愛齊科技 (ALGN) 2020 Q3 法說會逐字稿

Greetings, and welcome to Align Technology's Third Quarter 2020 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Align Technology 的 2020 年第三季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host Shirley Stacy, Vice President, Corporate and Investor Communications. Thank you. You may begin.

現在我很高興向您介紹公司和投資者傳播部副總裁 Shirley Stacy。謝謝你。你可以開始了。

Thank you for joining us, everyone. Joining me on today's call is Joe Hogan, President and CEO; and John Morici, CFO. We issued third quarter 2020 financial results today via Globe Newswire, which is available on our website at investor.aligntech.com.

感謝大家加入我們。與我一起參加今天電話會議的是總裁兼首席執行官 Joe Hogan；和首席財務官 John Morici。我們今天通過 Globe Newswire 發布了 2020 年第三季度財務業績，可在我們的網站 investor.aligntech.com 上獲取。

Today's conference call is being audio webcast and will be archived on our website for approximately 1 month. A telephone replay will be available today by approximately 5:30 p.m. Eastern Time through 5:30 p.m. Eastern Time on November 4. To access the telephone replay, domestic dialers should dial (877) 660-6853 with conference number 13710706 followed by pound. International callers should dial (201) 612-7415 with the same conference number.

今天的電話會議正在通過音頻網絡直播，並將在我們的網站上存檔大約 1 個月。今天下午 5 點 30 分左右將提供電話重播。東部時間下午 5:30東部時間 11 月 4 日。要收聽電話重播，國內撥號者應撥打 (877) 660-6853，會議號碼為 13710706，然後按英鎊。國際呼叫者應使用相同的會議號碼撥打 (201) 612-7415。

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.

提醒一下，今天提供和討論的信息將包括前瞻性陳述，包括關於 Align 未來事件和產品前景的陳述。這些前瞻性陳述只是預測，涉及風險和不確定性，我們在我們的網站和 sec.gov 上向證券交易委員會提交的最新定期報告中更詳細地描述了這些風險和不確定性。實際結果可能會有很大差異，Align 明確不承擔更新任何前瞻性陳述的義務。

We have posted historical financial statements, including the corresponding reconciliations, including our GAAP and non-GAAP reconciliation, if applicable. And our third quarter 2020 conference call slides on our website under quarterly results. Please refer to these files for more detailed information.

我們已經發布了歷史財務報表，包括相應的對賬，包括我們的 GAAP 和非 GAAP 對賬（如果適用）。我們網站上的季度業績下的 2020 年第三季度電話會議幻燈片。請參閱這些文件以獲取更多詳細信息。

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

有了這個，我將把電話轉給 Align Technology 的總裁兼首席執行官 Joe Hogan。喬？

Thanks, Shirley. Good afternoon, and thanks for joining us. I'm pleased to report stronger-than-expected results with record third quarter revenues up 21% year-over-year, reflecting strong momentum across all regions and customer channels for both Invisalign clear aligners and iTero scanners and services.

謝謝，雪莉。下午好，感謝您加入我們。我很高興地報告強於預期的結果，第三季度收入同比增長創紀錄的 21%，反映出 Invisalign 透明對準器和 iTero 掃描儀和服務在所有地區和客戶渠道的強勁勢頭。

During the quarter, we continued to support doctor recovery efforts with products, programs and virtual tools and training that help more docs transition their practices to digital technologies and drove record utilization across the Invisalign portfolio. Capping off a record quarter is an achievement of our ninth million Invisalign patient milestone.

在本季度，我們繼續通過產品、程序和虛擬工具以及培訓來支持醫生的康復工作，幫助更多的醫生將他們的實踐轉變為數字技術，並推動 Invisalign 產品組合的利用率創紀錄。創紀錄的季度結束是我們九百萬 Invisalign 患者里程碑的成就。

We also saw a strong response to our new teen-and-mom-focused consumer campaign with 118% year-over-year increase in total leads, garnered 3.3 billion impressions, an uptick in consumer engagement from new social media influencers like Charli D' Amelio and Marsai Martin, and 26% increase year-over-year in teenagers using Invisalign clear aligners.

我們還看到了對我們新的以青少年和媽媽為中心的消費者活動的強烈反響，潛在客戶總數同比增長 118%，獲得了 33 億次展示，來自 Charli D' 等新社交媒體影響者的消費者參與度有所上升Amelio 和 Marsai Martin，以及使用 Invisalign 隱形矯治器的青少年同比增長 26%。

Our overall revenue momentum has continued into October, and we are encouraged by positive feedback from Invisalign practices regarding the benefits of digital orthodontics, starting with an iTero scanner for Invisalign treatment especially in this COVID environment.

我們的整體收入勢頭一直持續到 10 月，我們對 Invisalign 實踐對數字正畸的好處的積極反饋感到鼓舞，首先是用於 Invisalign 治療的 iTero 掃描儀，尤其是在這種 COVID 環境中。

For Q3, total revenues were $733 million, up 108% sequentially and up 21% year-over-year, reflecting a sharp rebound in sales for both Invisalign clear aligners and iTero imaging systems as practices around the world reopened and got back to work treating existing and new patients.

第三季度總收入為 7.33 億美元，環比增長 108%，同比增長 21%，這反映出隨著全球診所重新開放並恢復治療，Invisalign 隱形矯治器和 iTero 成像系統的銷售額大幅反彈現有和新患者。

Q3 revenues for clear aligners were $621 million, up 20% year-over-year, and Imaging Systems & and CAD/CAM Services were $113.4 million, up 24.5% year-over-year. Q3 and Invisalign shipments were a record of 496,000 cases, up 28.7% versus prior year and up 124% versus prior quarter, reflecting strong recovery across all regions.

第三季度透明對準器的收入為 6.21 億美元，同比增長 20%，成像系統和 CAD/CAM 服務為 1.134 億美元，同比增長 24.5%。第三季度和 Invisalign 的出貨量達到創紀錄的 496,000 箱，比去年同期增長 28.7%，比上一季度增長 124%，反映了所有地區的強勁復甦。

During the quarter, we saw increased demand for new cases as restrictions eased and doctors ramped up their practices. This is in contrast to Q2 where doctors' primary focus was to maintain continuity of patient care for their existing patients through additional aligner shipments and replacement aligners. John mentioned this in his comments last quarter and we'll touch on it again today.

在本季度，我們看到隨著限制的放鬆和醫生的增加，對新病例的需求有所增加。這與第二季度形成鮮明對比，第二季度醫生的主要重點是通過額外的矯治器發貨和更換矯治器來維持現有患者的患者護理連續性。 John 在上個季度的評論中提到了這一點，我們今天將再次討論它。

For the quarter, we shipped Invisalign cases to a record 70,000 doctors, of which 5,800 were first-time customers, reflecting increased doctor activity as practices have reopened. We have also trained approximately 6,500 new doctors in Q3, including 3,200 international doctors, reflecting increased doctor engagement through our online virtual education courses, summits and forums.

本季度，我們向創紀錄的 70,000 名醫生運送了 Invisalign 病例，其中 5,800 名是首次客戶，這反映出隨著診所重新開放，醫生活動有所增加。我們還在第三季度培訓了大約 6,500 名新醫生，其中包括 3,200 名國際醫生，這反映出通過我們的在線虛擬教育課程、峰會和論壇增加了醫生的參與度。

Across the business, we believe there are several factors contributing to our strong performance, starting with pent-up demand. Many of our doctors indicate that they are making good progress in working the backlog of patients from office shutdowns. Pent-up disposable income remains a key factor as consumers focus on feel-good investments, while many other quality of life options are low.

在整個業務中，我們認為有幾個因素促成了我們的強勁表現，首先是被壓抑的需求。我們的許多醫生表示，他們在處理因辦公室關閉而積壓的患者方面取得了良好進展。被壓抑的可支配收入仍然是一個關鍵因素，因為消費者專注於感覺良好的投資，而許多其他生活質量選擇卻很低。

In our new normal, there are far fewer trips abroad, fewer flights, less money spent on gas, dry cleaning, et cetera. More people can afford to allocate that spending to Invisalign treatment, especially when they're working remotely and critiquing themselves on camera, so much of the time. That's the Zoom effect we've heard about across multiple sectors.

在我們的新常態下，出國旅行、航班、汽油、乾洗等方面的花費都少得多。越來越多的人有能力將這筆支出分配給 Invisalign 治療，尤其是當他們大部分時間都在遠程工作並在鏡頭前自我批評時。這就是我們在多個領域聽說過的 Zoom 效應。

As we look at our customer channels, we feel the strategy to dedicate sales representatives by specialty alignment is bearing fruit, particularly in the GP dental segment. Sales reps were able to partner with a wider range of providers within their designated specialty during the downturn and assess mindset and specific needs during the recovery and tailor plans to thrive beyond COVID.

當我們審視我們的客戶渠道時，我們認為通過專業調整來分配銷售代表的策略正在取得成果，尤其是在 GP 牙科領域。銷售代表能夠在經濟低迷時期與其指定專業範圍內的更廣泛的供應商合作，並在復蘇期間評估心態和特定需求，並製定計劃以在 COVID 之後蓬勃發展。

A digital mindset has been key, and we believe this is the largest influence in the ortho market and the one we've been laying the foundation for over the last several years. For many doctors, they are still down from normal years in terms of overall production and weekly patient flow. But they have prioritized Invisalign clear aligners as their preferred modality expanded to the first age group and leverage programs that help to make the transition from analog to digital treatment. We see this both in teen and adult treatment growing with the same provider, increased use of iTero scanners, our virtual care, our high overlap of bracket buyback switch.

數字思維一直是關鍵，我們相信這是對矯形器市場的最大影響，也是我們在過去幾年中一直在奠定的基礎。對於許多醫生來說，他們在整體生產和每週患者流量方面仍低於正常年份。但他們優先考慮 Invisalign 隱形矯治器，因為他們的首選方式已擴展到第一年齡組，並利用有助於從模擬治療過渡到數字治療的計劃。我們在同一家供應商的青少年和成人治療中看到了這一點，增加了 iTero 掃描儀的使用，我們的虛擬護理，我們的支架回購開關的高度重疊。

As part of our recovery programs, we offer doctors 2 programs, either switch their braces in patients into Invisalign treatment by buying their wires and brackets or just buy back their existing inventory. We took out the equivalent of 10,000 cases. Providers actively reduced their analog footprints by proactively switching their patients to sustainable digital care with Invisalign. And for GPs who already demonstrated momentum with digital, an active choice was made to position Invisalign as a priority. Scanning every patient with iTero is generating more opportunity from recall patients even if overall practice capacity is still down. Because doctors in both channels are trying to anticipate what may come in terms of additional waves and office shutdowns, they are hyper-focused on ensuring that they have the best plan for continuity of care and business continuity, which is digital.

