愛齊科技 (ALGN) 2024 Q1 法說會逐字稿

Greetings. Welcome to the Align First Quarter 2024 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Align 2024 年第一季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Shirley Stacy, with Align Technology. You may begin.

我現在將會議轉交給您的主持人雪莉史黛西 (Shirley Stacy)，她是 Align Technology 的負責人。你可以開始了。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

I'm Shirley Stacy, Vice President of Corporate Communications and Investor Relations. Joining me for today's call is Joe Hogan, President and CEO; and John Morici, CFO.

我是雪莉‧史黛西，企業傳播與投資人關係副總裁。與我一起參加今天電話會議的是總裁兼執行長 Joe Hogan；和財務長約翰·莫里奇。

We issued first quarter 2024 financial results today via Business Wire, which is available on our website at investor.aligntech.com. Today's conference call is being audio webcast and will be archived on our website for approximately 1 month.

我們今天透過美國商業資訊發布了 2024 年第一季財務業績，該業績可在我們的網站 Investor.aligntech.com 上取得。今天的電話會議採用音訊網路直播，並將在我們的網站上存檔約 1 個月。

As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events and product outlook. These forward-looking statements are only predictions and involve risks and uncertainties that are described in more detail in our most recent periodic reports filed with the Securities and Exchange Commission available on our website at sec.gov. Actual results may vary significantly and Align expressly assumes no obligation to update any forward-looking statement.

提醒一下，今天提供和討論的資訊將包括前瞻性陳述，包括有關 Align 未來事件和產品前景的陳述。這些前瞻性陳述僅是預測，涉及風險和不確定性，這些風險和不確定性在我們向美國證券交易委員會提交的最新定期報告中進行了更詳細的描述，該報告可在我們的網站sec. gov 上獲取。實際結果可能會有很大差異，Align 明確表示不承擔更新任何前瞻性聲明的義務。

We have posted historical financial statements with corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable, and our first quarter 2024 conference call slides on our website under Quarterly Results. Please refer to these files for more detailed information.

我們已發布歷史財務報表以及相應的調節表，包括我們的 GAAP 與非 GAAP 調節表（如果適用），以及我們網站上「季度業績」下的 2024 年第一季電話會議投影片。請參閱這些文件以獲取更多詳細資訊。

With that, I'll turn the call over to Align Technology's President and CEO, Joe Hogan. Joe?

接下來，我會將電話轉給 Align Technology 的總裁兼執行長 Joe Hogan。喬？

Thanks, Shirley. Good afternoon, and thanks for joining us on our call today.

謝謝，雪莉。下午好，感謝您今天參加我們的電話會議。

I'll provide an overview of our first quarter results and discuss a few highlights from our 2 operating segments, System Services and Clear Aligners. John will provide more detail on our Q1 financial performance and comment on our views for the second quarter and 2024 in total. Following that, I'll come back and summarize a few key points and open the call to questions.

我將概述我們第一季的業績，並討論我們兩個營運部門（系統服務和透明對準器）的一些亮點。 John 將提供有關我們第一季財務業績的更多詳細信息，並對我們對第二季和 2024 年整體業績的看法發表評論。接下來，我將回來總結幾個要點並開始提問。

I'm pleased to report better-than-expected revenue and earnings for the first quarter and a solid start to the year. For Q1, total worldwide revenues were up 5.8% year-over-year, reflecting 3.5% growth from our Clear Aligner segment and 17.5% growth from Systems and Services. On a year-over-year basis, Q1 revenue growth was up across all regions and was driven by strong Clear Aligner volumes, primarily in the Asia Pacific region. Year-over-year growth also reflects strength in the orthodontic channel with total Invisalign case starts from teens and younger patients up 5.8% year-over-year, driven by continued momentum across all regions from Invisalign First, as well as Invisalign DSP touch-up cases.

我很高興地報告第一季的收入和收益好於預期，並為今年帶來了良好的開局。第一季度，全球總營收年增 5.8%，其中透明對準器部門成長 3.5%，系統和服務部門成長 17.5%。與去年同期相比，第一季所有地區的營收成長均有所成長，這主要得益於透明矯正器銷售的強勁成長，主要是在亞太地區。同比成長也反映了矯正通路的實力，在Invisalign First和Invisalign DSP touch在所有地區持續成長的推動下，來自青少年和年輕患者的Invisalign隱適美病例總數同比增長了5.8%。

On a sequential basis, Q1 total revenues were up 4.3%, reflecting a sequential increase in Clear Aligner revenues. Especially for North American orthodontists, as well as strong Systems and Services revenues, primarily driven by iTero Lumina wand upgrades in North America. During the quarter, we achieved several significant milestones. We completed the acquisition of Cubicure, a leader in direct 3D printing solutions, which is the foundation for our next generational aligner manufacturing. We successfully launched the iTero Lumina intraoral scanner, our next generation of digital scanning technology. We launched the Invisalign Palatal Expander or IPE system in the U.S. and Canada and received regulatory approval for the Invisalign Palatal Expander in Australia and New Zealand.

從環比來看，第一季總營收成長了 4.3%，反映出 Clear Aligner 營收的環比成長。特別是對於北美正牙醫生來說，以及強勁的系統和服務收入，主要是由北美的 iTero Lumina 魔杖升級所推動的。在本季度，我們實現了幾個重要的里程碑。我們完成了對直接 3D 列印解決方案領導者 Cubicure 的收購，這是我們下一代對準器製造的基礎。我們成功推出了 iTero Lumina 口腔內掃描儀，這是我們的下一代數位掃描技術。我們在美國和加拿大推出了 Invisalign 隱適美腭擴張器或 IPE 系統，並在澳洲和紐西蘭獲得了監管部門的批准。

Q1 Systems and Services revenue year-over-year growth reflects nonsystems revenues driven by iTero Lumina wand upgrades and higher scanner volumes and increased services revenue from a larger base of scanners sold. On a sequential basis, Q1 Systems and Services revenue were up 3.1%, reflecting growth from nonsystems revenues and higher scanner ASPs, partially offset by lower volumes due to seasonality, a strong fourth quarter. The iTero Lumina intraoral scanner is available now with orthodontic workflows as a new standalone scanner or as a wand upgrade to iTero Element 5D Plus. The restorative workflow is expected to be available in the fourth quarter of 2024.

第一季系統和服務收入年增率反映了 iTero Lumina 掃描棒升級和掃描器銷量增加推動的非系統收入以及掃描器銷量增加帶來的服務收入增加。以環比計算，第一季系統和服務收入增長了3.1%，反映出非系統收入和掃描儀平均售價的提高帶來的增長，但部分被季節性因素導致的銷量下降所抵消，第四季度表現強勁。 iTero Lumina 口內掃描器現已作為新的獨立掃描器或作為 iTero Element 5D Plus 的掃描棒升級版與正畸工作流程一起使用。恢復性工作流程預計將於 2024 年第四季推出。

In the meantime, GP practices can benefit from the iTero Lumina's new multi-direct capture technology that replaces the confocal imaging technology in earlier models. The iTero Lumina intraoral scanner has a 3x wider field of capture and a 50% smaller and 45% lighter wand, delivering faster scanning speed, higher accuracy, super visualization and more comfortable scanning experience.

同時，全科醫生診所可以受益於 iTero Lumina 的新型多重直接捕獲技術，該技術取代了早期型號中的共焦點成像技術。 iTero Lumina 口腔內掃描儀具有3 倍更寬的捕獲範圍、尺寸縮小50%、重量減輕45% 的掃描桿，提供更快的掃描速度、更高的精度、超強的可視化和更舒適的掃描體驗。

Overall, we're really pleased with the launch of iTero Lumina scanner. Customer feedback has been positive, and we're really excited about the feedback from doctors. So we've included some great verbatims in our webcast slides.

總的來說，我們對 iTero Lumina 掃描器的推出感到非常高興。客戶的回饋是正面的，我們對醫生的回饋感到非常興奮。因此，我們在網路廣播幻燈片中包含了一些精彩的逐字記錄。

Q1 total Clear Aligner revenues were up year-over-year reflecting revenue growth across the regions from strong year-over-year volume growth across APAC markets, as well as the EMEA region. For the Americas region, Q1 Clear Aligner volume was consistent with prior year. For Q1, total Clear Aligner shipments were up 2.1% sequentially, reflecting seasonality with increased volumes in the Americas regions, offset somewhat by EMEA and APAC regions.

第一季透明牙套總營收年增，反映了亞太地區市場以及歐洲、中東和非洲地區銷量較去年同期強勁成長帶來的各地區營收成長。對於美洲地區，第一季透明矯正器銷售與去年一致。第一季度，透明矯正器的總出貨量較上季成長 2.1%，反映出季節性因素，美洲地區銷量增加，但被歐洲、中東和非洲和亞太地區部分抵銷。

For Q1, Clear Aligner shipments include over 23,000 Invisalign Doctor subscription cases or DSP touch-up cases, primarily from North America ortho channel, an increase of approximately 49% year-over-year from Q1 '23.

第一季度，Clear Aligner 出貨量包括超過 23,000 個 Invisalign Doctor 訂閱盒或 DSP 修飾盒，主要來自北美矯形管道，比 2023 年第一季同比增長約 49%。

The DSP touch-up cases are a component of the overall DSP program, which consists of retainers and touch up cases or aligners, and it continues to be an important offering for our customers and their patients. DSP is currently available in the United States, Canada, Iberia, Nordics, the U.K. and most recently, in Italy, France and Poland. We expect to continue expanding DSP into other country markets and EMEA in Q2 including a 14-stage touch-up aligner offering.

DSP 修補盒是整個 DSP 計劃的組成部分，該計劃由固定器和修補盒或矯正器組成，它仍然是我們的客戶及其患者的重要產品。 DSP 目前在美國、加拿大、伊比利半島、北歐、英國以及最近在義大利、法國和波蘭推出。我們預計在第二季繼續將 DSP 擴展到其他國家市場和 EMEA，包括 14 階段修補對準器產品。

For non-case revenues, Q1 was up 7.5% year-over-year, primarily due to continued growth from Vivera Retainers along with Invisalign DSP retainer revenues. In a teen market, nearly 200,000 teens and younger patients started treatment with Invisalign Clear Aligners in Q1, up 5.8% year-over-year. This represents a record number of teen cases shipped as compared to prior quarters, reflecting strength in APAC and EMEA. Teen starts were up sequentially 1.2%, reflecting strength in EMEA and North America, offset by seasonally fewer teen starts in China. While the teen market tends to be less susceptible to consumer demand around discretionary spending and more resilient than adult orthodontic case starts, we're pleased that in Q1, our Clear Aligner volumes for both adults and teens were up sequentially and year-over-year.

對於非案例收入，第一季年增 7.5%，主要得益於 Vivera 維持器和 Invisalign DSP 維持器收入的持續成長。在青少年市場，第一季有近 20 萬名青少年和年輕患者開始使用 Invisalign 隱適美隱形矯正器進行治療，較去年同期成長 5.8%。與前幾季相比，青少年箱的出貨量創下了歷史新高，反映出亞太地區和歐洲、中東和非洲地區的實力。青少年開機率較上季成長 1.2%，反映出歐洲、中東和非洲和北美地區的強勁勢頭，但被中國青少年開機率季節性下降所抵消。雖然青少年市場往往不太容易受到消費者對可自由支配支出的需求的影響，並且比成人正畸病例開始更具彈性，但我們很高興在第一季度，我們針對成人和青少年的透明矯正器銷量連續成長，且較去年同期成長。

We believe the Invisalign Palatal Expander system is one of the most exciting innovations we've developed in our 27-year history and is a better option for expanding a growing patient's narrow pallet. Initial response from doctors and patients for Invisalign Palatal Expander system is positive. The Invisalign Palatal Expander system is not a traditional Invisalign aligner. It's a series of direct 3D-printed orthodontic appliances based on proprietary and patented technology that has 4 systems designed for skeletal expansion. Clinical data shows that Invisalign Palatal Expander system is safe, effective and proven to deliver skeletal expansion.

