愛齊科技 (ALGN) 2024 Q2 法說會逐字稿

Welcome to the Align Technology, second quarter 2024 earnings call. (operator instructions) Please note this conference is being recorded. I would now like to turn the conference over to your host, Shirley Stacy with the Align Technologies. You may begin.

歡迎參加 Align Technology 2024 年第二季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我想將會議轉交給您的主持人，Align Technologies 的雪莉·史黛西 (Shirley Stacy)。你可以開始了。

Good afternoon and thank you for joining us. 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. We issued second quarter 2024 financial results today via Business Wire, which is available on our website at investor.aligntech.com.

下午好，感謝您加入我們。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 John Morici。我們今天透過美國商業資訊發布了 2024 年第二季財務業績，該業績可在我們的網站 Investor.aligntech.com 上取得。

Today's conference call is being audio webcast and will be archived on our website for approximately one month. As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events and product outlook.

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一個月。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。

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 and at sec.gov.

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，這些報告可在我們的網站和sec .gov 上獲取。

Actual results may vary significantly and Align expressly assumes no obligation to update any forward-looking statements. We have posted historical financial statements with corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable, and our second quarter 2024 conference call slides on our website under quarterly results. Please refer to these files for more detailed information.

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陳述的義務。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 年第二季度電話會議幻燈片。請參閱這些文件以獲取更多詳細資訊。

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

說到這裡，我想將電話轉給 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. I'll provide an overview of our second quarter results and discuss a few highlights from our two operating segments systems and services and clear aligners.

謝謝，雪莉。下午好，感謝您今天參加我們的電話會議。我將概述我們第二季的業績，並討論我們兩個營運部門系統和服務以及透明對準器的一些亮點。

John will provide more detail on our Q2 financial performance and comment on our views for our third quarter and for 2024, In total. Following that, I'll come back and summarize a few key points and open the call to questions.

John 將提供有關我們第二季度財務業績的更多詳細信息，並評論我們對第三季度和 2024 年總體的看法。接下來，我將回來總結幾個要點並開始提問。

Overall, I'm pleased to report solid second quarter results. Total Q2 '24 revenues of $1,028.5 million were up 3.1% sequentially and 2.6% year over year. Reflecting growth in both Clear aligner volumes and imaging systems and CAD/CAM services revenues.

總的來說，我很高興報告第二季的強勁業績。 2024 年第二季總營收為 10.285 億美元，季增 3.1%，年增 2.6%。反映了透明對準器銷量和成像系統以及 CAD/CAM 服務收入的成長。

Q2 '24, total revenues were unfavorably impacted by foreign exchange of approximately $11.6 million or 1.1% sequentially and unfavorably impacted by approximately $18.1 million or 1.7% year over year. For clear aligners, Q2 '24 volumes increased 6.2% sequentially and 3.2% year over year, driven by growth from adult patients and strong teen case starts across two regions, led by strength in Asia Pacific, EEMA and Latin America.

2024 年第二季度，總收入受到外匯的不利影響約為 1,160 萬美元或 1.1%，年比受到約 1,810 萬美元或 1.7% 的不利影響。對於透明矯正器，24 年第2 季度銷量環比增長6.2%，同比增長3.2%，這主要得益於成年患者的增長和兩個地區青少年病例的強勁增長，其中以亞太地區、EEMA 和拉丁美洲的實力為主導。

Our Q2 results also reflect a record number of doctors submitting cases and record doctors shipped to for the quarter. Q2 '24, Clear Aligner ASP's were down sequentially and lower than anticipated in our second quarter outlook due in part to greater impact of unfavorable foreign exchange across multiple currencies, especially the Japanese yen, euro and Brazilian real.

我們第二季的結果也反映了本季提交病例的醫生數量和運送的醫生數量創歷史新高。 2024 年第二季度，Clear Aligner 的平均售價連續下降，低於我們第二季度展望的預期，部分原因是多種貨幣（尤其是日圓、歐元和巴西雷亞爾）的不利外匯影響更大。

As well as discounts and product mix shift to lower ASP products. As a result, total Q2 revenues were slightly below expected range for our Q2 quarterly revenues. Notwithstanding these factors, non-GAAP operating margin for the second quarter was 22.3%, up 2.5 points sequentially and up one point year over year.

折扣和產品組合也轉向平均售價較低的產品。因此，第二季總收入略低於我們第二季季度營收的預期範圍。儘管有這些因素，第二季非 GAAP 營運利潤率為 22.3%，季增 2.5 個百分點，年增 1 個百分點。

For Imaging Systems and CAD/CAM services, Q2 '24 revenues increased 9.2% sequentially and 16.1% year over year, reflecting continued adoption of our next-generation iTero Lumina scanner, which made up the majority of our equipment sales, iTero Lumina and wand upgrades, iTero element scanner trade-ins as well as increased iTero's scanner leases.

對於成像系統和CAD/CAM 服務，24 年第2 季營收季增9.2%，年增16.1%，反映出我們下一代iTero Lumina 掃描器的持續採用，該掃描器占我們設備銷售的大部分，包括iTero Lumina 和wand升級、iTero 元件掃描器以舊換新以及增加 iTero 掃描器租賃。

For Q2 '24 adult patient kits starts were up 5% sequentially and 1% year over year, reflecting our highest number of adult shipments in eight quarters, driven by strength in the GP channel, led by North America and A-Pac dentist.

24 年第2 季度，成人患者套件的開工量環比增長5%，同比增長1%，反映出我們的成人出貨量是八個季度以來最高的，這得益於以北美和A-Pac 牙醫為首的GP 通路實力的推動。

And teen and growing kids segment over 216,000 teens and younger patients starting treatment with Invisalign clear aligners during the second quarter, an increase of 8.8% sequentially and up 8% year over year, reflecting growth across regions, especially from Invisalign first, in the EMEA and APAC regions.

第二季度，青少年和成長中的兒童群體中有超過216,000 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，環比增長8.8%，同比增長8%，反映了各地區的增長，尤其是歐洲、中東和非洲地區的Invisalign 隱適美成長和亞太地區。

In Q2, the number of doctors submitting teen or younger patient case starts was up 8% year over year, led by continued strength from doctors treating young kids, also known as growing patients. The response from doctors and their patients in Invisalign Palatal Expander system continues to be positive.

第二季度，提交青少年或更年輕患者病例的醫生數量同比增長 8%，這主要得益於治療幼兒（也稱為成長期患者）的醫生的持續強勁。醫生和患者對 Invisalign 隱適美腭擴張器系統的反應仍然積極。

We believe that Invisalign palate expander system is a better option for expanding and growing patients narrow palate compared to traditional appliances used today, in this line Palatal Expander system is currently available in the US, Canada, Australia and New Zealand, we expect it to be available in other markets pending future applicable regulatory approvals.

我們相信，與當今使用的傳統矯正器相比，Invisalign 隱適美腭擴張器系統是擴大和生長窄腭患者的更好選擇，該系列腭擴張器系統目前在美國、加拿大、澳大利亞和新西蘭上市，我們預計它將在美國、加拿大、澳洲和紐西蘭上市。

Non-cash revenues include our Vivera retainers, which include retention aligners ordered through our doctor subscription program or DSP, as well as clinical training and education, accessories and e-commerce. Due to non-cash revenues were up 3.5% sequentially and up 5.1% year over year, primarily due to continued growth in retainers and DSP.

非現金收入包括我們的 Vivera 維持器（其中包括透過我們的醫生訂閱計劃或 DSP 訂購的保持對準器）以及臨床培訓和教育、配件和電子商務。非現金收入環比成長 3.5%，年成長 5.1%，這主要是由於聘用人員和 DSP 的持續成長。

For Q2. Total clear aligner shipments include approximately 25,000, Invisalign DSP touch-up cases are record high quarter of 37% year over year. DSP continues to drive growth and is currently available in North America and certain EMEA countries. During the quarter, we extended DSP into more countries in Europe and we anticipate expanding into additional markets going forward.

對於第二季。透明矯正器總出貨量包括約 25,000 個 Invisalign DSP 修補盒，創歷史新高，較去年同期成長 37%。 DSP 繼續推動成長，目前已在北美和某些歐洲、中東和非洲國家推出。本季度，我們將 DSP 擴展到歐洲更多國家，並預計未來將擴展到更多市場。

DSP is also now available in 14 states touch-up aligner offering across all markets where it's available. As a result, touch-up cases increased significantly in Q2. Due to '24 clear aligner volume and DSO customers increased sequentially year over year, reflecting growth across all regions.

DSP 現已在 14 個州上市，並在所有可用的市場上提供修補對準器。因此，第二季補漆案例大幅增加。由於 24 年透明矯正器銷售和 DSO 客戶逐年增加，反映了所有地區的成長。

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

DSO 代表著一個巨大且不斷增長的機會，有助於推動整個牙科行業採用數位技術。我們與全球許多DSO 建立了良好的關係，他們認識到我們構成數位平台的產品和服務組合所帶來的數位工作流程的好處，包括提高實踐效率和盈利能力，以及透過更短的周期時間提供更好的患者體驗和客戶的接近度。

[Stylebox] and Heartland Dental are two of our largest DSO partners. We are continuously exploring collaboration with DSOs that can further the adoption of digital dentistry. Each DSO has a different strategy and business model, and our focus is working and encouraging DSOs align with our vision, strategy and business model goals.

[Stylebox] 和 Heartland Dental 是我們最大的兩個 DSO 合作夥伴。我們正在不斷探索與 DSO 的合作，以進一步推動數位牙科的採用。每個 DSO 都有不同的策略和業務模式，我們的重點是努力並鼓勵 DSO 與我們的願景、策略和業務模式目標保持一致。

Today in this line is the most recognized orthodontic brand grew globally in Invisalign clear aligner treatment is faster and more effective than traditional metal braces, get the underlying market opportunity remains huge and untapped.

