STAAR Surgical Co (STAA) 2024 Q2 法說會逐字稿

This event is being recorded today, Wednesday, August 7, 2024. (Operator Instructions)

活動於今天（2024 年 8 月 7 日星期三）錄製。（操作員說明）

I would now like to introduce your host, Brian Moore, Vice President of Investor Relations, STAAR Surgical.

現在我想介紹一下主持人，布萊恩摩爾 (Brian Moore)，他是 STAAR Surgical 投資者關係副總裁。

Thank you, moderator. Good afternoon, everyone, and thank you for joining us to discuss the company's financial results for the second quarter ended June 28, 2024. Today's speakers are Tom Frinzi, Chair of the Board, President and CEO; and Patrick Williams, Chief Financial Officer.

謝謝主持人。大家下午好，感謝您與我們一起討論公司截至 2024 年 6 月 28 日的第二季財務業績。今天的演講者是董事會主席、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 second quarter results was issued just after 4:00 PM Eastern Time. We have posted copies of today's earnings release and earnings presentation to the Investor Relations section of STAAR's website at investors.staar.com.

我們第二季業績的新聞稿是在東部時間下午 4:00 後發布的。我們已將今天的收益報告和收益介紹的副本發佈到 STAAR 網站 Investors.staar.com 的投資者關係部分。

Before we begin, let me quickly remind that the company's 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 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 such forward-looking statements.

在我們開始之前，讓我快速提醒一下，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。這些陳述是基於對本次電話會議日期的判斷和分析，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此類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. Definitions and reconciliations to GAAP are included in today's press release. For brevity, unless otherwise specified, all comparisons on today's call will be on a year-over-year basis versus the relevant period. (Event Instructions)

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準則財務指標，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。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。（活動須知）

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 webcasts.

最後，我們打算使用我們的網站作為揭露重大非公開資訊並遵守 FD 法規規定的揭露義務的一種方式。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、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 presentation over to Tom Frinzi. Tom?

說到這裡，我現在想把演講交給湯姆‧弗林齊 (Tom Frinzi)。湯姆？

Thank you, Brian. Good afternoon, everyone. STAAR reported record net sales of $99 million, and on a constant currency basis we delivered our first ever $100 million quarter. We exceeded our sales outlook for the second quarter of 2024, demonstrating continued global adoption of our proprietary EVO ICL lens-based technology.

謝謝你，布萊恩。大家下午好。STAAR 公佈的淨銷售額達到創紀錄的 9,900 萬美元，以固定匯率計算，我們實現了有史以來第一個 1 億美元的季度業績。我們超越了 2024 年第二季的銷售預期，證明了我們專有的 EVO ICL 鏡片技術在全球的持續採用。

I am proud of our organization; my thanks to our global STAAR teams for a record-breaking quarter and a strong first half. Our company is growing, and we are winning market share throughout the business cycle. For the quarter, we generated year-over-year and sequential sales growth in the US and China, the two largest markets in the world for refractive procedures.

我為我們的組織感到自豪；感謝我們的全球 STAAR 團隊創造了破紀錄的季度業績和強勁的上半年業績。我們的公司正在不斷發展，我們正在整個商業週期中贏得市場份額。本季度，我們在美國和中國這兩個全球最大的屈光手術市場實現了年比和季比的銷售成長。

We are executing well against our strategy, driving increased commercial momentum and benefiting from the inherent leverage in STAAR's business model. As a result, we are raising our fiscal 2024 outlook for both net sales and adjusted EBITDA. For fiscal 2024, we now expect net sales of approximately $340 million to $345 million and adjusted EBITDA of approximately $42 million.

我們正在很好地執行我們的策略，推動商業動力的成長，並從 STAAR 商業模式的固有槓桿中受益。因此，我們上調了 2024 財年淨銷售額和調整後 EBITDA 的預期。對於 2024 財年，我們目前預計淨銷售額約為 3.4 億至 3.45 億美元，調整後 EBITDA 約為 4,200 萬美元。

I attribute our commercial momentum to the investments we have made to accelerate uptake of our EVO ICL lenses. This includes three main areas of focus. First, making it easier for surgeons to choose EVO, increasing surgeon confidence in measurement of the eye and lens size selection by surrounding our surgeon customers with education activities, including peer-reviewed publications, practice development and robust training.

我將我們的商業動力歸功於我們為加速 EVO ICL 鏡片的普及而進行的投資。這包括三個主要關注領域。首先，透過為我們的外科醫生客戶提供教育活動（包括同儕審查的出版物、實踐發展和強有力的培訓），使外科醫生更容易選擇 EVO，提高外科醫生對眼睛測量和晶狀體尺寸選擇的信心。

Second, broadening the EVO market opportunity. We are moving down the diopter curve and, as a result, are beginning to realize our near-term goal of becoming the choice for surgeons and their patients minus 6 diopters of myopia and above via sales execution, including landing strategic agreements, supporting health care professional level marketing campaigns, and amplifying compelling proof points which demonstrate the patient and practice benefits of selecting the EVO procedure. And third, driving innovation in key technical and product areas of our business, which I will discuss later in more detail. Turning to our performance by region.

其次，拓寬EVO市場機會。我們正在沿著屈光度曲線向下移動，因此開始實現我們的近期目標，即透過銷售執行，包括達成策略協議、支持醫療保健，成為外科醫生及其患者近視度數減 6 及以上的選擇專業水平的營銷活動，並放大令人信服的證據點，證明選擇EVO 程序對患者和實踐的好處。第三，推動我們業務的關鍵技術和產品領域的創新，我將在稍後更詳細地討論。轉向我們按地區劃分的表現。

In our Americas region, we generated sales growth of 14%, including US sales growth of 25% year-over-year and 10% sequentially. Our focus on the US business, with an emphasis on key accounts through our Highway 93 initiative, is bearing fruit. We are effectively seeding the market by establishing meaningful relationships with some of the most influential and high-volume surgeons in the United States. The progress is evident in our US.

在美洲地區，我們的銷售額成長了 14%，其中美國銷售額年增 25%，較上季成長 10%。我們對美國業務的關注，特別是透過 93 號公路計畫重點關注的重要客戶，正在取得成果。我們透過與美國一些最具影響力和高產量的外科醫生建立有意義的關係，有效地培育了市場。美國的進步是顯而易見的。

sales results for the second quarter and first half of 2024. Growth in US Highway 93 accounts for the second quarter was 29%, 10 percentage points above the 19% growth of non-Highway 93 accounts.

2024 年第二季及上半年的銷售業績。美國 93 號公路帳戶第二季的成長率為 29%，比非 93 號公路帳戶的 19% 成長率高出 10 個百分點。

In EMEA, we generated 10% sales growth, exceeding our outlook. Growth was driven by the Middle East, European distributor markets and Spain. These are markets where we have invested in STAAR personnel and new initiatives, and we are encouraged by our results given the macroeconomic backdrop and conflicts in the region. In APAC, we generated sales growth of 6% year-over-year and 37% sequentially.

在 EMEA 地區，我們的銷售額成長了 10%，超出了我們的預期。成長是由中東、歐洲經銷商市場和西班牙推動的。我們在這些市場投資了 STAAR 人員和新舉措，考慮到該地區的宏觀經濟背景和衝突，我們對我們的成果感到鼓舞。在亞太地區，我們的銷售額年增 6%，較上季成長 37%。

By country, in China, we entered the high season for EVO ICL implants in early June, when many young people elect to have a refractive procedure. In the second quarter, our sequential sales growth in China was consistent with our expectations and similar to historical trends since 2018.

