高屈光度矯正的首選。我們降低屈光度曲線的策略包括針對我們的醫生客戶進行集中且協調的下游行銷，即 EVO 的客戶價值主張，並得到易於理解的臨床證據、主品牌訊息和其他證據點的支持。

Third, we will innovate with new products and solutions. We recently launched the new surgeon-loaded injector in the US, which is easier to load and should result in better efficiency. We launched our new Stella ICL ordering and planning system in the first half of 2024, which is also designed to enhance efficiency.

第三，我們將創新新產品和解決方案。我們最近在美國推出了新型外科醫生裝載注射器，它更容易裝載，並且應該會帶來更高的效率。我們於 2024 年上半年推出了新的 Stella ICL 訂購和規劃系統，該系統也旨在提高效率。

In early 2025, we anticipate that EVO+, already available in nearly all of our other large markets, will be available in China. Work is also underway on the next generation of EVO lenses to extend our leadership in lens-based refractive vision correction.

我們預計，已在幾乎所有其他大型市場推出的 EVO+ 將於 2025 年初在中國上市。下一代 EVO 鏡片的開發工作也在進行中，以擴大我們在基於鏡片的屈光視力矯正領域的領先地位。

The initiatives and developments just discussed give us increased confidence. And today, we affirm our net sales outlook for fiscal year 2024 of $335 million to $340 million. And we continue to believe the path towards our Vision 2026 three-year CAGR of 15% to 20% remains intact. Patrick?

剛才討論的措施和進展給我們增加了信心。今天，我們確認 2024 財年的淨銷售額前景為 3.35 億美元至 3.4 億美元。我們仍然相信，實現 2026 年願景的三年複合年增長率 15% 至 20% 的道路仍然完好無損。派崔克？

Thank you, Tom, and good afternoon, everyone. Total net sales for Q4 2023 were $76.3 million as compared to net sales of $64 million in the prior-year quarter. As a reminder, Q1 and Q4 have historically represented our seasonally lowest quarters. The $12.2 million increase in Q4 2023 net sales is attributable to a 22% or $13.5 million increase in ICL sales and a decrease in other product cataract IOLs, which the company has discontinued consistent with our previous announcement.

謝謝你，湯姆，大家午安。2023 年第四季的淨銷售額總額為 7,630 萬美元，而去年同期的淨銷售額為 6,400 萬美元。提醒一下，第一季和第四季歷來代表我們季節性最低的季度。2023 年第四季淨銷售額增加 1,220 萬美元，歸因於 ICL 銷售額增加 22%，即 1,350 萬美元，以及其他產品白內障 IOL 的減少，該公司已根據我們先前的公告停止生產此類產品。

The spread between ICL sales and unit growth was minimal for both the quarter and the fiscal year, which illustrates the stability of our ASPs with fluctuations based primarily on country mix and spheric versus toric product mix. For the quarter, ICL sales and units increased 22% and 19%, respectively. For the year, ICL sales and units increased 18% and 19%, respectively.

本季和本財年，ICL 銷售額和銷售成長之間的差距都很小，這顯示我們的平均售價保持穩定，其波動主要取決於國家組合以及球形與環面產品組合。本季度，ICL 銷售額和銷量分別成長 22% 和 19%。今年，ICL 銷售額和數量分別成長 18% 和 19%。

As Tom mentioned, we anticipate total net sales for fiscal 2024 of $335 million to $340 million. Our outlook contemplates above-average rates of growth in the two largest markets for refractive surgery, China and the US, at approximately 10% ICL sales growth and flat growth across all other geographies, primarily due to the dynamic macroeconomic environment. Our outlook also reflects higher growth rates in the second half of 2024.

正如 Tom 所提到的，我們預計 2024 財年的總淨銷售額為 3.35 億美元至 3.4 億美元。我們的前景預計中國和美國這兩個最大的屈光手術市場的成長率高於平均水平，ICL 銷售額成長率約為10%，而所有其他地區的成長率持平，這主要是由於動態的宏觀經濟環境。我們的展望也反映了 2024 年下半年更高的成長率。

For Q4 2023, gross profit was $60.7 million or 79.6% of net sales as compared to gross profit of $49.8 million or 77.7% of net sales for the prior-year quarter and $63.6 million or 79.2% of net sales for Q3 2023. The 190 basis point year-over-year increase in gross margin is due primarily to product mix. For 2024, we expect gross margin will be approximately 80% for each quarter and the full year.

2023 年第四季的毛利為6,070 萬美元，佔淨銷售額的79.6%，而去年同期的毛利為4,980 萬美元，佔淨銷售額的77.7%，2023 年第三季的毛利潤為6,360萬美元，佔淨銷售額的79.2%。毛利率年增 190 個基點主要歸功於產品組合。2024年，我們預計每季和全年的毛利率約為80%。

Moving down the income statement. Total operating expenses for Q4 2023 were $50.3 million as compared to $48.8 million in the prior-year quarter and $57.3 million in Q3 2023.

將損益表向下移動。2023 年第四季的總營運費用為 5,030 萬美元，去年同期為 4,880 萬美元，2023 年第三季為 5,730 萬美元。

Taking a closer look at the components of operating expenses. G&A expense for Q4 2023 was $16.9 million compared to $14.8 million in the prior-year quarter and $19.3 million in Q3 2023. The year-over-year increase in G&A is primarily due to increased outside services and facility costs. For 2024, we expect G&A expense will be approximately $24 million per quarter and slightly higher as a percent of net sales than prior periods as we invest further in back-office infrastructure and scalability.

仔細研究營運費用的組成部分。2023 年第四季的一般管理費用為 1,690 萬美元，去年同期為 1,480 萬美元，2023 年第三季為 1,930 萬美元。一般行政費用年增主要是由於外部服務和設施成本增加。到 2024 年，隨著我們進一步投資後台基礎設施和可擴展性，我們預計 G&A 費用每季約為 2,400 萬美元，佔淨銷售額的百分比略高於前期。

Selling and marketing expense was $22.6 million for Q4 2023 compared to $24.2 million in the prior-year quarter and $26.6 million in Q3 2023. The decrease in selling and marketing expense from the prior year is due to decreased compensation-related expenses and marketing, promotional, and advertising activities. For 2024, we expect selling and marketing expense will be approximately $30 million per quarter, which is consistent with prior periods as a percent of net sales.

2023 年第四季的銷售和行銷費用為 2,260 萬美元，去年同期為 2,420 萬美元，2023 年第三季為 2,660 萬美元。銷售和行銷費用較前一年減少是由於薪酬相關費用以及行銷、促銷和廣告活動減少。到 2024 年，我們預計每季銷售和行銷費用約為 3,000 萬美元，這與先前各期淨銷售額的百分比一致。

Research and development expense was $10.9 million in Q4 2023 compared to $9.8 million in the prior year quarter and $11.5 million for Q3 2023. The year-over-year increase in R&D is due to increased compensation-related expenses. For 2024, we expect R&D expense will be approximately $13 million per quarter, which is also consistent with prior periods as a percent of net sales.

