愛齊科技 (ALGN) 2025 Q2 法說會逐字稿

Greetings. Welcome to the Align second-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Shirley Stacy, with Align Technology. You may begin.

問候。歡迎參加 Align 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人、Align Technology 的 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.

下午好，感謝您加入我們。我是雪莉‧史泰西 (Shirley Stacy)，企業傳播與投資者關係副總裁。參加今天電話會議的還有總裁兼執行長喬·霍根 (Joe Hogan) 和財務長約翰·莫里奇 (John Morici)。

We issued second-quarter 2025 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 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.

我們今天透過 Business Wire 發布了 2025 年第二季財務業績，您可以在我們的網站 investor.aligntech.com 上查閱。今天的電話會議將以音訊網路直播的形式進行，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 未來事件和產品展望的陳述。

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. Actual results may vary significantly and Align expressly assumes no obligation to update any forward-looking statement.

這些前瞻性陳述僅為預測，涉及風險和不確定性，這些風險和不確定性已在我們提交給美國證券交易委員會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上查閱。實際結果可能存在很大差異，Align明確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 second-quarter 2025 conference call slides on our website under quarterly results. Please refer to these files for more detailed information.

我們已在網站的季度業績欄目下發布了歷史財務報表及相應的對帳表，包括我們的 GAAP 與非 GAAP 對帳表（如適用）以及 2025 年第二季電話會議投影片。請參閱這些文件以獲取更多詳細資訊。

And with that, I'll turn the call over to Align Technologies President and CEO, Joe Hogan. Joe?

接下來，我將把電話轉給 Align Technologies 總裁兼執行長 Joe Hogan。喬？

Thanks, Shirley. Good afternoon, and thanks for joining us today. On our call today, I'll provide an overview of our second-quarter results and discuss performance from our two operating segments, system services and clear aligners. John will provide more detail on our Q2 financial performance and comment on our views for the remainder of the year. Following that, I'll come back and summarize a few key points and open the call to questions.

謝謝，雪莉。下午好，感謝您今天加入我們。在今天的電話會議上，我將概述我們第二季的業績，並討論我們的兩個營運部門、系統服務和透明矯正器的業績。約翰將提供有關我們第二季財務業績的更多細節，並對我們對今年剩餘時間的看法發表評論。接下來，我將回來總結幾個要點並開始提問。

On our second-quarter results were mixed. Total Q2 revenues at $1.012 billion reflect a solid year-over-year revenue growth for systems and services driven primarily by stronger-than-expected sales of iTero Lumina Scanner want upgrades, offset by lower-than-expected sales of full iTero Lumina Systems and a slight year-over-year decrease in clear aligners revenues, driven primarily by lower-than-expected volumes in Europe and North America. As a result, Q2 worldwide revenues and operating margins were below our Q2 outlook.

我們第二季的業績好壞參半。第二季度總收入為 10.12 億美元，反映出系統和服務收入同比穩健增長，主要原因是 iTero Lumina 掃描儀升級版的銷量強於預期，但被全套 iTero Lumina 系統銷量低於預期以及透明矯正器收入同比略有下降所抵消，主要原因是歐洲和北美的銷量低於預期。因此，第二季全球收入和營業利潤率低於我們的預期。

During Q2, we continued to see strong consumer interest in Invisalign treatment as reflected by iTero scans and Invisalign doctor case submissions. However, we experienced uneven patient case conversion, which led to a lower than typical seasonal uptick in case starts, which historically occurred late in the quarter. As we assessed our Q2 results and the activity in our customers' offices, we believe it was impacted in part by US tariff turmoil in and outside the United States and less affordable financing options for orthodontic treatment as well as for capital equipment purchases.

在第二季度，我們繼續看到消費者對 Invisalign 治療的濃厚興趣，這從 iTero 掃描和 Invisalign 醫生案例提交中可以看出。然而，我們經歷了不均衡的患者病例轉換，導致病例開始數量的季節性增長低於典型水平，而歷史上這種情況發生在季度末。當我們評估第二季度的業績和客戶辦公室的活動時，我們認為這在一定程度上受到了美國國內外關稅動盪以及正畸治療和資本設備採購融資選擇減少的影響。

Recent Dental industry surveys for the second quarter suggest that there was less overall patient traffic, fewer orthodontic case starts and patient hesitation toward elective procedures. 2025 marks the fourth consecutive year of orthodontic starts being down. And third-party resource reports indicate that practices that use both wires and brackets and clear aligners may often have shifted more of their case starts to metal braces in Q2. Uncertainty not only impacts the consumer purchasing decisions, but also the decisions that doctors make, especially practices, we still use wires and brackets and weigh the sum cost of their inventory and their available time over investing in digital solutions during times of financial uncertainty.

最近針對第二季的牙科產業調查顯示，整體患者流量減少，矯正病例減少，患者對選擇性手術猶豫不決。 2025 年是矯正病例連續第四年下降。第三方資源報告顯示，在第二季度，同時使用弓絲、矯正器和透明矯正器的診所可能已經將更多的病例轉向金屬牙套。不確定性不僅影響消費者的購買決策，還影響醫生的決策，尤其是實踐，我們仍然使用導線和支架，並在財務不確定時期權衡他們的庫存總成本和可用時間，而不是投資數位解決方案。

As we begin the third quarter and plan for the remainder of the year, our outlook anticipates the potential continued economic uncertainty and spending hesitancy that impacted demand for our clear aligners and new iTero Scanning Systems in the second quarter. Even though we know consumer interest in Invisalign treatment remains strong, we're continuing to drive engagement and effectiveness of commercial marketing programs that leverage our innovation and new product cycle across our clear aligners and scanners, especially those for teens and kids. And at the same time, we're evaluating actions to reduce costs and thoughtfully manage our investments.

當我們開始第三季併計劃今年剩餘時間時，我們預計潛在的持續經濟不確定性和支出猶豫將影響第二季度對我們的透明矯正器和新 iTero 掃描系統的需求。儘管我們知道消費者對 Invisalign 治療的興趣仍然濃厚，但我們仍在繼續推動商業行銷計劃的參與度和有效性，利用我們的創新和新產品週期來推廣我們的透明矯正器和掃描儀，特別是針對青少年和兒童的透明矯正器和掃描儀。同時，我們正在評估降低成本和周到管理投資的措施。

For Q2, total revenues were $1,012.4 million, up $3.4 million sequentially and down 1.6% year-over-year. In our Systems & Services segment, Q2 '25 revenues were $207.8 million, an increased 13.9% sequentially and increased 5.6% year-over-year, primarily reflecting solid revenue driven by iTero Lumina, wind upgrades and increased services as more doctors transition to iTero Element 5D plus to the advanced iTero Lumina.

第二季總營收為 10.124 億美元，比上一季增加 340 萬美元，比去年同期下降 1.6%。在我們的系統和服務部門，2025 年第二季度的收入為 2.078 億美元，比上一季度增長 13.9%，比去年同期增長 5.6%，主要反映了 iTero Lumina 帶來的穩健收入、風力升級以及隨著越來越多的醫生從 iTero Element 5D plus 過渡到高級 iTero 而增加的服務。

The iTero Lumina Scanner makes up a majority of iTero Scanner systems mix. For clear aligners, Q2 '25 worldwide volumes were up slightly sequentially and year-over-year. Year-over-year Q2 clear aligner volumes reflect growth across the APAC and EMEA regions, offset somewhat by the Americas regions.

iTero Lumina 掃描器構成了 iTero 掃描器系統組合的大多數。對於透明矯正器而言，2025 年第二季全球銷量較上月及年比均略有成長。與去年同期相比，第二季的透明矯正器銷售量反映了亞太地區和歐洲、中東和非洲地區的成長，但美洲地區有所抵銷。

From a product perspective, Q2, we had a strong year-over-year growth from Invisalign First, DSP touch-up cases, Invisalign Pallet expander and retention, including DSP, and as well as continued mix shift to noncomprehensive clear aligner products. From a channel perspective, Q2 clear aligner volumes increased slightly year-over-year in both orthodontists and general practitioner or GP dentist channels, with strong year-over-year growth from dental service providers.

從產品角度來看，第二季度，我們的 Invisalign First、DSP 補妝案例、Invisalign Pallet 擴展器和保留器（包括 DSP）均實現了強勁的同比增長，並且產品組合繼續向非綜合透明矯正器產品轉變。從通路角度來看，第二季牙齒矯正師和全科醫生或全科醫生通路的透明矯正器銷售量較去年同期略有增加，牙科服務提供者的銷售量較去年同期成長強勁。

Growth in total submitters were primarily driven by strength in the orthodontic channel while increased utilization was led by the GP channel. Notably, we also achieved a record number of doctors shipped to for the second quarter. For the Americas, Q2 aligner volumes were down slightly year-over-year and reflects solid growth in Latin America segment offset by lower volumes in North America. Despite lower volumes, adoptions increased across several key product offerings, including Invisalign First for teens and Kids, Invisalign DSP touch-up cases and Invisalign Pallet expander system.

總提交者數量的成長主要得益於正畸渠道的強勁增長，而利用率的增長則由全科醫生渠道推動。值得注意的是，我們第二季運送的醫生數量也創下了歷史新高。對美洲而言，第二季對準器銷量較去年同期略有下降，反映出拉丁美洲市場的穩健成長被北美市場的下降所抵消。儘管銷售量較低，但幾款主要產品的採用率都有所增加，包括青少年和兒童的 Invisalign First、Invisalign DSP 補牙案例和 Invisalign Pallet 擴展器系統。

In the EMEA region, Q2 clear aligner volume grew year-over-year, driven by increased utilization across both orthodontists and GP dentist channels, with strength in the adult segment. This performance reflects continued adoption of noncomprehensive Invisalign offerings, particularly in moderate and DSP touch-up cases, including retention as well as Invisalign Comprehensive 3 and 3, and Invisalign First within our comprehensive portfolio.

在歐洲、中東和非洲地區，第二季透明矯正器銷量較去年同期成長，這得益於牙齒矯正師和全科醫生通路的使用率提高，尤其是成人市場的強勁成長。這一表現反映了非綜合性 Invisalign 產品的持續採用，特別是在中度和 DSP 修飾案例中，包括保留以及綜合產品組合中的 Invisalign Comprehensive 3 和 3 和 Invisalign First。

For the APAC region, Q2 clear aligner volume grew year-over-year, reflecting increased submitters across both orthodontists and GP channels, across teens and kid patients led by China. From a product standpoint, Invisalign First was a key contributor to year-over-year growth, reflecting rising demand for early intervention solutions.