我們相信，Invisalign 隱適美腭擴張器系統是我們 27 年歷史中開發的最令人興奮的創新之一，也是擴張成長中患者狹窄托盤的更好選擇。醫生和患者對 Invisalign 隱適美腭擴張器系統的初步反應是正面的。 Invisalign 隱適美顎擴張系統不是傳統的 Invisalign 隱適美矯正器。它是一系列基於專有和專利技術的直接 3D 列印矯正器，具有 4 個專為骨骼擴張而設計的系統。臨床數據表明，Invisalign 隱適美腭擴張器系統安全、有效，並證明可實現骨骼擴張。

Specifically, our clinical data is based on 49 patients across the United States and Canada between the ages of 6.9 and 11 with a mean age of 8.8 years. In this group, the mean expansion of 6 millimeters was achieved with minimal tipping with ranges between 3.4 and 10.7 millimeters as measured using the change in intermodal width between the initial and post-expansion scans with a mean expansion efficacy of 97%.

具體來說，我們的臨床數據是基於美國和加拿大的 49 名患者，年齡在 6.9 歲至 11 歲之間，平均年齡為 8.8 歲。在該組中，透過使用初始掃描和擴張後掃描之間的聯運寬度變化測量，最小傾斜範圍在 3.4 至 10.7 毫米之間，實現了 6 毫米的平均擴張，平均擴張效率為 97%。

In addition, we found that survey doctors agree the Invisalign Palatal Expander is less painful than traditional expanders and facilitates better oral hygiene compared to traditional metal expanders. Phase I or early intercepted treatment includes both skeletal, orthopedic and dental orthodontic arch expansion and makes up to 20% of the orthodontic case starts each year. Combined with Invisalign First aligner treatment, Invisalign Palatal Expanders provide doctors with a full early interceptive treatment solution that allows doctors to treat all Phase I patients. We expect Invisalign Palatal Expander to be available in other markets pending future applicable regulatory approvals.

此外，我們發現調查醫生一致認為，與傳統金屬擴張器相比，Invisalign 隱適美腭擴張器疼痛更輕，並且有利於更好的口腔衛生。第一階段或早期攔截治療包括骨骼、骨科和牙科矯正牙弓擴張，佔每年開始的矯正病例的 20%。與 Invisalign First 矯正器治療相結合，Invisalign 腭擴張器為醫生提供了完整的早期攔截治療解決方案，使醫生能夠治療所有 I 期患者。我們預計 Invisalign 隱適美顎擴張器將在其他市場上市，等待未來適用的監管機構批准。

Today, Invisalign is the most recognized orthodontic brand globally, and Invisalign Clear Aligner treatment is faster and more effective than traditional metal braces. Yet the underlying market opportunity remains huge and untapped. We continue to invest in consumer marketing and demand creation initiatives to raise awareness and drive potential patients to Invisalign practices globally. Below are several highlights from Q1 and more information is available in our Q1, '24 earnings webcast slides.

如今，Invisalign 隱適美已成為全球最受認可的矯正品牌，Invisalign 隱適美透明矯正器治療比傳統金屬牙套更快、更有效。然而，潛在的市場機會仍然巨大且尚未開發。我們繼續投資於消費者行銷和需求創造計劃，以提高意識並推動潛在患者在全球範圍內接受 Invisalign 隱適美治療。以下是第一季的幾個亮點，更多資訊請參閱我們的 24 年第一季財報網路廣播投影片。

In Q1 '24, we delivered 14.5 billion impressions and had 43 million visits to our websites globally. To increase awareness and educate young adults, parents and teens about the benefits of the Invisalign brand, we continue to invest and create campaigns in top media platforms such as TikTok, Instagram, YouTube, Snapchat and WeChat across markets, reaching young adults as well as teens and their parents also requires the right engagement to Invisalign influencers and creator-centric campaigns.

24 年第一季度，我們在全球範圍內提供了 145 億次展示次數和 4,300 萬次造訪我們的網站。為了提高年輕人、家長和青少年對Invisalign 隱適美品牌優勢的認識並對其進行教育，我們繼續在各個市場的TikTok、Instagram、YouTube、Snapchat 和微信等頂級媒體平台上投資和開展活動，覆蓋年輕人和青少年青少年及其父母也需要正確參與 Invisalign 隱適美影響者和以創作者為中心的活動。

Our teen Invis is Drama Free campaign was recently recognized by the Association of National Advertisers with a silver award in the REGGIE Awards for creative and strategic excellence. In the U.S., in addition to our ongoing influencer campaigns, we partner with athletes such as Maxx Crosby, TikTok Gen Z influencer, Overtime Meg and the famous fashion designer, Kristin Juszczyk to create a compelling brand activation at the Super Bowl. Our campaigns delivered more than 6.1 billion impressions and 18.1 million unique visitors to our consumer websites across the Americas. In the EMEA region, we partner with influencers to reach consumers across social media platforms, including TikTok and Meta, and launched our global consumer campaigns for teens and parents. Our campaigns delivered more than 1.6 billion media impressions and 8.9 million visitors to our website.

我們的青少年 Invis is Drama Free 活動最近獲得了美國廣告商協會的認可，並因其卓越的創意和策略而榮獲 REGGIE 獎銀獎。在美國，除了我們持續進行的影響者活動外，我們還與Maxx Crosby、TikTok Gen Z 影響者、Overtime Meg 和著名時裝設計師Kristin Juszczyk 等運動員合作，在超級碗上打造引人注目的品牌激活活動。我們的行銷活動在美洲各地為我們的消費者網站帶來了超過 61 億次展示和 1810 萬獨立訪客。在歐洲、中東和非洲地區，我們與有影響力的人士合作，透過 TikTok 和 Meta 等社群媒體平台接觸消費者，並針對青少年和家長發起了全球消費者活動。我們的活動為我們的網站帶來了超過 16 億次媒體曝光和 890 萬訪客。

We continue to invest in consumer advertising across the APAC region, resulting in more than 6.6 billion impressions and 16 million visitors to our websites, a 195% increase year-over-year. We expanded our reach in Japan and India via Meta and YouTube and partnered with key influencers to reach consumers across social media. We saw increased brand interest from consumers as evidenced by a 285% year-over-year increase in unique visitors to our website in India and a 129% increase in Japan.

我們繼續投資整個亞太地區的消費者廣告，為我們的網站帶來了超過 66 億次展示和 1,600 萬訪客，年增 195%。我們透過 Meta 和 YouTube 擴大了在日本和印度的影響力，並與主要影響者合作，透過社群媒體接觸消費者。我們看到消費者對品牌的興趣不斷增加，印度網站的獨立訪客數量年增了 285%，日本的獨立訪客數量較去年同期增加了 129%。

Finally, digital tools such as My Invisalign consumer and patient app continue to increase with 4 million downloads to date and over 381,000 monthly active users, 15% year-over-year growth rate. Q1 '24 Clear Aligner volume from DSO customers increased sequentially, reflecting growth in the Americas and the EMEA regions and increased year-over-year reflecting growth across international regions.

最後，My Invisalign 隱適美消費者和患者應用程式等數位工具持續成長，迄今下載量已達 400 萬次，每月活躍用戶超過 381,000 人，年成長率為 15%。 24 年第一季度，DSO 客戶的透明對準器銷售持續成長，反映了美洲和歐洲、中東和非洲地區的成長，年成長也反映了國際地區的成長。

Dental service organizations, or DSOs, represent a large and growing opportunity to help drive adoption of digital technology across the dental industry. We have established relationships with many DSOs globally, that recognize the benefits of digital workflows enabled by our portfolio of products and services that make up the Align digital platform, including increased practice efficiency and profitability, as well as delivering a better patient experience from shorter cycle times and proximity to their customers.

牙科服務組織 (DSO) 代表著一個巨大且不斷增長的機會，可以幫助推動整個牙科行業採用數位技術。我們與全球許多DSO 建立了合作關係，他們認識到我們構成Align 數位平台的產品和服務組合所帶來的數位工作流程的優勢，包括提高實踐效率和盈利能力，以及透過更短的周期提供更好的患者體驗時間以及與客戶的距離。

Smile Docs and Heartland Dental are some of the largest DSO partners and are continuously exploring collaboration with DSOs that can further adoption of digital dentistry. Each DSO has a different strategy and business model and our focus is on working with the encouraging DSOs aligned with our vision, strategy and business model goals.

Smile Docs 和 Heartland Dental 是最大的 DSO 合作夥伴之一，並且正在不斷探索與 DSO 的合作，以進一步採用數位牙科。每個 DSO 都有不同的策略和業務模式，我們的重點是與符合我們願景、策略和業務模式目標的令人鼓舞的 DSO 合作。

Today, we announced an additional $75 million equity increase in Heartland, following the previous $75 million equity investment a year ago. Heartland is a multidisciplinary DSO with GP and ortho practices across the United States. Their growth strategy includes Heartland's de novo dental practices, which feature modern technology, located in areas with a strong community need for dentistry where Heartland provides practices with opportunities for mentorship, leadership training and continuing education. In the last 4 years, Heartland opened 240 state-of-the-art de novo practices across the U.S. and are planning to continue investing through more de novo openings. We have a shared sense of purpose with Heartland. Their mission is to help doctors and their teams deliver the highest quality digital dental care to the communities they serve.

今天，我們宣布繼一年前對 Heartland 進行 7,500 萬美元的股權投資之後，再增加 7,500 萬美元的股權。 Heartland 是一家多學科 DSO，在美國各地擁有全科醫生和骨科診所。他們的發展策略包括 Heartland 的從頭牙科診所，該診所採用現代技術，位於社區對牙科有強烈需求的地區，Heartland 為診所提供指導、領導力培訓和繼續教育的機會。過去 4 年，Heartland 在美國開設了 240 家最先進的 de novo 診所，並計劃透過更多 de novo 診所繼續投資。我們與 Heartland 有著共同的使命感。他們的使命是幫助醫生及其團隊為他們所服務的社區提供最高品質的數位牙科護理。

With that, I'll now turn it over to John.

有了這個，我現在將把它交給約翰。

Thanks, Joe.

謝謝，喬。

Now for our Q1 financial results. Total revenues for the first quarter were $997.4 million, up 4.3% from the prior quarter and up 5.8% from the corresponding quarter a year ago. On a constant currency basis, Q1 '24 revenues were impacted by favorable foreign exchange of approximately $10 million or approximately 1% sequentially and were unfavorably impacted by approximately $4.8 million year-over-year or approximately 0.5%.

現在是我們第一季的財務業績。第一季總營收為 9.974 億美元，季增 4.3%，比去年同期成長 5.8%。以固定匯率計算，24 年第一季營收受到有利外匯影響約 1,000 萬美元，即環比約 1%，較去年同期受到約 480 萬美元或約 0.5% 的不利影響。

For Clear Aligners, Q1 revenues of $817.3 million were up 4.5% sequentially, primarily from higher ASPs and higher volumes. On a year-over-year basis, Q1 Clear Aligner revenues were up 3.5%, primarily due to higher volumes and ASPs and increased non-case revenues. For Q1, Invisalign ASPs for comprehensive treatment were up sequentially and up year-over-year.

