STAAR Surgical Co (STAA) 2025 Q1 法說會逐字稿

Greetings and welcome to the STAAR Surgical first-quarter 2025 earnings webcast. As a reminder, this event is being recorded today, Wednesday, May 7, 2025. (Operator Instructions)

大家好，歡迎收聽 STAAR Surgical 2025 年第一季財報網路廣播。提醒一下，此事件正在今天（2025 年 5 月 7 日，星期三）進行記錄。（操作員指示）

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

現在我想介紹您的主持人，STAAR Surgical 投資者關係副總裁 Brian Moore。請繼續。

Thanks, operator. Good afternoon and thank you for joining us. On the call today are Steve Farrell, CEO Warren Faust, President and COO and Deborah Andrews, Interim CFO. Earlier today, we reported our first quarter results via press release and Form 8-K. We’ve posted our earnings release and presentation to our investor website at investors.staar.com.

謝謝，接線生。下午好，感謝您加入我們。參加今天電話會議的有執行長史蒂夫法雷爾 (Steve Farrell)、總裁兼營運長 Warren Faust 和臨時財務長黛博拉安德魯斯 (Deborah Andrews)。今天早些時候，我們透過新聞稿和 8-K 表格報告了第一季業績。我們已將收益報告和簡報發佈到我們的投資者網站 investors.staar.com。

Today’s call is scheduled for one hour and will include Q&A for publishing analysts. Webcast participants can also send questions for today’s Q&A session to ir@star.com. Before we get started, I want to remind you that during today’s discussion, we will be making forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. I encourage you to read the disclaimers in today’s release, the presentation as well as disclosures in our filings with the SEC.

今天的電話會議將持續一小時，其中包括出版分析師的問答環節。網路直播參與者還可以將有關今天問答環節的問題發送至ir@star.com。在我們開始之前，我想提醒您，在今天的討論中，我們將做出前瞻性的陳述。前瞻性陳述受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所表達或暗示的結果有重大差異。我鼓勵您閱讀今天發布的免責聲明、簡報以及我們向美國證券交易委員會提交的文件中披露的內容。

Except as required by law, STAAR assumes no obligation to update these forward looking to update these forward-looking statements to reflect future events or actual outcomes.

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。

In addition, during today's discussion, we will reference certain non-GAAP financial measures, including adjusted EBITDA and constant currency sales. Please refer to today's release and the presentation for definitions and reconciliations of non-GAAP metrics.

此外，在今天的討論中，我們將參考某些非 GAAP 財務指標，包括調整後的 EBITDA 和恆定貨幣銷售額。請參閱今天的發布和簡報，以了解非公認會計準則指標的定義和對帳。

For brevity, unless otherwise specified, all comparisons on today's call will be on a year-over-year basis versus the relevant period. Finally, a quick reminder, we intend to use our website as a means of disclosing material and non-public 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 release, SEC filings, and public conference calls and webcasts.

為簡潔起見，除非另有說明，今天電話會議上的所有比較都將以與相關時期的同比為基礎。最後，快速提醒一下，我們打算使用我們的網站作為揭露重大和非公開資訊的一種手段，並遵守公平揭露規則規定的揭露義務。此類披露資訊將包含在我們網站的投資者關係部分中。因此，投資者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外，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 CEO, Steve Farrell. Steve?

現在，我想將演講交給執行長史蒂夫法雷爾 (Steve Farrell)。史蒂夫？

Good afternoon, everyone, and thank you for joining us today. I'm excited to speak with you as STAAR's new CEO. While I've been a member of the company's Board, I'm honored to now lead the management team at this critical time for STAR. The building blocks for the company's success are in place, and I'm eager to work with our stakeholders around the world as we continue to deliver upon our vision to be the first choice for surgeons and patients seeking visual freedom.

大家下午好，感謝大家今天的參與。作為 STAAR 的新任首席執行官，我很高興與您交談。雖然我一直是公司董事會成員，但我很榮幸能夠在 STAR 的這個關鍵時刻領導管理團隊。公司成功的基石已經到位，我渴望與世界各地的利害關係人合作，繼續實現我們的願景，成為尋求視覺自由的外科醫生和患者的首選。

As we said in today's earnings release, we have to do better, and we will. My commitment to you is for transparency, the good and the bad, as we return this great company to sustainable growth that reflects our brand's earnings power and strength. Like other companies, we find ourselves in interesting times, but the structural drivers for lens-based vision correction and the adoption of our proprietary EVO ICL technology remain intact.

正如我們在今天的收益報告中所說的那樣，我們必須做得更好，而且我們會的。我向你們承諾，無論好壞，我們都會保持透明，因為我們將讓這家偉大的公司恢復可持續增長，這反映了我們品牌的盈利能力和實力。與其他公司一樣，我們也處於一個有趣的時期，但基於鏡片的視力矯正的結構驅動因素和我們專有的 EVO ICL 技術的採用仍然完好無損。

Globally, the prevalence of myopia continues to grow and patient preference for reversible, proven, high quality solutions is increasing and the growing middle class demand for premium procedures, we believe we are well positioned to continue to take share. While we have made excellent progress in my first 70 days as CEO, we have work to do to return to the level of financial performance that our shareholders expect and deserve and that we are capable of achieving.

在全球範圍內，近視的盛行率持續增長，患者對可逆的、經過驗證的高品質解決方案的偏好正在增加，中產階級對高端程序的需求也在不斷增長，我們相信我們有能力繼續佔據市場份額。雖然在我擔任執行長的頭 70 天裡我們取得了出色的進展，但我們仍需努力才能恢復到股東期望和應得的、我們有能力實現的財務表現水平。

To that end, we have spent the past few months addressing the short-term tactical issues like channel inventory, cost discipline, and tariffs so that we can soon turn our complete focus to more strategic growth-oriented activities. Let me give you a few highlights of our accomplishments.

為此，我們在過去幾個月中一直在解決通路庫存、成本控制和關稅等短期戰術問題，以便我們很快就能將全部精力轉向更具策略性的成長導向活動。讓我向你們介紹一下我們所取得的一些成就。

One, we streamlined the management structure to be more effective and more efficient. This includes promoting Warren Foust to President overseeing our day-to-day operations. Warren, who has joined me on the call, is a proven industry executive and a problem solver who shares my enthusiasm for disrupting the market.

一是精簡管理架構，提高管理效率與效益。這包括提升沃倫·福斯特 (Warren Foust) 為總裁，負責監督我們的日常營運。和我一起參加電話會議的華倫是一位經驗豐富的產業主管和問題解決者，他和我一樣對顛覆市場充滿熱情。

Our new management structure also includes bringing back Deborah Andrews as interim chief financial officer. Deborah was previously CFO of STAAR and she built trust with investors through transparency. Deborah was the architect of cost optimization and financial initiatives that resulted in a period of high cash flow generation.

我們的新管理架構還包括聘請 Deborah Andrews 擔任臨時財務長。Deborah 曾擔任 STAAR 的財務官，她透過透明度與投資者建立了信任。黛博拉 (Deborah) 是成本優化和財務計劃的設計師，該計劃帶來了一段時期的高現金流。

We also elevated Magda Michna to the newly created role of Chief Development Officer. Magda is leading our renewed efforts to diversify our product portfolio and improve the pipeline and has already brought discipline to our R&D efforts. Collectively, with the entire management team, we are committed to winning in the marketplace and to driving shareholder value.

我們也將 Magda Michna 晉升為新設立的首席開發長一職。瑪格達 (Magda) 正在領導我們重新努力實現產品組合多樣化和產品線改進，並已經為我們的研發工作帶來了紀律。我們與整個管理團隊共同致力於在市場上獲勝並提高股東價值。

Two, we are working with our distributors in China to manage through their inventory levels so that our Q3 revenue more closely aligns to in-market procedure volume. Better days are ahead as the macroeconomic headwinds appear to be diminishing in China, and we expect a good second half of the year.

二是我們正在與中國分銷商合作，管理他們的庫存水平，以便我們第三季度的收入與市場處理量更加緊密地結合起來。隨著中國宏觀經濟逆風似乎正在減弱，未來將會更加美好，我們預計今年下半年將會表現良好。

Three, to mitigate the potential impact of tariffs, we negotiated consignment agreements and shipped consigned inventory to our distributors in China. That is inventory that we own that's on our books and it's held by our distributors. We believe that this mitigates most of the China tariff issue through at least the beginning of 2026. I want to thank the team for acting so quickly and decisively to meet this tariff challenge head on.

第三，為了減輕關稅的潛在影響，我們協商了寄售協議並將寄售庫存運送給我們在中國的經銷商。這是我們帳簿上擁有的庫存，由我們的經銷商保管。我們相信，至少到 2026 年初，這將緩解大部分中國關稅問題。我要感謝團隊如此迅速且果斷地應對這項關稅挑戰。

Four, we have identified a series of actions to meaningfully reduce costs, including reduction of underutilized facilities and fixed assets, marketing savings, and personnel reductions. We believe these actions will position us to exit 2025 with an SG&A run rate of approximately $225 million.

第四，我們確定了一系列實際降低成本的行動，包括減少未充分利用的設施和固定資產、節省行銷成本和減少人員。我們相信，這些措施將使我們在 2025 年結束時銷售、一般及行政費用 (SG&A) 運行率達到約 2.25 億美元。

Our approach to cost optimization is designed to reinforce, not restrict our top-line growth ambitions. And we will spend and invest every dollar like it is our own. This streamlining, which mostly focused on inefficiencies in our US operations, prepares us for future strong cash flow generation after our revenue rebounds in Q3.

我們的成本優化方法旨在加強而不是限制我們的營收成長目標。我們將把每一美元都當成自己的錢來花、來投資。這次精簡主要集中在我們美國業務的低效率問題上，為我們在第三季營收反彈後未來強勁的現金流創造做好了準備。

Five, we are devoting corporate resources to drive growth initiatives in our global operations, including Asia Pacific, which is our largest market. To that end, I want to thank Wei Zhang, who is a Board member, for stepping in as Interim Chief of APAC strategy.

