STAAR Surgical Co (STAA) 2024 Q3 法說會逐字稿

Greetings and welcome to the STAAR Surgical third-quarter 2024 earnings webcast. As a reminder, this event is being recorded today, Wednesday, October 30, 2024. During today's presentation, all parties will be in a listen-only mode. (Operator Instructions)

歡迎收看 STAAR Surgical 2024 年第三季財報網路廣播。謹此提醒，此事件將於今天（2024 年 10 月 30 日星期三）錄製。在今天的演示過程中，各方都將處於僅聽模式。（操作員說明）

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

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。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us to discuss the company's financial results for the third quarter ended September 27, 2024. Today's speakers are Tom Frinzi, Chair of the Board, President and CEO; and Patrick Williams, Chief Financial Officer.

謝謝你，接線生。大家下午好，感謝您與我們一起討論公司截至 2024 年 9 月 27 日的第三季財務業績。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 third-quarter results was issued just after 4:00 PM Eastern Time. We had posted copies of today's earnings release and earnings presentation to the Investor Relations section of STAAR's website at investors.staar.com.

我們的第三季業績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 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 such 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.

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。我們還提供以固定匯率計算的銷售數據、GAAP 的定義和調節，均包含在今天的新聞稿中。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。

Following our prepared remarks, we will open the webcast to questions from publishing analysts. Publishing analysts, please ask your initial two questions when your line is unmuted, then requeue with any follow-ups.

在我們準備好的發言之後，我們將開放網路廣播，接受出版分析師的提問。出版分析師，請在您的線路取消靜音後詢問前兩個問題，然後重新排隊回答任何後續問題。

Finally, we intend to use our website as a means of disclosing material non-public information, and for complying with our disclosure obligations under Regulation FD. Such disclosure 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、SEC 文件、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. And good afternoon, everyone. In the third quarter, we achieved net sales of $88.6 million in double-digit sales growth against the macroeconomic environment that softened in the second half of the quarter, particularly in China. Our results reflect the increased global adoption and market share gains of EVO ICL lenses, the positive returns on our investments in commercial programs, our customer focused initiatives, and the global diversity of our business.

謝謝你，布萊恩。大家下午好。在第三季下半年宏觀經濟環境（尤其是中國）疲軟的情況下，我們實現了 8,860 萬美元的淨銷售額，實現了兩位數的銷售成長。我們的業績反映了 EVO ICL 鏡片的全球採用率和市場份額的增加、我們在商業項目上投資的積極回報、我們以客戶為中心的舉措以及我們業務的全球多樣性。

For fiscal year 2024, we are maintaining our financial outlook and continue to anticipate net sales of approximately $340 million to $345 million. During the third quarter, we celebrated the grand opening of our new EVO ICL experience center at our Lake Forest, Southern California headquarters.

對於 2024 財年，我們維持財務展望不變，並繼續預期淨銷售額約為 3.4 億至 3.45 億美元。第三季度，我們慶祝了位於南加州森林湖總部的新 EVO ICL 體驗中心盛大開幕。

Importantly, this new center includes cutting-edge technology and workstations for approximately 60 individuals, nearly 10 times the capacity of our previous center. Designed as a state-of-the-art learning environment for surgeons, healthcare staff and STAAR employees, our goal is for the center to help facilitate practice efficiencies, enhance patient care, and increase ICL adoption. We will be offering a number of training and education programs, including lens size selection and preoperative case management, patient acquisition and practice development, with capabilities to live stream surgeries from key sites.

重要的是，這個新中心配備了尖端技術和可容納約 60 人的工作站，容量是我們先前中心的近 10 倍。該中心旨在為外科醫生、醫護人員和 STAAR 員工提供最先進的學習環境，其目標是幫助提高實踐效率、增強患者護理並提高 ICL 採用率。我們將提供許多培訓和教育計劃，包括鏡片尺寸選擇和術前病例管理、患者獲取和實踐發展，並能夠從關鍵地點直播手術。

In October alone, our teams hosted a getting started program as a comprehensive ICL boot camp for newly trained surgeons in the US and Canada, a group of surgeons from Japan, and a summit for approximately two dozen optometrists employed within our US Highway 93 customers. By year-end, we will launch at least 10 programs at this new center of excellence.

僅在10 月份，我們的團隊就為美國和加拿大新培訓的外科醫生、一組來自日本的外科醫生舉辦了一個入門計劃，作為綜合ICL 訓練營，並為我們美國93 號高速公路客戶中僱用的約兩打驗光師舉辦了高峰會。到年底，我們將在這個新的卓越中心推出至少 10 個項目。

Earlier in the quarter, we attended the 42nd Annual Congress of the European Society of Cataract Refractive Surgeons, ESCRS in Barcelona, Spain, a key meeting attended by leading surgeons from around the world. We are encouraged by the more than 80 papers and presentations that were presented relating to ICL technology, and even more pleased to find that the number of surgeons shared that they view EVO ICL as the choice for minus 6 diopters and above.