對於透明對準器，第一季營收為 8.173 億美元，比上一季成長 4.5%，這主要得益於平均售價的提高和銷量的增加。與去年同期相比，第一季透明矯正器收入成長了 3.5%，主要是由於銷量和平均售價的增加以及非病例收入的增加。第一季度，Invisalign 隱適美綜合治療 ASP 較上季上升，較去年同期上升。

On a sequential basis, ASPs primarily reflect higher additional aligners and price increases and the variable impact of foreign exchange partially offset by a product mix shift to lower ASP products. On a year-over-year basis, the increase in comprehensive ASPs primarily reflect higher additional aligners and price increases partially offset by a product mix shift to lower ASP products and higher discounts and the unfavorable impact from foreign exchange.

從環比來看，平均售價主要反映了更高的額外調整和價格上漲，以及外匯的變動影響，部分被產品組合轉向較低平均售價產品所抵銷。與去年同期相比，綜合平均售價的成長主要反映了附加調整器的增加和價格上漲，但部分被產品結構轉向較低平均售價產品和較高折扣以及外匯的不利影響所抵消。

For Q1, Invisalign ASPs for non-comprehensive treatment were down sequentially and year-over-year. On a sequential basis, the decline in ASPs reflect unfavorable country mix shift and higher discounts, partially offset by the favorable impact from foreign exchange. On a year-over-year basis, the decrease in non-comprehensive ASPs reflect the product mix shift to lower ASP products, unfavorable country mix shift and higher discounts, partially offset by lower net revenue deferrals.

第一季度，Invisalign 隱適美非綜合治療的 ASP 持續下降且較去年同期下降。從環比來看，平均售價的下降反映了不利的國家結構變化和較高的折扣，但部分被外匯的有利影響所抵消。與去年同期相比，非綜合平均售價的下降反映了產品組合轉向較低平均售價產品、不利的國家組合轉變和更高的折扣，但部分被淨收入遞延減少所抵消。

As a reminder, we announced about a 5% global price increase for some Invisalign products across most markets effective January 1, 2024. This price increase did not include Invisalign Comprehensive Three and Three products. Invisalign Comprehensive Three and Three product is available in North America and in certain markets in EMEA and APAC, most recently launching in French territories and in the Middle East.

謹此提醒，我們宣布自 2024 年 1 月 1 日起，大多數市場的部分 Invisalign 隱適美產品全球價格上漲約 5%。 Invisalign 綜合三號和三號產品在北美以及歐洲、中東和非洲和亞太地區的某些市場有售，最近在法國和中東推出。

We are pleased with the continued adoption of the Invisalign Comprehensive Three and Three product and anticipate it will continue increasing, providing doctors the flexibility they want and allowing us to recognize more revenue upfront with deferred revenue being recognized over a shorter period of time compared to our traditional Invisalign Comprehensive product.

我們對隱適美綜合三號和三號產品的持續採用感到高興，並預計它將繼續增加，為醫生提供他們想要的靈活性，並使我們能夠預先確認更多的收入，與我們的產品相比，遞延收入在更短的時間內確認。

Q1 '24 Clear Aligner revenues were impacted by a favorable foreign exchange of approximately $8.4 million or approximately 1% sequentially. On a year-over-year basis, Clear Aligner revenues were unfavorably impacted by foreign exchange of approximately $3.9 million or approximately 0.5%.

24 年第 1 季 Clear Aligner 營收受到有利外匯的影響，營收約 840 萬美元，比上一季成長約 1%。與去年同期相比，Clear Aligner 的營收受到外匯的不利影響約 390 萬美元或約 0.5%。

Clear Aligner deferred revenues on the balance sheet decreased $26.7 million or 2% sequentially and increased $15.8 million or 1.2% year-over-year and will be recognized as the additional aligners are shipped. Q1 '24 Systems and Services revenue of $180.2 million were up 3.1% sequentially, primarily due to increased nonsystems revenues, mostly related to upgrades and higher ASPs, partially offset by lower volumes.

資產負債表上的 Clear Aligner 遞延收入環比減少 2,670 萬美元，或 2%，年比增加 1,580 萬美元，即 1.2%，並將在額外的矯正器發貨時予以確認。 24 年第一季系統和服務收入為 1.802 億美元，環比增長 3.1%，主要是由於非系統收入增加，主要與升級和更高的 ASP 相關，部分被銷量下降所抵消。

Q1 '24 systems and Services revenue were up 17.5% year-over-year primarily due to increased nonsystems revenues, mostly related to upgrades, higher scanner volumes and higher services revenues from our larger base of scanners sold. CAD/CAM and Services revenue for Q1 represents approximately 51% of our Systems and Services business.

24 年第一季系統和服務收入年增 17.5%，主要是由於非系統收入增加，主要與升級、掃描器數量增加以及我們銷售的掃描器基數增加帶來的服務收入增加有關。第一季 CAD/CAM 和服務收入約占我們系統和服務業務的 51%。

Q1 '24 Systems and Services revenues were favorably impacted by foreign exchange of approximately $1.5 million or approximately 0.9% sequentially. On a year-over-year basis, Systems and Services revenues were unfavorably impacted by foreign exchange of approximately $0.9 million or approximately 0.5%. Systems and Services deferred revenues on the balance sheet was down $14.3 million or 5.5% sequentially and down $25.3 million or 9.4% year-over-year primarily due to the recognition of services revenues, which will -- which is recognized ratably over the service period. The decline in deferred revenues both sequentially and year-over-year reflects the shorter duration of service contracts with initial scanner purchases.

24 年第一季系統和服務收入受到外匯的有利影響，約 150 萬美元，比上一季成長約 0.9%。與去年同期相比，系統和服務收入受到外匯的不利影響約 90 萬美元或約 0.5%。資產負債表上的系統和服務遞延收入環比下降 1,430 萬美元，即 5.5%，年減 2,530 萬美元，即 9.4%，這主要是由於服務收入的確認，這將在服務期間按比例確認。遞延收入連續和同比下降反映了最初購買掃描器的服務合約期限較短。

As our scanner portfolio expands and we introduce new products, we increased the opportunities for customers to upgrade and make trade, in addition to other scanner leasing and rental programs. Developing new capital equipment opportunities to meet the digital transformation needs of our customers and our DSO partners is a natural progression for our equipment business with a large and growing base of scanners sold. We're pleased to be able to leverage our technological innovations and operational capabilities and efficiencies to provide different types of go-to-market models to our customers, such as rentals and leasing, selling the way that our customers want to buy.

隨著我們的掃描器產品組合的擴大和新產品的推出，除了其他掃描器租賃和出租計劃外，我們還增加了客戶升級和進行貿易的機會。開發新的資本設備機會來滿足我們的客戶和 DSO 合作夥伴的數位轉型需求是我們設備業務的自然發展，因為我們銷售的掃描器基礎龐大且不斷成長。我們很高興能夠利用我們的技術創新、營運能力和效率，為客戶提供不同類型的進入市場模式，例如租賃和租賃，以客戶想要購買的方式進行銷售。

Moving on to gross margin. First quarter overall gross margin was 70%, approximately flat sequentially and year-over-year. Overall gross margin was favorably impacted by foreign exchange by approximately 0.3 points sequentially and unfavorably impacted by approximately 0.1 points on a year-over-year basis.

轉向毛利率。第一季整體毛利率為 70%，與上一季及同比基本持平。整體毛利率連續受到外匯影響約 0.3 個百分點，較去年同期受到約 0.1 個百分點的不利影響。

Clear Aligner gross margin for the first quarter was 70.9%, down 0.3 points sequentially due -- primarily due to higher manufacturing spend, partially offset by higher ASP. Clear Aligner gross margin for the first quarter was down 0.8 points year-over-year, primarily due to higher manufacturing spend, partially offset by favorable ASP.

Clear Aligner 第一季毛利率為 70.9%，較上一季下降 0.3 個百分點，主要是由於製造支出增加，但被平均售價上漲部分抵銷。 Clear Aligner 第一季的毛利率年減 0.8 個百分點，主要是因為製造支出增加，但部分被有利的平均售價所抵銷。

Systems and Services gross margin for the first quarter was 65.9%, up 1.1 points sequentially due to higher ASP partially offset by manufacturing variances. Systems and Services gross margin for the first quarter was up 4.3 points year-over-year, primarily due to higher ASP, lower service and manufacturing costs.

第一季系統和服務毛利率為 65.9%，比上一季成長 1.1 個百分點，原因是平均售價上升被製造差異部分抵銷。第一季系統和服務毛利率年增 4.3 個百分點，主要是由於平均售價上升、服務和製造成本下降。

Q1 operating expenses were $543.7 million, up 9.2% sequentially and 3.1% year-over-year. On a sequential basis, operating expenses were up by $45.7 million from higher incentive compensation and consumer marketing spend, partially offset by restructuring and other charges not recurring in Q1. Year-over-year, operating expenses increased by $16.5 million, primarily due to our continued investments in sales and R&D activities and higher incentive compensation.

第一季營運支出為 5.437 億美元，季增 9.2%，年增 3.1%。與上一季相比，由於激勵薪酬和消費者行銷支出增加，營運費用增加了 4,570 萬美元，部分被第一季不經常發生的重組和其他費用所抵消。營運費用年增 1,650 萬美元，主要是由於我們對銷售和研發活動的持續投資以及更高的激勵性薪酬。

On a non-GAAP basis, excluding stock-based compensation, amortization of acquired intangibles related to certain acquisitions and restructuring and other charges, operating expenses were $506.1 million, up 13.3% sequentially and up 3.2% year-over-year. Our first quarter operating income of $154.1 million resulted in an operating margin of 15.5% down 2.5 points sequentially and up 1.3 points year-over-year.

以非公認會計準則計算，不包括股票薪酬、與某些收購和重組相關的無形資產攤銷以及其他費用，營運費用為 5.061 億美元，環比增長 13.3%，同比增長 3.2%。第一季營業收入為 1.541 億美元，營業利潤率為 15.5%，比上一季下降 2.5 個百分點，比去年同期上升 1.3 個百分點。

The sequential decrease in operating margin is primarily attributed to investments in our go-to-market teams and higher incentive compensation. The year-over-year increase in operating margin is primarily attributed to operating leverage and proactively managing our costs, partially offset by unfavorable impact from foreign exchange of approximately 0.7 points.

營業利益率的環比下降主要歸因於我們對行銷團隊的投資和更高的激勵薪酬。營業利潤率的年增率主要歸功於營業槓桿和積極管理成本，但部分被外匯約 0.7 個百分點的不利影響所抵消。

On a non-GAAP basis, which excludes stock-based compensation, amortization of intangibles related to certain acquisitions and restructuring and other charges, operating margin for the first quarter was 19.8%, down 4 points sequentially and up 1.3 points year-over-year. Interest and other income expense net for the first quarter was an income of $4.3 million, compared to an income of $1.3 million in Q4 of '23 and an income of $1.1 million in Q1 of '23, primarily driven by a gain on our equity investments and net interest income and offset by unfavorable foreign exchange.