第五，我們正在投入公司資源來推動我們全球業務的成長計劃，其中包括我們最大的市場亞太地區。為此，我要感謝董事會成員張偉擔任亞太區策略臨時主管。

Let me take a minute to elaborate on what we're seeing in terms of ICL demand in China. In-market demand in China is getting stronger, and I believe that should be a key takeaway from today's call. In the first quarter of 2025, we saw an improvement in ICL procedures, that is sell-through to hospitals by our two distributors following a week back half of 2024.

請容許我花一點時間來詳細說明我們所看到的中國 ICL 需求情況。中國的市場需求正在日益強勁，我相信這是今天電話會議的關鍵要點。2025 年第一季度，我們看到 ICL 程序有所改善，即在 2024 年下半年一周之後，我們的兩家分銷商向醫院銷售 ICL。

First-quarter reported China sales this year were just $389,000 as our two distributors consumed their existing inventory instead of ordering from us. This $389,000 compares to first-quarter China reported sales in the year ago quarter of $38.5 million. Despite the dramatic reduction year over year in our reported revenue, we are bullish because we believe in-market ICL procedures in the first quarter of 2025 were similar to, or perhaps even better than the first quarter of 2024.

由於我們的兩家經銷商消耗了現有庫存，而不是向我們訂購，今年第一季中國銷售額僅為 389,000 美元。這筆 389,000 美元的銷售額與去年同期中國第一季報告的 3,850 萬美元的銷售額相比有所下降。儘管我們報告的收入同比大幅下降，但我們仍然看好，因為我們相信 2025 年第一季市場上的 ICL 手術與 2024 年第一季相似，甚至可能更好。

We are on track to resume more normalized reported sales for China beginning in Q3 as planned. We expect to recognize in Q3 the $27.5 million of sales associated with the Q4 2024 order by one of our distributors in China. As previously reported, we did not recognize revenue on this order upon shipment, but will recognize revenue upon payment.

我們預計將按計劃從第三季開始恢復更正常的中國報告銷售額。我們預計將在第三季確認與我們在中國的一家分銷商的 2024 年第四季訂單相關的 2,750 萬美元銷售額。如前所述，我們在發貨時並未確認此訂單的收入，但將在付款時確認收入。

During our Q4 earnings call, we indicated that we thought having these ICLs in country in China could help address challenges and delays associated with importation and logistics, and could mitigate potential impacts from geopolitical risk and tariffs. I think we are fortunate, and perhaps a bit lucky, to have this inventory in country given the current tariff environment. I am proud of what the team has accomplished in a short period of time.

在我們的第四季財報電話會議上，我們表示，我們認為在中國設立這些 ICL 可以幫助解決與進口和物流相關的挑戰和延誤，並可以減輕地緣政治風險和關稅的潛在影響。我認為，考慮到當前的關稅環境，我們很幸運，甚至有點幸運，能夠在國內擁有這些庫存。我為團隊在短時間內所取得的成就感到自豪。

I will now turn it over to Warren to share additional commentary on our China tariff response and an update on the launch of our EVO+ lens in China. Warren?

現在，我將把時間交給沃倫，讓他分享我們對中國關稅回應的更多評論，以及我們在中國推出 EVO+ 鏡頭的最新情況。沃倫？

Thanks, Steve, and hi, everyone. It's really nice to speak with you in this forum for the first time. A couple of thoughts on tariffs. In April, when China announced retaliatory tariffs on US goods, we moved quickly. We worked with our distributors in China to set up consignment agreements and shipped ICLs ahead of tariff implementation deadlines.

謝謝，史蒂夫，大家好。第一次在這個論壇上與您交談真的很高興。關於關稅的幾點想法。今年4月，當中國宣布對美國商品徵收報復性關稅時，我們迅速採取了行動。我們與中國的分銷商合作制定了托運協議，並在關稅實施期限之前運送了 ICL。

This consigned inventory is still owned by STAAR, but instead of sitting in our US or Swiss warehouses, it's now positioned with our distribution partners in China, offering additional tariff-free product available to surgeons in China. I want to give another shout out to our teams, especially in Switzerland, but really across three continents who pulled this off in under three days. It was a great example of how STAAR employees pull together and execute under pressure.

這些寄售庫存仍歸 STAAR 所有，但現在不再存放在我們美國或瑞士的倉庫中，而是存放在我們在中國的分銷合作夥伴處，為中國的外科醫生提供額外的免關稅產品。我想再次向我們的團隊致敬，特別是瑞士的團隊，但實際上我們的團隊遍布三大洲，他們在三天內就完成了這項工作。這是 STAAR 員工如何在壓力下團結一致、奮力拼搏的一個很好的例子。

Between the inventory our distributors already had and the consignment stock we've now forward deployed, we believe we will have enough ICLs in China to meet most demand through early 2026. We hope the tariff situation eases before then, but we're also planning for the longterm. That includes increasing our production capacity in Switzerland, which we believe will allow us to ship product to China without an additional tariff on US origin goods.

我們相信，憑藉我們分銷商現有的庫存和我們目前預先部署的寄售庫存，中國將擁有足夠的 ICL，以滿足到 2026 年初的大部分需求。我們希望在此之前關稅情勢能夠緩和，但我們也在做長期規劃。其中包括提高我們在瑞士的生產能力，我們相信這將使我們能夠將產品運往中國，而無需對美國原產商品徵收額外關稅。

Of course, tariff policies and rates are evolving and difficult to predict. We have made great progress in Switzerland and are now very close to our facility having the validations and product approval necessary to manufacture product for China and other markets from Switzerland. We expect to be fully validated and approved this summer. Once we cross that finish line, we'll be able to manufacture EVO ICLs for the China market from the US and Switzerland.

當然，關稅政策和稅率正在不斷變化，難以預測。我們在瑞士取得了長足的進步，現在我們的工廠已經非常接近獲得必要的驗證和產品批准，可以從瑞士為中國和其他市場生產產品。我們期望今年夏天得到全面驗證和批准。一旦我們跨越終點線，我們將能夠從美國和瑞士為中國市場生產 EVO ICL。

Importantly, we're already building lenses there in Nidau in advance of being able to release them to the market. Switzerland has a long-standing reputation for precision engineering, innovation, and quality. So this just reinforces the quality and expertise that goes into creating a high-performance product like EVO ICL.

重要的是，我們已經在尼達烏製造鏡頭，以便將它們推向市場。瑞士長期以來以精密工程、創新和品質而聞名。因此，這只是加強了創造像 EVO ICL 這樣的高性能產品的品質和專業知識。

Our Swiss facility will have the capacity to make over 300,000 lenses a year by the end of 2026, with longer term potential for more than 800,000 lenses annually. We're on track to finish up final inspections and certifications in the coming months.

到 2026 年底，我們位於瑞士的工廠每年將能夠生產超過 30 萬個鏡片，而從長遠來看，每年的產量預計將超過 80 萬個鏡片。我們將在未來幾個月內完成最終檢查和認證。

Increased manufacturing capacity in Switzerland will further support our future growth plans. We've seen that when surgeons and clinics are confident in Evo, both clinically and economically, they tend to grow their usage and convert more patients. That's especially true in Asia where surgeons have years of experience with our technology and therefore the EVO brand is the strongest.

瑞士製造能力的提高將進一步支持我們未來的成長計劃。我們已經看到，當外科醫生和診所對 Evo 有信心時，無論是在臨床上還是經濟上，他們都會傾向於增加使用量並轉化更多的患者。在亞洲尤其如此，那裡的外科醫生擁有多年使用我們技術的經驗，因此 EVO 品牌是最強大的。

We are building that same clinical and economic confidence globally and that's really the foundation of what we call the culture of EVO, the mindset and approach that helps drive consistent EVO ICL procedure growth. We believe the future of refractive surgery is lens-based and this is further validated by new market entrance which should help raise awareness and adoption. And that's good for us. With over 30 years of clinical experience with Collamer, we offer a differentiated, premium solution that will continue to win in the market.

我們正在全球建立同樣的臨床和經濟信心，這實際上是我們所謂的 EVO 文化的基礎，這種思維方式和方法有助於推動 EVO ICL 手術的持續成長。我們相信屈光手術的未來是基於晶狀體的，新市場的進入進一步證實了這一點，這將有助於提高人們的認識和採用率。這對我們有好處。憑藉 Collamer 30 多年的臨床經驗，我們提供差異化的優質解決方案，將繼續在市場上獲勝。

Finally, our EVO+ lens technology, also known as V5, is on track for approval in China, which is expected later this summer. It's our first new lens in that market in over 10 years, offers larger optical zone, and has been eagerly anticipated by ophthalmic surgeons and patients alike. We're excited to further extend EVO-ICL's position as the standard for lens-based refractive vision correction in this market.

最後，我們的 EVO+ 鏡頭技術（也稱為 V5）即將在中國獲得批准，預計今年夏天晚些時候獲得批准。這是我們十多年來在該市場上推出的第一款新鏡片，具有更大的光學區域，受到眼科醫生和患者的熱切期待。我們很高興能夠進一步擴大 EVO-ICL 作為該市場基於水晶體的屈光視力矯正標準的地位。

Deborah is now going to share additional commentary on our Q1 financial results. Deborah?

黛博拉現在將對我們第一季財務業績發表更多評論。黛博拉？

Thank you, Warren and Steve, and good afternoon, everyone. Let me start with some high-level comments on sales, profitability, and margins.

謝謝沃倫和史蒂夫，大家下午好。首先，我想對銷售額、獲利能力和利潤率發表一些高層評論。

Historically, the company has reported net sales and ICL sales separately. As sales attributed to our ICLs and other products have decreased over time, the difference between our net sales and ICL sales is now quite small. With today's report and moving forward, we intend to discuss our total net sales. Additional details are available in our 10-Q filed today.