本季度早些時候，我們參加了在西班牙巴塞隆納舉行的歐洲白內障屈光外科醫生協會 (ESCRS) 第 42 屆年會，這是由世界各地頂尖外科醫生參加的重要會議。我們對 80 多篇與 ICL 技術相關的論文和簡報感到鼓舞，更高興地發現許多外科醫生表示他們認為 EVO ICL 是負 6 屈光度及以上的選擇。

This increased confidence is a direct reflection of the investments we have made throughout 2024 to advance the education, training, and ICL understanding of our surgeon customers. We are confident that this positive feedback from surgeons will help position ICL as the preferred choice among patients, especially as we advance our lower diopter strategies to expand our total addressable market.

這種信心的增強直接反映了我們在 2024 年全年為促進外科醫生客戶的教育、培訓和 ICL 了解而進行的投資。我們相信，外科醫生的正面回饋將有助於將 ICL 定位為患者的首選，特別是當我們推動低屈光度策略以擴大我們的整體目標市場時。

Now, turning to our performance by region. In the Americas, we generated sales growth of 14% in the third quarter. The US refractive market was much more challenging than we anticipated in the quarter, down 18% year over year.

現在，談談我們按地區劃分的表現。在美洲，我們第三季的銷售額成長了 14%。本季美國屈光市場的挑戰性比我們預期的要大得多，年減 18%。

STAAR significantly outpaced the market, growing US sales 16% year over year. In the third quarter, we signed three additional fast lane agreements as part of our US Highway 93 commercial strategy.

STAAR 明顯領先市場，美國銷售額年增 16%。第三季度，作為美國 93 號高速公路商業策略的一部分，我們簽署了三項額外的快車道協議。

We now have 12 fast lane customers, and these fast lane customers commit on average 23% of the refracted procedure mix in the first year of the agreement. For the third quarter of 2024, the eight fast lane customers with at least one full quarter of sales under their belt delivered 61% ICL sales growth.

我們現在有 12 個快速通道客戶，這些快速通道客戶在協議第一年平均承諾了 23% 的屈光手術組合。2024 年第三季度，至少擁有一整季度銷售額的八家快車道客戶實現了 61% 的 ICL 銷售額成長。

In EMEA, we generated 12% sales growth in the quarter, driven primarily by the Middle East and European distributor markets. We are energized by the outperformance of our EMEA region this year, in particular, relative to our initial outlook and believe we will continue to benefit from our investments in this important market.

在歐洲、中東和非洲地區，我們本季的銷售額成長了 12%，這主要受到中東和歐洲分銷商市場的推動。我們對今年歐洲、中東和非洲地區的優異表現感到振奮，特別是相對於我們最初的展望，並相信我們將繼續從我們在這個重要市場的投資中受益。

In APAC, the largest market in the world for refractive procedures and our largest region for sales, we generated sales growth of 9% in the third quarter. China sales were up 7% and ICL unit growth was positive. However, the high season started strong but the macroeconomic climate in China declined following our Q2 earnings report in August.

在亞太地區，全球最大的屈光手術市場和我們最大的銷售區域，我們第三季的銷售額成長了 9%。中國銷售額成長 7%，ICL 銷量實現正成長。然而，旺季開局強勁，但在我們 8 月發布第二季財報後，中國宏觀經濟環境出現下滑。

We continued to outpace the market and deliver sales and unit growth in this key market. But the momentum that we saw early in the quarter certainly tapered as we moved through Q3.

我們持續超越市場，在這個關鍵市場實現銷售額和銷售的成長。但隨著第三季的到來，我們在本季初看到的勢頭肯定會減弱。

Turning to Japan, we continue to gain share with sales growth of 15%. Our Japan business has generated double-digit unit growth in 32 of the last 35 quarters, which we believe is a testament not only to the talent of our team, but the support we continue to receive from key opinion leaders in the region.

轉向日本，我們繼續擴大市場份額，銷售額成長了 15%。我們的日本業務在過去 35 個季度中有 32 個季度實現了兩位數的單位增長，我們相信這不僅證明了我們團隊的才華，也證明了我們繼續獲得該地區關鍵意見領袖的支持。

In South Korea, we generated 11% sales growth in the third quarter, boosted by the strength of South Korea's first ICL only clinic, which is on track to implant over 2,000 lenses this year.

在韓國，我們第三季的銷售額成長了 11%，這得益於韓國第一家 ICL 診所的實力，該診所今年預計將植入 2,000 多個晶狀體。

I would now like to turn the call over to Patrick to review our financial results. After Patrick discusses the financials, I will update you on our additional growth initiatives and outlook. Patrick?