作為我們恢復計劃的一部分，我們為醫生提供 2 個計劃，要么通過購買他們的電線和支架將患者的牙套轉換為 Invisalign 治療，或者只回購他們現有的庫存。我們取出了相當於 10,000 個案例。供應商通過 Invisalign 主動將患者轉為可持續的數字護理，從而積極減少他們的模擬足跡。對於已經在數字化方面表現出勢頭的全科醫生，他們主動選擇將 Invisalign 定位為優先事項。使用 iTero 掃描每位患者，即使整體實踐能力仍然下降，也能從召回患者中獲得更多機會。由於這兩個渠道的醫生都試圖預測可能會出現額外的浪潮和辦公室關閉，因此他們非常專注於確保他們擁有最佳的數字化護理連續性和業務連續性計劃。

To support them in this digital journey, we've rolled out My Invisalign app in virtual care to 40-plus countries. These tools have been received very positively by our doctors and are quickly becoming part of their practice workflow.

為了在這個數字化旅程中支持他們，我們在 40 多個國家/地區推出了虛擬護理中的 My Invisalign 應用程序。我們的醫生非常積極地接受了這些工具，並迅速成為他們實踐工作流程的一部分。

Our commitment to continuous innovation is key. We've recently announced our treatment planning evolution and global availability of our next-generation ClinCheck Pro 6.0 proprietary treatment planning software. ClinCheck Pro 6.0 moves Invisalign digital treatment planning to the cloud, making its robust treatment planning tools and features available to doctors anytime, anywhere, on any laptop, personal computer, tablet or phone. The release includes a new ClinCheck in-face visualization tool, an enhanced doctor facing digital clinical tool that combines a photo of their patients face with their 3D Invisalign treatment plan, creating a personalized view of how their new smile will look.

我們對持續創新的承諾是關鍵。我們最近宣布了下一代 ClinCheck Pro 6.0 專有治療計劃軟件的治療計劃演變和全球可用性。 ClinCheck Pro 6.0 將 Invisalign 數字治療計劃轉移到雲端，使醫生可以隨時隨地在任何筆記本電腦、個人電腦、平板電腦或手機上使用其強大的治療計劃工具和功能。該版本包括一個新的 ClinCheck 面部可視化工具，這是一個增強的面向醫生的數字臨床工具，它將患者面部的照片與他們的 3D Invisalign 治療計劃相結合，創建他們新笑容的個性化視圖。

In addition, we also announced today Invisalign G8 predictability improvement with SmartForce Aligner Activation for both orthodontists and general dentists starting in Q1 2021. The Invisalign G8 with SmartForce Aligner Activation is our newest biomechanical innovation and the latest in our long history of Invisalign predictability improvements.

此外，我們今天還宣布，從 2021 年第一季度開始，Invisalign G8 通過 SmartForce Aligner Activation 改進可預測性，面向正畸醫生和全科牙醫。具有 SmartForce Aligner Activation 的 Invisalign G8 是我們最新的生物力學創新，也是我們 Invisalign 可預測性改進悠久歷史中的最新成果。

We continue to focus on building partnership with doctors. Our data shows the providers who have or quickly developed momentum around digital orthodontics, leaned into our comprehensive platform in a variety of our programs and resources to accelerate a digital shift. It's a compelling story of how engagement may be the first step, but transformation is achieved through the breadth of product and services only Align can provide.

我們繼續專注於與醫生建立夥伴關係。我們的數據顯示，在數字正畸方面擁有或迅速發展勢頭的供應商依靠我們各種計劃和資源中的綜合平台來加速數字化轉型。這是一個引人入勝的故事，說明參與可能是第一步，但轉型是通過只有 Align 可以提供的產品和服務的廣度來實現的。

Transformation and support programs like ADAPT, virtual tools, development of teen awesomeness centers, GP accelerator, teen conversion, aligner intensive fellowship, iPro and doctor-led coaching programs that support GP growth. Building on the teen market in Q3, 163,000 teens and preteens started treatment with Invisalign clear aligners, representing 33% of total cases shipped, reflecting growth predominantly from North American orthos and EMEA regions.

轉型和支持計劃，如 ADAPT、虛擬工具、青少年敬畏中心的發展、GP 加速器、青少年轉換、對準器密集獎學金、iPro 和支持 GP 成長的醫生主導的輔導計劃。在第三季度的青少年市場上，有 163,000 名青少年和青春期前兒童開始使用 Invisalign 隱適美隱形矯治器進行治療，佔總出貨量的 33%，反映了主要來自北美矯形器和 EMEA 地區的增長。

In parts of the market, we saw an initial rush for teen treatments earlier in the quarter with a slight change in demand profile compared to what we normally see in a typical season, which may be the result of a different type of back-to-school season as most kids return to school late or through virtual learning. Invisalign First continues to accelerate among young patients as well.

在部分市場，我們在本季度早些時候看到了青少年治療的最初熱潮，與我們通常在典型季節看到的情況相比，需求狀況略有變化，這可能是不同類型的回歸的結果-開學季，因為大多數孩子很晚或通過虛擬學習返回學校。 Invisalign First 也在年輕患者中繼續加速發展。

In terms of product performance, we saw strong growth across the portfolio and noncomprehensive outpace comprehensive, even with the record adult shipments for the quarter. Growth of the Invisalign Go product also increased among GPs driven by North America and EMEA, and there was an increase in our Express package shipments with North America contributing to the majority of that growth. Overall, both noncomprehensive and comprehensive shipments were up, with continued increased adoption of our Moderate product among the ortho and GP channels.

在產品性能方面，我們看到整個產品組合的強勁增長和非綜合性超過綜合性，即使本季度成人出貨量創歷史新高。在北美和 EMEA 的推動下，Invisalign Go 產品在 GP 中的增長也有所增長，並且我們的快遞包裹出貨量有所增加，其中北美貢獻了大部分增長。總體而言，非綜合和綜合出貨量均有所上升，我們的適度產品在骨科和 GP 渠道中的採用率持續增加。

Now let's turn to the specifics around our third quarter results, starting with the Americas. For the Americas region, Q3 Invisalign case volume was up 166% sequentially and 25% year-over-year, reflecting an increase in shipments due in large part to the digital programs and tools implemented during the pandemic to help our doctors as well as our continued investments in targeted marketing and sales efforts.

現在讓我們從美洲開始談談我們第三季度業績的具體情況。對於美洲地區，第三季度 Invisalign 病例數環比增長 166%，同比增長 25%，這在很大程度上反映了出貨量的增長，這在很大程度上是由於在大流行期間實施的數字程序和工具，以幫助我們的醫生和我們的醫生繼續投資於有針對性的營銷和銷售工作。

The Q3 utilization was up for North American orthos and GPs both quarter-over-quarter and year-over-year. We saw a continued utilization increases during the quarter, especially among our orthodontic customers in the teen segment, the strongest teen quarter in the last 6 quarters. As we mentioned previously, in Q2, we started a bracket buyback program to enable doctors to switch their braces patients into Invisalign treatment by buying back their wires and brackets inventory.

北美矯形器和全科醫生的第三季度利用率環比和同比均有所上升。我們看到本季度的利用率持續增加，尤其是在我們的青少年正畸客戶中，這是過去 6 個季度中最強勁的青少年季度。正如我們之前提到的，在第二季度，我們啟動了支架回購計劃，使醫生能夠通過回購他們的線材和支架庫存，將他們的支架患者轉換為 Invisalign 治療。

We also saw stronger growth in the adult segment. We believe that some of the increase in adult shipments is reflective of how circumstances have changed today, with adults in our target demographic having more disposable, direct -- more disposable income directed at getting their smiles fixed.

我們還看到成人細分市場的增長更為強勁。我們認為，成人出貨量的部分增長反映了當今情況的變化，我們目標人群中的成年人有更多的可支配、直接——更多的可支配收入用於修復他們的笑容。

In Latin America, volume was also up year-over-year, led by strong growth in Mexico and Brazil. When you consider the timing of the pandemic and the shutdowns occurring later in Q2 for Lat Am, we were encouraged by the growth this quarter. We also saw increased utilization in the GP channel with Invisalign Go and adoption of Moderate. DSO utilization also increased and continues to be strong growth driven by Heartland and also Aspen.

在拉丁美洲，在墨西哥和巴西的強勁增長帶動下，銷量也同比增長。當你考慮大流行的時間和拉丁美洲第二季度晚些時候發生的停工時，我們對本季度的增長感到鼓舞。我們還看到 Invisalign Go 和 Moderate 的採用增加了 GP 渠道的利用率。在 Heartland 和 Aspen 的推動下，DSO 利用率也有所增加並繼續保持強勁增長。

For our international business, Q3 Invisalign case volume was up a sequential 88%, led by a significant increase in EMEA. On a year-over-year basis, international shipments were up 34%, reflecting increases through both EMEA and APAC.

對於我們的國際業務，第三季度 Invisalign 案例量環比增長 88%，其中歐洲、中東和非洲地區的顯著增長居首。與去年同期相比，國際出貨量增長了 34%，反映了 EMEA 和亞太地區的增長。

For EMEA, Q3 volumes were up sequentially 104% and up 38% on a year-over-year basis across all markets with strong performances from the ortho channel as well as the GP channel as many doctors kept their offices open during their typical summer holiday season. Both core and expansion markets accelerated, with growth in our core markets, led by Iberia, the U.K., Germany and growth in our expansion markets led by Central and Eastern Europe and the Benelux.

對於歐洲、中東和非洲地區，第三季度銷量環比增長 104%，所有市場同比增長 38%，由於許多醫生在典型的暑假期間保持辦公室開放，因此來自正畸渠道和全科醫生渠道的表現強勁季節。核心市場和擴展市場都在加速增長，我們的核心市場以伊比利亞、英國、德國為首，擴展市場以中東歐和比荷盧經濟聯盟為首。

We introduced the Ortho Recovery 360 Program in EMEA last quarter to support our orthodontists as they started reopening their businesses. As of Q3, over 4,000 orthodontists have enrolled in the program, with over 13,000 touch points with sales team members providing a dedicated support in July and August alone. As a result, we continue to see an increase in Net Promoter Score, or NPS, with qualitative feedback from doctors showing that they appreciate Align for the support during this difficult time.