2023 年第四季的研發費用為 1,090 萬美元，去年同期為 980 萬美元，2023 年第三季為 1,150 萬美元。研發費用年增是由於薪酬相關費用增加。2024 年，我們預計每季研發費用約為 1,300 萬美元，這也與先前各期淨銷售額的百分比一致。

GAAP operating income in Q4 2023 was $10.4 million or 13.7% of net sales as compared to $1 million or 1.5% of net sales in the prior-year quarter. GAAP operating income for fiscal 2023 was $28.1 million or 8.8% of net sales as compared to $43.8 million or 15.4% of net sales for fiscal 2022.

2023 年第四季的 GAAP 營業收入為 1,040 萬美元，佔淨銷售額的 13.7%，而去年同期為 100 萬美元，佔淨銷售額的 1.5%。2023 財年的 GAAP 營業收入為 2,810 萬美元，佔淨銷售額的 8.8%，而 2022 財年的 GAAP 營業收入為 4,380 萬美元，佔淨銷售額的 15.4%。

We continue to expect GAAP operating margin for fiscal year 2024 will be at least breakeven as we stated during our preliminary results and outlook in early January. For Q4 2023, net income was $7.8 million or $0.16 per diluted share compared to net income of $6.8 million or $0.14 per diluted share in the prior-year quarter.

正如我們在 1 月初的初步業績和展望中所述，我們仍然預計 2024 財年的 GAAP 營業利潤率將至少達到損益平衡。2023 年第四季，淨利為 780 萬美元，或稀釋後每股 0.16 美元，而去年同期淨利為 680 萬美元，或稀釋後每股 0.14 美元。

Moving forward, we will be introducing a profitability metric that we believe more accurately represents the underlying performance of our business model, and we will report on this quarterly. We believe that an adjusted EBITDA financial metric, or adjusted earnings before interest, taxes, depreciation, amortization, and stock-based compensation, provides investors with an additional tool for evaluating the company's core operating performance and a proxy for cash generation.

展望未來，我們將引入一項獲利能力指標，我們認為該指標更準確地代表了我們業務模式的基本績效，我們將在本季度報告。我們認為，調整後的 EBITDA 財務指標，或調整後的息稅折舊攤銷和股票補償前利潤，為投資者提供了評估公司核心經營業績的額外工具和現金產生的代理。

We use this non-GAAP financial measure in our own evaluation of operating performance and believe it is a more useful reflection of our progress. A table reconciling net income to adjusted EBITDA for prior periods is included in today's financial release.

我們在自己的經營績效評估中使用此非公認會計準則財務指標，並相信它更能反映我們的進展。今天的財務報告中包含了將前期淨利潤與調整後 EBITDA 進行調節的表格。

In order to reconcile adjusted EBITDA for net income for our fiscal 2024 profitability outlook, we are providing the following line item details: provision for income tax to be calculated using effective tax rate of approximately 35% per quarter, subject to no significant change in our valuation allowance; other income expense of approximately $500,000 expense per quarter; depreciation to be approximately $1 million per quarter; amortization to be zero per quarter; and stock-based compensation to be approximately $7.5 million per quarter.

為了協調 2024 財年獲利前景的調整後淨利的 EBITDA，我們提供以下行項目詳細資訊：所得稅準備金將使用每季約 35% 的有效稅率計算，前提是我們的利潤不會發生重大變化。估價津貼；每季約 50 萬美元的其他收入支出；每季折舊約 100 萬美元；每季攤銷為零；每季股票薪酬約 750 萬美元。

Depending on where we end up in the net sales range of $335 million to $340 million for fiscal year 2024, we expect adjusted EBITDA will be approximately $36 million or approximately 10.5% of net sales and using approximately 52 million shares outstanding, results in adjusted EBITDA per diluted share of approximately $0.70.

根據2024 財年淨銷售額3.35 億美元至3.4 億美元的最終結果，我們預計調整後EBITDA 將約為3,600 萬美元，即淨銷售額的10.5%，並使用約5,200 萬股流通股，得出調整後EBITDA稀釋後每股約 0.70 美元。

Turning now to our balance sheet. Our cash, cash equivalents and investments available for sale reached a record $232.4 million for fiscal year-end 2023 as compared to $225.5 million for fiscal year-end 2022. Accounts receivable is $94.7 million at the fiscal year-end 2023 compared to $62.4 million at fiscal year-end 2022.

現在轉向我們的資產負債表。2023 財年末，我們的現金、現金等價物和可供出售投資達到創紀錄的 2.324 億美元，而 2022 財年末為 2.255 億美元。2023 財年末的應收帳款為 9,470 萬美元，而 2022 財年末的應收帳款為 6,240 萬美元。

In the middle of 2023, we saw an increase in accounts receivable, but we viewed this as temporary. Further, we are increasing account receivable collections this quarter and expect to bring down our accounts receivable balance to approximately $65 million by the end of Q1 2024.

2023 年中期，我們看到應收帳款增加，但我們認為這是暫時的。此外，我們本季將增加應收帳款催收，預計到 2024 年第一季末，我們的應收帳款餘額將減少至約 6,500 萬美元。

In fiscal 2023, we invested $18.2 million in property and equipment. For fiscal 2024, we expect to invest approximately $30 million in property and equipment. Our strategic investments in property and equipment are primarily to support manufacturing capacity expansion, information technology, and support.

2023 財年，我們在財產和設備上投資了 1,820 萬美元。2024 財年，我們預計將投資約 3,000 萬美元用於財產和設備。我們對財產和設備的策略性投資主要是為了支持製造能力擴張、資訊科技和支援。

We look forward to meeting with many of you in the days and weeks ahead. Tomorrow, we will participate in the Jefferies West Coast Bus Tour. And in March, we will participate in the Oppenheimer Healthcare Conference and the Sidoti Small Cap Conference.

我們期待在未來幾天或幾週內與你們中的許多人見面。明天，我們將參加傑弗里斯西海岸巴士之旅。3月份，我們將參加奧本海默醫療保健會議和西多蒂小型股會議。

As Tom mentioned earlier, we will also participate in in-person investor meetings in China in the cities of Shanghai and Shenzhen. We expect to report our first-quarter results in early May.

正如湯姆之前提到的，我們也將參加在中國上海和深圳舉行的現場投資者會議。我們預計在五月初報告第一季業績。

This concludes our prepared remarks. Operator, we are now ready to take questions.

我們準備好的演講到此結束。接線員，我們現在準備好回答問題。

(Operator Instructions)

（操作員說明）

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Amazing. Thank you very much taking for the questions. I think for the first one, I'd love to hear a little bit more about Sharpe. Obviously, 25% of the refractive volume is a vote of confidence lower down the diopter curve. So how did that discussion come about? And how did you land on that side of things?

驚人的。非常感謝您接受提問。我想對於第一個，我很想聽到更多關於夏普的信息。顯然，25% 的屈光量是屈光度曲線下方的信任票。那麼這個討論是如何產生的呢？你是如何做到這一點的？

And equally, you suggested that going forward, there was an anticipation that we might see a few more deals of this magnitude, and that's what's giving you confidence in the second half for the US. Am I understanding that right, the larger sort of long-term collaboration is driving a lot of that growth?

