愛齊科技 (ALGN) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Align fourth quarter and full year 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 年第四季及全年業績電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人，來自 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. We issued fourth quarter and full year 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.

下午好，感謝各位的參與。我是 Shirley Stacy，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。我們今天透過 Business Wire 發布了 2025 年第四季和全年財務業績，詳情請造訪我們的網站 investor.aligntech.com。今天的電話會議將進行音訊網路直播，並將存檔於我們的網站上約一個月。

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.

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。這些前瞻性聲明僅為預測，涉及風險和不確定性，這些風險和不確定性已在我們最近向美國證券交易委員會提交的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。

Actual results may vary significantly, and Align expressly assumes no obligation to update any forward-looking statement. We have posted historical financial statements with corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable, and our fourth quarter and full year 2025 conference call slides on our website under quarterly results. Please refer to these files for more detailed information.

實際結果可能存在重大差異，Align明確表示不承擔更新任何前瞻性聲明的義務。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調節表，包括 GAAP 與非 GAAP 的調節表（如適用），以及 2025 年第四季度和全年電話會議幻燈片。請參閱這些文件以獲取更多詳細資訊。

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

接下來，我想把電話交給 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 fourth quarter and full year 2025 results and discuss performance of our two operating segments: System and Services and Clear Aligners. John will provide more detail on our Q4 financial performance and comment on our views for 2026. 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 2025 年第四季和全年業績，並討論我們兩個營運部門的業績：系統和服務部門以及隱形矯正器部門。John 將詳細介紹我們第四季的財務業績，並就我們對 2026 年的展望發表評論。接下來，我會總結幾個重點，並開放提問環節。

I'm pleased to report fourth quarter results with better-than-expected revenues and Clear Aligner volumes as well as non-GAAP gross margin and non-GAAP operating margin, both above our outlook and the highest non-GAAP operating margin since 2021. Q4 revenues were a record $1.048 billion, up 5.3% year over year and 5.2% sequentially. For the full year, 2025, total revenues were a record $4 billion, up 1% year over year. Systems and Services revenues were $790 million, up 2.7% year over year. Fiscal 2025 Clear Aligner revenues were $3.2 billion, up 0.5% year over year on a record Clear Aligner volumes of 2.6 million cases, which were 4.7% year over year.

我很高興地報告第四季業績，營收和隱形矯正器銷量均優於預期，非GAAP毛利率和非GAAP營業利潤率也都高於預期，並且是自2021年以來最高的非GAAP營業利潤率。第四季營收創下10.48億美元的紀錄，年增5.3%，季增5.2%。2025 年全年總收入創下 40 億美元的紀錄，較去年同期成長 1%。系統和服務收入為 7.9 億美元，年增 2.7%。2025 財年隱形矯正器營收為 32 億美元，年增 0.5%，隱形矯正器銷量創下 260 萬例的紀錄，較去年同期成長 4.7%。

For the year, a record 936,000 teens and kids started treatment with Invisalign Clear Aligners, up 7.8% year over year. For fiscal 2025, total DSP Touch Up cases shipped were over 136,000, up 36% compared to 2024. We also delivered fiscal 2025 non-GAAP operating margin of 22.7% above our 2025 outlook. In terms of major milestones, as of December 31, 2025, over 296,000 active Invisalign-trained doctors have treated over 22 million people worldwide, including over 6.5 million teens and growing kids with Invisalign Clear Aligners and Invisalign Palatal Expanders. For Clear Aligners, Q4 revenues of $838 million were up 5.5% year over year and up 4% sequentially.

今年，創紀錄的 936,000 名青少年和兒童開始接受 Invisalign 隱形矯正器治療，比去年增加 7.8%。2025 財年，DSP Touch Up 的總出貨量超過 136,000 件，比 2024 年增加了 36%。我們也實現了 2025 財年非 GAAP 營業利潤率 22.7%，比我們 2025 年的預期高出 22.7%。就重大里程碑而言，截至 2025 年 12 月 31 日，超過 296,000 名活躍的 Invisalign 認證醫生已為全球超過 2200 萬人提供治療，其中包括超過 650 萬名青少年和正在成長的兒童，他們使用 Invisalign 隱形矯正器和 Invisalign 腭擴張器進行治療。隱形矯正器第四季營收為 8.38 億美元，年增 5.5%，季增 4%。

Q4 Clear Aligner volume was also a record 677,000 cases up 7.7% year over year and up 4.5% sequentially. On a year over year basis, Q4 Aligner volume growth was driven by strength in EMEA, Latin America and APAC, with stability in North America. Q4 Clear Aligner volume growth reflects strength from adults and teens and growing kids patients as well as growth in both the GP and ortho channels. On a sequential basis, Q4 Clear Aligner volumes reflect strong growth from the EMEA region, driven primarily by adult patients as well as continued strength in Latin America from teens, growing kids and adult patients. For Q4, 88,000 doctors submitted Invisalign cases globally, a record high for fourth quarter, driven primarily by a record number of orthodontist submitters.

第四季隱形矯正器銷量也創下紀錄，達到 677,000 例，年成長 7.7%，季增 4.5%。與去年同期相比，第四季矯正器銷售成長主要得益於歐洲、中東和非洲地區、拉丁美洲和亞太地區的強勁表現，而北美地區則保持穩定。第四季隱形矯正器銷售成長反映了成人、青少年和兒童患者的需求強勁，以及全科牙醫和矯正醫師管道的成長。從季度環比來看，第四季度隱形矯正器的銷量反映了歐洲、中東和非洲地區的強勁增長，這主要得益於成年患者的推動；同時，拉丁美洲的青少年、成長中的兒童和成年患者也保持著強勁的增長勢頭。第四季度，全球共有 88,000 名醫生提交了 Invisalign 病例，創下第四季度歷史新高，這主要是由於正畸醫生提交病例的數量創下歷史新高。

Dental service and orthodontic service organizations, DSOs or OSOs remain one of Align's most important and scalable strategic growth channels and a major catalyst to making digital dentistry the global standard of care. As DSOs continue to outpace growth rates of traditional retail practices globally, they are becoming one of the most influential forces shaping digital dentistry. In many respects, their scale, operational discipline, and need for consistent tech-enabled workflows make them ideal partners for accelerating adoption of the Invisalign system, iTero scanners and fully digital workflows across large networks of general dentists and orthodontists. This practice consolidation trend strengthens brand preference and utilization as DSOs increasingly prioritize efficiency, clinical predictability, improved patient experience and importantly, in scale. Align has proven its leadership as the world's most sophisticated treatment planning and 3D printing manufacturing operation and our ability to scale and meet the patient needs, speed and rigor of those rapidly growing DSOs is unmatched globally.

牙科服務和矯正服務機構（DSO 或 OSO）仍然是 Align 最重要、最具規模化的策略性成長管道之一，也是推動數位化牙科成為全球護理標準的主要催化劑。隨著全球範圍內牙科服務機構 (DSO) 的成長速度持續超過傳統零售診所，它們正成為塑造數位牙科的最具影響力的力量之一。在許多方面，他們的規模、營運紀律以及對一致的技術驅動型工作流程的需求，使他們成為加速在大型全科牙醫和正畸醫生網絡中推廣 Invisalign 系統、iTero 掃描儀和全數位化工作流程的理想合作夥伴。這種實踐整合趨勢增強了品牌偏好和利用率，因為牙科服務機構 (DSO) 越來越重視效率、臨床可預測性、改善患者體驗以及規模。Align 已證明其在世界最先進的治療計劃和 3D 列印製造運營方面的領導地位，我們能夠擴大規模並滿足快速增長的牙科服務機構 (DSO) 的患者需求、速度和嚴謹性，這在全球範圍內是無與倫比的。

Over the past year, we continue to make strong progress with DSOs across all major regions. In the Americas, we deepened partnership with top DSOs, building on our successful Heartland and Smile Doctors relationships, our top 10 DSOs in the Americas grew double digits year over year and retention was up double digits in the Americas. These gains helped to offset broader orthodontic market softness in North America retail chain where consumer sentiment and patient inflow remain pressured. North America DSO performance remained very strong, delivering double-digit year over year growth led by strength in the adult category. In EMEA, DSO performance was equally strong with double-digit growth year over year and triple-digit growth among our top 10 DSOs in the region.

過去一年，我們在所有主要地區的配電系統營運商 (DSO) 方面持續取得顯著進展。在美洲，我們深化了與頂級 DSO 的合作關係，在與 Heartland 和 Smile Doctors 成功建立合作關係的基礎上，我們在美洲排名前 10 的 DSO 實現了兩位數的年增長，美洲的患者留存率也實現了兩位數的增長。這些收益有助於抵銷北美零售連鎖店正畸市場整體疲軟的局面，在北美零售連鎖店，消費者信心和患者流入量仍面臨壓力。北美地區DSO業績依然非常強勁，實現了兩位數的年成長，這主要得益於成人市場的強勁表現。在歐洲、中東和非洲地區，DSO 的業績同樣強勁，年成長兩位數，該地區排名前 10 的 DSO 更是實現了三位數的成長。

DSOs continue to drive expansion in both Invisalign Case volume and iTero scanner penetration. Across all regions, DSOs remain high-growth, digitally forward partners to amplify Align's reach and impact. Their continued adoption of Invisalign and iTero reinforces the strength of our digital platform as DSOs help move more of the industry toward a fully digital standard of care. In the Americas, Clear Aligner volumes were up year over year, representing one of the best growth rates since 2021. This was led by double-digit growth in Latin America, which delivered record quarter shipments driven by more submitters and higher utilization across both the orthodontist and GP channels, with strength across adults, teens and kids.

DSO（牙科服務機構）持續推動 Invisalign 矯正病例數和 iTero 掃描儀普及率的成長。在所有地區，DSO 仍然是高成長、數位化領先的合作夥伴，可以擴大 Align 的覆蓋範圍和影響力。他們持續採用 Invisalign 和 iTero，鞏固了我們數位平台的實力，因為 DSO 正在幫助推動更多行業朝向完全數位化的護理標準邁進。在美洲，隱形矯正器的銷量較去年同期成長，這是自 2021 年以來最好的成長率之一。拉丁美洲實現了兩位數的成長，創下了季度出貨量紀錄，這得益於提交者數量的增加以及正畸醫生和全科醫生渠道的更高利用率，並且在成人、青少年和兒童市場均表現強勁。

We also reached a major Invisalign milestone in Q4 by surpassing 1 million patients treated with Invisalign and Latin America. In North America, we focused on driving adoption of Invisalign and saw encouraging results across our portfolio. Our year over year performance reflects higher utilization across all channels. We continue to see that practices taking an active approach to conversion, scanning every patient, using chairside visualization tools and offering patient financing are performing better than those that don't. While DSOs are leading the way in North America, we're helping retail doctors adopt similar business methods through localized marketing, outside patient financing and tools that help doctors attract and convert patients.

第四季度，我們在 Invisalign 隱形矯正領域也取得了重大里程碑式的成就，在拉丁美洲接受 Invisalign 隱形矯正治療的患者人數突破了 100 萬人。在北美，我們專注於推動 Invisalign 的普及，並在我們的產品組合中看到了令人鼓舞的結果。我們的年度業績反映了所有通路利用率的提高。我們持續看到，那些積極採取措施促進轉換、掃描每位患者、使用椅旁視覺化工具並提供患者融資的診所，其表現比那些不採取這些措施的診所要好。雖然 DSO 在北美處於領先地位，但我們正在透過在地化行銷、外部患者融資以及幫助醫生吸引和轉化患者的工具，幫助零售醫生採用類似的商業模式。

Affordability also remains a priority. Our partnership with the health care financing platform, HFD continues to grow, and doctors and DSOs enrolled in HFD are seen as incremental lift in Invisalign treatment, with meaningful room for expansion. And by offering more portfolio flexibility, including streamlined configurations with no additional aligners, doctors have more options to meet patients' needs and drive adoption. In EMEA, Clear Aligner volumes grew double digits year over year, reaching record Q4 levels. We delivered double-digit growth year over year across almost all markets with Iberia, the Nordics and the U.K., all delivering double-digit growth.