如今，該系列中最受認可的正畸品牌在全球範圍內成長，Invisalign 隱形矯正器治療比傳統金屬牙套更快、更有效，獲得的潛在市場機會仍然巨大且尚未開發。

We continue to invest in consumer marketing and demand creation initiatives that raise awareness and drive potential patients to Invisalign practices globally. In Q2, we had more than 17 billion impressions and 50 million visitors to our websites globally. Below our additional highlights from Q2 and more information is available in our Q2 '24 earnings webcast slides.

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。第二季度，我們的網站在全球擁有超過 170 億次曝光次數和 5,000 萬訪客。以下是我們第二季的其他亮點，更多資訊可在我們的 24 年第二季財報網路廣播幻燈片中找到。

To increase awareness and educate young adults, parents and teens about the benefits of Invisalign brand. We continue to invest and create campaigns in social media platforms such as TikTok, Instagram, YouTube, Snapchat, We chat, Dion across the markets.

提高意識並教育年輕人、父母和青少年了解 Invisalign 隱適美品牌的優勢。我們繼續在各市場的 TikTok、Instagram、YouTube、Snapchat、We chat、Dion 等社群媒體平台上投資並開展活動。

Reaching young adults as well as teens and their parents also requires the right engagement to Invisalign influencers and creator centric campaign. In Americas, our influencers and social media campaigns featured Olympic athletes such as Rebecca, Andras from Brazil, [untreated cross] from Canada, Jordan Childs from the United States and Paralympic athletes, Lizzie Smith from the United States.

影響年輕人以及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。在美洲，我們的影響者和社交媒體活動以奧運運動員為特色，例如來自巴西的麗貝卡、安德拉斯、來自加拿大的[未經處理的交叉]、來自美國的喬丹·查爾茲和來自美國的殘奧會運動員莉齊·史密斯。

To bolster teen demand, we launched new activations with teen high school sports social media platform overtime, including several programs focused on showcasing elite high school athletes across boys, footballs grows basketball grow soccer, we highlighted why they chose to transform their smile with Invisalign aligners and showcase their results.

為了滿足青少年的需求，我們在青少年高中體育社交媒體平台上推出了新的活動，包括多個旨在向男孩展示精英高中運動員的項目，足球發展籃球發展足球，我們強調了為什麼他們選擇使用Invisalign 隱適美矯正器來改變他們的笑容並展示他們的成果。

In EMEA region, we partnered with influencers to reach consumers across social media platforms, including TikTok in meta and launched our global consumer campaigns for teens and parents. In APAC, we continue to invest in consumer advertising across the region and expanded our reach in Japan and India, the eMeta and YouTube and partner with key social media influencers.

在歐洲、中東和非洲地區，我們與有影響力的人士合作，透過社群媒體平台接觸消費者，包括元中的 TikTok，並針對青少年和家長發起了全球消費者活動。在亞太地區，我們繼續投資該地區的消費者廣告，擴大我們在日本和印度、eMeta 和 YouTube 的影響力，並與主要社群媒體影響者合作。

Finally, adoption of my Invisalign consumer patient app continued to increase with over 4 million downloads to date and over 384,000 monthly active users, an 8% year-over-year increase. Uses of our other digital tools also continued increased ClinCheck live update was used by almost 50,000 doctors on more than 692,000 cases reducing time spent and modifying treatment plans by an average of 16.3%, Invisalign practice app is increasing and adoption with 85,000 doctors who actively are using the app and 5.9 million photographs were uploaded in Q2 via the Invisalign practices.

最後，我的 Invisalign 隱適美消費者患者應用程式的採用率持續增加，迄今為止下載量已超過 400 萬次，每月活躍用戶超過 384,000 人，年增 8%。我們其他數位工具的使用也持續增加，近50,000 名醫生在超過692,000 個病例中使用了ClinCheck 即時更新，減少了花費的時間並平均修改了16.3% 的治療計劃，Invisalign 隱適美實踐應用程式正在增加，並被85,000 名積極參與治療的醫生採用。

Year-over-year growth in Q2 systems and services revenue were up 16.1% reflects higher scanner ASPs and non-systems revenues driven by iTero Lumina wand upgrades, increased service revenues and a larger base of scanners sold.

第二季系統和服務收入年增 16.1%，反映出 iTero Lumina 掃描棒升級、服務收入增加以及掃描器銷售基礎擴大推動掃描器平均售價和非系統收入增加。

On a sequential basis, Q2 systems and services revenues were up 9.2%, reflecting higher scanner volumes, higher scanner ASPs and higher non-systems revenues driven by iTero Lumina wand upgrades, that iTero Lumina new multi direct capture technology replaces the confocal imaging technology in earlier models, and that's a three x wider field of capture and a 50% smaller and 45% lighter, one, delivering faster scanning speed, higher accuracy, superior visualization in a more comfortable scanning experience.

第二季度系統和服務收入環比增長9.2%，反映出掃描儀產量增加、掃描儀平均售價增加以及iTero Lumina 掃描棒升級推動的非系統收入增加，iTero Lumina 新型多重直接捕獲技術取代了共焦成像技術與早期型號相比，捕獲範圍擴大了三倍，尺寸縮小了 50%，重量減輕了 45%，其一，掃描速度更快、精度更高、可視化效果更佳，掃描體驗更舒適。

Lumina's currently available with orthodontic workflows as a new standalone scanner, where as a wand upgrade from iTero Element 5D plus scanner. During the second quarter, we had a record number of competitive trade-ins, demonstrating the continued success of the iTero Lumina scanner in the marketplace.

Lumina 目前可作為新型獨立掃描器用於矯正工作流程，是 iTero Element 5D plus 掃描儀的升級版。第二季度，我們的競爭性以舊換新數量創歷史新高，證明了 iTero Lumina 掃描器在市場上的持續成功。

We're also seeing a halo effect with Invisalign scans. We're pleased to see more doctors coming into the digital ecosystem with an increase in first-time Invisalign case submitters as well as return of lapse submitters.

我們也看到 Invisalign 隱適美掃描的光環效應。我們很高興看到更多的醫生進入數位生態系統，首次 Invisalign 隱適美病例提交者以及失效提交者的回歸也有所增加。

Overall, Q2, we're very pleased with the continued uptake of iTero Lumina scanner with Ortho workflow and response from customers. We're looking forward to a limited market release for the Restore of software Lumina in Q4, followed by full commercialization in Q1 '25.

總體而言，第二季度，我們對 iTero Lumina 掃描器與 Ortho 工作流程的持續採用以及客戶的回饋感到非常滿意。我們期待在第四季度對軟體 Lumina 的恢復進行有限的市場發布，然後在 25 年第一季全面商業化。

Today, we introduced iTero design suite, offering doctors and intuitive way to facilitate designs for 3D printing of models by byte splints and restore restorations and practice. This software innovation is designed to help doctors increase their practice efficiencies and elevate patient experiences by shortening the time to treatment through an intuitive way to design for in practice 3D printing.

今天，我們推出了 iTero 設計套件，為醫生提供直覺的方式來促進位元組夾板 3D 列印模型的設計以及修復體和實踐。這項軟體創新旨在透過直覺的 3D 列印實踐設計方式縮短治療時間，從而幫助醫生提高實踐效率並提升患者體驗。

The Align Digital platform provides an innovative portfolio of customer-focused technologies that enable seamless end-to-end workflows for dental professionals. iTero design suite is now available through an early access program. Doctors using an iTero scanner can submit their interest via their scanner or my iTero portal. Software is expected to be available later this year in selected markets.

Align Digital 平台提供了以客戶為中心的創新技術組合，為牙科專業人員提供無縫的端到端工作流程。 iTero 設計套件現已透過早期存取計劃提供。使用 iTero 掃描儀的醫生可以透過他們的掃描器或我的 iTero 入口網站提交他們的興趣。軟體預計將於今年稍晚在選定的市場上市。

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

有了這個，我會把它交給約翰。

Thanks, Joe. Now for our Q2 financial results. Total revenues for the second quarter were $1,28.5 million, up 3.1% from the prior quarter and up 2.6% from the corresponding quarter a year ago. On a constant currency basis, Q2 '24 revenues were impacted by unfavorable foreign exchange of approximately $11.6 million or approximately 1.1% sequentially and were unfavorably impacted by approximately $18.1 million year over year or approximately 1.7%.

謝謝，喬。現在是我們第二季的財務業績。第二季總營收為 12,850 萬美元，較上季成長 3.1%，比去年同期成長 2.6%。以固定匯率計算，2024 年第 2 季的營收受到不利外匯影響約 1,160 萬美元，即季減約 1.1%，年比受到不利影響約 1,810 萬美元，約 1.7%。

For clear aligners. Q2 revenues of $831.7 million were up 1.8% sequentially, primarily from higher volumes, partially offset by lower ASPs. On a year-over-year basis, Q2 Clear Aligner revenues were flat, primarily due to higher discounts, a product mix shift to lower ASP products and the unfavorable impact from foreign exchange, offset by lower net revenue deferrals, higher volumes and price increases.

用於透明矯正器。第二季營收為 8.317 億美元，比上一季成長 1.8%，主要是由於銷量增加，但部分被平均售價下降所抵消。與去年同期相比，第二季Clear Aligner 營收持平，主要是因為折扣增加、產品組合轉向平均售價較低的產品以及外匯的不利影響，但被淨收入遞延減少、銷售增加和價格上漲所抵消。

Q2 '24 clear aligner revenues were unfavorably impacted by foreign exchange of approximately $9.5 million or approximately 1.1% sequentially. On a year-over-year basis, Clear Aligner revenues were unfavorably impacted by foreign exchange of approximately $14.7 million or approximately 1.7%.