我現在想將電話轉給帕特里克，以審查我們的財務表現。在帕特里克討論財務狀況後，我將向您介紹我們的其他成長計劃和前景的最新情況。派崔克？

Thank you, Tom, and good afternoon everyone. Total net sales for Q3 2024 increased 10% to $88.6 million, up from $80.3 million in the prior year quarter. This $8.3 million increase is largely attributable to the $8 million or 10% increase in ICL sales, and $0.2 million decrease in other products.

謝謝你，湯姆，大家午安。2024 年第三季的總淨銷售額成長 10%，達到 8,860 萬美元，高於去年同期的 8,030 萬美元。830 萬美元的成長主要歸因於 ICL 銷售額增加 800 萬美元或 10%，以及其他產品減少 20 萬美元。

Constant currency net sales for Q3 2024 were $88.9 million, also up 10% as compared to prior year period. For Q3 2024, gross profit was $68.5 million or 77.3% of net sales as compared to $63.6 million or 79.2% of net sales in the year ago period.

以固定匯率計算，2024 年第三季淨銷售額為 8,890 萬美元，也較去年同期成長 10%。2024 年第三季度，毛利為 6,850 萬美元，佔淨銷售額的 77.3%，而去年同期毛利為 6,360 萬美元，佔淨銷售額的 79.2%。

The year-over-year decrease in gross margin was primarily due to reduced unit production that resulted in less absorption of fixed overhead. For the full year, we now expect gross profit margin to be approximately 79%, down 1 point from our previous estimate.

毛利率年減主要是因為單位產量減少導致固定管理費用吸收減少。我們目前預計全年毛利率約為 79%，比我們先前的預測下降 1 個百分點。

Moving down the income statement, total operating expenses for Q3 2024 increased 10% to $62.8 million, up from $57.3 million in Q3 2023, and down from $66.5 million in Q2 2024. The sequential decrease in operating expenses reflects the shift in the timing of some spend that we now expect to occur in Q4 2024.

從損益表來看，2024 年第三季的總營運支出成長了 10%，達到 6,280 萬美元，高於 2023 年第三季的 5,730 萬美元，低於 2024 年第二季的 6,650 萬美元。營運費用的環比下降反映了我們現在預計 2024 年第四季發生的一些支出時間的變化。

Taking a closer look at the components of operating expenses, G&A expense for Q3 2024 was $21.7 million, up from $19.3 million in the prior year quarter, and down from $23.6 million in Q2 2024. This year-over-year increase is primarily due to increased facilities costs and compensation-related expenses. For Q4 2024, we continue to expect G&A expense to be approximately $24 million.

仔細研究營運費用的組成部分，2024 年第三季的一般管理費用為 2,170 萬美元，高於去年同期的 1,930 萬美元，也低於 2024 年第二季的 2,360 萬美元。這一同比增長主要是由於設施成本和補償相關費用的增加。對於 2024 年第四季度，我們繼續預期一般管理費用約為 2,400 萬美元。

Selling and marketing expense was $26.6 million for both Q3 2024 and the prior year quarter, down from $28.8 million in Q2 2024. The lower than planned selling and marketing in the quarter was due to timing of marketing, promotion, and advertising activities, most of which we expect to carry over to Q4.

2024 年第三季和去年同期的銷售和行銷費用均為 2,660 萬美元，低於 2024 年第二季的 2,880 萬美元。本季銷售和行銷低於計劃的原因是行銷、促銷和廣告活動的時間安排，我們預計其中大部分活動將延續到第四季度。

We also incurred a $1.6 million non-cash write off related to our former EVO Experience Center. For Q4 2024, we now expect selling and marketing expense to be approximately $32 million.

我們還產生了與前 EVO 體驗中心相關的 160 萬美元非現金沖銷。對於 2024 年第四季度，我們現在預計銷售和行銷費用約為 3,200 萬美元。

Research and development expense was $14.5 million for Q3 2024, up from $11.5 million in the prior year quarter, and up from $14.1 million in Q2 2024. This year-over-year increase in R&D is primarily due to purchases of in process R&D related to external AI tools for measurement and lens site selection, as well as compensation-related expenses which were partially offset by lower clinical trial costs. For Q4 2024, we continue to expect R&D expense to be approximately $15 million.

2024 年第三季的研發費用為 1,450 萬美元，高於去年同期的 1,150 萬美元，也高於 2024 年第二季的 1,410 萬美元。研發的年成長主要是由於購買了與用於測量和鏡頭選址的外部人工智慧工具相關的正在進行的研發，以及與補償相關的費用，這些費用被較低的臨床試驗成本部分抵消。對於 2024 年第四季度，我們仍然預計研發費用約為 1500 萬美元。

For Q3 2024, GAAP net income was $10 million or $0.20 earnings per diluted share, up from $4.8 million or $0.10 earnings per diluted share in the prior year quarter. The increase in net income was primarily attributable to higher sales and a gain on foreign currency transactions, partially offset by higher operating expense. Adjusted EBITDA for Q3 2024 was $16.2 million or $0.33 per diluted share as compared to $16.5 million or $0.33 per diluted share in the prior quarter.