從國家來看，在中國，6月初進入了EVO ICL植入的旺季，許多年輕人選擇進行屈光手術。第二季度，我們在中國的銷售額連續成長符合我們的預期，並且與 2018 年以來的歷史趨勢相似。

Today, we're halfway through the high season, and we remain encouraged by EVO in-market activity. Our positive sales growth in China illustrates the advantages of EVO ICL in a market where the predominant legacy refractive procedure, laser vision correction, is down about 10% for the first half of 2024. For fiscal 2024, we remain on track to achieve annual sales growth of approximately 10% in China, which would represent China sales over $200 million, another significant milestone for STAAR and our China team.

今天，旺季已經過半，EVO 的市場活動仍然鼓舞著我們。我們在中國的積極銷售成長說明了 EVO ICL 在這個市場中的優勢，該市場中占主導地位的傳統屈光手術（雷射視力矯正）在 2024 年上半年下降了約 10%。2024 財年，我們仍有望在中國實現約 10% 的年銷售額成長，這意味著中國銷售額將超過 2 億美元，這是 STAAR 和我們中國團隊的另一個重要里程碑。

Turning to Japan, where our EVO ICL commands the largest market share as the standard of care for refractive vision correction. We continue to grow very nicely in this market. Despite currency headwinds from a weak yen, sales in the second quarter for Japan were up 14%, with units significantly higher. The Japan market, where we sell direct through an organization of approximately 50 STAAR professionals, continues to benefit from the enthusiastic key opinion leaders with a high level of confidence in the EVO procedure.

轉向日本，我們的 EVO ICL 作為屈光視力矯正護理標準佔據了最大的市場份額。我們在這個市場上繼續保持良好的成長。儘管日圓疲軟帶來了貨幣阻力，日本第二季的銷售額仍成長了 14%，銷量大幅成長。我們透過約 50 名 STAAR 專業人員組成的組織直接在日本市場進行銷售，繼續受益於對 EVO 程序充滿信心的熱情關鍵意見領袖。

Turning to South Korea, we generated 20% sales growth in the second quarter. The first ICL-only clinic in South Korea opened earlier this year and is off to a good start. We anticipate the clinic could be the first of many ICL-only clinics in South Korea, following the path of successful ICL-only clinics that already exist and thrive in China and Japan. Globally, our EVO ICL lens technology continues to outpace the growth of laser vision correction procedures, including LASIK, PRK and SMILE. The commercial momentum I just outlined indicates that our lens technology is firing on all cylinders.

至於韓國，我們第二季的銷售額成長了 20%。韓國第一家僅使用 ICL 的診所於今年稍早開業，並取得了良好的開端。我們預計該診所將成為韓國眾多僅提供 ICL 的診所中的第一家，效仿中國和日本已經存在並蓬勃發展的成功的僅提供 ICL 的診所的道路。在全球範圍內，我們的 EVO ICL 鏡片技術持續超過雷射視力矯正手術（包括 LASIK、PRK 和 SMILE）的發展速度。我剛才概述的商業勢頭表明我們的鏡頭技術正在全力以赴。

We're successfully moving down the diopter curve to lower levels of vision correction. We're expanding the overall growth opportunity for our proprietary lenses, winning over both surgeons and patients, and we are taking market share in the process. The average diopter of EVO ICL sold in the first half of 2024 globally was minus 8.2 diopters, 0.5 diopter lower than fiscal 2023. Finally, our mix of lenses sold minus 8 diopters and below increased 3 points to 35% in the first half of 2024. This progress increases our total addressable market and is contributing to our continuing market share gains globally.

我們成功地將屈光度曲線向下移動到較低程度的視力矯正。我們正在擴大專有鏡片的整體成長機會，贏得外科醫生和患者的青睞，並在此過程中佔據市場份額。2024年上半年全球銷售的EVO ICL平均屈光度為-8.2屈光度，比2023財年低0.5屈光度。最後，我們的負 8 屈光度及以下鏡片組合銷量在 2024 年上半年增加了 3 個百分點，達到 35%。這項進展增加了我們的總目標市場，並有助於我們持續增加全球市場份額。

We are not letting up on the initiatives and strategic priorities that we've been telling you about, as they are effectively strengthening our results and market position near and long term. You see that reflected in the first half and Q2 results we reported today. Following Patrick's detailed review of our financial results, I will update you on some additional initiatives that illustrate our company's immense growth opportunity. Patrick?

我們不會放棄我們一直在告訴您的舉措和策略優先事項，因為它們正在有效地加強我們的近期和長期業績和市場地位。您將看到我們今天報告的上半年和第二季的業績反映了這一點。在派崔克詳細審查我們的財務表現之後，我將向您介紹一些其他舉措的最新情況，這些舉措說明了我們公司的巨大成長機會。派崔克？

Thank you, Tom, and good afternoon, everyone. Total net sales for Q2 2024, our seasonally strongest quarter, were $99 million, as compared to net sales of $92.3 million in the prior year quarter. The $6.7 million increase in Q2 2024 net sales is attributable to a 7% or $6.3 million increase in ICL sales and a $0.4 million increase in other products. Constant currency net sales for Q2 2024 were $100.4 million, up 9% as compared to the prior year period, which adjusts for FX headwinds due to the strong US dollar in our second largest sales market today, Japan.

謝謝你，湯姆，大家午安。2024 年第二季（我們季節性最強的季度）的總淨銷售額為 9,900 萬美元，而去年同期的淨銷售額為 9,230 萬美元。2024 年第二季淨銷售額增加 670 萬美元，歸因於 ICL 銷售額成長 7%（即 630 萬美元）以及其他產品 40 萬美元的成長。2024 年第二季以固定匯率計算的淨銷售額為 1.004 億美元，較上年同期增長 9%，並針對由於當今第二大銷售市場日本美元走強而導致的外匯不利因素進行了調整。

For Q2 2024, gross profit was $78.4 million or 79.2% of net sales, as compared to gross profit of $70.7 million or 76.6% of net sales for the prior year quarter and $61 million or 7.9% of net sales for Q1 2024. The year-over-year increase in gross margin is primarily due to changes in reserves related to cataract IOLs in the prior year quarter. As a reminder, the company exited its cataract IOL business in fiscal 2023. For 2024, we continue to expect gross margin will be approximately 80% for each remaining quarter.

2024 年第二季的毛利為7,840 萬美元，佔淨銷售額的79.2%，而上年同期的毛利為7,070 萬美元，佔淨銷售額的76.6%，2024 年第一季的毛利為6,100 萬美元，佔淨銷售額的7.9%。毛利率年增主要是由於去年同期白內障人工水晶體相關準備金的變動。提醒一下，該公司於 2023 財年退出了白內障人工水晶體業務。到 2024 年，我們繼續預計剩餘每季的毛利率將約為 80%。

Moving down the income statement. Total operating expenses for Q2 2024 were $66.5 million as compared to $62.1 million in the prior year quarter and $63.3 million in Q1 2024. The increase in operating expenses reflects our decision to lean into investments to build the market for EVO ICL as we lay a foundation for future growth and margin expansion, including surgeon education, tools to improve surgeon experience, and investments in sales teams to drive long-term growth.

將損益表向下移動。2024 年第二季的總營運費用為 6,650 萬美元，而去年同期為 6,210 萬美元，2024 年第一季為 6,330 萬美元。營運費用的增加反映了我們決定進行投資以建立EVO ICL 市場，因為我們為未來的成長和利潤擴張奠定了基礎，包括外科醫生教育、改善外科醫生經驗的工具以及對銷售團隊的投資以推動長期發展。

Taking a closer look at the components of operating expenses, G&A expense for Q2 2024 was $23.6 million compared to $18.1 million in the prior year quarter and $23.2 million in Q1 2024. The year-over-year increase in G&A is primarily due to increased compensation-related expenses, facilities costs and outside services. For 2024, we continue to expect G&A expense to be approximately $24 million per quarter.