上個季度，我們在歐洲、中東和非洲地區推出了 Ortho Recovery 360 計劃，以支持我們的正畸醫生開始重新開業。截至第 3 季度，已有超過 4,000 名正畸醫生報名參加該計劃，僅在 7 月和 8 月，就有超過 13,000 個接觸點與銷售團隊成員提供專門支持。因此，我們繼續看到淨推薦值 (NPS) 的增加，醫生的定性反饋表明他們感謝 Align 在這個困難時期提供的支持。

We also rolled out your billing -- Your Brilliance Enhanced marketing campaign to selected EMEA markets that highlights the skills of our orthodontists and illustrates how partnering with Align in using Invisalign clear aligners and iTero systems and services can help further enhance the brilliance of these specialists.

我們還向選定的 EMEA 市場推出了您的賬單——Your Brilliance Enhanced 營銷活動，突出了我們的正畸醫生的技能，並說明了與 Align 合作使用 Invisalign 隱形矯正器和 iTero 系統和服務如何幫助進一步提高這些專家的才華。

To support our GP doctors, we also launched our GP Recovery 360 program during the quarter with over 2,900 GPs enrolled so far. At the beginning of the quarter, we also launched an Invisalign Go Plus system in the U.K. and Benelux and had 2,500 GPs attend the event. During the quarter, we continue to offer virtual and hybrid education events for our doctors with online and on-demand education events, which reached over 2,000 GPs cumulatively.

為了支持我們的 GP 醫生，我們還在本季度推出了 GP Recovery 360 計劃，目前已有 2,900 多名 GP 註冊。本季度初，我們還在英國和比荷盧經濟聯盟推出了 Invisalign Go Plus 系統，並有 2,500 名全科醫生參加了此次活動。本季度，我們繼續通過在線和按需教育活動為我們的醫生提供虛擬和混合教育活動，累計達到 2,000 多名全科醫生。

For APAC, in Q3, volumes were up sequentially, 74%, reflecting continued improvement within the region. On a year-over-year basis, APAC was up 30% compared to the prior year.

對於亞太地區，在第三季度，銷量環比增長 74%，反映出該地區的持續改善。與去年同期相比，亞太地區比上一年增長了 30%。

During the quarter, we're pleased to see a record number of unique doctors submitting cases and positive growth in the adult segment with growth in GP channels and noncomprehensive cases with Moderate product. In the teen segment, shipments were at an all-time high as doctors' offices continue to recover. We also saw acceleration from Japan and ANZ.

在本季度，我們很高興看到提交病例的獨特醫生數量創下歷史新高，並且隨著 GP 渠道的增長和中等產品的非綜合病例的增長，成人細分市場也出現了積極增長。在青少年部分，隨著醫生辦公室的持續恢復，出貨量創歷史新高。我們還看到了日本和澳新銀行的加速增長。

During the quarter, we celebrated the grand opening of our China manufacturing facility in Ziyang. The event was attended by key partners and doctors in China. The state of the art facility replaces our original temporary facility, further establishing our commitment and capacity to manufacture Invisalign aligners and iTero imaging systems in China.

本季度，我們慶祝了位於資陽的中國製造工廠的盛大開業。中國的主要合作夥伴和醫生參加了此次活動。最先進的設施取代了我們原來的臨時設施，進一步確立了我們在中國製造 Invisalign 矯治器和 iTero 成像系統的承諾和能力。

Align was also one of the sponsors of APACMed Virtual Forum 2020, which attracted over 1,000 attendees from the medtech industry. The forum consisted of panel discussions in live video chat sessions at the Align virtual booth as we continue to establish Align as a global medical company that aims to transform smiles and change lives in the APAC region.

Align 還是 2020 年 APACMed 虛擬論壇的讚助商之一，該論壇吸引了來自醫療技術行業的 1,000 多名與會者。該論壇包括在 Align 虛擬展台的實時視頻聊天會話中進行的小組討論，因為我們將繼續將 Align 打造成一家旨在改變亞太地區微笑和改變生活的全球醫療公司。

Last week, we also hosted the Align APAC Virtual Symposium, a fully digital event that showcased a digital treatment technologies and featured practitioners from across the Asia Pacific region with over 800 participants. Our consumer marketing is focused on building the clear aligner category and driving demand for Invisalign treatment through a doctor's office.

上週，我們還舉辦了 Align APAC 虛擬研討會，這是一個展示數字治療技術的全數字化活動，來自亞太地區的從業者超過 800 人參加。我們的消費者營銷重點是建立隱形矯治器類別，並通過醫生辦公室推動對 Invisalign 治療的需求。

In Q3, we saw strong digital engagement globally with more than 78% increase in unique visitors as well as on leads traded driven by our new campaign, revamped social media strategy and our new invisalign.com website that was rolled out to 15-plus countries. Several key metrics show increased activity engagement with the Invisalign brand and are included in our Q3 quarterly presentation slides available on our website. We're pleased with the strong engagement and activity we've seen on our consumer platforms over the last few months and believe it speaks to the strength of the brand and consumer interest in treatment even during the challenges of the last few months.

在第 3 季度，我們在全球範圍內看到了強勁的數字參與度，在我們的新活動、改進的社交媒體戰略和我們在 15 多個國家/地區推出的新 invisalign.com 網站的推動下，獨立訪客和潛在客戶交易量增加了 78% 以上.幾個關鍵指標顯示 Invisalign 品牌的活動參與度增加，並包含在我們網站上提供的第三季度季度演示幻燈片中。我們對過去幾個月在我們的消費者平台上看到的強烈參與和活動感到滿意，並相信即使在過去幾個月的挑戰中，這也說明了品牌的實力和消費者對治療的興趣。

As you recall from last quarter, we launched our Mom multitouch campaign with incremental support to drive reach, awareness and foot traffic to practices during the key teen season. We also launched a new multimillion-dollar TV campaign designed to reach mom and teens across a broad range of networks nationwide, including cable and connected TV networks.

您還記得上個季度，我們推出了 Mom 多點觸控活動，並提供增量支持，以在關鍵的青少年季節提高影響力、知名度和客流量。我們還發起了一項耗資數百萬美元的新電視活動，旨在通過全國范圍廣泛的網絡（包括有線電視和聯網電視網絡）覆蓋媽媽和青少年。

Align is always looking for new opportunities to reach consumers and be relevant to potential patients wherever they work, live and play.

Align 一直在尋找新的機會來接觸消費者，並與潛在患者相關，無論他們在哪里工作、生活和娛樂。

During the quarter, we announced that the Invisalign brand is the official clear aligner sponsor of the NFL Football League. With 11 NFL teams working with great sports brands like the NFL is another way to connect with consumers by leveraging the power of the NFL brand in its existing brand platforms. The NFL League partnership will help build awareness of Invisalign clear aligner treatment at a national level, while the team agreement will help us engage with key markets and connect consumers with doctors in those markets.

在本季度，我們宣布 Invisalign 品牌是 NFL 橄欖球聯盟的官方透明矯治器贊助商。 11 支 NFL 球隊與像 NFL 這樣的偉大體育品牌合作，是通過利用 NFL 品牌在其現有品牌平台中的力量與消費者建立聯繫的另一種方式。 NFL 聯盟合作夥伴關係將有助於在全國范圍內提高對 Invisalign 隱形矯治器治療的認識，而團隊協議將幫助我們參與主要市場並將消費者與這些市場的醫生聯繫起來。

During the quarter, we also extended our innovation to drive engagement with new Invisalign Stickables designed to personalize Invisalign clear aligners, especially for younger patients. The innovative sticker accessories designed exclusively for use with SmartTrack material are available in a variety of designs, colors, shapes and themes and reflect patients' desire to show their personal flair during Invisalign treatment.

在本季度，我們還擴展了我們的創新，以推動新的 Invisalign Stickables 的參與，這些 Stickables 旨在個性化 Invisalign 隱形矯治器，特別是針對年輕患者。專為與 SmartTrack 材料配合使用而設計的創新貼紙配件有多種設計、顏色、形狀和主題可供選擇，反映了患者在 Invisalign 隱適美治療期間展現個人才華的願望。

For our Systems and Services business, Q3 revenues were up 110% sequentially due to higher shipments and service revenues. We continue to see momentum with Element 5D imaging system, gaining traction in North America and APAC region.

對於我們的系統和服務業務，由於出貨量和服務收入增加，第三季度收入環比增長 110%。我們繼續看到 Element 5D 成像系統的發展勢頭，在北美和亞太地區獲得關注。

On a year-over-year basis, System and Services revenues were up 24.5% due to higher shipments and service. Cumulatively, over 27.4 million orthodontic scans and 6 million restorative scans have been performed with iTero scanners.

由於出貨量和服務的增加，系統和服務收入同比增長 24.5%。 iTero 掃描儀累計執行了超過 2740 萬次正畸掃描和 600 萬次修復掃描。

For Q3, total Invisalign cases submitted with a digital scanner in the Americas increased to 83% from 79% in Q3 last year. International scans increased to 72%, up from 63% in the same quarter last year. We're pleased to see that within the Americas, 95% of cases submitted by North American orthodontists were submitted digitally.

對於第三季度，美洲使用數字掃描儀提交的 Invisalign 隱適美案例總數從去年第三季度的 79% 增加到 83%。國際掃描增加到 72%，高於去年同期的 63%。我們很高興地看到，在美洲，北美正畸醫生提交的病例中有 95% 是以數字方式提交的。

Our Q3 Systems and Services revenue also includes exocad CAD/CAM products and services. exocad's expertise in restorative dentistry, implantology, guided surgery and smile design extends our digital dental solutions and broadens Align's digital platform toward a fully integrated interdisciplinary end-to-end workflows, and we're excited about our continued integration progress and product plans.

我們的 Q3 系統和服務收入還包括 exocad CAD/CAM 產品和服務。 exocad 在修復牙科、種植學、引導手術和微笑設計方面的專業知識擴展了我們的數字牙科解決方案，並將 Align 的數字平台擴展到完全集成的跨學科端到端工作流程，我們對我們持續的集成進展和產品計劃感到興奮。

In September, exocad celebrated its tenth anniversary in conjunction with exocad Insights 2020, an annual event for manufacturers and users of dental CAD/CAM technologies entitled, A Decade of Digital Innovation. The event attracted over 300 dental technicians, dentists and over 40 partner companies as well as 1,600 users of digital technologies and laboratories and practices from 55 countries.

