Financial Data and Key Metrics Changes - Total net sales for Q4 2025 were $57.8 million, compared to $49 million in the same quarter last year, driven by a lower than expected rebound in sales in China, partially offset by growth in the Americas and non-China APAC regions [21] - Gross profit margin for Q4 2025 was 75.7%, up from 64.7% in the prior year quarter, primarily due to cost reductions and the ramp-up of Swiss manufacturing [22] - Adjusted EBITDA for Q4 2025 was a loss of $200,000, an improvement from a loss of $20.8 million in the year-ago quarter [24] Business Line Data and Key Metrics Changes - China net sales in Q4 2025 were $17.5 million, up from $7.8 million in the year-ago quarter, although certain sub-distributors returned inventory, impacting sales [21] - Excluding China, net sales declined by 2% year-over-year, with the Americas up 18%, EMEA down 20%, and APAC ex-China up 2% in Q4 [22] Market Data and Key Metrics Changes - In China, demand for EVO ICL recovered at mid-single digit rates, but did not translate into net sales growth due to inventory reductions by distributors [10] - The U.S. business showed momentum despite a decline in laser vision correction procedures, with an expanded age range indication for EVO increasing the potential candidate pool by approximately 8 million [11] Company Strategy and Development Direction - The company aims for growth, improving profitability, and progress across its innovation pipeline in 2026, following a challenging 2025 [8] - Focus on enterprise-wide impacts and disciplined investing to drive profitability, including manufacturing improvements and optimizing average selling prices (ASPs) [13] - The launch of EVO+ in China and the expansion of the LIOLI injector for EVO ICL procedures are key components of the growth strategy [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in China and the potential for growth in 2026, despite previous macroeconomic challenges [10] - The company is focused on restoring revenue and maintaining cost discipline, with a target for profitability in FY 2026 [25][26] - Management emphasized the importance of innovation and the need to bring new products to market to maintain competitive advantage [85] Other Important Information - The company has engaged a search firm to find a permanent CEO, indicating a focus on leadership stability during this transition [8] - The company has no debt and ended Q4 2025 with approximately $187.5 million in cash equivalents and investments [25] Q&A Session Summary Question: Have the reductions in distributor inventory continued into Q1? - Management confirmed that inventory levels are stable and below contractual levels, indicating readiness for market recovery [32] Question: How does the health of the organization compare to pre-Alcon? - Management noted that expenses have been controlled since Q1 2025, and the organization is aligned around growth and profitability goals [36] Question: What is the expected growth for 2026? - Management refrained from providing specific guidance but expressed optimism about growth in both China and ex-China markets [44] Question: How is the company addressing inventory management in China? - Improved processes and weekly oversight of inventory levels have been implemented to prevent future buildups [47] Question: What is the strategy for U.S. growth versus China growth? - Management emphasized that while China remains the largest opportunity, the U.S. business is also seeing success and will continue to be a focus [53]

Core Viewpoint - The "2026 Maritime Light" academic conference on optometry and visual science highlighted Huaxia Eye Hospital's achievements in refractive surgery, showcasing its innovative practices and clinical quality, which earned multiple prestigious awards [1][4][24]. Group 1: Awards and Recognition - Huaxia Eye Hospital received the "High-Quality Development Contribution Award" for performing over 7,000 new SMILE pro surgeries, reflecting its commitment to standardized, safe, and high-quality surgical practices [4]. - The Xiamen University Affiliated Xiamen Eye Center completed over 3,500 surgeries, while Chengdu Aidi Eye Hospital and Zhengzhou Huaxia Vision Eye Hospital completed over 1,500 and 1,300 surgeries respectively, earning them the "High-Quality Development Contribution Award" for exceeding 1,000 cases [8]. - Huaxia Eye Hospital was recognized with the "Non-Public Medical EVO ICL Project Innovation Breakthrough Award" for its extensive experience and advancements in ICL technology since 2010 [15]. Group 2: Technological Advancements - The hospital introduced the new EVO+ ICL (V5) technology, establishing a nationwide clinical application network and enhancing its leadership in refractive surgery [12]. - The launch of the "Large Optical Zone Intraocular Lens ICL (V5)" technology was a significant milestone, showcasing Huaxia Eye Hospital's expertise and experience in the field [11]. Group 3: Academic Contributions - Huaxia experts actively participated in various academic sessions, demonstrating their influence and technical capabilities in the field of refractive surgery [23]. - The hospital's commitment to academic exchange was evident through its involvement in specialized discussions and practical training sessions during the conference [21][23]. Group 4: Strategic Development - Huaxia Eye Hospital's success is attributed to over 20 years of dedication in the refractive surgery field, focusing on the integration of technology, talent, platform, and service [24]. - The hospital aims to enhance its dual strategy of "corneal laser surgery" and "intraocular lens surgery," accelerating the clinical research of EVO+ ICL (V5) and expanding the application of advanced technologies like new SMILE pro and all-light shaping [24].

Core Viewpoint - The introduction of the "Zeiss Next-Generation Robot All-Laser SMILE VISUMAX 800" at Ningbo Yinzhou Eye Hospital marks a significant advancement in refractive surgery, promising a faster, smarter, and safer experience for patients with myopia and astigmatism [1] Group 1: Advantages of VISUMAX 800 - The device completes key scanning steps in just 10 seconds, significantly reducing patient anxiety and minimizing external interference risks during the procedure [2] - It features intelligent tracking and automatic correction capabilities, allowing for precise adjustments even if the patient's eye moves slightly, enhancing visual quality post-surgery, especially for astigmatism patients [2] - The upgraded suction system reduces the incidence of complications by approximately 94%, and the precise control of laser energy minimizes corneal tissue damage, increasing patient confidence in the procedure [2] Group 2: Expert Insights and Hospital Commitment - The hospital's team, led by Dr. Huang Xu, emphasizes the benefits of the VISUMAX 800 in providing a shorter cooperation time during surgery, reducing psychological burden, and improving overall surgical experience [3] - The Ningbo Yinzhou Eye Hospital has a strong foundation in refractive surgery, having performed tens of thousands of procedures, and Dr. Huang has received official operational certification for the VISUMAX 800 [3] - The hospital aims to integrate advanced technology with clinical expertise to offer high-quality refractive services to local residents, ensuring they have access to international standards of care [5] Group 3: Technological Advancements Timeline - The hospital has progressively adopted cutting-edge technology, introducing VISUMAX equipment in 2021, advancing to the all-laser 3.0 era, and planning to implement the VISULYZE system in 2024 [4] - The introduction of VISUMAX 800 in 2025 is expected to revolutionize the refractive surgery experience, enabling a "10-second vision correction" era [4]