仔細研究營運費用的組成部分，2024 年第二季的一般管理費用為 2,360 萬美元，而去年同期為 1,810 萬美元，2024 年第一季為 2,320 萬美元。一般行政費用較去年同期成長主要是由於薪資相關費用、設施成本和外部服務的增加。2024 年，我們繼續預期每季的一般管理費用約為 2,400 萬美元。

Selling and marketing expense was $28.8 million for Q2 2024 compared to $32.3 million in the prior year quarter and $26.7 million in Q1 2024. The decrease in selling and marketing expenses from the prior year was due to lower marketing, promotion and advertising activities as the company shifted brand awareness dollars to marketing activities at the practice level. The sequential increase in selling and marketing expense is related to the variable marketing and promotion activities associated with our higher sales in the second quarter. For 2024, we continue to expect selling and marketing expense will be approximately $30 million per quarter.

2024 年第二季的銷售和行銷費用為 2,880 萬美元，去年同期為 3,230 萬美元，2024 年第一季為 2,670 萬美元。銷售和行銷費用較前一年減少的原因是，隨著公司將品牌知名度資金轉移到實踐層面的行銷活動，行銷、促銷和廣告活動減少。銷售和行銷費用的連續增加與第二季銷售額增加相關的可變行銷和促銷活動有關。到 2024 年，我們仍然預計每季的銷售和行銷費用約為 3,000 萬美元。

Research and development expense was $14.1 million for Q2 2024 compared to $11.8 million in the prior year quarter and $13.4 million for Q1 2024. The year-over-year increase in R&D is due to compensation-related expenses, partially offset by lower clinical trial costs. For the second half of 2024, we now expect R&D expense to be slightly up at approximately $15 million per quarter, reflecting focused investments in AI-related technology innovations, independent investigator studies and global education and training to accelerate adoption of EVO ICL.

2024 年第二季的研發費用為 1,410 萬美元，去年同期為 1,180 萬美元，2024 年第一季為 1,340 萬美元。研發費用的年增率是由於補償相關費用，但部分被臨床試驗成本的下降所抵銷。對於2024 年下半年，我們目前預計研發費用將小幅上漲，每季約為1500 萬美元，反映出對人工智慧相關技術創新、獨立調查員研究以及全球教育和培訓的重點投資，以加速EVO ICL 的採用。

For Q2 2024, GAAP net income was $7.4 million or $0.15 earnings per diluted share, compared to net income of $6.1 million or $0.12 earnings per diluted share in the prior year quarter. Adjusted EBITDA of $22.5 million or $0.45 per diluted share for Q2 2024 compared to adjusted EBITDA of $18.3 million or $0.37 per diluted share in the prior year quarter.

2024 年第二季度，GAAP 淨利潤為 740 萬美元，即稀釋後每股收益 0.15 美元，而去年同期淨利潤為 610 萬美元，即稀釋後每股收益 0.12 美元。2024 年第二季調整後 EBITDA 為 2,250 萬美元，或稀釋後每股 0.45 美元，而去年同期調整後 EBITDA 為 1,830 萬美元，或稀釋後每股 0.37 美元。

As Tom said, we are raising our fiscal 2024 sales outlook $5 million to a range of $340 million to $345 million, which contemplates industry-leading growth in all key markets. For the third quarter of 2024, we anticipate net sales of approximately $87 million. We also anticipate the US sales of approximately $5 million to $5.5 million in the third quarter, reflecting summer seasonality, followed by a reacceleration of US sales in the fourth quarter above our Q2 results of $5.5 million.

正如 Tom 所說，我們將 2024 財年的銷售預期上調了 500 萬美元，至 3.4 億至 3.45 億美元之間，預計所有關鍵市場都將實現業界領先的成長。我們預計 2024 年第三季的淨銷售額約為 8,700 萬美元。我們也預計第三季美國銷售額約為 500 萬至 550 萬美元，反映夏季季節性，隨後第四季美國銷售額將重新加速，高於第二季 550 萬美元的業績。

Based on our higher sales outlook, we are raising our full year adjusted EBITDA by approximately $3 million, and now anticipate adjusted EBITDA to be approximately $42 million for fiscal 2024. Using approximately 52 million shares outstanding, our outlook for adjusted EBITDA per diluted share is now approximately $0.80 per share, up from approximately $0.75 previously.

基於我們較高的銷售前景，我們將全年調整後 EBITDA 提高約 300 萬美元，目前預計 2024 財年調整後 EBITDA 約為 4,200 萬美元。使用約 5,200 萬股已發行股票，我們對稀釋後每股調整後 EBITDA 的預期目前約為每股 0.80 美元，高於先前的約 0.75 美元。

A reconciliation of non-GAAP financial measures is shown in today's earnings press release and earnings presentation. For modeling purposes, please refer to Slides 21 and 22 of this earnings presentation for additional detail and specific line-item updates.

在今天的收益新聞稿和收益演示中顯示了非公認會計準則財務指標的調節表。出於建模目的，請參閱本收益簡報的投影片 21 和 22，以了解更多詳細資訊和特定行項目更新。

By region, you can see the increase to our outlook in the Americas, up 15%, driven by US growth outlook of 25% versus 10% previously, and EMEA, where we now expect 6% growth versus flat growth in our prior outlook. We continue to expect 7% growth in our APAC region, which would be the fastest growth for the refractive industry in this key region. For fiscal 2024, our new increased outlook for the US represents about half of the $5 million increase in our new outlook for global net sales.

按地區劃分，您可以看到我們對美洲的展望上調了15%，這主要是由於美國增長前景為25%（之前為10%），而歐洲、中東和非洲地區（我們現在預計增長6%，而之前的展望則持平）。我們繼續預計亞太地區將實現 7% 的成長，這將是該關鍵地區屈光產業成長最快的。對於 2024 財年，我們對美國的新成長預期約占我們對全球淨銷售額新成長預期 500 萬美元的一半。

Turning now to our balance sheet. Our cash, cash equivalents and investments available for sale were $235.5 million at the end of Q2 2024 as compared to $232.4 million for fiscal year-end 2023. As a reminder, our DSO is about 90 days. We will collect cash for our Q2 record sales quarter in the third quarter. We look forward to meeting with many of you in the days and weeks ahead at investor conferences and meetings in the US, Europe, and Asia.

現在轉向我們的資產負債表。截至 2024 年第二季末，我們的現金、現金等價物及可供出售投資為 2.355 億美元，而 2023 財年末為 2.324 億美元。提醒一下，我們的 DSO 約為 90 天。我們將在第三季為第二季創紀錄的銷售季度收取現金。我們期待在未來幾天或幾週內在美國、歐洲和亞洲舉行的投資者大會和會議上與你們中的許多人會面。

A list of conferences is shown here on Slide 15, and includes the Canaccord Growth Conference in Boston, the Piper Sandler West Coast Field Trip, the William Blair West Coast Field Trip, the Goldman Sachs European Medtech and Healthcare Services Conference in London, and the Sidoti Small-Cap Virtual Conference.

投影片 15 顯示了會議列表，包括在波士頓舉行的 Canaccord Growth 會議、Piper Sandler 西海岸實地考察、William Blair 西海岸實地考察、在倫敦舉行的高盛歐洲醫療技術和醫療保健服務會議以及Sidoti 小型股虛擬會議。

Finally, we are adding an Asia-based STAAR investor relations professional as a resource for the investment community. In addition to our normal course of investor conferences, we will also have in-person investor meetings in Hong Kong and Mainland China for Q3. We do expect to report Q3 results in early November. And now back to Tom.