以非公認會計原則（不包括股票薪酬、與某些收購和重組相關的無形資產攤銷以及其他費用）計算，第一季營業利潤率為19.8%，比上一季度下降4 個百分點，比去年同期上升1.3 個百分點。第一季的利息和其他收入支出淨額為430 萬美元，而2023 年第四季的收入為130 萬美元，23 年第一季的收入為110 萬美元，這主要是由我們的股權投資收益推動的淨利息收入並被不利的外匯所抵銷。

The GAAP effective tax rate in the first quarter was 33.7% compared to 28.3% in the fourth quarter and 34.8% in the first quarter of the prior year. The first quarter GAAP effective tax rate was higher than the fourth quarter effective tax rate, primarily due to discrete tax benefits recognized in Q4 of '23, partially offset by increased earnings in low tax jurisdictions in Q1 of '24. Our non-GAAP effective tax rate in the first quarter was 20%, which reflects our long-term projected tax rate.

第一季 GAAP 有效稅率為 33.7%，而第四季為 28.3%，上年第一季為 34.8%。第一季 GAAP 有效稅率高於第四季有效稅率，主要是由於 23 年第四季確認的離散稅收優惠，部分被 24 年第一季低稅收司法管轄區收益增加所抵銷。我們第一季的非公認會計原則有效稅率為 20%，這反映了我們的長期預期稅率。

First quarter net income per diluted share was $1.39, down sequentially $0.24 and up $0.26, compared to the prior year. Our EPS was not impacted on a sequential basis from foreign exchange. Our EPS was unfavorably impacted by $0.09 on a year-over-year basis due to foreign exchange. On a non-GAAP basis, net income per diluted share was $2.14 for the first quarter, down $0.28 sequentially and up $0.32 year-over-year.

第一季攤薄後每股淨利潤為 1.39 美元，比上年同期下降 0.24 美元，比上年同期增加 0.26 美元。我們的每股盈餘並未受到外匯的連續影響。由於外匯影響，我們的 EPS 年比受到 0.09 美元的不利影響。以非公認會計準則計算，第一季攤薄後每股淨利潤為 2.14 美元，比上一季下降 0.28 美元，比去年同期成長 0.32 美元。

Moving on to the balance sheet. As of March 31, 2024, cash, cash equivalents and short term and long-term marketable securities were $902.5 million, down sequentially $78.2 million and down $18.9 million year-over-year. Of our $902.5 million balance, $217.5 million was held in the U.S. and $685 million was held by our international entities.

繼續看資產負債表。截至 2024 年 3 月 31 日，現金、現金等價物以及短期和長期有價證券為 9.025 億美元，環比減少 7,820 萬美元，年減 1,890 萬美元。在我們的 9.025 億美元餘額中，2.175 億美元由我們的國際實體持有，6.85 億美元由我們的國際實體持有。

In January 2024, we received approximately 37,000 shares of our common stock upon final settlement of the $250 million accelerated share repurchase from Q4 of '23. In total, we repurchased approximately 1.1 million shares at an average price per share of $230.13 under the Q4 ASR contract. We have $650 million available for repurchase of our common stock under our January 2023 repurchase program. During Q2 '24, we expect to repurchase up to $150 million of our common stock through either a combination of open market repurchase or an accelerated stock repurchase agreement. Q1 accounts receivable balance was $950.7 million, up sequentially.

2024 年 1 月，自 23 年第四季開始的 2.5 億美元加速股票回購最終結算後，我們收到了約 37,000 股普通股。根據第四季度 ASR 合同，我們總共以每股 230.13 美元的平均價格回購了約 110 萬股股票。根據 2023 年 1 月的回購計劃，我們有 6.5 億美元可用於回購普通股。在 2024 年第二季度，我們預計將透過公開市場回購或加速股票回購協議相結合的方式回購最多 1.5 億美元的普通股。第一季應收帳款餘額為 9.507 億美元，季增。

Our overall days sales outstanding was 86 days up approximately 1 day sequentially and up approximately 3 days as compared to Q1 last year. Cash flow from operations for the first quarter was $28.7 million. Capital expenditures for the first quarter were $9.4 million, primarily related to our continued investments to increase aligner manufacturing capacity and facilities. Free cash flow, defined as cash flow from operations less capital expenditures, amounted to $19.3 million.

我們的總銷售天數為 86 天，比上一季增加約 1 天，比去年第一季增加約 3 天。第一季營運現金流為 2,870 萬美元。第一季的資本支出為 940 萬美元，主要與我們為提高對準器製造能力和設施而持續進行的投資有關。自由現金流（定義為營運現金流減去資本支出）為 1,930 萬美元。

We're continuing to use our healthy balance sheet to drive growth and profitability. During the quarter, we continued to make disciplined investments in our strategic growth drivers. We completed the acquisition of Cubicure, which will enable us to scale our 3D printing operations to eventually direct print millions of custom appliances per day, and we exited the quarter with a healthy cash flow position and no long-term debt, maintaining a strong position to support our additional $75 million investment in our DSO partner Heartland Dental and our $150 million stock buyback.

我們將繼續利用健康的資產負債表來推動成長和獲利能力。本季度，我們持續對策略成長動力進行嚴格的投資。我們完成了對Cubicure 的收購，這將使我們能夠擴大3D 列印業務規模，最終每天直接列印數百萬件定制電器，本季度結束時，我們擁有健康的現金流狀況，沒有長期債務，保持了強勁的地位以支持我們對 DSO 合作夥伴 Heartland Dental 的額外 7500 萬美元投資以及 1.5 億美元的股票回購。

Now turning to our outlook. Assuming no circumstances occur beyond our control, we provide the following framework for Q2 and fiscal 2024. For Q2 '24, we provide the following business outlook. For Q2 '24, we expect worldwide revenues to be in the range of $1.030 billion to $1.050 billion. We expect Clear Aligner volume to be up sequentially and Clear Aligner ASP to be down slightly sequentially, primarily as a result of unfavorable foreign exchange. We expect Systems and Services revenue to be up sequentially as we continue to ramp iTero Lumina in Q2 2024. We expect Q2 '24 GAAP operating margin and non-GAAP operating margin to be slightly above Q1 '24 GAAP and non-GAAP operating margins, respectively.

現在轉向我們的展望。假設沒有發生我們無法控制的情況，我們為第二季和 2024 財年提供以下框架。對於 24 年第二季度，我們預計全球營收將在 10.3 億至 10.5 億美元之間。我們預計 Clear Aligner 銷量將環比上升，而 Clear Aligner 平均售價將比去年同期小幅下降，這主要是由於不利的外匯匯率。我們預計，隨著我們在2024 年第二季度繼續增加iTero Lumina，系統和服務收入將連續增長。季度GAAP 和非GAAP 營運利潤率，分別。

For fiscal '24, we provide the following business outlook. We expect fiscal '24 total revenue to be up 6% to 8% versus 2023, which is higher than our prior outlook of up mid-single-digit growth compared to 2023. The increase in our 2024 revenue outlook reflects our Q1 results, Q2 outlook and continued execution of our growth strategies. We anticipate that the incremental revenue reflected in our 2024 outlook will be roughly split 50-50 between our 2 operating segments.

對於 24 財年，我們提供以下業務前景。我們預計24 財年的總營收將比2023 年成長6% 至8%，高於我們先前對2023 年中個位數成長的預期。第二季的業績展望並持續執行我們的成長策略。我們預計 2024 年展望中反映的增量收入將在我們的兩個營運部門之間大致以 50-50 分配。

We expect fiscal 2024 Clear Aligner ASPs to be slightly up year-over-year. We expect fiscal 2024 GAAP operating margin and non-GAAP operating margin to be slightly above the 2023 GAAP operating margin and non-GAAP operating margin, respectively. We expect our capital -- our investments in capital expenditures for fiscal 2024 to be approximately $100 million. Capital expenditures primarily relate to building construction and improvements as well as manufacturing capacity in support of our continued expansion.

我們預計 2024 財年透明矯正器的平均售價將較去年同期小幅上漲。我們預計 2024 財年 GAAP 營業利潤率和非 GAAP 營業利潤率將分別略高於 2023 財年 GAAP 營業利潤率和非 GAAP 營業利潤率。我們預計 2024 財年的資本投資約為 1 億美元。資本支出主要涉及建築建設和改進以及支持我們持續擴張的製造能力。

With that, I'll turn it back over to Joe for final comments. Joe?

這樣，我會將其轉回給喬以徵求最終意見。喬？

Thanks, John.

謝謝，約翰。

In summary, Q1 was a good start for the year. While I'm pleased with our results, I'm even more excited about Align's innovation in 2024 on our next wave of growth drivers that we believe will continue to revolutionize the orthodontic and dental industry in scanning software and direct 3D printing.

總而言之，第一季是今年的好開始。雖然我對我們的結果感到滿意，但我對 Align 在 2024 年在下一波增長動力方面的創新感到更加興奮，我們相信這將繼續在掃描軟體和直接 3D 列印方面徹底改變正畸和牙科行業。

Our focused execution of our product road map and innovation pipeline has resulted in the largest introduction of new products and technologies in our history, further advancing our software scanning and 3D printing capabilities. We're excited about the potential for these strategic investments to enable a new phase of growth to transform the orthodontic industry again.

我們對產品路線圖和創新管道的集中執行導致了我們歷史上最大規模的新產品和技術的推出，進一步提高了我們的軟體掃描和 3D 列印能力。我們對這些策略投資的潛力感到興奮，這些投資將實現新的成長階段，從而再次改變正畸產業。

The iTero Lumina intraoral scanner has the potential to set a new standard of care for dental practices by simplifying the scanning of complex oral regions while offering superior chairside visualization and a more comfortable experience for patients, especially kids. The Invisalign Palatal Expander increases the clinical applicability of the Invisalign system to nearly 100% of orthodontic case starts. It is a revolutionary removable 3D-printed appliance that is clinically proven to be safe and effective. It is less painful than traditional metal expanders and promotes better oral hygiene.

iTero Lumina 口腔內掃描儀有潛力透過簡化複雜口腔區域的掃描，同時為患者（尤其是兒童）提供卓越的椅旁視覺化和更舒適的體驗，從而為牙科診所製定新的護理標準。 Invisalign 隱適美顎擴張器將 Invisalign 隱適美系統的臨床適用性提高到近 100% 的矯正病例。它是一款革命性的可拆卸 3D 列印矯正器，經臨床證明安全有效。與傳統的金屬擴張器相比，它的疼痛更小，並且可以促進更好的口腔衛生。

And our recent acquisition of Cubicure, a pioneer of 3D printing solutions for polymer additive manufacturing, brings a talented team and unique cutting-edge technology into Align to help us scale our 3D printing operations, providing ultimate design freedom and highly customized outcomes from a customer and patient standpoint as well as operational benefits to the business.

我們最近收購了Cubicure（聚合物增材製造3D 列印解決方案的先驅），為Align 帶來了一支才華橫溢的團隊和獨特的尖端技術，幫助我們擴展3D 列印業務，提供最終的設計自由度和客戶高度客製化的結果患者的立場以及對企業的營運效益。

We see incredible opportunities in this business and continue to make the Invisalign system the standard of care in orthodontics. By continually innovating and developing digital technologies and services that enable more doctors to easily diagnose and treat patients with crooked teeth and help them retain their healthy beautiful smiles. We're increasing access to care for millions of people, who might not otherwise receive orthodontic treatment.

我們在這個行業看到了難以置信的機會，並繼續使 Invisalign 隱適美系統成為矯正護理的標準。透過不斷創新和開發數位技術和服務，讓更多醫生能夠輕鬆診斷和治療牙齒不整齊的患者，幫助他們保留健康美麗的笑容。我們正在增加數百萬人獲得照護的機會，否則他們可能無法接受矯正治療。

With that, I thank you for your time today. We look forward to sharing our continued progress in leading the digital transformation of the orthodontic and restorative dental industry.