2024 年第 2 季透明矯正器收入受到外匯的不利影響，約 950 萬美元，比上一季下降約 1.1%。與去年同期相比，Clear Aligner 營收受到外匯不利影響約 1,470 萬美元，約 1.7%。

For Q2, Invisalign ASPs for comprehensive treatment were down sequentially and year over year. On a sequential basis, the decline in ASP primarily reflects higher discounts, a product mix shift to lower ASP products and the unfavorable impact of foreign exchange.

第二季度，Invisalign 隱適美綜合治療的平均售價較上季下降，較去年同期下降。從環比來看，平均售價的下降主要反映了較高的折扣、產品結構轉向較低平均售價的產品以及外匯的不利影響。

On a year-over-year basis. The decline in comprehensive ASPs primarily reflects higher discounts, a product mix shift to lower ASP products and the unfavorable impact from foreign exchange, mostly offset by lower net revenue deferrals and price increases. For Q2, Invisalign ASPs for noncomprehensive treatment were down sequentially and year over year.

按年計算。綜合平均售價的下降主要反映了較高的折扣、產品組合轉向較低平均售價的產品以及外匯的不利影響，但大部分被淨收入遞延和價格上漲的減少所抵消。第二季度，Invisalign 隱適美非綜合治療的 ASP 較上季下降，較去年同期下降。

On a sequential basis, the decline in ASPs reflects the unfavorable impact from foreign exchange, higher net revenue deferrals a product mix shift to lower ASP products, partially offset by price increases. On a year-over-year basis, the decrease in noncomprehensive ASPs reflects higher discounts, a product mix shift to lower ASP products, the unfavorable impact of foreign exchange and the unfavorable impact of a price adjustment in the UK to make the recently mandatory application of VAT to our liners cost neutral to customers.

從環比來看，平均售價的下降反映了外匯的不利影響，較高的淨收入推遲了產品組合向較低平均售價產品的轉變，部分被價格上漲所抵消。與去年同期相比，非綜合平均售價的下降反映了更高的折扣、產品結構轉向較低平均售價的產品、外匯的不利影響以及英國最近強制申請的價格調整的不利影響我們班輪的增值稅對客戶來說成本是中立的。

Our Invisalign comprehensive three and three product is available in North America, EMEA and in certain markets across APAC. We are pleased with the continued adoption of the Invisalign comprehensive Three and Three product and anticipate adoption will continue to increased, comprehensive Three and Three provides doctors the flexibility they want while allowing us to recognize more revenue upfront with deferred revenue being recognized over a shorter period compared to our traditional Invisalign comprehensive product and benefiting us with a more favorable gross margin.

我們的 Invisalign 隱適美綜合三合一產品在北美、歐洲、中東和非洲以及亞太地區的某些市場有售。我們對隱適美綜合三和三產品的持續採用感到高興，並預計採用率將繼續增加，綜合三和三為醫生提供了他們想要的靈活性，同時使我們能夠預先確認更多收入，並在更短的時間內確認遞延收入與我們傳統的 Invisalign 隱適美綜合產品相比，我們將獲得更有利的毛利率。

Clear Aligner, deferred revenues on the balance sheet decreased $7.8 million or 0.6% sequentially and decreased $5.2 million or 0.4% year over year, and both will be recognized as the additional aligners are shipped.

Clear Aligner，資產負債表上的遞延收入比上一季減少 780 萬美元或 0.6%，年比減少 520 萬美元或 0.4%，兩者都將在額外的對準器發貨時確認。

Q2 '24 systems and services revenues of $196.8 million were up 9.2% sequentially, primarily due to higher volumes, higher ASPs and non systems revenues mostly related to upgrades. Q2 '24 systems and services revenues were up 16.1% year over year, primarily due to higher ASPs, increased non system revenues, mostly related to upgrades in our leasing rental programs and higher service revenues.

2024 年第二季系統和服務收入為 1.968 億美元，季增 9.2%，主要是由於銷量增加、平均售價提高以及主要與升級相關的非系統收入。 24 年第二季系統和服務收入年增 16.1%，主要是由於平均售價上升、非系統收入增加（主要與我們的租賃項目升級和服務收入增加有關）。

We are pleased to be able to leverage our operational and financial capabilities to provide different types of go-to-market models for our customers, such as leasing and rental options. In the end, we are focused on selling the way where customers want to buy.

我們很高興能夠利用我們的營運和財務能力為客戶提供不同類型的上市模式，例如租賃和租賃選項。最後，我們專注於以客戶想要購買的方式進行銷售。

Q2 '24 systems and services revenues were unfavorably impacted by foreign exchange of approximately $2.1 million or approximately 1% sequentially, on a year-over-year basis, systems and services revenues were unfavorably impacted by foreign exchange change of approximately $3.4 million or approximately 1.7%.

24 年第 2 季系統和服務收入受到外匯匯率變動的不利影響約 210 萬美元或約 1%，與去年同期相比，系統和服務收入受到外匯變動的不利影響約 340 萬美元或約 1.7% % 。

Systems and services, deferred revenues on the balance sheet was down $20.4 million or 8.3% sequentially and down $43.4 million or 16.2% year over year, primarily due to the recognition of services revenues which are recognized ratably over the service period.

資產負債表上的系統和服務遞延收入環比下降 2,040 萬美元，即 8.3%，年減 4,340 萬美元，即 16.2%，這主要是由於在服務期間按比例確認的服務收入所致。

The decline in deferred revenues both sequentially and year over year primarily reflects the shorter duration of service contracts applicable to initial scanner purchases, as our scanner portfolio expands, and we introduce new products where an increase in the opportunities for customers to upgrade and make trades in addition to our scanning leasing and rental programs.

遞延收入環比和同比下降主要反映了隨著我們的掃描器產品組合的擴大以及我們推出的新產品增加了客戶升級和進行交易的機會，適用於初始掃描器購買的服務合約期限縮短了。我們的掃描租賃和租賃計劃。

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.

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。

The structural programs we have implemented across both of our operating segments benefit our customers by providing them with more options to choose what they need, in some cases at a reduced price that may impact our ASPs, but the cost of service for us is lower and the benefit is then reflected in our gross margins.

我們在兩個營運部門實施的結構計劃使我們的客戶受益，為他們提供了更多選擇來選擇他們需要的產品，在某些情況下，價格降低可能會影響我們的平均售價，但我們的服務成本較低，然後，收益就會反映在我們的毛利率中。

Moving to gross margin, second quarter overall gross margin was 70.3%, up 0.3 points sequentially and down 0.9 points year over year. Overall, gross margin was unfavorably impacted by foreign exchange by approximately 0.3 points sequentially and unfavorably impacted by approximately 0.5 points on a year-over-year basis.

毛利率方面，第二季整體毛利率為70.3%，較上季上升0.3個百分點，較去年同期下降0.9個百分點。整體而言，毛利率連續受到匯率不利影響約0.3個百分點，較去年同期不利影響約0.5個百分點。

Clear aligner gross margin for the second quarter was 70.8%, down 0.1 points sequentially due primarily to lower ASPs, partially offset by lower additional aligners and leverage manufacturing spend.

第二季透明矯正器毛利率為 70.8%，比上一季下降 0.1 個百分點，主要是由於平均售價下降，但附加矯正器的減少和槓桿製造支出部分抵消了這一影響。

Clear aligner gross margin for the second quarter was down 1.7 points year over year due primarily two lower ASPs and higher manufacturing spend as we continue to ramp up Poland manufacturing facility and the impact of unfavorable foreign exchange.

第二季透明矯正器毛利率年減 1.7 個百分點，主要原因是平均售價下降和我們繼續擴大波蘭製造設施以及不利外匯的影響導致製造支出增加。

Systems and services, gross margin for the second quarter was a record 68.2%, up 2.3 points sequentially, primarily due to higher ASPs and manufacturing efficiencies. Systems and services, gross margin for the second quarter was up three points year over year, for the reasons stated above.

系統和服務第二季的毛利率達到創紀錄的 68.2%，比上一季增加 2.3 個百分點，這主要是由於平均售價和製造效率的提高。由於上述原因，第二季系統和服務毛利率年增了三個百分點。

Q2, operating expenses were $575.6 million, up 5.9% sequentially and 6.3% year over year. On a sequential basis, operating expenses were up by $31.9 million, due primarily to about $31 million in legal settlements year over year. Operating expenses increased by $33.9 million, primarily due to legal settlements and higher employee compensation, partially offset by lower outside services, advertising and marketing expenses.

第二季度，營運費用為 5.756 億美元，季增 5.9%，年增 6.3%。營運費用較上季增加 3,190 萬美元，主要是因為法律和解費用較去年同期增加約 3,100 萬美元。營運費用增加了 3,390 萬美元，主要是由於法律和解和員工薪資上漲，但部分被外部服務、廣告和行銷費用的減少所抵消。

On a non-GAAP basis, excluding stock-based compensation, amortization of acquired intangibles related to certain acquisitions, restructuring, legal settlements and other charges operating expenses were $499.5 million, down 1.3% sequentially, and down 1.1% 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、重組、法律和解和其他費用相關的無形資產攤銷營運費用為 4.995 億美元，環比下降 1.3%，年減 1.1%。

Our second quarter operating income of $147 million resulted in an operating margin of 14.3%, down 1.2 points sequentially and down 2.9% year over year. Operating margin was unfavorably impacted from foreign exchange of approximately 0.6 points sequentially and unfavorable impacted by 1.2 points year over year.