價格承受能力仍然是首要考慮因素。我們與醫療保健融資平台 HFD 的合作關係持續發展，加入 HFD 的醫生和牙科服務機構 (DSO) 被視為 Invisalign 治療的增量提升，並具有顯著的擴展空間。透過提供更靈活的產品組合，包括無需額外矯正器的簡化配置，醫生可以有更多選擇來滿足患者的需求並推動產品普及。在歐洲、中東和非洲地區，隱形矯正器的銷量較去年同期成長兩位數，第四季達到創紀錄的水準。我們在幾乎所有市場都實現了兩位數的同比增長，其中伊比利亞半島、北歐和英國都實現了兩位數的增長。

During the quarter, we surpassed key patient milestones reaching over 1 million patients treated in both the U.K. and Iberia. In APAC, Clear Aligner volumes grew double digits year over year, achieving a record number of Q4 shipments by China, India and Korea, with strength across teens and growing kids. Growth reflected increases in both submitters and utilization in the GP channel as well as an increase in ortho submitter utilization. Invisalign First, continued to grow and adoption of the Invisalign Palate expander system began in the region during the quarter.

本季度，我們實現了重要的患者里程碑，在英國和伊比利半島接受治療的患者人數均超過 100 萬人。在亞太地區，隱形矯正器的銷量年增兩位數，中國、印度和韓國第四季的出貨量均創歷史新高，青少年和兒童市場表現強勁。成長反映了全科醫生通路提交者和使用率的增加，以及正畸提交者使用率的增加。Invisalign First 繼續發展壯大，Invisalign 顎部擴張器系統在本季開始在該地區得到應用。

Retention performance remained strong year over year, supported by increased utilization across both channels. Regarding China's volume-based procurement process or VPP, there continues to be implementation delays and early phases are expected to begin within the public hospital system before expanding more broadly. As a reminder, over 85% of our business in China is in the private sector. While timing and scope remain fluid, we believe we are well positioned to navigate eventual pricing changes through our established local footprint including local manufacturing, regulatory and commercial infrastructure and a product portfolio designed specifically for China's clinical and economic environment. In Q4, over 230,000 teens and growing kids started treatment with Invisalign Clear Aligners, an increase of 7% year over year.

得益於兩個通路使用率的提高，用戶留存率較去年同期維持強勁成長。關於中國的按量採購流程（VPP），目前仍存在實施延誤，預計初期階段將首先在公立醫院系統內啟動，然後再逐步擴大。再次提醒大家，我們在中國的業務超過 85% 都來自私部門。雖然時間和範圍仍有待商榷，但我們相信，憑藉我們已建立的本地佈局，包括本地製造、監管和商業基礎設施，以及專為中國臨床和經濟環境設計的產品組合，我們能夠很好地應對最終的價格變化。第四季度，超過 23 萬名青少年和兒童開始接受 Invisalign 隱形矯正器治療，較去年同期成長 7%。

This growth was driven by strong performance in APAC, led by China, along with EMEA and Latin America, partially offset by continued softness in North America. Sequentially, case starts declined 9.8% as expected, following an exceptionally strong Q3 teen season. From a product standpoint, Invisalign First, the Invisalign Palate Expander and MAOB, Mandibular Advancement with Occlusal Blocks, continued to fuel year over year growth across all regions. Invisalign First is used for patients ages 6 to 10, addressing Phase 1 needs such as crowning, spacing, narrow arches and erupting teeth. Our Palate expander system, the first direct printed orthodontic appliance and the only FDA-cleared removable Palate Expander remains a strong driver of early intervention adoption globally.

這一成長主要得益於亞太地區（以中國為首）、歐洲、中東和非洲地區以及拉丁美洲的強勁表現，但部分被北美地區的持續疲軟所抵消。繼第三季青少年疫情異常強勁之後，病例數較上季下降了 9.8%，符合預期。從產品角度來看，Invisalign First、Invisalign 腭擴張器和 MAOB（咬合塊的下顎前移器）繼續推動所有地區逐年增長。Invisalign First 適用於 6 至 10 歲的患者，可解決第一階段的需求，例如牙冠修復、牙縫調整、牙弓狹窄和牙齒萌發等問題。我們的腭擴張器系統是首個直接列印的矯正器，也是唯一獲得 FDA 批准的可拆卸腭擴張器，它仍然是全球早期幹預措施普及的強大推動力。

Doctor engagement in the teen and early intervention category remains solid. In Q4, the number of doctors submitting cases for teens and growing kids increased 6% year over year, supported by continued strength in Invisalign First, Palate Expander and MAOB. The Invisalign system continues to demonstrate broad clinical applicability across younger patients and adults, reinforced by our global scale and exceptional product portfolio, with more than 22 million patients treated worldwide, including over 6.5 million teams. Our treatment planning platform is powered by a robust evidence-based ClinCheck live plan, which can generate initial doctor ready plans in about 15 minutes, leverages AI-driven planning tools and integrated digital workflows to reduce cycle times, enhance chairside experience and help doctors convert patients more efficiently. Our portfolio strategy, including products with lower upfront cost options is expanding access for doctors while maintaining healthy margins.

醫生在青少年及早期介入領域的參與度依然很高。第四季度，提交青少年和成長中兒童病例的醫生數量同比增長 6%，這得益於 Invisalign First、腭擴張器和 MAOB 的持續強勁增長。Invisalign 系統持續展現出對年輕患者和成年人的廣泛臨床適用性，這得益於我們的全球規模和卓越的產品組合，全球已有超過 2,200 萬名患者接受過該系統的治療，其中包括超過 650 萬個治療團隊。我們的治療計劃平台由強大的循證 ClinCheck 實時計劃提供支持，可在約 15 分鐘內生成初步的醫生可用計劃，利用人工智能驅動的計劃工具和集成的數字工作流程來縮短週期時間，增強椅旁體驗，並幫助醫生更有效地轉化患者。我們的產品組合策略，包括提供前期成本較低的產品選擇，在擴大醫師取得產品管道的同時，維持了健康的利潤率。

These configurations give providers more choices around refinements and pricing that continue to support adoption. We're also advancing direct fabrication, transitioning from thermal forming to 3D printing of Clear Aligner appliances. Direct fabrication will unlock new design flexibility and over time, reduce waste and lower cost although early production has some dilutive margin impact until scale. We remain on track for a limited market release of Invisalign First - Direct 3D-Printed Retainers and Invisalign Specifics - 3D-Printed Pre-Fab Attachments in 2026, with more complex products expected to follow in 2027. The Invisalign specific attachment system is a direct 3D-printed accessory indicated to bond attachments and engagement features.

這些配置為供應商提供了更多在優化和定價方面的選擇，從而繼續支持產品普及。我們也正在推動直接製造技術的發展，從熱成型過渡到3D列印隱形矯正器。直接製造將釋放新的設計彈性，並隨著時間的推移減少浪費和降低成本，儘管早期生產在規模化之前會對利潤率產生一些稀釋影響。我們仍按計劃於 2026 年限量推出 Invisalign First - 直接 3D 列印保持器和 Invisalign Specifics - 3D 列印預製配件，更複雜的產品預計將於 2027 年推出。Invisalign專用配件系統是一種直接3D列印的配件，用於黏合配件和連接零件。

Over the past year, it has advanced through technical design assessment and has been used successfully to treat over 1,000 patients. Feedback from participating doctors has been consistently positive, demonstrating strong clinical adoption and market validation. For imaging systems and CAD/CAM services, which includes iTero solutions and exocad software, Q4 revenues were $209 million, up 4.2% year over year and up 10% sequentially driven by higher volumes across all regions and continued adoption of iTero Lumina scanner. Lumina represented approximately 86% of full systems units in the quarter, and we continue to drive utilization through full systems installations. During Q4, exocad delivered sequential year over year revenue growth.

過去一年來，該技術已通過技術設計評估，並已成功用於治療 1000 多名患者。參與醫生的回饋一直都很積極，這表明該產品在臨床上得到了廣泛應用，並得到了市場的認可。影像系統和 CAD/CAM 服務（包括 iTero 解決方案和 exocad 軟體）第四季營收為 2.09 億美元，年成長 4.2%，季增 10%，這主要得益於所有地區銷售的成長以及 iTero Lumina 掃描器的持續普及。本季 Lumina 佔整套系統單元的約 86%，我們將繼續透過整套系統的安裝來提高利用率。第四季度，exocad實現了年比營收成長。

We continued piloting Exocad ART, stands for advanced restorative treatment in several European markets with broader rollout plan for this year. ART extends a digital platform deeper into restorative and lab workflows, increasing software-driven reoccurring revenue and enhancing efficiency for doctors and labs. Exocad's strong footprint in dental labs provides a critical connection point between restorative dentistry and digital orthodontics, helping integrate restorative planning more tightly with iTero scanning and Invisalign treatment. As GPs and labs, we are developing across solutions that streamline restorative workflows, improve communications and increased predictability. From single-tooth restorations to full-arch cases, these advancements support broader digital adoption and create more opportunities to incorporate iTero scanning, and were clinically appropriate Invisalign treatment as part of comprehensive care.

我們繼續在多個歐洲市場試行 Exocad ART（代表先進的修復治療），並計劃在今年進行更廣泛的推廣。ART 將數位平台更深入地擴展到修復和實驗室工作流程中，增加了軟體驅動的經常性收入，提高了醫生和實驗室的效率。Exocad 在牙科實驗室的強大影響力為修復牙科和數位矯正之間提供了一個重要的連接點，有助於將修復計劃與 iTero 掃描和 Invisalign 治療更緊密地結合起來。作為全科醫生和實驗室，我們正在開發各種解決方案，以簡化修復工作流程、改善溝通並提高可預測性。從單顆牙齒修復到全牙弓病例，這些進步支持更廣泛的數位化應用，並創造了更多機會將 iTero 掃描納入其中，並且作為綜合護理的一部分，臨床上也適合進行 Invisalign 治療。

Our growing suite of digital diagnostic tools, including Align Oral Health Suite and Align X-ray Insights, or AXI helps doctors identify conditions earlier and deliver clearer, more informed treatment recommendations. When combined with the restorative capabilities of exocad and the visualization strength of iTero, these tools support better long-term oral health outcomes and naturally connect straightening, function and restorative care with a unified digital platform. By strengthening our capabilities across diagnostic, restorative and orthodontic workflows, we're increasing our relevance in everyday oral health care and positioning Align, iTero and exocad as essential partners across the GP and lab ecosystem. With that, I'll now turn it over to John.

我們不斷擴展的數位診斷工具套件，包括 Align 口腔健康套件和 Align X 光洞察（AXI），可幫助醫生更早發現病情，並提供更清晰、更明智的治療建議。結合 exocad 的修復能力和 iTero 的視覺化功能，這些工具能夠支援更好的長期口腔健康效果，並將矯正、功能和修復護理自然地透過統一的數位平台連結起來。透過加強我們在診斷、修復和矯正工作流程方面的能力，我們正在提高我們在日常口腔保健中的相關性，並將 Align、iTero 和 exocad 定位為全科醫生和實驗室生態系統中不可或缺的合作夥伴。接下來，我將把麥克風交給約翰。

Thanks, Joe. Now for our Q4 financial results. Total revenues for the fourth quarter were $1.0476 billion, up 5.2% from the prior quarter and up 5.3% from the corresponding quarter a year ago. On a constant currency basis, Q4 revenues were unfavorably impacted by approximately $3 million or approximately 0.3% sequentially and were favorably impacted by approximately $14.8 million year over year or approximately 1.4%. Q4 Clear Aligner revenues were $838.1 million, up 4% sequentially, primarily due to higher volume and mix shift to higher-priced countries and products, partially offset by higher discounts, higher net deferrals and unfavorable foreign exchange.

謝謝，喬。接下來是我們的第四季財務業績。第四季總營收為 10.476 億美元，比上一季成長 5.2%，比去年同期成長 5.3%。以固定匯率計算，第四季營收季減約 300 萬美元，降幅約 0.3%；年減約 1,480 萬美元，降幅約 1.4%。第四季隱形矯正器收入為 8.381 億美元，環比增長 4%，主要原因是銷量增加以及產品組合轉向價格較高的國家和產品，但部分被更高的折扣、更高的淨遞延和不利的匯率所抵消。

Unfavorable foreign exchange impacted Q4 Clear Aligner revenues by approximately $2.3 million or approximately 0.3% sequentially. Q4 Clear Aligner average per case shipment price was $1,240, a $5 decrease on a sequential basis, primarily due to higher discounts, higher net deferrals and unfavorable foreign exchange, partially offset by a mix shift to higher-priced countries and products. On a year over year basis, Q4 Clear Aligner revenues were up 5.5%, primarily from higher volume price increases, lower net deferrals and favorable foreign exchange, partially offset by higher discount and mix shift to lower-priced countries and products. Favorable foreign exchange impacted Q4 Clear Aligner revenues by approximately $12.4 million or approximately 1.5% year over year. Q4 Clear Aligner average per case shipment price was $1,240, down $25 on a year over year basis, primarily due to higher discounts, mix shift to lower-priced countries and products, partially offset by price increases, favorable foreign exchange and lower net deferrals.

