愛齊科技 (ALGN) 2025 Q3 法說會逐字稿

(audio in progress) Vice President of Corporate Communications and Investor Relations. Joining me for today's call is Joe Hogan, President and CEO; and John Morici, CFO.

（音頻播放中）企業傳播與投資者關係副總裁。今天與我一起參加電話會議的有總裁兼執行長喬·霍根和財務長約翰·莫里奇。

We issued third quarter 2025 financial results today via Business Wire, which is available on our investor website at investor.aligntech.com. Today's conference call is being audio webcast and will be archived on our website for approximately one month.

我們今天透過 Business Wire 發布了 2025 年第三季財務業績，該業績可在我們的投資者網站 investor.aligntech.com 上查看。今天的電話會議將進行音訊網路直播，並將在我們的網站上存檔約一個月。

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

再次提醒，今天提供和討論的資訊將包含前瞻性陳述，包括有關 Align 未來事件和產品前景的陳述。這些前瞻性陳述僅為預測，涉及風險和不確定性，詳情請參閱我們最近向美國證券交易委員會提交的定期報告，這些報告可在我們的網站和sec.gov上查閱。實際結果可能與預測結果有重大差異，Align明確聲明不承擔更新任何前瞻性陳述的義務。

We have posted historical financial statements with corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable, and our third 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「季度業績」欄位下發布了歷史財務報表及相應的調整表，包括 GAAP 與非 GAAP 調整表（如適用）以及 2025 年第三季電話會議投影片。請參閱這些文件以獲取更多詳細資訊。

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

接下來，我將把電話交給 Align Technology 的總裁兼執行長 Joe Hogan。喬？

Thanks, Shirley. Good afternoon, and thanks for joining us today. On our call today, I'll provide an overview of our third quarter results and discuss performance from our two operating segments, Systems and Services and Clear Aligners. John will provide more detail on our Q3 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.

謝謝你，雪莉。下午好，感謝各位今天收看我們的節目。在今天的電話會議上，我將概述我們第三季的業績，並討論我們兩個營運部門（系統和服務部門以及隱形矯正器部門）的業績。John 將詳細介紹我們第三季的財務業績，並就我們對今年剩餘時間的看法發表評論。接下來，我會總結幾個重點，並開放提問環節。

I'm pleased to report third quarter revenues, Clear Aligner volumes and non-GAAP operating margins are all above our outlook. Our Q3 results reflect year-over-year growth in Clear Aligner volumes, driven primarily by EMEA and APAC and Latin American regions as well as strong sequential growth from APAC and Latin American regions, driven primarily by teens and kids category.

我很高興地報告，第三季營收、隱形矯正器銷售和非GAAP營業利潤率都超出我們的預期。我們第三季度的業績反映了隱形矯正器銷量同比增長，主要得益於歐洲、中東和非洲地區以及亞太和拉丁美洲地區的增長，同時亞太和拉丁美洲地區也實現了強勁的環比增長，主要得益於青少年和兒童市場的增長。

Our Q3 Systems and Services revenues were down year-over-year and sequentially as expected, given Q3 capital equipment seasonality. Q3 non-GAAP operating margin of 23.9% was above our outlook of approximately 22%. While activity in the orthodontic and dental markets remains mixed, especially in North America, the initiatives we're taking to drive consumer demand and patient conversion, including working with our DSO partners, are delivering results and we continue to focus on execution of these go-to-market programs.

如預期，由於第三季資本設備季節性因素，我們的第三季系統和服務收入年比和季比均有所下降。第三季非GAAP營業利益率為23.9%，高於我們先前約22%的預期。儘管正畸和牙科市場的活躍度仍然參差不齊，尤其是在北美，但我們為推動消費者需求和患者轉化而採取的舉措，包括與我們的牙科服務組織 (DSO) 合作夥伴合作，正在取得成效，我們將繼續專注於執行這些市場推廣計劃。

In addition to the breadth and depth of our global business and product portfolio and consumer preferences for the Align brand are unique advantages that provide balance in a dynamic global market. In fact, the year-over-year Clear Aligner volume growth rate improved from Q2 to Q3 for our top 10 country markets except for Canada.

除了我們全球業務和產品組合的廣度和深度之外，消費者對 Align 品牌的偏好也是我們在動態的全球市場中保持平衡的獨特優勢。事實上，除加拿大以外，我們前 10 大國家市場的隱形矯正器銷售量年增率從第二季到第三季均有所提高。

For Q3, total revenues of $996 million increased 1.8% year-over-year and decreased 1.7% sequentially. Q3 Clear Aligner revenues of $806 million increased 2.4% year-over-year and were up slightly sequentially. Q3 Clear Aligner volume of 648,000 cases increased roughly 5% year-over-year and was up slightly sequentially. Q3 Imaging Systems and CAD/CAM services revenues of $190 million decreased slightly year-over-year and was down 8.6% sequentially.

第三季總營收為 9.96 億美元，年增 1.8%，季減 1.7%。第三季隱形矯正器營收為 8.06 億美元，較去年同期成長 2.4%，較上季略有成長。第三季隱形矯正器銷量為 648,000 例，較去年同期成長約 5%，較上季略有成長。第三季成像系統和 CAD/CAM 服務收入為 1.9 億美元，年比略有下降，季減 8.6%。

For Q3, Systems and Services revenues decreased sequentially as expected primarily due to seasonality. On a year-over-year basis, Q3 Systems and Services revenues decreased slightly, primarily due to lower volumes, offset somewhat by increased scanner services and exocad CAD/CAM sales. Q3 revenues also reflect strong growth from the iTero scanner leases, an important option for doctors that enables greater access to our advanced digital technology.

第三季度，系統和服務收入環比下降，符合預期，主要原因是季節性因素。與去年同期相比，第三季系統和服務收入略有下降，主要是由於銷量下降，但掃描器服務和 exocad CAD/CAM 銷售額的成長在一定程度上抵消了這種影響。第三季營收也反映了 iTero 掃描器租賃業務的強勁成長，這對醫生來說是一個重要的選擇，使他們能夠更便捷地使用我們先進的數位技術。

At the end of Q3, the installation of active iTero systems, which includes sales and leasing, continues to expand, and there are over 120,000 units globally, a 12% year-over-year increase. From a regional perspective, Q3 scanner sales increased sequentially in North America among GPs as well in Latin America and APAC regions.

第三季末，包括銷售和租賃在內的活躍 iTero 系統的安裝量持續擴大，全球已超過 12 萬台，較去年同期成長 12%。從區域角度來看，第三季北美全科醫生、拉丁美洲和亞太地區的掃描器銷售量均較上季成長。

On a year-over-year basis, Q3 scanner sales increased in EMEA and Latin American regions. The iTero Lumina with iTero multi-direct capture technology sets a new standard with effortless scanning and superior visualizations helping doctors transition to our advanced imaging systems. For Q3, iTero Lumina represented over 90% of our full system units, and we're still driving adoption and utilization through wand upgrades as well as new full systems installations.

與去年同期相比，第三季歐洲、中東和非洲地區以及拉丁美洲地區的掃描器銷量均有所成長。iTero Lumina 採用 iTero 多直接採集技術，以輕鬆的掃描和卓越的可視化效果樹立了新的標準，幫助醫生過渡到我們先進的成像系統。第三季度，iTero Lumina 占我們整套系統設備的 90% 以上，我們仍在透過手持設備升級以及新的整套系統安裝來推動其普及和利用。

Today, we announced a series of new product innovations for iTero Digital Solutions, a comprehensive ecosystem that includes intraoral scanners, integrated software tools designed to transform dental consultations into a modern multimodal oral health assessment that helps doctors and their teams deliver exceptional chairside experiences supporting Invisalign treatment conversion. These new capabilities span key practice workflows that underline the Align digital workflow. From AI-enabled X-ray assessment to dynamic personalized visualization and patient engagement tools at chairside to expand compatibility with 3D printers and milling machines. These new innovations simplify workflows, improve doctor-to-patient communications, increase patient acceptance and drive practice growth. More information on these innovations is available in today's press release and our webcast slides.

今天，我們宣布了一系列針對 iTero 數位解決方案的新產品創新，這是一個綜合生態系統，其中包括口內掃描儀、整合軟體工具，旨在將牙科諮詢轉變為現代化的多模式口腔健康評估，幫助醫生及其團隊提供卓越的椅旁體驗，從而支持 Invisalign 治療的轉化。這些新功能涵蓋了 Align 數位工作流程的關鍵實務工作流程。從人工智慧賦能的 X 光評估到動態個人化視覺化和病患參與工具，在診間擴展與 3D 列印機和銑床的兼容性。這些創新簡化了工作流程，改善了醫病溝通，提高了病患的接受度，並推動了診所的發展。有關這些創新技術的更多信息，請參閱今天的新聞稿和我們的網路直播幻燈片。

For exocad, Q3 revenues increased sequentially and year-over-year. During Q3, we began piloting exocad ART in several countries in Europe. And based on the initial learnings, we're expecting to expand to more countries in 2026. Exocad ART stands for Advanced Restorative Treatment, a module with exocad Dental CAD software that bridges orthodontics and restorative dentistry. It enables orthodontists, dentists and dental labs to integrate tooth alignment with restorative procedures and deliver better function, less invasive restorations and longer-lasting and aesthetically superior treatment outcomes. Exocad ART further extends the value of the Align Digital Platform with comprehensive digital workflows and integrated solutions from Invisalign, iTero and exocad.