從歷史上看，該公司分別報告淨銷售額和 ICL 銷售額。由於我們的 ICL 和其他產品的銷售額隨著時間的推移而下降，我們的淨銷售額和 ICL 銷售額之間的差異現在非常小。透過今天的報告以及未來的發展，我們打算討論我們的總淨銷售額。更多詳細資訊請參閱我們今天提交的 10-Q 報告。

Our total net sales for the first quarter of 2025 were $42.6 million, as compared to $77.4 million in the year-ago quarter. The change in net sales was due to minimal purchases by the company's China distributors as they consumed existing in-country inventory, partially offset by positive global sales growth outside of China.

2025 年第一季我們的總淨銷售額為 4,260 萬美元，去年同期為 7,740 萬美元。淨銷售額的變化是由於該公司中國分銷商消耗了國內現有庫存，導致採購量減少，但中國以外地區的全球銷售額正增長，部分抵消了這一變化。

China's sales were $389,000 in the first quarter of 2025, as compared to $38.5 million in the year-ago quarter. Net sales excluding China were $42.2 million for the first quarter of 2025. representing 9% sales growth over the year-ago quarter.

2025 年第一季度，中國的銷售額為 389,000 美元，而去年同期為 3,850 萬美元。2025 年第一季（不包括中國）的淨銷售額為 4,220 萬美元，比去年同期成長 9%。

Our profitability in the quarter was impacted by lower sales, lower gross profit, and $22.7 million for restructuring impairment and related charges, which include severance, operating lease, and other impairment costs. These restructuring charges were incurred in order to right-size the business and its operating footprint in order to improve long-term profitability. Excluding these charges, total operating expenses for the first quarter of 2025 decreased by $574,000 to $62.7 million from $63.3 million in the year-ago quarter.

本季我們的獲利能力受到銷售額下降、毛利下降以及 2,270 萬美元的重組減損和相關費用（包括遣散費、經營租賃和其他減損成本）的影響。這些重組費用是為了調整業務規模及其營運範圍，以提高長期獲利能力。不包括這些費用，2025 年第一季的總營運費用從去年同期的 6,330 萬美元減少 574,000 美元至 6,270 萬美元。

As the company continues to implement cost savings initiatives during Q2, we expect to report additional restructuring, impairment, and related charges. Adjusted EBITDA for the first quarter of 2025 was a loss of $26.4 million as compared to earnings of $5.3 million in the year-ago quarter, with a $31.7 million decrease primarily attributable to the $33 million increase in gross profit.

隨著公司在第二季度繼續實施成本節約計劃，我們預計將報告額外的重組、減損和相關費用。2025 年第一季調整後 EBITDA 虧損 2,640 萬美元，而去年同期獲利 530 萬美元，減少 3,170 萬美元，主要歸因於毛利增加 3,300 萬美元。

Please note that you will see a higher level of consignment sales as a component of our total net sales in future quarters based on the consignment lenses we shipped to China in April, but for which we have not yet recognized revenue. We will recognize revenue on that consignment inventory when it is sold to our distributors in future quarters. already has consignment sales in other large markets, which as disclosed in our financial filings, have averaged approximately $20 million per year since 2022.

請注意，根據我們 4 月運往中國的寄售鏡片，您將看到寄售銷售額在未來幾季占我們總淨銷售額的比重有所上升，但我們尚未確認這部分收入。當該寄售庫存在未來幾季出售給我們的經銷商時，我們將確認收入。已經在其他大型市場進行寄售銷售，正如我們的財務文件所披露的，自 2022 年以來，平均每年的銷售額約為 2000 萬美元。

Turning to our regional sales performance. Net sales excluding China were up 9% driven by growth in APAC sales outside China. In the Americas, sales growth was 9% in the first quarter. In EMEA, sales growth was 10% in the first quarter. And APAC sales, excluding China, were up 8% in the first quarter. Japan, South Korea, and India all contributed to the solid first quarter performance.

談到我們的區域銷售業績。受中國以外亞太地區銷售額成長的推動，中國以外的淨銷售額成長了 9%。在美洲，第一季銷售額成長了9%。在歐洲、中東和非洲地區，第一季銷售額成長了 10%。第一季亞太地區（不包括中國）的銷售額成長了 8%。日本、韓國和印度都為第一季的強勁表現做出了貢獻。

Moving down the income statement. For the first quarter of 2025, gross margin was 65.8% as compared to 78.9% in the year-ago quarter. Gross margin declined primarily due to higher manufacturing costs per unit based on the lower production volume in our US manufacturing operations and other costs of sales, including period costs associated with the expansion of the company's manufacturing capabilities in Switzerland, which reduced gross margin by approximately 6 points, and increased excess and obsolete inventory reserves, which reduced gross margin by approximately four points.

向下移動損益表。2025 年第一季毛利率為 65.8%，去年同期為 78.9%。毛利率下降的主要原因是，由於我們美國製造業務的產量較低而導致的單位製造成本上升以及其他銷售成本，包括與公司在瑞士的製造能力擴張相關的期間成本，這導致毛利率降低約 6 個百分點，以及過剩和過時庫存儲備增加，這導致毛利率降低約 4 個百分點。

We are targeting 70% gross margin in the second half of 2025, which is better, but still at a temporarily depressed level, since we expect that higher cost per unit and period costs associated with ramping up our Swiss manufacturing will persist through 2025 due to lower production volume and the initial inefficiencies associated with new manufacturing.

我們的目標是在 2025 年下半年實現 70% 的毛利率，這個數字會有所提高，但仍處於暫時低迷的水平，因為我們預計，由於產量較低以及新製造業初期效率低下，與擴大瑞士製造業相關的單位成本和期間成本上升將持續到 2025 年。

We will, however, continue to drive gross margin improvement. After we ramp up manufacturing in our Switzerland facility and drive higher output levels, we expect a return to gross margin in the range of 75% to 80%.

然而，我們將繼續推動毛利率的提高。在我們提高瑞士工廠的製造能力並提高產量水準後，我們預計毛利率將恢復到 75% 至 80% 的水平。

The $22.7 million of restructuring, impairment, and related charges on our income statement includes approximately $9.4 million of cash expense related to severance, reduction in workforce, and consulting expenses during Q1. $13.3 million of the charges are for non-cash impairment of fixed assets, operating leases, property right of use assets, and internally developed software, also reported on our Statement of cash flows under impairment of fixed assets and operating leases.

我們損益表中的 2,270 萬美元重組、減損和相關費用包括第一季與遣散費、裁員和諮詢費用相關的約 940 萬美元現金支出。其中 1,330 萬美元的費用用於固定資產、營業租賃、財產使用權資產和內部開發軟體的非現金減值，這些費用也在我們的固定資產和營業租賃減損現金流表中報告。

Turning to our balance sheet, STAAR ended the first quarter with $222.8 million of cash, cash equivalents, and investments available for sale at March 28, 2025. We reduced our accounts receivables in the first quarter by 38 % year over year and 49 % from year-end 2024. Our accounts receivable balance at March 28, 2025 was $40 million.

回顧我們的資產負債表，截至 2025 年 3 月 28 日，STAAR 第一季末的現金、現金等價物和可供出售的投資為 2.228 億美元。我們第一季的應收帳款年減了 38%，比 2024 年底減少了 49%。截至 2025 年 3 月 28 日，我們的應收帳款餘額為 4,000 萬美元。

Our cash balances will dip temporarily in Q2 and Q3, but we do not expect our cash to drop below $140 million before we start improving cash flows in the back half of the year. We do believe we will return to profitability in the second half of the year, and we do expect to also resume cash generation as we exit 2025. STAAR continues to have no debt.

我們的現金餘額將在第二季和第三季暫時下降，但我們預計在下半年開始改善現金流之前，我們的現金不會降至 1.4 億美元以下。我們確實相信我們將在今年下半年恢復盈利，並且我們預計在 2025 年結束時也將恢復現金創造。STAAR 仍然沒有債務。

Now I'll turn the call back over to Steve. Steve?

現在我將把電話轉回給史蒂夫。史蒂夫？

Thank you. In our press release today, we went through the company's outlook provided on February 11, 2025. Despite confidence in our recent efforts to mitigate tariff exposure and our optimism regarding short-term and long-term business trends, government policy and economic uncertainty make it more challenging to forecast, particularly in the short term.

謝謝。在我們今天的新聞稿中，我們介紹了該公司在 2025 年 2 月 11 日提供的展望。儘管我們對近期降低關稅風險的努力充滿信心，並且對短期和長期業務趨勢持樂觀態度，但政府政策和經濟的不確定性使得預測變得更具挑戰性，尤其是在短期內。

Let me take a minute to highlight some of the reasons why I'm optimistic for the future and excited about being part of the STAAR team.

請容許我花一點時間來強調我對未來感到樂觀並對成為 STAAR 團隊一員感到興奮的一些原因。

First, our short-term tactical challenges will mostly be addressed by the end of Q2. We are monitoring inventory in China more closely, cost controls are in place, and the new management team is committed and motivated. We have mitigated most of the short-term tariff risk in China by increasing our inventory in-country and believe we will be able to mitigate most of the longer-term risk with the expansion of our manufacturing capabilities in Switzerland. As we return to higher levels of sales and growth in Q3, you can expect to see the savings from our cost initiatives fall to the bottom.

首先，我們的短期戰術挑戰大部分將在第二季末得到解決。我們正在更密切地監控中國的庫存，成本控制已經到位，新的管理團隊也更加投入和積極。透過增加國內庫存，我們減輕了中國大部分的短期關稅風險，並相信隨著我們在瑞士製造能力的擴大，我們將能夠減輕大部分的長期風險。隨著我們第三季的銷售額和成長恢復到更高的水平，您可以預見我們透過成本措施節省的資金將降至最低。

The second reason I'm optimistic about the future is because we have a unique proprietary columnar material and a first mover advantage that creates a sustainable competitive advantage. The scales are tilted in our favor from a technology perspective and we have a 30-year headstart over new entrants.

我對未來持樂觀態度的第二個原因是，我們擁有獨特的專有柱狀材料和先發優勢，可以創造可持續的競爭優勢。從技術角度來看，我們佔據優勢，並且比新進入者領先 30 年。

We have a proven solution and EVO ICL should be the choice procedure across all markets. Our lenses are comprised of a biocompatible columnar material that is stable in the eye and that is extremely difficult to reproduce, especially at scale. We believe that our EVO ICL will become the preferred surgical solution because it is an additive procedure and our lenses are implanted in front of the natural crystalline lens.