同樣，您表示，展望未來，我們預計我們可能會看到更多如此規模的交易，這讓您對美國下半年充滿信心。我的理解是否正確，更大範圍的長期合作正在推動這種成長？

Yes, Patrick, this is Tom. First of all, thank you for the question. I think SharpeVision is a great example of our Highway 93 initiatives beginning to bear fruit, as we've indicated in the press release and reiterated in my prepared remarks.

是的，派崔克，這是湯姆。首先，謝謝你的提問。我認為 SharpeVision 是我們的 93 號高速公路計劃開始取得成果的一個很好的例子，正如我們在新聞稿中指出的並在我準備好的發言中重申的那樣。

I think how it came about with Dr. Sharpe was they saw the results they were getting as they began that journey with EVO and just got more and more comfortable such that they were willing to commit 25% of the volume. And I think that's only going to grow as they continue to do the procedure, see the postoperative outcomes, see the quality of vision that we produce, no dry eye syndrome, preserving the integrity of the cornea, et cetera, et cetera. So I think it was a logical progression as they used EVO more and more.

我認為 Sharpe 博士的做法是，當他們開始使用 EVO 的旅程時，他們看到了所獲得的結果，並且變得越來越舒服，以至於他們願意投入 25% 的數量。我認為，只有當他們繼續進行手術、看到術後結果、看到我們產生的視力品質、沒有乾眼症、維持角膜的完整性等等時，這種情況才會增加。所以我認為這是一個合乎邏輯的進展，因為他們越來越多地使用 EVO。

I think relative to additional deals, our commercial team is working hard. I can tell you as I sit here at this AECOS meeting, this morning, there was a discussion among about 150 surgeons in attendance what's their threshold for considering the ICL surgery. And I can tell you probably the majority of the room was very comfortable going down to minus 3, 4 and 5 myopes as they walk in the door. That's very different than when I sat in this meeting a year ago. So certainly, the momentum is shifting and we feel very good about how we're positioned.

我認為相對於額外的交易，我們的商業團隊正在努力工作。我可以告訴你，今天早上，當我坐在這裡參加 AECOS 會議時，與會的約 150 名外科醫生就他們考慮 ICL 手術的門檻進行了討論。我可以告訴你，當他們走進門時，房間裡的大部分人對於近視度數降至負 3、4 和 5 度的情況都感到非常舒適。這與我一年前參加這次會議時有很大不同。當然，勢頭正在發生變化，我們對自己的定位感覺非常好。

Very helpful. And then maybe very quickly one follow-up on the margin structure looking into '24. Obviously, a chunk of selling and marketing incremental dollars year on year driving some of that margin down. I guess where is the highest priority spend? And how should we think about the return in terms of growth from that, driving that 26% sort of mid-term outlook?

很有幫助。然後也許很快就會跟進 24 年的利潤結構。顯然，銷售和行銷費用逐年增加導致部分利潤率下降。我猜最高優先順序的支出在哪裡？我們該如何考慮由此帶來的成長回報，推動 26% 的中期前景？

Yes. Patrick, it's Patrick over here. You know, at the end of the day, we still value ourselves a growth company and we believe we're in the early innings, not just in markets like China, where we have 20% market share, but across the world. So we're heavily investing that incremental dollar into the commercial organization, whether that be sales infrastructure or whether that be marketing.

是的。派崔克，我是派崔克。你知道，歸根結底，我們仍然認為自己是一家成長型公司，我們相信我們還處於早期階段，不僅在中國這樣的市場（我們擁有 20% 的市場份額），而且在全世界都是如此。因此，我們將大量增量資金投入商業組織中，無論是銷售基礎設施還是行銷。

What I would say on the marketing, though, historically, you've seen us do a little bit more brand awareness and global brand awareness. We are changing that a little bit, where we will be focused more on co-marketing with the practices at the -- we'll call it the ground root or the roots level.

不過，關於行銷，我想說的是，從歷史上看，你已經看到我們在品牌知名度和全球品牌知名度方面做了更多的工作。我們正在對此進行一些改變，我們將更專注於與實踐的聯合行銷——我們將其稱為「根」或「根」層級。

And we believe that's going to help us drive a lot more adoption within some of these key accounts, which gets along the lines of focus on Highway 93. And then, as Tom said in his prepared remarks, rolling that out to other regions like Europe.

我們相信，這將幫助我們在一些關鍵客戶中推動更多的採用，這與 93 號高速公路的重點一致。然後，正如湯姆在準備好的演講中所說，將其推廣到歐洲等其他地區。

John Young, Canaccord.

約翰·楊，Canaccord。

Hi, Tom and Patrick, thanks for taking our questions tonight. Just to circle back to the SharpeVision announcement, too, and what you spoke about on the call this evening. I'd be interested if you could just kind of talk about what are the factors that got the ability to make the economics work in terms of being both prices at just a slight premium to LASIK. And how repeatable will that be across the US and possibly elsewhere, OUS? And as a follow-up to that, what should we assume for US ASPs in 2024?

嗨，湯姆和派崔克，感謝您今晚回答我們的問題。我也想回顧一下 SharpeVision 的公告，以及您今晚在電話會議上談到的內容。我很感興趣，如果您能談談有哪些因素能夠使經濟發揮作用，因為這兩種手術的價格都比 LASIK 略高。這種情況在美國乃至其他地方（OUS）的重複性如何？作為後續行動，我們應該對 2024 年美國 ASP 做出什麼假設？

Well, again, I think the economics work because SharpeVision controls their own setting of care environment. And I think that plays a very important role, as we've said often, going forward. So I think our procedure deserves to be marked at a premium. I think we all believe that based upon the outcomes we produce.

好吧，我再次認為經濟學是有效的，因為 SharpeVision 控制著自己的護理環境設定。正如我們經常所說的那樣，我認為這在未來發揮著非常重要的作用。所以我認為我們的程序值得被重視。我想我們都相信這是基於我們所產生的結果。

But does it need to be double? Probably not. And I think setting of care certainly plays a role in that. And that certainly is how SharpeVision is able to maintain a premium because the procedure deserves it but not such a premium that it becomes a deterrent as a minus 4 or 5 walks in the door contemplating vision correction.

但有必要雙倍嗎？可能不會。我認為護理環境肯定在其中發揮了作用。這當然就是 SharpeVision 能夠維持溢價的原因，因為手術值得它，但溢價不會過高，以至於當負 4 或 5 的人走進門考慮視力矯正時，它會成為一種威懾。

The second part of your question, John, was?

約翰，你問題的第二部分是？

It was just on ASPs in the United States for next year and just how repeatable will this pricing structure of a slight premium base to the rest of the US.

這只是關於明年美國的平均售價，以及這種相對於美國其他地區略有溢價的定價結構的可重複性。

Yes. Listen, I believe ASPs will hold their own. I'll let Patrick speak to specific numbers. But again, with the healthy margins, we can afford to be as flexible as we need to be, but certainly our ASPs are still contemplated very strongly within our budget.