對 exocad 而言，第三季營收季減和年成長均有所成長。第三季度，我們開始在歐洲幾個國家試行體外輔助生殖技術。根據初步經驗，我們預計將在 2026 年擴展到更多國家。Exocad ART 代表高級修復治療，是 exocad 牙科 CAD 軟體的一個模組，它將矯正和修復牙科聯繫起來。它使矯正醫師、牙醫和牙科實驗室能夠將牙齒排列與修復程序結合起來，從而提供更好的功能、更少的侵入性修復以及更持久、更美觀的治療效果。Exocad ART 透過 Invisalign、iTero 和 exocad 的綜合數位工作流程和整合解決方案，進一步擴展了 Align 數位平台的價值。

For Clear Aligners, Q3 worldwide volumes were up 0.5% sequentially and up 4.9% year-over-year. For Q3, 88,000 doctors globally submitted Invisalign cases, an all-time record, driven primarily by the GP channel. In addition, Q3 reflects a new all-time high for the number of doctors submitting Invisalign case starts for teens and kids. On a sequential basis, Q3 Clear Aligner volumes reflect strength from the international adult and teen patients as well as North American DSO adult patients, partially offset by the North American retail doctor channel.

隱形矯正器第三季全球銷售量較上季成長0.5%，較去年同期成長4.9%。第三季度，全球共有 88,000 名醫生提交了 Invisalign 病例，創歷史新高，這主要得益於全科醫生管道的推動。此外，第三季提交青少年和兒童 Invisalign 矯正病例的醫生數量也創下了歷史新高。從季度來看，第三季隱形矯正器的銷售量反映了國際成人和青少年患者以及北美牙科服務機構 (DSO) 成人患者的強勁需求，但部分被北美零售醫生管道所抵消。

Year-over-year, Q3 Clear Aligner volume reflects strong growth across the APAC and EMEA regions, offset somewhat by North America. Q3 Clear Aligner volumes increased year-over-year for both orthodontists and GPs, driven by growth across adults, teens and kids and continued strength by DSOs.

與去年同期相比，第三季隱形矯正器銷量反映了亞太和歐洲、中東及非洲地區的強勁成長，但北美地區的成長在一定程度上抵消了這一成長。第三季度，矯正醫師和全科醫生的隱形矯正器銷售量均較去年同期成長，這主要得益於成人、青少年和兒童市場的成長以及牙科服務機構的持續強勁表現。

From a product perspective, for Q3, we had strong year-over-year growth from Invisalign First, DSP touch-up cases, Invisalign Palatal Expander, retention including DSP as well as continued mix shift from non-comprehensive Clear Aligner products.

從產品角度來看，第三季 Invisalign First、DSP 補牙病例、Invisalign 顎部擴張器、包括 DSP 在內的維持器均實現了強勁的同比增長，同時非綜合性透明矯正器產品的組合也持續增長。

For the Americas, Q3 Clear Aligner volumes were down year-over-year, primarily due to North America, partially offset by continued growth in Latin America. Despite lower volumes, increased adoption of several products, including Invisalign First for teens and kids, Invisalign DSP touch-up cases, including retention and the Invisalign Palatal Expander system continued. We also saw double-digit growth year-over-year from North America DSOs.

美洲地區第三季隱形矯正器銷量較去年同期下降，主要原因是北美地區的銷售下滑，但拉丁美洲地區的持續成長部分抵消了這一影響。儘管銷售量有所下降，但包括青少年和兒童的 Invisalign First、Invisalign DSP 修飾病例（包括固定器）和 Invisalign 腭擴張器系統在內的幾種產品的採用率仍然有所提高。我們也看到北美配電服務機構 (DSO) 實現了兩位數的年成長。

Given the economies of scales and more effective optimal cost structures inherent in their business model, we anticipate that our DSO partners will continue to grow their Invisalign business and are one of the best examples of how to incorporate our digital technology and workflows to accelerate practice growth.

鑑於其商業模式中固有的規模經濟和更有效的最優成本結構，我們預計我們的 DSO 合作夥伴將繼續發展其 Invisalign 業務，並且是利用我們的數位技術和工作流程來加速診所發展的最佳範例之一。

To offset a financial barrier for patients interested in Invisalign treatment, Align and Healthcare Finance Direct, or HFD, are partnering to increase the affordability of treatment. HFD is a preferred patient financing partner and provides our Invisalign trained doctors with greater options to support their patients and enhance their practices. Among DSOs and doctors enrolled in HFD, enrollment is growing, and we have noticed an incremental lift in Invisalign treatment that we expect will continue.

為了消除患者對 Invisalign 治療的經濟障礙，Align 和 Healthcare Finance Direct（HFD）正在合作，以提高治療的可負擔性。HFD 是患者融資的首選合作夥伴，為我們接受過 Invisalign 培訓的醫生提供更多選擇，以更好地支持他們的患者並提升他們的診療水平。在參與 HFD 的 DSO 和醫生中，註冊人數正在增長，我們注意到 Invisalign 治療量逐漸增加，我們預計這種情況會持續下去。

In the EMEA region, Q3 Clear Aligner volumes grew double digits year-over-year, driven by increased submitters and utilization in the orthodontic channel with strength in teens, kids and adult categories. This performance reflects continued adoption of non-comprehensive products, including moderate DSP touch-up cases including retention and Invisalign Palatal expander as well as Invisalign Comprehensive Three and Three and Invisalign First within our comprehensive portfolio. During the quarter, we saw strong double-digit DSO growth in EMEA on a year-over-year basis.

在歐洲、中東和非洲地區，第三季隱形矯正器的銷售量較去年同期成長兩位數，主要得益於矯正通路提交者和使用量的增加，尤其是在青少年、兒童和成人市場表現強勁。這項業績反映了非綜合產品的持續普及，包括中等程度的 DSP 修補病例（包括維持器和 Invisalign 顎部擴張器），以及我們綜合產品組合中的 Invisalign Comprehensive Three 和 Invisalign First。本季度，歐洲、中東和非洲地區的應收帳款週轉天數 (DSO) 比去年同期成長了兩位數。

For the APAC region, Q3 Clear Aligner volume grew double digit year-over-year, reflecting increased submitters and utilization across both the GP and orthodontics channel, across teens and growing kids, led by China. Invisalign First continues to contribute to year-over-year growth, where the growing patient portfolio provides a significant opportunity in the region with some of the highest rates of complex malocclusion. DSO performance has also -- is also up double digits on a year-over-year basis, led by China and Japan. In addition, Q3 strong retention performance on a year-over-year basis reflects increasing submitters and utilization across both the GP and orthodontist channel.

亞太地區第三季隱形矯正器銷量年增兩位數，反映出全科醫生和矯正通路的提交者和使用量均有所增加，青少年和兒童群體中，中國市場表現尤為突出。Invisalign First 繼續為逐年增長做出貢獻，不斷增長的患者群體為該地區提供了巨大的機會，該地區複雜錯頜畸形的發病率最高。DSO 業績也實現了兩位數的同比增長，其中中國和日本的增長尤為顯著。此外，第三季強勁的續約表現（年比）反映出全科醫生和正畸醫生管道的提交者和使用率均有所增加。

In Q3, over 256,000 teams and growing kids started treatment with Invisalign Clear Aligners. This number represents a 14.7% sequential increase, primarily due to strength in APAC, North America and Latin America, partially offset by softer performance in EMEA due to seasonality. On a year-over-year basis, case starts increased 8.3%, driven by growth in APAC, EMEA and Latin America, partially offset by North America.

第三季度，超過 256,000 個團隊和越來越多的孩子開始使用 Invisalign 隱形矯正器進行治療。這一數字環比增長 14.7%，主要得益於亞太、北美和拉丁美洲市場的強勁表現，但受季節性因素影響，歐洲、中東和非洲地區的業績疲軟部分抵消了這一增長。與去年同期相比，病例開始數量增加了 8.3%，主要得益於亞太地區、歐洲、中東和非洲地區以及拉丁美洲的成長，但部分被北美地區的成長所抵銷。

From a product standpoint, Invisalign First and Invisalign Palatal expander, or IPE, continued to drive growth year-over-year across all regions. During the quarter, we achieved a record number of teen and kids cases shipped in the quarter, representing a record 40% mix of total Clear Aligner cases shipped. For Q3, the number of doctors submitting cases starts for teens and kids was up 3.8% year-over-year, led by continued strength from doctors treating young kids or growing patients with Invisalign First aligners and Invisalign Palatal expander.

從產品角度來看，Invisalign First 和 Invisalign 腭擴張器（IPE）在所有地區繼續保持逐年成長。本季度，我們青少年和兒童矯正器出貨量創下歷史新高，佔隱形矯正器出貨總量的 40%，創歷史新高。第三季度，提交青少年和兒童病例的醫生數量年增 3.8%，這主要得益於使用 Invisalign First 矯正器和 Invisalign 腭擴張器治療年輕兒童或成長中患者的醫生持續強勁的增長勢頭。

During Q3, we continued to roll out the Invisalign Palatal Expander system and Invisalign system with mandibular advancement featuring occlusal blocks or what we call MAOB. IPE offers a more hygienic and comfortable alternative to traditional metal expanders that has proven clinically effective at achieving the expansion doctors want for their patients. MAOB is designed to create Class II skeletal and dental malocclusions in growing patients ages 10 to 16 by simultaneously advancing the mandible and aligning the teeth. By integrating solid occlusal blocks into Clear Aligners, MAOB offers greater durability and vertical opening for early mandibular advancement, precision wings that guide the lower jaw forward and SmartTrack material and SmartForce features for predictable tooth movement.

在第三季度，我們繼續推出 Invisalign 腭擴張器系統和帶有咬合塊（或我們稱之為 MAOB）的下顎前移 Invisalign 系統。IPE 為傳統的金屬擴張器提供了更衛生、更舒適的替代方案，臨床證明其能夠有效實現醫生希望患者達到的擴張效果。MAOB 旨在透過同時前移下顎和排列牙齒，為 10 至 16 歲正在生長發育的患者創造 II 類骨骼和牙齒錯顎畸形。MAOB 透過將堅固的咬合塊整合到透明矯正器中，提供了更高的耐用性和垂直開口，用於早期下顎前移，精確的翼片引導下顎向前移動，以及 SmartTrack 材料和 SmartForce 功能，以實現可預測的牙齒移動。

Today announced ClinCheck Live Plan. It's a new feature in Invisalign digital treatment planning that automates the generation of initial doctor-ready treatment plans in 15 minutes. This advancement represents a major technical milestone for the Align Digital platform that can reduce the Invisalign treatment planning cycle from days to minutes. ClinCheck Live Plan is built on Align's proprietary data and algorithms derived from decades of research and development and the experience of doctors who have treated more than 21 million Invisalign patients worldwide.