我們擁有經過驗證的解決方案，EVO ICL 應該成為所有市場的首選程序。我們的晶狀體由生物相容性的柱狀材料構成，這種材料在眼睛中穩定，並且極難複製，尤其是大規模複製。我們相信，我們的 EVO ICL 將成為首選的手術解決方案，因為它是一種附加手術，而我們的水晶體被植入天然水晶體的前面。

EVO does not compromise the integrity of the eye because it does not permanently reshape the cornea and it's removable. EVO offers UV protection and an improved visibility in a quick procedure with a fast recovery. Although we are just getting started, we believe there are opportunities to use our proprietary columnar material in other therapeutic areas, especially within the eye.

EVO 不會損害眼睛的完整性，因為它不會永久重塑角膜並且角膜是可拆卸的。EVO 可提供紫外線防護，並能透過快速手術和快速恢復來提高可見度。儘管我們才剛起步，但我們相信有機會在其他治療領域使用我們的專有柱狀材料，尤其是在眼睛內。

The third reason I'm optimistic about the future is that we operate in a very large and growing market, so we will generally enjoy tailwinds, even though that has not been the case recently. While data regarding laser vision correction indicates overall procedure volumes are dropping, ICL procedure volumes are increasing, and we believe the total addressable market for lens-based refractive vision correction is a much bigger opportunity.

我對未來感到樂觀的第三個原因是，我們在一個非常龐大且不斷增長的市場中運營，因此我們總體上會享受到順風，儘管最近情況並非如此。雖然有關雷射視力矯正的數據表明整體手術量正在下降，但 ICL 手術量正在增加，我們相信基於晶狀體的屈光視力矯正的整體潛在市場是一個更大的機會。

Although my assessment of our current addressable market is a work in process, I thought it was important to give you some preliminary thoughts on how we think about this opportunity. We believe that the benefits of the EVO ICL procedure will make it the clear choice for refractive vision correction globally over time, as it has already become in markets like Japan, where surgeon confidence is high, where patients have a greater awareness of ICL as an alternative to laser vision correction, and where the market environment has been favorable to ICLs.

雖然我對我們目前目標市場的評估仍在進行中，但我認為有必要就我們如何看待這個機會向您提供一些初步的想法。我們相信，隨著時間的推移，EVO ICL 手術的優勢將使其成為全球屈光視力矯正的明智之選，正如在日本等市場一樣，這些市場對外科醫生的信心很高，患者對 ICL 作為激光視力矯正替代方案的認識更高，並且市場環境對 ICL 有利。

Although the data is not perfect, MarketScope estimates the global refractive surgical market at almost 5.2 million procedures in 2025. We think that might be a little bit high, but it's in the ballpark of our estimates. We sell our individual lenses at prices that average $500 to $600 globally, but that pricing varies significantly from a little under $400 per lens to over $1,200, depending on the specific attributes of the lens and the volume of purchases.

儘管數據並不完美，但 MarketScope 估計 2025 年全球屈光手術市場將達到近 520 萬例。我們認為這個數字可能有點高，但在我們的估計範圍內。我們在全球範圍內以平均 500 至 600 美元的價格出售單個鏡頭，但價格差異很大，從每個鏡頭不到 400 美元到 1,200 美元以上不等，具體取決於鏡頭的具體屬性和購買量。

As we mentioned in our press release, we succeeded this quarter in expanding our labeling in Brazil so that we can now effectively address the entire global refractive market there. We are pursuing labeling changes, including spherical power in other key markets globally so that we eventually have the approval to participate in most of those 5.2 million procedures.

正如我們在新聞稿中提到的，本季度我們成功擴大了在巴西的標籤業務，因此我們現在可以有效地滿足那裡的整個全球屈光市場的需求。我們正在推行標籤變革，包括在全球其他主要市場進行球形電力變革，以便我們最終獲得批准參與這 520 萬個程序中的大部分。

So on the low side, our market opportunity could be defined as the 5.2 million global refractive procedures times our ASP of $500 to $600. However, we think that perspective of the market understates our opportunity. We have historically focused on attracting the surgeons who treat the small percentage of patients who have elected the surgical option, which includes LASIK, PRK, SMiLE, and our EVO ICL. However, the overwhelming majority of people with myopia have not taken the surgical route and have opted instead to go untreated or to wear glasses or contact lenses.

因此，從低端來看，我們的市場機會可以定義為全球 520 萬例屈光手術乘以我們的 500 至 600 美元的平均銷售價格。然而，我們認為市場觀點低估了我們的機會。我們歷來致力於吸引那些為選擇手術治療的少數患者提供治療的外科醫生，這些患者包括 LASIK、PRK、SMiLE 和我們的 EVO ICL。然而，絕大多數近視患者並沒有採取手術治療，而是選擇不治療或戴眼鏡或隱形眼鏡。

Roughly one-third of the global population, or 2.7 billion people, have myopia today. Approximately 1.1 billion of whom are between 21 and 45 years old, which is the target market for our EVO ICL technology. That's 2.2 billion potential procedures. Many of these people could be treated using our lens without any label expansion.

目前全球約有三分之一的人口（即27億人）患有近視。其中約11億人年齡在21歲至45歲之間，他們是我們的EVO ICL技術的目標市場。這意味著潛在的程式有 22 億個。許多人都可以使用我們的鏡片進行治療，而無需進行任何標籤擴展。

Our challenge is to find ways to overcome the obstacles that prevent our target population from seeking visual freedom with EVO-ICL. These obstacles include efforts to keep patients in glasses and contacts, surgeon reluctance, lack of patient awareness, patient's ability to pay, impatient aversion to eye surgery, among others. These obstacles will be challenging to overcome, and we don't have all the answers yet.

我們面臨的挑戰是找到方法來克服阻礙我們的目標群體透過 EVO-ICL 尋求視覺自由的障礙。這些障礙包括努力讓患者戴眼鏡和隱形眼鏡、外科醫生的不情願、患者缺乏意識、患者的支付能力、對眼科手術的不耐煩厭惡等等。這些障礙很難克服，我們還沒有找到所有答案。

However, we know that we need to identify pathways to capture the tens of millions of patients who have not elected the surgical vision correction option but are able to afford our ICL and would benefit from the visual freedom that our ICL could provide. We are spreading the word about Evo and surgeons and patients are increasingly turning to EVO ICLs for refractive vision correction.

然而，我們知道，我們需要找到途徑來吸引數千萬沒有選擇手術視力矯正選項但能夠負擔得起我們的 ICL 並能從我們的 ICL 提供的視覺自由中受益的患者。我們正在宣傳 Evo，外科醫生和患者越來越多地轉向使用 EVO ICL 進行屈光視力矯正。

The prevalence of myopia is growing globally as a result of excessive use of computers and smartphones, combined with decreased exposure to natural light and reduced outdoor activities. We have only just begun to tap into this market opportunity and it's growing fast. We have work to do, but I'm confident in our path forward.

由於過度使用電腦和智慧型手機，加上自然光照射減少和戶外活動減少，全球近視的盛行率正在上升。我們才剛開始挖掘這個市場機會，它正在快速成長。我們還有很多工作要做，但我對我們的前進道路充滿信心。

I look forward to sharing our progress with you each quarter and more importantly, delivering financial results that will speak for themselves. Warren and I will meet with investors in Asia next week, including at the CICC Investor Conference in Shanghai. The team also looks forward to meeting with many of you at the upcoming Steeple Ophthalmology Summit, the Wells Fargo West Coast Bus Tour, the William Blair Annual Growth Stock Conference, and the Jefferies Global Healthcare Conference.

我期待著每季與你們分享我們的進展，更重要的是，提供不言而喻的財務表現。華倫和我將於下週與亞洲投資者會面，包括在上海舉行的中金公司投資者會議。團隊也期待在即將舉行的 Steeple 眼科高峰會、富國銀行西海岸巴士之旅、William Blair 年度成長股會議和 Jefferies 全球醫療保健會議上與大家見面。

Thank you for your interest and your continued support of STAAR. Operator, we will now take questions.

感謝您對 STAAR 的關注與持續支持。接線員，我們現在來回答問題。

(Operator Instructions) Tom Stephan, Stifel.

（操作員指示）湯姆·斯蒂芬（Tom Stephan），Stifel。

Great. Hi, everyone. Thanks for taking the questions. Sorry if any of this was addressed, hop in between calls. But maybe if I can start on China, curious if you can elaborate a bit more on how ICL sellout tracked in 1Q '25. If you're able to give any color by month, that'd be great. It sounds like possibly flat to up, but any more granularity would be appreciated.

偉大的。大家好。感謝您回答這些問題。抱歉，如果其中任何一個問題已經解決，請在通話期間跳轉。但也許我可以從中國開始，好奇您是否可以更詳細地說明 2025 年第一季 ICL 的銷售情況。如果您能夠按月份給出任何顏色，那就太好了。聽起來可能從平緩到上升，但如果能提供更詳細的資訊就更好了。

And then any comments on how 2Q has trended so far and early insights into the summer high season, kind of as we approach that.

然後，關於第二季度迄今為止的趨勢以及夏季旺季的早期見解，有什麼評論嗎？

Yeah, hey Tom, it's Warren. Great to hear from you. Good question. Look, we're pleased with how the year started, particularly coming out of a back half of 2024 that was soft. And so to your question around the pace of January, February versus March, were all fair in market sales were all fairly constant. So don't know that I would make a distinction between any one of the three months.

是的，嘿，湯姆，我是華倫。很高興收到你的來信。好問題。瞧，我們對今年的開局感到滿意，尤其是在經歷了 2024 年下半年的疲軟之後。因此，關於您關於 1 月、2 月與 3 月相比的速度的問題，市場銷售情況都相當穩定。所以不知道我是否會區分這三個月中的任何一個月。

But again, I would just say consistent with what we said, we were pretty pleased with the pace and gave us a chance for the distributors who we partnered closely with to burn down some of the inventory that they had built up. So coming out of Q1 in a reasonable spot.