是的。聽著，我相信 ASP 會保持自己的地位。我會讓派崔克談談具體數字。但同樣，憑藉可觀的利潤率，我們有能力實現所需的靈活性，但當然，我們的平均售價仍然在我們的預算範圍內得到了非常強烈的考慮。

And I would just add, as a reminder, we did say that this should be about 80% gross margin in our outlook. When we did Vision 2026 last year, we talked about the fact that we wanted to keep a little bit of extra cushion in our gross margin, which we also said around 80% in that Vision 2026. So that has contemplated that.

我想補充一點，作為提醒，我們確實說過，在我們的展望中，毛利率應該約為 80%。當我們去年制定 2026 年願景時，我們談到了我們希望在毛利率方面保留一點額外的緩衝，我們在 2026 年願景中也提到了 80% 左右。所以已經考慮到了。

As we penetrate markets like the US, which is still less than 10% of our revenue overall, that there would be some reduction in ASP, mostly related to just higher volume. And so we still feel very good about maintaining that 80% as we go forward.

隨著我們滲透到美國等市場（該市場仍占我們總收入的 10% 以下），平均售價將會下降，這主要與銷售量的增加有關。因此，在我們前進的過程中，我們仍然對保持 80% 的比例感到非常滿意。

And in fact, we believe, as we move forward over the next several years, there could be some upside to that from efficiencies within our manufacturing, as well as more opportunities with economics across many markets that we're in right today.

事實上，我們相信，隨著我們在未來幾年的前進，我們的製造業效率可能會帶來一些好處，而我們今天所處的許多市場的經濟機會也會增加。

Margaret Andrew, William Blair.

瑪格麗特·安德魯，威廉·布萊爾。

Hey. Good afternoon, guys. Thanks for taking the question. Am I maybe wanted to start with guidance that you guys maintained the revenue guidance since you pre-announced five, six weeks ago. Your two [shorts] late in the quarter. I was hoping you could give us context over how trends maybe have moved throughout the quarter, especially in some of these key geographies like China, Europe, et cetera?

嘿。下午好，夥計們。感謝您提出問題。我是否想從你們自五到六週前預先宣布以來維持收入指導的指導開始。你本季末的兩條[短褲]。我希望您能為我們提供有關整個季度趨勢如何變化的背景信息，特別是在中國、歐洲等一些關鍵地區？

Yes. Thanks, Margaret. Listen, I feel very good about how the year has started. I think it's certainly premature to give any more detail than just that. But pleased with what's happening in China, pleased with what's happening in the US.

是的。謝謝，瑪格麗特。聽著，我對今年的開始感覺非常好。我認為現在提供更多細節當然還為時過早。但對中國發生的事情感到高興，對美國發生的事情感到高興。

Europe has some nice momentum. So we're -- we just feel we're well positioned. Teams are focused. We have a great plan in front of us and it's all about execution.

歐洲有一些良好的勢頭。所以我們——我們只是覺得我們處於有利位置。團隊專注。我們面前有一個偉大的計劃，一切都取決於執行。

Okay. Helpful. And then maybe on the EPS side, positive EPS leaves a pretty wide gap of results for 2024. So how should we think about that? And how should we really think about the cadence (technical difficulty) throughput the year. And if you want to put on adjusted EBITDA, that's fine, too.

好的。有幫助。然後，也許在每股盈餘方面，正的每股盈餘與 2024 年的業績差距相當大。那我們該如何思考呢？我們應該如何真正考慮這一年的節奏（技術難度）吞吐量。如果您想計入調整後的 EBITDA，也可以。

Yes. So clearly we -- sorry, Margaret, you broke up. You're breaking up at the end. Repeat that last part, please. One more time, cadence?

是的。很明顯，我們——對不起，瑪格麗特，你分手了。你們最後還是分手了請重複最後一部分。再一次，節奏？

Just trying to get a good sense of cadence for first half versus second half as it relates to profitability and expenses.

只是想了解上半年與下半年的節奏，因為它與獲利能力和費用有關。

Yes. So in my detailed comments I did break out all the different line items for G&A, R&D, and sales and marketing. So I think that should be able to get the models there.

是的。因此，在我的詳細評論中，我確實細分了一般管理費用、研發以及銷售和行銷的所有不同項目。所以我認為應該能夠在那裡獲得模型。

As a reminder, Q1, we said approximately $72 million. So that will be the low point throughout the year as we go. Most models probably have us growing revenue in the first half of the year in that mid-single digits and in the second half of the year in what I would call low-double digits. That gets you to the full-year growth number that we put in the $335 million to $340 million.

提醒一下，第一季度，我們說大約 7200 萬美元。因此，這將是我們全年的最低點。大多數模型可能讓我們在上半年實現中個位數的收入成長，在下半年實現我所說的低兩位數成長。這就是我們投入的 3.35 億至 3.4 億美元的全年成長數字。

We clearly introduced a new profitability metric, which we think is more indicative of our cash generation, where we've taken out noncash items. And I think what that shows is that we continue to see leverage and can continue to generate cash even in a year where we had to build infrastructure and we candidly repeated revenue two times in a row.

我們明確引入了一個新的獲利能力指標，我們認為它更能反映我們的現金產生能力，我們已經剔除了非現金項目。我認為這表明我們繼續看到槓桿作用，即使在我們必須建造基礎設施並且我們連續兩次坦誠地重複收入的一年中，我們也可以繼續產生現金。

So we feel very good about where we're at, the resetting that we did this year, and where we're going forward. So I'm sure the models will get modeled correctly. And just keep in mind, Q2 tends to be our biggest year -- or our biggest quarter just because of the high season that's related to China, which is 65%, 70% of our revenue in that quarter.

因此，我們對自己所處的位置、今年所做的重置以及未來的發展方向感到非常滿意。所以我確信模型將得到正確的建模。請記住，第二季度往往是我們最大的一年，或者說我們最大的季度，因為與中國相關的旺季，占我們該​​季度收入的 65%、70%。

George Sellers, Stephens Inc.

喬治·塞勒斯，史蒂芬斯公司

Hey, thanks for taking the question. I'm just curious in the US, what percentage of procedures right now are with patients who are contraindicated for LASIK? And where are you in penetrating that piece of the market?

嘿，謝謝你提出問題。我只是好奇在美國，現在有多少比例的手術是針對禁忌 LASIK 的患者進行的？您在該市場的滲透率如何？

Geez, George, I think that -- I'm not sure, to be honest with you. I think the patients walking in the door, as we said, about 32% fall below minus 8 today. We think we're going to continue to grow that. People that are walking in that aren't good candidates for laser vision correction, it'd be a guesstimate on my part. And I'd rather go to the market research and get you something very specific. And we'll follow up with you directly.

天哪，喬治，我認為——老實說，我不確定。我認為，正如我們所說，今天走進門口的患者中，約有 32% 的體溫低於 -8。我們認為我們將繼續發展這一點。那些不適合雷射視力矯正的人，這只是我的猜測。我寧願去市場調查並為您提供一些非常具體的資訊。我們將直接與您聯絡。

Okay. And maybe taking a step back and going back to the pricing commentary earlier. Could you just give us an update on your pricing strategy globally? Are there some markets where you could potentially look to increase price? And then what's sort of your view on lowering price in the US sort of more broadly? Thanks for taking the question.