今天發布了ClinCheck Live計劃。這是 Invisalign 數位治療計劃的新功能，可在 15 分鐘內自動產生可供醫生使用的初始治療計劃。這項進步代表了 Align Digital 平台的一個重大技術里程碑，可以將 Invisalign 治療計畫週期從幾天縮短到幾分鐘。ClinCheck Live Plan 是基於 Align 的專有數據和演算法構建的，這些數據和演算法源自於數十年的研究和開發，以及全球超過 2,100 萬 Invisalign 患者接受治療的醫生的經驗。

With ClinCheck Live Plan, doctors have the option to treatment plan in the moment and can receive a fully customized initial ClinCheck treatment plan in about 15 minutes after submitting an eligible case with Flex Rx. Doctors then have the option to review the proposed tooth movements and approve the case while the patient is still in the office. This can enable the doctor to receive and approve the treatment plan faster, which can lead to the patients starting Invisalign faster, ultimately increasing the office efficiency and improving the patient experience.

透過 ClinCheck Live Plan，醫生可以選擇立即制定治療方案，並在透過 Flex Rx 提交符合條件的病例後，大約 15 分鐘內即可收到完全客製化的初始 ClinCheck 治療方案。醫生隨後可以選擇查看建議的牙齒移動方案，並在患者仍在診間時批准該方案。這樣一來，醫生就能更快地收到並批准治療方案，從而使患者更快地開始使用隱適美矯正器，最終提高診所效率並改善患者體驗。

Over the past few years, Align has introduced a range of new treatment planning tools to enhance consistency, doctor control, and speed and treatment planning. I often refer to these innovations as touchless ClinCheck or ClinCheck in minutes to emphasize the potential for the software to totally transform the treatment planning experience for doctors and their patients.

過去幾年，Align 推出了一系列新的治療計劃工具，以提高治療計劃的一致性、醫生控制力和速度。我經常將這些創新稱為非接觸式 ClinCheck 或幾分鐘內完成的 ClinCheck，以強調該軟體有可能徹底改變醫生及其患者的治療計劃體驗。

To that end, we continue to make great progress in automation with machine learning and AI-powered technologies that are the foundation of our next-generation treatment planning offerings. I'm excited by our continued progress and immeasurable impact we are beginning to see. The use of Invisalign Flex Rx has doubled every year. And to date, over 1 million Invisalign cases have been submitted through Flex Rx for personalized treatment plans. In addition, we now have over 100 Invisalign Palatal Expander clinical cases published in the Align Global Gallery, both unprecedented milestones for new product introductions in the orthodontic market.

為此，我們不斷利用機器學習和人工智慧技術在自動化方面取得巨大進步，這些技術是我們下一代治療計畫產品的基礎。我對我們持續取得的進展以及我們開始看到的巨大影響感到興奮。Invisalign Flex Rx 的使用量每年都在翻倍。迄今為止，已有超過 100 萬例 Invisalign 病例透過 Flex Rx 提交，以獲得個人化的治療方案。此外，我們現在在 Align Global Gallery 上發布了 100 多個 Invisalign 腭擴張器臨床案例，這對於正畸市場的新產品推出來說都是前所未有的里程碑。

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

接下來，我會把電話交給約翰。

Thanks, Joe. Now for our Q3 financial results. Total revenues for the third quarter were $995.7 million, down 1.7% from the prior quarter and up 1.8% from the corresponding quarter a year ago. On a constant currency basis, Q3 revenues were favorably impacted by approximately $11.7 million or approximately 1.2% sequentially and were favorably impacted by approximately $15.6 million year-over-year or approximately 1.6%.

謝謝，喬。接下來是我們的第三季財務業績。第三季總營收為 9.957 億美元，較上一季下降 1.7%，比去年同期成長 1.8%。以固定匯率計算，第三季營收季增約 1,170 萬美元，增幅約 1.2%；年增約 1,560 萬美元，增幅約 1.6%。

Q3 Clear Aligner revenues were $805.8 million, slightly up primarily due to favorable foreign exchange and a price increase in the UK on August 1, partially offset by product mix shift to lower prices -- lower-priced countries and products. Favorable foreign exchange impacted Q3 Clear Aligner revenues by approximately $9.8 million or approximately 1.2% sequentially. Q3 Clear Aligner average per case shipment price was $1,245, a $5 decrease on a sequential basis, primarily due to slightly more pronounced product mix shift to lower-priced countries and products, partially offset by favorable foreign exchange and a price increase in the UK.

第三季隱形矯正器收入為 8.058 億美元，略有增長，主要得益於有利的匯率和 8 月 1 日英國的價格上漲，但部分被產品組合向價格較低的國家和產品轉變所抵消。有利的匯率因素使第三季隱形矯正器收入較上季減少了約 980 萬美元，降幅約 1.2%。第三季隱形矯正器平均每箱出貨價格為 1245 美元，環比下降 5 美元，主要原因是產品組合向價格較低的國家和產品略有轉變，部分被有利的匯率和英國的價格上漲所抵消。

On a like-for-like basis, Q3 Clear Aligner ASPs for the US and EMEA were up sequentially. On a year-over-year basis, Q3 Clear Aligner revenues were up 2.4%, primarily from higher volume, price increases and favorable foreign exchange, lower net deferrals, partially offset by higher discounts and product mix shift to lower-priced countries and products. Favorable foreign exchange impacted Q3 Clear Aligner revenues by approximately $13 million or approximately 1.6% year-over-year.

從同類產品來看，美國和歐洲、中東及非洲地區的第三季隱形矯正器平均售價較上月上漲。與去年同期相比，第三季隱形矯正器收入成長了 2.4%，主要得益於銷售增加、價格上漲和有利的匯率，以及淨遞延收入減少，但部分被更高的折扣和產品組合轉向價格較低的國家和產品所抵消。有利的匯率因素使第三季隱形矯正器收入年減了約 1,300 萬美元，降幅約 1.6%。

Q3 Clear Aligner average per case shipment price was $1,245, down $30 on a year-over-year basis, primarily due to discounts and product mix shift to lower-priced countries and products, partially offset by price increases and favorable foreign exchange. Clear Aligner deferred revenues on the balance sheet as of September 30, 2025, decreased $19.5 million or 1.6% sequentially and decreased $78.7 million or 6.2% year-over-year and will be recognized as additional aligners are shipped under each sales contract.

第三季隱形矯正器平均每箱出貨價格為 1,245 美元，年減 30 美元，主要原因是折扣和產品組合轉向價格較低的國家和產品，部分被價格上漲和有利的匯率所抵消。截至 2025 年 9 月 30 日，Clear Aligner 遞延收入在資產負債表上季減 1,950 萬美元，降幅 1.6%；年減 7,870 萬美元，降幅 6.2%。這些遞延收入將隨著每份銷售合約下額外矯正器的出貨而確認。

Q3 Systems and Services revenues of $189.9 million were down 8.6% sequentially, primarily due to lower scanner wand sales and scanner system sales, partially offset by favorable foreign exchange and higher nonsystem sales. Q3 Systems and Services revenues were down 0.6% year-over-year, primarily due to lower scanner system sales, partially offset by higher scanner wand sales, higher nonsystem sales and favorable foreign exchange foreign exchange favorably impacted Q3 Systems and Services revenues by approximately $1.8 million sequentially or approximately 1%. On a year-over-year basis, Systems and Services revenues were favorably impacted by foreign exchange of approximately $2.6 million or approximately 1.4%. Systems and services deferred revenues decreased $7.9 million or 4% sequentially and decreased $30.9 million or 13.9% year-over-year, due in part to shorter duration of service contracts selected by customers on initial scanner system purchases.

第三季系統和服務收入為 1.899 億美元，環比下降 8.6%，主要原因是掃描棒銷售額和掃描系統銷售額下降，部分被有利的匯率和非系統銷售額的增加所抵消。第三季系統和服務收入年減 0.6%，主要原因是掃描系統銷售額下降，部分被掃描棒銷售額成長、非系統銷售額成長以及有利的匯率所抵銷。匯率對第三季系統和服務收入的環比影響約為 180 萬美元，約 1%。與去年同期相比，系統和服務收入受到外匯匯率的有利影響，約 260 萬美元，約佔 1.4%。系統和服務遞延收入環比減少 790 萬美元，降幅 4%；年減 3,090 萬美元，降幅 13.9%，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. Third quarter overall gross margin was 64.2%, down 5.7 points sequentially and down 5.5 points year-over-year, primarily due to restructuring and other noncash charges, impairment on assets held for sale, depreciation expense on assets to be disposed of other than by sale and excess inventory write-off, partially offset by operational efficiencies. Overall gross margin was favorably impacted by foreign exchange of 0.4 points sequentially and 0.6 points on a year-over-year basis. On a non-GAAP basis, which excludes the impact of the above-mentioned restructuring and other noncash charges, gross margin for the third quarter was 70.4%, down 0.1 points sequentially and flat year-over-year.

接下來分析毛利率。第三季整體毛利率為 64.2%，季減 5.7 個百分點，年減 5.5 個百分點，主要原因是重組和其他非現金支出、待售資產減損、非出售處置資產的折舊費用以及超額存貨註銷，部分被營運效率的提高所抵銷。外匯匯率對整體毛利率產生了有利影響，季增0.4個百分點，較去年同期成長0.6個百分點。依照非GAAP準則（不含上述重組和其他非現金支出的影響），第三季毛利率為70.4%，季減0.1個百分點，較去年同期持平。

Clear Aligner gross margin for the third quarter was 64.9%, down 5.2 points sequentially, primarily due to restructuring and other noncash charges, foreign exchange favorably impacted Clear Aligner gross margin by approximately 0.4 points sequentially. Clear Aligner gross margin for the third quarter was down 5.4 points year-over-year, primarily due to the restructuring and other noncash charges, partially offset by operational efficiencies. Foreign exchange favorably impacted Clear Aligner gross margin by approximately 0.6 points year-over-year.