9 月，exocad 與 exocad Insights 2020 一起慶祝成立十週年，exocad Insights 2020 是面向牙科 CAD/CAM 技術製造商和用戶的年度盛會，名為“數字創新十年”。該活動吸引了 300 多名牙科技師、牙醫和 40 多家合作公司以及來自 55 個國家/地區的 1,600 名數字技術和實驗室用戶。

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

有了這個，我會把電話轉給約翰。

Thanks, Joe. Now for our Q3 financial results. Total revenues for the third quarter were $734.1 million, up 108.4% from the prior quarter and up 20.9% from the corresponding quarter a year ago. For clear aligners, Q3 revenues of $620.8 million were up 108.1% sequentially and up 20.2% year-over-year due to Invisalign volume growth in all regions driven by North America, EMEA, APAC and Lat Am partially offset by lower ASPs.

謝謝，喬。現在是我們第三季度的財務業績。第三季度總收入為 7.341 億美元，比上一季度增長 108.4%，比去年同期增長 20.9%。對於隱形矯正器，第三季度的收入為 6.208 億美元，環比增長 108.1%，同比增長 20.2%，這是由於北美、歐洲、中東和非洲、亞太地區和拉丁美洲推動的所有地區的 Invisalign 銷量增長部分被較低的平均售價所抵消。

Historically, we have raised prices by approximately $50 per case in the third quarter. Given our continued commitment to helping our customers in their recovery efforts, we did not implement a price increase this year.

從歷史上看，我們在第三季度將每箱價格提高了大約 50 美元。鑑於我們繼續致力於幫助我們的客戶恢復工作，我們今年沒有實施價格上漲。

Q3 Invisalign ASPs were down sequentially $75 primarily due to higher mix of new cases versus additional aligner shipments, as Joe mentioned earlier. Recall, Q2 ASPs benefited from more additional aligner shipments as doctors were focused on maintaining treatment progress for existing Invisalign patients. This trend reversed itself after practices reopened in Q3 and demand for new cases ramped up significantly. As a result, our deferred revenue balance increased $93 million from Q2, of which the majority of this increase is related to clear aligner and will be recognized with future additional aligner shipments.

正如 Joe 之前提到的，第三季度 Invisalign ASP 連續下降了 75 美元，這主要是由於新病例的組合比額外的對準器出貨量更高。回想一下，由於醫生專注於維持現有 Invisalign 患者的治療進展，因此第二季度的 ASP 受益於更多的對準器出貨量。在第三季度重新開放診所並且對新病例的需求顯著增加後，這種趨勢發生了逆轉。因此，我們的遞延收入餘額比第二季度增加了 9300 萬美元，其中大部分增長與透明對準器有關，並將在未來額外的對準器出貨量中得到確認。

On a year-over-year basis, Q3 Invisalign ASPs decreased approximately $80 primarily reflecting higher promotional discounts and increased deferrals related to additional aligners. In addition, we provided doctors with incentives designed to specifically aid them in the recovery during the pandemic.

與去年同期相比，第三季度 Invisalign ASP 下降了約 80 美元，主要反映了更高的促銷折扣和與額外對準器相關的延期增加。此外，我們還為醫生提供了旨在專門幫助他們在大流行期間康復的激勵措施。

Q3 total Invisalign shipments of 496,100 cases were up 123.6% sequentially and up 28.7% year-over-year. Our System and Services revenues for the third quarter was $113.4 million, up 110.1% sequentially due to an increase in scanner sales and increased services revenue from higher installed base.

第三季度隱適美總出貨量為 496,100 箱，環比增長 123.6%，同比增長 28.7%。我們第三季度的系統和服務收入為 1.134 億美元，環比增長 110.1%，這歸因於掃描儀銷售額的增長以及來自更高安裝基礎的服務收入的增加。

Year-over-year Systems and Services revenue was up 24.5% due to higher scanner sales services revenue and the inclusion of exocad's CAD/CAM services partially offset by lower scanner ASPs.

系統和服務收入同比增長 24.5%，原因是掃描儀銷售服務收入增加，以及 exocad 的 CAD/CAM 服務被較低的掃描儀 ASP 部分抵消。

Imaging Systems & CAD/CAM Services deferred revenue also increased 28% primarily due to the increase in scanner sales and the deferral of service revenues, which we recognize ratably over the service period.

成像系統和 CAD/CAM 服務遞延收入也增長了 28%，這主要是由於掃描儀銷售額的增加和服務收入的遞延，我們在服務期內按比例確認了這一點。

Moving on to gross margin. Third quarter overall gross margin was 72.7%, up 9.1 points sequentially and up 0.7 points year-over-year. On a non-GAAP basis, excluding stock-based compensation expense and amortization of intangibles related to exocad, overall gross margin was 73.3% for the third quarter, up 8.9 points sequentially and up 1 point year-over-year.

轉向毛利率。第三季度整體毛利率為 72.7%，環比上升 9.1 個百分點，同比上升 0.7 個百分點。在非美國通用會計準則基礎上，不包括基於股票的補償費用和與 exocad 相關的無形資產攤銷，第三季度整體毛利率為 73.3%，環比上升 8.9 個百分點，同比上升 1 個百分點。

Clear aligner gross margin for the third quarter was 74.7%, up 10.2 points sequentially due to increased volumes driving favorable manufacturing absorption of fixed costs, coupled with lower freight costs from increased domestic shipments partially offset by lower ASPs. Clear aligner gross margin was up 1.2 points year-over-year due to increased manufacturing volumes, driving favorable absorption and lower doctor training partially offset by lower ASPs.

第三季度准直器毛利率為 74.7%，比上一季度增長 10.2 個百分點，原因是產量增加推動製造業吸收固定成本，加上國內出貨量增加導致的運費下降部分被較低的平均售價所抵消。由於製造量增加，推動了有利的吸收和較低的醫生培訓部分被較低的 ASP 所抵消，Clear aligner 毛利率同比增長 1.2 個百分點。

Systems and Services gross margin for the third quarter was 62%, up 2.8 points sequentially primarily due to favorable product mix to higher-margin scanners, higher services revenue partially offset by freight and training costs. Systems and Services gross margin was down 2.1 points year-over-year due to lower ASPs and higher freight and training costs offset by higher services revenue and product mix shift.

第三季度系統和服務毛利率為 62%，環比增長 2.8 個百分點，這主要是由於有利的產品組合對利潤率更高的掃描儀、更高的服務收入部分被運費和培訓成本所抵消。系統和服務毛利率同比下降 2.1 個百分點，原因是較低的平均售價以及較高的運費和培訓成本被較高的服務收入和產品組合轉變所抵消。

Q3 operating expenses were $357 million, up sequentially 20.1% and up 15% year-over-year. The sequential increase in operating expense is due to increased compensation, marketing and media spend and favorable foreign exchange. Year-over-year operating expenses increased by $46.6 million, reflecting our continued investment in sales and marketing and R&D activities. Additionally, prior year included a benefit of $6.8 million from the early termination of our discontinued Invisalign store leases.

第三季度運營費用為 3.57 億美元，環比增長 20.1%，同比增長 15%。營業費用的環比增長是由於薪酬、營銷和媒體支出的增加以及有利的外匯。運營費用同比增加 4660 萬美元，反映了我們對銷售和營銷以及研發活動的持續投資。此外，前一年還包括我們終止的 Invisalign 商店租賃提前終止帶來的 680 萬美元收益。

On a non-GAAP basis, operating expenses were $332.1 million, up sequentially 25% and up 12.8% year-over-year due to the reasons as described above. Our third quarter operating income of $177.1 million resulted in an operating margin of 24.1%, up 44.8 points sequentially and up 3.2 points year-over-year. The sequential increase in operating income and operating margin are primarily attributed to higher gross margin and operating leverage. On a year-over-year basis, the increases in operating income and operating margin reflect higher gross margin and operating leverage partially offset by our continued investment in R&D, geographic expansion and go-to-market activities.

由於上述原因，按非美國通用會計準則計算，營業費用為 3.321 億美元，環比增長 25%，同比增長 12.8%。我們第三季度的營業收入為 1.771 億美元，營業利潤率為 24.1%，環比增長 44.8 個百分點，同比增長 3.2 個百分點。營業收入和營業利潤率的連續增長主要歸因於較高的毛利率和經營槓桿。與去年同期相比，營業收入和營業利潤率的增長反映了更高的毛利率和經營槓桿，部分被我們對研發、地域擴張和上市活動的持續投資所抵消。

On a non-GAAP basis, which excludes stock-based compensation, acquisition-related costs and amortization of intangibles related to exocad, operating margin for the third quarter was 28%, up 39 points sequentially and up 4.2 points year-over-year.

按非美國通用會計準則計算，不包括股票薪酬、收購相關成本和與 exocad 相關的無形資產攤銷，第三季度營業利潤率為 28%，比上一季度增長 39 個百分點，同比增長 4.2 個百分點。

Interest and other income expense net for the third quarter was a gain of $7.5 million primarily driven by favorable foreign exchange. With regards to the third quarter tax provision, our GAAP tax rate was 24.5%, which includes tax benefits of approximately $8 million related to the release of certain previously unrecognized tax benefits as a result of the closure of an income tax audit.

第三季度的利息和其他收入支出淨收益為 750 萬美元，主要受有利的外匯影響。關於第三季度的稅收撥備，我們的 GAAP 稅率為 24.5%，其中包括與因所得稅審計結束而釋放某些先前未確認的稅收利益相關的約 800 萬美元的稅收利益。

The third quarter tax rate on a non-GAAP basis was 16.6% compared to 27.8% in the prior quarter and 18.8% in the same quarter a year ago. The third quarter non-GAAP tax rate was lower than the second quarter's rate primarily due to reduction in tax benefits resulting from considerable profits recorded in Q3 as opposed to losses incurred in Q2.

第三季度非公認會計原則稅率為 16.6%，上一季度為 27.8%，去年同期為 18.8%。第三季度非 GAAP 稅率低於第二季度的稅率，這主要是由於第三季度錄得的可觀利潤與第二季度發生的虧損相比導致稅收優惠減少。

Third quarter net income per diluted share was $1.76, up $2.28 sequentially and up $0.48 compared to prior year. On a non-GAAP basis, net income per diluted share was $2.25 for the third quarter, up $2.60 sequentially and up $0.77 year-over-year.