好的。也許退一步，回到先前的定價評論。您能否向我們介紹一下您的全球定價策略的最新情況？您是否有可能在某些市場上提高價格？那麼您對美國更廣泛地降低價格有何看法？感謝您提出問題。

Yes. Look, pricing really depends on how we go to market in any particular part of the world. We have purely distributor markets, we have hybrid markets, and we have direct markets. And obviously, pricing and margins reflect that go-to-market strategy.

是的。看，定價實際上取決於我們如何進入世界任何特定地區的市場。我們有純粹的經銷商市場，我們有混合市場，我們有直接市場。顯然，定價和利潤反映了進入市場的策略。

But I think, again, as Patrick mentioned, we have an awful lot of flexibility as to how we want to price the technology around the world and still maintain very healthy margins in that 80% range. I think for the US, again, we've always been open to where volume commitments are made. We have the ability to be as flexible as we need to be.

但我認為，正如帕特里克所提到的，我們對於如何在全球範圍內對技術進行定價有很大的靈活性，並且仍然在 80% 的範圍內保持非常健康的利潤率。我認為，對於美國來說，我們始終對做出數量承諾的地方持開放態度。我們有能力根據需要保持靈活性。

But we also recognize, too, that we're producing a premium outcome. So just finding that proper balance between volume and price. And the good news is we have the flexibility to be able to react to a customer's needs.

但我們也認識到，我們正在產生優質的成果。因此，只需在數量和價格之間找到適當的平衡。好消息是我們能夠靈活地回應客戶的需求。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Good afternoon and thanks for taking the question.

下午好，感謝您提出問題。

Hey, Ryan. How are you, Ryan?

嘿，瑞安。你好嗎，瑞安？

Good to hear from you, guys. I want to ask about China a little bit. We've talked to some investors there. Curious if you could speak to pricing in China and where it stands with your distributor. You added a new distributor. And what places like -- what prices places like Aier are charging? Has there been any change in pricing? Do you expect any change in pricing? I'd appreciate any commentary there.

很高興收到你們的來信，夥計們。我想問一下有關中國的情況。我們已經與那裡的一些投資者進行了交談。我想知道您能否談談中國的定價以及您的經銷商的情況。您新增了一個新經銷商。像愛爾這樣的地方收費是多少？定價有變動嗎？您預計價格會有任何變化嗎？我很感激那裡的任何評論。

Yes. No, sure. Appreciate the question, Ryan. I think from a pricing point of view, again, as we've said, in China, a customer like Aier ultimately controls what they charge to the patient. I think as we negotiated our relationship with Lansheng -- Shanghai Lansheng as well as bring on an additional distribution partner, we were very pleased with the economics that we're negotiating those deals.

是的。不確定。感謝這個問題，瑞安。我認為，從定價的角度來看，正如我們所說，在中國，像愛爾這樣的客戶最終控制著他們向病人收取的費用。我認為，當我們與蘭生（上海蘭生）談判我們的關係並引入額外的分銷合作夥伴時，我們對我們正在談判這些交易的經濟效益感到非常滿意。

We're not in a position to share those nor will we going forward. But rest assured, we were very pleased with the economics associated with those relationships in terms of moving forward.

我們無法分享這些，也不會繼續前進。但請放心，我們對這些關係在向前發展方面所帶來的經濟效益感到非常滿意。

And I think pricing has been fairly stable in that marketplace. As I said, where we control the business direct, we have even more flexibility. But I think we feel good about pricing. Aier continues to see EVO ICL surgery as a real profit center for them moving forward and continue to support the technology 110%.

我認為市場的定價相當穩定。正如我所說，如果我們直接控制業務，我們就擁有更大的靈活性。但我認為我們對定價感覺良好。愛爾繼續將 EVO ICL 手術視為他們前進的真正利潤中心，並繼續對該技術提供 110% 的支援。

Yes. Just a reminder, Ryan, and I think Tom hit it there, we don't get a lot of fluctuations in our ASP due to any changes in pricing across customers. Those are all set in stone pretty much or at least 12 months in advance for the majority of our accounts there.

是的。只是提醒一下，Ryan，我認為 Tom 說到這裡，我們的 ASP 不會因為客戶定價的任何變化而出現很大的波動。對於我們在那裡的大多數帳戶來說，這些幾乎或至少提前 12 個月就已經確定。

The other thing that I would add is we do know that Aier continues to charge a premium for EVO ICL lenses upwards of maybe even 2x of what they charge for LASIK and even SMILE now where they have seen some reduction in pricing.

我要補充的另一件事是，我們確實知道愛爾繼續對 EVO ICL 鏡片收取溢價，甚至可能是 LASIK 收費的 2 倍，甚至 SMILE 現在他們的定價有所下降。

And so there's been a lot of chatter out there. But one of the things they focused on is how can they make up for any lost volume by making up for perhaps switching that out to a higher ASP? Which is clearly what our product does. So if anything, we're seeing more of a movement towards EVO ICL because of the higher premium that we're able to -- they're able to garner in the end markets over there.

因此，外界有很多議論。但他們關注的事情之一是，如何透過將其換成更高的 ASP 來彌補銷售損失？這顯然就是我們產品的作用。因此，如果有什麼不同的話，我們看到更多的人轉向 EVO ICL，因為我們能夠獲得更高的溢價——他們能夠在那邊的終端市場獲得更高的溢價。

Okay. Very helpful. And then just a follow-up. In terms of introducing EVO+ in China -- and Tom, appreciate your comments or your thoughts around either a tiered product strategy or what you're doing as it relates to competition for ICLs in China and kind of what your expectation is there.

好的。很有幫助。然後只是後續行動。關於在中國推出 EVO+ 的問題，Tom，感謝您對分層產品策略或您正在做的事情的評論或想法，因為這與中國 ICL 的競爭有關，以及您的期望。

Yes. No. Appreciate the question, Ryan. As we've said in the past, I think EVO+ affords us some flexibility in that marketplace, both from a pricing segmentation point of view as well as a customer segmentation or market segmentation. And again, as competition comes, we think it may come at some point in the latter part of this year or early 2025.

是的。不。感謝這個問題，瑞安。正如我們過去所說，我認為 EVO+ 為我們在該市場中提供了一定的靈活性，無論是從定價細分的角度還是從客戶細分或市場細分的角度來看。同樣，隨著競爭的到來，我們認為它可能會在今年下半年或 2025 年初的某個時候出現。

And keep in mind, that competition that's come in is only going to be spherical. They won't have a toric offering. That's certainly going to limit their attractiveness to the marketplace. But I think what EVO+ gives us the flexibility that if we had to compete on price, we now have two products in the marketplace and one can compete, when necessary, on price. And we can maintain a premium price for EVO+ as we move forward. So I think it does afford us flexibility.

請記住，即將到來的競爭只會是球形的。他們不會提供複曲面產品。這肯定會限制它們對市場的吸引力。但我認為 EVO+ 為我們提供了靈活性，如果我們必須在價格上競爭，我們現在市場上有兩種產品，其中一種可以在必要時進行價格競爭。隨著我們的發展，我們可以維持 EVO+ 的溢價。所以我認為它確實為我們提供了靈活性。

Again, as you've heard me say time and time again, competition coming is a good thing. I think all boats do rise. It validates the size of the market opportunity. And we think we're very well positioned as a -- and have first-mover advantage with nearly 3 million implants completed that the safety, the efficacy of our technology is very well established, particularly in that part of the world.