第三季隱形矯正器毛利率為 64.9%，較上季下降 5.2 個百分點，主要原因是重組和其他非現金支出，外匯對隱形矯正器毛利率較上季產生了約 0.4 個百分點的有利影響。第三季隱形矯正器毛利率年減 5.4 個百分點，主要原因是重組和其他非現金支出，部分被營運效率的提高所抵銷。外匯波動使隱形矯正器的毛利率比去年同期提高了約 0.6 個百分點。

Systems and Services gross margin for the third quarter was 61.3%, down 8.2 points sequentially, primarily due to excess inventory write-off. Foreign exchange favorably impacted the Systems and Services gross margin by approximately 0.4 points sequentially. Systems and Services gross margin for the third quarter was down 6.2 points year-over-year, primarily due to excess inventory write-off. Foreign exchange favorably impacted the Systems and Services gross margin by approximately 0.5 points year-over-year.

第三季系統和服務業務的毛利率為 61.3%，季減 8.2 個百分點，主要原因是庫存積壓減損。外匯波動對系統和服務業務的毛利率產生了約 0.4 個百分點的有利影響。第三季系統和服務業務的毛利率年減 6.2 個百分點，主要原因是庫存積壓減損。外匯波動使系統和服務業務的毛利率比去年同期提高了約 0.5 個百分點。

Q3 operating expenses were $542.9 million, down 0.4% sequentially and up 4.5% year-over-year. On a sequential basis, operating expenses were $2.2 million lower, primarily due to lower consumer marketing spend, partially offset by restructuring costs. Year-over-year operating expenses increased $23.4 million, primarily due to restructuring costs and partially offset by lower consumer marketing spend. On a non-GAAP basis, excluding stock-based compensation, restructuring and other charges and amortization of acquired intangibles related to certain acquisitions, operating expenses were $463.3 million, down 6.9% sequentially and 2% year-over-year.

第三季營運支出為 5.429 億美元，季減 0.4%，年增 4.5%。與上一季相比，營運支出減少了 220 萬美元，主要原因是消費者行銷支出減少，部分被重組成本所抵銷。與去年同期相比，營運費用增加了 2,340 萬美元，主要原因是重組成本，部分被消費者行銷支出減少所抵銷。以非GAAP準則計算，不包括股權激勵費用、重組和其他費用以及與某些收購相關的收購無形資產攤銷，營運費用為4.633億美元，環比下降6.9%，年減2%。

Our third quarter operating income of $96.3 million resulted in an operating margin of 9.7%, down approximately 6.4 points sequentially and down approximately 6.9 points year-over-year due to Q3 restructuring and other charges of $36.3 million, primarily related to post-employment benefits and other noncash items, including the impairment of assets held for sale, depreciation expense on assets to be disposed of other than by sale and impairment loss on inventory for an aggregate of $88.3 million. Operating margin was favorably impacted from foreign exchange by approximately 0.4 points sequentially and 0.5 points year-over-year. On a non-GAAP basis, which excludes stock-based compensation, restructuring and other charges, impairments on assets held for sale, impairment loss on inventory, depreciation expense on assets disposed of other than sale and amortization of intangibles related to certain acquisitions, operating margin for the third quarter was 23.9%, up 2.6 points sequentially and up 1.8 points year-over-year.

第三季營業收入為 9,630 萬美元，營業利潤率為 9.7%，環比下降約 6.4 個百分點，年減約 6.9 個百分點，主要原因是第三季重組和其他費用 3,630 萬美元，這些費用主要與離職後福利和其他非現金項目有關，包括待售資產減損、非出售資產減損、非出售盈餘的舊費用總計，外匯匯率對營業利潤率產生了約 0.4 個百分點的有利影響，比去年同期提高了約 0.5 個百分點。以非GAAP準則計算（不包括股權激勵費用、重組及其他費用、待售資產減損、存貨減損損失、非出售處置資產的折舊費用以及與某些收購相關的無形資產攤銷），第三季營業利潤率為23.9%，季增2.6個百分點，較去年同期成長1.8個百分點。

Interest and other income and expense net for the third quarter was an expense of $1.6 million compared to an income of $10.5 million in Q2 '25, primarily due to foreign exchange fluctuations on open assets and liabilities. On a year-over-year basis, Q3 interest and other income and expense was unfavorable compared to an income of $3.6 million in Q3 2024, primarily driven by unfavorable foreign exchange movements and lower interest income.

第三季利息及其他收入和支出淨額為支出 160 萬美元，而 2025 年第二季為收入 1,050 萬美元，這主要是由於未清資產和負債的外匯波動造成的。與去年同期相比，第三季利息及其他收入及支出為 360 萬美元，而 2024 年第三季營收為 360 萬美元，主要原因是外匯匯率波動不利以及利息收入下降。

The GAAP effective tax rate for the third quarter was 40.1% compared to 28.2% in the second quarter and 30.1% in the quarter of the prior year. The third quarter GAAP effective tax rate was higher than the second quarter effective tax rate and the third quarter effective tax rate of the prior year, primarily due to the change in our jurisdictional mix of income due to restructuring, partially offset by lower US minimum tax on foreign earnings and changes in the newly enacted tax law. On a non-GAAP basis, our effective tax rate in the third quarter was 20%, which reflects our long-term projected tax rate.

第三季的 GAAP 實際稅率為 40.1%，第二季為 28.2%，去年同期為 30.1%。第三季 GAAP 實際稅率高於第二季實際稅率和上年第三季實際稅率，主要原因是重組導致我們收入的司法管轄區組成發生變化，部分被美國對海外收益的最低稅率降低以及新頒布的稅法的變化所抵消。以非GAAP準則計算，我們第三季的實際稅率為20%，這反映了我們長期的預期稅率。

Third quarter net income per share was $0.78, down $0.93 sequentially and down $0.77 compared to the prior year. Our EPS was favorably impacted by $0.02 on a sequential basis and $0.03 on a year-over-year basis due to foreign exchange. On a non-GAAP basis, net income per diluted share was $2.61 for the third quarter, up $0.11 sequentially and up $0.26 year-over-year.

第三季每股淨收益為 0.78 美元，季減 0.93 美元，年減 0.77 美元。由於外匯影響，我們的每股盈餘環比增長了 0.02 美元，年增了 0.03 美元。以非GAAP準則計算，第三季每股攤薄淨收益為2.61美元，季增0.11美元，年增0.26美元。

Moving on to the balance sheet. As of September 30, 2025, cash and cash equivalents were $1.0046 billion, up sequentially $103.4 million and down $37.3 million year-over-year. Of the $1.004.6 billion balance, $190.8 million was held in the US and $813.8 million was held by our international entities.

接下來來看資產負債表。截至 2025 年 9 月 30 日，現金及現金等價物為 10.046 億美元，季增 1.034 億美元，年減 3,730 萬美元。在 10.046 億美元的餘額中，1.908 億美元存放在美國，8.138 億美元存放在我們的國際實體中。

During Q3, we repurchased approximately 0.5 million shares of our common stock at an average share price of $136.77. These repurchases were made pursuant to the $200 million open market repurchase plan announced on August 5, 2025, which we expect will be completed in January of 2026. As of September 30, 2025, $928.4 million remains available for repurchase of our common stock under our previously announced April 2025 repurchase program.

第三季度，我們以平均每股 136.77 美元的價格回購了約 50 萬股普通股。這些回購是根據 2025 年 8 月 5 日宣布的 2 億美元公開市場回購計畫進行的，我們預計該計畫將於 2026 年 1 月完成。截至 2025 年 9 月 30 日，根據我們先前宣布的 2025 年 4 月回購計劃，仍有 9.284 億美元可用於回購我們的普通股。

Q3 accounts receivable balance was $1.0994 billion down sequentially. Our overall days sales outstanding was 101 days, up approximately two days sequentially and up approximately eight days as compared to Q3 2024 and primarily reflects flexible payment terms that are part of our ongoing efforts to support Invisalign practices.

第三季應收帳款餘額季減 10.994 億美元。我們整體應收帳款週轉天數為 101 天，比上一季增加了約 2 天，比 2024 年第三季增加了約 8 天，這主要反映了我們為支持 Invisalign 診所而持續努力提供的靈活付款條件。

Cash flow from operations for the third quarter was $188.7 million. Capital expenditures for the third quarter were $19.8 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 $169 million.

第三季經營活動產生的現金流量為 1.887 億美元。第三季資本支出為 1,980 萬美元，主要用於對我們的生產能力和設施進行投資。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 1.69 億美元。

I'd like to provide the following remarks regarding UK VAT and US tariffs as of September 30. As previously disclosed in our Q3 earnings release and conference call on July 30, 2025, we stopped charging VAT to impacted customers in the UK. As of August 1, 2025, our invoices no longer include the UK VAT rate of 20% for all Invisalign treatment packages that were ClinCheck approved as of August 1, 2025, and for refinement and replacement aligners, Vivera retainers, PVS processing fees and additional aligners placed on or after August 1, 2025. At the same time, we simultaneously adjusted prices for our Clear Aligners and retainers to keep the overall price consistent.