最後，我們將增加一名駐亞洲的 STAAR 投資者關係專業人士作為投資界的資源。除了正常的投資者會議外，我們還將在第三季在香港和中國大陸舉行現場投資者會議。我們預計將在 11 月初報告第三季業績。現在回到湯姆。

Thank you, Patrick. We met or exceeded our targets in the first half of 2024, and our commercial momentum is accelerating. Our deep engagement with our surgeon customers is guiding the way. We conducted two global customer surveys in 2023, which significantly broadened our understanding of the needs of our customers and allowed us to design programs to reduce friction and speed EVO ICL adoption.

謝謝你，派崔克。我們在 2024 年上半年達到或超過了我們的目標，而我們的商業動能正在加速。我們與外科醫生客戶的深入接觸正在指引方向。我們在 2023 年進行了兩次全球客戶調查，這極大地拓寬了我們對客戶需求的了解，並使我們能夠設計減少摩擦並加快 EVO ICL 採用的計劃。

We are building upon this customer focus with a study we recently commissioned in the US with the American-European Congress of Ophthalmic Surgery. AECOS, an organization I've mentioned in the past, represents leading-edge cataract and refractive surgeons. The study we commissioned in June analyzed approximately 1,900 refractive procedures in the US across laser- and lens-based vision correction procedures.

我們最近委託美國-歐洲眼科外科大會在美國進行了一項研究，以此為基礎，以客戶為中心。AECOS 是我過去提到的一個組織，它代表了最先進的白內障和屈光外科醫生。我們在 6 月委託進行的這項研究分析了美國約 1,900 例基於雷射和鏡片的視力矯正手術的屈光手術。

The data shows that EVO ICL commands a 13% procedure mix among these US AECOS surgeons, significantly above our approximate 3% share of the overall US refractive market today. Surveyed AECOS surgeons have also moved down the diopter curve more quickly than the US market overall.

數據顯示，EVO ICL 在這些美國 AECOS 外科醫生中佔據了 13% 的手術組合，遠高於我們目前在美國整體屈光市場中約 3% 的份額。受訪的 AECOS 外科醫生的屈光度曲線下降速度也比美國市場整體更快。

The AECOS surgeon average diopter implant is minus 8.5 diopters versus nearly minus 10 diopters for all US EVO ICL surgeons certified. The AECOS data illustrates our larger opportunity in the United States, but our total addressable market is even bigger.

AECOS 外科醫師植入物的平均屈光度為負 8.5 屈光度，而所有獲得美國 EVO ICL 認證的外科醫師的平均屈光度接近負 10 屈光度。AECOS 數據說明了我們在美國的更大機遇，但我們的總目標市場更大。

As you can see on Slide 17, moving from 3% share in the US today to the 13% share currently with AECOS surgeons represents 70,000 US procedures and an additional $70 million in annual sales. Assuming we reach 20% share in the United States as we have in other large markets, this equates to $140 million in US annual sales.

正如您在幻燈片 17 中看到的那樣，AECOS 外科醫生從目前在美國的 3% 份額上升到目前的 13%，代表美國進行了 70,000 例手術，年銷售額增加了 7,000 萬美元。假設我們在美國的份額達到 20%，就像我們在其他大型市場一樣，這相當於美國年銷售額 1.4 億美元。

However, none of these growth vectors contemplated us growing the market, which we have done in other geographies and intend to do that in the United States, with 52 million US eyes in our approved range, and based on the AECOS data, I now believe the US business can be even bigger than what I originally envisioned.

然而，這些成長載體都沒有考慮到我們擴大市場，我們已經在其他地區做到了這一點，並打算在美國做到這一點，在我們批准的範圍內有5200 萬美國眼睛，並且根據AECOS 數據，我現在相信美國的業務可能比我原想的還要大。

We are listening and learning, which are the most important levers to accelerate growth and realize our tremendous market opportunity. First, we're innovating in surgeon experience and education: our new Stella ordering system, which delivers a more streamlined workflow and cuts time needed to order by over 25%; STAAR University website, launched just a few months ago in the United States, is our new medical affairs and surgeon education site, which is receiving praise and positive feedback from our surgeon customers and their staff. Both Stella and STAAR University are already being expanded globally.

我們正在傾聽和學習，這是加速成長和實現巨大市場機會的最重要槓桿。首先，我們在外科醫生經驗和教育方面進行創新：我們的新 Stella 訂購系統可提供更簡化的工作流程，並將訂購所需的時間縮短 25% 以上；幾個月前在美國推出的 STAAR 大學網站是我們新的醫療事務和外科醫生教育網站，受到了外科醫生客戶及其員工的好評和積極反饋。Stella 和 STAAR 大學都已在全球擴張。

Next week, we will open our brand-new state-of-the-art EVO ICL Experience Center at STAAR's Lake Forest, California, headquarters. The center is significantly larger than our previous center and will serve as a hub of live surgeon and ophthalmic practice education, with a full slate of events already planned throughout the end of the year.

下週，我們將在 STAAR 加州森林湖總部開設全新、最先進的 EVO ICL 體驗中心。該中心比我們之前的中心大得多，將作為現場外科醫生和眼科實踐教育的中心，並已計劃在今年年底舉辦一系列活動。

Secondly, we are innovating to drive clinical confidence. We're in the final stages of developing a new US-based head-to-head study versus laser vision correction procedures. We are confident that the results will further demonstrate EVO's advantages, including high patient satisfaction and quality of vision across the approved diopter range. We are working with surgeons to advance AI-based protocols and investing in technology to guide measurement and size selection. And finally, we're working to expand our market potential through the harmonization of our label indications globally.

其次，我們正在創新以提高臨床信心。我們正處於在美國開發一項新的針對雷射視力矯正程序的頭對頭研究的最後階段。我們相信，結果將進一步證明 EVO 的優勢，包括患者的高滿意度和在批准的屈光度範圍內的視力品質。我們正在與外科醫生合作推進基於人工智慧的方案，並投資技術來指導測量和尺寸選擇。最後，我們正在努力透過在全球範圍內協調我們的標籤指示來擴大我們的市場潛力。

The investment case for STAAR Surgical is compelling. Number one, our product. We have a proprietary and differentiated product, EVO ICL, that is disrupting the refractive market, where patients and surgeons are looking for a broader set of solutions which give them more options in the future. Secondly, our market. By 2050, 5 billion people will have myopia, including 1 billion with high myopia.

STAAR Surgical 的投資理由非常引人注目。第一，我們的產品。我們擁有專有的差異化產品 EVO ICL，它正在顛覆屈光市場，患者和外科醫生正在尋找更廣泛的解決方案，以便在未來為他們提供更多選擇。其次，我們的市場。到2050年，近視人口將達到50億，其中高度近視人口將達10億。

So the total addressable market opportunity globally, including emerging markets such as India and Brazil, is immense and growing, just as the interest and penetration of the legacy predominant procedure, laser vision correction, continues to decline.

因此，全球（包括印度和巴西等新興市場）的潛在市場機會是巨大的，而且還在不斷增長，而傳統的主導手術——雷射視力矯正——的興趣和滲透率卻在持續下降。

Third, our people and our process. We have the team to execute, and we'll continue to bolster and strengthen our teams as needed. We introduced a high-performance management process based on facts, data and continuous improvement around our vital few strategic priorities, and in January of this year we cascaded the process to all 1,200-plus STAAR employees.

第三，我們的人員和流程。我們有執行團隊，我們將根據需要繼續支持和加強我們的團隊。我們引入了基於事實、數據和持續改進的高績效管理流程，圍繞我們至關重要的少數策略優先事項，並於今年 1 月將流程推廣到所有 1,200 多名 STAAR 員工。

Fourth, our financial model. We have a strong business model, with high gross margins and a demonstrated ability to generate cash to sustain and prudently invest in our business.