2024 年第三季度，GAAP 淨利潤為 1,000 萬美元，即稀釋後每股收益 0.20 美元，高於去年同期的 480 萬美元，即稀釋後每股收益 0.10 美元。淨利潤的增加主要歸因於銷售額的增加和外幣交易收益，但部分被營運費用的增加所抵消。2024 年第三季調整後 EBITDA 為 1,620 萬美元，或稀釋後每股 0.33 美元，而上一季為 1,650 萬美元，或稀釋後每股 0.33 美元。

Turning now to our balance sheet. At the end of the third quarter, our cash, cash equivalents and investments available for sale were $236 million, up from $232.4 million in December 2023, giving STAAR a significant flexibility to make a range of capital allocation decisions.

現在轉向我們的資產負債表。截至第三季末，我們的現金、現金等價物和可供出售投資為 2.36 億美元，高於 2023 年 12 月的 2.324 億美元，這使 STAAR 能夠非常靈活地做出一系列資本配置決策。

We also have significant future cash receipts as shown in our accounts receivable balance. In fact, as of this week, our accounts receivable balance is already down to approximately $85 million. And moving forward, we expect our DSO to moderate around 90 days.

我們還有大量未來現金收入，如我們的應收帳款餘額所示。事實上，截至本週，我們的應收帳款餘額已降至約 8,500 萬美元。展望未來，我們預計 DSO 的時間將放緩至 90 天左右。

For fiscal 2024, we continue to expect CapEx of approximately $30 million for the full year, which includes approximately $10 million of ERP-related projects, which is currently recorded as other assets on our cash flow statement.

對於 2024 財年，我們仍然預計全年資本支出約為 3000 萬美元，其中包括約 1000 萬美元的 ERP 相關項目，目前在我們的現金流量表中記錄為其他資產。

As Tom said, we are maintaining both our fiscal 2024 sales outlook and adjusted EBITDA outlook. A reconciliation of non-GAAP financial measures is shown in today's earnings press release and earnings presentation. For modeling purposes, please refer to slide 16 of this earnings presentation for additional detail and specific line item updates.

正如 Tom 所說，我們維持 2024 財年銷售前景和調整後 EBITDA 前景。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第 16 張投影片，以了解更多詳細資訊和特定行項目更新。

We look forward to meeting many of you in the days and weeks ahead. A list of upcoming investor meetings and activities can be found on our investor website under Upcoming Events. And now, back to Tom.

我們期待在未來幾天或幾週內與你們中的許多人見面。即將舉行的投資者會議和活動的清單可以在我們的投資者網站上的「即將舉行的活動」下找到。現在，回到湯姆。

Thank you, Patrick. As I noted at the top of the call, I am incredibly proud of the progress we made in the third quarter to advance our market building initiatives, drive EVO ICL uptake, and reinforce the significant opportunity in front of us.

謝謝你，派崔克。正如我在電話會議開頭指出的那樣，我對第三季度在推進市場建設計劃、推動 EVO ICL 的採用以及鞏固我們面前的重大機遇方面取得的進展感到無比自豪。

Every day, we actively respond to the market, our customers, and the growing need for myopia solutions. As I mentioned earlier, we are maintaining our fiscal 2024 outlook. You will note the composition of our sales outlook has changed, which reflects both the dynamic macroeconomic environment and the growing global diversity of our business.

我們每天都積極回應市場、客戶以及對近視解決方案日益增長的需求。正如我之前提到的，我們維持 2024 財年展望不變。您會注意到我們的銷售前景的組成發生了變化，這反映了動態的宏觀經濟環境和我們業務日益增長的全球多樣性。

As set forth in today's press release and the earnings presentation slides, some regions are growing more than anticipated, while growth expectations for other regions have softened.

正如今天的新聞稿和收益簡報幻燈片所述，一些地區的成長超出預期，而其他地區的成長預期則有所減弱。

The macroeconomic landscape in China is particularly dynamic right now, which we believe is transitory. We are encouraged by the recent shift in China's fiscal policy and announced stimulus, and we will continue to closely monitor the potential impact in consumer sentiment and our sales.

目前中國的宏觀經濟格局尤其充滿活力，但我們認為這是暫時的。中國近期財政政策的轉變和宣布的刺激措施令我們感到鼓舞，我們將繼續密切關註消費者信心和銷售的潛在影響。

For example, we saw a positive uplift in the ICL in market sales, our proxy for implant procedures during golden week in early October, following the stimulus announcement on September 24. STAAR is well positioned to weather the current market dynamics. We remain profitable, backed by a strong balance sheet.