關於截至9月30日的英國增值稅和美國關稅，我想提出以下幾點意見。正如我們在 2025 年 7 月 30 日的第三季財報和電話會議上所揭露的那樣，我們已停止向英國受影響的客戶收取增值稅。自 2025 年 8 月 1 日起，對於所有在 2025 年 8 月 1 日之前獲得 ClinCheck 批准的 Invisalign 治療套餐，以及在 2025 年 8 月 1 日或之後安裝的矯正器、Vivera 保持器、PVS 處理費和額外英國矯正增值稅，我們的發票不再包含 20% 的 20%。同時，我們也調整了隱形矯正器和固定器的價格，以維持整體價格的一致性。

Currently, we do not expect a material change to our result of operations as a consequence of the latest US tariff actions, and we refer you to our Q1 2025 press release and earnings materials as well as our Q2 2025 webcast slides which includes specifics regarding potential tariffs -- impacts of US tariffs.

目前，我們預計美國最新的關稅措施不會對我們的經營業績產生重大影響，請參閱我們 2025 年第一季的新聞稿和收益資料以及 2025 年第二季的網路直播投影片，其中包含有關潛在關稅的具體資訊——美國關稅的影響。

Assuming no circumstances occur beyond our control, such as foreign exchange, macroeconomic conditions and changes to our current applicable duties, including tariffs and other fees that could impact our business, we provide the following business outlook for Q4: We expect Q4 2025 worldwide revenues to be in the range of $1.025 billion to $1.045 billion, up sequentially from Q3 of 2025. We expect Q4 Clear Aligner volume and Clear Aligner average selling price to be up sequentially from favorable geographic mix. We expect Q4 2025 Systems and Services revenues to be up sequentially, consistent with typical Q4 seasonality.

假設沒有發生我們無法控制的情況，例如外匯波動、宏觀經濟狀況以及我們目前適用的關稅和其他費用（包括可能影響我們業務的關稅和其他費用）的變化，我們對第四季度的業務展望如下：我們預計 2025 年第四季度全球收入將在 10.25 億美元至 10.45 億美元之間，比第三季度環比第三季度增長。我們預計，由於有利的地域分佈，第四季隱形矯正器的銷售量和平均售價將較上季成長。我們預計 2025 年第四季系統和服務收入將環比成長，符合第四季的典型季節性規律。

We expect Q4 2025 worldwide GAAP gross margins to be 65.5% to 66%, up sequentially from higher revenue, lower restructuring and other charges, noncash items, such as impairment loss on assets held for sale and impairment loss on inventory, partially offset by higher depreciation on assets disposed of other than by sale. We expect non-GAAP gross margin to be approximately 71%.

我們預計 2025 年第四季全球 GAAP 毛利率將達到 65.5% 至 66%，環比成長，主要得益於收入增加、重組和其他費用減少、非現金項目（如待售資產減損損失和存貨減損損失）的減少，但部分被非出售處置資產的折舊增加所抵銷。我們預計非GAAP毛利率約為71%。

We expect our Q4 2025 GAAP operating margin to be 15.3% to 15.8% up sequentially, primarily from lower restructuring and other charges, noncash items such as impairment loss on assets held for sale and impairment loss on inventory, partially offset by higher depreciation on assets disposed of other than by sale. We expect Q4 non-GAAP operating margin to be approximately 26%.

我們預期 2025 年第四季 GAAP 營業利潤率將季增 15.3% 至 15.8%，主要得益於重組和其他費用、非現金項目（如待售資產減損損失和存貨減損損失）的減少，但部分被非出售處置資產的折舊增加所抵銷。我們預計第四季非GAAP營業利潤率約為26%。

For fiscal 2025, we expect 2025 Clear Aligner volume growth to be mid-single digits and revenue growth to be flat to slightly up from 2024, assuming foreign exchange at current spot rates. We expect fiscal 2025 GAAP operating margin to be around 13.6% to 13.8%, down year-over-year due to higher restructuring and other charges and the incurrence of noncash charges expected to be approximately $145 million to $155 million primarily for the impairment loss on assets held for sale, depreciation on assets disposed of other than by sale and impairment loss on inventory, partially offset by lower legal settlement loss. Most of the onetime charges will be noncash with the expected cash outlay for 2025 estimated to be around $45 million. 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 approximately $100 million. Capital expenditures primarily relate to technology upgrades.

2025 財年，我們預期 Clear Aligner 的銷售成長將達到中個位數，營收成長將與 2024 年持平或略有成長（假設外匯匯率以當前即期匯率計算）。我們預計 2025 財年 GAAP 營業利潤率約為 13.6% 至 13.8%，同比下降，原因是重組和其他費用增加，以及預計產生約 1.45 億美元至 1.55 億美元的非現金費用，主要包括待售資產減值損失、非出售處置資產折舊和成本折損損失，部分被抵銷所抵銷較低的法律。大部分一次性費用將以非現金形式支付，預計 2025 年的現金支出約為 4,500 萬美元。我們預計 2025 年非 GAAP 營業利潤率將略高於 22.5%。我們預計 2025 財年的資本支出投資約為 1 億美元。資本支出主要用於技術升級。

We are nearing completion of the restructuring actions that are intended to sharpen operational focus, reduce ongoing costs and enhance capital efficiency. For fiscal 2026, we expect these restructuring actions as well as other initiatives to improve our GAAP and non-GAAP operating margin by at least 100 basis points year-over-year.

我們即將完成旨在加強營運重點、降低持續成本和提高資本效率的重組措施。預計到 2026 財年，這些重組措施以及其他措施將使我們的 GAAP 和非 GAAP 營業利潤率年增至少 100 個基點。

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

接下來，我將把發言權交還給喬，請他做最後的總結。喬？

Thanks, John. In summary, I'm pleased with our third quarter results and encouraged by the sequential and year-over-year growth in the Clear Aligner segment as well as the continued expansion of our digital scanning solutions and footprint. While the North American retail doctor channel remains mixed, we continue to see strength in our other key geographies and areas of our portfolio, including teens and kids, and digital workflow innovation as demonstrated by continued strong double-digit year-over-year growth by our DSOs. Our investment in AI-powered treatment planning software, direct 3D printing of aligners and next-generation iTero Lumina scanning technology are key to helping doctors deliver better outcomes more effectively and efficiently, while enhancing the patient experience.

謝謝你，約翰。總而言之，我對我們第三季的業績感到滿意，並對隱形矯正器業務的環比和同比增長以及我們的數位化掃描解決方案和業務範圍的持續擴張感到鼓舞。儘管北美零售醫生管道仍然喜憂參半，但我們在其他主要地區和投資組合領域（包括青少年和兒童）以及數位化工作流程創新方面繼續保持強勁勢頭，這體現在我們的 DSO 持續強勁的兩位數同比增長上。我們對人工智慧驅動的治療計劃軟體、矯正器直接 3D 列印和下一代 iTero Lumina 掃描技術的投資，是幫助醫生更有效、更有效率地提供更好治療效果，同時提升患者體驗的關鍵。

Looking ahead, we intend to remain flexible in navigating headwinds in the US dental market and are committed to supporting our doctor customers with localized marketing, education and clinical support across all regions. We're making good progress against our strategic initiatives to drive long-term growth across our business, and we're excited about the opportunities to further expand our reach, deepen engagement with consumers and providers and deliver value to our shareholders.

展望未來，我們將保持靈活，應對美國牙科市場的逆風，並致力於在所有地區透過在地化的行銷、教育和臨床支援來支持我們的醫生客戶。我們在推動業務長期成長的策略性舉措方面取得了良好進展，我們對進一步擴大業務範圍、加深與消費者和供應商的互動以及為股東創造價值的機會感到興奮。

Before we wrap up, I want to take a moment to express my sincere gratitude to the doctors around the world who continue to trust the Align team and our technology to transform smiles and change lives. Your partnership and commitment to patient care inspire us every day. We appreciate your continued support and confidence. I also want to thank our employees who continue to demonstrate agility, innovation and resilience in everything they do to deliver and extend our leadership in digital orthodontics and restorative dentistry.

在結束之前，我想藉此機會向世界各地的醫生表達我由衷的感謝，感謝他們繼續信任 Align 團隊和我們的技術，從而改變笑容，改變生活。你們的合作以及對病患​​照護的投入每天都在激勵著我們。感謝您一直以來的支持與信任。我還要感謝我們的員工，他們在所做的每一件事中都展現出敏捷性、創新性和韌性，從而鞏固和擴大了我們在數位化正畸和修復牙科領域的領先地位。

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

那麼，感謝您今天抽出時間，現在我把電話交給接線生。操作員？

(Operator Instructions) Elizabeth Anderson, Evercore ISI.

（操作說明）伊麗莎白·安德森，Evercore ISI。

Congrats on a nice quarter. It was really nice to see the acceleration in cases in the quarter. I was wondering if you would mind commenting on any early 4Q comments -- color that you've seen in terms of the end market. And also, just if you could comment a little bit further about the new ClinCheck launch and what you think the expected impact on the gross margins will be?

恭喜你本季業績出色。很高興看到本季病例數加速成長。我想問您是否願意對第四季度初的市場狀況發表一些看法——例如您觀察到的終端市場狀況。另外，您能否再就新推出的 ClinCheck 產品以及您認為其對毛利率的預期影響做一些補充說明？

Yes. Elizabeth, look, obviously, we felt good about third quarter overall. We are just looking forward to moving forward. The technology we're talking about incorporating overall, it is a comprehensive type of solution we've been developing over a series of years. I can see it -- two critical targets here is one to make it much more efficient for our doctors to be able to convert cases and understand the difficulty of cases and get the proper type of a structure for that case.

是的。伊莉莎白，你看，很顯然，我們對第三節的整體表現感覺不錯。我們期待著向前邁進。我們所討論的這項技術，總體而言，是我們多年來一直在開發的一種綜合性解決方案。我明白了——這裡有兩個關鍵目標，一是讓我們的醫生更有效率地轉化病例，了解病例的難易程度，並為該病例找到合適的結構。

And secondly, it helps us from an efficiency standpoint also in the sense of we can take our time with customers on other things that are maybe more difficult. So it's great to see these things coming together. It's not just a productivity tool for those doctors also. It also helps them in their communications. We talked about the 15-minute, the live update piece. As you can be able to address that patient in that chair in 15 minutes, you have a much better chance of closing the case because you know what the extent of the case will be and how long it will be. So we're excited about that, Elizabeth.