第三季度每股攤薄淨收益為 1.76 美元，比上一季度增長 2.28 美元，比去年同期增長 0.48 美元。按非美國通用會計準則計算，第三季度每股攤薄淨收益為 2.25 美元，比上一季度增長 2.60 美元，同比增長 0.77 美元。

Moving on to the balance sheet. As of September 30, 2020, cash and cash equivalents were $615.5 million, an increase of approximately $211 million from the prior quarter, which is primarily due to higher cash flow from operations. Of our $615.5 million of cash and cash equivalents, $298.8 million was held in the U.S. and $316.7 million was held by our international entities. Q3 accounts receivable balance was $626 million, up approximately 32.3% sequentially.

轉到資產負債表。截至 2020 年 9 月 30 日，現金及現金等價物為 6.155 億美元，較上一季度增加約 2.11 億美元，這主要是由於運營產生的現金流量增加。在我們的 6.155 億美元現金和現金等價物中，2.988 億美元由美國持有，3.167 億美元由我們的國際實體持有。第三季度應收賬款餘額為 6.26 億美元，環比增長約 32.3%。

Our overall days sales outstanding was 76.5 days, down 44 days sequentially and down 2 days as compared to Q3 last year due to strong cash collections as doctors' offices reopened from Q2 shutdowns.

我們的總銷售未償天數為 76.5 天，連續下降 44 天，與去年第三季度相比下降 2 天，原因是醫生辦公室從第二季度關閉後重新開放，現金回款強勁。

Cash flow from operations for the third quarter was $211 million. Capital expenditures for the third quarter were $21.3 million primarily related to our continued investment in increasing aligner capacity and facilities. Free cash flow defined as cash flow from operations less capital expenditures amounted to $189.8 million. Under our May 2018 repurchase program, we have $100 million still available for repurchase of our common stock.

第三季度的運營現金流為 2.11 億美元。第三季度的資本支出為 2130 萬美元，主要與我們對增加對準器產能和設施的持續投資有關。自由現金流定義為運營產生的現金流減去資本支出，總計 1.898 億美元。根據我們 2018 年 5 月的回購計劃，我們仍有 1 億美元可用於回購我們的普通股。

Now let me turn to our outlook. Overall, we're pleased with our Q3 performance and the strong momentum in our business. We made investment decisions that help drive and capture demand across all regions and all customer channels. We see good return on our investments and strong revenue growth, which has contributed -- has continued into October. We are confident in the huge market opportunity, our industry leadership and our ability to execute. At the same time, there continues to be uncertainty around the pandemic and global environment. Therefore, we aren't providing specific guidance.

現在讓我談談我們的前景。總體而言，我們對第三季度的業績和業務的強勁勢頭感到滿意。我們做出的投資決策有助於推動和捕獲所有地區和所有客戶渠道的需求。我們看到了良好的投資回報和強勁的收入增長，這一直持續到 10 月。我們對巨大的市場機會、我們的行業領導地位和我們的執行能力充滿信心。與此同時，疫情和全球環境仍存在不確定性。因此，我們不提供具體指導。

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

有了這個，我會把它轉回給 Joe 以徵求最終意見。喬？

Thanks, John. In summary, we're certainly pleased with our progress in the third quarter. We have taken a very thoughtful approach to recovery, and we've persevered in a large part by living the values that are important to us as an organization: agility, customers and accountability.

謝謝，約翰。總而言之，我們對第三季度的進展感到非常滿意。我們採取了一種非常周到的恢復方法，並且在很大程度上堅持了對我們作為一個組織很重要的價值觀：敏捷性、客戶和問責制。

In a time of great uncertainty when swift actions have been required, we've responded like no other company in our industry. Most importantly, we have followed our guiding principles and supported our employees and customers, protecting employee jobs and salaries and working to support the needs of our teams globally. And supporting our customers with PPE, extended payment terms, postponed subscription fees for iTero and numerous programs to help them through this crisis.

在需要迅速採取行動的充滿不確定性的時代，我們的反應與業內其他公司不同。最重要的是，我們遵循我們的指導原則，支持我們的員工和客戶，保護員工的工作和薪水，並努力支持我們全球團隊的需求。並為我們的客戶提供個人防護裝備、延長的付款期限、推遲的 iTero 訂閱費以及眾多幫助他們度過這場危機的計劃。

We also applied our manufacturing experience and resources to making testing swaps for hospitals and PPE for our own terms, teams and also customers. Instead of going quiet or holding on a planned spend, we accelerated our investments in marketing to drive consumer demand to our doctors' offices and stay top of mind with consumers.

我們還利用我們的製造經驗和資源為我們自己的條款、團隊和客戶製作醫院和 PPE 的測試交換。我們沒有保持沉默或堅持計劃支出，而是加快了對營銷的投資，以推動消費者對我們醫生辦公室的需求，並在消費者心目中保持領先地位。

We accelerated new technology to market so that we could provide virtual tools to our doctors that enable them to stay connected with their patients and keep their treatment moving forward. We supported doctors and their teams with online education and digital forums that went beyond product and clinical education to help to navigate the PPE shortages and recovery planning. And we continue to grow the business, not just protecting jobs but adding headcount, continuing our investments in R&D and product innovation, as you saw in our Invisalign G8 announcement today and developing our plans for manufacturing expansion.

我們加快了新技術的上市速度，以便我們可以為醫生提供虛擬工具，使他們能夠與患者保持聯繫並繼續推進治療。我們通過超越產品和臨床教育的在線教育和數字論壇為醫生及其團隊提供支持，以幫助應對 PPE 短缺和恢復計劃。我們繼續發展業務，不僅保護工作崗位，還增加員工人數，繼續我們在研發和產品創新方面的投資，正如您在今天的 Invisalign G8 公告中看到的那樣，並製定我們的製造擴張計劃。

Our actions are a result of the convictions that we have in our business model, supported by the strength of our balance sheet to drive results that exhibit our accountability to our employees, customers and shareholders. Even in a time that required us to change and adapt, we maintained our long-term focus. I feel this is what good companies do. And it's proof of being a good company and delivering on the types of results we've seen this quarter can go hand in hand.

我們的行動源於我們對商業模式的信念，並得到我們資產負債表實力的支持，以推動結果顯示我們對員工、客戶和股東的責任。即使在需要我們改變和適應的時代，我們仍然保持著長期的關注點。我覺得這就是好公司所做的。這證明了成為一家優秀的公司和實現我們在本季度看到的那種結果可以齊頭並進。

We have remained a growth business, driving programs in anticipation of recovery, but we acknowledge that there still remains uncertainty due to COVID-19. Our plan is to counter future uncertainty by staying focused on our long-term strategy, living our values, supporting our employees and customers and keeping the demand drivers we've identified over the last few months in mind: the redirection of disposable income for many consumers; channel focus that allows us to reach and support a wider range of customers within each channel; and most importantly, the digital mindset that is really taking hold with more and more of our customers and that we are supporting through innovative products and programs that can help support their digital transformation.

我們一直是一家增長型企業，推動著復甦預期的計劃，但我們承認，由於 COVID-19，仍然存在不確定性。我們的計劃是通過專注於我們的長期戰略、踐行我們的價值觀、支持我們的員工和客戶以及牢記我們在過去幾個月中確定的需求驅動因素來應對未來的不確定性：許多人的可支配收入的重新定向消費者；渠道重點使我們能夠在每個渠道中接觸和支持更廣泛的客戶；最重要的是，我們越來越多的客戶真正接受了數字思維方式，我們通過創新產品和計劃來支持這種思維方式，以幫助支持他們的數字化轉型。

We are not ignoring the reality of COVID-19 and how long it may be part of our lives. But we're also not going to stop driving the business forward for the good of customers, their patients, our employees and stakeholders.

我們並沒有忽視 COVID-19 的現實以及它可能成為我們生活的一部分。但我們也不會為了客戶、他們的患者、我們的員工和利益相關者的利益而停止推動業務向前發展。

With that, I want to thank you again for joining our call. I look forward to updating you on our progress as the year continues to unfold. On November 20 to 21, Align will be hosting the Invisalign Ortho Summit, Virtual Edition with the theme, Digital is the Answer.

有了這個，我想再次感謝你加入我們的電話會議。隨著這一年的繼續展開，我期待著向您介紹我們的最新進展。 11 月 20 日至 21 日，Align 將舉辦虛擬版 Invisalign Ortho 峰會，主題為“Digital is the Answer”。

The Invisalign Summit is the ultimate learning experience for orthodontic practices. From digital practice transformation to great patient experience, there's never been a more exciting time to learn about digital orthodontics. Align will also host a Virtual Investor Day on November 23, where I also look forward to sharing our views on the incredible market opportunity that we have combined with the unmatched power of Align's digital platform, technology innovation, global reach and brand equity.

Invisalign 峰會是正畸實踐的終極學習體驗。從數字化實踐轉型到出色的患者體驗，現在是學習數字化正畸的最激動人心的時刻。 Align 還將在 11 月 23 日舉辦虛擬投資者日，屆時我也期待分享我們對難以置信的市場機會的看法，這些機會是我們結合了 Align 數字平台、技術創新、全球影響力和品牌資產的無與倫比的力量。

Now with that, I'll turn it over to the operator for questions. Operator?

現在，我將把它交給接線員提問。操作員？

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Nathan Rich with Goldman Sachs.

我們的第一個問題來自 Nathan Rich 與高盛的合作。

Joe and John, obviously, great to see the volumes come back so nicely. Sounds like the momentum continued in October. Could you maybe just, kind of, help us understand, kind of, the cadence of growth that you saw over the quarter? And any comments on how October has fared so far maybe relative to the type of case growth that you saw in 3Q?

喬和約翰，很明顯，很高興看到這些卷回來得這麼好。聽起來這種勢頭在 10 月份繼續。你能不能，有點，幫助我們理解，有點，你在本季度看到的增長節奏？關於 10 月份迄今為止的表現是否與您在第三季度看到的病例增長類型有關，有何評論？

Yes. Nathan, thanks for the question. Look, we just built through the quarter. Every month we saw, actually, continue to enhance momentum. And the short answer to your question is, we've seen that build in October also.