第四，我們的財務模式。我們擁有強大的商業模式，毛利率高，並且有能力產生現金來維持和謹慎投資我們的業務。

And all of that leads to building momentum. At STAAR, we are driving focus on the customer, identifying and investing in accelerators and watching the market change right before our eyes. EVO ICL is proving to be a competitive differentiator with every surgeon that implements EVO in their practice.

所有這些都會帶來動力。在 STAAR，我們致力於以客戶為中心，識別和投資加速器，並觀察我們眼前的市場變化。事實證明，對於每一位在實踐中實施 EVO 的外科醫生來說，EVO ICL 都具有競爭優勢。

The initiatives I've covered today are starting to translate into better growth, laying the foundation for future sales acceleration into 2025 and towards our $500 million-plus Vision 2026 sales target. Clearly, an evolution is happening.

我今天介紹的舉措已開始轉化為更好的成長，為未來到 2025 年的銷售加速以及實現 2026 年 5 億美元以上的願景銷售目標奠定了基礎。顯然，一種演變正在發生。

Thank you for your attention. And operator, we'll now take any questions.

感謝您的關注。接線員，我們現在將回答任何問題。

(Operator Instructions) Ryan Zimmerman, BTIG.

（操作員說明）Ryan Zimmerman，BTIG。

Okay. Hopefully, I unmuted and did that right. Can you guys hear me okay?

好的。希望我取消靜音並且做得對。你們聽得到我說話嗎？

Yes, we hear you, Ryan.

是的，我們聽到你的聲音了，瑞安。

Wonderful. Okay. So I want to ask about China, it's obviously very topical. There's been mixed messages about China in terms of some of your peers in the refractive market. You guys did about 5.7% growth in the first half of China, guidance adjust 10%. So talk to us about what informs your mid-teens growth profile in the second half of '24 and what your prevailing views are around recovery and health of the consumer in China potentially in longer term?

精彩的。好的。所以我想問中國，這顯然是非常熱門的話題。屈光市場的一些同行對中國的看法不一。中國上半年經濟成長約 5.7%，指導調整 10%。那麼，請與我們談談您在 20 世紀 24 世紀下半年的青少年成長情況，以及您對中國消費者長期潛在復甦和健康的普遍看法是什麼？

Yes. Ryan, good to hear from you, and thanks for the question. Again, look, as we sit here today, we feel good about where we are in China. If you think about the headlines and the areas that people seem to have a lot of questions around, whether it's competition, whether it's anticorruption, whether it's PPP, or whether it's the economy, I would say three out of those four really have minimal, if any, impact for our business.

是的。瑞安，很高興收到你的來信，感謝你的提問。再說一遍，當我們今天坐在這裡時，我們對中國的處境感到滿意。如果你考慮一下頭條新聞和人們似乎有很多疑問的領域，無論是競爭、反腐敗、PPP 還是經濟，我想說這四個中的三個確實有很少的問題，如果有的話，對我們業務的影響。

Economy, clearly, we read the same things you see. We know there's some headwinds out there. But as we look at our business, certainly through the first half and halfway through the high season, we're very pleased with where we are. In a declining market, we continue to grow, we're taking market share, and we feel good about our business, not only today but for tomorrow.

經濟，顯然，我們讀到的東西和你看到的一樣。我們知道存在一些阻力。但當我們審視我們的業務時，尤其是在上半年和旺季中段，我們對自己的現狀感到非常滿意。在衰退的市場中，我們繼續成長，我們正在佔領市場份額，我們對我們的業務感到滿意，不僅是今天，而且是明天。

Tom Stephan, Stifel.

湯姆·史蒂芬，斯蒂菲爾。

Okay. Can you guys hear me okay?

好的。你們聽得到我說話嗎？

Yes, we can, Tom.

是的，我們可以，湯姆。

Perfect. Good. Maybe if I can start -- I'll ask both upfront. I wanted to ask about 2025, if that's all right. I think you grew 6% in 1H. Guidance implies 6% growth again in 2H. Patrick or Tom, what are your early thoughts about growth accelerating in 2025? I think Street modeled revenue growth of 15% coming into this afternoon. Are you comfortable with that type of reacceleration next year maybe as we sit here today?

完美的。好的。也許如果我可以開始的話——我會提前問清楚這兩個問題。我想問2025年可以嗎？我認為你在 1 小時內成長了 6%。指引暗示下半年將再次成長 6%。Patrick 或 Tom，您對 2025 年經濟加速成長有何初步想法？我認為 Street 模型預測今天下午的收入將成長 15%。當我們今天坐在這裡時，您對明年這種類型的重新加速感到滿意嗎？

And then hopefully a quicker follow-up. Just on M&A, I mean, as it relates to the headlines that were put out there, why would now be the right time for STAAR from an M&A perspective? I understand it's obviously part of your fiduciary responsibilities, but the stock is back at pre-COVID levels. Refractive end markets are arguably at a low point, and the US is -- it's still so early. So maybe if you can elaborate a bit on, I guess, the company's motivation and your long-term vision for STAAR?

然後希望能有更快的後續。就併購而言，我的意思是，因為它與那裡發布的頭條新聞有關，為什麼從併購的角度來看現在是 STAAR 的最佳時機？我知道這顯然是您信託責任的一部分，但股價已回到新冠疫情前的水平。屈光終端市場可以說正處於低點，而美國——現在還為時過早。那麼，我想您是否可以詳細說明一下公司的動機以及您對 STAAR 的長期願景？

I'll take the first one, Tom. Look, we're not giving out 2025 or even beyond guidance at this point. But to be fair, we did give our Vision 2026 guidance out there, which was a 15% to 20% three-year CAGR. And so as Tom said in his prepared remarks, we feel good about where we are 6, 7 months into a 36-month plan.

我要第一個，湯姆。看，我們目前不會給出 2025 年甚至超出指導的時間。但公平地說，我們確實給了 2026 年願景指導，三年複合年增長率為 15% 到 20%。正如 Tom 在他準備好的演講中所說，我們對 36 個月計劃的 6、7 個月進展感到滿意。

I think the initial question was we have a reacceleration in the second half of 2024, which is very apparent. We're going to see double digit to maybe mid-teen growth in revenue across the board. And so let's judge us as we move throughout this year, but we believe all the things that we're putting in place, we've got to give them some time to really take effect. There's a lot of really good stuff that Tom outlined in his closing statements that we believe will result in a much quicker adoption of moving down the diopter curve in all geographies around the world, and that gives us more conviction about hitting that Vision 2026 ultimately.

我認為最初的問題是我們在 2024 年下半年會重新加速，這是非常明顯的。我們將看到全面的收入以兩位數甚至十幾歲左右的速度成長。因此，讓我們在今年的行動中對我們進行評判，但我們相信我們正在實施的所有事情，我們必須給它們一些時間才能真正生效。Tom 在結論中概述了許多非常好的內容，我們相信這些內容將導致世界各地更快地採用降低屈光度曲線的方法，這讓我們更有信心最終實現 2026 年願景。

And I think, Tom, from your question around M&A activity, look, as I've said many a time, our head is down. We're focused on execution, continuing to grow our business around the globe. And quite frankly, rumors are what they are, but we're focused on our business, and that's what matters to us.

湯姆，我認為，從你關於併購活動的問題來看，正如我多次說過的那樣，我們已經低下了頭。我們專注於執行力，並繼續在全球範圍內發展我們的業務。坦白說，謠言就是事實，但我們專注於我們的業務，這對我們來說很重要。

Margaret Kaczor Andrew, William Blair.

瑪格麗特·卡佐爾·安德魯，威廉·布萊爾。

All right. Appreciate it. So I was hoping to talk a little bit about the US. You guys are seeing now some nice sequential traction two quarters in a row, up 10% sequentially in Q2. And I get some of the comments around seasonality as we go into Q3 and Q4.