在此，我感謝您今天抽出時間。我們期待分享我們在引領正畸和修復牙科行業數位轉型方面的持續進展。

I'll now turn the call over to the operator for your questions. Operator?

我現在將把電話轉給接線員詢問您的問題。操作員？

(Operator Instructions) Our first question comes from Elizabeth Anderson with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Elizabeth Anderson。

I was wondering if you could talk about how you're seeing the overall demand environment? I guess, I'm particularly curious about the U.S. sort of how you're seeing it from like a consumer demand perspective, especially and any comments you could make on the SmileDirect impact on volumes in the quarter? And then secondarily, if you could comment a little bit more on the broader demand environment in China, that would be super helpful.

我想知道您能否談談您對整體需求環境的看法？我想，我對美國特別好奇您如何從消費者需求的角度看待這個問題，特別是您對 SmileDirect 對本季銷售的影響有何評論？其次，如果您能對中國更廣泛的需求環境進行更多評論，那將非常有幫助。

Elizabeth, I'll start off and have John jump in on anything. First of all, we describe the business right now as stable. The same things that we talked about as we came out of the fourth quarter, and we see that stability broadly around the globe. And you saw in our script that we just read to, that it's good from an adult standpoint and also a teen standpoint, too, which, again, led to that kind of stability that we talk about.

伊莉莎白，我會先讓約翰參與任何事。首先，我們目前的業務是穩定的。我們在第四季度結束時談到了同樣的事情，我們在全球範圍內看到了這種穩定性。你在我們剛剛讀到的劇本中看到，從成人的角度來看，從青少年的角度來看，這都很好，這再次導致了我們談論的那種穩定性。

If I look around the world, I mean we've -- that stability exists, whether it's in Asia, whether we've seen it in parts of Europe and we see it in the United States and the Americas also. So I -- it's hard for us to call out a particular region or whatever that is dramatically down or dramatically up. We just see them moving pretty much in unison in the first quarter.

如果我環顧世界，我的意思是，我們已經——穩定存在，無論是在亞洲，無論是在歐洲部分地區，還是在美國和美洲。所以我——我們很難指出某個特定地區或任何急劇下降或急劇上升的地區。我們只是看到他們在第一季幾乎一致行動。

John, would you add anything?

約翰，你能補充點什麼嗎？

No, I agree. And that's -- we're driving the growth strategies. As we've said, we've seen that stability in the environment and we're executing against that.

不，我同意。那就是——我們正在推動成長策略。正如我們所說，我們已經看到了環境的穩定性，並且我們正在為此採取行動。

And Elizabeth, last thing on your SmileDirectClub comment, them not being advertising like they were before or whatever, we can't attribute any part of the demand equation up or down as part of that. And obviously, that was more pronounced in the United States than it was anywhere else in the world, but I can't attribute any change in the marketplace because of them not advertising at this point in time.

伊莉莎白，關於你的 SmileDirectClub 評論的最後一件事，他們沒有像以前那樣做廣告或其他什麼，我們不能將需求方程式的任何部分歸因於其中的一部分。顯然，這種情況在美國比世界其他任何地方都更加明顯，但我不能歸因於市場的任何變化，因為他們此時沒有做廣告。

Our next question comes from Brandon Vazquez with William Blair.

我們的下一個問題來自布蘭登·巴斯克斯和威廉·布萊爾。

I wanted to focus for a second on the -- on the teen side, you have the Palatal Expander out there now getting great reviews, and it seems like it closes, if I'm understanding the numbers correctly, maybe 20% of that market that you haven't been able to hit before. This is such a big opportunity. I'm curious if you can just reflect on like how does commercialization within teens look in the next couple of years now that you have kind of a broader and more fuller portfolio here compared to the prior couple of years? And what does that mean for growth rates within that teen section and adoption within teen that's underpenetrated relative to teens as we look forward the next couple of years?

我想重點關註一下——在青少年方面，Palatal Expander 現在得到了很好的評價，如果我正確理解數字的話，它似乎已經關閉了，可能佔該市場的 20%你之前沒能擊中的。這是一個很大的機會。我很好奇你是否可以思考一下未來幾年青少年的商業化會是什麼樣子，因為與前幾年相比，你在這裡擁有更廣泛、更全面的投資組合？當我們展望未來幾年時，這對於青少年部分的成長率以及相對於青少年而言滲透率較低的青少年的採用率意味著什麼？

That's a good question, Ben. I think we -- as we mentioned, it's 20%. And there's -- we don't -- we call them tweens, really. They're young students before they really hit the teen years and have a mature dentition. With Invisalign First and now with IPE, we can handle the 20% that's out there on the Phase I. And some teens just need -- tweens just need dental expansion and some of you really have to split the suture and widen the pallet overall. We feel in both those cases, with IPE and Invisalign First, these are very unique products specific to that area. And we think it will actually make doctors that aren't comfortable with the Phase I, may be even more comfortable now because of the impact on patients is not what it was before when you tried to work these kinds of cases with wires and brackets or higher risk expanders and those kinds of things.

這是個好問題，本。我想我們——正如我們所提到的，是 20%。確實，我們不稱它們為「補間」。在他們真正進入青少年時期並擁有成熟的牙列之前，他們只是年輕的學生。透過 Invisalign First 和現在的 IPE，我們可以處理第一階段中的 20%。我們認為，在這兩種情況下，IPE 和 Invisalign First 都是針對該領域的非常獨特的產品。我們認為，這實際上會讓那些對第一階段感到不舒服的醫生現在可能會更加舒服，因為對患者的影響與以前嘗試用電線和支架或支架處理此類病例時不同。類的東西。

But like anything in the orthodontic community, it takes time. It takes time for acceptance. And the good thing about this is IPE is about a 30- to 35-day kind of an episode. So our feedback loop is really good. You can tell from my transcript also is right now, we're approved in the United States and Canada and recently in ANZ. And right now, we're throttled by the regulatory procedures we have to go throughout the world. So we'll be able to give you more specificity on this brand as we go forward. But as I mentioned in my closing too, we're really excited about that technology. And we didn't tie together the new Lumina scanner has such a broad kind of a bandwidth from a scanning standpoint, it scans that palate that you have to cover with Invisalign First extremely well. So those technologies thread together very well out there. So we're excited about it and more to come.

但就像正畸界的任何事情一樣，這需要時間。接受需要時間。這樣做的好處是 IPE 大約持續 30 到 35 天。所以我們的回饋循環非常好。你可以從我的成績單中看出，我們現在已經在美國和加拿大獲得批准，最近在澳洲和紐西蘭也獲得了批准。現在，我們必須在世界各地執行監管程序，這讓我們感到束手無策。因此，隨著我們的進展，我們將能夠為您提供有關該品牌的更多具體資訊。但正如我在結語中提到的，我們對這項技術感到非常興奮。我們並沒有將新型 Lumina 掃描儀從掃描的角度來看具有如此廣泛的頻寬，它可以很好地掃描您必須使用 Invisalign First 覆蓋的上顎。所以這些技術可以很好地結合在一起。所以我們對此感到興奮，並且還會有更多的事情發生。

Next question comes from Jon Block with Stifel.

下一個問題來自 Jon Block 和 Stifel。

Hoping to ask 2, maybe just the first one, throughout the quarter, there was sort of like an obsession or a big focus from investors on month-to-month trends. There was talk about February strength, March weakness. I don't think if anyone really knew if it was the consumer or the calendar or both. So maybe you guys can talk a little bit about how it played out for you guys, elaborate on February and March? And as much as you can, just touch on April here for the first 2 to 3 weeks. And then I'll ask my follow-up.

希望問第二個問題，也許只是第一個，在整個季度中，投資者對逐月趨勢有一種痴迷或高度關注。有人談論二月強勢，三月弱勢。我認為沒有人真正知道是消費者還是日曆還是兩者兼而有之。所以也許你們可以談談你們的情況如何，詳細說明二月和三月的情況？盡可能在前 2 到 3 週內觸摸四月。然後我會問我的後續行動。

Yes, Jon, this is John. Look, from -- as we talk about the quarter and think about -- we're very pleased with our results in Q1, we saw stability, as Joe mentioned, and that really continued from the end of the year into the quarter, less about month-to-month. I mean it was the stability and then the execution that we had throughout the quarter with our products.

是的，喬恩，這是約翰。看，當我們談論本季度並思考時，我們對第一季度的業績非常滿意，正如喬提到的那樣，我們看到了穩定性，而且這種情況確實從年底一直持續到本季度，更少大約每個月。我的意思是，這是我們整個季度產品的穩定性和執行力。

Okay. And then I'll just shift gears. John, I might stick with you. I believe the wording is slightly above the 2023 OM, which I think is 21.4% unchanged. Despite the higher revenues, the midpoint going from roughly 5% to 7%. So can you talk about where that extra spend is going? Do we see the returns on that this year? Or will that aid and give you some more tailwinds into 2025?

好的。然後我就換檔。約翰，我可能會堅持你。我認為措辭略高於 2023 年 OM，我認為 21.4% 沒有變化。儘管收入較高，但中間值大約在 5% 到 7% 之間。那麼您能談談額外支出的去向嗎？今年我們能看到回報嗎？或者這會對您的 2025 年有所幫助並帶來更多順風車嗎？

And then just to tack on to that, the new higher guidance doesn't -- implies at a 6% in the back part of this year, year-over-year growth, which isn't too dissimilar from 1H, but the comps get more difficult. So the stacks need to accelerate. Why should we be comfortable with that? Is that just an accelerating contribution from some of those new products like Lumina and IPE?

然後，為了解決這個問題，新的更高指引並沒有——意味著今年下半年的同比增長為 6%，這與 1H 並沒有太大不同，但比較變得更加困難。所以堆疊需要加速。為什麼我們應該對此感到滿意？這只是 Lumina 和 IPE 等一些新產品的加速貢獻嗎？

I think that latter point is how I would look at it, Jon. We're making investments. We make investments throughout the year. We get the shorter longer-term investments that we make different returns on whether they're short or long term. But what we see is a stable environment, continued investments in go-to-market activities, we have new products coming. So that helps us accelerate with things that we'll have on the iTero side, as well as IPE and others that Joe talked about, where we really get the approval later in the year. So it's about a stable environment, making investments into that environment and then executing on our growth strategies, and that should give us the benefits that you described in the second half.

我認為後一點就是我的看法，喬恩。我們正在進行投資。我們全年進行投資。我們獲得較短的長期投資，無論是短期或長期，我們都會獲得不同的回報。但我們看到的是一個穩定的環境，對上市活動的持續投資，我們有新產品即將推出。因此，這有助於我們加速 iTero 方面以及 IPE 和 Joe 談到的其他方面的工作，我們將在今年稍後真正獲得批准。因此，這是一個穩定的環境，在該環境中進行投資，然後執行我們的成長策略，這應該會為我們帶來您在下半年所描述的好處。

Our next question comes from Jeff Johnson with Baird.

我們的下一個問題來自 Jeff Johnson 和 Baird。

John, maybe following up on Jon's question there and just a little finer point on the guidance itself. You've taken that guidance from mid-single digits to 6 to 8 scanner and CAD/CAM services came in obviously strongly in the double digits, upper teens. Should we think about kind of that double digits, maybe not in the upper teens, but double digits is kind of where the scanner and services continues this year? And your Clear Aligner revenue guidance kind of still in the mid-single digits. I think last quarter, we were talking about both those segments being mid-single-digit growers. It seems like to me now, maybe the raise here is being driven more by the scanner and CAD/CAM services. And as Joe calls the market stable, then maybe the Clear Aligner revenue still kind of expected to be in that mid-ish single digits. Is that a fair kind of way to look at guidance?