第二季營業收入為 1.47 億美元，營業利潤率為 14.3%，季減 1.2 個百分點，較去年同期下降 2.9%。營業利潤率連續受到外匯匯率約 0.6 個百分點的不利影響，較去年同期受到 1.2 個百分點的不利影響。

On a non-GAAP basis, which excludes stock-based compensation, amortization of intangibles related to certain acquisitions, restructuring, legal settlements and other charges, operating margin for the second quarter was 22.3%, up 2.5 points sequentially and up one point 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、重組、法律和解相關的無形資產攤銷和其他費用，第二季度營業利潤率為22.3%，比上一季增長2.5 個百分點，較上年同期成長1 個百分點年。

Interest and other income expense net for the second quarter was an expense of $3.2 million, primarily due to unfavorable foreign exchange compared to an income of $4.3 million in Q1 of '24 and an expense of $0.3 million in Q2 of '23. Recall that Q1 '24 included a nonrecurring gain on our equity investments.

第二季的利息和其他收入支出淨額為 320 萬美元，主要是由於外匯不利，而 24 年第一季的收入為 430 萬美元，23 年第二季的支出為 30 萬美元。回想一下，24 年第一季包括我們股權投資的非經常性收益。

The GAAP effective tax rate in the second quarter was 32.9% compared to 33.7% in the first quarter and 34.8% in the second quarter of the prior year. The second quarter GAAP effective tax rate was lower than the first quarter effective tax rate, primarily due to discrete tax expenses recognized in Q1 of '24 that did not reoccur in Q2 of '24, and that benefit was partially offset by an increase in nondeductible expenses.

第二季 GAAP 有效稅率為 32.9%，第一季為 33.7%，上年第二季為 34.8%。第二季 GAAP 有效稅率低於第一季有效稅率，主要是由於 2024 年第一季確認的離散稅收費用在 2024 年第二季沒有再次出現，而該收益被不可扣除的增加部分抵銷花費。

Our non-GAAP effective tax rate in the second quarter was 20%, which reflects our long-term projected tax rate. Second quarter net income per diluted share was $1.28, down sequentially $0.11 and down $0.18 compared to the prior year.

我們第二季的非 GAAP 有效稅率為 20%，這反映了我們的長期預期稅率。第二季攤薄後每股淨利為 1.28 美元，較上一季下降 0.11 美元，比去年同期下降 0.18 美元。

Our EPS was unfavorably impacted by $0.11 on a sequential basis and $0.17 on a year-over-year basis due to foreign exchange.

由於外匯影響，我們的每股盈餘環比受到 0.11 美元的不利影響，年比受到 0.17 美元的不利影響。

On a non-GAAP basis, net income per diluted share was $2.41 for the second quarter, up $0.27 sequentially and up $0.19 year over year.

以非公認會計準則計算，第二季攤薄後每股淨利為 2.41 美元，季增 0.27 美元，年增 0.19 美元。

Moving on to the balance sheet. As of June 30, 2024 cash, cash equivalents and short and long-term marketable securities were $782.1 million, down sequentially $120.4 million and down $251.7 million year over year of our $782.1 million balance, $140 million was held in the US and $642.1 million was held by our international entities.

繼續看資產負債表。截至2024 年6 月30 日，我們的現金、現金等價物以及短期和長期有價證券為7.821 億美元，比上一季減少1.204 億美元，同比減少2.517 億美元，而我們的餘額為7.821 億美元，其中1.4 億美元在美國持有，6.421 億美元在美國持有。

During Q2 '24, we repurchased approximately 0.6 million shares of our common stock at an average price of $250.73 through $150 million of open market repurchases, as of June 30, 2024 $500 million remains available for repurchases of our common stock under the January 2023 repurchase program.

During Q2 '24, we repurchased approximately 0.6 million shares of our common stock at an average price of $250.73 through $150 million of open market repurchases, as of June 30, 2024 $500 million remains available for repurchases of our common stock under the January 2023 repurchase程式.

During the quarter, we completed a $75 million equity investment in Heartland Dental, a multidisciplinary DSO with GP and ortho practices across the United States. Q2 accounts receivable balance was $1,020.1 million up sequentially.

本季度，我們完成了 Heartland Dental 的 7,500 萬美元股權投資，這是一家多學科 DSO，在美國各地擁有全科醫生和矯形診所。第二季應收帳款餘額較上季增加 10.201 億美元。

Our overall days sales outstanding was 89 days, up approximately three days sequentially and up approximately eight days as compared to Q2 last year. Cash flow from operations for the second quarter was $159.8 million. Capital expenditures for the second quarter were $53.5 million, primarily related to our continued investments to increase aligner manufacturing capacity and facilities.

我們的總銷售天數為 89 天，比上一季增加了約 3 天，與去年第二季相比增加了約 8 天。第二季營運現金流為 1.598 億美元。第二季的資本支出為 5,350 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。

Free cash flow defined as cash flow from operations, less capital expenditures amounted to $106.4 million.

自由現金流定義為營運現金流減去資本支出，達 1.064 億美元。

Now, turning to our outlook. Assuming no circumstances occur beyond our control, we provide the following business outlook for Q3 and fiscal 2024. For Q3 2024, we expect our Q3 worldwide revenues to be in a range of $980 million to $1 billion.

現在，轉向我們的展望。假設沒有出現我們無法控制的情況，我們對第三季和 2024 財年的業務展望如下。

We expect Clear Aligner volume to be down sequentially as a result of Q3 seasonality and clear aligner ASPs to be down sequentially, primarily due to foreign exchange and product mix. We also expect systems and services revenues to be down sequentially because of Q3 seasonality. We expect our Q3 2024 GAAP operating margin to be below Q3 2023 GAAP operating margin and Q3 2024 non-GAAP operating margin to be flat to Q3 2023, non-gaap operating margin.

我們預計，由於第三季的季節性因素，透明矯正器的銷售量將連續下降，透明矯正器的平均售價將持續下降，這主要是由於外匯和產品組合的影響。我們也預計，由於第三季的季節性因素，系統和服務收入將季減。我們預計2024 年第三季的GAAP 營業利潤率將低於2023 年第三季的GAAP 營業利潤率，2024 年第三季的非GAAP 營業利潤率將與2023 年第三季的非GAAP 營業利潤率持平。

For fiscal 2024, we expect fiscal 2024 total revenue growth to be up 4% to 6% year over year due in part to lower Clear Aligner ASPs year over year from continued unfavorable foreign exchange and product mix. In addition, our revised revenue outlook reflects our anticipated commercial launch of iTero Lumina with restore to capabilities to occur in Q1 of 2025, instead of 2024 as previously anticipated.

對於 2024 財年，我們預計 2024 財年總營收成長將年增 4% 至 6%，部分原因是持續不利的外匯和產品組合導致 Clear Aligner 平均售價年減。此外，我們修訂後的營收前景反映了我們預計 iTero Lumina 的商業推出，並在 2025 年第一季恢復功能，而不是先前預期的 2024 年。

We expect fiscal 2024 GAAP operating margin to be slightly below 2023 GAAP operating margin and 2024 non-GAAP operating margin to be above 2023 non-GAAP operating margin. We expect investments in capital expenditures for fiscal '24 -- 2024 to be approximately $100 million. Capital expenditures, primarily relate to building construction improvements as well as manufacturing capacity in support of continued expansion.

我們預期 2024 財年 GAAP 營業利潤率將略低於 2023 年 GAAP 營業利潤率，2024 年非 GAAP 營業利潤率將高於 2023 年非 GAAP 營業利潤率。我們預計 24-2024 財年的資本支出投資約為 1 億美元。資本支出主要涉及建築施工改進以及支持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. In summary, I'm pleased with our overall performance for Q2 and the growth we delivered across the business for Clear Aligner volumes as well as strong revenues from scanners and services. Notwithstanding the impact of unfavorable foreign exchange on our revenues, we believe the end markets are stable overall, we're committed to supporting our Doctor customers and the future of digital innovation.

謝謝，約翰。總而言之，我對我們第二季度的整體業績、透明對準器業務量的增長以及來自掃描儀和服務的強勁收入感到滿意。儘管不利的外匯對我們的收入產生了影響，但我們相信終端市場整體穩定，我們致力於支持我們的Doctor客戶和數位創新的未來。

Our purpose is to transform smiles and change lives with the goal of being the standard of care in orthodontics with Invisalign clear aligner treatment clinically, we believe that we can treat the vast majority of orthodontic cases today from the simplest to the most complex clinical efficacy is no longer question.

我們的目的是改變微笑，改變生活，目標是透過Invisalign隱適美透明矯正器治療成為臨床矯正護理的標準，我們相信我們可以治療當今絕大多數的矯正病例，從最簡單到最複雜的臨床療效是不再追問。

We now focus on the treatment experience for patients and on efficiency and growth for our doctor customers. The orthodontic case start market is vastly underpenetrated, and there are millions of consumers who would benefit from digital orthodontics.

我們現在專注於患者的治療體驗以及醫生客戶的效率和成長。正畸案例啟動市場的滲透率還很低，有數百萬消費者將從數位化矯正中受益。

We continue to evolve to better meet the needs of doctors, potential patients who increasingly see consumers seek convenient, elevated digital experiences. Our digital platform and integrated technologies, software and services has helped improve orthodontic treatment for millions by delivering seamless workflows and dental practices on mobile devices and through remote monitoring and are designed to help doctors and patients realize the benefits of a truly seamless end to end digital workflows and patient experiences.

我們不斷發展，以更好地滿足醫生和潛在患者的需求，他們越來越多地看到消費者尋求便利、優質的數位體驗。我們的數位平台和整合技術、軟體和服務透過在行動裝置上提供無縫工作流程和牙科實踐以及遠端監控，幫助改善了數百萬人的正畸治療，旨在幫助醫生和患者實現真正無縫的端到端數位化的好處工作流程和病患體驗。

But the journey from analog to digital has proven difficult for practices. The orthodontic practice of the future requires full digital transformation to truly realize the promise of digital and there is no other medtech company in the world that can help practices meet this challenge.

但事實證明，從類比到數位的旅程對於實踐來說是困難的。未來的矯正實踐需要全面的數位轉型，以真正實現數位化的承諾，世界上沒有其他醫療科技公司可以幫助實踐應對這一挑戰。

With that, I thank you for your time today, and we look forward to sharing our continued progress as we move the industry forward through digital orthodontics.