是的。內森，謝謝你的提問。看，我們剛剛完成了這個季度。實際上，我們每個月都看到繼續增強勢頭。對你的問題的簡短回答是，我們也在 10 月份看到了這種構建。

That's great. And Joe, obviously, you talked through in detail about what has driven the stronger utilization that you've seen in the value of digital treatment. When you take a step back and think longer term, how is that kind of change your outlook or influence your multiyear outlook for what you could see from this business over the next several years going forward?

那太棒了。喬，顯然，你詳細討論了是什麼推動了你在數字治療價值中看到的更高的利用率。當您退後一步並從長遠考慮時，這將如何改變您的前景或影響您未來幾年可以從該業務中看到的多年展望？

Nathan, you've known John and me, and Shirley really long enough. I mean we're incredibly enthusiastic about this business and bullish about this business. And you can see we're even more so as, obviously, we delivered the kind of results we have in 3Q. I think you always have to keep in mind 2 things here.

內森，你認識約翰和我，還有雪莉真的夠久了。我的意思是我們對這項業務非常熱情並且看好這項業務。你可以看到我們更是如此，顯然，我們交付了第三季度的那種結果。我認為你必須始終記住這裡的兩件事。

One is we're in a very volatile environment. We understand that, and we've done some things we feel that's really helped our doctors through this and made the company stronger coming out at the other end.

一是我們處在一個非常不穩定的環境中。我們理解這一點，並且我們做了一些我們認為真正幫助我們的醫生度過難關的事情，並使公司在另一端變得更強大。

But always remember, we're completely under-penetrated in this marketplace, right? We're still less than 10% penetrated from an orthodontic procedure standpoint, let alone those 300 million patients we talk about there, that should receive orthodontic treatment that aren't receiving orthodontic treatment. So let me -- we remain incredibly bullish with a digital format to be able to go after those patients and be able to continue to drive the growth of this business.

但永遠記住，我們在這個市場上完全沒有滲透，對吧？從正畸手術的角度來看，我們仍然不到 10%，更不用說我們在那裡談論的那些應該接受正畸治療但沒有接受正畸治療的 3 億患者了。所以讓我 - 我們仍然非常看好數字格式能夠追踪這些患者並能夠繼續推動這項業務的增長。

Our next question comes from the line of Erin Wright with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Erin Wright。

So can you speak to some of the contributions from the recovery efforts in switching brackets and wires in patients? Are you continuing to see those contributions and efforts into the fourth quarter? And do you think that will drive a more longer term shift here? Do you have any indication based on the responses, I guess, you've seen from practitioners, how sticky that is?

那麼，您能否談談在患者更換支架和電線方面的恢復工作的一些貢獻？您是否會在第四季度繼續看到這些貢獻和努力？你認為這會推動更長期的轉變嗎？根據您從從業者那裡看到的反應，您是否有任何跡象表明它有多粘？

Well, it's -- overall -- hey, it's Joe. I mean overall, it's pretty sticky when we buy their wires and brackets inventory back. And then we introduced in the programs like ADAPT and different things. It will really allow them to begin a digital transformation within their practices. So I feel that part is very sticky.

好吧，總的來說，嘿，是喬。我的意思是，總的來說，當我們買回他們的電線和支架庫存時，它非常粘。然後我們在程序中介紹了 ADAPT 和不同的東西。這將真正讓他們在他們的實踐中開始數字化轉型。所以我覺得那部分很粘。

I can't sit here and naively say that everyone who starts to move digital in this crisis is going to stay digital. But I can tell you that we have the tools, being able to drive consumer demand and the consumer awareness and all those things helps us to maintain that stickiness. And I think over time, we'll just have to see how sticky it is as we come out of this COVID crisis.

我不能坐在這里天真地說，在這場危機中開始轉向數字化的每個人都將保持數字化。但我可以告訴你，我們有工具，能夠推動消費者需求和消費者意識，所有這些都有助於我們保持這種粘性。而且我認為隨著時間的推移，我們只需要看看它在我們走出這場 COVID 危機時的粘性有多大。

Okay. Great. And then on ASPs in the quarter, I guess, is that the run rate we should be thinking about? I know you didn't take the price hike, but any other mix dynamics then as we think about the next quarter and beyond?

好的。偉大的。然後在本季度的 ASP 上，我想，這是我們應該考慮的運行率嗎？我知道你沒有提價，但是當我們考慮下一季度及以後的時候，還有其他混合動態嗎？

Yes. Erin, this is John. Yes, the mix that we saw, we talked about some of the dynamics of all those new cases coming in. And we saw that. We also talked about not having a price increase given the conditions that we're in. We'll evaluate going forward as to any changes we might make in pricing and so on. But I think from a run rate standpoint, this is a good starting point for going forward.

是的。艾琳，這是約翰。是的，我們看到的混合，我們談到了所有這些新案件的一些動態。我們看到了。我們還談到了在我們所處的條件下不會提價。我們將評估未來我們可能在定價等方面做出的任何改變。但我認為從運行率的角度來看，這是一個很好的前進起點。

Our next question comes from the line of Stephen Beuchaw with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Stephen Beuchaw。

I wonder if you could expound a little bit on some of the numbers that you've given here this quarter, and I believe you did in the prior quarter as well, around not just the training numbers, but some of the data that you gave on people who are not just getting trained, but who are new to Invisalign. I'm sorry, I don't know it. Maybe some do, but what were those numbers a year ago? And do you have visibility into what those training numbers look like out into 4Q or even beyond?

我想知道您是否可以稍微闡述一下您本季度在這裡給出的一些數字，我相信您在上一季度也做了一些闡述，不僅圍繞培訓數字，還圍繞您提供的一些數據對那些不僅接受過培訓，而且對 Invisalign 不熟悉的人。對不起，我不知道。也許有些人這樣做，但一年前的數字是多少？您是否了解這些培訓數字在第四季度甚至更長時間後的情況？

Yes. Steve, this is John. I think when you look at being able to train like we can now, doing much more virtual, be able to have that remote training as well as where you can in person, gives us a lot of flexibility going forward to be able to expand out our training. So there's a lot of new capabilities, a lot of new tools that we've introduced this quarter to be able to help our customers and train new customers as well as our sales team be able to reach those.

是的。史蒂夫，這是約翰。我認為當你看到能夠像我們現在這樣訓練時，做更多的虛擬訓練，能夠進行遠程訓練以及你可以親自進行的訓練，這給了我們很大的靈活性，使我們能夠擴展我們的訓練。因此，我們在本季度推出了很多新功能，很多新工具，能夠幫助我們的客戶和培訓新客戶，我們的銷售團隊也能夠接觸到這些客戶。

So it's a key part, as you know, to our growth, and we're going to continue to find ways to be able to connect with new doctors to be able to get them to understand the benefits of Invisalign and ultimately have them use it more and more to grow.

因此，如您所知，這是我們發展的關鍵部分，我們將繼續尋找能夠與新醫生建立聯繫的方法，使他們能夠了解 Invisalign 的好處並最終讓他們使用它越來越多地成長。

Okay. And then, Joe, one for you. So I'll let you carry the burden of being the CEO of the first big dental company here in the U.S. to report. Just give a little bit of perspective on how you imagine policy evolve.

好的。然後，喬，給你一個。因此，我將讓您成為美國第一家大型牙科公司的首席執行官，向您匯報。就您想像中的政策演變方式給出一些看法。

As you talk to folks around the CDC, AAO, the ADA, any of their counterpart organizations in Europe, do you see any sign that there might be a move toward practice closures? Or are we really past that now that we've got PPE in place? I ask because I think there are just a lot of folks who are looking at the growth, not just at Align, but at some other companies, and it's really attractive growth, but people are just worried about the possibility that we see lockdowns again. So any perspective you could offer there would be really helpful.

當你與 CDC、AAO、ADA 以及他們在歐洲的任何對應組織周圍的人交談時，你是否看到任何跡象表明可能會走向關閉實踐？還是既然我們已經有了 PPE，我們真的已經過去了嗎？我問是因為我認為有很多人都在關注增長，不僅僅是 Align，還有其他一些公司，這確實是有吸引力的增長，但人們只是擔心我們再次看到封鎖的可能性。因此，您可以提供的任何觀點都會非常有幫助。

Yes. Steve, I'd tell you, talking to, obviously, doctors all around the world or whatever. I don't see that there's any imminent a lot of closures in the industry. I mean there's frustration with the closures. And obviously, a lot of disagreement in the sense of when they're told to close. Fortunately, what we've seen with the COVID coming back here in the fall, we haven't seen the institution of going back and closing these doctors' offices, which help.

是的。史蒂夫，我會告訴你，顯然，與世界各地的醫生或其他任何人交談。我不認為該行業即將倒閉。我的意思是對關閉感到沮喪。顯然，在他們何時被告知關閉的意義上存在很多分歧。幸運的是，我們所看到的 COVID 在秋天捲土重來，我們還沒有看到回去關閉這些醫生辦公室的製度，這很有幫助。

I can tell you, Steve, since I've been here 5 years, there's always a certain segment of the dental industry that is looking to sell or looking to change and get out, but not close down. So I honestly think that there's still optimism out there. I've seen the doctors do a great job in a sense of being able to protect their employees, make sure that they protect their patients and do the things that are needed.

史蒂夫，我可以告訴你，自從我來這裡 5 年以來，牙科行業總是有某個部分希望出售或尋求改變並退出，但不會關閉。所以老實說，我認為仍然存在樂觀情緒。我看到醫生們在能夠保護他們的員工、確保他們保護他們的病人和做需要做的事情方面做得很好。

I know by reading your material and other materials that we've all picked up that most of the doctors are running at 70%, 75% kind of the capacity, but they're finding a way to make it work. So I'm not looking at any imminent demise in the business in the sense of close downs or anything like that. And I think the offices are getting better and better in being able to drive volume through their offices.

通過閱讀你的材料和我們都收集到的其他材料，我知道大多數醫生都在以 70%、75% 的能力運行，但他們正在尋找一種方法讓它發揮作用。因此，從倒閉或類似的意義上說，我並沒有考慮任何即將到來的業務消亡。而且我認為辦公室在通過辦公室推動交易量方面越來越好。

And again, you know that this is the digital format that we feel that sets a foundation for them to have a much better patient flow through and much fewer touches in this COVID world, which we hope -- hopefully will carry over as we move out of this next year.

再一次，你知道這是我們認為的數字格式，它為他們奠定了基礎，讓他們在這個 COVID 世界中有更好的病人流動和更少的接觸，我們希望——希望在我們搬出時能延續下去明年的這個。

Our next question comes from the line of Jon Block with Stifel.