例如，繼 9 月 24 日宣布刺激政策後，我們看到 ICL 的市場銷售出現積極增長，ICL 是 10 月初黃金周植入手術的代表。STAAR 已做好應對當前市場動態的準備。在強勁的資產負債表的支持下，我們保持獲利。

While we are not providing 2025 outlook today, we remain confident in STAAR's long-term growth and the tremendous opportunity for EVO. STAAR's Collamer material continues to be unique and well positioned, with very high levels of surgeon and patient satisfaction. Additionally, our total addressable market is only increasing as myopia is a growing health care issue and is certainly not going away.

雖然我們今天不提供 2025 年展望，但我們對 STAAR 的長期成長和 EVO 的巨大機會仍然充滿信心。STAAR 的 Collamer 材料仍然是獨特且定位良好的，外科醫生和患者的滿意度非常高。此外，我們的潛在市場總量只會不斷增加，因為近視是一個日益嚴重的醫療保健問題，而且肯定不會消失。

We continue to build surgeon confidence in measurement and lens size selection. And as that surge in confidence builds, their commitment to EVO as well as their commitment to coming down the diopter curve increases, which is consistent with our stated goal of being the choice for minus 6 diopters and above.

我們不斷增強外科醫生對測量和鏡片尺寸選擇的信心。隨著信心的增強，他們對 EVO 的承諾以及對降低屈光度曲線的承諾也會增加，這與我們既定的目標是一致的，即成為 -6 屈光度及以上的選擇。

And finally, we're in the process of rebuilding our pipeline to deliver next-generation technology that will continue to provide the quality as well as quantity of vision our demographic demands. STAAR is laying the foundation for growth to create not only a good company today but a great company for tomorrow.

最後，我們正在重建我們的管道，以提供下一代技術，這些技術將繼續提供我們人口需求的視覺品質和數量。STAAR 正在為發展奠定基礎，不僅要創造今天的優秀公司，還要創造明天的偉大公司。

And with that operator, we'll now take questions.

現在我們將與該接線員一起回答問題。

(Operator Instructions) Tom Stephan, Stifel.

（操作員說明）Tom Stephan，Stifel。

Great. Hey guys, thanks for the questions. Maybe I'll start with 2025. When I look at Street numbers, they're modeling, I think, low teens growth next year. So obviously, a lot of very fluid macro dynamics.

偉大的。嘿夥計們，謝謝你的提問。也許我會從 2025 年開始。當我查看街道數據時，我認為它們正在模擬明年青少年的低成長。顯然，有許多非常不穩定的宏觀動態。

But when I look at the midpoint of this year's guide, it implies maybe low-single-digit growth in the fourth quarter. So Tom, I know you said you're not going to be providing guidance, but can you just help us think about what 2025 growth should look like either relative to that 4Q exit and/or maybe the mid to high single digit growth that you're tracking to for the full year in '24? And then I have a follow up.

但當我查看今年指南的中點時，它意味著第四季度可能會出現低個位數成長。湯姆，我知道你說過你不會提供指導，但你能否幫助我們思考 2025 年的增長應該是什麼樣子，要么相對於第四季度的退出和/或你認為的中高個位數增長'24全年的情況如何？然後我有一個後續行動。

Sure, thanks, Tom, and appreciate the question. Look at -- I think it'd be premature as we said in the prepared comments to comment on 2025 outlook at this time. But as you know, we have a history of outpacing the market and continue to feel confident in our ability to do so. We have been and will continue to be a growth-oriented company with a strong track record and are exceptionally pleased with our performance to date.

當然，謝謝湯姆，並感謝你提出這個問題。看看——我認為，正如我們在準備好的評論中所說，此時對 2025 年前景發表評論還為時過早。但如您所知，我們有著超越市場的歷史，並且繼續對我們這樣做的能力充滿信心。我們一直並將繼續是一家以成長為導向的公司，擁有良好的業績記錄，並對我們迄今為止的業績感到非常滿意。

Got it. That's fair. And then maybe to zero in on China, I think the updated guidance implies -- hopefully my math here is right, but roughly down 10% to 15% growth in the fourth quarter. Can you just elaborate on the trends you're seeing what kind of transpired, let's call it, intra quarter, and then I guess maybe some of the, I guess, 4Q to date trends. Thanks.

知道了。這很公平。然後，也許將中國歸零，我認為更新後的指導意味著——希望我的數學是正確的，但第四季的成長率大致下降 10% 到 15%。您能否詳細說明您所看到的趨勢，我們稱之為季度內，然後我猜可能是第四季度迄今為止的趨勢。謝謝。

Yeah, sure, Tom, again, appreciate the question. And consistent with what you heard in our prepared remarks, the second half of the high season certainly changed. Sales tapered off following the Q2 earnings call in early August.

是的，當然，湯姆，再次感謝這個問題。與您在我們準備好的發言中聽到的一致，旺季的後半段肯定發生了變化。八月初第二季財報電話會議後，銷售額逐漸減少。

And I think August and September were challenging, but we continue even in that environment to gain market share and outpace the market. Again, we believe these headwinds are transitory, and we're encouraged by the stimulus and economic packages that the China government is speaking about, and we're monitoring it closely.