在此，我感謝您今天抽出寶貴的時間，我們期待分享我們透過數位正畸推動行業向前發展的持續進展。

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

現在我將把電話轉給接線員詢問您的問題。操作員？

(operator instructions)

（操作員說明）

Michael Cherny, Leerink Partners.

邁克爾·切爾尼，Leerink Partners。

Maybe if I can just dive in a little bit on the guidance change and some of the moving pieces and in particular, I wanted to get a sense from you what you view as within your control versus outside. Obviously, FX is something that management can control, but you think about the guidance in particular on the AFD side, how you think about the flow through of what is within your control on mix?

也許我可以稍微深入了解一下指導方針的變化和一些變化，特別是，我想從你那裡了解一下你認為什麼是在你的控制範圍內，什麼是在你的控制範圍之外。顯然，外匯是管理層可以控制的東西，但您特別考慮了 AFD 方面的指導，您如何考慮您可以控制的混合流程？

Is there something you could do and promotion is there anything else that can come from a pricing competition that we should be worried about? Just want to dive a little bit more into that number, given that it seems to be the biggest fulcrum point relative to the guidance change?

您可以做些什麼嗎？只是想更深入地研究這個數字，因為它似乎是相對於指引變化的最大支點？

Yeah, it's a good question, Michael. This is John. Look, when we looked at the total year when based on what we're seeing now we see the unfavorable foreign exchange impact we saw in Q2, and we continue to see and project that that will continue for the rest of this year.

是的，這是個好問題，麥可。這是約翰。看，當我們根據現在所看到的情況查看全年情況時，我們看到了第二季度的不利外匯影響，我們繼續看到並預測這種情況將在今年剩餘時間內持續下去。

So that's in our outlook just over a point of our reduction in our total year is related to foreign exchange. The mix effect that you talked about. That's really the way our customers want to buy. In some cases, they're buying lower-priced products as part of our portfolio.

因此，在我們的展望中，我們全年總量減少的一個點與外匯有關。你所說的混合效果。這確實是我們的客戶想要的購買方式。在某些情況下，他們會購買價格較低的產品作為我們產品組合的一部分。

We see that as incremental and cases like Doctor subscription program, they're just at a lower ASP. But what we end up seeing then is a better gross margin. Our cost to serve in many cases is lower than that, but it really is a reflection of what the doctors want to do with it cases that they buy.

我們看到，作為增量和像醫生訂閱計劃這樣的案例，它們的平均售價較低。但我們最終看到的是更好的毛利率。在許多情況下，我們的服務成本低於這個數字，但這確實反映了醫生想要如何處理他們購買的病例。

Okay. Thank you.

好的。謝謝。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Hi, guys, thanks so much for that question. I was wondering if you had I'm just regarding the guidance, if you had any insights that you could share on whether any of the iTero restorative scanner revenue was originally contemplated in the 2024 guidance? And now with the pushout on the launch, if that was sort of an impact on the on the guidance as well.

嗨，夥計們，非常感謝你們提出這個問題。我想知道您是否有任何見解可以分享，關於 2024 年指南中是否最初考慮了 iTero 恢復性掃描器收入？現在隨著發布的推出，這是否也對指導產生了某種影響。

And then as a follow-up, if you could talk a little bit more about the acceleration in the teen revenue or accelerate in the teen cases, which accelerated off a tougher comp, that would be helpful to also get some additional perspective there? Thanks.

然後作為後續行動，如果您可以更多地談論青少年收入的加速或青少年案件的加速，這加速了更艱難的競爭，這將有助於在那裡獲得一些額外的觀點？謝謝。

Hi, Elisabeth. Yeah, yes, you're right. The Lumina restorative that we expected to launch in the fourth quarter now the full launch into next year, that revenue was expected for this year. So that's part of the reason for taking down our overall guidance in addition to the FX, as I said on the previous question.

嗨，伊麗莎白。是的，是的，你說得對。我們預計在第四季推出的 Lumina 修復劑現在將在明年全面推出，預計今年的收入。正如我在上一個問題中所說，這就是我們除了外匯之外還取消整體指導的部分原因。

And then your question on teen, look, we're pleased with our teen growth. We saw good over 8% growth on a quarter-over-quarter basis, 8% growth on a year-over-year basis. We saw good adoption in many places around the world and it's a further reflection of the various products that we have, the adoption that doctors have have a lot of new doctors coming into the ecosystem to get trained that actually become customers of ours. So we're pleased with the progress that we're seeing within team.

然後你關於青少年的問題，看，我們對青少年的成長感到滿意。我們看到環比增長超過 8%，同比增長超過 8%。我們在世界許多地方看到了良好的採用，這進一步反映了我們擁有的各種產品，醫生的採用有很多新醫生進入生態系統接受培訓，實際上成為我們的客戶。因此，我們對團隊內部所取得的進展感到滿意。

Great. And any chance you want to quantify that? iTero restorative contribution changer or no?

偉大的。您想量化這一點嗎？ iTero 是否有恢復性貢獻變更？

Yeah, would not get it that given it directly, but it is less than a [up] percent slightly than a up percentage of the total.

是的，不會直接給出它，但它小於[上升]百分比，略高於總數的上升百分比。

That's helpful. Thank you.

這很有幫助。謝謝。

Jon Block, Stifel.

喬恩·布洛克，斯蒂菲爾。

Hey, Joe. Good afternoon. Where to start. Everyone was nervous about cases and then, you come in and you be cases handling and obviously the focus is going to be on the ASP. So John, maybe let me know if I have these numbers right, but it looks like the aligner ASP was down roughly 4% Q-over-Q.

嘿，喬。午安.從哪裡開始。每個人都對案件感到緊張，然後，你進來處理案件，顯然重點將放在 ASP 上。 John，如果我的數字正確的話，請告訴我，但看起來矯正器的 ASP 環比下降了大約 4%。

The FX hit was about 1%. So can you talk in detail as much as possible the other 3% decline in the ASP, Q over Q if I've got that right. It seems like a big deviation from where your head was at three months ago. How much of it was mix versus discounts and if it was a lot of mix, one mix become so pronounced over the past three months and maybe we could start there, please?

外匯打擊約 1%。如果我沒說錯的話，您能否盡可能詳細地談談 ASP 的另外 3% 的下降？這似乎與三個月前你的想法有很大的偏差。其中有多少是混合與折扣，如果有很多混合，一種混合在過去三個月中變得如此明顯，也許我們可以從那裡開始，好嗎？

Yeah, John, when you look at mix that we have, we see doctors utilizing DSP more and more as a record amount of DSP that we had in the quarter that had a lower ASP. We saw a lot of GP growth, which we talked about adult cases being up and the best best volumes that we've seen in several quarters and many times that's lower stage products that we end up seeing come through.

是的，約翰，當你看到我們擁有的組合時，我們發現醫生越來越多地使用 DSP，因為我們在 ASP 較低的季度擁有創紀錄的 DSP 數量。我們看到了很多 GP 的成長，我們談到了成人病例的增加，以及我們在幾個季度中看到的最好的銷量，很多時候我們最終看到的是處於較低階段的產品。

And so when we see the, the ASP, it's just a reflection of the different products that are being sold and those doctors are taking those up at that. But you also know and we've talked about where margins in many cases are better at those lower stage products and we end up seeing this as a benefit to be able to see it show up in gross margins and also op margins.

因此，當我們看到 ASP 時，它只是反映了正在銷售的不同產品，而那些醫生正在處理這些產品。但您也知道，我們已經討論過在許多情況下，那些處於較低階段的產品的利潤率更好，我們最終認為這是一個好處，能夠看到它出現在毛利率和營運利潤率中。

Okay. So I guess maybe just as a follow-up to that, are you saying that discounts were more aggressive, call it in Q2 '24 than maybe what we've seen historically? And just to tack on to that follow-up, you brought down the midpoint of the rev guide from about 7% to 5%.

好的。所以我想也許只是作為後續行動，你是說折扣比我們歷史上看到的更激進，稱之為 24 年第二季嗎？為了繼續跟進，您將轉速指南的中點從 7% 左右降低到 5%。

You said FX was 1%. You said the GP restored a portion Lumina was slightly less than 1% I mean, you sort of implying that clear aligner revenue by and large for 2024 is somewhat unchanged or maybe down a smidge? And then I'll ask my quick follow-up. Thanks.

你說外匯是1%。您說 GP 恢復了一部分 Lumina 略低於 1%，我的意思是，您的意思是說 2024 年的透明矯正器收入總體上沒有變化，或者可能略有下降？然後我會詢問我的快速跟進情況。謝謝。

Yes, clear aligner revenue down a little bit for the total year, because of the ASPs that we spoke about, not necessarily due to the volume changes like you said, we are pleased with the Q2 volume that we have, but that's how we look at the change here, mostly the effects for the total year as we've described and then some mix, but then the rest of it due to iTero changes from this year to next year.

是的，由於我們談到的平均售價，全年的矯正器收入明顯下降了一點，不一定是由於您所說的銷量變化，我們對第二季度的銷量感到滿意，但這就是我們的看法這裡的變化，主要是我們所描述的全年影響，然後是一些混合影響，但由於iTero 從今年到明年的變化，其餘的影響。

Okay. Last question for me. I guess online, just trying to if I've got this right. It looks like the revenue comes down a little bit at the midpoint, but I believe the non-GAAP EBIT margins came up slightly. I think before it was like flat to slightly up and now you're saying slightly up. So maybe just talk through the dynamics where you're able to arguably increase the non-GAAP EBIT margin assumption for '24 even off the more modest revenue base? And thanks for the time, guys.