但是，我再說一遍，與我們所說的一致，我們對這個速度非常滿意，並給了我們一個機會，讓我們密切合作的分銷商消耗掉他們積累的一些庫存。因此 Q1 的成績是比較合理的。

That's great. Appreciate that. then pivoting to competition. Maybe if you can talk about iBright and what you're seeing there in terms of the competitive impact on ICL today. I it's still early, but what are your customers saying? Are there any adoption tendencies you're noticing? And then is there any rough revenue impact we should think about for 2025? Thanks.

那太棒了。非常感謝。然後轉向競爭。也許您可以談談 iBright 以及您所看到的它對當今 ICL 的競爭影響。現在還為時過早，但您的客戶怎麼說？您是否注意到了任何採用趨勢？那麼，我們應該考慮 2025 年的大致收入影響嗎？謝謝。

Yeah, it's a good follow up. It's been quiet. We've certainly asked our customers about it -- with it. Any time a new lens comes into the market, the provider will offer those lenses at no charge. they try and do pricing deals to get some adoption. It's just been immaterial thus far.

是的，這是一個很好的後續行動。一直很安靜。我們當然已經向我們的客戶詢問過這個問題。每當有新鏡頭進入市場時，供應商都會免費提供這些鏡頭。他們嘗試透過定價交易來獲得一些採用。到目前為止，這還不重要。

So we kind of welcome competition. We certainly don't discount it, but just haven't seen a lot of uptake and potentially could be the establishment of EVO for so many years in China and around the world but in China. And so we'll keep a watch on it. Certainly, our teams are prepared for it, but nothing much to report thus far.

所以我們歡迎競爭。我們當然不會低估它，只是沒有看到太多的普及，這可能是 EVO 在中國和世界各地建立這麼多年一直存在的原因，但只是在中國。因此我們會持續關注。當然，我們的團隊已經做好了準備，但目前還沒有什麼可報告的。

Hey, it's Steve Farrell. I'd also add that we welcome the competition on the surgical side because we think increasing awareness that there are options besides glasses, contacts, is a good thing. So we think that pie can grow. And we think bringing awareness to that is a helpful thing in the long run.

嘿，我是史蒂夫法雷爾。我還要補充一點，我們歡迎手術方面的競爭，因為我們認為，人們越來越意識到除了眼鏡和隱形眼鏡之外還有其他選擇，這是一件好事。因此我們認為這個蛋糕可以越來越大。我們認為，從長遠來看，提高對此的認識是有益的。

Then just Tom, as you think about, and others, as you think about what to model, and the second part of your question, I really couldn't give you any guidance on what to model from the standpoint of it's pretty, it's immaterial to us. It was contemplated in our original thinking. And so again, we'll keep a watch out for it, but pretty quiet so far.

那麼，湯姆，正如你所想的，以及其他人，當你思考要模仿什麼時，以及你問題的第二部分，我真的無法從它很漂亮的角度來看給你任何關於要模仿什麼的指導，這對我們來說並不重要。我們最初的想法中就已經考慮到了這一點。因此，我們會繼續密切關注，但目前為止還沒有什麼動靜。

Thanks for the questions, Tom. This is Brian Moore with STAAR Surgical -- STAAR Management team. We do have a webcast participant question. So let me read that.

謝謝你的提問，湯姆。我是 STAAR Surgical 的 Brian Moore——STAAR 管理團隊。我們確實有一個網絡直播參與者的問題。讓我讀一下。

As many other companies have done this quarter, you have withdrawn guidance because of the tariff situation and economic uncertainty. But you also indicated that procedure trends in China have improved and that your cost cutting is working. Does that mean that if economic trends around the world do not deteriorate from here, the current picture seems better than what was expressed by Star in February?

正如本季度許多其他公司所做的那樣，由於關稅情況和經濟不確定性，您已撤回了指導。但您也表示，中國的流程趨勢已經改善，而且您的成本削減措施正在發揮作用。這是否意味著，如果全球經濟趨勢今後不再惡化，那麼當前的情況似乎比《星報》 2 月所表達的更好？

Yes, thanks for that question. There's clearly some global uncertainty mitigating our tariff issue. It's evolving. And frankly, we don't know exactly what target we're trying to hit. We're working hard to anticipate that, but it is an evolving situation. And we're also working through inventory.

是的，謝謝你的提問。顯然，全球存在的一些不確定性正在緩解我們的關稅問題。它正在進化。坦白說，我們不知道我們到底想要達到什麼目標。我們正在努力預測這一點，但情況正在不斷變化。我們也正在處理庫存。

And as you mentioned in your question, we're making good progress on the cost side. But we've got a new team and a new approach.

正如您在問題中提到的，我們在成本方面取得了良好的進展。但我們有一個新的團隊和新的方法。

Warren, Deborah, and I want to be certain or near certain that we can do what we tell you that we're going to do. Do we think we have a good shot at hitting our guidance?

華倫、黛​​博拉和我希望確定或幾乎確定我們能夠完成我們告訴你們要做的事情。我們是否認為我們有機會實現我們的目標？

Yes, we do. But we hold ourselves to a higher standard than a good shot. We want to be certain or near certain. We are committed as a team to transparency with investors. And we're committed to helping investors think about the business in the same way that we think about the business. That means that we need to really share with you our thoughts and help you think through the future.

是的，我們有。但我們對自己的要求比打出好球還要高。我們希望確定或接近確定。作為一個團隊，我們致力於對投資者保持透明。我們致力於幫助投資者以我們思考業務的方式思考業務。這意味著我們需要真正與您分享我們的想法並幫助您思考未來。

So let me try to do that. We want to earn your trust and we think there's no better way to earn your trust than to produce good results.

那麼讓我嘗試這樣做。我們希望贏得您的信任，我們認為沒有比取得良好的結果更好的方法來贏得您的信任。

So let me take the guidance question kind of one by one. And let me start with the sales ex-China. The outlook a couple of months ago was $165 million to 175 million in revenue and $40 million per quarter in the first two quarters. We obviously hit Q1 with $42.5 million of revenue.

因此，讓我逐一回答指導性問題。我先從中國以外的銷售情況開始說起。幾個月前的預期是前兩季的營收為 1.65 億至 1.75 億美元，每季 4,000 萬美元。我們第一季的營收顯然達到了 4,250 萬美元。

And in terms of the global sales ex-China, we were up 9%. And our range for the year is up 9% to 15%. So can we hit the 9% to 15%?

就中國以外的全球銷售額而言，我們成長了 9%。我們今年的漲幅範圍是 9% 至 15%。那我們能達到 9% 到 15% 嗎？

Yeah, I think we have a good shot. Is that how we want to work with investors? Not really. We want to be certain with the guidance that we give you. So the guidance of $165 million to $175 million, do we have a shot to be in there?

是的，我認為我們有很大機會。這就是我們想要與投資者合作的方式嗎？並不真地。我們希望向您提供確定的指導。那麼，1.65 億美元到 1.75 億美元的指導價，我們有機會達到嗎？

It's a pretty good shot. Yeah, I think we do. Moving to China, China's coming back quickly. We guided $75 million to $125 million. Do I think we're going to hit that? Yeah, I feel really good about hitting that. And so we're, you we feel pretty good on the China side.

這是一個相當不錯的鏡頭。是的，我想是的。轉向中國，中國正迅速復甦。我們的指導價為 7500 萬至 1.25 億美元。我認為我們能實現這個目標嗎？是的，我對此感覺非常好。因此，我們對中國方面感覺很好。

Moving to gross profit. We guided to 70 % gross profit. We missed that in Q1 by a bit. But I think we've got excellent reasons for missing that and I think there reasons that will help drive shareholder value in the long term. We're ramping our Switzerland facility that's going to help us with tariffs, it's going to help us with our overall supply and from a strategic perspective it's an excellent choice.

轉向毛利。我們預計毛利將達到 70%。我們在第一季稍微錯過了這個機會。但我認為我們有充分的理由忽略這一點，而且我認為這些理由將有助於長期推動股東價值。我們正在擴大在瑞士的工廠，這將有助於我們降低關稅，也將有助於我們的整體供應，從戰略角度來看，這是一個絕佳的選擇。

In the short term, we've got too much fixed cost running through too few units and we need to be efficient from a facilities perspective. And we need our facilities running closer to capacity to get back to that 75 % or 80%. Will we get there? Yes, we'll get there over time. Are we going to get there during this year? Probably not.

短期內，我們的固定成本太高，但單位數量太少，因此我們需要從設施角度提高效率。我們需要讓我們的設施盡可能地滿載運轉，以恢復到 75% 或 80% 的產能。我們會到達那裡嗎？是的，隨著時間的推移，我們會到達那裡。我們今年能實現這個目標嗎？可能不是。

So if you're thinking about long-term models, I think that 75% to 80 % range is a very good range for us. But right now, we're ramping and we're accelerating our ramp. We think that's in the best interest of shareholders, but does that put our 75% gross margin for the year at some risk? Yes, it does.

因此，如果您考慮長期模型，我認為 75% 到 80% 的範圍對我們來說是一個非常好的範圍。但現在，我們正在加大力度，並且正在加速發展。我們認為這符合股東的最佳利益，但這是否會對我們今年 75% 的毛利率造成一定風險？是的。

Looking to operating expenses, we guided $212 million to $288 million on the SG&A line. Today, we announced that we think that the 225 range is good. So we're going to be at the low end of that range, which I think is a good thing, and we are being efficient there. And so we've given you some commentary on that front.

對於營運費用，我們預計銷售、一般及行政費用 (SG&A) 為 2.12 億美元至 2.88 億美元。今天，我們宣布我們認為 225 系列很好。因此我們將處於該範圍的低端，我認為這是一件好事，而且我們在這方面效率很高。因此，我們就此給了一些評論。

And then I'll turn to the last piece of the guidance, which is our cash. We announced today that we might drop to $140 million. We're pretty confident we won't drop below that. And that compares to exiting the year at $150 million to $175 million. Do we think that continues to be a good outlook for cash at year end?