再說一次，正如你一次又一次聽到我說的那樣，競爭的到來是一件好事。我認為所有的船都會上升。它驗證了市場機會的規模。我們認為我們處於非常有利的位置，並且擁有先發優勢，已完成近 300 萬個植入，我們技術的安全性和有效性已得到很好的證實，特別是在世界的那個地區。

Anthony Petrone, Mizuho Group.

安東尼‧佩特龍，瑞穗集團。

Thanks. Maybe I'll stay on China for a moment. And maybe anything you could share about where we are in 1Q. You do have Lunar New Year just kind of finishing up here about a week ago. It's usually a little bit of a lull. But as we come out of that, how are trends shaping up in 1Q?

謝謝。也許我會在中國停留一會兒。也許您可以分享有關我們第一季的情況的任何資訊。大約一週前，農曆新年剛結束。通常會有一點平靜。但當我們走出困境時，第一季的趨勢如何形成？

And then just a follow-up on competition in the region there. Just to confirm that competitive lens, at least as far as the company's intelligence suggests, that it's not a collagen lens, it's a polymer lens, if you will.

然後是該地區競爭的後續行動。只是為了確認這款具有競爭力的鏡片，至少就該公司的情報而言，它不是膠原蛋白鏡片，如果你願意的話，它是聚合物鏡片。

Thanks. Anthony, that's correct. It is an acrylic versus our collamer material. And as you've heard me say time and time again, part of the secret sauce of STAAR's technology is that material. So again, I think it's healthy that competition is coming, but we're prepared.

謝謝。安東尼，這是正確的。它是一種丙烯酸材料，而不是我們的 Collamer 材料。正如您一次又一次聽到我說的那樣，STAAR 技術的部分秘密武器就是這種材料。再說一次，我認為競爭的到來是健康的，但我們已經準備好了。

I think in terms of the Lunar New Year and how China has been going so far, again, as I've mentioned earlier, very encouraged by the start of the year. The equally thing that encouraged me is the spending that went on in that marketplace associated with the Lunar New Year was very encouraging from an overall economy point of view.

我認為就農曆新年以及中國迄今為止的發展而言，正如我之前提到的，新年伊始非常令人鼓舞。同樣令我感到鼓舞的是，從整體經濟的角度來看，與農曆新年相關的市場支出非常令人鼓舞。

So I think we continue to feel confident that our team on China, particularly now with two distribution partners, we're well positioned to continue to see growth in that part of the world, particularly in China.

因此，我認為我們仍然對我們在中國的團隊充滿信心，特別是現在擁有兩個分銷合作夥伴，我們有能力繼續看到世界該地區的成長，特別是在中國。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Afternoon. Thanks for taking my questions. Just sticking on the pricing side in the US specifically. Is the reduction in ASP going to be greater than 20%? Is that going to flow down? Or how do you ensure that it flows down to the patient level specifically? And maybe a little bit on the elasticity of demand as far as you can see in terms of lowering the price and what that can do in terms of growth here in the States?

下午。感謝您回答我的問題。只是特別關注美國的定價方面。ASP 的降低幅度是否會超過 20%？那會流下來嗎？或如何確保它具體流向患者層面？也許還有一點關於需求彈性，就你所看到的降低價格而言，以及這對美國的成長有何影響？

Yes. I will tell you that any price degradation is not going to be at the 20% level. That's for sure. And again, keep in mind, the end-user price to the patient is really a function of the internal mechanisms within any given practice. Setting of care does play a role.

是的。我會告訴你，任何價格下降都不會達到 20% 的水平。這是肯定的。再次請記住，患者的最終用戶價格實際上是任何給定實踐中內部機制的函數。護理環境確實發揮了作用。

And that's the -- in a sense, if you think back about the US business, we're creating a new channel, lens-based refractive surgery. And we're changing practice patterns. That takes time. And we're beginning to see our efforts over the last 12 to 15 months begin to bear fruit.

這就是——從某種意義上說，如果你回想一下美國業務，我們正在創造一個新的管道——基於晶狀體的屈光手術。我們正在改變實踐模式。這需要時間。我們開始看到過去 12 到 15 個月的努力開始取得成果。

And I think as practices set themselves up for success to become more lens-based versus corneal base, pricing plays a role, but it's not the only role. And that entire ecosystem working together from the front receptionist back to the surgeon and everyone in between, that all has to be aligned and focused appropriately with the right sales speak, the right collateral materials, with our help from a co-marketing relationship, et cetera, et cetera. As that all comes together, price becomes a component, but it's not the driving component to a successful practice.

我認為，隨著實踐的成功，變得更加基於鏡片而不是基於角膜，定價發揮了作用，但它不是唯一的作用。整個生態系統從前台接待員到外科醫生以及中間的每個人都在共同努力，所有這些都必須在我們聯合行銷關係的幫助下，透過正確的銷售演講、正確的附屬材料來適當協調和集中。諸如此類，等等。當所有這些結合在一起時，價格成為一個組成部分，但它並不是成功實踐的驅動因素。

I think, Matt, that's a really key point that Tom brought up because now we've gotten maybe three or four questions on pricing. And as Tom said, and I'll just repeat it so that everyone hears it, pricing is a component.

我認為，馬特，這是湯姆提出的一個非常關鍵的觀點，因為現在我們可能收到了三、四個有關定價的問題。正如湯姆所說，我將重複一遍，以便每個人都聽到，定價是一個組成部分。

But if you go back and think about what we've talked about since early January during our initial pre-announcement, we talked about the importance of increasing surgeon confidence. We've talked about these papers that are going to come out to help that. In Tom's prepared remarks, he talked about the new department that we created.

但如果你回過頭來想一想我們自一月初以來在最初的預先聲明中所討論的內容，我們就談到了增強外科醫生信心的重要性。我們已經討論過這些將有助於解決這一問題的論文。在湯姆準備好的演講中，他談到了我們創建的新部門。

All of this is focused on increasing surgeon confidence to make our procedure not only more predictable but more efficient for them. And that ultimately will result in what Tom did a little bit of a straw poll that the meeting is at, where they're going to move down the diopter curve. And so that's what gives us the confidence not only this year but as we move forward to our Vision 2026.

所有這些都是為了增強外科醫生的信心，使我們的手術不僅更加可預測，而且對他們來說更有效率。這最終將導致湯姆在會議上進行了一些民意調查，他們將在屈光度曲線上向下移動。因此，這不僅給了我們今年的信心，也讓我們在邁向 2026 年願景時充滿信心。

Okay. Appreciate that. And then just rest of the world or, I guess, China plus rest of the world. You just came off a really good Q4. And I'm looking at the 10% number for China and then kind of flat for the rest of the world. Can you talk a little bit about some of the puts and takes in there?