好的。對我來說最後一個問題。我想在網路上，只是想看看我是否做對了。看起來收入在中點略有下降，但我相信非 GAAP 息稅前利潤率略有上升。我認為以前是持平到小幅上漲，現在你說的是小幅上漲。因此，也許只是討論一下動態，即使在收入基礎較為溫和的情況下，您也可以提高 24 年的非 GAAP 息稅前利潤率假設？謝謝你們抽出時間。

Yeah, no, it's a good question. And so as we looked at and as we talk about some of the I know ASP, gets a focus. But really when you look at the margin that we get on all of these products, as we go to some of the lower stage products we end up with a better margin.

是的，不，這是一個好問題。因此，當我們查看並討論一些我所知道的 ASP 時，我們得到了一個焦點。但實際上，當你看到我們在所有這些產品上獲得的利潤時，當我們進入一些較低階段的產品時，我們最終會獲得更好的利潤。

Our cost to serve is lower, which shows up in gross margin and flows its way to op margin. I think the rest of it, as you saw with this quarter from an OpEx standpoint and how we think about the levers that we could pull are not pull. We're very mindful of that in this environment and want to be able to deliver as much volume and as much topline as we can, but be very mindful of the operating profit that we need to deliver.

我們的服務成本較低，這體現在毛利率上，並最終轉化為營運利潤率。我認為其餘的，正如你從營運支出的角度看到的本季的情況，以及我們如何看待我們可以拉動的槓桿沒有拉動。在這種環境下，我們非常注意這一點，並希望能夠提供盡可能多的銷售和收入，但也要非常注意我們需要提供的營業利潤。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Good afternoon, guys. I wanted to start maybe on your doctor shift to number in the quarter, you shipped a little over a 86,000 docs this quarter. I think for three straight years, you've kind of been in that 80,000 to 85,000 range. So maybe not a big breakout, but at least some of these underlying numbers on utilization, these doctors ship to and that are starting to perk up a little bit.

下午好，夥計們。我想從本季度的醫生轉移數據開始，本季度您運送了 86,000 多份文件。我認為連續三年，你的人數都在 80,000 到 85,000 之間。因此，也許不是一個大的突破，但至少這些醫生運送到的一些基本利用率數據開始回升。

So I guess what I'm trying to understand on that doctor shift two number. Are you starting to see some benefits of some of the investments John's been talking about the last couple of quarters and getting that doctor prescribing base to expand. Is it expanding that base? Is it slowing the outflow that base as we know you've had some competitive losses here over the last couple of years. Just maybe help us understand the inflow and the outflow rates and what's moving between those two pieces. Thanks.

所以我想我想了解醫生輪班二號的內容。您是否開始看到約翰過去幾季一直在談論的一些投資的一些好處，並讓醫生擴大處方基礎。它正在擴大這個基礎嗎？它是否會減緩基地的外流，因為我們知道過去幾年你們在這裡遭受了一些競爭損失。也許可以幫助我們了解流入率和流出率以及這兩部分之間的變化。謝謝。

First of all, we're pleased with that. It's good to see utilization go up. It's also great to see the doctors go up to. Obviously, there's a strong concerted effort. We talk about that underserved marketplace out there and we know there's still a lot of doctors to train and there's still a doctor to do a lot more cases so it's a big focus for the business.

首先，我們對此感到滿意。很高興看到利用率上升。看到醫生上來也很高興。顯然，這是一個強大的協同努力。我們談論那裡服務不足的市場，我們知道仍然有很多醫生需要培訓，而且仍然有醫生要做更多的病例，所以這是業務的重點。

When you when you ask that question, are we losing fewer gaining few. There's always a mix and a change in those kinds of things, Jeff. But overall, you can see here that we're gaining something that we don't lose some docs sometimes, but we often bring it back to, the whole story with what we've been through as competitors have entered the marketplaces, sometimes we'll lose some doctors they often come back in.

當你問這個問題的時候，我們是不是失去得少了，獲得的卻少了。傑夫，這些事情總是混合和變化的。但總的來說，你可以在這裡看到，我們正在獲得一些東西，有時我們不會丟失一些文檔，但我們經常將其帶回整個故事，即競爭對手進入市場時我們所經歷的整個故事，有時我們將會失去一些他們經常回來的醫生。

One of the things about in our business to sometimes it takes 18 months for doctors to figure out if those competitive cases are actually going to work. And obviously, I think we're making good progress in the sense of convincing doctors to move ahead with us. And this growth in doctors in utilization occurred across the globe, which is great. It wasn't like it just came out of one region.

在我們的行業中，有一個問題是，醫生有時需要 18 個月的時間才能弄清楚這些競爭性案例是否真的有效。顯然，我認為我們在說服醫生與我們一起前進方面取得了良好進展。全球範圍內醫生利用率的成長是巨大的。它不像是剛從一個地區出來的。

Yeah, understood. All right. And then maybe just to follow-up on the manufacturing side. We saw the news maybe a couple of months ago memories, new role leading direct fab is going to stay in that role, it sounds like through 2026 when you're going to ride off into the sunset.

是的，明白了。好的。然後也許只是在製造方面進行跟進。我們可能是幾個月前看到的新聞，記憶中，領導直接晶圓廠的新角色將繼續擔任該角色，聽起來就像到 2026 年，你將駛向夕陽。

So does that tell us anything about time lines on direct fab? I mean, memory just doesn't seem like the kind of guy that would want to walk away in the middle of something. So is that kind of drawing a line in the sand that by 2026, you should be up and running fairly well, fairly, maybe not efficiently, but fairly completely and getting that direct fab plans all put together and rolling out some of that 3D-printed stuff in a bigger way?

那麼這是否告訴我們有關直接晶圓廠的時間線的任何資訊？我的意思是，記憶似乎不像是那種會在事情進行到一半的時候就走開的人。那麼，到 2026 年，你應該能夠相當好、相當，也許不是高效地，但相當完整地啟動和運行，並將直接晶圓廠計劃全部放在一起，並推出一些 3D-以更大的方式打印東西？

Hey, Jeff's it's a good question. We have a lot of faith in Emory has been here for so long and is the only guidance ever scaled, you know, aligners to the point, you know the gas. And so it's really fun to have him in this role because it gives us great feedback and a sense of where we are.

嘿，傑夫，這是個好問題。我們對埃默里大學充滿信心，它已經在這裡存在了這麼長時間，並且是有史以來唯一的指導方針，你知道，對準點，你知道氣體。所以讓他擔任這個角色真的很有趣，因為它給了我們很好的回饋和我們所處的位置的感覺。

Here's Jeff the best I can say we've talked about with analysts is we're looking at two to three years on this scale and don't think of it as a linear line. This is one where you have to do a lot of equipment work at first to get the efficiencies that have this equipment work 24/7.

傑夫，我能說的最好的一點是，我們與分析師討論過的最好的情況是，我們正在考慮這種規模的兩到三年，並且不認為它是一條線性線。在這種情況下，您首先必須進行大量設備工作才能獲得設備 24/7 工作的效率。

And then secondly, this is a brand new resin has never been sourced before. And so finding the source of the resin and making sure you have the reactor capacity, all those things take time. So I look at over the next year, we do a lot of that groundwork. And then you'll start to see products and different things that overall from that. So that it's best to fix in your mind, it's a two to three year kind of a roll-up.

其次，這是一種以前從未採購過的全新樹脂。因此，找到樹脂的來源並確保擁有反應器的容量，所有這些都需要時間。所以我展望明年，我們會做很多基礎工作。然後你會開始看到產品和不同的東西。因此，最好記住，這是一個兩到三年的總結。

Understand it. Okay. Thank you.

明白它。好的。謝謝。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯，威廉·布萊爾。

I'll ask two upfront because it's kind of guidance related one a little near term, which is basically I think if you do the sequentials and the implied numbers on the guidance that you've given us, there's maybe like a high single digits revenue increase going into Q4.

我會提前問兩個問題，因為這是一種與近期相關的指導，基本上我認為如果你按照你給我們的指導進行序列和隱含數字，可能會有很高的個位數收入進入第第四季增加。

I think correct me if I'm wrong, but that's kind of like pre-COVID levels of seasonality back when the business was a little more normal. So the question near term being given the uncertainty in the market, what kind of gives you the confidence that you guys can kind of return to normal seasonality within this year?

我想如果我錯了，請糾正我，但這有點像疫情前的季節性水平，當時業務比較正常。因此，鑑於市場的不確定性，近期的問題是什麼讓您有信心在今年內恢復到正常的季節性？

And then the follow-up to that on kind of a long-term guidance question is like like if we look, let's call it three years out, what's kind of the growth expectations of this business or the growth algorithm. Any color you can give us around that, assuming that it seems like we're stuck in somewhat of a uncertain end market stable, but not exactly where you want it. So we talk about the opportunity to accelerate if even possible in an end market like this over the cover of three-plus years? Thank you.

然後，關於長期指導問題的後續行動就像我們看看，讓我們稱之為三年後，該業務或成長演算法的成長預期是什麼樣的。你可以給我們任何顏色，假設我們似乎陷入了某種不確定的終端市場穩定，但不完全是你想要的地方。因此，我們談論在三年多的時間裡，在這樣的終端市場中加速的機會（如果有可能的話）？謝謝。

Yeah, Brendan, this is John. I can take the question kind of on the remaining part of this year and so on.

是的，布倫丹，這是約翰。我可以在今年剩下的時間裡回答這個問題，等等。

So we've guided to what we what we can see based on how the quarter played out. We actually saw in the second quarter. I mean, I'm not saying it's a return to normal seasonality, but is much more seasonal in the second quarter in terms of how our volume progressed and how it changed quarter over quarter to more more normal seasonality.