然後我將談到指導的最後一部分，即我們的現金。我們今天宣布，我們可能會降至 1.4 億美元。我們非常有信心不會低於這個水準。相比之下，今年年底的銷售額為 1.5 億至 1.75 億美元。我們是否認為這對年底的現金前景來說仍然是一個良好的前景？

Sure, but we've got a long way to go between here and there. On the adjusted EBITDA side, we guided to approximately a $30 million loss. We came in ahead of that at $26.4 million. So we feel pretty good, especially with our cost controls, that we're going to attain the EBITDA outlook.

當然，但從這裡到那裡我們還有很長的路要走。在調整後的 EBITDA 方面，我們預計虧損約為 3,000 萬美元。我們以 2,640 萬美元的成績領先於此。因此，我們感覺非常好，特別是在成本控制方面，我們將實現 EBITDA 前景。

I think the takeaway for investors here is that we are committed to transparency with you. We want you to think about the business the way we do. We're excited about the business. And we don't want to be in a position where something happens to us that's outside of our control that causes us to look bad. We're a new administration here and we want to your trust and we think the best way to do that is by hitting results.

我認為投資者需要注意的是，我們致力於對你們保持透明。我們希望您能像我們一樣思考業務。我們對這項業務感到很興奮。我們不希望發生超出我們控制範圍的事情，讓我們看起來很糟糕。我們是新政府，我們希望贏得你們的信任，我們認為贏得信任的最好方法就是成就。

Thank you Steve. Operator, will you please unmute the next questioner you have in queue?

謝謝你，史蒂夫。接線員，請您為排隊中的下一位提問者取消靜音好嗎？

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Congrats on all the new appointments and good luck as we navigate the rest of the year. Maybe a little bit on the China commentary on consignment inventories as a mitigation exercise in the face of the global trade war here tariffs. Is there any way to just quantify, I guess, how much inventory there is in the channel and consignment?

恭喜所有新任命，並祝福我們在今年剩餘的時間裡一切順利。也許對中國寄售庫存的評論可以作為應對全球貿易戰關稅的一種緩解措施。我猜，有沒有什麼方法可以量化通路和寄售中有多少庫存？

And when we sort of think about, and I know it's a little bit early. Looking ahead to 2026, where perhaps there'll have to be additional mitigation efforts, maybe just walk us through the high level thinking on how that can play out and then I'll have a quick follow up. Thanks.

當我們思考的時候，我知道現在還為時過早。展望 2026 年，也許需要採取額外的緩解措施，也許只需向我們介紹如何實現這一目標的高層次思考，然後我會快速跟進。謝謝。

Yeah. Hey, Anthony. Good to hear from you. Look, we said we have enough inventory to mitigate tariffs through about the end of the year into 2026. So I think what we said previously was we had too much inventory on the owned side. So prior to the tariffs, our two distributors had some excess inventory that we wanted to give them the chance to burn down this year through consumption in the market, which has been strong.

是的。嘿，安東尼。很高興收到你的來信。你看，我們說過，我們有足夠的庫存來緩解到今年年底到 2026 年的關稅。所以我認為我們之前說過的是，我們自有庫存太多了。因此，在徵收關稅之前，我們的兩家分銷商有一些過剩庫存，我們希望讓他們有機會在今年透過強勁的市場消費來消耗這些庫存。

So we're happy about that. So we're on track to get down to the levels of inventory that are contractual by around the middle of the year. So that's good progress. Happy about that. As it turns out, we're happy the inventory is in China, along with having only a few days.

所以我們對此感到高興。因此，我們預計在年中左右將庫存水準降至合約規定的水準。這是一個很好的進展。對此感到高興。事實證明，我們很高興庫存在中國，而且只需要幾天。

You mentioned we give some props to our team. With three days notice, we even had folks from the US over working in the facility and had a chance to go grab them out of the room where they were implementing our new ERP system and took them down to the warehouse and put them to work. And they were very grateful that they did it. They graciously gave their time and helped us get inventory onto pallets, ultimately onto airplanes within a three day window and got it to China to our distributors.

您提到我們給予我們的團隊一些支持。提前三天通知，我們甚至讓美國員工到工廠工作，並有機會把他們從正在實施我們新 ERP 系統的房間中帶出來，帶到倉庫並讓他們開始工作。他們非常感激他們這麼做了。他們慷慨地付出時間，幫助我們將庫存裝上托盤，最終在三天內裝上飛機，運往中國的分銷商。

And so a three-continent effort getting consignment agreements in place to have that inventory there. So that'll get us through this year. That gives us the chance to be building inventory in our Swiss facility, which we're ramping up now. Y

因此，我們努力在三大洲達成寄售協議，以便將這些庫存存放在那裡。這樣我們就能度過今年了。這使我們有機會在瑞士工廠建立庫存，我們現在正在增加庫存。是

ou heard me say we're waiting on the validations internally and the approvals externally. We feel confident about those. And those efforts to build inventory in advance of receiving those approvals should have us in best position to mitigate.

您聽我說我們正在等待內部驗證和外部批准。我們對此充滿信心。在獲得批准之前建立庫存的努力應該能讓我們處於最佳的緩解位置。

So I think that's kind of part one and part two of your question because it gives us the next effort to mitigate is going to be the reduction in the tariffs. We certainly can't predict that, so we're planning for the long term and then building inventory in Switzerland to offset the demand.

所以我認為這是你問題的第一部分和第二部分，因為它告訴我們下一步的緩解措施是降低關稅。我們當然無法預測這一點，所以我們正在進行長期規劃，然後在瑞士建立庫存以抵消需求。

Very helpful. And the follow-up would be maybe just a fresh view from the company now on the pricing strategy, I would say maybe even globally here. What is the latest thinking on how Vision ICL should be priced in China and perhaps how it should be priced in the United States? Is there any major changes in how the team is thinking about the global pricing strategy? Thanks.

非常有幫助。而後續行動可能只是公司現在對定價策略的新看法，我想甚至可能是在全球。您對於 Vision ICL 在中國的定價以及在美國的定價有何最新想法？團隊對於全球定價策略的看法有什麼重大改變嗎？謝謝。

Yeah, good question. No major changes. Patients love EVO ICL. 99%-plus of the time, they say they would do it again. We know that the value that EVO ICL provides to our patients and to our surgeons is really, really high. We're going to continue to, of course, to look at levers to unlock growth with our customers.

是的，好問題。沒有重大變化。患者喜歡 EVO ICL。 99% 以上的情況下，他們都表示會再做一次。我們知道 EVO ICL 為我們的患者和外科醫生提供的價值非常非常高。當然，我們將繼續尋找與客戶共同推動成長的手段。

So price can always be a component of that, but it's not the main component of it. The reality is the value of the device changing a patient's life is what drives the patient's desire for it. So we'll continue to look at ways, but we believe in the value of the product.

因此，價格始終是其中的一個因素，但不是主要因素。事實是，該設備改變患者生活的價值正是患者渴望它的原因。因此我們會繼續尋找方法，但我們相信產品的價值。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Thanks for taking my question. Stephen, I just want to understand something. And this isn't a question so much as you're talking about numbers for the year, but you withdrew guidance. I'm a little confused as to what you're saying about where numbers can or can't go given the withdrawn guidance.

感謝您回答我的問題。史蒂芬，我只是想了解一些事情。這不是一個問題，因為您在談論今年的數字，但您撤回了指導。我有點困惑，根據撤回的指導意見，您說的數字可以達到什麼程度，不能達到什麼程度。

I'm not sure I'm following the question. Well, I think you were talking about kind of where you think you can perform, but you're withdrawing your guidance. So I guess I'm struggling reconciling these two things. Maybe that's more of a comment than a question, but I don't know if you want to address that or not.

我不確定我是否理解了這個問題。嗯，我認為你正在談論你認為自己可以表現的地方，但你卻撤回了你的指導。所以我想我很難調和這兩件事。也許這更像是一個評論而不是一個問題，但我不知道您是否想解決這個問題。

But thanks, Ryan. Now get it. We're trying to give you some color on what we think. We're trying to be transparent with you. And so the answer is, we're having a discussion. And I think that's a little bit different than formal guidance.

但還是謝謝你，瑞安。現在就得到它。我們正嘗試向您解釋我們的想法。我們盡力對您保持透明。所以答案是，我們正在進行討論。我認為這與正式指導略有不同。

And so I think one of the things that you heard during that discussion was that in ex-China, we were at 9% growth. Our range is 9% to 15%. One of your takeaways should have been that we're a bit worried about our ability to get to 15%. And so we would rather have that discussion with you now and be transparent, then we would find out that at the end of the year, we were at 8.5 % and have you guys be upset with us.

所以我認為您在討論中聽到的一件事是，在中國以外的地區，我們的成長率為 9%。我們的範圍是 9% 到 15%。您應該意識到的一點是，我們有點擔心自己能否達到 15% 的目標。因此，我們寧願現在就與你們進行討論，並且保持透明，然後我們會發現，到年底，我們的利潤率只有 8.5%，而你們會對我們感到不滿。

So we're trying to give you color for where we think we can go with the business. We've also -- we're clear, I think, in my commentary that the gross margin guidance is probably not going to be hit for this year because we're ramping up our Switzerland manufacturing.

因此，我們試圖向您說明我們認為可以開展業務的方向。我們也——我認為，在我的評論中我們已經明確表示，今年的毛利率預期可能不會受到影響，因為我們正在加大瑞士製造的力度。

So our objective is not to confuse them. I apologize if I did. Our objective is to be transparent and help you understand how we're thinking about the business.

所以我們的目標不是要讓他們感到困惑。如果我這樣做了，我深感抱歉。我們的目標是透明化並幫助您了解我們對業務的看法。

Okay. Yeah, maybe it's me. I apologize. I appreciate what you're trying to achieve. But it comes off maybe confusing to me. Let me ask a more fundamental question.