其次，從效率的角度來看，這也有助於我們提高效率，因為我們可以花更多的時間與客戶討論其他可能更困難的事情。很高興看到這些事情最終匯聚在一起。對這些醫生來說，它不僅僅是一個提高工作效率的工具。這也有助於他們的溝通。我們討論了15分鐘的即時更新環節。由於你可以在 15 分鐘內處理好坐在椅子上的病人，你更有可能結案，因為你知道病例的範圍和持續時間。伊莉莎白，我們對此感到非常興奮。

Jon Block, Stifel.

Jon Block，Stifel。

Look, not many blemishes, but I'll try to find one. So ASP was supposed to be up a smidge Q-over-Q. It was down a bit. John, I think I heard you right, you mentioned country mix. So I think like-for-like was still maybe what you expected. But for 4Q, you do expect it to be up sequentially. Just help me out with that. So I'm guessing a full quarter of that probably helps with that. What else gets it up sequentially? And then just more big picture, Joe, for you, if you want to comment on the pricing environment and really any thoughts on the timing about the potential rollout of what we're at least referring to as no refinement plan? And then I'll ask a follow-up.

你看，瑕疵不多，但我還是會努力找出一個。所以平均售價應該會較上季略有成長。它有點低了。約翰，我想我沒聽錯，你剛剛提到了鄉村音樂混音。所以我覺得，以同類產品代替同類產品可能還是符合你的預期。但預計第四季業績將環比成長。幫我個忙。所以我猜想，其中四分之一應該會有幫助。還有什麼其他方法可以使其按順序啟動？喬，再從更宏觀的角度來看，你對定價環境有什麼看法？對於我們目前所說的「無改進計劃」的潛在推出時間，你有什麼想法嗎？然後我會問一個後續問題。

Yes, Jon, I'll take the first one on the ASP. It was really just the growth that we saw in some of the markets like China that has a lower ASP compared to Europe. So the opposite of that happened in Q4. Europe becomes bigger as a percentage of our total. They come out of their holiday season and that shows up in Q4 and China as a percentage comes down in Q4. So you really -- those two geographies drive a fair amount of ASP impact.

是的，喬恩，我要ASP上的第一個。我們真正看到的成長，只是像中國這樣一些平均售價低於歐洲的市場。第四季的情況則恰恰相反。歐洲在我們總人口中所佔的比例越來越大。他們的假期結束後，第四季的情況就會有所改善，中國市場在第四季的佔比也會下降。所以，這兩個地區確實對平均售價 (ASP) 產生了相當大的影響。

And Jon, your bigger picture on the no refinement plan. You can see we've been evolving on that route for a while, Jon. I mean, obviously, we went from a 5x5 to a 3x3, our moderate products and those kinds of things normally didn't have any more than one aligner associated with it. So I look at this as not like a phase transformation. I look at this as a continued evolution in the sense of serving our doctors the way they want to be served.

喬恩，你對不進行精煉的計畫有什麼更宏觀的看法？喬恩，你可以看出我們已經沿著這條路走了一段時間了。我的意思是，很顯然，我們從 5x5 變成了 3x3，我們的中等產品以及這類產品通常不會配備超過一個矯正器。所以我認為這不像是相變。我認為這是一個持續發展的過程，即以醫生希望的方式為他們提供服務。

And you think about it, too, Jon. I think what we've done is developed the technology over the years in a sense that doctors understand these malocclusions. They don't need five additional aligners in most cases to be able to address things and they want that optionality to say, I know this case. I think I can get it done without refinements, or I can buy one if I do get in trouble, or I'll buy an insurance policy because I'm not sure. So it's just -- it's an improvement in technology, but it's also an improvement in confidence in the sense that we have in developing our cases and the doctors do, too.

你也想過這個問題，喬恩。我認為我們多年來不斷發展這項技術，使醫生們能夠更好地理解這些錯頜畸形。大多數情況下，他們不需要五個額外的矯正器來解決問題，他們想要這種選擇權，以便說：“我了解這種情況。”我認為我可以不用改進就能完成，或者如果遇到麻煩我可以買一個，或者我會買一份保險，因為我不確定。所以，這不僅是技術的進步，也是信心的提升，因為我們和醫生在開發病例方面都更有信心。

Okay. That was helpful. And I'll pivot for the second one. Maybe this falls to both of you guys again. You've certainly given some 2026 margin thoughts and the 100 bps is good to see. Just any high-level discussion on the top line next year. It seems like, Joe, like half the Clear Aligner business is growing double digit. The other half is flat to down, being North America. Systems and Services, at least in my view, is maybe a little bit longer in the tooth regarding the Lumina product cycle.

好的。那很有幫助。接下來我會轉換主題。或許這件事又得落到你們兩個頭上了。您確實提出了一些關於 2026 年保證金的思考，100 個基點的調整令人欣喜。任何關於明年營收的高層討論。喬，看起來隱形矯正器業務似乎有一半都在實現兩位數的成長。另一半地勢平坦或略低，即北美地區。至少在我看來，就 Lumina 產品週期而言，系統和服務可能有點過時了。

John, you talked about ASPs being down low single digits. And when I roll that up, I land up LSD when you think about all those moving parts, but anything directionally for us to think about to sort of pair with the margin commentary?

約翰，你之前說過平均售價已經跌至個位數低點。當我把這些東西捲起來的時候，考慮到所有這些活動的因素，最終得到的就是迷幻藥，但是有沒有什麼方向性的思考可以讓我們與邊緣評論結合起來呢？

Jon, I'll take a shot at that, but that's a big question, right? So I mean, obviously, we gave you a fourth quarter, and we feel good about those projections that we have in the fourth quarter overall. Obviously, if you look at -- in my script, Jon, we talked about third quarter versus second quarter, we had 9 of our top 10 countries were up. And so we're seeing good robust growth.

喬恩，我來試著回答一下，但這確實是個大問題，對吧？所以我的意思是，很顯然，我們已經向大家展示了第四季的業績，我們對第四季的整體預測感到滿意。顯然，如果你看一下——在我的腳本裡，喬恩，我們討論了第三季度與第二季度的對比，我們排名前十的國家中有九個都實現了增長。因此，我們看到了良好的強勁成長。

Our biggest issue is actually North America retail. And obviously, in North America DSO, we talk about it a lot. That growth is over 20% in some areas. And so we look to help us solidify that as we go into the fourth quarter. We think we'll continue with a strong global type of presence that we have. Right now, I'm not making any predictions for 2026.

我們最大的問題其實是北美零售業。顯然，在北美數位調頻廣播（DSO）領域，我們經常談論這個問題。在某些地區，這一成長率超過20%。因此，我們希望在進入第四季時能夠鞏固這一優勢。我們認為我們將繼續保持目前強大的全球影響力。目前，我不會對2026年做出任何預測。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Maybe, Joe, if I can just follow up on that last comment you made, at least in terms of the markets in North America. As you think about that retail customer, I'm trying to wrap in a lot of comments we already had, but what do you think is the biggest gating factor do you think gets them back to some level of, I don't want to call it, normalized demand, new normal demand, whatever it might be? And what can Align proactively do relative to waiting out the macro in order to help them get there?

喬，或許我可以就你上次的評論補充一點，至少就北美市場而言。考慮到零售客戶，我試著把我們之前的一些評論都整合起來，但你認為最大的阻礙因素是什麼？你認為是什麼因素會讓他們恢復到某種程度，我不想稱之為正常需求、新常態需求，或是其他什麼需求？那麼，除了等待宏觀環境發展之外，Align 可以主動做些什麼來幫助他們實現目標呢？

Michael, it's a good question. I'd say if you break down, again, North America retail side, Canada, we've had more pressure in Canada than I reported than we had in the United States. But overall, I think we continue to push hard on the DSO side because we know that that works both on the GP side and on orthodontic side. Secondly is we feel like moving downstream from a marketing standpoint, getting close to our customers, advertising more around ZIP codes and all that can direct those patients to those doctors because I still lean into -- these are economic issues that I think that the retail customers feel more than what I call the business-oriented DSOs that we have out there. And as much as we can leverage our brand and the strength of our portfolio to help to drive that, I think it'll help to drive the marketplace, too.

邁克爾，問得好。我想說，如果再細分一下北美零售業，尤其是加拿大，我們在加拿大面臨的壓力比我之前報道的要大，比我們在美國面臨的壓力還要大。但總的來說，我認為我們應該繼續大力推進牙科服務組織（DSO）模式，因為我們知道這種模式對全科醫生和正畸醫生都有效。其次，我們感覺應該從行銷的角度向下游移動，更貼近我們的客戶，在郵遞區號區域內投放更多廣告，以便將患者引導至相應的醫生，因為我仍然傾向於——這些都是經濟問題，我認為零售客戶比我們目前所見的以商業為導向的牙科服務機構（DSO）更能感受到這些問題。而且，如果我們能充分利用我們的品牌和強大的產品組合來推動這一點，我認為這也將有助於推動市場發展。

I mean, ultimately, what addresses this, I think, is a much more confident US consumer, but we can't wait for that. So we're going to use our brand. We're going to use our technology. You'll see us use our field force to get closer to our retail customers and doctors and try to help them out as much as we possibly can.

我的意思是，歸根結底，我認為解決這個問題的關鍵在於增強美國消費者的信心，但我們不能坐等那一天到來。所以我們將使用我們自己的品牌。我們將運用我們的技術。你會看到我們利用我們的銷售團隊更貼近我們的零售客戶和醫生，盡我們所能地幫助他們。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Joe, just -- I promised you when I met you or when I saw you last time in Vegas that I was going to try to maybe get you to give us a little more detail by geography than you do on these high-level comments. So on EMEA and APAC, I think I heard you say up double digits year-over-year in both markets on Clear Aligner volumes. Just one, want to confirm that was the case on a year-over-year basis; and two, are we talking kind of 10%, 11% there? Just trying to kind of use those numbers to back into how much if North America would have been down a few points or down more than kind of that low single digits, more in the mid-single-digit range from a North American case volume standpoint.