我們的下一個問題來自 Jon Block 與 Stifel 的對話。

Joe, actually, first one for you. Sort of qualitatively, can you give us a beat or a signal on teen share of chair? And do you see it broadening out within your ortho customer base? I think that's the key sort of the broadening out. In other words, are you seeing the one from orthos that were always, I don't know, call it, less than 5% Invisalign share of chair? Are they stepping up to the play because the clear aligner workflow advantages? And if so, how do you sort of ensure that you capitalize on that longer term?

喬，實際上，第一個給你。有點定性，你能給我們一個關於青少年椅子份額的節拍或信號嗎？您是否看到它在您的原始客戶群中擴大了？我認為這是擴大範圍的關鍵。換句話說，你看到的是不是總是，我不知道，稱它為 Invisalign 不到 5% 的椅子？他們是否因為明顯的對準器工作流程優勢而加緊發揮作用？如果是這樣，你如何確保你能利用這個長期？

Yes. Well, I think there's a couple of things. John, obviously, COVID has been an additive incentive to move people out of analog and into digital because of fewer touches and being able to maintain continuity of treatment even if things were shut down. So there's no question, we saw a share of chair increase in that sense.

是的。好吧，我認為有幾件事。約翰，很明顯，COVID 是一種額外的激勵措施，可以讓人們從模擬設備轉向數字設備，因為接觸次數更少，而且即使設備關閉也能保持治療的連續性。所以毫無疑問，從這個意義上講，我們看到主席的份額有所增加。

I think also when you see new products like Invisalign First and those things we've introduced in the last few years, that's -- as you know well, that's extended our reach from an age standpoint within that specific demographic. That's helped us also.

我還認為，當您看到 Invisalign First 等新產品以及我們在過去幾年推出的產品時，正如您所知，從特定人群的年齡角度來看，這擴大了我們的影響範圍。這對我們也有幫助。

And I think there's a combination here of further and further realization of how digital processes in orthodontics really can help, can help be more efficient. But also a realization from consumers that it is an offering here that is better than wires and brackets and more efficient, certainly in this COVID, kind of, environment.

而且我認為這裡結合了越來越深入地認識到正畸學中的數字過程如何真正提供幫助，可以幫助提高效率。但也讓消費者意識到，這是一種比電線和支架更好、更高效的產品，當然是在這種 COVID 之類的環境中。

So how do we -- how are we certain that we maintain that? So when you look at programs like ADAPT and things, those -- let's switch over. Let's back up for a second, John. 5 years ago, we were fighting for a clinical, I'd say, relevancy in this industry. That's not a question anymore. Most of the docs out there understand very clearly, we can do 80%, 90% of the cases out there. It becomes a business formula. Can we really make money with a digital kind of a system?

那麼我們如何 - 我們如何確定我們維持這一點？因此，當您查看諸如 ADAPT 之類的程序時，讓我們切換一下。讓我們先退一步，約翰。 5 年前，我們正在為這個行業的臨床相關性而戰。這不再是問題了。那裡的大多數文檔都非常清楚，我們可以處理 80%、90% 的案例。它成為一個商業公式。我們真的可以用數字系統賺錢嗎？

And those are the programs that we've been putting together with doctors, with outside experts that can really train doctors as to how digital can work, how it can expand their practices and how that actually can be more profitable in a digital processing. I'm confident with what we're building up in that area, we'll be able to extend that going forward.

這些是我們一直在與醫生和外部專家一起制定的項目，這些專家可以真正培訓醫生數字化如何工作、如何擴展他們的實踐以及如何在數字處理中真正獲利。我對我們在那個領域正在建設的東西充滿信心，我們將能夠在未來擴展它。

Got it. Fair enough. And I'll shift over to GP side for the other question, the utilization number 4, I think I've been waiting for 10 or so years for that. And I get it. Some of it's probably pent-up demand. You talked to that a little bit on the call, but what about the other components? Is it some scanner, digitizing the front end, the bifurcating of the sales force?

知道了。很公平。我將轉到 GP 方面回答另一個問題，即利用率 4，我想我已經為此等待了 10 年左右。我明白了。其中一些可能是被壓抑的需求。你在電話中談了一點，但其他組件呢？是某種掃描儀，數字化前端，銷售人員的分歧？

I mean essentially, Joe, have you given the tools that you needed to the GP to finally sort of step function that utilization rate higher? That was always sort of stuck right around that mid-3s for a number of years.

我的意思是，Joe，您是否向 GP 提供了您需要的工具以最終實現更高利用率的階梯函數？多年來，這總是停留在 3 歲左右。

Yes. Jon, I feel the answer your question is, yes, we have. I mean everything from iTero and really the insides of iTero and the software programs and all, in conjunction with iGo, is that make it much simpler for doctors that haven't been associated with digital orthodontics before.

是的。喬恩，我覺得你的問題的答案是，是的，我們有。我的意思是來自 iTero 的所有內容，實際上是 iTero 的內部和軟件程序，所有這些與 iGo 一起，使以前沒有接觸過數字正畸的醫生變得更加簡單。

Our segmented sales force, for sure. I mean we piloted this in Europe first and somewhat in APAC. So we knew what to expect. We are just fortunate enough to launch it ahead of this issue -- ahead of the COVID issue and to have the salespeople ready to have that touch with customers to make it work.

當然，我們的細分銷售隊伍。我的意思是我們首先在歐洲進行了試點，然後在亞太地區進行了一些試點。所以我們知道會發生什麼。我們很幸運能夠在這個問題之前推出它——在 COVID 問題之前推出它，並讓銷售人員準備好與客戶接觸以使其發揮作用。

What I'm excited about this, Jon, we have so much more that we can do to make that work also. And I think with the confidence that GPs are having in this kind of a system, it's a light touch system. It's a high revenue, kind of, a product, and it's gaining more attention in that channel. So yes, I'm really -- we're all thrilled here to see the utilization rates. But it is on the back of those kind of innovations in distribution and also product that we think we've been able to drive it.

我對此感到興奮的是，喬恩，我們還有很多事情可以做，以實現這一目標。而且我認為全科醫生對這種系統充滿信心，這是一種輕觸系統。這是一種高收入的產品，並且在該渠道中獲得了更多關注。所以是的，我真的 - 我們都很高興看到利用率。但正是在我們認為我們能夠推動它的分銷和產品創新的支持下。

Okay. And if I could just quickly slip in one more. Just for a clarification, I think it was all the way back to Nathan's first question. Just to be clear, when you say momentum building, I mean, do we take that your October year-over-year growth rate was north of your worldwide 3Q growth rate that you posted?

好的。如果我能再快點溜進去就好了。澄清一下，我認為這一直回到 Nathan 的第一個問題。明確一點，當你說建立勢頭時，我的意思是，我們是否認為你 10 月份的同比增長率高於你發布的全球第三季度增長率？

Jon, we -- you're right, we are -- we see momentum building. And that continues -- it continues that growth from a revenue and a volume standpoint into October.

喬恩，我們——你是對的，我們——我們看到了勢頭。而且這種情況還在繼續——從收入和數量的角度來看，它會繼續增長到 10 月。

Our next question comes from the line of Elizabeth Anderson with Evercore.

我們的下一個問題來自 Evercore 的 Elizabeth Anderson。

As we think about the outlook for 4Q and as we come out of COVID more broadly, are there any -- I know you guys were obviously didn't cut costs, kept the sales force because you maybe foresaw some of this growth coming back. Is there anything in terms of investments of the ramp back that we should be considering?

當我們考慮第四季度的前景時，當我們更廣泛地擺脫 COVID 時，有沒有——我知道你們顯然沒有削減成本，保留了銷售隊伍，因為你們可能預見到這種增長會回來。在我們應該考慮的斜坡回升投資方面有什麼嗎？

Well, there's a bit -- I think we're just -- there's continuity of investments is the way I'd answer your question. They're not new investments. We'll continue to invest in the consumer side pretty dramatically. You'll see that we're doing that all around the world. It's not just in the United States or Canada. We're also -- you'll see investments in Europe and also Asia to a degree that we haven't made before.

好吧，有一點——我想我們只是——投資的連續性是我回答你問題的方式。它們不是新的投資。我們將繼續大幅投資於消費者方面。你會看到我們在世界各地都在這樣做。不僅僅是在美國或加拿大。我們也——你會看到我們在歐洲和亞洲的投資達到了前所未有的程度。

We have a series of new products that we're investing in that we kept that momentum in the third quarter and where we hired engineers to keep that moving. And then these specific programs for doctors like ADAPT that we're talking about, an AIF and different things, they're really an important part of this because you have to make sure that these workflow changes and the way ClinCheck works, like ClinCheck Pro, whatever, they have to be introduced to docs. And you got to have a high-touch kind of a system to give them the confidence in those programs.

我們有一系列正在投資的新產品，我們在第三季度保持了這種勢頭，我們聘請了工程師來保持這種勢頭。然後這些針對醫生的特定程序，例如我們正在談論的 ADAPT、AIF 和其他東西，它們確實是其中的重要部分，因為您必須確保這些工作流程發生變化以及 ClinCheck 的工作方式，例如 ClinCheck Pro ，無論如何，必須將它們介紹給文檔。而且你必須有一個高度接觸的系統來讓他們對這些程序充滿信心。

So it's a long answer to your question, but I'd say we maintain and enhance what we have been doing is what you'll see in the fourth quarter and as we go into the first quarter, too.

所以這是對你問題的一個很長的回答，但我想說的是，我們會保持和加強我們一直在做的事情，你會在第四季度和我們進入第一季度時看到。

The added piece, Elizabeth, from an investment standpoint is investing in operations to stay ahead of the volume and making those investments. We did so in Q3, we'll continue to make those investments in Q4.

從投資的角度來看，增加的部分，伊麗莎白正在投資運營以保持領先地位並進行這些投資。我們在第三季度這樣做了，我們將在第四季度繼續進行這些投資。

Okay. But it doesn't sound like there's anything totally different that the sort of -- because we could consider catch up for something on that front?

好的。但這聽起來並沒有什麼完全不同的——因為我們可以考慮在這方面趕上一些東西？

Okay. I guess, and then...

好的。我想，然後……

No. I don't think... go ahead, Elizabeth.

不，我不認為……去吧，伊麗莎白。

No. I was just wondering, just -- you talked about some of your continued spend on social channels in terms of marketing, and that seemed also a continuation plus, obviously, the back program in the quarter. Is there anything else that you guys see changing in terms of your marketing spend going forward? Or do you see it's sort of like a continuation of the types of programs that you were doing in the third quarter?