不利的匯率影響導致第四季隱形矯正器收入較上季減少約 230 萬美元，降幅約 0.3%。第四季隱形矯正器平均每箱出貨價格為 1240 美元，環比下降 5 美元，主要原因是折扣增加、淨遞延增加和不利的匯率，部分被向價格較高的國家和產品組合的轉變所抵消。與去年同期相比，第四季隱形矯正器收入成長了 5.5%，主要得益於更高的銷售價格上漲、更低的淨遞延收入和有利的匯率，但部分被更高的折扣和向價格較低的國家和產品的組合調整所抵消。有利的匯率因素使第四季隱形矯正器收入年減了約 1,240 萬美元，降幅約 1.5%。第四季隱形矯正器平均每箱出貨價格為 1240 美元，年減 25 美元，主要原因是折扣力度加大，產品組合轉向價格較低的國家和產品，部分被價格上漲、有利的匯率和較低的淨遞延所抵消。

Clear Aligner deferred revenues on the balance sheet as of December 31, 2025, decreased $33.9 million or 2.9% sequentially and decreased $61.4 million or 5.1% year over year and will be recognized as revenue as additional aligners are shipped. Q4 Systems and Services revenues of $209.4 million were up 10.3% sequentially primarily due to higher scanner system sales and non-system sales, partially offset by lower scanner on sales and unfavorable foreign exchange. Q4 Systems and Services revenues were up 4.2% year over year, primarily due to higher non-system sales, favorable foreign exchange and flat scanner system sales, partially offset by lower scanner on sales. Foreign exchange unfavorably impacted Q4 systems and services revenues by approximately $0.7 million sequentially or approximately 0.3% on a year over year basis. Systems and Services revenues were favorably impacted by foreign exchange of approximately $2.5 million or approximately 1.2%.

截至 2025 年 12 月 31 日，Clear Aligner 遞延收入在資產負債表上季減 3,390 萬美元，降幅 2.9%；年減 6,140 萬美元，降幅 5.1%。隨著更多矯正器的出貨，這些遞延收入將被確認為收入。第四季系統和服務收入為 2.094 億美元，季增 10.3%，主要原因是掃描器系統銷售額和非系統銷售額增加，但部分被掃描器銷售下降和不利的匯率所抵銷。第四季系統和服務收入年增 4.2%，主要得益於非系統銷售額成長、有利的匯率以及平板掃描器系統的銷售，但部分被掃描器銷售額下降所抵銷。外匯波動對第四季度系統和服務收入造成了約 70 萬美元的不利影響，年減約 0.3%。系統和服務收入因外匯波動而獲得約 250 萬美元或約 1.2% 的有利影響。

Systems & Services deferred revenues was flat sequentially and decreased $24.6 million or 11.2% year over year due in part to the shorter duration of service contracts selected by customers on initial scanner system purchases. Moving on to gross margin. Fourth quarter overall gross margin was 65.3%, up 1.1 points sequentially primarily due to operational efficiencies, impairment on assets held for sale in the third quarter, excess inventory write-off in the third quarter and lower restructuring and other charges, partially offset by higher depreciation expense on assets disposed other than by sale. Gross margin was down 4.8 points year over year primarily due to higher depreciation expense on assets disposed rather than by sale, partially offset by operational efficiencies and lower restructuring and other charges. Overall gross margin was unfavorably impacted by foreign exchange of 0.1 points sequentially and favorably impacted by foreign exchange of 0.5 points on a year over year basis.

系統與服務遞延收入環比持平，年減 2,460 萬美元或 11.2%，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。接下來分析毛利率。第四季整體毛利率為 65.3%，季增 1.1 個百分點，主要得益於營運效率的提高、第三季待售資產減損、第三季超額存貨註銷以及重組和其他費用的減少，但部分被非出售處置資產的折舊費用增加所抵銷。毛利率年減 4.8 個百分點，主要原因是處置資產（而非出售資產）的折舊費用較高，但部分被營運效率提高以及重組和其他費用降低所抵銷。受外匯匯率影響，整體毛利率較上月下降 0.1 個百分點，較去年同期上升 0.5 個百分點。

On a non-GAAP basis, which excludes stock-based compensation, amortization of intangibles related to certain acquisitions, depreciation expense on assets disposed of other than by sale, restructuring and other non-GAAP charges, gross margin for the fourth quarter was 72%, up 1.6 points sequentially and up 1.2 points year over year. Clear Aligner gross margin for the fourth quarter was 64.2%, down 0.7 points sequentially primarily due to depreciation expense on assets disposed of other than by sale, partially offset by operational efficiencies. Foreign exchange unfavorably impacted Clear Aligner gross margin by approximately 0.1 points sequentially. Clear Aligner gross margin for the fourth quarter was down 6 points year over year, primarily due to the depreciation expense of assets disposed of, other than by sale and lower ASP partially offset by operational efficiencies. Foreign exchange favorably impacted Clear Aligner gross margin by approximately 0.5 points year over year.

以非GAAP準則計算（不包括股權激勵費用、與某些收購相關的無形資產攤銷、非出售處置資產的折舊費用、重組和其他非GAAP費用），第四季度毛利率為72%，環比增長1.6個百分點，同比增長1.2個百分點。第四季隱形矯正器毛利率為 64.2%，季減 0.7 個百分點，主要原因是處置資產（非出售）產生的折舊費用，部分被營運效率的提升所抵銷。外匯波動對隱形矯正器毛利率造成了約 0.1 個百分點的不利影響。第四季隱形矯正器毛利率年減 6 個百分點，主要原因是處置資產（非出售）產生的折舊費用和平均售價下降，但部分被營運效率的提高所抵銷。外匯波動對隱形矯正器毛利率產生了有利影響，較去年同期提高了約 0.5 個百分點。

Systems and Services gross margin for the fourth quarter was 69.6%, up 8.4 points sequentially primarily due to excess inventory write-off in the third quarter, partially offset by lower ASP. Foreign exchange unfavorably impacted the Systems and Service services gross margin by approximately 0.1 points sequentially. Systems and Services gross margin for the fourth quarter was up 0.2 points year over year, primarily due to operational efficiencies partially offset by lower ASP. Foreign exchange favorably impacted Systems and Services gross margin by approximately 0.4 points year over year. Q4 operating expenses were $528.3 million, down 2.7% sequentially and down 4.4% year over year.

第四季系統和服務業務的毛利率為 69.6%，季增 8.4 個百分點，主要原因是第三季庫存過剩減值，但部分被平均售價下降所抵銷。外匯波動對系統和服務業務的毛利率產生了不利影響，環比下降約 0.1 個百分點。第四季系統和服務業務的毛利率年增 0.2 個百分點，主要得益於營運效率的提高，但部分被平均售價的下降所抵銷。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。第四季營運支出為 5.283 億美元，季減 2.7%，年減 4.4%。

On a sequential basis, operating expenses were $14.6 million lower, due primarily to lower restructuring costs, partially offset by slightly higher advertising and marketing and technology spend. Year over year operating expenses decreased by $24.5 million, primarily due to lower restructuring costs. On a non-GAAP basis, excluding stock-based compensation, restructuring and other charges and amortization of acquired intangibles related to certain acquisitions, depreciation expense on assets to be disposed of, other than by sale and other non-GAAP charges, operating expenses were $480.9 million, up 3.8% sequentially and up 1.3% year over year. Our fourth quarter operating income of $155.3 million resulted in an operating margin of 14.8% up approximately 5.2 points sequentially and up approximately 0.3 points year over year. Operating margin was unfavorably impacted from foreign exchange by approximately 0.3 points sequentially and favorably impacted by foreign exchange by approximately 0.2 points year over year.

與上一季相比，營運支出減少了 1,460 萬美元，主要原因是重組成本降低，但部分被略高的廣告行銷和技術支出所抵消。與去年同期相比，營運費用減少了 2,450 萬美元，主要原因是重組成本降低。以非公認會計準則計算，不包括股權激勵費用、重組及其他費用、與某些收購相關的收購無形資產攤銷、出售以外的待處置資產折舊費用及其他非公認會計準則費用，營業費用為 4.809 億美元，環比增長 3.8%，同比增長 1.3%。我們第四季的營業收入為 1.553 億美元，營業利潤率為 14.8%，較上季成長約 5.2 個百分點，較去年同期成長約 0.3 個百分點。外匯匯率對營業利潤率造成了約 0.3 個百分點的不利影響，環比下降；外匯匯率對營業利潤率造成了約 0.2 個百分點的有利影響。

On a non-GAAP basis, which excludes stock-based compensation, restructuring and other charges and amortization of intangibles related to certain acquisitions, depreciation expense on assets disposed of other than by sale and other non-GAAP charges, operating margin for the fourth quarter was 26.1%, up 2.3 points sequentially and up 3 points year over year. Interest and other income and expense net of the fourth quarter was an income of $21.3 million compared to an expense of $1.6 million in Q3 of 2025, primarily due to gain on investments. On a year over year basis, Q4 interest and other income and expense was favorable compared to an expense of $3.4 million in Q4 of '24, primarily by favorable foreign exchange movements and gain on investments. The GAAP effective tax rate in the fourth quarter was 23.1% compared to 40.1% in the third quarter and 26.3% in the fourth quarter of the prior year. The fourth quarter GAAP effective tax rate was lower than the third quarter effective tax rate, primarily due to the release of uncertain tax position reserves partially offset by deferred tax adjustments from tax rate changes in certain foreign jurisdictions and additional taxes accrued on foreign earnings.

以非GAAP準則計算（不包括股權激勵費用、重組及其他費用、與某些收購相關的無形資產攤銷、非出售處置資產的折舊費用及其他非GAAP費用），第四季度營業利潤率為26.1%，環比增長2.3個百分點，同比增長3個百分點。第四季的利息及其他收入和支出淨額為 2,130 萬美元，而 2025 年第三季的支出為 160 萬美元，這主要是由於投資收益。與去年同期相比，第四季利息及其他收入和支出為 340 萬美元，而 2024 年第四季則為 340 萬美元，這主要是由於有利的外匯變動和投資收益。第四季 GAAP 實際稅率為 23.1%，第三季為 40.1%，去年同期為 26.3%。第四季 GAAP 實際稅率低於第三季實際稅率，主要原因是釋放了不確定稅務準備金，但部分被某些外國司法管轄區稅率變化導致的遞延所得稅調整以及外國收益應計的額外稅款所抵消。

The fourth quarter GAAP effective tax rate was lower than the fourth quarter effective tax rate of the prior year primarily due to the release of uncertain tax position reserves and lower US taxes on foreign earnings partially offset by deferred tax adjustments from tax rate changes in certain foreign jurisdictions. Additional tax accrued on foreign earnings and change in our jurisdictional mix of income. Our non-GAAP effective tax rate in the fourth quarter was 20%, which reflects our long-term projected tax rate. Fourth quarter net income per diluted share was $1.89, up $1.11 sequentially and up $0.50 compared to the prior year.