我認為八月和九月充滿挑戰，但即使在這種環境下，我們仍會繼續獲得市場份額並超越市場。同樣，我們相信這些不利因素是暫時的，我們對中國政府正在談論的刺激計劃和經濟計劃感到鼓舞，並且我們正在密切關注。

Got it. Thanks, Tom.

知道了。謝謝，湯姆。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Good afternoon. Thanks for taking our questions and appreciate all the disclosure. It's very helpful. I want to ask on the US first actually. If I look at numbers for your US business relative to laser vision correction, it was really steady to 2Q at about 4% penetration by our estimates.

午安.感謝您提出我們的問題並感謝所有的披露。這非常有幫助。其實我想先問美國。如果我看一下你們美國業務與雷射視力矯正相關的數據，根據我們的估計，第二季的滲透率確實穩定在 4% 左右。

It's grown the last six quarters prior. So Tom, I'm just wondering if there's anything to call out here. Would you expect that to keep growing, given that you did take down the US guidance, and just how to think about that trajectory, particularly in the US?

它在前六個季度有所增長。湯姆，我只是想知道這裡是否有什麼需要注意的。鑑於您確實取消了美國的指導，您是否預計這一數字會繼續增長，以及如何考慮這一軌跡，特別是在美國？

Well, look, as we stated, Ryan, we're pleased with what is happening in the US market. When you think of laser vision correction, broadly defined being down 18% in the quarter, we grew 16%. We're very pleased with that type of performance.

好吧，正如我們所說，瑞安，我們對美國市場發生的事情感到滿意。當你想到雷射視力矯正時，廣義的視力矯正本季下降了 18%，但我們卻增加了 16%。我們對這種表現非常滿意。

In particular, within our Highway 93 initiative, we signed a couple of new fast lane accounts. And when we look at those accounts that have had a full quarter under their belt, and the fact again, as we said in our prepared remarks, we see really nice growth within those accounts.

特別是，在我們的 93 號高速公路計劃中，我們簽署了幾個新的快速通道帳戶。當我們查看那些已經度過了整整一個季​​度的帳戶時，正如我們在準備好的評論中所說，事實再次證明，我們看到這些帳戶的成長非常好。

It certainly encourages us that we are taking share. We're outpacing the market, and we're well positioned to have continued sustainable growth in this second largest market in refractive surgery around the world.

這無疑鼓勵我們分享份額。我們正在超越市場，並且我們處於有利位置，可以在全球第二大屈光手術市場中實現持續可持續成長。

Okay. And then just to follow up on your comments, Tom. You said you were confident in the long-term growth outlook. Are we to read that as kind of reaffirming your long range plans that you laid out at your Capital Markets Day last year? And just -- I'm curious what you're assuming either from a timing standpoint or contribution from stimulus in China, if you have any thoughts on that.

好的。然後再跟進你的評論，湯姆。您表示對長期成長前景充滿信心。我們是否可以將其解讀為重申您在去年資本市場日所製定的長期計劃？只是——我很好奇，如果您對此有什麼想法，那麼您從時間角度或中國刺激措施的貢獻方面做出的假設是什麼。

Look at -- Ryan, I appreciate the question of trying to get me to comment on something that I've said is probably premature for us to comment. So look, I'm encouraged by what we're hearing on the ground from our people in China.

看看——瑞安，我很欣賞試圖讓我對我所說的事情發表評論的問題，而我們發表評論可能還為時過早。因此，我對我們從中國人民那裡聽到的消息感到鼓舞。

Golden week was a nice opportunity to see some uptick in consumer spending. So stimulus is beginning to have an impact. You've indicated that we think those issues are transitory, and look at -- we have a history whether you go back to 2021, 2023, that the China market can turn very quickly.

黃金週是消費者支出上升的好機會。因此，刺激措施開始產生影響。您表示，我們認為這些問題是暫時的，並且看看 - 無論您回到 2021 年還是 2023 年，我們都有歷史，中國市場可以很快轉變。

And we continue to believe we're well positioned in that market, we're well respected in that market. And as it turns, we are in a great position to take advantage of it and continue to grow and outpace the market.

我們仍然相信我們在該市場中處於有利地位，我們在該市場上受到了廣泛的尊重。隨著情況的發展，我們處於有利地位，可以充分利用這一優勢，繼續發展並超越市場。

Thank you, Tom.

謝謝你，湯姆。

Thank you, Ryan.

謝謝你，瑞安。

Anthony Petrone, Mizuho.

安東尼佩特隆，瑞穗。

Hey guys, this is Dimitri Tahal on for Anthony. He's jumping around in the conference, boarding the plane. But I just wanted to ask again a little touch on China.