因此，我們根據本季的表現來指導我們所能看到的情況。我們實際上在第二季度就看到了。我的意思是，我並不是說這是回歸正常的季節性，但就我們的銷售進展以及季度與季度之間的變化情況來看，第二季度的季節性更加明顯。

And so our reflection of what we tried to do for the rest of this year based on what we see in terms of volume take out FX and some of that noise that gets caught into into Q2. But from a underlying volume standpoint, we saw and more normal seasonality and as we play out the rest of this year, we expect that to continue with teen season that comes in that we're in now that checking out China in the third quarter is a strong quarter for them because of teen season.

因此，我們根據我們在交易量方面看到的情況，對今年剩餘時間裡我們試圖做的事情進行了反思，排除了外匯和第二季度陷入的一些噪音。但從基本數量的角度來看，我們看到了更正常的季節性，隨著今年剩餘時間的到來，我們預計青少年季節將繼續下去，我們現在正處於第三季度檢查中國的階段由於青少年季節，他們的季度表現強勁。

Europe, not so much. We expect that to now play out more normally as it as it moves from Q3 to Q4. When you think of the total and looking out into three years. And so look, we're in an underpenetrated market and we've talked a lot about that. We think we have the products and the go-to-market capability to really move this market forward. And it's up to us to be able to help drive this market forward.

歐洲則不然。我們預計，隨著從第三季度轉向第四季度，這種情況現在會更加正常。當你考慮總數並展望三年。所以看，我們正處於一個滲透不足的市場，我們已經對此進行了很多討論。我們認為我們擁有真正推動這個市場向前發展的產品和進入市場的能力。我們有責任幫助推動這個市場向前發展。

And when we look out and we look out in our long-term model, we believe in the opportunity revenue growth is 20% plus and OP margin 25% plus and that's how we are positioning things for growth for whether it's direct fab and the growth opportunities that we have there and the efficiencies that we can drive as well as the know the standard production that we have now, that's how we're building from an investment standpoint.

當我們展望我們的長期模型時，我們相信機會收入增長 20% 以上，營運利潤率 25% 以上，這就是我們如何定位增長的方式，無論是直接晶圓廠還是增長我們在那裡擁有的機會和我們可以提高的效率以及了解我們現在擁有的標準生產，這就是我們從投資角度建造的方式。

We're mindful of changes that can happen short term and economy and and so on. And that's why we give you kind of the guidance that we have at least now in short term, but then longer term, we believe in our model, and that's how we're investing in the future.

我們注意到短期和經濟等方面可能發生的變化。這就是為什麼我們至少在短期內為您提供指導，但從長遠來看，我們相信我們的模式，這就是我們投資未來的方式。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Good afternoon, everyone. Just wanted to touch one near-term item with third quarter guidance. It's something that's been discussed already, but clearly a little bit lower than where you're probably modeling things out internally three to six months ago?

大家下午好。只是想談談第三季指導的一個近期項目。這是已經討論過的事情，但顯然比三到六個月前您可能在內部建模的情況要低一些？

I guess I'm just reminded of maybe where we were a year ago, in the third quarter, you had higher expectations than where you're at where you ended up finishing? So I guess I'm curious maybe how much of that experience from last year informs your view on volumes and product mix versus, say, the trends and macro data points that you've seen develop the last few months?

我想我只是想起一年前，在第三季度，你的期望比你最終完成的地方更高？所以我想我很好奇去年的經驗在多大程度上影響了您對銷售和產品組合的看法，而不是您在過去幾個月看到的趨勢和宏觀數據點？

And then maybe include here, if you could just how you're seeing that teen season develop since we are think of that right now?

然後也許包括在這裡，如果你能談談你如何看待青少年賽季的發展，因為我們現在正在考慮這一點？

Yeah, Jason, I can take that on the Q3 some of those specifics. Certainly, we look at last year, we look at the year 2022, you get into those COVID years, the tough to call it, and then you have to jump before COVID. So now you're talking almost five years ago.

是的，傑森，我可以談談第三季的一些細節。當然，我們看看去年，我們看看 2022 年，你會進入新冠疫情年，很難稱之為新冠疫情年，然後你必須跳到新冠疫情之前。所以現在你說的是差不多五年前的事了。

So you look at what you see at the time, knowing that most recently you have as we have Europe has a summer kind of shutdown comes back into September. We want to be able to see in September that they do come back. US is as in teen season at trying to get into teen season as well, and we want to see how that plays out.

所以你看看當時看到的情況，知道最近就像我們歐洲一樣，夏天的停工又回到了九月。我們希望能夠在九月看到他們確實回來。美國正像青少年賽季一樣試圖進入青少年賽季，我們想看看結果如何。

So we call based on based on what we expect both from a volume standpoint and we are really trying to give the foreign exchange that we see that started the started the quarter in July where that FX is and not make an assumption as to whether things are getting better or worse. We want to put that out there and really tried to give you more of the underlying performance for the business.

因此，我們基於我們從成交量角度的預期來進行呼籲，我們確實試圖提供我們看到的從 7 月開始的季度開始的外匯匯率，而不是假設情況是否變得更好或更糟。我們想把它放在那裡，並真正努力為您提供更多的業務基礎績效。

(inaudible) Joe, you want to talk about too?

（聽不清楚）喬，你也想談談嗎？

Yeah on the teen side, Jason, I said in my script and we were pleased with the growth was over 8%, which is great to see. A lot of that was supported by Asia and also Europe, and you've really got to get and as team numbers.

是的，在青少年方面，傑森，我在劇本中說過，我們很高興看到成長超過 8%，這真是太棒了。其中很多都得到了亞洲和歐洲的支持，你真的必須得到 和 作為團隊號碼。

Again, IPE is part of that. it's we look at that is obviously pretty and we're watching the ramp-up of that and the acceptance in the marketplace. So I hope I'm answering your question, but overall, we feel good about the teen now, is a big teen season in China in the third quarter. We're watching it closely. We expect to be able to perform on that side too. So I'm optimistic as it stands.

同樣，IPE 也是其中的一部分。我們認為這顯然很漂亮，我們正在觀察它的成長和市場的接受度。所以我希望我能回答你的問題，但總的來說，我們現在對青少年感覺良好，第三季是中國青少年的重要賽季。我們正在密切關注。我們希望也能在這方面有所表現。所以我對目前的情況持樂觀態度。

Okay, great. And then just for my follow-up, I'm going to pass you in here. Maybe bigger picture. If we step back and look at some of the recent developments, there's a lot of initiatives, different initiatives, marketing programs, menu expansion, customer incentives, so on and so forth.

好的，太好了。然後，為了後續跟進，我將把您介紹到這裡。也許更大的圖景。如果我們退後一步，看看最近的一些發展，就會發現有很多舉措、不同的舉措、行銷計劃、菜單擴展、客戶激勵措施等等。

Those all help contribute to expanding that utilization line, improving doctor productivity. You've got the Costco relationship that's been discussed. We uncovered, but looks to be one of the larger changes to your advantage program in at least a few years.

這些都有助於擴大利用率，提高醫生的工作效率。你已經討論過 Costco 的關係了。我們發現，但看起來這是至少幾年內對您的優勢計劃進行的較大改變之一。

I'm curious how you have us think about these in the broader context of your commercial efforts, would you consider things like the Costco and advantage changes either or both more impactful than what you typically do have you seen any change maybe in fact, behavior just in response to these advantage changes?

我很好奇您如何讓我們在您的商業努力的更廣泛背景下考慮這些問題，您是否認為Costco 和優勢變化之類的事情比您通常所做的更有影響力，您是否看到了任何變化，事實上，行為只是為了因應這些優勢變化？

And then what's the right way to think about each of these influencing that ASP line that's now come into focus more significantly with today's results? Thank you.

那麼，考慮每個因素對 ASP 系列的影響的正確方法是什麼？謝謝。

Yes, it's a good question, Jason. I look at it just to answer a couple of different ways because I think one is like on the advantage you brought up. That's really a reflection of trying to put some structure, a little added structure to our advantage program where many of our promotions we're trying to get to and in the end for any advantage program is trying to get new doctors in give them a progression of how they can get discounts as they do more and more cases drive utilization.

是的，這是個好問題，傑森。我看它只是為了回答幾種不同的方式，因為我認為其中一種就像你提出的優勢。這實際上反映了我們試圖在我們的優勢計劃中加入一些結構，一些額外的結構，我們正在努力實現許多晉升，最終任何優勢計劃都是試圖讓新醫生給他們帶來進步隨著越來越多的案例提高利用率，他們如何獲得折扣。

So that's good for new doctors, that's good for existing doctors. So the advantage changes really we're trying to put more structure into that into the second half and then carried forward because they really hadn't been refreshed like like what we've done now.

這對新醫生有好處，對現有醫生也有好處。因此，優勢確實發生了變化，我們正在嘗試在下半場投入更多的結構，然後繼續進行，因為它們確實沒有像我們現在所做的那樣刷新。

But it's all about driving utilization, getting doctors to do more and more cases. Programs like we're testing or piloting with Costco is really just trying to drive more conversion, find ways where those consumers or those potential patients are out there. They're shopping around. They're looking at you see the economy see inflation. You see other things. We know those potential patients are out there.

但這一切都是為了提高利用率，讓醫生做越來越多的病例。像我們正在與 Costco 一起測試或試點的計畫實際上只是試圖推動更多轉化，找到吸引這些消費者或潛在患者的方法。他們正在四處購物。他們看著你看經濟，看通貨膨脹。你還看到其他的東西。我們知道那些潛在的患者就在那裡。

We just have to find ways to better connect them with a great product that we have with our customers with our doctors and Costco's, an example of that that we'll test and we'll see, but it's really that specifically is designed around conversion drive as much conversion as we can.

我們只需要找到方法，更好地將他們與我們的客戶、我們的醫生和 Costco 的優質產品聯繫起來，我們將測試並看到這個例子，但它實際上是專門圍繞轉化而設計的盡可能多地推動轉化。

Thank you.