約翰，也許會跟進喬恩的問題，並對指南本身提出一些更詳細的觀點。您已經採取了從中個位數到 6 至 8 個掃描器的指導，並且 CAD/CAM 服務顯然以兩位數、上十幾位強勁增長。我們是否應該考慮兩位數，也許不是十幾歲，但今年掃描器和服務將繼續兩位數？而您的透明矯正器收入指引仍處於中位數個位數。我認為上個季度，我們討論的這兩個細分市場都是中個位數的種植者。現在在我看來，也許這裡的加薪更多是由掃描器和 CAD/CAM 服務推動的。由於喬稱市場穩定，透明對準器的收入預計仍將保持在中等個位數。這是看待指導的公平方式嗎？

That's a fair way to look at it, Jeff. I mean, you would see, given the new products that we have with Lumina and iTero, we'll see a little bit faster growth. We're very pleased with what we saw in the first quarter. Typically in the first quarter, you don't have a sequential gain in revenue from the fourth quarter being an equipment business. So we're very pleased with what we saw there. But then we also look at the Clear Aligner business, and we expect to be able to grow and continue to grow there, both in terms of the investments that we're making in a relatively stable environment and some of the new products that should help supplement that growth.

這是一個公平的看法，傑夫。我的意思是，你會看到，考慮到我們推出的 Lumina 和 iTero 新產品，我們會看到更快的成長。我們對第一季所看到的情況非常滿意。通常，在第一季度，設備業務的收入不會比第四季度連續成長。所以我們對在那裡所看到的感到非常滿意。但我們也關注透明對準器業務，我們希望能夠在那裡成長並繼續成長，無論是在我們在相對穩定的環境中進行的投資方面，還是在一些應該有助於補充這種成長。

Yes, that's helpful. And then one other follow-up. I think it's been asked in the past maybe at an Analyst Day or something. I don't remember if you've given a clear answer. But it's something I keep getting asked here more recently, and that's a percentage of your patient base of maybe orthodontic cases that get financed through some sort of third-party patient financing company. We have seen in areas like full arch implants, some of the aesthetic procedures outside of dental, where lending standards have gone up, FICO scores have gone from the 500 to 700, something like that to qualify for patient financing in this cost of capital and tougher capital environment. So what percentage -- do you know a percentage or round about of what cases get financed? And if those lending standards have changed at all and put an incremental pressure on patients here more recently?

是的，這很有幫助。然後是另一個後續行動。我認為過去可能在分析師日或其他場合有人問過這個問題。我不記得你是否給了明確的答案。但這是我最近在這裡不斷被問到的問題，這是透過某種第三方患者融資公司資助的可能正畸病例的患者基礎的百分比。我們已經看到，在全牙弓植體、牙科以外的一些美容手術等領域，貸款標準有所提高，FICO 分數已從 500 分上升至 700 分，這樣的資金成本才有資格獲得患者融資，並且資本環境更加嚴峻。那麼，您知道哪些案件獲得資助的百分比是多少嗎？如果這些貸款標準最近發生了根本變化並給這裡的患者帶來了越來越大的壓力？

Yes. What we see, Jeff, is it varies country by control say U.S. is maybe the most -- and I'll combine ortho and GP together, roughly 1/3 of the cases that we see get some type of external financing. Remember, many patients or parents will pay in advance. That's great for doctors. Many doctors, especially orthos will do some type of kind of internal financing where you kind of pay as you go and so on. And many doctors are continuing to do that, especially in the tougher environment. And we're doing things to help doctors to try to give them a little bit more extension in payments so that they can provide and pass that on to their patients as well. And we'll work with DSO partners to really try to help them work with these external companies to try to give better financing rates to try to get these patients to go into treatment.

是的。傑夫，我們看到的是，不同國家的控制情況不同，例如美國可能是最多的——我將把 Ortho 和 GP 結合起來，我們看到大約 1/3 的病例獲得某種類型的外部融資。請記住，許多患者或家長會提前付款。這對醫生來說太好了。許多醫生，尤其是矯形醫生，會進行某種類型的內部融資，即按需付費等等。許多醫生仍在繼續這樣做，尤其是在更嚴峻的環境下。我們正在做一些事情來幫助醫生嘗試給予他們更多的付款延期，以便他們也可以提供並將其轉嫁給他們的患者。我們將與 DSO 合作，真正努力幫助他們與這些外部公司合作，努力提供更好的融資利率，並努力讓這些患者接受治療。

So we're well aware. We know we can help. We have the balance sheet and the cash to be able to help with our customers, so that they can pass that on. And that's something that we want to keep working towards.

所以我們很清楚。我們知道我們可以提供幫助。我們擁有資產負債表和現金來幫助我們的客戶，以便他們能夠將這種幫助傳遞下去。這就是我們想要繼續努力的目標。

John, any change to note over just the past few months even in those lending standards getting tougher? Or do you feel like that's stable as well as just kind of the overall environment as you've described that way?

約翰，在過去的幾個月裡，即使貸款標準變得更加嚴格，有什麼需要注意的變化嗎？或者您是否覺得這很穩定，並且就像您所描述的那樣？

I look at that as more stable. I think there was a lot of things. If you go back to last year, people are really getting a bit of sticker shock in terms of the higher interest rates, when they came to try to go into treatment. I think people are past that.

我認為這更穩定。我認為有很多事情。如果你回到去年，當人們嘗試接受治療時，他們確實會對更高的利率感到有點震驚。我認為人們已經過去了。

I think when I see this or what I hear from doctors or see from our customers that it's a little bit more stable. There's not a big change.

我認為當我看到這一點或從醫生那裡聽到的或從我們的客戶那裡看到的時候，情況會更穩定一些。沒有什麼大的變化。

Our next question comes from Michael Cherny with Leerink Partners.

我們的下一個問題來自 Leerink Partners 的 Michael Cherny。

Can you hear me okay?

你聽得到我說話嗎？

Yes, we can hear you fine.

是的，我們可以很好地聽到你的聲音。

Okay. So just relative to the spend, I want to dive in a little bit more, if possible. You talked about the investment growth. Can you delineate relative to that investment, how you're thinking about the growth into, call it, your core markets or some of the new product launches? And especially with regards to the ramp on the printing side, how much incremental printing spend, so to speak, is coming now versus where you think it's going to grow, what the run rate should be on ramping that over time?

好的。因此，就支出而言，如果可能的話，我想多投入一點。您談到了投資成長。您能否描述一下相對於該投資，您如何考慮核心市場或一些新產品發布的成長？特別是在印刷方面的成長方面，可以說，現在印刷支出的增量是多少，與您認為它將增長的地方相比，隨著時間的推移，運行率應該是多少？

Yes. I think we have a core business that we're running. And obviously, there's a certain amount of investment that you have to be able to grow around sales, sales and marketing and the go-to-market activities that we have.

是的。我認為我們正在經營一項核心業務。顯然，您必須進行一定數量的投資，才能圍繞銷售、銷售和行銷以及我們擁有的上市活動來成長。

There's also R&D spending that we've had throughout the time. And now as that R&D in the case of acquiring Cubicure and now turning this into more of a platform to be able to build our 3D printing. There's a certain amount of spend that we have. How that lays out, it varies over time that we'll have. But rest assured, we know how to scale products. We know how to scale 3D printing. We'll make the right investments to be able to start scaling up that direct fab printing while making sure that the core business has the right investments for growth, and we'll balance that as we go forward.

我們一直都有研發支出。現在，在收購 Cubicure 的情況下進行研發，現在將其轉變為能夠建立我們的 3D 列印的平台。我們有一定的支出。具體如何安排，我們會隨著時間的推移而改變。但請放心，我們知道如何擴展產品。我們知道如何擴展 3D 列印。我們將進行正確的投資，以便能夠開始擴大直接晶圓廠印刷規模，同時確保核心業務擁有正確的成長投資，並且我們將在前進過程中平衡這一點。

Our next question comes from Jason Bednar with Piper Sandler.

我們的下一個問題來自 Jason Bednar 和 Piper Sandler。

First I want to build on some of the macro questions that have been asked. I don't want to belabor the point, but other consumer discretionary companies called out a downtick in March. It doesn't sound like you saw any of that, but just wanted to confirm that's the case with respect to Invisalign demand. And maybe speak to your confidence to drive Clear Aligner volumes going forward, now that comps turn a little bit tougher. How much do you think you might need to fund that growth with investments to drive more traffic into the office?

首先，我想以已經提出的一些宏觀問題為基礎。我不想詳述這一點，但其他非必需消費品公司在 3 月表示業績下滑。聽起來您沒有看到任何這些，但只是想確認 Invisalign 隱適美的需求確實如此。也許您有信心推動 Clear Aligner 的銷售量向前發展，現在競爭變得更加艱難。您認為您可能需要透過投資為這種增長提供多少資金才能吸引更多人流進入辦公室？

Jason, on the first part is, we talk about the stable environment that we've seen that stability of it. We read and I read, what's going on there with the consumer investment, some concerns, particularly in the luxury goods or what's going on out there.

傑森，第一部分是，我們談論我們已經看到的穩定環境。我們讀了，我讀了，消費者投資的情況，一些擔憂，特別是在奢侈品方面或那裡發生的事情。

But honestly, I think often what we see and analysts who follow us here just really pick up the U.S. data. And what we see is differences all around the world, and that's what's great about having an international business. You have some counter cycling in the sense of the demand patterns and what goes on out there. But I would say there's nothing that we would highlight right now. I would say that we think something has changed in what we saw in the second half of 2023, to what we saw in the first quarter of this year.

但老實說，我認為我們所看到的以及關注我們的分析師通常只是真正獲得美國數據。我們看到的是世界各地的差異，這就是開展國際業務的好處。從需求模式和外部情況來看，存在一些逆循環。但我想說的是，我們現在沒有什麼好強調的。我想說的是，我們認為 2023 年下半年的情況與今年第一季的情況相比發生了一些變化。

John, you?

約翰，你呢？

And in terms of investments, we make the investments that we need go to market and manufacture and other expansion as we continue to grow. We'll continue those investments. But as we've talked about, not only for the -- now the second quarter when we're talking about that sequential improvement in op margin and what we've talked about in total year where we expect the year-over-year improvement in margin. We're making sure that we're investing with that right amount of profitability. To still be able to grow into our market and expand the opportunity -- expand on the opportunities that we have, but then being respectful in terms of what margin we need to be able to deliver for the company.

在投資方面，隨著我們的不斷發展，我們將所需的投資用於市場、製造和其他擴張。我們將繼續這些投資。但正如我們所討論的，不僅是現在的第二季度，當我們談論營運利潤率的連續改善時，以及我們所談論的全年情況，我們預計將同比改善在保證金中。我們確保我們的投資具有適當的獲利能力。為了仍然能夠進入我們的市場並擴大機會——擴大我們擁有的機會，但隨後尊重我們需要能夠為公司提供的利潤。

All right. Very helpful, Joe and John. And maybe one follow-up here to maybe a multi-partner on teen. So bear with me. But this might be a nuanced look. It seems like a lot of emphasis here just recently in product development and marketing that's really trying to tap into that much younger market, that Phase I opportunity. IPE fits in there, your new marketing branding plans and emphasis there. There seems to be some benefits for younger patients with Lumina. So it's really -- it seems intentional, but wondering if you could bifurcate for us, how your Invisalign business is performing in this younger patient population relative to the teen as a whole? Where does your penetration sit in those younger patients versus the broader teen channel? And maybe what kind of outsized growth you're expecting from this part of the channel as we look out over the near to intermediate term?