好的。欣賞它。所以我希望能談談美國。你們現在已經連續兩個季度看到了一些不錯的連續牽引力，第二季連續成長了 10%。當我們進入第三季和第四季時，我收到了一些有關季節性的評論。

But all things being equal, on average, it seems pretty similar, flat sequentially from what we saw in Q2 in dollars. So I guess is that not conservative in your view, especially assuming the sequential increases we're seeing in new Highway 93 accounts, maybe continued traction you're seeing in those Highway 93 accounts? And I guess, net-net with all of that is, when will you guys feel comfortable enough to start seeing that more significant sequential increase in guidance and traction in the US?

但在所有條件相同的情況下，平均而言，它看起來非常相似，與我們在第二季度看到的美元水平相當。所以我想您認為這並不保守，特別是假設我們在新的 93 號公路帳戶中看到連續增長，也許您在 93 號公路帳戶中看到了持續的吸引力？我想，總的來說，你們什麼時候才會感到夠舒服，開始看到美國的指導和牽引力出現更顯著的連續成長？

Yes, sure. Listen, thanks for the question, Margaret. I think as we said in our prepared remarks, and you've probably heard from Patrick and I anecdotally, we feel good about where the US is. And if I were to use an analogy, I think for the US business, we crawled. We're starting to walk. We might start to jog by the end of the year, and we'll be running in 2025. I mean I feel really good about what we're doing. All the initiatives we rolled out are being well received.

是的，當然。聽著，謝謝你的提問，瑪格麗特。我認為，正如我們在準備好的演講中所說的那樣，您可能聽說過帕特里克和我的軼事，我們對美國的現狀感到滿意。如果我要打個比方，我認為對美國企業來說，我們就是在爬行。我們開始步行。我們可能會在今年年底開始慢跑，並在 2025 年開始跑步。我的意思是我對我們正在做的事情感覺非常好。我們推出的所有措施都受到好評。

And I think we're setting ourselves up for the right cadence of growth that's really both near term and long term sustainable. So the initiatives we have, the contracts we've signed, the contracts that are pending, everything is clicking on all cylinders. So I think just -- we're trying to be balanced. We're trying to be prudent. We don't want to get out ahead of ourselves. But again, I would just say we feel very good, not only about our US business but where our business sits globally.

我認為我們正在為正確的成長節奏做好準備，這實際上是短期和長期可持續的。因此，我們的舉措、我們已簽署的合約、待決的合同，一切都在順利進行中。所以我認為我們正在努力保持平衡。我們正在努力保持謹慎。我們不想超越自己。但我想說的是，我們感覺非常好，不僅是我們的美國業務，而且是我們的全球業務。

Moderator, let's take Ryan Zimmerman's second question, please.

主持人，我們來回答 Ryan Zimmerman 的第二個問題。

Ryan, go ahead and ask your question.

瑞安，繼續問你的問題。

I just want to ask a second question, and it was similar to my first. But Tom, you laid out this slide about growth of the refractive market, particularly in the US. And you're (technical difficulty)

我只想問第二個問題，這和我的第一個問題類似。但是湯姆，您展示了這張關於屈光市場成長的幻燈片，特別是在美國。而你是（技術難度）

You're breaking up, Ryan.

你要分手了，瑞安。

Ryan, let's pause and you repeat your question.

瑞安，讓我們暫停一下，你重複一下你的問題。

We'll come back to you, Ryan.

我們會回來找你的，瑞安。

Try to get into a stronger cell service there, Ryan.

瑞安，嘗試在那裡使用更強大的手機服務。

Moderator, let's go to the next question. We'll come back to you, Ryan.

主持人，我們進入下一個問題。我們會回來找你的，瑞安。

David Saxon, Needham.

大衛‧撒克遜，李約瑟。

Hi, David.

嗨，大衛。

Yeah. Hi, can you hear me okay?

是的。嗨，你聽得到我說話嗎？

Yeah, we can.

是的，我們可以。

Okay, great. Well, thanks for taking the questions. Maybe I'll start in China with Aier. I know that's a key account for you guys. I think there were some reports there that Aier lowered their pricing for LASIK, so it's about half of ICL procedure pricing. Just given the consumer over there, have you seen any impact from that pricing move from them?

好的，太好了。好的，感謝您提出問題。也許我會從中國的愛爾開始。我知道這對你們來說是一個重要的客戶。我認為有一些報導稱愛爾降低了 LASIK 的定價，因此大約是 ICL 手術定價的一半。就那裡的消費者而言，您是否看到他們的定價變動產生了任何影響？

And then secondarily, as it relates to Aier, I mean, they -- we all know their strategy involves M&A. And I think they just acquired 34 more hospitals in the last week or so. So as we think about that strategy, how does that factor into your China volumes? Are you in those hospitals that they tend to acquire? If not, I guess, what does that do for your volumes?

其次，就愛爾而言，我們都知道他們的策略涉及併購。我認為他們在上週左右剛剛收購了 34 家醫院。因此，當我們考慮這項策略時，這對你們在中國的銷售有何影響？您在他們傾向收購的那些醫院嗎？如果不是，我想這對你的書有什麼作用？

And on the flip side, if you are in those hospitals, how should we think about that pricing headwind as they maybe convert those volumes into their preferred pricing? And I'll just have one quick follow-up.

另一方面，如果您在這些醫院，我們應該如何考慮定價逆風，因為他們可能會將這些數量轉換為他們的首選定價？我將進行快速跟進。

Yes. Thanks for the question, David. I think just to clarify, what we're aware of is SMILE has lowered their price not so much, LASIK has lowered pricing within Aier to be maybe a little bit more competitive with LASIK. But listen, our relationship with Aier is very strong. They continue to be a solid customer.

是的。謝謝你的提問，大衛。我想澄清一下，我們所知道的是，SMILE 並沒有降低太多價格，LASIK 降低了愛爾內部的價格，以便與 LASIK 更具競爭力。但聽著，我們與愛爾的關係非常牢固。他們仍然是我們的忠實客戶。

We're continuing to grow EVO within the Aier hospital systems, and we feel good about our growth strategy with Aier, not only through the first half of this year but certainly continuing on through the back half and into '25 and '26 and beyond. So hope that gives you some color as to how we're doing there. Again, I think some of the noise out there is more laser vision correction competing with each other.

我們將繼續在愛爾醫院系統內發展 EVO，我們對與愛爾的成長策略感到滿意，不僅是今年上半年，而且肯定會持續到下半年以及 25 年和 26 年及以後。希望這能讓您了解我們在這方面的表現。再說一次，我認為雷射視力矯正的一些噪音是相互競爭的。

And from our perspective, though, we continue to grow. We continue to take share. And as I said earlier in my comments, we feel very good about where our business is in China broadly, but certainly within our relationship with Aier hospitals.

但從我們的角度來看，我們仍在不斷成長。我們繼續分享。正如我之前在評論中所說，我們對我們在中國的業務總體感覺非常好，但肯定是在我們與愛爾醫院的關係範圍內。

Okay. Great. And then I guess maybe if you could comment on just how their M&A strategy factors into your volumes and pricing there? And then my follow-up or second question is just on guidance. So the third quarter guidance implies growth accelerates on a two-year stack basis at least into the fourth quarter.

好的。偉大的。然後我想您是否可以評論一下他們的併購策略如何影響您的銷售和定價？然後我的後續問題或第二個問題只是關於指導。因此，第三季的指導意味著至少在第四季度的兩年基礎上成長將加速。

So is that conservatism around third quarter, or what are you seeing that gives you confidence in that two-year stack acceleration into the fourth quarter?

那麼，第三季度的保守態度是否如此，或者您所看到的是什麼讓您對第四季度的兩年堆疊加速充滿信心？

Sure, David. It's Patrick. I think on the Aier, recent M&A that they did, it's a little early for us to speculate. We're still vetting through, if you want to call it, existing accounts, et cetera, but we don't think there's a lot of crossover there. In terms of our guidance, look, I think Tom hit it on the head.