喬，我上次在拉斯維加斯見到你的時候，或者說第一次見面的時候，我答應過你，我會試著讓你在地理方面提供比你現在這些高屋建瓴的評論更詳細的信息。所以，我好像聽到您說，在歐洲、中東和非洲地區以及亞太地區，隱形矯正器的銷量都實現了兩位數的年增長。第一，我想確認一下年比情況是否如此；第二，我們說的是 10% 還是 11% 左右？我只是想利用這些數字來反推，如果北美地區的病例數下降幾個百分點，或者下降幅度超過個位數，達到個位數中段，會是多少。

Jeff, overall, to confirm that double-digit year-over-year growth that we talked about. Again, it was widespread. We talked about our top 10 countries. India being one that's growing well, Turkey in different areas, really strong performance in EMEA overall. So Jeff, I'm not ready to give any kind of broad specific numbers on the double-digit piece, but it's robust in a lot of different parts of the world, which gives us a lot of confidence in the sense that we can keep that kind of momentum, but also to make sure from a resource standpoint and a focus standpoint, we start to move our retail doctors in the United States more towards positive growth.

傑夫，總的來說，證實了我們之前討論過的兩位數同比增長。而且，這種情況非常普遍。我們討論了我們心目中的十大國家。印度發展動能良好，土耳其在各領域也表現出色，整個歐洲、中東和非洲地區整體表現非常強勁。傑夫，我目前還不方便給出兩位數增長的具體數字，但它在世界很多地方都表現強勁，這讓我們很有信心能夠保持這種增長勢頭，同時也要確保從資源和重點方面來看，我們開始推動美國零售醫生實現更積極的增長。

Yes. All right. And then just on the US side, I mean, obviously, that's where the biggest headwind remains. You talked last quarter about kind of the gross receipts looking good, but then the case is not closing. Any change in behavior? Did any of that clear itself up a little bit? Did it get a little worse?

是的。好的。然後就美國方面而言，我的意思是，很顯然，最大的阻力仍然存在。你上個季度說過總收入看起來不錯，但案件還沒結案。行為上有任何改變嗎？這些事情是不是稍微清楚了一些？情況是不是稍微惡化了一點？

And I think more importantly, on that front, just as 3Q itself played out in that retail channel, just again any kind of incremental improvements or degradations throughout the period. We did see consumer confidence come off in September and then again in October. So would just love to hear kind of what the exit rate might have looked like on 3Q as we head into 4Q here as well from a US standpoint.

而且我認為更重要的是，就這一點而言，就像第三季零售通路的情況一樣，整個時期內任何形式的漸進式改進或退步都可能發生。我們看到消費者信心在9月下降，10月再次下降。所以，我很想知道從美國的角度來看，第三季以及我們即將進入第四季之際，退出率大概是什麼樣的。

Yes. Jeff, I'd say we did dig down into gross receipts and CCAs last quarter to try to explain what had occurred. I can tell you there's no primary change or any kind of material change in that data at all. It differs all over the world. We watch each one of those countries. There's really nothing to report on in that sense.

是的。傑夫，我想說，上個季度我們確實深入研究了總收入和資本成本調整，試圖解釋發生了什麼。我可以告訴你，這些數據沒有任何主要變化或任何實質變化。世界各地情況不盡相同。我們密切關注著這些國家。從這個意義上講，真的沒什麼好報道的。

I think what you just mentioned at the end of your question is obviously, you're watching the North American marketplace pretty closely and what you see consumer confidence and different things. But -- and again, nothing has really changed in the sense of how -- from an overall sales standpoint, how our DSOs continue to grow and how our retail accounts continue to be challenged. I guess I'd overemphasized. It didn't get any worse. It's consistent.

我認為你在問題最後提到的很明顯是，你非常密切地關注著北美市場，以及你看到的消費者信心和其他各種情況。但是——而且再次強調——從整體銷售角度來看，情況並沒有真正改變，我們的應收帳款週轉天數 (DSO) 繼續成長，我們的零售客戶繼續面臨挑戰。我想我確實有點誇大其詞了。情況沒有變得更糟。它始終如一。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

Can I first start on the orthodontic side or more specifically, the teens? That seemed to be a nice highlight of the quarter. Last quarter, we were talking about this kind of shift back towards wires and brackets in kind of difficult macro times. I didn't hear any of that this quarter encouragingly. So maybe just spend a minute on teens, what was driving kind of the growth there? And do you think we're moving past this kind of shift back to wires and brackets again and we're a little bit back on the offensive there?

我可以先從矯正方面入手嗎？或者更具體地說，是從青少年矯正方面著手？那似乎是本季的一大亮點。上個季度，我們討論了在宏觀經濟形勢嚴峻的情況下，人們重新轉向使用電線和括號的趨勢。令人欣慰的是，本季我沒有聽到任何此類消息。那麼，或許我們可以花一分鐘時間談談青少年群體，是什麼推動了他們的成長？你認為我們正在擺脫這種重新使用電線和支架的趨勢，而我們在這方面又重新佔據了主動嗎？

Yes. I think overall, when you look at that teen increase, I mean, it was pretty phenomenal when you look at the growth. Remember, it's a big China growth period for us from a teen standpoint. That's their season. And we saw really substantial growth there, which is tremendous.

是的。我認為總體而言，當你看到青少年人口的成長時，我的意思是，當你看到這種成長時，你會發現它非常驚人。記住，從青少年角度來看，這是中國對我們來說的重要成長時期。那是他們的季節。我們看到那裡實現了非常顯著的成長，這非常棒。

What's helping to drive the growth also are our new products like IPE and mandibular advancement with occlusal blocks. It just gives us more leverage to be able to start those patients earlier. And often, as we mentioned before, Brandon, Invisalign First, goes along with those products one way or another to be able to address different types of expansions or different kinds of malocclusion. So what I like about the teens is it had good breadth to it all over the world. We saw the same thing in Europe also and in some of the emerging economies that we're doing. Again, I think it's the penetration that we're getting in those areas, but also our technology, the breadth of our technology, particularly for early interventions in kids.

推動成長的還有我們的新產品，例如 IPE 和使用咬合塊進行下顎前移。這讓我們更有優勢，能夠更早開始為這些患者提供治療。而且，正如我們之前提到的，Brandon（Invisalign First）經常以某種方式使用這些產品，以便能夠解決不同類型的擴張或不同類型的錯顎畸形。我喜歡青少年主題的一點是，它的受眾遍布世界各地。我們在歐洲以及我們正在進行業務的一些新興經濟體中也看到了同樣的情況。我認為，這不僅得益於我們在這些領域的滲透率，也得益於我們的技術，以及我們技術的廣度，尤其是在兒童早期介入方面。

Okay. And maybe as a follow-up here, switching gears a little bit. The -- one of the common themes that I've been hearing among many in the dental space, including yourselves, is that DSOs seem to have some kind of algorithm working correctly here, driving growth in some different segments within dental. I don't know if you guys will give this number, but just out of curiosity, if you will, what percent of your business is DSOs at this point, roughly speaking? Can maybe spend a minute or two on why they specifically are doing better and if that should be durable as we head into next year?

好的。接下來，或許我們可以稍微換個話題。我從牙科領域的許多人（包括你們）那裡聽到的一個共同主題是，DSO 似乎擁有某種運作良好的演算法，從而推動了牙科領域某些不同細分市場的成長。我不知道你們是否會透露這個數字，但只是出於好奇，請問目前你們業務中 DSO（應收帳款週轉天數）的佔比大約是多少？能否花一兩分鐘時間談談他們具體表現好轉的原因，以及這種好轉勢頭能否持續到明年？

Yes. Overall, Brandon, it's about in the 25% or so. It varies by country, as you know, but that's probably a good ballpark to be in.

是的。總的來說，布蘭登，大概在25%左右。如你所知，具體情況因國家而異，但這大概是一個比較合理的範圍。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

So I guess from my side, I was just curious to hear more color around the evolution of the HFD patient financing partnership. Just curious if that help in any notable way to help get patients across the finish line in the third quarter? Or is that still maybe going to be just a bigger factor for the fourth quarter and into 2026, where that stands right now?

所以，就我個人而言，我只是好奇想了解更多關於HFD患者融資合作關係發展演變的細節。我只是好奇，這是否對幫助患者順利完成第三季的治療有任何顯著幫助？或者，就目前的情況來看，這或許仍將是第四季乃至 2026 年的更大因素？

Steve, this is John. Yes, I would say it's healthy, and we're seeing more and more doctors use it. You see it across some of the DSOs. They've taken advantage of that as well. But when patients are -- potential patients are deciding whether they want to go into treatment and it usually comes down to some type of pricing, what's the overall price?

史蒂夫，我是約翰。是的，我認為它對健康有益，而且我們看到越來越多的醫生使用它。在一些配電系統運營商（DSO）中可以看到這種情況。他們也利用了這一點。但是，當患者——潛在患者——決定是否接受治療時，通常都會涉及價格問題，也就是總價是多少？

And then in all cases, it gets down to how much is it per month if I don't pay it outright. So HFD becomes more critical with that. We like the partnership that we're seeing and more and more doctors are using it. So I would say it's playing out how we wanted it to in the third quarter, and I would expect that we'd see more of that in Q4 and beyond.

最終，無論哪種情況，問題都歸結為：如果我不一次性付清，每月要付多少錢。因此，HFD 在這方面變得更加重要。我們很喜歡目前這種合作模式，越來越多的醫生也開始使用它。所以我覺得第三季的情況正按照我們預想的方向發展，我預計第四季及以後也會如此。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

I wanted to start on the China market. It sounds like a pretty good third quarter you had there. Just wondering, any updated perspective on the competitive landscape and anticipated VBP in that market as well as how or whether you plan to adjust your go-to-market and pricing strategy in light of VBP.