好的。非常有幫助，喬和約翰。也許這裡有一個關於青少年的多合作夥伴的後續行動。所以請耐心聽我說。但這可能是一個微妙的外觀。最近似乎非常重視產品開發和行銷，真正試圖進入更年輕的市場，也就是第一階段的機會。 IPE 適合您的新行銷品牌計劃和重點。 Lumina 似乎對年輕患者有一些好處。所以這確實是——這似乎是故意的，但想知道您是否可以為我們分述一下，相對於整個青少年，您的 Invisalign 隱適美業務在年輕患者群體中的表現如何？與更廣泛的青少年管道相比，您在年輕患者中的滲透率如何？當我們展望中短期時，您預期該通路的這一部分會出現什麼樣的超額成長？

Jason, just I'll back up on your question, just to give you a kind of a conceptual view. When you think of Phase I, it's actually been controversial in the orthodontic market for years, some orthodontists don't want to do Phase I because as I mentioned before, the kind of devices that have been used, have been kind of difficult from a consumer standpoint. And so those wait for all permanent dentition and move on to there.

傑森，我只是支持你的問題，只是為了給你一個概念性的看法。當你想到第一階段時，它實際上在正畸市場上多年來一直存在爭議，一些正畸醫生不想進行第一階段，因為正如我之前提到的，已經使用的那種設備從一開始就有點困難。因此，那些人等待所有恆牙列並繼續前進。

We feel confident that within this Invisalign First now for dental expansion and then for palate expansion or a morphological change, IPE will do that. And we think a little track more orthodontists to begin Phase I treatment, but this is an industry that takes a while for things to bake in and for them to gain confidence and I understand it because you're working with kids' teeth and mouths and their dentition.

我們相信，在 Invisalign 隱適美中，首先是牙齒擴張，然後是上顎擴張或形態變化，IPE 將會做到這一點。我們認為要追蹤更多的正牙醫師開始第一階段的治療，但這是一個需要一段時間才能適應並讓他們獲得信心的行業，我理解這一點，因為你正在與孩子們的牙齒和口腔打交道，他們的牙列。

But we actually think that a significant amount of growth could come from this area, but we think it will take time, but it's been a great focus for us. And it's going to be interesting to watch how orthodontists in the future actually focus on Phase I, Phase II because these kinds of devices make it simpler for them and for patients in the future. So right now, I can just kind of give you the ground rules on that, that we've changed those roles. In a sense, but I can't project exactly where it's going.

但我們實際上認為，這一領域可能會帶來大量成長，但我們認為這需要時間，但它一直是我們的重點。觀察未來的正牙醫生如何真正關注第一階段、第二階段將會很有趣，因為這些類型的設備使他們和未來的患者變得更簡單。所以現在，我可以給你們一些基本規則，我們已經改變了這些角色。從某種意義上說，但我無法準確預測它的發展方向。

Any sense penetration-wise or maybe where you're at relative to the broader teen market?

滲透率方面有什麼感覺嗎？

I'd say we're just in that story. I mean even Invisalign First is used sometimes on more permanent dentition too. So it's hard -- we'd have to split our cases out of Invisalign First is what the age of patients are or whatever. But as we get more data and we really get through with IPE and some more specificity around this, we'll share it with you and the rest of the....

我想說我們就在那個故事裡。我的意思是，甚至 Invisalign First 有時也用於更永久的牙列。所以這很困難——我們必須將我們的病例從 Invisalign 隱適美中分離出來，首先是患者的年齡或其他什麼。但隨著我們獲得更多數據，並且我們真正完成了 IPE 以及相關的更多細節，我們將與您和其他人分享...

The only thing that -- I mean if you've tracked us for a while, you know that our average age of teen patients gets younger and younger, I think we're 14 now versus 15 plus before. So I mean that's a reflection of just being able to go after those younger patients with First.

唯一的事情是——我的意思是，如果您跟踪我們一段時間，您就會知道我們青少年患者的平均年齡變得越來越年輕，我認為我們現在 14 歲，而以前是 15 歲以上。所以我的意思是，這反映了我們能夠用 First 來治療那些年輕的患者。

Our next question comes from Nathan Rich with Goldman Sachs.

我們的下一個問題來自高盛的內森·里奇。

Great. I wanted to go back to the guidance. I know it's kind of been touched on a few different times. But I wanted to ask on the Clear Aligner revenue outlook. It looks like you're raising the outlook for the full year by about 1%. I guess could you maybe just touch on what changed specifically with respect to that outlook? It sounds like maybe it's expectations around IPE and DSP versus market improvement. But I'd be curious, any color you could share there? And maybe anything on teen versus adult within the updated guidance would be great.

偉大的。我想回到指導。我知道它已經被多次觸及。但我想問一下 Clear Aligner 的收入前景。看來您將全年展望上調了約 1%。我想您能否談談這種觀點的具體變化？聽起來可能是對 IPE 和 DSP 的期望與市場改善的關係。但我很好奇，你可以分享什麼顏色嗎？也許更新後的指南中有關青少年與成人的任何內容都會很棒。

Yes, I'll start, Nate. So overall, we went from -- we had talked about mid-single digits, so call it 5% to raising it to the midpoint of 7% on a year-over-year, so up 2 points. And really, that's a reflection of a few things. One is the continued stability that we're seeing. We're operating in an environment that's more stable. We saw that coming into the fourth quarter and now into this quarter as well. So that's good if we want that stability there.

是的，我要開始了，內特。總體而言，我們從我們討論過的中個位數（所以稱之為 5％）到將其同比提高到 7％ 的中點，因此上升了 2 個百分點。事實上，這反映了一些事情。一是我們看到的持續穩定。我們正在一個更穩定的環境中運作。我們在第四季度看到了這一點，現在也在本季看到了這一點。因此，如果我們希望那裡保持穩定，那就很好。

And then you look at the execution that we have about -- on our core business to be able to grow with a lot of the innovations that we have, the promotions and other things that we have as we get into further into teen season, supplemented with the various new products that we talked about. We feel really good about Lumina and the launch that we have on iTero and the further expansion that that can drive as well as some of the new products like IPE and others to really not only help those unit sales there, but then as Joe described, we had to pull in other products around Invisalign First and others to really help drive some of that growth that we can see in the teen business.

然後你看看我們的核心業務的執行情況，當我們進一步進入青少年季節時，我們的核心業務能夠透過我們擁有的許多創新、促銷和其他事情來成長，補充說以及我們談到的各種新產品。我們對Lumina 以及我們在iTero 上的發布以及它可以推動的進一步擴展以及IPE 等一些新產品以及其他產品感到非常滿意，這些產品不僅真的有助於那裡的單位銷售，而且正如Joe 所描述的那樣，我們必須圍繞 Invisalign First 和其他產品引入其他產品，以真正幫助推動我們在青少年業務中看到的一些成長。

So it's a combination of things, Nate, but it's what we're seeing in stability, how we're executing on our core strategies and then some of the new products really supplementing the extended growth to help us. And that's why we adjusted our total year.

所以這是一個綜合因素，內特，但這是我們在穩定性中看到的，我們如何執行我們的核心策略，然後一些新產品真正補充了擴展成長以幫助我們。這就是我們調整全年總額的原因。

Okay. That's helpful. And then, John, maybe just sticking with you. The 2Q operating margin, I know up slightly sequentially, but down year-over-year. And I think historically, it's been a little bit variable, but you've seen more of a step-up in the second quarter than I think what the guidance implies. Anything to call out with respect to FX? Or I think you mentioned some manufacturing cost spend, but just anything there that we should keep in mind as it regards the margin cadence?

好的。這很有幫助。然後，約翰，也許只是和你在一起。據我所知，第二季營業利潤率較去年同期略有上升，但較去年同期下降。我認為從歷史上看，這有點變化，但你在第二季度看到的進步比我認為的指引所暗示的要多。關於外匯有什麼需要注意的嗎？或者我認為您提到了一些製造成本支出，但在利潤率方面我們應該記住什麼？

Well, and certainly, we are seeing a stronger dollar. So that's something that we talked about when we think about our guide too, we see a stronger dollar coming out of -- out of the first quarter into the second quarter. Our guide reflects that as well.

嗯，當然，我們看到美元走強。因此，當我們考慮我們的指南時，我們也談到了這一點，我們看到美元從第一季到第二季走強。我們的指南也反映了這一點。

But then you look at the continued investments that we're making to be able to drive more submitters, more doctors into our ecosystem and then ultimately drive more and more utilization. Some of it's that core business that we have to be able to drive growth. And some of it's some of the new products where there's a certain amount of OpEx spend that we have with that.

但你會看到我們正在進行的持續投資，以便能夠推動更多的提交者、更多的醫生進入我們的生態系統，然後最終推動越來越多的利用率。其中一些是我們必須能夠推動成長的核心業務。其中一些是一些新產品，我們有一定數量的營運支出。

But we're being very mindful of what we can do to be able to drive growth. And then what it also means from an operating margin standpoint. And we're delivering that sequential improvement from 1Q to 2Q in operating margin and then talk to the total year of being up on a year-over-year basis.

但我們非常關注我們能做些什麼來推動成長。然後從營業利潤的角度來看這也意味著什麼。我們正在實現從第一季到第二季營業利潤率的連續改善，然後討論全年同比增長情況。

Our next question comes from Erin Wright with Morgan Stanley.

我們的下一個問題來自摩根士丹利的艾琳賴特。

Great. I'll ask me 2 upfront here, but follow up on the guidance, and I don't want to belabor this too much, but do you think you have better visibility now just on the underlying demand trends globally? Or would you say that there's still an element or a healthy element of macro uncertainty that's still embedded in your guidance and some conservatism there?

偉大的。我會在這裡提前問我兩個問題，但要跟進指導，我不想過多地闡述這一點，但您認為您現在對全球潛在需求趨勢有更好的了解嗎？或者您會說，您的指導和一些保守主義中仍然存在宏觀不確定性的因素或健康因素？

And then second would be on Lumina and the launch. And just can you talk about where you're seeing the most success with the launch in the target markets and promotions that where you're focused in terms of expanding share and upgrades as well?

其次是 Lumina 和發射。您能否談談您在目標市場的發布和促銷活動中看到最成功的地方，以及您在擴大份額和升級方面所關注的地方？

Erin, this is John. I'll talk a little bit about visibility and guidance. I think what we -- what we enjoy now and what we want to be able to have in an operating environment is more stability, and that stability is there. Markets are open. There's a higher overall higher inflation and interest rates, but people are operating in that environment.

艾琳，這是約翰。我將談談可見性和指導。我認為我們現在所享受的以及我們希望在操作環境中能夠擁有的是更加穩定性，而穩定性就在那裡。市場是開放的。整體通膨和利率較高，但人們是在這種環境下運作的。

That stability transcends it to other things that we have. We see the Michigan index or other indices that kind of point to that stability. Based on that stability, the investments that we're making, how we're going to market, some of the new products that we have, other things that we know that could, on a core basis, drive our business as well as the new products and initiatives that we have, that's what gives us confidence to be able to have a guidance that we gave for Q2 and what it means for the total year.