對於亞太地區，第二季的透明矯正器銷量較去年同期成長，反映出以中國為首的青少年和兒童患者中，矯正醫師和全科醫生管道的提交者有所增加。從產品角度來看，Invisalign First 是年成長的主要貢獻者，反映了對早期介入解決方案的需求不斷增長。

In Q2, over 223,000 teens and growing kids started treatment with Invisalign clear aligners, this number represents a 1.1% sequential decline, primarily due to softer performance in EMEA and APAC, despite the continued strength in the Americas. On a year-over-year basis, case starts increased 3%, driven by growth in APAC and EMEA and Latin America, partially offset by North America. From a product standpoint, Invisalign First was a key year-over-year growth driver across all regions. Additionally, the Invisalign Palate Expander system contributed to year-over-year growth in North America.

第二季度，超過 223,000 名青少年和成長中的孩子開始使用 Invisalign 透明矯正器進行治療，這一數字環比下降 1.1%，主要原因是儘管美洲地區繼續保持強勁增長，但 EMEA 和 APAC 地區的表現較弱。與去年同期相比，案件啟動數量增加了 3%，這得益於亞太地區、歐洲、中東和非洲地區以及拉丁美洲的成長，但部分被北美所抵銷。從產品角度來看，Invisalign First 是所有地區年成長的關鍵動力。此外，Invisalign 腭擴張器系統也促進了北美地區銷售量的年成長。

During the quarter, we achieved a record number of teen cases for the second quarter. Additionally, we've surpassed a significant milestone. Over 6 million teens and kids have now been treated with the Invisalign system globally. For Q2, the number of doctors submitted case starts for teens and kids was up 3.5% year-over-year, led by continued strength from doctors treating young kids and growing patients with Invisalign First and Invisalign palate expanded.

本季度，我們處理的青少年案件數量創下了第二季度的最高紀錄。此外，我們已經超越了一個重要的里程碑。目前全球已有超過 600 萬名青少年和兒童接受了 Invisalign 系統的治療。第二季度，提交青少年和兒童病例的醫生數量同比增長 3.5%，這主要得益於治療幼兒的醫生數量持續增長以及使用 Invisalign First 和 Invisalign 腭部矯正的患者數量不斷增加。

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

說完這些，我現在將電話轉給約翰。

Thanks, Joe. Now for our Q2 financial results. Total revenues for the second quarter were $1,012.4 million, up 3.4% from the prior quarter and down 1.6% from the corresponding quarter a year ago. On a constant currency basis, Q2 revenues were favorably impacted by approximately $26.4 million or approximately 2.7% sequentially and were favorably impacted by approximately $5.6 million year-over-year or approximately 0.6%.

謝謝喬。現在來看看我們第二季的財務表現。第二季總營收為 10.124 億美元，較上一季成長 3.4%，較去年同期下降 1.6%。以固定匯率計算，第二季營收季增約 2,640 萬美元，增幅約 2.7%，年減約 560 萬美元，增幅約 0.6%。

For clear aligners, Q2 revenues of $804.6 million were up 1% sequentially, primarily from favorable foreign exchange, partially offset by higher discounts. Favorable foreign exchange impacted Q2 clear aligners revenues by approximately $21.6 million or approximately 2.8% sequentially.

對於透明矯正器而言，第二季度營收為 8.046 億美元，環比成長 1%，主要得益於有利的外匯影響，但部分被更高的折扣所抵消。有利的外匯影響使第二季透明矯正器收入環比下降約 2,160 萬美元，約 2.8%。

Q2 clear aligner average per case shipment price of $1,250 increased by $10 on a sequential basis, primarily due to the impact of favorable foreign exchange. On a year-over-year basis, Q2 clear aligner revenues were down 3.3%, primarily due to lower ASPs from discounts and product mix shift to lower-priced products, partially offset by a price increase.

第二季透明矯正器平均每箱出貨價格為 1,250 美元，較上季上漲 10 美元，主要受有利外匯的影響。與去年同期相比，第二季透明矯正器收入下降 3.3%，主要原因是折扣導致平均售價下降以及產品組合轉向低價產品，但價格上漲部分抵消了這一影響。

Favorable foreign exchange impacted Q2 clear aligner revenues by approximately $4.5 million or approximately 0.6% year-over-year. Q2 clear aligner average per case shipment price of $1,250 was down $45 on a year-over-year basis, primarily due to discounts and a product mix shift to lower-priced products, partially offset by a price increase in Q1 2025 and favorable foreign exchange.

有利的外匯影響了第二季透明矯正器的收入，年減約 450 萬美元，約 0.6%。第二季透明矯正器平均每箱出貨價格為 1,250 美元，年減 45 美元，主要原因是折扣和產品組合轉向低價產品，但 2025 年第一季的價格上漲和有利的外匯因素部分抵銷了這一影響。

Clear aligner deferred revenues on the balance sheet as of June 30, 2025, increased $1.4 million or 0.1% sequentially and decreased $65.5 million or 5.2% year-over-year and will be recognized as additional aligners are shipped under each sales contract. Q2 Systems & Services revenues of $207.8 million were up 13.9% sequentially primarily due to higher scanner system revenue and favorable foreign exchange. Q2 Systems & Services revenues were up 5.6% year-over-year, primarily due to an increase in scanner and wind upgrade revenue, higher non-system revenues and favorable foreign exchange, partially offset by lower scanner system sales.

截至 2025 年 6 月 30 日，資產負債表上的透明矯正器遞延收入比上一季增加 140 萬美元或 0.1%，比去年同期減少 6,550 萬美元或 5.2%，並將在每份銷售合約下運送更多矯正器時確認。第二季系統與服務收入為 2.078 億美元，季增 13.9%，主要由於掃描器系統收入增加和外匯有利。第二季系統與服務收入年增 5.6%，主要原因是掃描器和風能升級收入增加、非系統收入增加以及外匯有利，但掃描器系統銷售額下降部分抵消了這一增長。

Foreign exchange favorably impacted Q2 Systems & Services revenue by approximately $4.8 million or approximately 2.3%, sequentially. On a year-over-year basis, Systems & Services revenue were favorably impacted by foreign exchange of approximately $1 million or approximately 0.5%. Systems & Services deferred revenues decreased $7.6 million or 3.7% sequentially and decreased $24.5 million or 10.9% year-over-year, due in part to the shorter duration of service contracts selected by customers on initial scanner system purchases.

外匯對第二季系統與服務收入產生了約 480 萬美元或約 2.3% 的正面影響。與去年同期相比，系統與服務收入受到外匯約 100 萬美元或約 0.5% 的正面影響。系統與服務遞延收入較上季減少 760 萬美元（3.7%），年減 2,450 萬美元（10.9%），部分原因是客戶在首次購買掃描器系統時選擇的服務合約期限較短。

Moving on to gross margin. Second quarter overall gross margin was 69.9%, up 0.5 points sequentially and down 0.3 points year-over-year. Overall gross margin was favorably impacted by foreign exchange of 0.8 points sequentially and 0.2 points on a year-over-year basis. Clear aligner gross margin for the second quarter was 70.1%, down 0.5 points sequentially primarily due to higher manufacturing costs, partially offset by freight savings. Foreign exchange favorably impacted clear aligner gross margin by approximately 0.8 points sequentially.

繼續討論毛利率。第二季整體毛利率為69.9%，較上季上升0.5個百分點，較去年同期下降0.3個百分點。外匯對整體毛利率產生了正面影響，環比成長 0.8 個百分點，較去年同期成長 0.2 個百分點。第二季透明矯正器毛利率為 70.1%，比上一季下降 0.5 個百分點，主要原因是製造成本上升，但運費節省部分抵銷了這一影響。外匯對透明矯正器毛利率產生了積極影響，環比增長約 0.8 個百分點。

Clear aligner gross margin for the second quarter was down 0.7 points year-over-year due primarily due to lower ASPs, partially offset by freight savings. Foreign exchange favorably impacted clear aligner gross margin by approximately 0.2 points year-over-year. Systems & Services gross margin for the second quarter was 69.4%, up 4.7 points sequentially due to higher scanner system ASPs and manufacturing efficiencies, partially offset by tariffs. Foreign exchange favorably impacted the Systems & Services gross margin by approximately 0.7 points sequentially.

第二季透明矯正器毛利率年減 0.7 個百分點，主要原因是平均售價較低，但運費節省部分抵銷了這一影響。外匯對透明矯正器毛利率產生了積極影響，比去年同期上升了約 0.2 個百分點。第二季系統與服務毛利率為 69.4%，季增 4.7 個百分點，原因是掃描器系統平均售價提高和製造效率提高，但部分被關稅所抵銷。外匯對系統與服務毛利率產生了積極影響，環比增長約 0.7 個百分點。

Systems & Services gross margin for the second quarter was up 1.3 points year-over-year due to manufacturing efficiencies, partially offset by tariffs and lower scanner ASPs. Foreign exchange favorably impacted the Systems & Services gross margin by approximately 0.1 points year-over-year.

由於製造效率的提高，第二季系統與服務毛利率年增 1.3 個百分點，但被關稅和掃描儀平均售價的下降部分抵銷。外匯對系統與服務毛利率產生了正面影響，年比上升了約 0.1 個百分點。

Q2 operating expenses were $545.1 million, down 0.7% sequentially and down 5.3% year-over-year. On a sequential basis, operating expenses were $3.9 million lower, primarily due to lower legal settlements not reoccurring in Q2 '25. Year-over-year operating expenses decreased by $30.5 million, primarily due to legal settlements not recurring in Q2. On a non-GAAP basis, excluding stock-based compensation, legal settlements and amortization of acquired intangibles related to certain acquisitions, operating expenses were $497.6 million, down 0.6% sequentially and down 0.4% year-over-year.

第二季營運費用為 5.451 億美元，季減 0.7%，年減 5.3%。與上一季相比，營運費用減少了 390 萬美元，主要原因是 2025 年第二季沒有再次發生較低的法律和解。年比營運費用減少了 3,050 萬美元，主要原因是第二季沒有法律和解。以非公認會計準則計算，不包括股票薪酬、法律和解以及與某些收購相關的無形資產攤銷，營運費用為 4.976 億美元，比上一季下降 0.6%，比去年同期下降 0.4%。

Our second quarter operating income of $163 million resulted in an operating margin of 16.1%, up 2.7 points sequentially and up 1.7 points year-over-year. Operating margin was favorably impacted from foreign exchange by approximately 1.2 points sequentially and 0.2 points year-over-year. On a non-GAAP basis, which excludes stock-based compensation, legal settlements and amortization of intangibles related to certain acquisitions, operating margin for the second quarter was 21.3%, up 2.3 points sequentially and down 1 point year-over-year.