第四季 GAAP 實際稅率低於上年同期第四季實際稅率，主要原因是釋放了不確定的稅務準備金以及美國對海外收益徵收的稅款減少，但部分被某些外國司法管轄區稅率變化導致的遞延所得稅調整所抵消。海外收入產生的額外稅款以及我們收入來源地組合的變化。我們第四季的非GAAP有效稅率為20%，這反映了我們長期的預期稅率。第四季每股攤薄淨收益為 1.89 美元，季增 1.11 美元，年增 0.50 美元。

Our EPS was unfavorably impacted by approximately $0.05 on a sequential basis and favorably impacted by $0.03 on a year over year basis due to foreign exchange. On a non-GAAP basis, net income per diluted share was $3.29 for the fourth quarter, up $0.68 sequentially and $0.85 year over year due to higher revenue and lower operating expenses. Moving on to the balance sheet. As of December 31, 2025, cash and cash equivalents were $1.0949 billion up sequentially $90.3 million and up $51 million year over year. Of the $1.0949 billion balance, $166.3 million was held in the US

由於匯率波動，我們的每股盈餘環比下降約 0.05 美元，較去年同期上升約 0.03 美元。以非GAAP準則計算，第四季每股攤薄淨收益為3.29美元，季增0.68美元，年增0.85美元，主要得益於營收增加及營運費用降低。接下來來看資產負債表。截至 2025 年 12 月 31 日，現金及現金等價物為 10.949 億美元，季增 9,030 萬美元，年增 5,100 萬美元。在10.949億美元的餘額中，有1.663億美元存放在美國。

and $928.6 million was held by our international business. During Q4 2025, we repurchased approximately 0.7 million shares of our common stock at an average share price of $142.87. These repurchases were made pursuant to the $200 million open market repurchase plan announced in August 2025 and were completed in January of 2026. During 2025, we repurchased 2.9 million shares of our common stock at an average per share price of $162.09 for a total of $465.9 million. As of December 31, 2025, [$831.2] million remains available for repurchases of our common stock under our $1 billion stock repurchase program announced in April of 2025.

以及 928.6 美元我們的國際業務部門持有數百萬美元。2025 年第四季度，我們以平均每股 142.87 美元的價格回購了約 70 萬股普通股。這些回購是根據 2025 年 8 月宣布的 2 億美元公開市場回購計畫進行的，並於 2026 年 1 月完成。2025 年，我們以每股平均 162.09 美元的價格回購了 290 萬股普通股，總計 4.659 億美元。截至 2025 年 12 月 31 日，根據我們在 2025 年 4 月宣布的 10 億美元股票回購計劃，仍有 8.312 億美元可用於回購我們的普通股。

Q4 accounts receivable balance was $1.1018 billion, up sequentially. Our overall days sales outstanding was $94, down approximately $7 sequentially and up approximately 4 days as compared to Q4 of 2024 and primarily reflect flexible payment terms that are part of our ongoing efforts to support Invisalign practices. Cash flow from operations for the fourth quarter was $223.2 million, Capital expenditures for the fourth quarter were $35.9 million, primarily related to investments in our manufacturing capacity and facility. Free cash flow, defined as cash flow from operations minus capital expenditures amounted to $187.3 million. Before I turn to our outlook, I'd like to provide the following remarks regarding US

第四季應收帳款餘額為11.018億美元，季增。我們整體應收帳款週轉天數為 94 美元，環比下降約 7 美元，與 2024 年第四季相比增加約 4 天，主要反映了靈活的付款條件，這是我們為支持 Invisalign 診所而持續努力的一部分。第四季經營活動產生的現金流量為 2.232 億美元，第四季資本支出為 3,590 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 1.873 億美元。在闡述我們的展望之前，我想先就美國問題提出以下幾點看法。

tariffs as of December 31. Currently, we do not expect a material change to our results of operations as a consequence of the latest US tariff actions, and we refer you to our Q1 of 2025 press release and earnings materials as well as our Q2 2025 webcast slides, which includes specifics regarding potential impacts on US tariffs. Now turning to our outlook.

截至12月31日的關稅。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 年第一季度的新聞稿和收益資料以及 2025 年第二季度的網絡直播幻燈片，其中包含有關美國關稅可能產生的影響的具體信息。現在談談我們的展望。

Assuming no circumstances occur beyond our control, such as foreign exchange, macroeconomic conditions and changes to our currently applicable duties, including tariffs or other fees that could impact our business. We expect Q1 2026 worldwide revenues to be in the range of $1.01 billion to $1.03 billion, up 3% to 5% year over year. We expect Q1 '26 Clear Aligner volume to be up mid-single digits year over year. We expect Q1 2026 Clear Aligner average selling price to be up sequentially from favorable geographic mix. We expect Systems and Services revenue to be down sequentially, consistent with our typical Q1 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或其他可能影響我們業務的費用的變化。我們預計 2026 年第一季全球營收將在 10.1 億美元至 10.3 億美元之間，年增 3% 至 5%。我們預計 2026 年第一季隱形矯正器的銷售量將比去年同期成長個位數中段。我們預計，由於有利的地域分佈，2026 年第一季隱形矯正器的平均售價將比去年同期上漲。我們預計系統和服務收入將環比下降，這符合我們典型的第一季季節性規律。

We expect our Q1 2026 GAAP operating margin to be 12.4% to 12.8%, down sequentially and Q1 2026 non-GAAP operating margin to be approximately 19.5%, consistent with Q1 seasonality. For fiscal 2026, we expect 2026 worldwide revenue growth to be up 3% to 4% year over year. We expect 2026 Clear Aligner volume growth to be up mid-single digits year over year. We expect the 2026 GAAP operating margin to be slightly below 18%, approximately 400 basis points improvement over 2025 and non-GAAP operating margin to be approximately 23.7%, 100 basis point improvement year over year as communicated during our third quarter earnings call. We expect our investments in capital expenditures for fiscal 2026 to be $125 million to $150 million.

我們預期 2026 年第一季 GAAP 營業利潤率約為 12.4% 至 12.8%，季減；2026 年第一季非 GAAP 營業利潤率約為 19.5%，與第一季的季節性變化一致。我們預計 2026 財年全球營收將年增 3% 至 4%。我們預計 2026 年隱形矯正器的銷售量將年增 50% 左右。我們預計 2026 年 GAAP 營業利潤率將略低於 18%，比 2025 年提高約 400 個基點；非 GAAP 營業利潤率約為 23.7%，比上年提高 100 個基點，正如我們在第三季度收益電話會議上所溝通的那樣。我們預計 2026 財年的資本支出投資額將達到 1.25 億至 1.5 億美元。

Capital expenditures primarily related to technology upgrades, additional manufacturing capacity as well as maintenance. Q4 was a good finish to the year with results that came in better than expected and reflect the continued strength of our business fundamentals. As we enter 2026, we are executing with focus and discipline, and we're encouraged by the progress we're seeing across the regions and key customer segments. Our confidence is grounded in the actions we're taking to actively manage the business and drive growth through our core strategic priorities: expanding international adoption; increasing orthodontic utilization, particularly among teens and kids; accelerating GP engagement, including restorative dentistry; and strengthening consumer demand conversion with greater emphasis on local last-mile marketing. While the macro environment remains dynamic, we are cautiously optimistic with a strong innovation road map, disciplined operational execution and a global team committed to delivering for doctors and their patients, we believe we are well positioned to deliver growth and value in 2026 and beyond.

資本支出主要用於技術升級、增加生產能力以及維護。第四季為全年畫上了圓滿的句號，業績好於預期，反映了我們業務基本面的持續強勁。進入 2026 年，我們正以專注和嚴謹的態度執行各項工作，並且我們對在各個地區和主要客戶群中取得的進展感到鼓舞。我們的信心源於我們正在採取的行動，即積極管理業務並透過我們的核心策略重點推動成長：擴大國際市場；提高正畸治療的使用率，尤其是在青少年和兒童中；加快全科醫生的參與，包括修復牙科；以及透過更加重視本地最後一公里行銷來加強消費者需求轉化。儘管宏觀環境依然瞬息萬變，但我們持謹慎樂觀態度。憑藉強有力的創新路線圖、嚴謹的營運執行以及致力於為醫生及其患者提供服務的全球團隊，我們相信我們已做好充分準備，在 2026 年及以後實現成長和價值。

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 the fourth quarter results and strong finish to 2025. We delivered sequential and year over year growth in Clear Aligners, saw improved stability in North America and delivered solid performance in imaging systems and services. International markets and our DSO partners continue to show encouraging momentum and we're tailoring regional-specific strategies supported by local manufacturing and product offerings to unlock meaningful, still untapped demand. Across DSOs and GP dentists, we strengthened clinical training, expanded AI-enabled tools and broadened financial partnerships to support utilization and improve access to Invisalign treatment.

謝謝你，約翰。總而言之，我對第四季的業績以及2025年即將結束的良好勢頭感到滿意。我們在隱形矯正器方面實現了連續和同比增長，在北美市場穩定性有所提高，並在成像系統和服務方面取得了穩健的業績。國際市場和我們的 DSO 合作夥伴繼續展現出令人鼓舞的發展勢頭，我們正在製定區域性策略，並輔以本地製造和產品供應，以釋放尚未開發的、有意義的需求。我們加強了牙科服務機構和全科牙醫的臨床培訓，擴展了人工智慧工具，並擴大了財務合作夥伴關係，以支持 Invisalign 治療的利用和改善其可近性。

Our localized data-driven marketing programs are beginning to improve retail conversion in targeted markets and our evolving product portfolio designed around affordability, flexibility and predictability is resonating with doctors. The teens and growing kids category remain a major long-term opportunity, supported by unique solutions like Invisalign First, Invisalign Palate Expander System and MAOB. We continue to invest in innovation across AI-driven treatment planning, integrated digital workflows and direct fabrication capabilities. Key areas highlighted in Investor Day that improve predictability: increase speed, strengthen our cost structure and enhance margins over time. These investments support our broader priorities, consistent execution, improved operating leverage, stronger conversion and disciplined capital allocation.

我們在地化的數據驅動型行銷計畫開始提高目標市場的零售轉換率，我們圍繞著價格實惠、靈活和可預測性而設計的不斷完善的產品組合也引起了醫生的共鳴。青少年和兒童群體仍然是一個重要的長期機遇，這要歸功於 Invisalign First、Invisalign Palate Expander System 和 MAOB 等獨特的解決方案。我們將繼續投資於人工智慧驅動的治療計劃、整合數位工作流程和直接製造能力等方面的創新。投資者日重點強調了提高可預測性的關鍵領域：提高速度、加強成本結構並隨著時間的推移提高利潤率。這些投資支持我們更廣泛的優先事項，包括持續執行、提高營運槓桿、增強轉換率和規範資本配置。

At the same time, we remain grounded in the realities of the current environment. Our opportunities are significant but sustained momentum in 2026 will require disciplined execution across regions, channels and product lines, particularly strengthening North America, improving conversion throughout the funnel and scaling internationally. Looking ahead, we're cautiously optimistic. Our strategy is clear. Our competitive advantages are strong, and our innovation road map is aligned to the needs of doctors, patients and our partners globally.

同時，我們始終立足於當前環境的現實。我們的機會很大，但要在 2026 年保持成長勢頭，需要在各個地區、通路和產品線上進行嚴格的執行，尤其要加強北美市場，提高整個銷售漏斗的轉換率，並實現國際擴張。展望未來，我們持謹慎樂觀態度。我們的策略很明確。我們的競爭優勢很強，我們的創新路線圖與全球醫生、患者和合作夥伴的需求一致。

Realizing the full value of these assets will require continued focus and consistent performance, we remain committed to expanding access to Invisalign treatment, accelerating conversion and advancing our next generation of digital orthodontics powered by the world's largest orthodontic data asset, real-time ClinCheck planning and the only fully integrated digital ecosystem spanning Invisalign, iTero and Exocad. Together, these capabilities position us to broaden adoption, strengthen utilization, improve efficiency and drive long-term value for customers, patients and shareholders as we move into 2026. With that, thank you for the time. I'll turn the call over to the operator. Operator?

要充分發揮這些資產的價值，需要持續的專注和穩定的表現。我們將繼續致力於擴大 Invisalign 治療的覆蓋範圍，加速轉化，並推進我們的下一代數位正畸技術，該技術由全球最大的正畸數據資產、實時 ClinCheck 規劃以及唯一涵蓋 Invisalign、iTero 和 Exocad 的完全集成數位生態系統提供支援。這些能力共同使我們能夠擴大應用範圍，加強利用，提高效率，並在邁向 2026 年之際為客戶、患者和股東創造長期價值。然後，感謝您抽出時間。我會把電話轉給接線生。操作員？

(Operator Instructions) Elizabeth Anderson, Evercore ISI.

（操作說明）伊麗莎白·安德森，Evercore ISI。

Hey guys, good afternoon. Congrats on a nice quarter and outlook. I was wondering, Joe, if you could maybe parse apart and maybe conceptually, if you can't do it numerically sort of how we think about this improved volume performance? Do you think it's sort of underlying market trends accelerating? I noticed you also -- there's a big emphasis, it seems like on the sales force towards higher growth channels. So I'm just trying to understand how much of you think is market-driven and how much you think is perhaps a different sales strategy or marketing strategy that you guys are adopting? Thanks so much.