這種穩定性超越了我們擁有的其他東西。我們看到密西根指數或其他指數表明了這種穩定性。基於這種穩定性，我們正在進行的投資，我們將如何行銷，我們擁有的一些新產品，以及我們知道的其他事情，可以在核心基礎上推動我們的業務以及我們擁有的新產品和舉措，這讓我們有信心獲得第二季度的指導及其對全年的意義。

And Erin, on the Lumina piece, it's Joe, obviously, is -- as I mentioned in the closing of my script, we're really excited about that technology. We've been working on it for 6 years. It is a true new platform. It's not a derivative of the old confocal imaging platform. And there's really no other scanner in the world that's like that and how we've built it.

艾琳，在 Lumina 的作品中，顯然是喬——正如我在劇本結尾提到的那樣，我們對這項技術感到非常興奮。我們為此已經努力了 6 年。這是一個真正的新平台。它不是舊共焦成像平台的衍生品。世界上確實沒有其他掃描器能夠像我們一樣建造它。

So -- and it will take a while for the, I think, the market to absorb that as you have to do this doctor by doctor and place by place. But we've had a very enthusiastic response from the orthodontic community, but also the general dentistry community too, even though we're not completely ready for the restorative piece, and we mentioned it will be the fourth quarter this year we'll have that capability out. It's just the speed of that one, the simplicity of being able to scan, the dimensional tolerances and all that's used in the sense of both comprehensive and orthodontic cases are really unmatched.

因此，我認為市場需要一段時間才能吸收這一點，因為你必須逐一、逐一地點地進行治療。但是我們得到了正畸界以及普通牙科界的非常熱情的回應，儘管我們還沒有完全準備好修復體，並且我們提到這將是今年第四季度我們將擁有那個能力出來了。它的速度、掃描的簡單性、尺寸公差以及在綜合和正畸病例中使用的所有內容確實是無與倫比的。

So we're excited about that, but we just have to take this thing. We've only had it out now for roughly a couple of months, but we are expecting to have a really strong year, but more importantly, to have that really be the set of standard from a scanner standpoint for the industry going forward.

所以我們對此感到興奮，但我們必須接受這個東西。我們現在只推出了大約幾個月，但我們預計今年會非常強勁，但更重要的是，從掃描器的角度來看，這確實成為該行業未來發展的一套標準。

(Operator Instructions) Our next question comes from Michael Ryskin with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Michael Ryskin。

Congrats on the quarter. I want to follow up on something, I think, Joe, you touched on in the prepared remarks. If I caught it correctly, you kind of pointed to a little bit of strength in U.S. ortho or Americas ortho in the quarter stood out for us.

恭喜本季。我想跟進一些事情，喬，你在準備好的發言中提到過。如果我沒理解錯的話，你有點指出了美國正交或美洲正交在本季對我們來說表現突出。

It seems like it's one of the stronger results in a number of quarters. Just wondering if you could expand on that a little bit. Is it the Lumina launch? Is the fact that you're moving into younger teens and younger kids, which obviously is going to be a little bit more ortho-focused? Just any structural change you're seeing there with that group of dentists? Or am I just reading too much?

這似乎是多個季度以來最強勁的業績之一。只是想知道您是否可以對此進行擴展。是 Lumina 發射嗎？事實上，你正在進入更年輕的青少年和更小的孩子，這顯然會更加關注矯形？您在那群牙醫那裡看到了任何結構性變化嗎？還是我讀太多了？

Michael, I understand your question. I'd say it's -- we feel it's -- we've seen more stability in that market this year than we have last year. We've always known that the teen segment of that much more solid than the adult segment, but the adult segment held up for us in the quarter 2. And so that aspect of the adults was good for us also.

邁克爾，我理解你的問題。我想說的是——我們感覺是——今年我們看到這個市場比去年更加穩定。我們一直都知道青少年細分市場比成人細分市場更穩固，但成人細分市場在第二季對我們來說很有利。

But I'm very cautious about projecting this market going forward because as you can see with a lot of the surveys that are done, this moves pretty dramatically from month to month. But again, it's not just the United States market we're focused on, the global market has been good for us too in that sense.

但我對預測這個市場的未來非常謹慎，因為正如你在許多已完成的調查中看到的那樣，這個市場每個月的變化相當大。但同樣，我們關注的不僅是美國市場，從這個意義上來說，全球市場也對我們有利。

So we're going to take this thing a month at a time, but we're confident enough to say this is stable, that we have products in here that are very helpful from an orthodontic standpoint in new, like you mentioned, Lumina and also IPE that gives us more ground to stand on the sense of those orthos. And so we're excited about that. But in no way do I think there's a phase change between what we saw last year and this year in ortho. It's just more stable and we have more continuity is another word that I'd use to describe it.

所以我們打算一個月一次使用這個東西，但我們有足夠的信心說這是穩定的，我們這裡的產品從正畸的角度來看非常有幫助，就像你提到的，Lumina 和IPE 也讓我們有更多的基礎來站在這些正統的意義上。所以我們對此感到興奮。但我並不認為我們去年和今年在 Ortho 領域看到的情況發生了階段性的變化。它只是更穩定，我們有更多的連續性，這是我用來描述它的另一個詞。

Okay. And if I could squeeze in a follow-up if there's time. Again, also impressed by the DSP touch-up progress. You called it out in the deck. You got some additional launches later this year. You got the 14-stage touch-up aligner offering you're talking about. Any way you can start framing in terms of would you incorporate that into guidance at some point in terms of where you think that can go in terms of volumes and revenues or any update longer term, how you see DSP and touch up evolving over time?

好的。如果有時間的話，我是否可以擠出一個後續行動。同樣，DSP 修飾的進展也給我留下了深刻的印象。你在甲板上喊出來了。今年稍後你還會推出一些額外的產品。您已經獲得了您所說的 14 階段修補對準器產品。您可以以任何方式開始框架，您是否會在某個時候將其納入您認為銷售和收入或任何長期更新方面的指導，您如何看待 DSP 和修飾隨著時間的推移而發展？

Yes, Mike, I'll take that one. Look, DSP is very popular because it really serves the needs that doctors have. They want to be able to buy things kind of the way they want to buy. They want to be able to instead of making things or doing things themselves, they can use our aligners as part of that DSP and be able to treat those touch-up cases.

是的，麥克，我要那個。看，DSP 很受歡迎，因為它確實滿足了醫生的需求。他們希望能夠以自己想要的方式購買東西。他們希望能夠使用我們的矯正器作為 DSP 的一部分，並能夠處理這些修補案例，而不是自己製造或做事。

And we like that, that's incremental for us in terms of what we see there. And they can also then use a lot of the aligners that they have for retention. And that's great too because that's typically incremental volume that we have. So I think when we see us rolling this out, like we said a few years ago, it was U.S. and North America and now into Europe, it continues to do what we expect it to do.

我們喜歡這一點，就我們在那裡看到的情況而言，這對我們來說是增量的。然後他們還可以使用許多現有的矯正器來保持。這也很棒，因為這通常是我們擁有的增量數量。所以我認為，當我們看到我們推出這項功能時，就像我們幾年前所說的那樣，它是在美國和北美，現在又進入歐洲，它繼續做我們期望它做的事情。

Doctors start. They adopt it more and more because part of their workflow and we see positive volume from that. And in success for projects -- programs like that, we'll continue to expand those out.

醫生開始。他們越來越多地採用它，因為這是他們工作流程的一部分，我們從中看到了積極的數量。為了使類似的專案成功，我們將繼續擴展這些專案。

Operator, we can take one more question.

接線員，我們可以再問一個問題。

And our last question comes from Kevin Caliendo with UBS.

我們的最後一個問題來自瑞銀集團的 Kevin Caliendo。

I have 2 questions. So the first one is on Heartland. Can you talk a little bit about the benefits of the Heartland investment operationally? And also Heartland is -- my understanding is a pretty profitable business and now with 2 separate investments there, how does their profits or how does the accounting work for that from your perspective at this point? .

我有 2 個問題。所以第一個是在 Heartland。您能談談 Heartland 投資在營運方面的好處嗎？而且 Heartland 也是——我的理解是一個相當有利可圖的業務，現在在那裡有兩項獨立的投資，從你的角度來看，他們的利潤如何，或者會計如何運作？ 。

And then secondly, if you can provide -- I guess, with regards to the guidance, I think we understand it. But was that in any way based on the trends that you've seen so far in April? Or if you can elaborate on those in any way, that would be great.

其次，如果你能提供——我想，關於指導，我認為我們理解它。但這是否基於您在四月份迄今為止所看到的趨勢？或者，如果您能以任何方式詳細說明這些內容，那就太好了。

I can start with the guidance part of that, Kevin. Look, we use a lot of factors to look at where our guidance is. So we're using data from Q1 and the most recent information. But it goes back to the stability that we've seen. You can see it in a lot of the surveys and other things that a lot of people do, but what we see is that stability, coupled with what we're trying to do to go to market to drive the initiatives we have and the new products that we have. So that's a key part of what we factor in into our guidance. No change from what we normally do. This is how we've come together in terms of a guidance standpoint.

我可以從指導部分開始，凱文。看，我們使用很多因素來看看我們的指導在哪裡。因此，我們使用第一季的數據和最新資訊。但這又回到了我們所看到的穩定性。你可以在很多調查和很多人做的其他事情中看到這一點，但我們看到的是穩定性，再加上我們正在努力進入市場，以推動我們擁有的舉措和新的舉措我們擁有的產品。因此，這是我們在指導中考慮的關鍵部分。與我們平時的做法沒有什麼改變。這就是我們在指導立場上走到一起的方式。

In terms of Heartland, we look at Heartland as this is a great investment from investing in a company that shares a digital orthodontic mindset that we have, to be able to do things in a similar mindset, to be able to expand like they're expanding, to be able to get into markets that in some cases, we don't have much market share with or a big presence there. And they share that same mindset, that expansion.

就 Heartland 而言，我們之所以關注 Heartland，是因為這是一項偉大的投資，投資於一家與我們擁有相同數位正畸思維的公司，能夠以類似的思維方式做事，能夠像他們一樣進行擴張。擴張，以便能夠進入在某些情況下我們沒有太多市場份額或沒有很大影響力的市場。他們有著相同的心態，即擴張。

They've been around for a lot of years as well. With this investment, it's less than 5%. There's no consolidation or anything else that's required. And we'll evaluate going forward on whether there's any mark-to-market that we have to do going forward. But it's a continuation of that investment the expansion that they're doing, and we're pleased with the results that we've seen over the last year.

它們也已經存在很多年了。加上這個投資，還不到5%。不需要合併或其他任何東西。我們將評估未來是否需要以市值計價。但這是他們正在進行的投資和擴張的延續，我們對去年看到的結果感到滿意。

That actually concludes -- sorry, go ahead, operator.

這實際上就是結論——抱歉，繼續吧，接線員。

And we have reached the end of our question-and-answer session. I will now turn the call back over to Shirley Stacy for closing remarks.

我們的問答環節已經結束。現在，我將把電話轉回給雪莉史黛西（Shirley Stacy），讓其致閉幕詞。

Thank you so much, and thank you, everyone, for joining us today. We look forward to speaking to you at upcoming financial conferences and industry meetings, including the American Association of Orthodontics meeting in New Orleans, May 4 and 5. If you have any questions, please give us a call. Thank you.

非常感謝你們，也謝謝大家今天加入我們。我們期待在即將舉行的金融會議和行業會議上與您交流，包括 5 月 4 日至 5 日在新奧爾良舉行的美國正畸協會會議。謝謝。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。