我們第二季的營業收入為 1.63 億美元，營業利潤率為 16.1%，比上一季成長 2.7 個百分點，比去年同期成長 1.7 個百分點。外匯對營業利潤率產生了正面影響，環比成長約 1.2 個百分點，較去年同期成長約 0.2 個百分點。以非美國通用會計準則計算，不包括股票薪酬、法律和解以及與某些收購相關的無形資產攤銷，第二季度營業利潤率為 21.3%，比上一季增長 2.3 個百分點，比去年同期下降 1 個百分點。

Interest and other income and expense net for the second quarter was an income of $10.5 million compared to an income of $9.3 million in Q1 of '25, primarily driven by favorable foreign exchange movement of $10.1 million, partially offset by lower interest income. On a year-over-year basis, Q2 interest and other income and expense were favorably compared to an expense of $3.2 million in Q2 of 2024, primarily driven by favorable foreign exchange movements.

第二季的利息和其他收入及支出淨額為 1,050 萬美元，而 25 年第一季的收入為 930 萬美元，這主要受 1,010 萬美元的有利外匯變動所推動，但利息收入減少部分抵銷了這一影響。與去年同期相比，第二季利息和其他收入和支出與 2024 年第二季的 320 萬美元支出相比表現良好，這主要得益於有利的外匯走勢。

The GAAP effective tax rate in the second quarter was 28.2% compared to 33.6% in the first quarter and 32.9% 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 related to stock-based compensation recognized in Q1 of 2025 that did not occur in Q2 of 2025.

第二季的 GAAP 有效稅率為 28.2%，而第一季為 33.6%，去年同期為 32.9%。第二季 GAAP 有效稅率低於第一季有效稅率，主要原因是 2025 年第一季確認的與股票薪酬相關的單獨稅費在 2025 年第二季並未發生。

The second-quarter GAAP effective tax rate was lower than the second-quarter effective tax rate of the prior year, primarily due to a decrease in US taxes on foreign earnings, partially offset by a change in our jurisdictional mix of income. On a non-GAAP basis, effective tax rate in the second quarter was 20%, which reflects our long-term projected tax rate.

第二季 GAAP 有效稅率低於去年同期第二季有效稅率，主要由於美國對外國收益徵收的稅款減少，但部分被我們管轄收入結構的變化所抵消。根據非公認會計準則，第二季有效稅率為 20%，這反映了我們的長期預測稅率。

Second quarter net income per diluted share was $1.72, up $0.45 sequentially and up $0.43 compared to the prior year. Our EPS was favorably impacted by $0.26 on a sequential basis and $0.13 on a year-over-year basis due to foreign exchange. On a non-GAAP basis, net income per diluted share was $2.49 for the second quarter, up $0.36 sequentially and up $0.09 year-over-year.

第二季每股淨收益為 1.72 美元，較上一季成長 0.45 美元，比去年同期成長 0.43 美元。由於外匯影響，我們的每股盈餘環比增長 0.26 美元，年增 0.13 美元。以非美國通用會計準則計算，第二季每股攤薄淨利潤為 2.49 美元，比上一季成長 0.36 美元，比去年同期成長 0.09 美元。

Moving on to the balance sheet. As of June 30, 2025, cash and cash equivalents were $901.2 million, up sequentially $28.1 million and up $139.7 million year-over-year. Of the $901.2 million balance, $193.5 million was held in the US and $707.7 million was held by our international entities. During Q2 2025, we repurchased approximately 585,100 shares of our common stock at an average price of $164.14 per share, completing the $225 million open market repurchase initiated in Q1 of 2025.

繼續討論資產負債表。截至 2025 年 6 月 30 日，現金及現金等價物為 9.012 億美元，季增 2,810 萬美元，年增 1.397 億美元。在 9.012 億美元的餘額中，1.935 億美元由美國持有，7.077 億美元由我們的國際實體持有。2025 年第二季度，我們以每股 164.14 美元的平均價格回購了約 585,100 股普通股，完成了 2025 年第一季啟動的 2.25 億美元公開市場回購計畫。

This completed our $1 billion stock repurchase program approved in January of 2023 in its entirety. Over the last 12 months, we have repurchased $500 million of our common stock. Over the last 24 months, we have repurchased $1 billion of our common stock.

這徹底完成了我們於 2023 年 1 月批准的 10 億美元股票回購計畫。在過去的 12 個月中，我們回購了價值 5 億美元的普通股。在過去的 24 個月中，我們回購了價值 10 億美元的普通股。

In April 2025, our Board of Directors authorized a plan to repurchase up to $1 billion of our common stock, none of which has been utilized. The April 2025 repurchase program is expected to be completed over a period of up to three years.

2025 年 4 月，我們的董事會批准了一項計劃，回購價值高達 10 億美元的普通股，但尚未動用。2025 年 4 月的回購計畫預計將在長達三年的時間內完成。

Q2 accounts receivable balance was $1,116.2 million, up sequentially. Our overall days sales outstanding was 99 days, up approximately 2 days sequentially and up approximately 10 days as compared to Q2 2024 and primarily reflects flexible payment terms that are part of our ongoing efforts to support Invisalign practices. Cash flow from operations for the second quarter was $128.7 million. Capital expenditures for the second quarter were $21.5 million, primarily related to investments in our manufacturing capacity and facilities. Free cash flow, defined as cash flow from operations minus capital expenditures amounted to $107.2 million.

第二季應收帳款餘額為 11.162 億美元，季增。我們的整體應收帳款週轉天數為 99 天，比上一季增加約 2 天，與 2024 年第二季相比增加約 10 天，主要反映了靈活的付款條件，這是我們持續支持 Invisalign 實踐的一部分。第二季經營活動現金流為1.287億美元。第二季的資本支出為 2,150 萬美元，主要用於對製造能力和設施的投資。自由現金流（定義為經營活動產生的現金流量減去資本支出）為 1.072 億美元。

Before I turn to our Q3 and fiscal 2025 outlook, Align is also announcing today that we expect to take a series of actions in the second half of fiscal 2025 to streamline operations and reallocate resources to better align with our long-term growth and profitability objectives. These actions are intended to sharpen operational focus, reduce ongoing costs and enhance capital efficiency.

在我談到第三季和 2025 財年展望之前，Align 今天也宣布，我們預計將在 2025 財年下半年採取一系列行動，以簡化營運並重新分配資源，以更好地符合我們的長期成長和獲利目標。這些措施旨在加強營運重點、降低持續成本並提高資本效率。

First, we expect to realign certain business groups and reduce our global workforce. Second, we are looking to optimize our manufacturing footprint and dispose of certain manufacturing capital assets as we transition to next-generation manufacturing technologies, increased automation and regionalized manufacturing to be closer to our customers.

首先，我們預計將重組某些業務集團並減少全球員工數量。其次，隨著我們向下一代製造技術、提高自動化程度和區域化製造轉型，以更貼近我們的客戶，我們希望優化我們的製造足跡並處置某些製造資本資產。

We expect these actions will incur onetime charges of approximately $150 million to $170 million in the second half of 2025, primarily for the write-down of assets, accelerated depreciation expense and restructuring charges. We expect approximately $40 million of these charges to be in cash, with the remainder in noncash charges.

我們預計這些行動將在 2025 年下半年產生約 1.5 億至 1.7 億美元的一次性費用，主要用於資產減損、加速折舊費用和重組費用。我們預計其中約 4000 萬美元將以現金支付，其餘為非現金費用。

We expect approximately $50 million to $60 million of these charges in Q3 of 2025. We expect these actions to deliver cost savings that will allow us to achieve a GAAP operating margin of approximately 13% to 14% and a non-GAAP operating margin of slightly above 22.5% in fiscal year 2025. For fiscal year 2026, we expect these actions to improve our GAAP and non-GAAP operating margins by at least 100 basis points year-over-year.

我們預計 2025 年第三季這些費用約為 5,000 萬至 6,000 萬美元。我們預計這些措施將節省成本，使我們在 2025 財年實現約 13% 至 14% 的 GAAP 營業利潤率和略高於 22.5% 的非 GAAP 營業利潤率。對於 2026 財年，我們預計這些措施將使我們的 GAAP 和非 GAAP 營業利潤率將年增至少 100 個基點。

We are evaluating these difficult but we believe necessary actions to position us for sustainable long-term success and improve profitability. While these decisions may impact valued members of our team, we believe they are essential to ensure we are positioned for upcoming technology changes and remain agile and focused in a rapidly evolving market. We are committed to executing our strategy with discipline and purpose.

我們正在評估這些困難但我們認為必要的行動，以使我們獲得可持續的長期成功並提高盈利能力。雖然這些決定可能會影響我們團隊的重要成員，但我們認為，它們對於確保我們為即將到來的技術變革做好準備並在快速發展的市場中保持敏捷和專注至關重要。我們致力於有紀律、有目的地執行我們的策略。

In addition to this, I'd like to provide the following remarks regarding the UK VAT and US tariffs as of July 30. As previously disclosed in our Q1 2025 earnings release and conference call on April 24, 2025, we received a favorable ruling in which the Tribunal determined that our clear aligners are exempt from VAT. In June of 2025, HMRC filed a petition to appeal to the upper Tribunal to attempt to challenge the first Tribunal's decision.

除此之外，我想就截至7月30日的英國增值稅和美國關稅發表以下評論。正如我們之前在 2025 年第一季收益報告和 2025 年 4 月 24 日的電話會議中披露的那樣，我們收到了一項有利的裁決，法庭裁定我們的透明矯正器免徵增值稅。2025 年 6 月，HMRC 向上級法庭提交了上訴申請，試圖挑戰第一法庭的裁決​​。

On July 15, HMRC was given permission to a PO and has until August 15 to do so. For impacted customers, effective August 1, 2025, Align invoices will no longer include the United Kingdom bat rate of 20% for all Invisalign treatment packages that are ClinCheck approved as of August 1, 2025. And for refinement and replacement aligners, Vivera Retainers, PBS processing fees and additional aligners orders placed on or after August 1, 2025.

7 月 15 日，英國稅務海關總署獲得採購訂單許可，並必須在 8 月 15 日之前完成此操作。對於受影響的客戶，自 2025 年 8 月 1 日起，Align 發票將不再包含截至 2025 年 8 月 1 日獲得 ClinCheck 批准的所有 Invisalign 治療套餐的 20% 英國 bat rate（招標率）。並且對於 2025 年 8 月 1 日或之後訂購的改進和更換矯正器、Vivera 固定器、PBS 處理費和額外的矯正器訂單。

At the same time, we will simultaneously adjust prices for our clear aligners and retainers to keep the overall price consistent. There are no material change to the expected impact of US tariffs, and we refer you to our Q1 2025 press release and earnings material as well as our Q2 2025 webcast slides, which includes specifics regarding potential impacts of US tariffs.