謝謝。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Thanks for taking the question, guys. Joe, I want to follow up on a point that you touched on a couple of times already in terms of the ASPs, as you talked about, part of it is the mix shift and a lot of it is how your customers want to buy, whether that's different products within the portfolio, weather or DSP, things like that.

謝謝你們提出問題，夥伴們。喬，我想跟進您在 ASP 方面已經多次提到的一點，正如您所說，其中一部分是混合轉變，其中很大一部分是您的客戶想要購買的方式，無論是產品組合中的不同產品、天氣還是DSP，諸如此類。

But what I want to get at is. Are you concerned by that trend itself at all is that customers want the lower products. I guess what gives you the option to still meet them in there, and that's still drive the volume. But is that something you expected the shift down, as you say, the market is still very unpenetrated. It's a big untapped market.

但我想了解的是。您是否擔心這種趨勢本身就是客戶想要較低的產品。我想是什麼讓你可以選擇在那裡與他們見面，而這仍然會推動銷售。但這是您所預期的，正如您所說，市場的滲透率仍然很低。這是一個尚未開發的龐大市場。

So you think that and you wouldn't be seeing the demand elasticity type of price that you are. So is this temporary because of the current macro environment and consumer sensitivity or does it say something deeper that the rest of the market that's out there really doesn't exist at that 1,300 plus ASP, maybe it's lower and lower and lower?

所以你這麼認為，你就不會看到你所面臨的需求彈性類型的價格。那麼，這是暫時的，因為當前的宏觀環境和消費者的敏感性，還是它更深層地說明了市場的其餘部分實際上不存在 1,300 以上的 ASP，也許它越來越低？

Hey, Michael, it's Joe. Look, I think the ASP pieces to explain as much as we can as we're always there and at the margin side and make sure that our margins are good. We find out that all over the world. I mean, over here in India, they ask for different product and they asked the United States at different areas and some people want a five-by-five someone one, three by three.

嘿，邁克爾，我是喬。聽著，我認為 ASP 的部分要盡可能地解釋，因為我們總是在利潤方面，並確保我們的利潤良好。我們在世界各地都發現這一點。我的意思是，在印度這裡，他們要求不同的產品，他們在不同的領域向美國詢問，有些人想要五乘五，有人想要一，三乘三。

All these things are different products for different kinds of applications and GPs and orthos with different times to. So what we're seeing and there's varying ASP.s on it, but we always have high. You see our margins have actually moved up on that.

所有這些都是不同的產品，適用於不同類型的應用以及不同時間的 GP 和矯正器。所以我們看到的 ASP.s 有所不同，但我們總是有很高的。你看我們的利潤率其實已經上升了。

So you're seeing not necessarily the market just driving price down. You're just seeing us having a variation of options that customers are doctors one around the world and making sure that we supply those well. One, we talked about 25,000 cases came through DSP. Remember those are cases that doctors used to mold these things in their offices in order to address those, right. And now they're buying three or four of ours now.

所以你看到的不一定是市場只是壓低了價格。您只會看到我們有多種選擇，客戶是世界各地的醫生，並確保我們提供良好的選擇。第一，我們談到了 25,000 個案例是透過 DSP 處理的。請記住，醫生過去常常在辦公室裡塑造這些東西來解決這些問題，對吧。現在他們正在購買我們的三、四個。

Yeah, we get great margins on that product line. But overall, it's a lower ASP in that sense as part of the DSP program. So what you're seeing is just us responding to a market that's a good market out there with varying degrees of price and value. And you'll see us continue to do that in order to grow the marketplace.

是的，我們在該產品線上獲得了很高的利潤。但總體而言，作為 DSP 程序的一部分，從這個意義上講，它的 ASP 較低。因此，您所看到的只是我們對市場的反應，這是一個價格和價值不同程度的良好市場。您會看到我們繼續這樣做以擴大市場。

Okay. And then much quicker follow-up, hopefully I'm sorry if I missed it, but did you call out why the Lumina restored it was pushed out the one to 25? Was this commercial decision oe something on the development side?

好的。然後跟進得更快，希望如果我錯過了，我很抱歉，但你有沒有指出為什麼 Lumina 恢復它被推到了 1 到 25？這個商業決定是出於開發上的考量嗎？

Yeah. Michael. This is like five areas of restored is you have to be very good at as you go through this intuitive reviews we made extremely good progress on most of them, but we just we wanted to take a little extra time to make sure we get this right.

是的。麥可.這就像恢復的五個領域，當你通過這些直觀的評論時，你必須非常擅長，我們在其中大多數方面取得了非常好的進展，但我們只是想花一點額外的時間來確保我們做對了。

And we want to make sure that we run it through our doctors. We're actually going to use it that the luminaries out there that help to promote the product and make sure that they're comfortable with the too. So we just feel it's diligent and responsible to make sure that we take a few more months here launch in the first quarter. So we have the world's best product.

我們希望確保透過我們的醫生來執行它。我們實際上將利用那裡的名人來幫助推廣產品並確保他們也對此感到滿意。因此，我們只是覺得確保我們在第一季再花幾個月的時間來推出是勤奮和負責任的。所以我們擁有世界上最好的產品。

Okay. Thanks. Make sense.

好的。謝謝。合理。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Thank for taking my question. So did you see any recent changes, for instance, in the adult case volume dynamics throughout the quarter? And just what are you seeing so far in the third quarter in terms of adult cases, I guess Has anything changed in terms of your view on the macro environment for the remainder of the year?

感謝您提出我的問題。那麼，您是否看到了最近的變化，例如整個季度的成人病例數量動態？到目前為止，您在第三季的成人病例方面看到了什麼，我想您對今年剩餘時間宏觀環境的看法有什麼變化嗎？

And I hate to belabor this, but also for the Americas, too, but on and on the macro question, but what are you generally expecting stability in your guidance? Are you anticipating a range of outcomes from a consumer and macro environment standpoint for the remainder of the year?

我不想過多地闡述這一點，但對於美洲也是如此，但在宏觀問題上，但您總體上對指導的穩定性有何期望？從消費者和宏觀環境的角度來看，您是否預期今年剩餘時間會出現一系列結果？

Erin, I mean, we had that in our script and we've talked about it is we were expecting stability. I mean, obviously not stability in exchange rates, right? We can't we're not that smart will be working somewhere else if we knew exchange out well. But as far as the market overall, and I want to go about it. We still feel we're dealing in a stable environment.

艾琳，我的意思是，我們的劇本中有這一點，我們已經討論過我們期待穩定性。我的意思是，匯率顯然不穩定，對吧？我們不能，我們不那麼聰明，如果我們很了解交換的話，我們會在其他地方工作。但就整個市場而言，我想談談它。我們仍然覺得我們處於一個穩定的環境。

The last thing I'll say about this is the very global business. You saw that Japanese yen, Brazilian real, the business has grown substantially that way. And there's certain amount of stability that we have that plays across geographies too.

關於這一點我要說的最後一件事是非常全球化的業務。你看到日圓、巴西雷亞爾，業務就這樣大幅成長了。我們在各個地區也具有一定的穩定性。

And that adult piece, we felt we saw growth. We saw our highest quarter in many quarters as we're pleased with it. I think it's a reflection of our GP business grow and GPs growing with DSOs and so on being able to do to get some of that volume through.

在成人作品中，我們感覺看到了成長。我們看到了許多季度以來最高的季度，因為我們對此感到滿意。我認為這反映了我們的 GP 業務成長以及 GP 與 DSO 一起成長，等等能夠完成部分業務量。

Like Joe said, it's more of a stability that we're seeing, but we're pleased with that adult growth and some of that contributes to some of that lower ASP product scrape, if that's how doctors want to buy to be able to treat those adults. We're happy to sell to them. And as Joe said, it's a better margin for us.

就像喬說的那樣，我們看到的更多的是一種穩定性，但我們對成人的成長感到滿意，其中一些有助於降低ASP 產品的刮擦，如果這就是醫生想要購買的產品來治療的話那些大人。我們很高興賣給他們。正如喬所說，這對我們來說是一個更好的利潤。

You mentioned China to and the teen market there. But just generally speaking, can you give us an update on kind of China, the underlying demand trends and market dynamics there.

您提到了中國和那裡的青少年市場。但總的來說，您能為我們介紹一下中國的最新情況、潛在的需求趨勢和市場動態嗎？

It's Joe. Again here. China have performed the way we want to China to perform just as we predicted. Overall, I mean, the market is challenging to Tier three and four cities are actually challenged more than the private and one and twos. But overall, there's no surprise you have a good team there. Junos a great leader for us there. And we like the results and we're looking forward to a good team quarter there, which third quarter is always the biggest quarter for China.

是喬。又在這裡。中國的表現符合我們的預期，中國的表現正如我們所期望的。總的來說，我的意思是，市場對三、四線城市的挑戰實際上比私人和第一二級城市面臨的挑戰更大。但總的來說，你擁有一支優秀的團隊也就不足為奇了。朱諾斯對我們來說是一位偉大的領導者。我們喜歡這個結果，我們期待一個好的團隊季度，第三季度始終是中國隊最重要的季度。

Okay. Thank you.

好的。謝謝。

Thank you. This does conclude the question and answer session of today's program. I would like to hand the program back to Shirley Stacy for any closing comments.

謝謝。今天節目的問答環節到此結束。我想將程序交還給雪莉·史黛西以徵求結束意見。

Thank you, operator. And thank you, everyone, for joining us on the call today. We look forward to speaking to you at upcoming financial conferences and industry events. If you have any questions, please follow up with our Investor Relations team. Have a great day.

謝謝你，接線生。感謝大家今天加入我們的電話會議。我們期待在即將舉行的金融會議和行業活動中與您交談。如果您有任何疑問，請聯絡我們的投資者關係團隊。祝你有美好的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。