好的。是的，也許是我。我很抱歉。我很欣賞你所努力實現的目標。但這可能讓我感到困惑。讓我問一個更基本的問題。

Warren, you talked about a version five going into China. That's the first we've heard about this. How does this differ from EVO+ and what's the difference in price if there is a pricing, a tiered strategy within China?

沃倫，您談到了第五版進入中國的情況。這是我們第一次聽到這個消息。這與 EVO+ 有何不同？如果在中國有定價和分級策略，價格會有什麼不同？

Yeah, yeah, sorry for the confusion there. So it's the same product. EVO+ is often referred to, in fact, internally it's referred to as V5. So those are ubiquitous. It's the same. So no different there.

是的，是的，很抱歉造成混淆。所以這是同一種產品。人們經常提到 EVO+，事實上，在內部它被稱為 V5。所以它們是無所不在的。都一樣。所以沒有什麼不同。

We've been signaling that we would get V5 or, excuse me, EVO+ at some point in 2025, around mid-year. on track to do that, we believe, from an approval standpoint. We're still contemplating the commercial opportunity from a pricing standpoint, particularly with what's happened most recently from a tariff standpoint. We certainly have to take all things into consideration. We believe it will be a premium.

我們一直在暗示，我們將在 2025 年某個時候，大約在年中，推出 V5，或者，對不起，EVO+。從批准的角度來看，我們相信這是有望實現的。我們仍在從定價的角度考慮商業機會，特別是從關稅的角度考慮最近發生的情況。我們當然必須考慮到所有的事情。我們相信這將是一筆溢價。

Our customers believe that as well and the feedback that we've gotten from them. Final determinations to be made on that, so stay tuned. Final determinations on the quantity and the customers with which we're going to launch to, stay tuned. We'll make those plans as we get the approval. But we're feeling pretty good about it.

我們的客戶也相信這一點，我們從他們那裡得到了回饋。最終決定尚待做出，敬請關注。我們將最終確定產品的數量和麵向的客戶，敬請關注。獲得批准後，我們將製定這些計劃。但我們對此感覺很好。

Okay. And then just -- I want to understand, sorry for all these questions. There's a lot of moving parts here Stephen that you're undertaking with the business you have inventory levels in China you talked about getting back to the third quarter kind of a more normalized sales cadence you now have this consigned inventory in China as well that being said if the market doesn't turn maybe as fast as you'd like the sellout rate doesn't turn because of global macro dynamics recessionary impact what have you

好的。然後只是——我想了解一下，很抱歉問了這麼多問題。史蒂芬，您在業務中有很多變動，您在中國的庫存水平，您談到要回到第三季度，這是一種更加正常的銷售節奏，您現在在中國也有寄售庫存，話雖如此，如果市場沒有像您希望的那樣快速轉變，那麼由於全球宏觀經濟衰退的影響，銷售率就不會轉變，您有什麼看法？

How do you think about the inventory levels and the consignment in China going beyond kind of early 26? Because arguably they would get extended further out if your distributors can't work that demand down. And maybe speaks to the question speaks to maybe like what you've done since taking the helm to see more transparently in China so that this doesn't become another issue again.

您如何看待中國庫存水準和出貨量超過 26 月初的情況？因為可以說，如果您的經銷商無法滿足這項需求，他們的業務範圍就會進一步擴大。這個問題或許可以解釋為，自從您執掌中國以來，您採取了哪些措施，以便更加透明地看待中國問題，從而避免再次出現問題。

Thank you. Sure. Good question. So just to be clear, the consignment inventory in China is owned by us. And so that's no different than having it in a warehouse in California. It's just through the tariff process. And so that inventory is no different than if it was sitting here. That doesn't create any kind of excess issue from a distributor perspective.

謝謝。當然。好問題。因此需要明確的是，中國的寄售庫存歸我們所有。這與存放在加州的倉庫沒有什麼不同。這只是透過關稅流程。因此，這些庫存與放在這裡的庫存沒有什麼不同。從分銷商的角度來看，這不會產生任何過剩問題。

If it doesn't turn, I think was the second part of your question. Yeah, that's kind of I'm trying to -- yeah, how we work through the inventory levels. And it's turned. And by the end of next month, we're going to be at our contractual levels. We're going to get there from an inventory perspective because we're almost there already and literally end of next month we'll be at contractual levels on average in China.

如果它不轉動，我認為這是你問題的第二部分。是的，這就是我正在嘗試的——是的，我們如何解決庫存水準。它已經轉了。到下個月底，我們將達到合約規定的水平。從庫存角度來看，我們將會達到這個目標，因為我們已經幾乎達到這個目標，到下個月底，我們在中國的平均庫存水準就會達到合約水準。

Thank you, Ryan. Operator, please unmute the next questioner.

謝謝你，瑞安。接線員，請取消下一位提問者的靜音。

Gursimran Kaur, Wells Fargo.

古爾西姆蘭·考爾（Gursimran Kaur），富國銀行。

Maybe just to follow up on Ryan's questions around China. You've realigned some of the leadership for STAAR in China. So could you elaborate on how this new leadership is helping to inform just your broader strategy in China, especially given that the macro backdrop does seem to be improving in the region?

也許只是為了跟進瑞安關於中國的問題。您已經對 STAAR 中國區的部分領導層進行了調整。那麼，您能否詳細說明一下新領導層將如何幫助您制定在中國的更廣泛策略，特別是考慮到該地區的宏觀背景似乎正在改善？

And Stephen, I can appreciate that you're not providing formal guidance anymore, but you aren't necessarily shying away from the original guidance in China. So could you talk about the sort of pace of recovery that you expect in China throughout the year? And what's underpinning your level of confidence of sort of being in that original guidance range?

史蒂芬，我可以理解您不再提供正式指導，但您不一定會迴避中國原來的指導。那麼，您能否談談您預計中國全年的復甦速度如何？那麼，是什麼支撐了您對最初指導範圍的信心程度呢？

Hey, Simran, it's Warren. Maybe I'll start with the China question and then see if Steve has anything to add, and he can take the other. Look, we have a great team in Asia broadly. And in China, in particular, we have a very experienced team. They do an incredible job of training and partnering with our distribution partners. So we're really proud of the team that we have.

嘿，Simran，我是 Warren。也許我會先問中國問題，然後看看史蒂夫是否還有什麼要補充的，然後他可以回答其他問題。你看，我們在亞洲有一支優秀的團隊。特別是在中國，我們擁有一支經驗豐富的團隊。他們在培訓和與我們的分銷夥伴合作方面做得非常出色。所以我們對我們的團隊感到非常自豪。

From a leadership standpoint, Asia is the most -- it's the most revenue in the organization, of course. China is the most valuable country from a dollars and unit standpoint. And therefore, we want to have our leadership, particularly high-level leadership, co-located in the region. So that was really the decision that we made from a strategic standpoint.

從領導階層的角度來看，亞洲是該組織中收入最多的地區。從美元和單位的角度來看，中國是最有價值的國家。因此，我們希望我們的領導層，特別是高層領導層，能夠駐紮在該地區。所以這確實是我們從策略角度做出的決定。

We have the benefit, as we announced publicly of Wei Jiang joining us to take a leadership position in China on a bit of an interim basis as the APAC Head of Strategy. And he's an accomplished man. He's an accomplished leader, has great experience in the region, not just in China, understands in local language and local custom how to operate in China. And so he really is helping us -- I won't even say double click, I would say triple click on where the opportunities are, where we've had success and can replicate that and where we've had challenges and can overcome those.

我們的優勢在於，我們公開宣布蔣偉加入我們，擔任亞太區策略主管，並臨時在中國擔任領導職務。他是一位有成就的人。他是一位有成就的領導者，不僅在中國，而且在該地區都有豐富的經驗，他懂得如何透過當地語言和當地習俗在中國開展業務。所以他確實在幫助我們——我什至不會說雙擊，我會說三擊，找到機會在哪裡，在哪裡我們取得了成功並可以復制，在哪裡我們遇到了挑戰並可以克服這些挑戰。

And so we're really excited about what he and what the team he's taking with him bring to China, but it doesn't change the underlying fundamental of we've got the right team on the field there in China as it is.

因此，我們對他和他帶領的球隊給中國帶來的影響感到非常興奮，但這並沒有改變我們在中國已經擁有合適球隊的根本事實。

Great. And then the second part of the question was pace of recovery. We know ICL procedures are up year over year. They're up dramatically over Q4. The prevalence of myopia is continuing to grow.

偉大的。問題的第二部分是復甦的速度。我們知道 ICL 手術的手術量逐年增加。它們在第四季度大幅上漲。近視的盛行率持續成長。

The Chinese government just this morning announced across the Board rate cuts. We will have worked through our inventory by the end of next month. And so we feel like the trends are all moving in the right direction for a strong second half of the year for us in China.

中國政府今天上午剛宣布全面降息。我們將在下個月底之前完成庫存清點。因此，我們感覺到所有趨勢都在朝著正確的方向發展，預計今年下半年我們在中國市場將呈現強勁成長。

Okay. That's helpful. And maybe just for my follow-up regarding the cost-cutting measures that you're implementing. It seems like it's targeted primarily at the US business, and you talked about inefficiencies and spend there.

好的。這很有幫助。也許只是為了跟進您正在實施的成本削減措施。它似乎主要針對美國業務，而您談到了那裡的效率低下和支出問題。

Could you elaborate on what those inefficiencies were? And what does this signal about your US strategy or just broader commitment to the US opportunity longer term?

能詳細說明一下這些低效率是什麼嗎？這對您的美國戰略或對美國長期機會的更廣泛承諾有何啟示？

Yes. I'll take a shot at it, Simran. It's a good question. Look, the US is a critical market for us.

是的。我會嘗試一下，西姆蘭。這是個好問題。你看，美國對我們來說是一個重要的市場。

It remains a critical market. It also remains a very, very small percentage of our total global business-- and we invested very heavily to get uptake in the US business. And you could argue we've done it. There's 11% growth even in the quarter in the backdrop of what again is another quarter of -- if you listen to refractive surgery council, they'll tell you lasers are down 15.5% almost.