同時，我們也會同步調整隱形矯正器和固定器的價格，以保持整體價格的一致性。美國關稅的預期影響沒有重大變化，請參閱我們 2025 年第一季的新聞稿和收益資料以及 2025 年第二季的網路廣播投影片，其中包括有關美國關稅潛在影響的具體資訊。

Assuming no circumstances occur beyond our control, such as foreign exchange, macro-economic conditions and changes to currently applicable tariffs that could impact our business, we expect Q3 2025 worldwide revenues to be in the range of $965 million to $985 million, down sequentially from Q2 of 2025. We expect Q3 2025 clear aligner volume to be down sequentially as a result of Q3 seasonality and Q3 2025 clear aligner ASPs to be slightly up sequentially from forward favorable foreign exchange at current spot rates, partially offset by a continued product mix shift to noncomprehensive clear aligner products with lower list prices. We expect Q3 2025 Systems & services revenues to be down sequentially because of Q3 seasonality.

假設沒有發生任何我們無法控制的情況，例如外匯、宏觀經濟條件和當前適用關稅的變化可能會影響我們的業務，我們預計 2025 年第三季全球收入將在 9.65 億美元至 9.85 億美元之間，較 2025 年第二季環比下降。我們預計，由於第三季度的季節性因素，2025 年第三季度的透明矯正器銷量將環比下降，並且由於當前現貨匯率的遠期有利外匯，2025 年第三季度的透明矯正器平均售價將環比略有上升，但產品組合持續向標價較低的非綜合性透明矯正器產品轉變，部分抵消了這一影響。我們預計 2025 年第三季系統和服務收入將因第三季的季節性而季減。

We expect Q3 2025 worldwide GAAP gross margin to be 64% to 65%, down sequentially by approximately 5 to 6 points due to the incurrence of onetime charges expected to be approximately $45 million to $55 million primarily for the write-down of assets, accelerated depreciation expense and restructuring charges in Q3 of 2025 and lower clear aligner volume. We expect non-GAAP gross margin to be flat from Q2 of 2025.

我們預計 2025 年第三季全球 GAAP 毛利率為 64% 至 65%，環比下降約 5 至 6 個百分點，原因是預計一次性費用約為 4,500 萬美元至 5,500 萬美元，主要用於資產減損、加速折舊費用和 2025 年第三季的重組費用以及透明矯正器下降。我們預計非 GAAP 毛利率將從 2025 年第二季起持平。

We expect Q3 2025 GAAP operating margins to be 10.5% to 11.5%, down sequentially by approximately 5 to 6 points due to the incurrence of onetime charges expected to be approximately $50 million to $60 million, primarily for the write-down of assets, accelerated depreciation expense and restructuring charges in Q3 of 2025 and lower clear aligner volume. We expect the majority of these charges to be noncash charges with approximately $5 million in cash charges. We expect Q3 2025 non-GAAP operating margin to be approximately 22%.

我們預計 2025 年第三季 GAAP 營業利潤率為 10.5% 至 11.5%，環比下降約 5 至 6 個百分點，原因是預計一次性費用約為 5,000 萬至 6,000 萬美元，主要用於資產減損、2025 年第三季的加速折舊費用和重組費用以及透明矯正器銷售下降。我們預計這些費用大部分為非現金費用，其中現金費用約為 500 萬美元。我們預計 2025 年第三季非 GAAP 營業利潤率約為 22%。

We expect 2025 clear aligner volume growth to be in the low single digits and revenue growth to be flat to slightly up from 2024. We expect 2025 clear aligner ASPs to be down year-over-year due to the continued product mix shift to noncomprehensive clear aligners with lower list prices and continued growth in our emerging markets with products that may carry lower list prices, partially offset by favorable foreign exchange at current spot rates.

我們預計 2025 年透明矯正器銷售成長率將達到個位數低位，營收成長率將與 2024 年持平或略有上升。我們預計 2025 年透明矯正器的平均售價將同比下降，原因是產品組合持續向定價較低的非全面透明矯正器轉變，且新興市場持續增長，產品定價可能較低，但當前現貨匯率有利，部分抵消了這一影響。

We expect 2025 Systems & Services year-over-year revenues to grow faster than clear aligner revenues. We expect the GAAP gross margin to be 67% to 68%, down year-over-year by approximately 2 to 3 points due to the incurrence of onetime charges expected to be approximately $115 million to $130 million, primarily for the write-down of assets, accelerating depreciation expense and restructuring charges in the second half of 2025 and lower clear aligner volume. We expect 2025 the non-GAAP gross margin to be flat to slightly lower than 2024 non-GAAP gross margin.

我們預計 2025 年系統與服務的年收入成長速度將快於透明矯正器的收入。我們預期 GAAP 毛利率為 67% 至 68%，年減約 2 至 3 個百分點，原因是預期一次性費用約為 1.15 億美元至 1.3 億美元，主要用於資產減損、2025 年下半年加速折舊費用和重組費用以及透明矯正器銷售下降。我們預計 2025 年非 GAAP 毛利率將與 2024 年非 GAAP 毛利率持平或略低。

We expect the fiscal 2025 GAAP operating margin to be 13% to 14%, down year-over-year by approximately 1 to 2 points below the 2024 GAAP operating margin, due to the incurrence of onetime charges of approximately $150 million to $170 million, primarily for the write-down of assets, accelerated depreciation expense and restructuring charges in the second half of 2025. Most of the onetime charges will be noncash, with the expected cash outlay for 2025 estimated to be around $40 million.

我們預期 2025 財年的 GAAP 營業利潤率為 13% 至 14%，比 2024 年 GAAP 營業利潤率年減約 1 至 2 個百分點，原因是產生了約 1.5 億美元至 1.7 億美元的一次性費用，主要用於 2025 年下半年的資產減值、加速折舊費用和重組費用。大多數一次性費用將以非現金形式出現，預計 2025 年的現金支出約為 4000 萬美元。

We expect the 2025 non-GAAP operating margin to be slightly above 22.5%. We expect our investments in capital expenditures for fiscal 2025 to be between $100 million and $125 million. Capital expenditures primarily related to technology upgrades as well as maintenance.

我們預計 2025 年非 GAAP 營業利潤率將略高於 22.5%。我們預計 2025 財年的資本支出將在 1 億至 1.25 億美元之間。資本支出主要與技術升級和維護有關。

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

說完這些，我會把話題交還給喬，請他發表最後的評論。喬？

Thanks, John. In the face of a challenging and uncertain macroeconomic backdrop, characterized by global tariff volatility, ongoing inflation, elevated interest rates and unstable consumer confidence, we're navigating with a clear focus to control what we can and to continue to invest with discipline in the areas will define our future. In Q2, our customers reported reduced patient traffic, fewer orthodontic case starts and delayed case acceptance. But despite significant headwinds across the consumer discretionary spend landscape, our consumer interest metrics remain strong. Patients are still prioritizing care that delivers meaningful visible results.

謝謝，約翰。面對充滿挑戰和不確定性的宏觀經濟背景，全球關稅波動、持續通膨、利率上升和消費者信心不穩定，我們正明確重點，控制我們能夠控制的範圍，並繼續在決定我們未來的領域進行有紀律的投資。在第二季度，我們的客戶報告患者流量減少、矯正病例開始減少以及病例接受延遲。儘管非必需消費品支出領域面臨巨大阻力，但我們的消費者興趣指標依然強勁。患者仍然優先考慮能夠帶來有意義的可見結果的治療。

Even if timing and affordability concerns are reshaping how and when they choose to commit to treatment. . Those that have transitioned to clear aligner therapy and digital practices, including larger practices and DSOs are showing more resiliency and commitment to digital dentistry and orthodontics. This underscores the opportunity those who invest in customer trust, seamless experience and value-based innovation will be best positioned for the long run. We're doubling down on the levers within our reach, innovation, efficiency and execution.

即使時間和負擔能力問題正在改變他們選擇接受治療的方式和時間。。那些已經轉向透明矯正器治療和數位化實踐的機構，包括大型診所和 DSO，對數位化牙科和矯正表現出了更強的適應力和承諾。這凸顯了那些投資於客戶信任、無縫體驗和基於價值的創新的人將在長期內佔據最佳地位的機會。我們正在加倍努力，發揮我們的能力、創新、效率和執行力。

We're investing in next-generation technology and treatment platforms that meet today's patient expectations for fast, effective and personalized treatment while also providing value and growth opportunities for our doctor customers. We believe these innovations are not only improving outcomes in Invisalign practices, but also expanding our addressable market and strengthening our competitive differentiation.

我們正在投資下一代技術和治療平台，以滿足當今患者對快速、有效和個人化治療的期望，同時也為我們的醫生客戶提供價值和成長機會。我們相信這些創新不僅改善了 Invisalign 實踐的結果，而且還擴大了我們的潛在市場並增強了我們的競爭差異化。

We're expanding our new product offerings to drive Invisalign volume growth in our business. Year-to-date, we've successfully introduced IPE and MAOB in over 70 markets and are expanding Invisalign DSP offerings and more markets in Europe and Latin America in the second half of the year. And on track to introduce DSP for the first time in major APAC markets beginning in 2026.

我們正在擴大新產品供應，以推動 Invisalign 業務量的成長。今年迄今為止，我們已在 70 多個市場成功推出 IPE 和 MAOB，並將在今年下半年擴大 Invisalign DSP 產品範圍，進入歐洲和拉丁美洲的更多市場。並預計於 2026 年開始在亞太地區主要市場首次推出 DSP。

We are piloting integration of our x-ray diagnostics and our iTero Lumina Scanner and some select markets outside the United States. In Q3, we will pilot our ortho restorative offering to GP dentists through labs, where we help non-Invisalign train GPs who are interested in learning and offering Invisalign in their practice. Finally, our commercial and marketing teams are engaging practices with tools that improve case conversion at the point of care. Through digital channels, we're activating more prospective patients and connecting them directly to providers.

