0001860742-26-000088
SEC filingQ2 营收增 9% 至 $1,394M，扭亏为盈，Pharmaceuticals 与 Surgical 驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,394M | $1,278M | +9% |
| Gross Profit | $862M | $753M | +14% |
| Gross Margin | 62.1% | 59.0% | +310bps |
| Operating Income | $83M | -$11M | +$94M |
| Operating Margin | 6.0% | -0.9% | +690bps |
| Net Income | -$14M | -$62M | +$48M |
| Diluted EPS | -$0.04 | -$0.18 | +$0.14 |
| Operating Cash Flow | $185M (H1) | $10M (H1) | +$175M |
| Free Cash Flow | $14M (H1) | -$189M (H1) | +$203M |
Q2 营收增长 9% 至 $1,394M，主要由 Pharmaceuticals (+15%) 和 Surgical (+19%) 驱动。增长桥显示：net realized pricing 贡献 $59M，volumes 贡献 $47M，FX 贡献 $12M，acquisitions 贡献 $3M，部分被 divestitures/discontinuations 抵消 $5M。
Gross Margin 提升 310bps 至 62.1%，主要受益于 product mix 改善，以及去年同期 XIIDRA® 收购相关的 inventory step-up 摊销影响。Operating Margin 大幅改善 690bps 至 6.0%，反映营收增长和毛利率提升的杠杆效应。
盈利质量方面，Net Loss 收窄至 $14M，主要由于 Operating Income 增加 $94M 和 Interest Expense 下降 $35M，但被 Income Tax 增加 $88M 部分抵消。剔除一次性项目（资产减值 $9M、重组成本 $4M 等）后，run-rate 盈利能力显著改善。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Vision Care | $784M | +4% | $229M | 29% | SiHy Daily lenses、Ultra®、Biotrue® |
| Pharmaceuticals | $354M | +15% | $89M | 25% | MIEBO®、XIIDRA® |
| Surgical | $256M | +19% | $17M | 7% | premium IOLs，enVista® 召回后复苏 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $367M | -$16M |
| Total Debt | $5,128M | +$21M |
| Inventory | $999M | +$23M |
| Operating Cash Flow | $185M (H1) | +$175M |
| Capex | $171M (H1) | -$28M |
| Free Cash Flow | $14M (H1) | +$203M |
Net Debt 约 $4,761M（$5,128M - $367M），EBITDA 未披露，无法计算杠杆率。