當然，大衛。是派崔克。我認為對於愛爾最近進行的併購，我們現在猜測還為時過早。我們仍在審查（如果你想稱之為的話）現有帳戶等等，但我們認為那裡沒有太多交叉。就我們的指導而言，我認為湯姆擊中了要害。

We're trying to be very balanced. We did [bless] $87 million approximately for Q3. We all can do the math of what that is on a year-over-year basis compared to last year. It is a reacceleration of revenue growth going into Q3. And we know that that implies a number for Q4 that's probably closer to $80-ish million if you pick the midpoint of our guidance, which is also pretty strong growth.

我們正在努力保持非常平衡。我們為第三季貢獻了大約 8700 萬美元。我們都可以計算一下與去年相比的情況。進入第三季度，營收成長再次加速。我們知道，如果您選擇我們指導的中點，這意味著第四季度的數字可能接近 8000 萬美元左右，這也是相當強勁的成長。

And clearly, this is now, I think, the third quarter where we've been able to beat and raise, and certainly coming into 2024, it's the second quarter of us doing a good beat on the top line, and we've given some of that in our full year guidance. So a lot of momentum setting ourselves up for what I believe to be a very strong second half, and we look forward to reporting in the next 90 days.

顯然，我認為，現在是我們能夠擊敗和提高的第三季度，當然進入 2024 年，這是我們在營收方面表現出色的第二季度，我們已經給出了我們的全年指導中包括其中一些內容。因此，我們有很大的動力為下半年的強勁發展做好準備，我們期待在接下來的 90 天內進行報告。

Anthony Petrone, Mizuho.

安東尼佩特隆，瑞穗。

Excellent. Congrats on a good quarter here. Maybe I'll start with China. I'll have one on the US as well. When we look at China, maybe a few questions in there. One would be how much contribution came from the second distributor? I know it's maybe six months or so now into having two distributors there. So what factor did that play in the market in 2Q for STAAR specifically?

出色的。恭喜您度過了一個美好的季度。也許我會從中國開始。我也準備一張美國的。當我們觀察中國時，也許會有一些問題。一是第二個經銷商的貢獻有多少？我知道那裡可能已經有兩個經銷商了六個月左右的時間。那麼，對於 STAAR 來說，這在第二季的市場中具體發揮了什麼作用？

And was there any price tailwinds in China in the quarter? And then the last quick one on China. Just anything your team is on the ground talking about as it relates to stimulus? Just timing of when stimulus could be enacted and what that may mean for business there? And I'll just have one on US after that.

本季中國是否有任何價格推動因素？然後是關於中國的最後一篇快速報道。您的團隊在現場談論的與刺激相關的任何事情？何時實施刺激措施以及這對那裡的企業意味著什麼？之後我只會在美國買一張。

Yes. I think the second part of your question, first, I think again, too early to tell, but it's encouraging that the Chinese government continues almost on a daily basis to put out some reports around stimulus. And I think our local intelligence feels it will have an impact in the back half of this year and beyond. Relative to the first part of your question --

是的。我認為你問題的第二部分，首先，我再次認為，現在下結論還為時過早，但令人鼓舞的是，中國政府幾乎每天都繼續發布一些有關刺激計劃的報告。我認為我們當地的情報機構認為這將在今年下半年及以後產生影響。相對於你問題的第一部分--

HTDK and just their contribution.

HTDK 以及他們的貢獻。

Yes. I think, look, we've been very pleased with how that integration has gone with both Lansheng and HTDK. And I think the impact they're having is certainly our outreach and our ability to get inventory closer to the customer certainly is having a very positive impact. But in terms of just outright top line revenue, I think it's a push, if you will. Both are working well, and we're pleased with how smooth, quite frankly, the integration has gone and how customers are getting taken care of.

是的。我認為，我們對蘭生和 HTDK 的整合進展非常滿意。我認為他們所產生的影響肯定是我們的外展和我們使庫存更接近客戶的能力肯定會產生非常積極的影響。但就直接收入而言，我認為這是一個推動力，如果你願意的話。兩者都運作良好，坦白說，我們對整合的順利程度以及客戶所得到的照顧感到滿意。

And I think the word you said, which is we're about six months into it is key, Anthony, for both distributors, but with HTDK coming on board, they're getting their feet wet. They're sixmonths into it. And so certainly, as we close out this year, going to '25 and beyond, we do expect the reason why we chose them and to partner with them, to see even more efficiency, productivity, whatever words you want to use, from them and their expanded sales force that we're able to use. In terms of tailwinds with pricing, no, nothing different than Q1. We baked that in.

安東尼，我認為你所說的這句話，即我們已經進行了大約六個月，對於兩家分銷商來說都是關鍵，但隨著 HTDK 的加入，他們已經開始涉足其中。他們已經六個月了。因此，當然，當我們今年結束時，進入 25 年及以後，我們確實希望我們選擇他們並與他們合作的原因是從他們那裡看到更高的效率、生產力，無論你想用什麼詞。能夠利用的他們擴大的銷售團隊。就定價的順風而言，不，與第一季沒有什麼不同。我們把它烤進去了。

We've been pretty consistently saying that there's maybe 300 bps or so of pricing economics that we were able to get when we re-signed the new deal with Lansheng and then of course with HTDK the new deal. But that's already factored into everything as we move forward.

我們一直在說，當我們與蘭生重新簽署新協議，當然還有與 HTDK 重新簽署新協議時，我們能夠獲得大約 300 個基點左右的定價經濟性。但在我們前進的過程中，這已經成為一切因素的考量。

Anthony, on a much lighter note, thank you for at least congratulating us on a strong quarter. You're the first to do so.

安東尼，以輕鬆得多的方式，感謝您至少祝賀我們取得了強勁的季度業績。你是第一個這樣做的人。

Absolutely. Absolutely. It's been a tough quarter of medtech all around, so good to see a beat and raise here. And then just on US, that number raising the guidance for US contribution.

絕對地。絕對地。這是醫療科技產業艱難的季度，很高興看到這裡的發展和進步。然後就美國而言，這個數字提高了美國貢獻的指導。

You've announced a number of wins in the last few quarters, SharpeVision, for one, for example. And obviously, digging into that Highway 93 initiative. So is this increase linked to those wins that you spoke about over the past two quarters or is this more just new account openings within Highway 93?

你們在過去幾季中宣布了多場勝利，SharpeVision 就是其中之一。顯然，深入研究 93 號高速公路倡議。那麼，這種增長是否與您在過去兩個季度談到的那些勝利有關，或者這只是在 93 號高速公路內開設的新帳戶？

Yes. I think, look, Highway 93 was the right focused program and initiative we undertook. We're seeing a disproportionate amount of growth in our Highway 93 accounts versus our accounts at large. So I think it's certainly the high-profile accounts and strategic agreements we've signed are having their impact, but we're seeing it across the entire Highway 93 initiative.

是的。我認為，93 號高速公路是我們開展的重點項目和舉措。我們發現 93 號公路帳戶的成長量與我們的整體帳戶數量不成比例。所以我認為這肯定是我們簽署的高調帳戶和戰略協議正在產生影響，但我們在整個 93 號高速公路計劃中都看到了這種影響。

As I said, we're growing significantly more within those accounts than we are accounts in general. Specifically, I think it's somewhere around 29% growth within Highway 93 accounts versus 19% growth in our accounts that aren't part of Highway 93. So it's across the board, and I think it just proves the appeal that EVO ICLs are having.