我們正在試行將我們的 X 光診斷技術與 iTero Lumina 掃描儀以及美國以外的一些特定市場進行整合。在第三季度，我們將透過實驗室向全科醫生試行我們的正畸修復服務，在那裡我們幫助非隱適美牙醫培訓有興趣學習並在實踐中提供隱適美服務的全科醫生。最後，我們的商業和行銷團隊正在利用工具來改善護理點的病例轉換。透過數位管道，我們正在吸引更多潛在患者並將他們直接與醫療服務提供者聯繫起來。

In the face of lower consumer confidence and delayed spending, our engagement with potential patients remains high, and we are continuing to refine and scale our integrated consumer marketing programs. In a fragmented choice heavy market, we're continuing to make it easier for providers to see with our solution. Whether it's clinical training, financing tools or personalized marketing support, our strategy is simple. Surround our customers with the right support at every stage of their growth journey. We believe this commitment is helping drive greater adoption and turning onetime users into repeat champions.

面對消費者信心下降和支出延遲的情況，我們與潛在患者的互動仍然很高，我們正在繼續完善和擴大我們的綜合消費者行銷計劃。在分散且選擇繁多的市場中，我們將繼續透過我們的解決方案讓供應商更輕鬆地看到產品。無論是臨床培訓、融資工具或個人化行銷支持，我們的策略都很簡單。在客戶成長的每個階段為其提供適當的支援。我們相信，這項承諾有助於推動更廣泛的採用，並將一次性用戶轉變為重複支持者。

At the same time, we recognize the importance of operating with discipline and taking steps now to mitigate the impact of potential continued headwinds and volatility in the market. We are considering actions that rightsized parts of our organization, aligning resources to current demand realities and eliminating redundancy to drive leaner, faster execution across our organization, especially in areas where we can integrate innovation teams and take global decision-making and support closer to our customers in each region. These tough decisions are being made to preserve our investment in core technologies and protect the teams building our long-term growth.

同時，我們認識到嚴格遵守紀律並立即採取措施減輕市場潛在持續逆風和波動的影響的重要性。我們正在考慮採取行動，調整組織的部分功能，根據當前的需求現實調整資源，消除冗餘，以推動整個組織更精簡、更快速的執行，特別是在我們可以整合創新團隊、進行全球決策並更貼近每個地區客戶的領域。做出這些艱難的決定是為了保留我們對核心技術的投資並保護建立我們長期成長的團隊。

While we believe in the macro economic uncertainty will likely persist in the near future, we're confident in our ability to adapt and lead. Our long-term strategic initiatives and opportunities remain intact, as does our commitment to focused execution into transforming treatment for doctors and patients.

雖然我們相信宏觀經濟的不確定性在不久的將來可能會持續存在，但我們對我們的適應和領導能力充滿信心。我們的長期策略措施和機會保持不變，我們致力於集中精力改變醫生和患者的治療方案的承諾也保持不變。

With that, I thank you for your time, and I'll turn the call over to the operator for questions. Operator?

最後，感謝您抽出時間，我會將電話轉給接線員以回答您的問題。操作員？

(Operator Instructions) Elizabeth Anderson, Evercore ISI.

（操作員指示）Elizabeth Anderson，Evercore ISI。

One, obviously, I think the case conversion, as you called out, was not what you guys were hoping for in the quarter. Can you talk about how that trended across the quarter? Sort of are we at a stability point you say it's still trending one way or the other? And two, can you remind us what -- you said something about sort of higher proportion of brackets and wires that orthos are using in this sort of economic uncertainty. Can you talk about some of the levers that you pulled last time we saw this one year or two ago and sort of what you're learning from there and sort of how to think about the potential change in that contribution as we go into the back half of.

首先，顯然，我認為，正如你所說，案件轉換並不是你們本季所希望的。能談談本季的趨勢嗎？您說我們是否處於穩定點，它仍然會朝著某種方向發展？第二，您能否提醒我們一下—您說過，在這種經濟不確定的情況下，牙齒矯正師使用的托架和鋼絲的比例會更高。您能否談談我們在一兩年前看到這種情況時您採取的一些措施，以及您從中學到了什麼，以及如何看待我們在進入後半段時這種貢獻的潛在變化。

Yes. Elizabeth, thanks for the question. As we started off the quarter, we normally know that it's a lot happened in the last quarter of a month here. Remember, we're a real-time business. really no inventory outside of what we have with iTero, the clear aligner of business is straight on.

是的。伊麗莎白，謝謝你的提問。當我們開始這個季度時，我們通常知道這裡最後一個季度會發生很多事情。請記住，我們是一家即時業務。除了 iTero 之外，我們確實沒有其他庫存，業務的明確調整器是直接的。

So we -- a normal kind of a sequence, I'd say, for the quarter until June. And June just didn't materialize the way we thought it would. And that's the year-over-year increase from a sequential standpoint that we talked about that we see every year in this business. It just didn't materialize, and it was primarily in June.

因此，我想說，對於截至六月的這個季度來說，這是一個正常的序列。但六月並沒有像我們想像的那樣到來。這就是我們所說的從連續角度來看的同比增長，我們每年都會在這個行業中看到這種增長。它只是沒有實現，而且主要是在六月。

And then the levers as far as orthodontists moving back to wires and brackets and all, it's the orthodontist that haven't really committed to digital. Maybe they're doing 30%, and mainly -- it's being done with adults or whatever, they aren't full, their offices aren't full. And they obviously have an inventory of wires and brackets.

然後，就牙齒矯正醫師而言，他們又回到了使用弓絲和托槽等技術，而牙齒矯正醫師還沒有真正致力於數位化。也許他們只做了 30%，而且主要是 — — 是和成年人或其他人一起做的，他們還沒有滿員，他們的辦公室也沒有滿員。他們顯然有電線和支架的庫存。

So just from an overall standpoint from their profitability in that individual office. They'll sometimes put for the wires and brackets piece. And we see that -- how we've been able to address that? Obviously, we really help doctors through that. We offer patients through there that are asking for digital treatment.

因此，僅從整體角度來看，他們在該單一辦公室的獲利能力。他們有時會放置電線和支架。我們看到了——我們是如何解決這個問題的？顯然，我們確實透過這種方式幫助了醫生。我們透過那裡​​為需要數位化治療的患者提供服務。

We work with them so they can be more efficient and effective with our product lines do directly. And many of the doctors engage that way. But obviously, there's 10,000 workloads in North America and some have chosen not to be digital and to be primarily analog, and that's what hurts us the time. John, any thoughts?

我們與他們合作，以便他們能夠更有效率、更有效地直接使用我們的產品線。許多醫生都是這樣做的。但顯然，北美有 10,000 個工作量，其中一些選擇不採用數位化，而主要採用類比方式，這對我們造成了傷害。約翰，有什麼想法嗎？

That's good.

那挺好的。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Maybe the first one and just deal with my sort of implied math here. But if I run the 2025 revenues flat versus '24, John, which is the low end of your guide. I take the midpoint of the 3Q guidance, I arrived at $1.03 billion for 4Q '25. That would be up 6% Q-over-Q, which is well above the three-year average of 1%. So I guess just to start, what I'm struggling with is sort of this -- that's obviously even worse or more dramatic if I grow '25, which you said is still possible.

也許是第一個，只是處理我這裡的隱含數學。但是如果我將 2025 年的收入與 24 年的收入持平，約翰，這是你的指導的低端。我取第三季指引的中點，得出 2025 年第四季的預期為 10.3 億美元。這將比上一季成長 6%，遠高於三年平均 1%。所以我想首先，我正在努力解決的問題是——如果我成長 25%，情況顯然會更糟或更戲劇化，而你說這仍然是可能的。

So help me out on that implied 4Q. Help me out on that sequential growth rate 3 to 4Q, what it's spitting out and why that would be the case when we think about the trend line in June that you alluded to in the 3Q guidance, please?

所以請幫我解決隱含的 4Q 問題。請幫我解釋一下第三季至第四季的連續成長率，它得出了什麼結果，以及當我們考慮您在第三季指引中提到的六月份趨勢線時，為什麼會出現這種情況？

Yes. Yes, Jon, this is John. I think when you look at what you what you've laid out for Q4, we would expect that Systems & Services up sequentially. We have the new scanner that we have as we go this year. We would expect that those full systems that we were we were behind a bit in Q2 that would continue in the second half, and we'd have some benefit from some of those full systems that we have coming through.

是的。是的，喬恩，我是約翰。我認為，當您查看您為第四季度製定的計劃時，我們預計系統和服務將會連續上升。我們今年有了新的掃描器。我們預計，我們在第二季度落後了一些的完整系統，這種情況將在下半年繼續下去，而我們將從我們正在實施的一些完整系統中受益。

And then we look at what we're doing from trying to drive conversion and be more active about that conversion with teens and adults in that -- in our second half products like we have with Invisalign First products that we have with IPE and mandibular advancement, those products to be able to help us continue to grow and have that focus into the -- as you said, that sequential third quarter to fourth quarter.

然後，我們看看我們正在做什麼，試圖推動轉化，並更積極地促進青少年和成年人的轉化——在我們下半年的產品中，例如我們的 Invisalign First 產品，我們的 IPE 和下顎推進產品，這些產品能夠幫助我們繼續增長，並將重點放在——正如你所說的，連續的第三季度到第四季度。

Okay. The second one, and maybe I'll just try to jam in as many questions as I can until you guys cut me off. But Joe, can you just talk a little bit more about what happened late 2Q? I mean, arguably, your 2Q is the orders from like late May to late June because of the rev rec timing and here we are on July 30. So any thoughts on what's transpired over the last five weeks into July or the end of July? And then were those conversion issues more prominent in some of the markets relative to others? I'll just -- I'll pause there.

好的。第二個問題，也許我會盡力提出盡可能多的問題，直到你們打斷我。但喬，你能否再多談談第二季末發生的事情？我的意思是，可以說，由於轉速記錄時間的原因，您的第二季訂單是從 5 月下旬到 6 月下旬的訂單，而現在是 7 月 30 日。那麼，對於 7 月過去五週或 7 月底發生的事情，您有什麼看法？那麼，相對於其他市場，這些轉換問題在某些市場是否更為突出？我只是——我就在這裡暫停一下。

Yes, I'll start with the back end of your question, Jon. I mean, we really -- where we saw that lack of take-up that we normally would, I tend it primarily on North America and two countries in Europe would be France and Germany. The rest of the world performed had expectation that sense.

是的，喬恩，我將從你的問題的後端開始。我的意思是，我們確實——我們看到了通常缺乏接受的情況，我主要傾向於北美，歐洲的兩個國家是法國和德國。世界其他地區的表現都抱持這樣的期待。

So when we look at it, we can see primarily that's where we had that issue. What is it? From what we can tell is just what we read in the scripts. Its patients being concerned in a sense of can they afford that treatment at this point in time.