我想先從中國市場著手。聽起來你第三季的表現相當不錯。我想了解一下，對於該市場的競爭格局和預期價值導向定價（VBP），您有什麼最新的見解？以及您是否計劃根據價值導向定價調整您的市場進入和定價策略？

Jason, I mean, we're aware of what's going on from the VBP standpoint. It's still not clear exactly what provinces at all will be included in that and exactly when it will be implemented. But we're positioning ourselves because we know, ultimately, that's probably going to happen one way or another. But I don't have any new news to report versus what we had in the second quarter.

Jason，我的意思是，我們從價值導向支付（VBP）的角度來了解情況。目前還不清楚哪些省份會被納入其中，以及何時實施。但我們正在做好準備，因為我們知道，最終這種情況無論如何都可能會發生。但與第二季相比，我沒有任何新的消息要報告。

Okay. And Joe, when you say you're positioning yourself, maybe what exactly do you mean by that? And then I'll just ask my follow-up now. I wanted to drill down on the topic du jour here that US retail commentary you're giving. The DSOs doing well. They're up strong double digits. Sure, they're more sophisticated. But it's also evidence this isn't necessarily just a consumer spending problem in the US.

好的。喬，你說你在為自己定位，那你具體指的是什麼呢？然後我再問後續問題。我想深入探討您今天對美國零售業的評論這個熱門話題。配電系統操作員表現良好。他們目前領先兩位數，優勢非常明顯。當然，它們更先進。但這同時也證明，這不一定只是美國消費者支出方面的問題。

So I guess I'm wondering out loud if it's not an economic or consumer spending problem and maybe the business that you're -- that's more sensitive here is some maybe lower volume, maybe lower ROI business for you in accounts that have more economic incentive to switch or convert to a cheaper alternative. I guess, how much effort do you put behind defending that business, especially at a time when you're really committed to delivering on margin expansion targets next year?

所以我想公開地問，這會不會是經濟或消費者支出問題，而你們的業務——對這方面更敏感的——可能是交易量較低、投資回報率較低的業務，這些客戶更有經濟動力去轉換或轉向更便宜的替代方案。我想問的是，您在捍衛這項業務上投入了多少精力，尤其是在您明年致力於實現利潤率擴張目標的時候？

Yes. I guess the first part of your second question was about China again. Remember, there are a lot of Tier 3 and Tier 4 cities. So we did have to make sure that our portfolio is structured properly to be able to get at those types of patients because primarily, we've been structured around private patients in the larger areas of China. Overall, when you say defending things, I think -- I'd like to think that we expand markets with our new technology and what we do.

是的。我猜你第二個問題的第一部分還是關於中國的。記住，有很多三線城市和四線城市。因此，我們必須確保我們的投資組合結構合理，以便能夠接觸到這類患者，因為我們主要還是圍繞中國較大地區的私人患者來建立業務。總的來說，說到捍衛事物，我認為——我更願意相信我們能夠利用新技術和我們的工作來拓展市場。

And I mean, obviously, we have to defend certain territories in certain areas. But I look at this market as a market that we can expand. And obviously, we've had a difficult second quarter and whatever. And -- but as we continue to develop technology, remember, 75% of the people out there still have a malocclusion and there's a lot that we can address by this overall.

我的意思是，很顯然，我們必須在某些地區保衛某些領土。但我認為這個市場是我們可以拓展的市場。很顯然，我們第二季過得很艱難，等等。但是——隨著技術的不斷發展，請記住，仍有 75% 的人有咬合不正的問題，而我們可以透過這項技術來解決許多問題。

So part of this is not just playing defense, it's playing offense to help to grow that marketplace. And so that's not just in the United States or different parts of North America. That's all over the world. And you can see that strength in the business as we reported in the third quarter.

所以，這不僅是防守，還要積極進攻，以幫助擴大市場。所以這種情況不僅限於美國或北美其他地區。這種情況在世界各地都存在。正如我們在第三季報告中所述，這種強勁的業務實力也體現在公司業績中。

And I would say just to close on your DSO comment, I think that some DSOs are doing a really good job. They're recognizing what's happening in the marketplace. And they're seeing that maybe consumers that they're out, maybe they're coming in for a cleaning. What do those DSOs do? They're scanning most patients. They're giving them a lot of visualization kind of before and after. Many of them are competitive from a price standpoint, an overall price standpoint, and almost all of them are doing external -- internal and external financing like an HFD. So they're really working.

最後我想就您關於 DSO 的評論做個總結，我認為有些 DSO 的確做得非常出色。他們意識到了市場正在發生的事情。他們發現，也許消費者們正在外出，也許他們正在進店進行清潔。這些配電系統操作員（DSO）是做什麼的？他們對大多數患者進行掃描。他們給了孩子們許多前後對比的視覺展示。從價格角度來看，它們中的許多都很有競爭力，總體價格方面也是如此，而且幾乎所有它們都在進行外部融資——內部和外部融資，就像HFD一樣。所以它們確實有效。

It's not to say everybody is on the same page and some retail doctors are doing this as well, but DSOs kind of en masse are taking that digital orthodontic approach and then being very patient sensitive in terms of how do they get that patient into treatment. And that's just a great example of the market opportunities that's there, but doing it in a way that really tries to get those potential patients excited about treatment.

這並不是說所有人都持相同觀點，一些零售醫生也在這樣做，但牙科服務機構 (DSO) 正在大規模地採用數位正畸方法，並且在如何讓患者接受治療方面非常注重患者感受。這正是市場機會的絕佳例證，但關鍵在於如何真正激發潛在患者對治療的興趣。

Vik Chopra, Wells Fargo.

維克喬普拉，富國銀行。

I just want to confirm that you're still confident in your 5% to 15% growth targets that you laid out in your LRP. And if so, is mid-single-digit top line growth on the table for next year?

我只是想確認一下，您是否仍然對您在長期發展計劃中製定的 5% 到 15% 的成長目標充滿信心。如果真是如此，明年營收能否實現個位數中段的成長？

Vik, we're sticking with our 5% to 15% plan for the future. That hasn't changed, and we really believe the business can do it.

Vik，我們未來仍將堅持5%到15%的計畫。這一點沒有改變，我們真心相信公司能夠做到。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

I'll just ask one. You called out some of the geographic mix shift in terms of how that impacted ASP as you went through the year between Americas and China and EMEA. You also had an FX tailwind that I think, I mean, actually started as a headwind in 1Q, kind of was essentially neutral in 2Q, and it became more of a tailwind in 3Q.

我就問一個吧。您指出，在這一年中，美洲、中國和歐洲、中東及非洲地區的地理組成變化對平均售價 (ASP) 產生了一定的影響。你也遇到了FX的順風，我的意思是，實際上在第一季是逆風，在第二季基本上是中性，而在第三季則變成了順風。

And then I look at the sort of like list of reported ASPs, it's been relatively consistent in the $1,240, $1,250 range. So if you adjust for some of that FX becoming more and more favorable as we go through the year, there is -- it does look like the underlying ASPs are a little bit weaker. Is that purely just attributed to the geo mix and maybe product mix? Or is there anything else going on there you can point to?

然後我查看了已報告的平均售價列表，發現它一直相對穩定地在 1240 美元到 1250 美元之間。因此，如果考慮到隨著時間的推移，外匯匯率會變得越來越有利，那麼——看起來實際的平均售價確實略顯疲軟。這是否完全歸因於地理位置組合以及產品組合？或者，你還能指出那裡還有哪些情況嗎？

Yes, Michael, this is John. So when you look at a like-for-like on, say, Europe or like-for-like within the US, actually ASPs are up on a quarter-over-quarter basis. We just have as such -- we're very pleased with the volumes that we saw in some of these emerging markets, like China and so on for us. It's just that the ASP is lower. And that's the effect that we saw. So despite the FX and everything else, it's that country mix that drives that ASP lower. Had we not -- if you took China out, our ASPs would have been up significantly or pretty well from Q2 to Q3. It's just that you've got that country mix piece of it that comes in. And then you see the converse of that in Q4, where you have less China in Q4, more Europe, as an example, there's just a difference in ASP and you will see an ASP improvement as we go from 3Q to 4Q.

是的，邁克爾，這是約翰。因此，當你觀察歐洲或美國境內的同類市場時，實際上平均售價是按季度環比增長的。我們確實如此——我們對在一些新興市場（如中國等）看到的銷售量非常滿意。只是平均售價較低而已。這就是我們看到的效果。所以，儘管有外匯和其他因素的影響，但正是國家組成導致平均售價下降。如果我們不把中國市場排除在外，我們的平均售價從第二季到第三季將會大幅成長或相當不錯。只是其中融入了鄉村音樂的元素。然後，在第四季度你會看到相反的情況，例如，第四季度中國市場較少，歐洲市場較多，平均售價就會有所不同，你會看到從第三季度到第四季度，平均售價有所提高。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Erin, sorry, we can't hear anything.

艾琳，對不起，我們什麼也聽不見。

Yes, happy to circle back.

好的，樂意再次與您交流。

He has left.

他離開了。

Okay. Thank you, operator. I think we'll go ahead and close off the conference call. So thank you, everyone, for joining us today. We appreciate it and look forward to the opportunity to meet with you at upcoming investor conferences and industry events. If you have any follow-up questions, please contact Align Investor Relations. And I hope you have a great day. Thanks.

好的。謝謝接線生。我想我們可以結束這通電話會議了。謝謝大家今天蒞臨本節目。我們對此表示感謝，並期待在即將舉行的投資者會議和行業活動中與您見面。如有任何後續問題，請聯絡 Align 投資者關係部門。祝你今天過得愉快。謝謝。

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

謝謝。今天的會議到此結束，您現在可以斷開線路了。感謝您的參與。