大家好，我是安東尼的迪米特里·塔哈爾。他在會議中跳來跳去，登上了飛機。但我只是想再問一下有關中國的問題。

Ask on how are the trends for distributor stocking in China are looking and if we can look at the scheduling volumes at your group. And for a follow-up, is the -- what's the US outlook for when the underlying refractive market can stabilize? Do we see it maybe returning to mid-single-digit growth next year?

詢問中國經銷商庫存的趨勢如何，以及我們是否可以查看您所在團隊的調整量。後續問題是，當潛在的屈光市場能夠穩定下來時，美國的前景如何？我們是否認為明年它可能會恢復到中個位數成長？

Yes, I understand the nature of the question. Again, I refer you back to our prepared comments. We certainly indicated that the high season did slow down in China as we exited August and September.

是的，我理解問題的本質。我再次請您參考我們準備好的評論。我們確實表示，隨著八月和九月的結束，中國的旺季確實放緩了。

So we do have slightly more inventory in the channel because of that downturn. But we think it's an appropriate level. And as that market turns, we believe that will get pulled through at the appropriate level.

因此，由於經濟低迷，我們通路中的庫存確實略有增加。但我們認為這是一個合適的水平。隨著市場的轉變，我們相信這將在適當的層面上得到解決。

Then the question on US related to our assumptions relying volume. Look, we've contemplated that clearly Q3 was down again. And what you see reflected in our guidance that we spoke about of reducing the full year to 20% contemplates a bit of a continued downturn in the overall laser vision correction.

那麼關於美國的問題就與我們依賴交易量的假設有關。看，我們已經考慮到第三季顯然再次下降。您所看到的反映在我們談到的將全年減少至 20% 的指導中，考慮到了整體雷射視力矯正的持續下滑。

But as we said, we continue to take market share and grow and EVO is doing an amazing job out there. And if anything, we're expanding the TAM with our doctors and we're getting more and more on board.

但正如我們所說，我們繼續佔據市場份額並不斷增長，EVO 的表現非常出色。如果有什麼不同的話，那就是我們正在與我們的醫生一起擴大 TAM，並且越來越多的人加入進來。

Okay. Thanks a lot.

好的。多謝。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Perfect, thank you. Just one quick one. I guess for China where the volumes have been a bit slower, what do you think has happened to these patients? And the reason I ask is, is there an effect where they've delayed having a procedure, they're waiting?

完美，謝謝。就快一點吧。我想對中國來說，數量有點慢，你認為這些病人發生了什麼事？我問的原因是，他們延後手術、等待是否會產生影響？

And then if let's just say the stimulus comes back, you get an effect of -- I don't want to say a bolus of volumes, but is that a way to think about it? Did that happen in the US?

然後，如果我們只是說刺激措施回來了，你會得到一個效果——我不想說大量的數量，但這是一種思考的方式嗎？這種事發生在美國嗎？

Historically, I know Lasik was a little bit different [other way], but is there an effect of delayed patients that come through in a lump or do you think that they've just gone and been treated or just decided not to go for a refractive surgery at all?

從歷史上看，我知道雷射近視手術（Lasik）有點不同（其他方式），但是延遲的患者是否會產生影響，或者您是否認為他們剛剛離開並接受了治療，或者只是決定不去接受雷射手術？屈光手術嗎？

Hey, Patrick. Yeah, I again, I think it's a great question, and I think those patients are still there. And as I said earlier, look at we've seen in the past. China demand can come back very quickly.

嘿，派崔克。是的，我再次認為這是一個很好的問題，而且我認為那些患者仍然存在。正如我之前所說，看看我們過去所看到的。中國的需求可以很快恢復。

Fiscal year '21, first quarter '23, following stimulus-type activity, the market returned pretty quickly. So I think those patients are there. And as consumer sentiment changes, again, as I said, our -- we're very well respected in that market. I think we're very well positioned in that market. We have a lot of surgeon support. And as that economy turns, I think it's reasonable to assume volumes pick back up rather quickly.

21 財年、23 年第一季，在刺激型活動之後，市場很快就恢復了。所以我認為那些病人就在那裡。正如我所說，隨著消費者情緒的變化，我們在該市場上非常受尊重。我認為我們在這個市場中處於非常有利的位置。我們有很多外科醫生的支持。隨著經濟的轉變，我認為可以合理地假設銷量會很快回升。

Love it. Thanks for taking the question.

愛它。感謝您提出問題。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Hey, this is [Phil] on for Matt. Thanks for taking our questions. Just wanted to start with EMEA where you brought up sales guidance to 10% from 6%, which is really outstanding given this backdrop.

嘿，這是為馬特代言的[菲爾]。感謝您回答我們的問題。只是想從 EMEA 開始，您將銷售指導從 6% 提高到 10%，在這種背景下，這確實非常出色。

Any specific countries of strength to call out, and any commentary on why the refractive market growth in these countries might be a little bit different than what we're seeing domestically and over in China?