它仍然是一個關鍵的市場。它在我們的全球業務總量中所佔的比例仍然非常小——而且我們投入了大量資金來擴大美國業務。您可能會說我們已經做到了。即使在另一個季度的背景下，本季也實現了 11% 的成長——如果你聽聽屈光手術委員會的話，他們會告訴你雷射的銷售額幾乎下降了 15.5%。

And so there's still a very wide delta between the laser market and what we've performed in the US. So we're proud of that. But when you think about the direct-to-consumer marketing, when you think about some of the efforts we've taken, which are very large to expand the organization to invest heavily in every conference, every meeting.

因此，雷射市場與我們在美國的表現之間仍然存在著很大的差距。所以我們對此感到自豪。但當你想到直接面向消費者的行銷時，當你想到我們已經採取的一些努力時，這些努力非常大，可以擴大組織規模，在每次會議、每次會議上投入大量資金。

Oftentimes at the gold and platinum level sponsorships, it doesn't mean we're not going to sponsor and support. It just means we need to make sure we take a measured approach as we get growth, but we get measured growth.

通常，對於黃金和白金級別的贊助，並不意味著我們不會贊助和支持。這只是意味著我們需要確保在實現成長時採取一種有節制的方法，但我們獲得的是可衡量的成長。

So resources are valuable. We're going to continue to put some in the US, but we're also going to make sure that we're putting maximum resources in the markets that can matter most. Many of those are in Asia, but we're also having success in Europe, particularly in some of our distributor markets where you see the emerging opportunities.

所以資源是寶貴的。我們將繼續在美國投入一些資金，但我們也將確保將最多的資源投入最重要的市場。其中許多是在亞洲，但我們在歐洲也取得了成功，特別是在一些經銷商市場，您可以看到新興的機會。

So we'll balance the investments. We'll be measured in our approach with reductions in the US, but we're going to make sure we rightsize the -- any particular business for the amount of revenue that we're getting.

所以我們會平衡投資。我們將在美國採取削減措施，但我們將確保根據我們所獲得的收入金額對任何特定業務進行適當的調整。

Yes. I'd make a couple of other comments. The first is we are a big part of what we're doing is rightsizing our facilities. So we've got underutilized facilities, and we need to improve that. The other thing I would say about the cuts is although they are fairly -- the cuts are not small, let's put it that way.

是的。我還要提出幾點其他的評論。首先，我們正在做的很大一部分工作就是調整我們的設施規模。所以我們的設施沒有充分利用，我們需要改進。關於削減，我想說的另一件事是，儘管削減幅度相當大——可以這麼說，削減幅度並不小。

All they're doing is getting us back to where we were 18 months ago. And we had a very successful business 18 months ago, and we're just really putting our SG&A level back to that 2023 run rate. So are the cuts meaningful? Yes. But they're not so deep that they're going to impact the day-to-day operation. We were a very successful business 18 months ago, and we're going back to those SG&A levels.

他們所做的只是讓我們回到 18 個月前的狀態。18 個月前，我們的業務非常成功，我們實際上正在將銷售、一般及行政費用水準恢復到 2023 年的運作率。那麼削減是否有意義？是的。但它們的影響還不至於影響日常營運。18 個月前，我們的業務非常成功，而現在我們的銷售、一般及行政費用 (SG&A) 又回到了原來的水平。

Got it. That's very helpful. And sorry, just one quick point of clarification on the tariffs. Are you assuming anything in terms of retaliatory tariffs going into effect after the 90-day pause is lifted?

知道了。這非常有幫助。抱歉，我只想就關稅問題做一點澄清。您對 90 天的暫停期結束後將實施的報復性關稅有何假設？

So we don't know what's going to happen from a tariff perspective. But we are really in good shape through the end of this year. If the tariffs stay at the 145%, we're probably going to have to ship some inventory to China that's not in country. We don't think it will be material, but we've got thousands of SKUs. And so we may have to ship some inventory in country.

因此，我們不知道從關稅角度來看會發生什麼。但到今年年底我們的狀況確實很好。如果關稅維持在 145%，我們可能不得不將一些不在中國境內的庫存運往中國。我們認為這不會是實質的，但我們有數千個 SKU。因此我們可能需要向國內運送一些庫存。

Broadly speaking, though, I don't think that President Trump's approach or his intent is to throw us into a global recession. And so we are optimistic that we -- there will be a solution worked out that dramatically reduces those tariffs. If that doesn't happen, we'll be ramping up our Switzerland facility, and we have a safety valve. You may have seen that the Vice Premier of China and Scott Bessent are meeting in Switzerland because it's a neutral site, well, that's where we are trying to set up our manufacturing. So we feel pretty good about our position longer term.

不過，從廣義上講，我並不認為川普總統的做法或意圖是讓我們陷入全球經濟衰退。因此，我們樂觀地認為，我們將會找到解決方案，大幅降低這些關稅。如果這種情況沒有發生，我們將擴大我們在瑞士的工廠，我們有一個安全閥。您可能已經看到中國副總理和斯科特·貝森特在瑞士會面，因為那裡是一個中立的地點，我們正試圖在那裡建立我們的製造基地。因此，我們對自己的長期地位感到非常滿意。

Operator, we are at time, but let's unmute the last questioner, please.

接線員，時間到了，請讓我們取消最後一位提問者的靜音。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Beautiful. Thanks, guys. I'll keep it to one just to keep it snappy. The US side of things is kind of a fallen from Simmons side of things. You know, how do you think about the go to market there, get the investment side of things? But there was a bunch of initiatives. There was Highway 93, and then there was, like, trying to support surgeons on lens selection. Do you think the strategic approach with the right one or is that something you think you might end up changing?

美麗的。謝謝大家。我會將其限制為一個，以保持其敏捷。與西蒙斯相比，美國方面的情況有點落後。您知道嗎，您如何看待進入那裡的市場並獲取投資方面的資訊？但還是有很多舉措。有 93 號高速公路，然後，就像，試圖支持外科醫生選擇鏡片一樣。您認為這種戰略方針是正確的嗎？或者您認為最終可能會改變這種戰略方針？

Yes. Thanks, Patrick, for the question. Look, we're never satisfied. But I wouldn't say I'm proud of what we've done in the US. The reality is that two years in a row since we started executing some of those strategic initiatives, it's been against the backdrop of sort of a soggy economy and a challenged laser refractive market.

是的。謝謝帕特里克提出的問題。瞧，我們永遠不會滿足。但我不會說我為我們在美國所做的事情感到自豪。事實是，自從我們開始執行這些戰略舉措以來，連續兩年都是在經濟低迷和雷射屈光市場面臨挑戰的背景下進行的。

And that's why I think you heard Steve talk about we've got to open up our aperture and stop talking about just laser vision correction procedures and which one of those can spit out the funnel to us. We've got to talk about getting folks out of glasses and contacts and getting people into the funnel. So you're going to hear us looking for opportunities there. But as far as strategic initiatives, specific ones you named like US Highway 93 and others.

這就是為什麼我認為你聽到史蒂夫說我們必須打開我們的光圈，而不是只談論雷射視力矯正程序，以及哪一個可以向我們吐出漏斗。我們必須討論如何讓人們擺脫眼鏡和隱形眼鏡，並讓他們進入渠道。所以你會聽到我們在那裡尋找機會。但就策略性舉措而言，您提到的具體舉措包括美國 93 號公路等。

Look, we are still focused on helping our customers be clinically capable. We want them to be clinically confident. We want them to be economically confident. And when we accomplish that, that really allows them to create a culture in their own practice that says we're EVO ready and we have an ecosystem which will welcome a patient who could be open to an EVO ICL and can take them down the road of conversion, which leads to a great clinical outcome for that patient. So none of that's changed.

你看，我們仍然專注於幫助我們的客戶提高臨床能力。我們希望他們在臨床上充滿信心。我們希望他們在經濟上充滿信心。當我們實現這一點時，這確實使他們能夠在自己的實踐中創造一種文化，表明我們已經做好了 EVO 的準備，並且我們有一個生態系統，它將歡迎願意接受 EVO ICL 的患者，並引導他們走上轉化之路，從而為該患者帶來良好的臨床結果。所以這一切都沒有改變。

The only thing I would say is in addition to what we've been doing, because US Highway 93 was really just language around how do we segment and target customers, so we use our scarce resources to go after customers who can do more with EVO ICL because of their practice economics, because of their willingness to operate on the eye rather than just use lasers, because they already have a refractive stream of patients coming in.

我唯一想說的是，除了我們一直在做的事情之外，因為 93 號美國高速公路實際上只是關於如何細分和定位客戶的語言，所以我們利用稀缺的資源去尋找那些可以通過 EVO ICL 做更多事情的客戶，因為他們的實踐經濟效益，因為他們願意對眼睛進行手術而不僅僅是使用激光，因為他們已經有了屈光患者流。

Those are all reasons why we would focus on a customer. We'll still do that. We'll also create pathways, and we've already done it to bring other customers who want to be part of the ICL revolution. They come to us and say, we want to do EVO as well, we have to have an onboarding for them.

這些都是我們關注客戶的原因。我們仍會這麼做。我們還將創建途徑，並且我們已經這樣做了，以吸引其他想要參與 ICL 革命的客戶。他們來找我們說，我們也想做 EVO，我們必須提供他們入職培訓。

And so we're creating that pathway through their commitment allows us to invest alongside them. So I'm probably as excited as I've ever been about the US and the opportunity. We're just simply saying from a cost management standpoint, we're going to make sure that we right size that as we go forward.

因此，我們透過他們的承諾創造了一條途徑，使我們能夠與他們一起投資。所以我可能對美國和這個機會感到前所未有的興奮。我們只是從成本管理的角度簡單地說，我們將確保在未來的過程中正確調整規模。

Operator, I turn the call back to you.

接線員，我把電話轉回給您。

This concludes the question-and-answer session, and this also concludes the conference. Thank you for attending today's presentation. You may all now disconnect.

問答環節到此結束，會議也到此結束。感謝您參加今天的演講。你們現在都可以斷開連結了。