因此，當我們查看它時，我們主要可以看到這就是我們遇到的問題。它是什麼？據我們所知，這只是我們在腳本中讀到的內容。患者擔心的是他們目前是否能負擔治療費用。

There's a certain demographic with it too, obviously, ones that are challenged. That's what we're worried about from a financing standpoint, what was being offered and not being offered in that quarter, that quarter also. But like you said, we have record interest from a brand standpoint. Our GR, which is a grocer receipts, which come in when a patient scan is interested was extremely high. We just didn't see the conversion rate we normally would between what we call a general grocery set and what we see at CCA.

顯然，這也涉及到特定的人口統計數據，即面臨挑戰的人口。從融資角度來看，這就是我們所擔心的，那個季度提供了什麼，沒有提供什麼。但正如您所說，從品牌角度來看，我們的興趣創下了紀錄。我們的 GR（雜貨收據）在患者掃描感興趣時就會出現，其數量非常高。我們只是沒有看到我們通常所說的一般雜貨套裝和我們在 CCA 看到的之間的轉換率。

And the trends into month-to-date July or any color there that you can provide? I mean, has it started to unwind here in the first four weeks of July?

您能提供截至 7 月的趨勢或任何顏色嗎？我的意思是，七月頭四周這裡的情況是否已經開始緩和了？

Yes. I'd say when you look at our forecast, Jon, we've basically taken what we've seen in the end of the quarter and projected forward.

是的。喬恩，我想說，當你查看我們的預測時，我們基本上已經採用了本季末所看到的情況並進行了預測。

Jeff Johnson, RW Baird.

傑夫約翰遜、RW 貝爾德。

So question, Joe, I guess, as I hear your explanation on trading back down to some of the brackets and wire stuff, which is we've heard often on over the last couple of years at times. I think what I've been hearing in my checks is kind of this profound pressure, if you will, on practice profitability and then your brackets and wires in on kind of feed into that.

所以喬，我想問一下，當我聽到你關於交易回到一些括號和電線東西的解釋時，我們有時會在過去幾年中經常聽到這個。我認為我在檢查中聽到的是一種巨大的壓力，如果你願意的話，對實踐盈利能力以及你的括號和電線的影響。

But I think my checks have kind of been saying, it's almost more the doctors pulling back right now. I'm not so sure it's the patients pulling back as much. And of course, you have data that maybe does show it to the patients, too. And I'm not trying to totally disaggregate those.

但我認為我的檢查結果顯示，現在醫生幾乎都在撤退。我不太確定是不是病人退縮得那麼厲害。當然，你也許有數據可以向患者展示這一點。我並不是想把它們完全分解開來。

But I guess, as I look at consumer confidence and some of the tariff fears may be coming off over the last few months, I'm surprised that June was that weak, unless we're at this point where doctors are the ones that are really freezing up almost more so than the patients. I don't even know if I have a question there, but I'd love your observation because this is definitely something I'm hearing kind of in my general dental checks as well.

但我想，當我看到消費者信心和過去幾個月可能正在消退的一些關稅擔憂時，我很驚訝 6 月的市場表現如此疲軟，除非我們處於這樣一個階段，醫生們幾乎比病人更感到緊張。我什至不知道我是否有問題，但我很想聽聽你的觀察，因為這絕對是我在一般牙科檢查中聽到的事情。

Jeff, I think it's a good question. I think you have to -- look, you have to split it between our DSOs or OSO we work with and -- which have gone really well from a quarter standpoint and a growth standpoint for us, too. They offer good finance solutions. They're often aggressive in following back up with patients that shows some kind of an interest in having a marketing program to go back and offer a special deal at a certain point in time. And we see that really work.

傑夫，我認為這是個好問題。我認為你必須——看，你必須將其分配給我們合作的 DSO 或 OSO——從季度角度和成長角度來看，這對我們來說也進展順利。他們提供良好的財務解決方案。他們通常會積極跟進那些對行銷計劃有某種興趣的患者，以便在某個時間點回來提供特殊優惠。我們看到這確實有效。

Again, in those channels, Jeff, I said it indicates that it is a reluctant consumer that needs to be encouraged in different ways for treatment and above and beyond what we've seen in the past. I mean that's always been there. But in this case, I think where there's financial uncertainty. When you look at the individual doctors, again, like where we have 150,000 GPs in the United States and 10,000 orthodontic doctors, there's a story everywhere. But primarily, what we see is patients interested.

傑夫，我再次說過，在這些管道中，這表明消費者不願意接受治療，需要以不同的方式鼓勵他們接受治療，而這種鼓勵方式要超越我們過去所見。我的意思是它一直都在那裡。但在這種情況下，我認為存在財務不確定性。當你再看看個別醫生時，就像美國有 150,000 名全科醫生和 10,000 名牙齒矯正醫生一樣，每個醫生身上都有一個故事。但我們主要看到的是患者感興趣。

Again, reluctant to spend. Doctors sometimes want to move in the wires and brackets if they can and push them and adults are more difficult to do that than teens. But from an adult standpoint, that's where the patient traffic has really been down, too.

再一次，不願意花錢。如果可以的話，醫生有時會想要移動並推動鋼絲和支架，但成年人比青少年更難做到這一點。但從成年人的角度來看，那裡的病患流量也確實下降了。

So I wouldn't pin this on the doctors. I think the aggregate we're talking about here is a reluctant consumer like we talked about in our script. But look, there's a -- you can find 1 million stories out there at different doctors and how to handle things, Jeff. But I think a continuum in this is just uncertainty for an out-of-pocket expensive type of procedure.

所以我不會把這歸咎於醫生。我認為我們在這裡談論的總體是像我們在腳本中討論的那樣的不情願的消費者。但是你看，你可以在不同的醫生那裡找到一百萬個關於如何處理事情的故事，傑夫。但我認為，對於自付費用的昂貴手術來說，這種連續性只是一種不確定性。

Yes, fair enough. And then I guess just one question on the restructuring. As you talk about shutting down some manufacturing assets and writing them off. Any color there? And does this accelerate your move at all to direct fab printing? Just any color on those two topics would be great.

是的，很公平。然後我想就重組問題提出一個問題。正如您所說，關閉一些製造資產並將其註銷。有顏色嗎？這是否會加速您向直接晶圓廠列印的轉變？只要是關於這兩個主題的任何顏色就很好了。

Jeff, I'd start to add to that question by saying over the last five years, we've done a lot to internationalize our production, right? So we used to be completely centered in Mexico, we serve the world. We opened in China, and then we opened in Poland.

傑夫，我想補充這個問題，在過去的五年裡，我們為實現生產的國際化做了很多工作，對嗎？因此，我們過去完全以墨西哥為中心，為世界服務。我們在中國開業，然後在波蘭開業。

And what we're trying to do is -- remember, transportation costs for us are really important in this business and moving closer to customers helps to lower that. So what we're going to do is refocus and make sure that we're as close to those customers as we possibly can. Also, we're taking advantage of some, what I would say, current vacuum form kind of technology and resin technology in our traditional line that's much more productive than what we've had in the past.

而我們正在嘗試做的是——請記住，運輸成本對我們來說在這個行業中確實非常重要，而靠近客戶有助於降低運輸成本。因此，我們要做的就是重新調整重點，確保我們盡可能貼近這些客戶。此外，我們正在利用一些當前的真空成型技術和樹脂技術，這些技術在我們的傳統生產線上比過去生產更有效率。

And so we'll be able to update our facilities, both in Mexico, Poland and also China with that kind of technology. And we're going to retire the technologies that aren't as productive overall. So that's a big part of this. I'll stop there. Does that make sense to you, Jeff?

因此，我們將能夠利用這種技術更新我們在墨西哥、波蘭和中國的設施。我們將淘汰那些整體上效率不高的技術。這是其中很重要的一部分。我就到此為止。傑夫，你明白這個道理嗎？

Yes, it doesn't sound like necessarily an acceleration then on the direct fab side. It's more of kind of this intermediary, if you will, of going to some of the more efficient back-forming and resin stuff?

是的，這聽起來不一定是直接製造方面的加速。如果你願意的話，它更像是一種中間體，可以用於一些更有效率的後成型和樹脂材料？

But in the back of those moves, Jeff, what we're doing is creating capacity and ability to be able to move into direct printing, too. So what we'll do with Direct printing, we'll directly follow that footprint we're developing around the world with vacuum forming. I hope that --

但傑夫，在這些舉措的背後，我們正在做的是創造產能和能力，以便能夠進入直接印刷領域。因此，我們在直接印刷方面所做的就是直接遵循我們在世界各地透過真空成型所發展的足跡。我希望--

Steven Valiquette, Mizuho Securities.

瑞穗證券的史蒂文‧瓦利奎特 (Steven Valiquette)。

So I guess, separate from the comments you made regarding the bracket and wire braces. I guess I'm curious with your softer Invisalign case volume due to all the market factors you discussed, I guess, just based on your market intelligence. Do you think your software volume was in line with the overall clear aligner market trend? Or do you think you're maybe losing share in clear aligner for some reason?

所以我想，這與你對支架和鋼絲牙套的評論是分開的。我想我對您討論的所有市場因素導致的 Invisalign 病例數量減少感到好奇，我想，只是基於您的市場情報。您認為您的軟體銷售與整體透明矯正器市場趨勢一致嗎？或者您認為由於某種原因，您可能正在失去透明矯正器的市場份額？

Or also, I thought in my mind that Align would maybe be more favorably positioned on the whole tariff impact relative to many of your clear aligner competitors. So maybe are you still perhaps maybe even gaining market share in the clear aligner market versus other manufacture. Just curious to get some thoughts around just that part of the market in particular.

或者，我心裡認為，與許多透明矯正器競爭對手相比，Align 在整個關稅影響方面可能處於更有利的地位。那麼，與其他製造商相比，您是否仍在透明矯正器市場中不斷獲得市場份額？只是好奇地想了解一下有關這個特定市場部分的一些想法。

Steve, it's a good question. I would say, primarily, from a competitive standpoint, nothing has really changed around the world. between the first quarter and the second quarter. If we think about it, it's mainly what we see is from an economic standpoint. So I can't pick out any one country.

史蒂夫，這是個好問題。我想說，首先，從競爭的角度來看，第一季和第二季之間，全球並沒有什麼改變。如果我們思考一下，我們主要從經濟角度來看它。所以我無法挑選任何一個國家。

I mean China did extremely well for us, and I think everyone on the call knows that we have some pressure from a Chinese competitor around the world. We don't think that's basically changed. We saw a competitor actually raise prices that they had to in the quarter also. So that was not the dynamic. If that was a dynamic in the quarter, I certainly would have pointed to it, but I didn't see that.