各位，下午好。恭喜你們本季業績出色，前景良好。喬，我想問你，能不能從概念上分析一下，如果不能用數值來解釋的話，我們是怎麼看待這種改進的音量性能的？你認為這是某種潛在市場趨勢加速發展的表現嗎？我也注意到了——銷售團隊似乎非常重視高成長管道。所以我想了解一下，你們認為其中有多少是市場驅動的，又有多少是你們正在採用的不同銷售策略或行銷策略？非常感謝。

I'd say stability when you look at the markets and what we've really worked through, Elizabeth recently, I'd say on top of that stability, you see us executing well in the sense of -- we talked about the DSOs all around the world and really, honestly, incredible growth they've been able to drive over the last really several quarters for the business. I think our portfolio, like we talked about with young patients, again, you think about Palate Expander, MAOB, those things, Invisalign First, are great products. There's also a strong attachment rate we're seeing with -- when you have IPE along with Invisalign First, those things, 40% of the time will evolve into Invisalign First case. So that's a nice part of that early teens marketplace that we're helping to grow that marketplace overall. And then DSP and Touch-Up cases and all are really a big growth area for us, too

我認為，從市場和我們最近真正經歷的事情來看，穩定性至關重要。伊莉莎白，我認為，除了這種穩定性之外，我們還在執行方面做得很好——我們談到了世界各地的應收帳款週轉天數 (DSO)，坦白說，在過去的幾個季度裡，它們確實為公司帶來了令人難以置信的增長。我認為我們的產品組合，就像我們之前和年輕患者討論的那樣，例如顎擴張器、MAOB、Invisalign First 等等，都是很棒的產品。我們也看到，當同時進行 IPE 和 Invisalign First 治療時，有 40% 的機率會發展成 Invisalign First 病例，並且這種治療效果會非常顯著。所以，這是青少年早期市場發展的一個好開端，我們正在幫助推動整個市場的成長。此外，DSP 和修圖等也是我們非常重要的成長領域。

Got it. And then maybe, John, one for you. As you talk about sort of the positive ASPs perhaps in the first quarter. Anything you could do to help us put a little bit more of a parameter around what you would consider sort of that positive growth?

知道了。然後，約翰，也許，還有一杯給你。正如你所說，第一季的平均售價可能會上漲。您能否幫我們更明確地界定一下您認為的「正向成長」究竟是什麼？

Yes. I think when you look at the mix that we have, as we've grown in certain countries, and we've talked about this, certain countries give us more of a favorable ASP mix, and we expect that as we grow in some of these regions that have a higher list price, and that will help us.

是的。我認為，從我們目前的產品組合來看，隨著我們在某些​​國家的發展（我們也討論過這一點），某些國家為我們提供了更有利的平均售價組合，我們預計隨著我們在一些定價較高的地區發展，這將對我們有所幫助。

And then also balancing the product portfolio where we have some of those products that are more comprehensive and we see some of that growth coming through. So there's a multitude of things that we see from an ASP standpoint, but manage it closely, understand what it means from an ASP all the way to gross margin, and we see a good combination there.

此外，我們還要平衡產品組合，其中一些產品更加全面，我們看到這些產品正在實現成長。所以從平均售價 (ASP) 的角度來看，我們會看到很多因素，但要密切管理，了解從平均售價到毛利率的意義，我們就能看到良好的組合。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

Hey everyone, thanks. Hey, thanks for taking the questions. Maybe first, Joe, can we spend them on another minute. It sounds like things are stable in end markets. Just talk to us a little bit about what that means. And in part, I'm asking because I think the next question then becomes like what is the assumption as you think about the 2026 guidance? What are you guys kind of assuming both on the international side or the Americas side for end markets?

大家好，謝謝。嘿，謝謝你回答這些問題。喬，或許我們先再花一分鐘。聽起來終端市場情勢穩定。請您簡單解釋一下這意味著什麼。我之所以這麼問，部分原因是我認為接下來的問題就變成了：您在考慮 2026 年指導意見時，假設是什麼？你們對國際市場和美洲市場的終端市場分別有什麼假設？

Brandon, it's Joe. I'll open up with this and let John jump in as -- I'd say we're projecting what we experienced in the second half of the year, the execution we've had obviously, from a global standpoint, the good penetration and growth that we've seen there, again, leveraging the early teens, like I talked about before with Elizabeth, in those areas. And so we continue to run the plays and we've been running from an execution standpoint and a product standpoint not just globally, but in Americas and North America too. John?

布蘭登，我是喬。我先說幾句，然後讓約翰插話——我想說的是，我們正在預測今年下半年我們所經歷的情況，以及我們顯然在全球範圍內所取得的執行成果，包括我們在那裡看到的良好滲透率和增長，再次強調，就像我之前和伊麗莎白談到的那樣，在這些地區充分利用了青少年早期階段的優勢。因此，我們繼續推動這些策略，並且從執行和產品角度來看，我們不僅在世界範圍內，而且在美洲和北美也一直在推動這些策略。約翰？

And so just on that, Brandon, we're not expecting -- our forecast is saying, look, we expect the markets to behave like they are. No change in terms of what we've seen. It's about us driving that active conversion approach that we have, some of it on the products and the portfolio that we have. Some of it is in terms of how we go to market, some of the last minute or last mile efforts that we have to be able to help those customers drive that conversion. So it's just taking that mindset and building that forward.

所以，布蘭登，關於這一點，我們並不預期——我們的預測是，我們預期市場會像現在這樣運作。就我們所觀察到的情況而言，沒有任何變化。關鍵在於我們如何推動我們所採取的積極轉化策略，其中一些策略體現在我們現有的產品和產品組合中。部分原因在於我們如何進入市場，以及我們在最後一刻或最後一公里所做的努力，以幫助這些客戶實現轉換。所以，關鍵在於建立這種思維模式並以此為基礎繼續發展。

but really not expecting the markets to be anything different, and that's what's included in the forecast.

但實際上並不指望市場會有什麼不同，而這正是預測中所包含的內容。

Got it. And then -- that's helpful. Joe, the comments you're making around DSOs are really interesting. I know this has been a strong point for you guys for a while. I think this is the first time I've heard you say some of the DSOs grew triple digits.

知道了。然後——這很有幫助。喬，你對數位訊號產生器（DSO）的評論真的很有意思。我知道這一直是你們的優勢。我想這是我第一次聽到你說有些DSO成長了三位數。

And I guess the question is, can you just talk to us a little bit like how early you are in this adoption curve in the DSOs? I'm trying to get a sense of how many of these can continue to grow in the double digit or even some of them in the triple digits as you go through 2026? Thanks for the question, guys.

我想問的是，您能否簡單談談您在DSO（配電系統運營商）的採用曲線中處於什麼階段？我想了解一下，到 2026 年，這些數字中有多少能夠繼續保持兩位數的成長，甚至有些能夠達到三位數的成長？謝謝大家的提問。

Yes, I think there's two parts to that. The answer to that question, Brandon. One is the continued DSO penetration is they move to a larger percentage of the markets that they participate in. Now behind that, we've recruited and been recruited by other DSOs to help join that. So our penetration in DSOs around the world has increased too.

是的，我認為這包含兩個面向。布蘭登，這個問題的答案是…一是DSO持續滲透，即它們進入了更大比例的參與市場。現在，我們背後有其他 DSO 招募成員，也有其他 DSO 招募成員來幫助我們加入。因此，我們在全球配電系統營運商中的滲透率也隨之提高。

As I said in my script too, we are a natural partner because we do -- we can scale on so many dimensions with them. And it's -- some of these DSOs have worked with some competitive suppliers. And when they look at us, they understand that we can scale treatment planning. We have local kind of distribution. There's just so many areas that we can help them with a broader product portfolio, all those things.

正如我在劇本裡也提到的，我們是天然的合作夥伴，因為我們確實——我們可以和他們在很多方面都實現規模化發展。而且，其中一些配電服務營運商 (DSO) 也與一些有競爭力的供應商合作。當他們看到我們時，他們明白我們可以擴大治療方案的規模。我們採用的是本地分銷模式。我們可以透過更廣泛的產品組合，在許多方面幫助他們。

So I would say we're still good growth parameters in that business. And I'd say -- Also, you're going to see DSOs continue to expand around the globe, and we'll continue to take advantage of that, too.

所以我認為，我們在該業務領域仍然保持著良好的成長勢頭。而且我認為——你會看到配電系統營運商（DSO）繼續在全球擴張，我們也將繼續利用這一點。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Yeah, thanks. Good evening.

嗯，謝謝。晚安.

Guys. Hey, Joe, I wanted to start maybe on your adult business. That 8% number really stands out to me. Not only is it your best number since 2021, I think you said that on the call. but you guys haven't even sniffed a 5% number in the last three or four years. So that's materially higher and especially it came against a generally tough comp of 4% last year in the fourth quarter.

夥計們。嘿，喬，我想從你的成人用品生意入手。8%這個數字真的讓我印象深刻。這不僅是你們自 2021 年以來的最佳業績，我想你在電話會議上也提到過。但你們在過去三、四年甚至連 5% 的成長率都沒達到。所以這個數字明顯更高，尤其是考慮到去年第四季4%的基數較高。

So is that early traction with NOAA, is it some HFD tailwinds? Is it ClinCheck live early traction? Just what's really driving that improvement on the adult side, especially given that macro doesn't seem like it's really supporting an improvement in adult spending on discretionary items?

所以，這是NOAA早期的進展，還是HFD的順風？ClinCheck 的早期進展如何？究竟是什麼因素真正推動了成年人消費水準的提升？尤其是在宏觀經濟似乎並未真正支持成年人在可自由支配商品上的支出增加的情況下？

I think you named three really good variables, Jeff, that's helping to drive that. Honestly, a lot of it comes through DSOs too, which really helps, particularly on the GP side, we see, but the OSOs grow well in that area, too. So it's those variables you just talked about ending with financial credit that really helps in these times, particularly in North America, where we know patients are challenged that way, too. So a broad portfolio scanning every patient that walks in the door, then we talk more and more about -- that's the key. If you want to go digital, you want to convert patients you normally wouldn't convert is get this thing into a digital format in a pictorial format, you can show before and after results while that patient is in that chair.

傑夫，我認為你提到的三個變數都非常好，它們有助於推動這個進程。說實話，許多資金也是透過指定銷售機構（DSO）獲得的，這真的很有幫助，尤其是在普通患者方面，我們看到，但其他銷售機構（OSO）在這方面也發展得很好。所以，你剛才提到的那些最終與金融信貸相關的變量，在當今時代真的很有幫助，尤其是在北美，我們知道患者也面臨著這方面的挑戰。所以，我們需要對每一位走進診間的患者進行全面的篩檢，然後我們才能越來越多地討論──這才是關鍵。如果你想採用數位化方式，你想轉化那些你通常不會轉化的患者，那就把這個東西轉換成數字格式，以圖片格式呈現，你可以在患者坐在椅子上的時候展示治療前後的結果。

That's what the DSOs do so well and the retail accounts we work with do that well, too. John, anything you'd add to that?

這就是 DSO 做得非常出色的地方，我們合作的零售客戶也做得很好。約翰，你還有什麼要補充的嗎？

Yes. Maybe one follow-up -- yes, Joe, just one follow-up. It might be a similar topic or answer from you, but I think last quarter, when we kind of backed everything out, it looked like your North American retail business or your non-DSO business, I guess, is how we think about it was probably down maybe pushing double digits year over year? I know you guys told me that was a little aggressive, but somewhere in that ballpark. You mentioned, I think, at your very end comments there of the prepared remarks that the retail business got a little better.

是的。或許還需要一次後續跟進——是的，喬，只需要一次後續跟進。這可能和您給出的答案類似，但我認為上個季度，當我們把所有數據都剔除出去之後，您的北美零售業務或者非應收賬款業務（我們通常這樣理解）同比可能下降了兩位數？我知道你們都說我的做法有點激進，但差不多就是那個意思。我想，您在準備好的發言稿的最後發言中提到，零售業的情況略有改善。

Just any kind of commentary or any kind of color you can provide to flush that US retail business or North American retail business out in the period?

您能否提供任何評論或見解，以幫助我們更了解這段時期內的美國零售業或北美零售業？

Jeff, the word I use is more stability there. We're standing, I think, on a better platform in that sense. The team has been executing better around there. I wouldn't call the economic situation in the United States, better in any way in the sense of driving volume in that way. I'd just say the team is more focused.