有哪些具體的實力雄厚的國家值得一提，以及為什麼這些國家的屈光市場增長可能與我們在國內和中國看到的略有不同有何評論？

Yeah, look, I thank you for recognizing the strong performance by our EMEA team. As we said in our prepared marks, certainly our distributor markets in Middle East were very strong, but we've also seen nice work in the UK, in Spain, in Germany where we're direct.

是的，我感謝您對我們 EMEA 團隊出色表現的認可。正如我們在準備好的標記中所說，我們在中東的經銷商市場當然非常強勁，但我們在英國、西班牙、德國也看到了很好的工作，我們直接在那裡。

And we're really encouraged. Much like we have a Highway 93 initiative in the US, we have when our team there refers to as an Autobahn 50. And certainly within those targeted customers, we have an all hands on deck type approach, and we're seeing nice growth there, and very pleased with our performance in what has been a very nice market for us.

我們真的很受鼓舞。就像我們在美國推出 93 號高速公路計畫一樣，我們在那裡的團隊也稱之為 50 號高速公路。當然，在這些目標客戶中，我們採取了全員參與的方法，我們看到了那裡的良好成長，並且對我們在這個對我們來說非常好的市場中的表現感到非常滿意。

That's helpful. And then one follow-up on China. And I know we talked a lot about it today, but just an update on the competitive landscape over there in both the implantable lens category that you play in as well as other laser-based procedure offerings. More specifically, are you seeing any pressure due to the Smile price adjustment? Thank you.

這很有幫助。然後是關於中國的後續行動。我知道我們今天談論了很多，但只是更新了您所從事的植入式水晶體類別以及其他基於雷射的手術產品的競爭格局。更具體地說，您是否看到微笑價格調整帶來的壓力？謝謝。

Yeah, I think again, good questions embedded in there. And as I've said in the past, I think competition is a healthy thing. It certainly validates the market. Imitation is the highest form of flattery.

是的，我再次想到，其中蘊藏著很好的問題。正如我過去所說，我認為競爭是一件健康的事。這無疑驗證了市場。模仿是最高形式的奉承。

So certainly, we're aware of competition coming. We welcome the opportunity because I think all boats rise. It validates the market, will help grow the market as more people are out there talking about it. But we think we're very well positioned.

當然，我們意識到競爭即將到來。我們歡迎這個機會，因為我認為所有的船都會崛起。它驗證了市場，隨著越來越多的人在談論它，將有助於市場的發展。但我們認為我們處於非常有利的位置。

Eyebright is probably a company closest to come to the market in China. We think based upon what they've said publicly, probably sometime in 2025, they'll hit the market. But again, their material acrylic versus our to Collamer material, we think we have an advantage, the fact that they won't have a toric version, and we do, I think another advantage to us, but we're keeping our ears and eyes open.

Eyebright可能是最接近中國市場的公司。我們認為，根據他們的公開言論，它們可能會在 2025 年的某個時候上市。但同樣，他們的丙烯酸材料與我們的Collamer 材料相比，我們認為我們有一個優勢，事實上他們不會有複曲面版本，而我們確實有，我認為這對我們來說是另一個優勢，但我們會保持警惕，眼睛睜開。

And certainly, we will be prepared, particularly as we introduce our V5 technology in that market. Probably by mid-2025, we think if price becomes an issue in the market, we have a real stratification opportunity both by customer and by product to compete favorably. But in general, the latter part of your question about laser vision correction, yeah, we've seen it particularly in China that there has been some price compression on the LDC side.

當然，我們會做好準備，特別是當我們在該市場推出我們的 V5 技術時。或許到 2025 年中期，我們認為，如果價格成為市場上的一個問題，我們就有了按客戶和按產品進行真正分層的機會，以便進行有利的競爭。但總的來說，你關於雷射視力矯正的問題的後半部分，是的，我們看到特別是在中國，最不發達國家方面出現了一些價格壓縮。

But again, we believe our product should maintain a premium because we produce a premium outcome. One could argue how great of a premium. And what we've seen in reality is somewhere in the $1,500 to $2,000 per eye premium is appropriate for the outcome we produce from a quality of vision and quality of vision point of view. And customers are inclined to step up to that extra premium and where that's taken place, we've seen uptick in volume.

但同樣，我們相信我們的產品應該保持溢價，因為我們產生溢價結果。有人可能會說溢價有多大。我們在現實中看到的是，從視覺品質和視覺品質的角度來看，每隻眼睛 1,500 至 2,000 美元的保費對於我們產生的結果是合適的。客戶傾向於接受額外的溢價，而在這種情況下，我們已經看到數量的增加。

Helpful. Thanks so much.

有幫助。非常感謝。

Thank you.

謝謝。

(Operator Instructions) The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

（操作員指示）會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。