我的意思是，中國的表現對我們來說非常好，而且我認為電話會議上的每個人都知道，我們面臨著來自世界各地的中國競爭對手的壓力。我們認為這基本上沒有改變。我們看到競爭對手實際上也在本季提高了價格。所以情況並非如此。如果這是本季度的一個動態，我肯定會指出它，但我沒有看到。

Jason Bednar, Piper Stanley.

傑森貝德納、派珀史丹利。

Pick up on a couple of other themes here that he discussed already. Joe, John, when we look at the patients that didn't materialize, the cases didn't materialize in 2Q, late in June. It seems like there's two buckets your patients that aren't moving forward at all with treatment because of reluctance, be it for financing or tariff unease or what have you.

這裡再談談他已經討論過的其他幾個主題。喬、約翰，當我們查看未出現的病人時，發現這些病例並未在第二季（六月下旬）出現。似乎有兩種患者由於不願意接受治療而根本沒有繼續治療，無論是由於資金問題還是關稅問題還是其他原因。

And then another bucket of doctors pushing patients to brackets and wires. I guess the former would open the door to a potential release of volumes in the future with practices tapping into maybe a backlog of patients down the road. But I guess, how would you split the volumes across those two buckets? I mean how much do you think is falling into just a clear aligner opportunity in the future but not seen it in 2Q versus doctors putting patients and brackets and wires, and those are no longer candidates for aligners.

然後，又有一桶醫生將病人推上支架和鋼絲。我猜前者將為未來可能釋放的病例打開大門，將來也許可以處理積壓的病人。但我想，你會如何將捲分成這兩個桶子？我的意思是，您認為未來有多少機會落入透明矯正器之手，但在第二季度卻沒有看到，而醫生為患者安裝托架和鋼絲，而這些不再是矯正器的候選對象。

John, do you want --

約翰，你想要--

Yes, I'd say, Jason, it's a mix. You would have -- they all -- are those potential patients fall into those two categories. You've got some that we saw good interest. We continue to see good interest in Invisalign and people wanting to go into treatment. Some show up at doctors' offices.

是的，我想說，傑森，這是一種混合。你會發現──他們所有人──那些潛在患者都屬於這兩類。我們看到了一些非常令人感興趣的東西。我們持續看到人們對 Invisalign 表現出濃厚興趣，並且希望接受治療。有些人出現在醫生辦公室。

They see the pricing, and they say, that's not something we want to do now because of the end consumer price, the end patient price. So they put things off for their own personal reasons. You have others, and it's really mostly on the ortho channel, they're in. They want to go into treatment. You might be a teenager and parents bring that child in.

他們看到了定價，然後說，這不是我們現在想要做的事情，因為最終消費者的價格，最終患者的價格。因此他們因為個人原因而推遲事情。還有其他人，他們大多都在正交頻道上。他們想要接受治療。您可能是個青少年，父母帶著這個孩子來。

And due to some of the economics or other things that we see at that patient -- at that practice that is there -- that doctor because of economics, puts that patient that's in their chair into wires and brackets versus maybe they might even came in asking for Invisalign. So that's the challenge that we have. Overall, patients and then the patients that -- potential patients that come through what can we do and what can we do to help our doctors keep them Invisalign. But it's a mix, and it's going to vary kind of geography by geography in terms of which is larger than the other.

由於一些經濟因素或其他因素，我們在患者身上看到的——在那裡的診所——醫生出於經濟考慮，會給坐在椅子上的患者戴上鋼絲和托槽，而不是讓他們甚至來要求使用隱適美 (Invisalign)。這就是我們面臨的挑戰。總體而言，對於患者以及潛在患者，我們可以做什麼以及我們可以做些什麼來幫助我們的醫生讓他們保持隱適美。但這是一種混合體，並且會因地理位置的不同而有所差異，看哪個更大。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

This is Russell on for Brandon. Could you guys give us some color on what the feedback has been recently on Lumina given the weakened consumer? Looking at industry surveys, there seems to be a general low willingness to purchase capital equipment. Has it been impacting your numbers or affecting product launch in some way? And how are you navigating it?

這是拉塞爾替換布蘭登。鑑於消費者的疲軟，您能否向我們介紹一下最近對 Lumina 的回饋？從產業調查來看，人們購買資本設備的意願普遍較低。它是否對您的業績或產品發布產生了某種影響？您如何進行導航？

That's a good question. We didn't meet our sales goals for Lumina in the second quarter, but we did have a good increase, close to 40% growth. And we saw a good trade out. I mean, we see the same surveys, and we work around the industry that you do. And we know there's a reluctance because of lack of patient traffic in dental offices and ortho offices then to commit to capital equipment.

這是個好問題。我們在第二季沒有實現 Lumina 的銷售目標，但確實實現了不錯的成長，接近 40% 的成長。我們看到了良好的交易。我的意思是，我們看到了相同的調查，並且我們圍繞著您所從事的行業開展工作。我們知道，由於牙科診所和矯正診所的患者流量不足，人們不願意投入資本設備。

I mean, based on that, we felt good about how well we did. But when you look at it, and I talked about it in my script is we thought we'd sell more full systems. And what we did is we -- our IP plus product was upgradable to Lumina with a one switch and the majority of our sales went to the won side.

我的意思是，基於此，我們對自己的表現感到滿意。但是當你看到它時，我在我的腳本中談到了它，我們認為我們會銷售更多完整的系統。我們所做的是——我們的 IP plus 產品只需一次切換即可升級到 Lumina，而且我們的大部分銷售額都流向了客戶。

And so that's just not the same amount of revenue in that switch. And that's basically what hurts. And so we do see that reflected, but we felt good about the uptake of Lumina excitement we see in the marketplace.

因此，這種轉變所帶來的收入數量是不一樣的。這基本上就是讓人痛苦的地方。我們確實看到了這一點，但我們對市場上對 Lumina 的熱情感到很高興。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

So maybe if I can get back to some of the dynamics of the expectations for the remainder of the year. As you think through various different macro pictures that you've talked about, Joe, are there any changes you're making on the demand stimulation side? Should we expect anything on the promotional side that you may or may not push? How should we think through the proactive attempt that you're making to ensure that you're driving better patient conversion, better demand curve satisfaction, et cetera?

所以也許我可以回顧今年剩餘時間的一些預期動態。喬，當您思考您談到的各種不同的宏觀圖像時，您在需求刺激方面做了什麼改變嗎？我們是否應該期待您在促銷方面推出或不推出任何舉措？我們應該如何思考您所做的積極嘗試，以確保您能夠推動更好的患者轉換、更好的需求曲線滿意度等等？

Michael, it's a good question. We like to say that -- the last mile is where we really -- we touch our doctors with this. And we obviously do a lot of advertising, national advertising. And we're going to try to move as close as we can to our doctors and channel that demand more closely with them. And so we're -- we know how to do this.

邁克爾，這是個好問題。我們想說的是——最後一哩路是我們真正與醫生溝通的地方。顯然，我們做了很多廣告，全國性的廣告。我們將盡力貼近我們的醫生，並更緊密地與他們溝通這項需求。所以我們——我們知道如何做到這一點。

We just have to scale it more broadly across the United States in different areas where we think it's going to work. One of the things is really, look, the DSOs and the SOs again, know how to do this. These individual doctor practices don't necessarily know. And so -- but they do -- there's Invisalign opportunities for them, and we're going to try to work more hand-in-hand to help to guide those patients through there so they can find Invisalign treatment. And part of that is making sure they have the right kind of financing opportunities to HCA and other organizations that we work with.

我們只需要在美國各地我們認為可行的不同地區更廣泛地推廣它。其中一件事是，你看，DSO 和 SO 知道如何做到這一點。這些個體醫師實踐並不一定知道。所以——但他們確實有 Invisalign 的機會，我們將嘗試更加攜手合作，幫助引導這些患者，以便他們可以找到 Invisalign 治療。其中一部分是確保他們為 HCA 和我們合作的其他組織提供合適的融資機會。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Great. And a similar type of question, but more so what happened in the quarter and what changed? And outside of just the sluggish demand and conversion rates that you were seeing? Were there any of your own initiatives like promotional activity that didn't really just play out to plan like we're hearing just some more promotional activity in June, for instance, how did that strategy work relative to your expectations? Obviously, it fell short of that. But I mean, was there any sort of nuance to the strategy that may be changed at all? And was any of that competitive response?

偉大的。這是一個類似的問題，但更重要的是本季發生了什麼以及發生了哪些變化？除了您所看到的需求和轉換率低迷之外，還有什麼其他情況嗎？您是否有一些自己的舉措，例如促銷活動，但這些活動實際上並沒有按照計劃進行，例如，我們聽說 6 月份會有一些促銷活動，相對於您的預期，這些策略效果如何？顯然，它沒有達到這個目標。但我的意思是，該戰略是否存在任何可能改變的細微差別？有任何競爭反應嗎？

Again, that's a good question. I'd say we ran the same play in the second quarter that we run in every quarter in the sense of promotions and things that we offer from a month-to-month standpoint. John,...

再次強調，這是個好問題。我想說，從促銷和按月提供的服務方面來說，我們在第二季度採取的策略與每季都是一樣的。約翰…

Yes. And I would add that the awareness is there. The interest is there. We see it in search metrics. We see it in that overall interest that we see from even getting a scan. It's just that conversion then to go from that scan to actually go into treatment that didn't materialize.

是的。我想補充一點，這種意識是存在的。興趣就在那裡。我們在搜尋指標中看到了這一點。我們甚至可以透過掃描看到整體興趣。只是從掃描到實際治療的轉變並沒有實現。

Didn't see that sequential improvement, especially as you think about moving into teen season in a bigger way with North America and Europe. So the play was set to increase that interest to get to people wanting to go into treatment due to their own economic reasons, they did not.

沒有看到連續的改善，特別是當你考慮以更大的方式進入北美和歐洲的青少年賽季時。因此，該劇旨在提高人們的興趣，吸引那些由於自身經濟原因而想要接受治療的人，但他們並沒有這樣做。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

I'm going to ask this a little bit differently. Maybe it's a question specifically for Joe. But if I'm thinking about this and sort of the way lines positions, ortho versus GP. If we're seeing wires and brackets being more competitive, that's happening in the ortho space where you guys dominate. Does it make sense for you strategically to try to become somehow more aggressive in the GP space where your share is not as high where there is more competition?