好的。感謝。然後是世界其他地區，或者我猜是中國加上世界其他地區。你剛剛在第四季取得了非常好的成績。我看的是中國的這一數字為 10%，而世界其他地區的數字則持平。您能談談其中的一些看跌期權嗎？

Because it seems pretty conservative in terms of your view on the OUS business. Again, I'm not sure what you're really factoring in from an economic perspective in China or just other parts of the world. But would just love to hear some of the things you are contemplating and then how conservative that outlook is specifically. Thank you.

因為您對 OUS 業務的看法似乎相當保守。再說一次，我不確定你從中國或世界其他地區的經濟角度真正考慮了什麼因素。但我很想聽聽您正在考慮的一些事情，以及您的觀點具體有多保守。謝謝。

Yes. Thanks, Matt. Again, you're using the word conservative. I think I'll use the word prudent. I think look at -- there's still uncertainty out in the world, macro headwinds. And I think, certainly, we've said not only China but the US would grow at 10% and all the other markets would be relatively flat.

是的。謝謝，馬特。你再次使用保守這個詞。我想我會用謹慎這個詞。我認為看看——世界仍然存在不確定性，宏觀阻力。我認為，當然，我們說過不僅中國而且美國都將成長 10%，而所有其他市場將相對持平。

But again, we're contemplating another year of growth outpacing the refractive growth around the world. Most markets are down to flat at best. And we're going to continue to grow even in flat markets. So I think too early to tell.

但同樣，我們正在考慮另一年的成長速度將超過全球屈光成長。大多數市場充其量只是持平。即使市場不景氣，我們也將持續成長。所以我認為現在下結論還太早。

We feel good about the start of the year. And I would just encourage you to stay tuned and we'll keep you all posted.

我們對今年年初感覺良好。我只是鼓勵您繼續關注，我們會隨時向您通報最新情況。

David Saxon, Needham.

大衛‧撒克遜，李約瑟。

Hi, guys. This is Joseph on for David. Maybe just looking at 2024, we're just kind of curious how meaningful, if at all, the Stella ordering platform. The launch is -- it's going to be to 2024, especially in the back half. Does it make it easier for STAAR to fulfill the orders? Or is it more about the improving user interface?

嗨，大家好。這是大衛的約瑟。也許只是著眼於 2024 年，我們只是好奇 Stella 訂購平台的意義（如果有的話）有多大。發佈時間是 2024 年，尤其是下半年。這是否讓 STAAR 更容易履行訂單？或者更多的是關於改進用戶介面？

And I guess also, if we could just -- maybe just get an update on that call center program. How has that been going? Has it been driving volumes? Anything noticeable?

我想，如果我們能夠——也許只是獲得呼叫中心計劃的更新。進展如何？它一直在推動銷量嗎？有什麼值得注意的嗎？

Yes. Thank you, Joseph, for the question. Look, Stella, I think, is all about operation efficiency within a practice. Is it going to drive meaningful growth to the US business? Probably not. But it certainly is going to make our customers more efficient, and we think out of that comes a real positive.

是的。謝謝約瑟夫的提問。聽著，斯特拉，我認為，這一切都與實踐中的操作效率有關。它會推動美國業務的有意義的成長嗎？可能不會。但這肯定會讓我們的客戶更有效率，我們認為這會帶來真正的正面影響。

So it's more about operation efficiency. It is an improved GUI, so it'll be easier for them to place their orders, et cetera. So in the end of the day, we think that's very, very positive.

所以更多的是關於營運效率。這是一個改進的 GUI，因此他們可以更輕鬆地下訂單等等。所以歸根結底，我們認為這是非常非常積極的。

In terms of the second part of your question, if you'll repeat that for me.

關於你問題的第二部分，請你為我重複一遍。

Yes, just the update on the call center program.

是的，只是呼叫中心程序的更新。

Yes. [Salelytics] continues to be a test for us. We're about 4.5, 5 months into when we brought it wider in November. We like what we're seeing. I think it's still too early to tell.

是的。 [Salelytics] 仍然是對我們的考驗。當我們在 11 月將其範圍擴大時，大約已經過去 4.5、5 個月了。我們喜歡我們所看到的。我認為現在下結論還為時過早。

We're generating good information, as I've previously stated, about how patients find us, what physicians are being sought after, et cetera, et cetera. We're generating probably about three really strong qualified leads a day. But we're still watching it. We're still learning and we'll keep you updated as we have positive news moving forward.

正如我之前所說，我們正在產生良好的信息，包括患者如何找到我們、正在尋找哪些醫生等等。我們每天可能會產生大約三個非常強大的合格銷售線索。但我們仍在關注。我們仍在學習，當我們有正面的消息時，我們會及時向您通報最新情況。

Steve Lichtman, Oppenheimer.

史蒂夫·利奇曼，奧本海默。

Thank you. Evening, guys. Tom, based on your estimates, what was overall refractive market growth in the US and worldwide in '23? And what does your outlook for '24 assume in terms of that growth in the US and worldwide?

謝謝。晚上好，夥計們。Tom，根據您的估計，23 年美國和全球屈光市場的整體成長是多少？您對 24 世紀美國和全球的成長有何展望？

Yes. Appreciate that, Steve. I think in the US, it wasn't about growth. It was a rail of deceleration. I think in the fourth quarter, the market research isn't out yet, but it would suggest that it's about 20% down in many of the US practices in the fourth quarter.

是的。很欣賞這一點，史蒂夫。我認為在美國，這與成長無關。這是一條減速軌道。我認為第四季的市場研究還沒有出來，但它表明第四季度美國的許多做法下降了約 20%。

And that's after up through the first three quarters, anywhere from 9% to 15% down. So market was significantly down and us being up 14%, 15% in the US, again, outpacing that market.

這是在前三個季度出現 9% 至 15% 下降之後的結果。因此，市場大幅下跌，而我們上漲了 14%，美國上漲了 15%，再次超過了市場。

I'd say around the world, places like China, '23, you saw a nice first-half growth and then a deceleration in the second half that brought it back down to mid-single-digit growth overall. And we think it's going to be a slow ramp-up in the first half of China in '24 and maybe get back to mid-single digits to 10% in the back half of the year.

我想說的是，在世界各地，像中國這樣的地方，23 年，上半年成長良好，但下半年減速，整體回落至中個位數成長。我們認為 24 年上半年中國的成長率將緩慢上升，並可能在今年下半年恢復到個位數中位數至 10%。

So I think the trend is continuing to be a deceleration of refractive procedures, which, in a certain way, is just the inverse for us because we continue to outpace the market. And I think people are recognizing that EVO ICL is not only better medicine by the outcomes that we're producing, but it can be better business. And more and more practices around the world are embracing lens-based refractive surgery.

因此，我認為屈光手術的趨勢仍然是減速，這在某種程度上對我們來說正好相反，因為我們繼續超越市場。我認為人們已經認識到 EVO ICL 不僅是我們所取得的成果中更好的藥物，而且還可以帶來更好的業務。世界各地越來越多的實踐正在接受基於晶狀體的屈光手術。

Thanks, Tom. Patrick, just in terms of sort of where investments are in the P&L, it looks like sales and marketing will be up maybe just a little bit year over year, but we will see a step-up on the G&A side. So again, can you talk about what that G&A investment is in any more detail?