正如我所說，我們在這些帳戶中的成長速度比一般帳戶快得多。具體來說，我認為 93 號高速公路帳戶內的成長率約為 29%，而不屬於 93 號高速公路的帳戶則增加了 19%。所以這是全面的，我認為這正好證明了 EVO ICL 的吸引力。

George Sellers, Stephens.

喬治·塞勒斯、史蒂芬斯。

Great. Congrats on a great quarter. Maybe to stick with the US, I just wanted to dig in a little bit on the Highway 93 commentary. Obviously, an important piece of the growth both sequentially and year-over-year. Can you give us any additional color on maybe what's driving that growth within those accounts?

偉大的。恭喜您度過了一個出色的季度。也許是為了堅持美國，我只是想深入了解 93 號高速公路的評論。顯然，這是環比和同比增長的重要組成部分。您能否為我們提供更多關於推動這些帳戶成長的因素？

Is there more buy-in from those accounts in terms of spending on marketing dollars maybe? Any change in affordability of EVO with those accounts that have their own surgical suite? Any acceleration on the diopter curve in those accounts? Anything would be helpful there.

就行銷資金支出而言，這些帳戶是否會獲得更多支持？對於那些擁有自己的手術室的帳戶來說，EVO 的承受能力有什麼改變嗎？這些帳號中的屈光度曲線有加速嗎？那裡任何事情都會有幫助。

Yes. I think it's a combination of all of that, George, to be honest. As we've said, we made a pivot relative to how we were spending our marketing dollars and driving it more down to the practice level versus consumer awareness. I think that's having an impact, clearly, as surgeon confidence increases within the Highway 93 accounts. But I would say with any account we're working with, we do see EVO adoption go up.

是的。老實說，喬治，我認為這是所有這些的結合。正如我們所說，我們對行銷資金的支出方式進行了調整，並將其進一步降低到實踐水平而不是消費者意識。我認為這顯然會產生影響，因為外科醫生對 93 號高速公路的信心增強。但我想說的是，對於我們正在合作的任何客戶，我們確實看到 EVO 的採用率上升。

We've had certainly certain practices demonstrate that as they brought their pricing more in line, still a premium to laser vision correction, but maybe not a doubling of laser vision correction but something a little closer to what the prevailing laser vision correction pricing is, that has had an impact. So I think all of it -- and coming down the diopter curve, again, as we said in our prepared remarks, we were very encouraged by what we saw within the group of AECOS surgeons where we did the study and showed that not only do we have a higher rate of adoption, 13% of their total procedural volume, but also the fact that they had come down the diopter curve a lot sooner than any market around the world has.

當然，我們的某些實踐表明，隨著他們的定價更加一致，仍然比雷射視力矯正有溢價，但可能不是雷射視力矯正的兩倍，而是更接近主流雷射視力矯正的定價，這已經產生了影響。所以我認為這一切- 沿著屈光度曲線，再次，正如我們在準備好的發言中所說，我們對在AECOS 外科醫生小組中看到的情況感到非常鼓舞，我們在那裡進行了研究，並表明不僅我們的採用率更高，佔其總手術量的 13%，而且事實上，他們的屈光度曲線下降得比世界上任何市場都要早得多。

And we were encouraged by, again, surgeon confidence equates to growth, equates to coming down the diopter curve. It all feeds into one another. And again, I think the US is really starting to click on all cylinders.

我們再次受到鼓舞，外科醫師的信心等同於成長，等於屈光度曲​​線的下降。這一切都會相互影響。再說一次，我認為美國真的開始全力以赴。

Okay. Great. That's really helpful. And then outside the US Highway 93 group, still really strong growth there. Could you just speak to maybe any impact combining some of the clinical data with your marketing team, how that's going, if that's part of what's driving this growth, and where you're seeing doctors really latch on from that perspective?

好的。偉大的。這真的很有幫助。然後在美國 93 號高速公路組之外，那裡的成長仍然非常強勁。您能否談談將一些臨床數據與您的行銷團隊結合起來可能產生的任何影響，進展如何，如果這是推動這種增長的部分原因，以及您認為醫生從這個角度真正抓住了什麼？

Yes. No. Well, look, as I said, our growth outside of Highway 93 is 19%. Put that in context, the US refractive market in Q2 was down significantly I think somewhere in the area of around 15% to 17%. So I mean that's a remarkable growth factor when you keep that in context. And again, EVO is producing happy patients, and happy patients make a happy practice, and a happy practice makes EVO grow.

是的。不。好吧，正如我所說，我們在 93 號高速公路之外的成長率為 19%。考慮到這一點，我認為第二季美國屈光市場大幅下降，下降幅度約為 15% 至 17%。所以我的意思是，當你把它放在上下文中時，這是一個顯著的成長因素。再說一次，EVO 正在培養快樂的患者，快樂的患者帶來快樂的實踐，快樂的實踐使 EVO 成長。

Yes. I think I tried to hit it a little bit in this, the question that was about our ability to accelerate revenue as we leave 2024. And I think the question you just asked is a great one, George, because such things as that, whether it's clinical data that we want to put in the hands of the sales team, not just in the US, but globally, we're really just at the beginning stages of that.

是的。我想我試圖在這個問題上稍微解決一下，即我們在 2024 年結束時加速收入成長的能力。我認為你剛才問的問題是一個很好的問題，喬治，因為諸如此類的事情，無論是我們想要將臨床數據交給銷售團隊，不僅是在美國，而是在全球範圍內，我們實際上只是處於開始階段。

There's a lot of different initiatives we're working on to help deploy it and to make sure that we do get it in the hands of everyone in a compliant manner, as well as what Tom talked about, which is a lot of stuff on labeling and other such things that we're working on. So we're really excited about a lot of these initiatives, and the sales force is also getting pumped up globally about things that are going to be coming down the pipe here.

我們正在採取許多不同的舉措來幫助部署它，並確保我們確實以合規的方式將其交到每個人手中，以及湯姆談到的，這是很多關於標籤的內容以及我們正在做的其他類似的事情。因此，我們對其中的許多舉措感到非常興奮，而且全球的銷售團隊也為即將到來的事情而感到興奮。

John Young, Canaccord.

約翰·楊，Canaccord。

Great. Congrats on a nice quarter here. (inaudible) I just want to start on the US first. Last quarter, you talked about the six fast lane accounts. Have you identified more of those that fit that fast lane criteria? How many, if so? And plans for signing more strategic alliances in the second half of this year, any way to quantify that?

偉大的。恭喜您度過了一個愉快的季度。（聽不清楚）我只想先從美國開始。上個季度，您談到了六個快速通道帳戶。您是否已確定更多符合快車道標準的內容？如果有的話，有多少？並計劃在今年下半年簽署更多戰略聯盟，有什麼辦法可以量化嗎？

Yes. John, we've signed 9 new agreements total so far this year in the US against a target list of about 15. So there's still a few more pending. But again, I think last time we spoke, we were at six. We're now up to 9 against that 15 targeted list.

是的。約翰，今年到目前為止，我們在美國總共簽署了 9 項新協議，而目標清單約為 15 項。所以還有一些待處理。但我想，上次我們談話時，我們已經六點了。現在，我們在 15 個目標清單中只剩下了 9 個。

And we're actually starting to hear accounts approach us now, and we call that the halo effect. And so in one of the large DMA we have, we've got other accounts now saying, how do I get in on it? So that was always part of the plan. Whether you call it FOMO, whatever you want to call it, things again are starting to click very nicely for us.

事實上，我們現在開始聽到客戶向我們走來，我們稱之為光環效應。因此，在我們擁有的大型 DMA 中，我們現在有其他帳戶說，我如何參與其中？所以這始終是計劃的一部分。無論你稱之為 FOMO，無論你想怎麼稱呼它，事情再次開始對我們來說非常順利。

Thank you for your participation. That now concludes the call for today. You may now disconnect.

感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線。