傑夫，我用的字是「比較穩定」。我認為，從這個意義上講，我們現在站在一個更好的平台上。球隊在那方面表現得更好了。就推動銷量而言，我不會說美國的經濟狀況有任何改善。我只想說，團隊現在更專注了。

Our portfolio is a little broader as we talked about. And obviously, the DSOs are helping a lot in that sense too.

正如我們剛才討論的，我們的投資組合範圍更廣一些。顯然，配電系統運營商在這方面也發揮了很大的作用。

In North America was -- we got better due to some of the retail wasn't as negative and the DSOs growth. That combination brought North America to be better on a year over year basis than it was in Q3. And when we talked about it on the overall Americas, when you add in Latin America, it grew at the fastest rate or one of the fastest rates since 2021. So we're encouraged by that. And it's all the things Joe talked about to help drive that conversion.

在北美，情況有所好轉，因為一些零售業的業績沒有那麼糟糕，而且應收帳款週轉天數也有所增長。這一組合使得北美地區的業績比第三季同比有所改善。當我們談到整個美洲的情況時，如果加上拉丁美洲，其成長速度是自 2021 年以來最快的，或者說是最快的成長速度之一。我們因此備受鼓舞。而喬所說的所有事情都有助於推動這種轉變。

All right, helpful, thanks guys.

好的，很有幫助，謝謝各位。

Thanks, Jeff.

謝謝你，傑夫。

Jon Block, Stifel.

Jon Block，Stifel。

Hey guys, good afternoon, John, I'm going to get -- try to get pretty granular. I know you gave some color on 2026 Clear Aligner volumes and overall worldwide revenues for the year. But I just want to try to drill down on price or ASP. So should we think about Invisalign ASP's down call it, 2% year-on-year. I'm thinking FX is probably a plus and that full year is probably a plus.

嘿，大家好，下午好，約翰，我要──盡量說得更詳細一些。我知道您透露了一些關於 2026 年隱形矯正器銷售和全年全球總收入的資訊。但我只想深入了解一下價格或平均售價。所以我們應該考慮 Invisalign 的平均售價年減 2% 嗎？我認為外匯交易可能是個優勢，全年有效也可能是個優勢。

But maybe any detail you can give us there? And the follow-on would just be -- I think ASPs were supposed to be up a little bit, 3Q to 4Q, they were down a little. Maybe just talk to that. Was it intra-quarter FX? Was that just geo mix? Any color there? Thanks.

您能否提供一些細節資訊？後續情況是－我認為平均售價（ASP）原本應該在第三季到第四季之間略有上升，但實際上卻略有下降。或許可以跟它聊聊。是季度內外匯波動嗎？那隻是地理混合嗎？那裡有顏色嗎？謝謝。

Yes. No, two good questions. So overall, your first question, Jon, yes, expect ASPs to kind of model maybe 1% to 2% down overall. So it's kind of in that range that you talked about on a year over year basis for 2026 for all the things that we talked about, country mix as well as product mix, kind of the non-comprehensive versus comprehensive. And when you look at it on a quarter over quarter basis, when you look at our fourth quarter, they would have been flat had we not had FX changed slightly.

是的。不，這是兩個好問題。所以總的來說，Jon，你的第一個問題，是的，預計平均售價可能會整體下降 1% 到 2%。所以，就我們討論的所有方面而言，2026 年的同比變化範圍大致與你剛才提到的範圍相同，包括國家組合和產品組合，以及非全面性與全面性。如果以季度來看，以我們的第四季為例，如果不是匯率略有變化，業績本應持平。

We got a little bit worse from a quarter over quarter in FX. And then you also had some of the country mix. We had really, really good growth and some of the countries that are in Latin America and Turkey and India and so on that have a lower list price. So the combination of that country growth on a quarter over quarter basis plus slight impact on the FX side of things from a currency standpoint caused us to be down slightly.

外匯市場較上季略有惡化。然後還有一些鄉村音樂的元素。我們取得了非常非常好的成長，有些位於拉丁美洲、土耳其、印度等國家，這些國家的標價較低。因此，該國季度環比增長加上匯率方面受到的輕微影響，導致我們略有下降。

Got it. Great color. And then just a follow-up. Joe, I'm just curious like what you're hearing, if anything, regarding these tax receipts or stimulus. Did you build anything into 1Q?

知道了。顏色很棒。然後還有一個後續問題。喬，我只是好奇你有沒有聽到什麼關於這些稅收收據或刺激經濟措施的消息。在第一季做了什麼規劃嗎？

Just how you think that may or may not play out? And then the tack on of that and Italy sort of different question is, we're sitting here in February, is NOAA officially out there? Are you going to sort of hit the go button all at once? I know it's been with the DSOs for a while, or is this going to be more [drip drip] by geography, just really how you refine the rollout of NOAA and your thoughts there in '26?

你覺得這件事最終會如何發展？然後，再加上義大利的情況，就引出了一個不同的問題：現在是二月份，美國國家海洋暨大氣總署（NOAA）是否正式發布了相關資訊？你打算一下子按下啟動按鈕嗎？我知道它已經與DSO合作一段時間了，或者這將是按地理位置逐步推進的，這實際上只是您如何完善NOAA的推廣，以及您在2026年對此有何想法？

Yes, Jon, on the taxes, again, I'd describe it as I did before. We just looked at North America as stable as we go into the first quarter. We understand some of the projections on taxes and what consumers. We look at that as a possible upside, obviously, but we didn't plan necessarily around that, we just planned on how we have to execute in the way we did in the fourth quarter and carry that over. As far as the zero AA products, they mix and match all over the world, Jon, it's kind of a different kind of a profile of what we have in the United States versus what we have in Europe and what we're doing in APAC in general.

是的，喬恩，關於稅收問題，我還是會像之前那樣描述它。我們認為北美市場在第一季保持穩定。我們了解一些關於稅收和消費者的預測。我們顯然認為這是一個潛在的優勢，但我們並沒有圍繞這一點制定計劃，我們只是計劃如何像第四季度那樣執行，並把這種執行力延續下去。至於零AA產品，它們在世界各地都有混合搭配，Jon，這與我們在美國、歐洲以及亞太地區的產品情況有所不同。

But as John said in his comments, the customers out there like this options, especially ones that have a lot of confidence in our product line, know how to use the product, understand the perfection aspect of 5 x 5 that they think are worried about before over the years, I think they've gained more confidence in themselves through our product line and what it can do. So it's not like it all starts right now. We have some of these things that will roll out in APAC, some different variations of rollout and in Europe. But I'd say by the end of the first quarter, into the second quarter of this year, we'll have that pretty much lined out by geography.

但正如約翰在評論中所說，顧客們喜歡這些選擇，尤其是那些對我們的產品線充滿信心、知道如何使用產品、理解 5 x 5 完美性方面（他們過去多年來一直擔心這一點）的顧客，我認為他們通過我們的產品線及其功能獲得了更大的信心。所以，並不是一切都從現在開始。我們將在亞太地區推出其中一些產品，並在歐洲推出一些不同的推廣方案。但我認為，到今年第一季末，也就是第二季初，我們就能基本按地理位置把這件事安排妥當了。

Great, thanks for the call guys.

太好了，謝謝你們的來電。

Yeah, John, thanks.

約翰，謝謝。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Hi, good evening. Yes, hey, how's it going? Thanks for the question. Congrats on a nice quarter. Maybe just on the margin side, great to see the -- talking about the 100 basis points of opportunity. As you think about where you were in 3Q versus the guidance now, any changes in terms of how you think about getting to that margin? Any positive surprises, anything relative to the revenue drop down on the better case starts? How should we think about the dynamics, especially the strategic nature of the dynamics in terms of the potential for growth.

您好，晚上好。嗨，你好嗎？謝謝你的提問。恭喜你本季業績出色。或許只是在邊際方面，很高興看到──談到100個基點的機會。回顧第三季業績與目前預期，您在實現該利潤率方面有哪些想法改變了？有沒有什麼正面的驚喜，或者說，在情況較好的情況下，收入下降方面有什麼變化嗎？我們應該如何看待這種動態，特別是從成長潛力的角度來看，這種動態的戰略性質。

Yes. Michael, this is John. So when you think about the product portfolio we have, we have the mix shift that we've been talking about, it gets noted in ASP. But what that means is when we don't have refinements and we have some of this lower stage product, it's more profitable. The margin rate is higher.

是的。邁克爾，我是約翰。所以，當你考慮到我們的產品組合時，你會發現我們一直在談論的組合轉變，這在平均售價中有所體現。但這意味著，當我們不進行精煉，只生產一些低階段的產品時，利潤反而更高。利潤率更高。

And so you see some of that from a mix standpoint, it shows up in our gross margin. You're also seeing many of the effects of some of the productivity improvements that we have. We talked about some of the equipment that we had and maybe upgrading some of the equipment and seeing some of this, we're starting to see early stages of that benefit as well. So it's our products that we have and how we're going to market with those. And then it's also just driving productivity.

因此，從成分股的角度來看，這部分內容會反映在我們的毛利率上。您也看到了我們一些生產力提升措施帶來的許多效果。我們討論了一些我們現有的設備，以及升級一些設備的可能性，我們已經開始看到一些初步的成效。所以，關鍵在於我們擁有的產品以及我們將如何進行市場推廣。而且它還能提高生產力。

We want to be mindful of getting that adoption, growing our business and then volume helps, DSP and others that don't have refinement, but then driving productivity, and we saw good results from a gross margin standpoint, like we saw in Q4 that we haven't seen -- honestly, we haven't seen since close to 2021. So that's good to see, and we want to continue that as we go into 2026.

我們希望注意提高採用率，發展業務，然後銷量就會有所幫助，DSP 和其他沒有精細化服務的公司，但要提高生產力，從毛利率的角度來看，我們看到了良好的結果，就像我們在第四季度看到的那樣，這是我們自 2021 年以來從未見過的——說實話，我們自 2021 年以來就沒見過的。這是件好事，我們希望在2026年繼續保持這種勢頭。

And just one follow-up, and I apologize if I missed the nuance relative to the DSO commentary. This is more tied back to the pull-through on Lumina. You're obviously now a year-plus past the launch. How is it behaving acting in terms of your conversion opportunities relative to the placements and what that's doing in terms of some of the volume dynamics. Is it hitting the targets that you want is outperforming?

最後還有一個問題，如果我錯過了有關 DSO 評論的細微差別，我深表歉意。這與 Lumina 的拉出式設計關係更為密切。顯然，距離產品發布已經過去一年多了。就轉換機會而言，相對於廣告位而言，它的表現如何？就一些流量動態而言，它又發揮了怎樣的作用？達到你想要的目標是否算超額完成任務？

Anything more you got on the experience there would be great.

如果您能分享更多關於那次經歷的信息，那就太好了。

We feel really good about that platform overall, Michael. It's been well accepted in the marketplace, both from a GP standpoint, who do a lot of restorative procedures as well as the orthos obviously, they are dedicated to orthodontics in that way. We know that having Lumina in those accounts and the more Luminas you have in those accounts, the better off you do. And we continue to emphasize that at accounts and the uptake seems to be good. I think to answer your question, you have to kind of go all over the world.

邁克爾，我們對這個平台整體感覺非常好。它在市場上得到了廣泛的認可，無論是全科醫生（他們做了很多修復手術）還是正畸醫生（他們致力於正畸治療），都對此表示歡迎。我們知道，帳戶中擁有 Lumina，而且帳戶中 Lumina 越多，你的收益就越好。我們繼續強調這一點，而且帳號的接受度似乎不錯。我認為要回答你的問題，你得走遍世界各地。

But in general, I think the foundation of your question is, can you keep growing Lumina? Will you keep growing that platform? We feel good about that platform. It's a multi-structured light. We'll obviously have iterations on that platform as we go forward.

但總的來說，我認為你問題的核心是，Lumina 能否持續發展壯大？你會繼續發展這個平台嗎？我們對這個平台感覺很好。它是一種多結構光源。隨著我們不斷推進，這個平台顯然還會進行迭代更新。

So I feel really good about not just the market performance of Lumina over last year, but what we're positioned to do in the future with the technology too. Thank you.

因此，我對 Lumina 去年的市場表現感到非常滿意，同時也對我們未來利用這項技術所能取得的成就充滿信心。謝謝。

Vik Chopra, Wells Fargo.