謝謝，湯姆。派崔克，就損益表中的投資而言，看起來銷售和行銷可能會逐年上升一點，但我們會看到一般行政費用的提升。那麼，您能否更詳細地談談 G&A 投資是什麼？

Yes. So primarily it's one of the reasons -- if you think about 2023 and going back, we did see an increase in what I'll call compensation, including stock-based compensation. We brought on quite a few C suite members, including Tom who joined us a little over a year ago. And so we're seeing the effects of that carrying through our G&A line.

是的。所以這主要是原因之一——如果你回想 2023 年，我們確實看到了我所說的薪酬的增加，包括基於股票的薪酬。我們聘請了相當多的高階主管人員，包括一年多前加入我們的湯姆。因此，我們正在看到這種做法對我們的一般管理費用線的影響。

To your point, the guidance that I gave was a full GAAP number on G&A. But as you exclude out stock-based comp primarily out of G&A, you're going to see a much more normalized number.

就你的觀點而言，我給的指導是 G&A 的完整 GAAP 數字。但是，當您主要從一般管理費用中排除基於股票的比較時，您將看到一個更標準化的數字。

R&D and sales and marketing, like you said, are pretty in line with where The Street was at. But we're consistent with what we said in early January, which is slightly above on operating margin, be up breakeven on pure net income.

正如您所說，研發、銷售和行銷與《華爾街》的情況非常一致。但我們與一月初所說的一致，即營業利益率略高於純淨利潤損益平衡點。

But the adjusted EBITDA profitability is north of 10%. And the model is built so that if we do exceed or come in at the high end of our guidance or even go over that, that you'll see that incremental dollar translate to the bottom line quite strongly as it historically has.

但調整後的 EBITDA 獲利能力超過 10%。該模型的構建是為了，如果我們確實超出或達到我們指導的高端，甚至超過該指導，您將看到增量美元將像歷史上那樣強勁地轉化為底線。

Tom Stephan, Stifel.

湯姆·史蒂芬，斯蒂菲爾。

Great. Hey, guys. Thanks for the questions. I want to follow up on China and the second distributor that you guys added. Maybe can you elaborate a bit on the strategic rationale there and the impetus for adding an additional distributor? Why now? And was your existing partner may be lacking in certain areas?

偉大的。大家好。感謝您的提問。我想跟進中國和你們新增的第二個經銷商。也許您能詳細說明一下那裡的戰略理由以及增加額外經銷商的動力嗎？為什麼現在？您現有的合作夥伴是否在某些方面有所欠缺？

I think, Tom, it's just a natural evolution of the business. When Lansheng and STAAR partnered together, we were just really launching in China. We've grown together. But clearly, as the opportunities in that market continues to grow, it just was a natural evolution of it was time to take on an additional partner.

湯姆，我認為這只是業務的自然演變。當蘭生和思達合作時，我們才真正在中國開展業務。我們一起成長。但顯然，隨著該市場的機會不斷增長，這是一個自然的演變，是時候接受更多的合作夥伴了。

I think their depth and breadth will help us continue to gain share and grow our business in China, particularly, as we mentioned in our prepared remarks, in Tier 3 and Tier 4 cities. So I think both coexist nicely and really continue to position STAAR Surgical and the EVO ICL for future growth.

我認為它們的深度和廣度將幫助我們繼續在中國獲得份額並發展業務，特別是正如我們在準備好的發言中提到的，在三線和四線城市。因此，我認為兩者可以很好地共存，並真正繼續為 STAAR Surgical 和 EVO ICL 的未來發展定位。

Jim Sidoti, Sidoti & Company.

吉姆‧西多蒂 (Jim Sidoti)，西多蒂公司。

Hi, good afternoon and thanks for taking the questions. Can you talk about the steps you've taken to make it easier for lens selection? And are there additional steps you can take on that front?

你好，下午好，感謝您提出問題。能談談您為簡化鏡頭選擇所採取的步驟嗎？在這方面您還可以採取其他措施嗎？

Yes, Jim, thanks for the question. It really is one of our key focuses. And as we've said in our prepared remarks, we're looking at a lot of different things in the area of AI. We're certainly -- we have these two papers coming out that are going to add a lot of strong support for how to approach the preoperative, intraoperative, and postoperative management of EVO potential candidates.

是的，吉姆，謝謝你的提問。這確實是我們的重點之一。正如我們在準備好的發言中所說，我們正在關注人工智慧領域的許多不同事物。當然，我們的這兩篇論文將為如何對 EVO 潛在候選人進行術前、術中和術後管理提供強有力的支持。

And just getting our infrastructure set up with this global training initiatives we're doing around clinical and practice development and sales to really have that really best-in-class combined with all the other efforts we're doing, we just believe we're surrounding the customer appropriately to make this a very predictable, a very routine procedure.

透過我們圍繞臨床和實踐開發和銷售的全球培訓計劃來建立我們的基礎設施，結合我們正在做的所有其他努力，真正做到一流，我們相信我們適當地圍繞著客戶，使這成為一個非常可預測的、非常常規的程序。

All right. And then a follow-up. The relationship with SharpeVision, how long did it take to get that contract signed? And do you think having that in place will make it easier to get additional physicians to sign on?

好的。然後是後續行動。和SharpeVision的關係，花了多久時間才簽訂合約？您認為這樣做會讓更多醫生更容易簽約嗎？

Yes. I think not only having that contract in place, but just the momentum that is beginning to build in the US marketplace, SharpeVision is a manifestation of that. But as I said, sitting here at this meeting and seeing the amount of enthusiasm and interest that people are beginning to talk more and more about lens-based refractive surgery and why that makes sense.

是的。我認為 SharpeVision 不僅擁有該合同，而且美國市場開始形成的勢頭就是這一點的體現。但正如我所說，坐在這次會議上，看到人們開始越來越多地談論基於晶狀體的屈光手術以及為什麼這是有意義的。

So I think naturally, the effort we've been putting in for the past 15 months is going to start to bear fruit, as we said, in the back half of this year. And we continue to feel good about how the year has started for us. So I think more contracts will come.

所以我認為，正如我們所說，我們過去 15 個月所付出的努力自然會在今年下半年開始取得成果。我們仍然對今年的開局感到滿意。所以我認為將會有更多的合約到來。

We have good leadership for the US business. Warren Foust, our Chief Operating Officer, has taken a real hands-on approach and working very closely with our US leadership. So I think I feel very positive about our efforts to date and feel good about the marketplace beginning to recognize the value of EVO ICL.

我們對美國企業有良好的領導。我們的營運長 Warren Foust 採取了真正的實踐方法，並與我們的美國領導層密切合作。因此，我認為我對我們迄今為止的努力感到非常積極，並且對市場開始認識到 EVO ICL 的價值感到滿意。

Thank you. This concludes the STAAR Surgical Q4 earnings call. You may now disconnect your lines, and we thank you all for attending today's presentation.

謝謝。STAAR Surgical 第四季財報電話會議到此結束。現在您可以掛斷電話了，我們感謝大家參加今天的演示。