我將以稍微不同的方式來問這個問題。也許這個問題是專門問喬的。但如果我考慮一下這個問題，以及線的位置，正交線和全向線。如果我們看到鋼絲和托槽的競爭更加激烈，那麼這發生在你們佔據主導地位的矯正領域。從策略上來說，在 GP 領域，您的份額並不高，競爭也更激烈，嘗試以某種方式變得更積極是否有意義？

Does that -- have you been defensive about that because of pricing or anything else? Like from a strategic perspective, given the environment. This isn't like a one -- it happened this quarter, but we've seen this trend now for a couple of years. I'm just asking just purely from a, hey, at the Board level, what kind of decisions do we have to make strategically to grow faster? And how do we gauge one segment versus the other pricing power market share in all of the solutions we bring to the table?

您是否因為價格或其他原因而對此採取防禦態度？例如從策略角度來看，考慮到環境。這不像是本季發生的一次事件，但我們已經看到這種趨勢有好幾年了。我只是從董事會層級問一下，我們必須做出什麼樣的策略決策才能更快發展？在我們提出的所有解決方案中，我們如何衡量一個細分市場與另一個細分市場的定價權市場份額？

Kevin, I think it's a fair question. It's actually -- it's a good question. About -- over 40% of our business in the United States is GP now versus Ortho. We have a dedicated GP sales force. It's completely isolated from Ortho. They're trained specifically to be able to work with GPs and understand their business and their different kinds of workflow.

凱文，我認為這是一個公平的問題。這實際上——這是一個好問題。目前，我們在美國超過 40% 的業務是全科醫生 (GP) 而不是正畸 (Ortho)。我們擁有一支專門的 GP 銷售團隊。它與 Ortho 完全隔離。他們經過專門培訓，能夠與全科醫生合作並了解他們的業務和不同類型的工作流程。

We have products like iGo. We have products like comprehensive three and there or moderate kinds of products that are really geared off into GP started. We have tremendous doctors like Ryan Moelis and David Galler, that train thousands of GPs out there in order to do these things. So we're excited about the GP marketplace. It does not have that possible competitive trade with wires and brackets, way the ortho market is.

我們有像 iGo 這樣的產品。我們有三種綜合產品，以及三種或多種真正適合 GP 啟動的產品。我們擁有像 Ryan Moelis 和 David Galler 這樣的優秀醫生，他們培訓了數千名全科醫生來做這些事情。所以我們對 GP 市場感到非常興奮。它不像正畸市場那樣存在與鋼絲和支架的競爭性貿易。

But remember, these are workflows. There are tight workflows. You have to be able to walk in and be able to explain into a GP practice, how you engage with those workflows and walk through those workflows overall. And it's just -- I think people -- and I got lost in this is -- first started is thinking that you would treat GPs just like you do orthos. And you don't.

但請記住，這些都是工作流程。工作流程非常緊湊。您必須能夠走進全科醫生診所並能夠解釋您如何參與這些工作流程並全面地了解這些工作流程。而這只是 — — 我認為人們 — — 我對此感到困惑 — — 首先想到的是，你會像對待正畸醫生一樣對待全科醫生。但你卻沒有。

It's a different businessperson; it's a different business model altogether. They weren't trained to move teeth. That's why our GCP practices, which are you scan, we can give you a treatment plan. We have different doctors that can help them through that, that we call technical support that we can walk them through. So I feel good about the resources of products and the focus that we have in that area, where we put more pressure on the GP side, wherever we see opportunities we'll work it to try to advance our business.

這是不同的商人；這是完全不同的商業模式。他們沒有接受過移動牙齒的訓練。這就是為什麼我們的 GCP 實踐，當您進行掃描時，我們可以為您提供治療計劃。我們有不同的醫生可以幫助他們解決這個問題，我們稱他們為技術支持，可以指導他們解決這個問題。因此，我對我們在該領域的產品資源和重點感到滿意，我們向 GP 方面施加了更大的壓力，無論我們看到什麼機會，我們都會努力推進我們的業務。

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

Maybe just a high-level question on the restructuring actions that you're planning on taking in the back half of the year. I guess what gives you the confidence that these actions will yield the results that you desire in indeed line with your long-term goals? I guess just trying to figure out, like, are these sufficient to counter the soft macro environment.

也許這只是一個關於您計劃在今年下半年採取的重組行動的高層問題。我想，是什麼讓您有信心這些行動將產生您想要的結果，並且確實符合您的長期目標？我想只是想弄清楚，這些是否足以抵消軟宏觀環境。

Yes, Vik, this is John. So when we look at some of the restructuring, like we had said in our prepared remarks, it's getting closer to our customers. We know that in this day and age, it's a key requirement to shorten cycle times, be closer to our customers. Their willingness to work with us. Some of the programs that we have with our doctor subscription program and so on, really rely on getting closer to our customers, and it also drives productivity, where we can reduce our freight costs and so on, which has become a big part of our overall costs.

是的，維克，這是約翰。因此，當我們審視一些重組時，就像我們在準備好的發言中所說的那樣，它越來越貼近我們的客戶。我們知道，在當今時代，縮短週期時間、更貼近客戶是一項關鍵要求。他們願意與我們合作。我們的一些項目，例如醫生訂閱計劃等，確實依賴於更貼近我們的客戶，而且它還能提高生產力，從而降低運費等成本，而運費已​​成為我們總體成本的重要組成部分。

And at the same time, to be able to change out some of the equipment that we have to be more productive, drive efficiency, drive savings. We wanted to reflect that in terms of our profitability. But we also want to be able to reflect that in how do we -- how do we go to market with that -- with some of those actions and the savings that we generate.

同時，我們能夠更換一些設備，以提高生產力、提高效率、節省成本。我們希望透過盈利能力來反映這一點。但我們也希望能夠透過我們如何——如何將其推向市場——以及我們採取的一些行動和節省的資金來反映這一點。

So think of being very active with our customers to help drive conversion, be able to work with them even on a practice-by-practice basis to make sure that they have that demand. They have the capabilities. They understand the products, and they can help digitize their practice and ultimately use our products.

因此，我們要積極主動地與客戶溝通，幫助推動轉化，甚至能夠在具體實踐中與他們合作，以確保他們有這樣的需求。他們有能力。他們了解產品，可以幫助實現實踐數位化並最終使用我們的產品。

So we've got to play on -- our plays on how we're running to drive productivity, and it fits with what we want to do with our customers. And then we want to get -- use some of that savings to really be able to get more active and be active with our customers, so that we can help them drive increased patients.

因此，我們必須繼續努力——利用我們的行動來提高生產力，這也符合我們想要為客戶做的事情。然後，我們希望利用其中一部分節省下來的資金，真正能夠更積極地為客戶服務，這樣我們就可以幫助他們增加病患數量。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. I'm going to preempt this, Joe, by saying I know it may be an unfair question. And if there's just no answer, there's no answer to that. But I just want to think about the Analyst Day you guys just had a couple of months ago and the vision you laid out for the next couple of years. You gave us an update on LRP, and you sort of gave us the bridge over the next couple of years and then beyond.

偉大的。喬，我要先說，我知道這可能是個不公平的問題。如果沒有答案，那就沒有答案。但我只是想想想你們幾個月前剛舉辦的分析師日以及你們對未來幾年制定的願景。您為我們提供了有關 LRP 的最新進展，並為我們未來幾年及以後的發展奠定了基礎。

And the way I always remember it was sort of like the -- there's the underlying macro in markets and then there's what a win can deliver above that. Obviously, it's only been a couple of months, and it feels like it's been a very short amount of time in terms of what's changed.

我一直記得，這有點像——市場中有一個潛在的宏觀因素，而勝利可以帶來什麼。顯然，這才過了幾個月，就變化而言，感覺時間很短。

So like I said, maybe it's too early to say anything, but you're certainly leaving this year at a much lower starting point than you had imagine, right? You thought you'd be growing revenues more in the mid-single digit right now, it's kind of flattish. So if you think about that 5% to 15% going forward, much bigger jump next year. Does that change how you think you're going to be able to approach that in 2016 and beyond? Or is it just one month and we'll take it from there?

所以就像我說的，也許現在說什麼都為時過早，但今年的起點肯定比你想像的要低得多，對嗎？您原以為現在的收入會以個位數的中段速度成長，但實際情況卻比較平穩。因此，如果您考慮未來 5% 到 15% 的成長，那麼明年的成長幅度會更大。這是否會改變您認為 2016 年及以後如何處理這個問題的方式？或者只是一個月，然後我們就從那裡開始？

Michael, I'll start with the end. It is one month, okay? And I think to be fair, to project the business off of one month is tough. So what we're doing with our forecast this year is taking that month shooting it forward, and we're going to work hard to do all we can to beat that if we can. We stick by what we presented in New York.

邁克爾，我從結尾開始。一個月就好，可以嗎？我認為，公平地說，預測一個月的業務是困難的。因此，我們今年的預測是將該月的業績提前，如果可以的話，我們將盡一切努力超越這一目標。我們堅持我們在紐約所提出的觀點。

We're excited about the future of the business. That 5 to 15, we truly believe it's there. And I think the best thing that can happen is we get somewhat of a more confident consumer and being able to drive some of the conversion work that we're talking about on the front end with doctor's overall work with DSOs and all the help with this, too.

我們對業務的未來充滿期待。我們確實相信那 5 到 15 個數字是存在的。我認為最好的事情是，我們會獲得更有自信的消費者，並且能夠透過醫生與 DSO 的整體合作以及所有這方面的幫助來推動我們在前端討論的一些轉換工作。

So I feel good about and stick to what we fit in New York in the direction we have. Obviously, this looks like a setback, and it is in a sense of what we forecasted for the second quarter. But again, I think we're -- business is on a strong foundation. We're going to do what we can to reposition the business, as John talked about, with some of these moves around the world. I look I feel good about where we are, but the environment is challenging right now.

因此，我對於我們在紐約所採取的方向感到滿意，並堅持這樣做。顯然，這看起來像是一個挫折，從某種意義上來說，這也是我們對第二季的預測。但我再次認為，我們的業務基礎堅實。正如約翰所說的，我們將盡我們所能，透過在世界各地採取一些舉措來重新定位業務。我對我們所處的狀況感覺良好，但當前的環境充滿挑戰。

And we've 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 Shirley Stacy 做結束語。

Well, thank you, everyone, again, for joining us today. We look forward to meeting you at upcoming investor conferences and bus trips. If you have any follow-up questions, please contact Investor Relations. Thanks, and have a great day.

好吧，再次感謝大家今天加入我們。我們期待在即將舉行的投資者會議和巴士旅行中與您見面。如果您有任何後續問題，請聯絡投資者關係部。謝謝，祝您有愉快的一天。

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，大家可以斷開連線了。感謝您的參與。