維克喬普拉，富國銀行。

Hey, good afternoon and congrats on a nice quarter. Maybe a couple for me here. on the guidance range, you said 3% to 4% revenue growth for 2026. Maybe talk about some of the other variables behind that guidance range. And do you think that 3% to 4% range is conservative? Or do you think you can deliver above that level of growth in '26?

嘿，下午好，恭喜你們本季業績出色。或許我這裡還有幾點要補充。關於預期範圍，您提到2026年營收成長3%至4%。或許可以談談影響指導範圍的其他一些因素。你認為3%到4%的範圍保守嗎？或者你認為你能在 2026 年實現高於這個水準的成長嗎？

Yes, Vik, this is John. So look, we guide as we always do. We look at kind of how we see the numbers the actions that we're taking to be able to help drive performance with new products and go-to-market activities and so on. So that's the range that we give at this point to be able to grow off of 2025 at the 3% to 4%. It goes back to things that I talked about that are really strategic for us.

是的，維克，這是約翰。所以，我們照常進行指導。我們會觀察我們如何看待這些數據，以及我們為幫助推動新產品和市場推廣活動等取得績效所採取的行動。所以，我們目前給出的成長範圍是 2025 年到 4% 之間。這又回到了我之前談到的那些對我們來說具有真正戰略意義的事情上來。

We want to grow internationally. We're seeing good growth. We want to continue that. We want to continue to drive orthodontic utilization, so that's products that NOAA product that comprehensive helps there. Some of the new products that we have with Invisalign First and MAOB and others, those will help us grow that utilization for those doctors.

我們希望拓展國際市場。我們看到了良好的成長動能。我們希望繼續這樣做。我們希望繼續推動正畸治療的普及，而 NOAA 的綜合產品在這方面有所幫助。我們與 Invisalign First 和 MAOB 等公司合作推出的一些新產品，將有助於提高這些醫生對這些產品的使用率。

And we're really excited about how GPs fit into this. They're doing a lot more of scanning every patient, visualizing, really tying in financing and other things to get that sometimes reluctant patients to decide to go into treatment. And then, of course, we want to leverage our brand to be able to make sure everybody is aware of our product and how we can differentiate and so on. So it's really a continuation of our strategies around those major aspects that give us the confidence to be able to guide in the way we have. And as we go quarter-by-quarter, we'll update as needed.

我們非常興奮地看到全科醫生如何融入其中。他們對每位患者進行更多的掃描、視覺化，真正將融資和其他因素結合起來，促使那些有時不願接受治療的患者決定接受治療。當然，我們也希望利用我們的品牌，確保每個人都了解我們的產品以及我們的差異化優勢等等。所以，這實際上是我們圍繞這些主要方面所採取的策略的延續，這些策略使我們有信心以我們一直以來的方式進行指導。我們會按季度進行更新，並根據需要進行調整。

Got it. And just a quick follow-up for me. Given the strong growth you called out among the DSOs, maybe just remind us what percent of your sales are coming from the DSO channel and how you plan to further expand these partnerships? Thank you.

知道了。我還有一個後續問題。鑑於您提到的 DSO 管道的強勁增長，能否提醒我們一下，貴公司有多少百分比的銷售額來自 DSO 管道，以及貴公司計劃如何進一步拓展這些合作關係？謝謝。

Yes. DSOs for us, Vik, about 25% of our business on a volume basis and we want to continue to expand. They share -- many of these DSOs are becoming more of a digital orthodontic mindset. We share that digital orthodontic mindset with them and they want the scanners. So they have Luminas, they're scanning every patient, they're providing a lot of visualization and growing, and we think that's a natural benefit.

是的。對我們來說，DSO（應收帳款週轉天數）約占我們業務量的 25%，我們希望繼續擴大規模。他們的共同點是──許多牙科服務機構正在逐漸形成數位矯正思維。我們與他們擁有相同的數位化矯正理念，他們也需要掃描器。所以他們有 Lumina 設備，他們掃描每個病人，他們提供了很多視覺化訊息，而且設備還在不斷發展，我們認為這是一個自然而然的好處。

When a DSO is looking to scale, we can help provide that scale through our technology and our operations, sharing and leveraging the brand as well. So it's a great partnership. We want to continue on that, but also make sure that we're also helping our retail doctors grow as well. So we're not forgetting because there's a large amount of retail doctors as well, but we're very pleased to what we see in DSOs.

當一家配電系統營運商 (DSO) 尋求擴大規模時，我們可以透過我們的技術和營運來幫助實現這種規模，同時共享和利用品牌。所以這是一次非常棒的合作。我們希望繼續保持這種勢頭，同時也要確保幫助我們的零售醫生成長。所以我們並沒有忘記，因為零售醫生也很多，但我們對 DSO 的發展感到非常滿意。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Hi, Jason.

嗨，傑森。

Hey guys, good afternoon. Congrats on the results here today. I'm going to follow up on Mike Cherny's operating margin question, -- to start. And the focus of the question is, are there things that need to happen or fall into place in order to hit that 100 basis point margin expansion target. And you've got a variety of scenarios that could obviously play out with product mix, geographic mix, channel mix. I did all that, but are there scenarios where you see that 100 basis points at risk?

各位，下午好。恭喜你今天取得的成績。首先，我將跟進 Mike Cherny 提出的營業利潤率問題。問題的重點是，為了實現 100 個基點的利潤率擴張目標，是否需要發生或具備某些條件。而且，產品組合、地理組合、通路組合等方面顯然會出現各種各樣的情況。我做了所有這些，但是您認為是否存在這 100 個基點有風險的情況？

Or is that piece of your guidance you feel fully within your control?

或者，你覺得這部分指導完全在你的掌控之中嗎？

Yes, Jason, when we think about that, look, we have to execute. We have to better outgrow the business so much of what we see and especially on that -- the productivity that we have is based on volume. We have to execute on our volume and get that to come through our manufacturing. We see volume benefits, volume leverage when we have that. But we've made a lot of changes kind of exiting kind of in the second half of last year to improve some of the productivity, getting closer to our customers and so on.

是的，傑森，當我們想到這一點時，你看，我們必須執行。我們必須更好地超越業務成長，因為我們看到的許多東西，尤其是在這方面——我們的生產力是基於銷售的。我們必須實現產量目標，並透過我們的生產製造來實現這一目標。當我們擁有足夠的交易量時，就能獲得交易量帶來的好處和槓桿效應。但在去年下半年，我們進行了許多變革，以提高生產力，拉近與客戶的距離等等。

So we've made some of those structural changes to be able to help drive and improve that productivity. So we feel good about that from a guidance standpoint, I wanted to continue talking about the 100 basis points improvement and as we execute, just like our overall revenue guidance, we'll update as we go forward.

因此，我們進行了一些結構性調整，以幫助推動和提高生產力。因此，從業績指引的角度來看，我們對此感到滿意。我想繼續談談這 100 個基點的改進，隨著我們執行情況的推進，就像我們的整體收入指引一樣，我們會隨時更新。

Okay, all right. Fair enough. I want to move over to China VPP real quick. And I appreciate all the comments you made in your exposure more on the private side of the market. I guess, can you help us a bit more with what you're seeing competitively in advance of that VPP rollout, understanding it's delayed.

好的，沒問題。很公平。我想盡快遷移到中國VPP。我非常感謝您在更多地關注市場私人方面時所提出的所有意見。我想，鑑於 VPP 的推出有所延遲，您能否再幫我們了解一下您在 VPP 推出之前所看到的競爭情況？

But what kind of pricing assumptions are you making in that down 1% to 2% guide for your global ASPs for the year? How much is China impacting that? And then are you similarly making assumptions around the volume uptick post VPP implementation? Just any help there on those factors would be great.

但是，您在預測今年全球平均售價下降 1% 至 2% 時，是基於什麼樣的定價假設呢？中國對這方面的影響有多大？那麼，您是否也對 VPP 實施後的交易量成長做出了類似的假設？如果您能就這些因素提供一些幫助，那就太好了。

Hey Jason, it's Joe. First of all, I'd say there's an uncertainty around that implementation next year. Secondly, you have to think three and four area hospitals are the biggest focus in that area. We don't really participate in that to any broad extent. And that's where it would be hit first.

嗨，傑森，我是喬。首先，我想說明年這項計畫能否順利實施仍有不確定性。其次，你必須考慮到該地區的三、四家醫院是該地區最重要的關注點。我們並沒有廣泛參與其中。而那裡正是它最先遭受攻擊的地方。

And it's kind of what I covered in my comments. We're 85% private, we're primarily in one or two cities. Now we know from the medical device industry and other parts of the orthodontic industry and the dental industry that, that might change in the sense of how VPP affects it. But we've pretty much taken a status quo look at our business in China as we go into the year. Like I mentioned, I feel we're well positioned in the sense of the products that we would position there if that does go through.

這正是我在評論中提到的內容。我們85%的業務是私有的，主要集中在一、兩個城市。現在我們從醫療器材行業、正畸行業的其他部分以及牙科行業中了解到，VPP 對其的影響方式可能會發生變化。但進入新的一年，我們對在中國的業務基本上採取了維持現狀的態度。正如我之前提到的，我覺得如果這件事真的發生，我們在那裡的產品定位非常有利。

And so right now, we're not expecting any major disruption for China on year-to-year based on VPP.

因此，目前我們預期中國基於虛擬採購計畫 (VPP) 的年度數據不會出現任何重大波動。

So our guidance, to be clear, Jason, does not include any VPP impact, whether it's on the volume side or ASP side given how Joe positioned.

所以，Jason，需要明確的是，鑑於 Joe 的定位，我們的指導意見不包含任何 VPP 影響，無論是在銷售方面還是 ASP 方面。

Michael Sarcone, Jefferies.

Michael Sarcone，傑富瑞集團。

Good afternoon and thanks for, hey, good afternoon and thanks for taking the questions. Just first one on the system sales. I think you had talked about previously, you were going to end of life, some of the older IOS systems. Maybe with that in mind, can you talk about how you're thinking about growth in '26 between kind of replacement cycle versus de novo placements?

下午好，謝謝，下午好，謝謝回答問題。系統銷售的第一筆訂單。我想你之前也提到過，一些較舊的 IOS 系統即將停止服務。考慮到這一點，您能否談談您如何看待 2026 年的成長，是採用人員更替週期還是全新招募模式？

Michael, I mean there are some old element iTero scanners that we have a clause on right now in the sense of what we'll service and what we weren't servicing. We're doing our best to work with doctors to get them over the line into a new product like Lumina overall. I can't give you the specifics in the sense of how we look at our overall services business next year and scanner business and tell you specifically what that is. But I don't feel that transitions a major variable in the equation of our success next year.

Michael，我的意思是，對於一些舊款的 iTero 掃描儀，我們目前有一項條款規定了我們會維修哪些型號，以及我們以前不會維修哪些型號。我們正在盡最大努力與醫生合作，讓他們最終接受像 Lumina 這樣的新產品。我無法具體說明我們明年將如何看待我們的整體服務業務和掃描器業務，也無法具體告訴你具體情況。但我認為這種轉變並不是我們明年能否成功的關鍵因素。

Yes. We're always looking to have those scanners, especially the older ones like we've seen, Element 1s and 2s to position those out of the market, offer a trade in allowance and then get that doctor to the newest scanner, Lumina. And once they see the difference, it usually kind of goes and it's an easy transition. But it's more efficient for them to use Lumina and it's better for us. It captures more images better and so on, so we want that transition.

是的。我們一直在尋找合適的掃描儀，特別是像 Element 1 和 Element 2 這樣的老款掃描儀，以便將它們淘汰出市場，提供以舊換新補貼，然後讓醫生們升級到最新的 Lumina 掃描儀。一旦他們看到了區別，通常就會順理成章，過渡也很容易。但對他們來說，使用 Lumina 效率更高，對我們來說也更好。它能更好地捕捉更多影像等等，所以我們想要這種轉變。

So just like everything else, we want to work with them to make that happen.

所以就像其他所有事情一樣，我們希望與他們合作，實現這一目標。

Thanks, Michael.

謝謝你，麥可。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

Hi, thanks. Yeah, good afternoon. Yeah, thanks for taking the question. I guess, just separate from the discussion on your own ASPs and your own pricing. Just curious to maybe get a little more color on your thoughts on just overall Clear Aligner pricing trends across the broader global marketplace.

