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| Statement |
|---|
| In the quarter, we saw strong demand for cataract and vitrect consumables, particularly in international markets |
| We have very strong production facilities in the U.S |
| So whatever that revenue is, it's very, very positive on a margin basis |
| This is driven by our broad portfolio of innovative products, solid commercial execution in robust markets |
| Honestly, I think our designs are very stable, they're easy to fit and they settle quickly and that is a really exciting phenomenon to see |
| We expanded core operating margin by a 150 basis points to 19.7% |
| So we can get our consumables really launched at a premium and we feel really good about that |
| And so I think that's directionally how we see this thing playing out, which is a reasonably premium equipment capital, but really importantly, a nice steady consumable over a long stretch of time |
| And we're very pleased with the reception, I think to Vivity and PanOptix |
| Our markets are growing and remain healthy |
| We're demonstrating our ability to execute commercially, and we're steadily advancing our pipeline |
| I'm excited about our product pipeline and our commercial agenda |
| So pretty good pricing, not great pricing, but very European I would say based pricing |
| And I think in this way, our prices are better than our floor prices around the world |
| And so that plus what has happened historically is when you go into VBP the first time, you get a very good price |
| We grew nicely in consumables |
| So you should have -- we should have expected to see a better than historical rate in '23 and we did |
| I think directionally in '24, we see the same thing kind of a very positive ahead of market growth performance |
| And so that with the medication reduction over the time, time horizon has been really a positive impact on folks |
| But we grew nicely with Hydrus, continue to grow nicely with Hydrus and expect to kind of grow share in that market |
| And then, you obviously see continued operating leverage throughout the year and that's what's driving the margin rate improvement for this year |
| UNITY DX is a first of its kind whole eye analyzer that combines six separate devices into a single machine to deliver best-in-class performance at a lower price |
| So if half of our business can grow nicely with the consumables business, we're going to be in a pretty good place |
| Our refractive equipment has done well and we've really done -- across the board, we've had a really exciting year for equipment |
| We're very pleased with the performance of ARGOS, which continues to see very strong adoption |
| So ARGOS has done very well |
| As I reflect on 2023, I'm extremely proud of what the team has accomplished |
| So we're excited about the mechanism |
| But I think the reason we point these out right now is because we're very confident in the pipeline and we feel really good about our ability to kind of grow steadily over a broad portfolio of stuff |
| And when you think about Systane, it is a high margin eye drop that's over-the-counter that has really strong durability |
| Statement |
|---|
| In terms of phasing, we expect both the first and second quarters to be pressured by approximately one percentage point with recovery in the back half of the year |
| So the reimbursement hiccups with some of the other products caused some stalling, I think in the market soft -- this market was a little bit softer than normal than we would have expected |
| on AT-IOLs for the PC category, but we've lost a little bit in Toric |
| And I think it's very difficult to improve on it |
| And if others are having a little bit of trouble making product, again that's I'm sure a short term problem for them, but we will certainly supply in an unconstrained fashion for the indefinite future |
| I think as we introduce our own upgrade, we're likely to see some stalling of equipment |
| This forecast reflects approximately 30 basis points of foreign exchange headwinds versus prior year |
| We expected, I think in many ways, to face more competitive pressure than we have |
| And so I think on a year-on-year basis, it's very difficult to absorb that |
| Look, I mean, clearly, Surgical will lag Vision Care next year by a little bit, but not a ton |
| We could be surprised and I've been surprised before, we called it a little bit soft this year, we were wrong |
| I think you got to remember there's a big push in the market to generics right now and as a number of the glaucoma products have gone generic, there has been a lot of access pressure |
| I think the market was net negative in value |
| The 100 basis points in the first half is down year-over-year |
| I think we'll see, as what we're really concerned about is not pricing out the consumer from trading up to dailies, because that's really where our principal interest is |
| Do you think there's a quarter by the first quarter, second quarter possibly where we could see equipment sales down year-on-year? Thanks |
| While contact lens care market is broadly flat, we do except to see year-over-year growth in this category due to the supply chain challenges we faced in 2023 |
| The discontinuation rate, I think, was inconsequential, like 1% or 2% |
| So I think directionally there has been a little bit of a slowing both in the market |
| But we've been a little bit surprised that how successful we've been taking share |
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