您好，謝謝。午安.好的，謝謝你回答這個問題。我想，這應該要和你們自己的平均售價和定價討論分開來看。我很好奇，想聽聽您對全球隱形矯正器整體價格趨勢的看法。

There are seemingly some positive news in relation to price increases, a few key competitors. I'm wondering maybe just if tariffs or other factors are maybe just driving higher prices across the competitive landscape in a way that might help you and is that material enough to where that was like a factor in your guidance? Or do you think you would have guided for like your volume trends kind of regardless of what's going on in competitor pricing front? Thanks.

關於價格上漲和一些主要競爭對手，似乎有一些利好消息。我想知道關稅或其他因素是否推高了競爭環境中的價格，從而可能對你們有利，而這種影響是否足以成為你們業績指引的一個因素？或者您認為無論競爭對手的價格策略為何，您都會根據銷售趨勢進行指導嗎？謝謝。

Yes, Steve, this is John. I don't think that specific what they're doing is factored into our guidance. Our guidance is based on what we can do to be able to help drive the business and drive adoption and take this active conversion approach. But it is noted, I mean, we watch things closely to see what competition does. We hear it in the field and so on.

是的，史蒂夫，我是約翰。我認為他們具體採取的行動並沒有納入我們的指導方針中。我們的指導原則是基於我們能夠為推動業務發展和促進產品採用所做的努力，並採取積極的轉化方法。但值得注意的是，我們會密切注意競爭對手的動向。我們在田間地頭等地都能聽到這種說法。

And you're right, many competitors for various reasons. I think in terms of tariffs or maybe it's profitability or other reasons that they look at changing their pricing. And I think it stands to reason that some of the pricing that initially offered, they've had to increase and -- it's probably a good thing in the long run to do. It certainly helps us, I think, going forward, but it's not contemplated in our guidance, but I think it's the evolution of the business as it goes forward.

你說得對，出於各種原因，有很多競爭對手。我認為他們改變定價的原因可能是關稅、獲利能力或其他方面。我認為，他們最初提供的一些價格不得不上漲，這是合理的——從長遠來看，這可能是一件好事。我認為這肯定對我們未來的發展有所幫助，但這並沒有在我們的指導方針中考慮，但我認為這是業務發展演變的必然結果。

Thanks, Michael. Next question, please.

謝謝你，麥可。下一個問題。

David Saxon, Needham & Company.

David Saxon，Needham & Company。

Thanks, for taking my questions. Good afternoon. I'll just keep it at one. So just on the direct fab, as you roll more products through direct fab, how should we think about the magnitude of that impact on gross margins and kind of the cadence of how that hits the P&L? Thanks so much.

謝謝您回答我的問題。午安.我就把它設為1吧。那麼，就直接晶圓廠而言，隨著更多產品透過直接晶圓廠生產，我們該如何看待這對毛利率的影響程度，以及它對損益表的影響節奏呢？非常感謝。

Yes, David, it's Joe. Let me think -- we've been pretty clear that , that will be somewhat margin dilutive in the sense as it begins to roll out in 2026. We'll scale that. We have to scale in the millions. And so as we get into 2027, you'll see us really being able to scale out. And I think as you enter the second half of 2027 and you get into 2028, we expect we move into margin accretion in that period of time.

是的，大衛，我是喬。讓我想想——我們已經很明確地表示，從2026年開始逐步推出這項計劃，在某種程度上會稀釋利潤率。我們會擴大規模。我們必須將規模擴大到數百萬。因此，到了 2027 年，你們將會看到我們真正能夠擴大規模。我認為，進入 2027 年下半年以及 2028 年，我們預計在那段時間裡，利潤率將會成長。

Okay. But for '26 do you expect gross margin to be down or?

好的。但你預計2026年的毛利率會下降嗎？

The margins will be -- we're pretty much projecting the margins that we have.

利潤率將是——我們基本上是按照我們現有的利潤率進行預測的。

So we've got oddly specific direct fab, direct fab that is margin dilutive. But when we talk about the 100 basis point improvement on op margin, that includes whatever impact that we might have from the direct fab. So we're contemplating that in terms of our overall guidance. But on direct fab itself, like Joe said, you need to scale that resin and drive utilization on the actual manufacturing. And until you do so, it's margin dilutive.

所以我們現在有了非常特別的直接晶圓廠，這種直接晶圓廠會稀釋利潤率。但當我們談到營運利潤率提高 100 個基點時，這包括了直接晶圓廠可能帶來的任何影響。所以，我們正在從整體指導方針的角度來考慮這個問題。但就直接晶圓製造而言，正如喬所說，你需要擴大樹脂的規模，並在實際製造過程中提高利用率。在你這樣做之前，它會稀釋利潤率。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Great, thanks, I'll keep it to one as well, it's just a follow-up. On the Scanners and Services segment for '26. You gave us a lot of the moving pieces between volumes and you talked about ASPs earlier. It just sounds like you're guiding to Scanners and Services being roughly in line with total company revenue growth, give or take a couple of points.

好的，謝謝，我也只發一個，只是個後續問題。2026 年掃描器和服務板塊。您向我們介紹了卷之間的許多動態因素，您之前也談到了平均售價 (ASP)。聽起來你似乎認為掃描器和服務業務的成長與公司總收入的成長大致持平，上下浮動幾個百分點。

I was thinking that in '25, you guys had a really tough comp from prior year of [60%]. So that was -- it did a little bit slower. But since you're still in aluminum ramp, I'm just curious why you wouldn't see some upside there and sort of what's holding you back from giving a more aggressive outlook on scanners? Thanks.

我當時在想，2025年你們的競爭一定非常激烈，因為去年的競爭非常激烈。[60%]。所以，它的速度稍微慢了一點。但既然你還在鋁材斜坡領域，我就很好奇為什麼你沒有看到那裡的發展潛力，以及是什麼阻礙了你對掃描儀提出更積極的看法？謝謝。

Yes, Michael, this is John. So in total, you're right. Systems and Services, when we think about kind of the company average in terms of the guidance that we gave, the 3% to 4% Systems and Services kind of falls into that on a year over year basis. So a lot of new things that we still have to be able to grow with our Systems and Services business, some of the upgrades that we talk about, some of the trade-ins, other ways to be able to grow, but we think broadly, it grows equal to or about at what Clear Aligners grow.

是的，邁克爾，這是約翰。所以總的來說，你是對的。系統和服務部門，當我們考慮公司平均水平以及我們給出的指導意見時，系統和服務部門的同比增長率在 3% 到 4% 之間。因此，我們還有很多新的東西需要我們去發展，例如我們談到的一些升級、一些以舊換新，以及其他一些發展方式。但總的來說，我們認為它的成長速度與隱形矯正器的成長速度相當或大致相同。

Thank you, Michael. Two more questions, please, operator.

謝謝你，麥可。接線員，請再問兩個問題。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Thank you. This is Dylan filing on for Kevin. I'll keep it to one. Going back to John's commentary on the question on the NOAA and kind of where that stands today. How is that contemplated into the 1% to 2% ASP decline that you're forecasting for the year? And I mean, is that product going to be rolled out in a meaningful way?

謝謝。這是迪倫代替凱文報道。我只說一個。讓我們回到約翰對美國國家海洋和大氣管理局（NOAA）問題的評論，以及它目前的狀況。您是如何將這一因素納入您預測的今年平均售價下降 1% 至 2% 的預期中的？我的意思是，這款產品會以有意義的方式推出嗎？

And any additional aligners, whatever? Would those be incremental to what you've guided for? Or are there assumptions in place for what to get in additional aligners?

還有其他需要配戴的矯正器嗎？這些會是您之前指導內容的補充嗎？或是需要額外矯正器的情況，是否有既定的假設？

Yes, Dylan, I can take that. So we expect to -- in success, as we pilot things, we expect to roll things out from a no refinement type product, the NOAA product. So we're seeing good uptake on the comprehensive with NOAAs. We're seeing this and have tested in various markets and we're seeing success. So that continues to roll out in Q1.

是的，迪倫，我可以接受。因此，我們期望－在試點成功後，我們期望能夠推出未經改進的產品，即 NOAA 產品。所以我們看到，與美國國家海洋暨大氣總署 (NOAA) 合作的綜合計畫得到了很好的推廣。我們已經看到了這一點，並在各種市場進行了測試，結果都取得了成功。所以這項計劃將在第一季繼續推出。

And like Joe said, it'd be mostly fully rolled out into 2Q. Our guidance reflects that. So we have that. Don't think of an ASP impact with that type of product either though, because remember, we don't have to defer revenue on a no refinement type of product. So we can recognize all the revenue upfront.

正如喬所說，這項計劃將在第二季度基本上全面推出。我們的指導原則也反映了這一點。所以我們有了這些。不過，也不要考慮這類產品對平均售價的影響，因為記住，對於無需改進的產品，我們不必推遲收入。這樣我們就可以提前確認所有收入。

The refinements will come over time as doctors need those refinements and we just get that over time. And -- but it's not an initial ASP impact when we have that. And that's what's been contemplated in the volume that we gave as well as the ASP.

隨著醫生需要這些改進，這些改進也會隨著時間的推移而逐步實現，而我們也只能隨著時間的推移才能獲得這些改進。但是——但當我們有這種情況時，它不會對 ASP 產生初始影響。而這正是我們在所提供的捲冊以及 ASP 中所考慮的內容。

Thanks, Dylan. Last question, operator, please.

謝謝你，迪倫。最後一個問題，接線生。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Great, thanks for squeezing me in. So in the ortho segment, how is broader Clear Aligner growth across the industry, particularly in the North American market, comparing to brackets and wires? And just based on some of the gauged data that you track on that front? And then across kind of the teen segment, any metrics on conversion rates or anything like that from an Invisalign First or Palate expansion standpoint and how that's tracking. Is that moving the needle? Thanks.

太好了，謝謝你們擠出時間幫我。那麼在矯正領域，與托架和鋼絲相比，整個產業（尤其是北美市場）的隱形矯正器成長如何？僅僅根據你追蹤的這方面的一些衡量數據來看呢？然後，針對青少年群體，從 Invisalign First 或腭部擴張的角度來看，是否有任何關於轉換率或其他類似指標，以及這些指標的追蹤情況。這樣能有所改變嗎？謝謝。

Erin, it's Joe. On the ortho segment, wires and brackets and Aligners, I would say there's -- between the fourth quarter and what we saw the rest of the year, I don't think it's a big difference in the sense of the conversion we've seen on particularly teens with wires and brackets and our product line overall. Now where we have seen a difference, obviously, in the younger patients. And that's not really a wires and brackets competition. Those are different devices that we're going about and we saw great growth in that area.

艾琳，我是喬。關於矯正領域，包括鋼絲托架和隱形矯正器，我想說——從第四季度到今年其他季度的情況來看，我認為在青少年群體（尤其是使用鋼絲托槽的青少年）以及我們整體產品線的轉換率方面，並沒有太大的變化。很明顯，我們在年輕患者身上看到了差異。這其實並不是一場電線和支架的競賽。這些都是我們正在研發的不同設備，而且我們在這個領域看到了巨大的成長。

Conversion rates, again, I think conversion rates if I hit this right on your question, Erin, it has a lot to do with how these doctors convert. Do they scan upfront first? Do they show visualization? Like our Smile products and different things like that. And so workflow becomes extremely important in a sense of what those conversion rates are.

轉換率，再說一遍，我認為轉換率，如果我沒理解錯你的問題的話，艾琳，這與這些醫生的轉換率有很大關係。他們會先進行掃描嗎？它們是否展示了可視化效果？例如我們的微笑系列產品以及其他類似的產品。因此，工作流程對於轉換率而言就變得極為重要。

But I haven't -- when you think holistically or generically in the industry, I don't think the conversion rates in the orthodontic community have changed dramatically at all during the year.

但是，從整體或產業角度來看，我認為正畸領域的轉換率在過去一年中並沒有顯著變化。

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

謝謝。我們的問答環節到此結束。現在我將把電話轉回給雪莉·史泰西，請她作總結發言。

Thanks, everyone, for joining us today. We look forward to meeting with you at upcoming investor conferences at industry events and Chicago mid-winter in the next couple of weeks. If you have any follow-up questions, please contact Investor Relations, and have a great day.

感謝各位今天蒞臨。我們期待在接下來的幾週內，在即將舉行的投資者會議、行業活動以及芝加哥的冬季活動中與您見面。如有任何後續問題，請聯絡投資者關係部門，祝您一切順利。

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，您可以斷開線路了。感謝您的參與。