不，我只是想知道，只是 - 你談到了你在營銷方面在社交渠道上的一些持續支出，這似乎也是一個延續，顯然，還有本季度的支持計劃。你們認為在未來的營銷支出方面還有什麼變化嗎？或者你認為它有點像你在第三季度所做的程序類型的延續？

Well, I think obviously, Raj and our marketing team are very innovative. And it's not that we'll just keep with the same themes. We'll -- we obviously -- we run trials, we do different things. We'll change them up or whatever, based on what we're experiencing in the marketplace. So our investments will continue to be very aggressive. We'll continue to be innovative in the sense of how we do these things. But we certainly won't let off the gas in the sense of the focus that we've had over the last few quarters.

好吧，我認為顯然，Raj 和我們的營銷團隊非常有創意。這並不是說我們只會保持相同的主題。我們將 - 我們顯然 - 我們會進行試驗，我們會做不同的事情。我們會根據我們在市場上遇到的情況對它們進行更改或進行其他更改。因此，我們的投資將繼續非常積極。在我們如何做這些事情的意義上，我們將繼續創新。但就過去幾個季度的重點而言，我們當然不會鬆懈。

Our next question comes from the line of Steve Valiquette with Barclays.

我們的下一個問題來自 Steve Valiquette 與 Barclays 的對話。

This is Jonathan Yong on for Steve. So just in relation to the backlog that you were talking about and the pent-up demand, I guess from your perspective, how much backlog do you think is, kind of, still out there with the docs before kind of normal -- before it normalizes that as we kind of move forward?

這是史蒂夫的喬納森·楊。因此，就您正在談論的積壓和被壓抑的需求而言，我想從您的角度來看，您認為有多少積壓在正常之前仍然存在於文檔中 - 在它之前正常化，因為我們有點前進？

You asked a big question. I mean from a backlog standpoint, we really don't know. When you talk -- from an empirical standpoint, when you talk to any of our docs, they cleared out their backlog in July and August from -- this is a global business. It's hard to talk about all over the world where it stands, but -- and when things came out of lockdown and when they didn't. So we've struggled to be able to quantify a number for you in that sense.

你問了一個大問題。我的意思是從積壓的角度來看，我們真的不知道。當你談論 - 從經驗的角度來看，當你與我們的任何文檔交談時，他們在 7 月和 8 月清理了他們的積壓 - 這是一項全球業務。很難在全世界談論它所處的位置，但是——以及什麼時候解除封鎖，什麼時候解除封鎖。因此，從這個意義上說，我們一直在努力為您量化一個數字。

Okay. And just going back to the comment about the utilization of docs being at about 70%, 75% capacity. I guess from -- that's from the capacity standpoint. But from your customer base, are they all largely open at this point? Or is there still 10%, 20% that still remains closed due to random shutdowns globally or locally in certain areas?

好的。回到關於文檔利用率大約為 70%、75% 容量的評論。我想從——這是從容量的角度來看。但是從您的客戶群來看，他們此時是否都基本上開放了？還是仍然有 10%、20% 由於全球或局部某些地區的隨機關閉而仍然關閉？

No, they're largely open.

不，他們基本上是開放的。

Our next question comes from the line of John Kreger with William Blair.

我們的下一個問題來自 John Kreger 和 William Blair。

Can you just talk a little bit more about, again, the uncertainties that prompted you to not guide to Q4 after a very, very good third quarter? And one thing I was thinking about, given the rebound in cases in Europe, are you seeing any sign of, maybe, just patient traffic slowing down even if practices aren't closing per se?

您能否再次談談在非常非常好的第三季度之後促使您不指導第四季度的不確定性？我在想的一件事是，考慮到歐洲病例的反彈，你是否看到任何跡象表明，即使診所本身並沒有關閉，患者流量也會放緩？

Yes. I think, John, when you think about what we've seen in terms of the momentum we see, we try to lay that out. Obviously, there are still unknowns in the world. I would say, COVID and the global economy and so on. But for the things that we can control and what we tried to lay out around the R&D investments in manufacturing and marketing and sales, we feel really good about our momentum and what we can drive in the future.

是的。我認為，約翰，當你考慮我們所看到的勢頭時，我們會嘗試將其展示出來。顯然，世界上還有未知數。我會說，COVID 和全球經濟等等。但對於我們可以控制的事情以及我們試圖圍繞製造、營銷和銷售的研發投資進行佈局的事情，我們對我們的勢頭以及我們未來可以推動的事情感到非常滿意。

We just have unknowns that are outside of our control. And so that's the reason from a guidance standpoint that we didn't give specific guidance. And -- but we wanted to highlight that we saw continued momentum as we went through the quarter, both for revenue and volume and that continued past the quarter end.

我們只是有一些我們無法控制的未知數。因此，從指導的角度來看，這就是我們沒有給出具體指導的原因。而且——但我們想強調的是，在整個季度中，我們看到了持續的勢頭，無論是收入還是銷量，而且這種勢頭一直持續到季度末。

Great. Joe, a question for you about sort of the strategy to get the attention more of GPs. Can you just talk about how exocad is going? And what else you -- what other levers you're pulling to sort of become more of that daily thought process for the typical general dentist?

偉大的。喬，你問一個關於吸引全科醫生更多注意力的策略的問題。您能談談 exocad 的進展情況嗎？你還有什麼 - 你正在拉動什麼其他槓桿來成為典型普通牙醫的日常思維過程？

Yes. John, it's a good question. Look, I feel great about exocad. And obviously, what I talked about in my -- in the highlights that we just went over is, I mean it's digital dentistry on the GP side. And you have to go around the world to understand how exocad is. exocad is very embedded in Europe, also in various parts of the Far East and in some parts of the United States. But the key is just a digital workflow. And it's between -- iTero fronts this. It's in a -- obviously, a GP's office, and that CAD/CAM piece is either extended in office or primarily it goes to labs.

是的。約翰，這是個好問題。看，我對 exocad 感覺很好。顯然，我在我們剛剛討論的重點中談到的是，我的意思是全科醫生方面的數字牙科。你必須走遍世界才能了解 exocad 是怎樣的。 exocad 在歐洲、遠東的各個地區和美國的一些地區非常普及。但關鍵只是數字工作流程。它介於兩者之間——iTero 領先於此。它在 - 顯然是 GP 的辦公室，並且 CAD/CAM 部件要么在辦公室擴展，要么主要進入實驗室。

It's given us -- I think it's given us the initial boost that we wanted to in the sense of our relevancy in the GP's office, in the sense of an iTero scanner can do these kind of restorative scans and this kind of restorative workflow.

它給了我們——我認為它給了我們最初的提升，我們希望在 GP 辦公室的相關性方面，在 iTero 掃描儀可以進行這些修復掃描和這種修復工作流程的意義上。

What's really exciting is when you look at how you can integrate what exocad does in a seamless workflow way with iTero and also Invisalign, it just gives us a lot of degrees of freedom to really change that kind of restorative dentistry and I'm really excited about the progress even in a short amount of time.

真正令人興奮的是，當您看到如何將 exocad 以無縫工作流程的方式與 iTero 和 Invisalign 集成時，它給了我們很大的自由度來真正改變這種修復牙科，我真的很興奮關於進度，即使在很短的時間內。

Our next question comes from the line of Brandon Couillard with Jefferies.

我們的下一個問題來自 Jefferies 的 Brandon Couillard。

Joe, I think you said leads were up something like 120% year-over-year. How do we think about the relevancy of that metric as a leading indicator of revenue growth? It's not a metric I can recall you really discussing before.

喬，我想你說過潛在客戶同比增長了 120%。我們如何看待該指標作為收入增長領先指標的相關性？這不是我記得你之前真正討論過的指標。

Well, it's a good question. I mean we do -- I don't know how we we've communicated that before, but it certainly is a term we use internally here at Align all the time. And a lead is just what you would guess it is, Brandon. It's a strong lead in a sense of a customer wanting to turn into a patient. And we have several ways of touching that customer.

嗯，這是個好問題。我的意思是我們有——我不知道我們之前是如何溝通的，但這肯定是我們一直在 Align 內部使用的術語。領先就是你所猜測的，布蘭登。從客戶希望變成患者的角度來看，這是一個強有力的領先優勢。我們有幾種接觸該客戶的方法。

They can come through our Invisalign app. They could be contacted by a concierge service. Concierge service can take the information and move it on to a doctor's office. But it's a lead and it's a great leading indicator of the interest of patients out there. And it's, again, one of the major attributes of Align and what we bring to the marketplace is to be able to excite consumers and move them into our doctor partner groups.

他們可以通過我們的 Invisalign 應用程序來。他們可以通過禮賓服務聯繫。禮賓服務可以獲取信息並將其轉移到醫生辦公室。但它是一個線索，它是那裡患者興趣的一個很好的領先指標。同樣，它是 Align 的主要屬性之一，我們帶給市場的是能夠激發消費者並將他們轉移到我們的醫生合作夥伴群體中。

Okay. And then John, any chance you could specifically speak to China growth in the third quarter? And then secondly, the financial impact of opening the new permanent manufacturing facility as opposed to the temporary site you have been operating, be it in terms of revenue growth or profitability expenses, anything you can share there?

好的。然後約翰，你有沒有機會專門談談中國第三季度的增長？其次，與您一直在運營的臨時工廠相比，開設新的永久性製造工廠的財務影響，無論是在收入增長還是盈利支出方面，您可以在那里分享什麼？

In China, we saw a good sequential growth, continues to grow. I mean, obviously, they were the first ones, kind of, in the pandemic to start in Q1. We saw some growth in Q2 and significantly more growth in Q3.

在中國，我們看到了良好的連續增長，並繼續增長。我的意思是，很明顯，他們是第一季度開始的大流行中的第一批。我們在第二季度看到了一些增長，在第三季度看到了更多的增長。

The manufacturing, like you said, has gone live. It's now a greenfield facility where everything is up and running. We're adding more capacity there to meet our demands, but it was a very smooth transition. We learned a lot from having that temporary facility and learning kind of the manufacturing, the scale-up that we needed and that transitioned very well into the new facility.

正如您所說，製造業已經上線。它現在是一個全新的設施，一切都正常運行。我們正在那裡增加更多容量以滿足我們的需求，但這是一個非常平穩的過渡。我們從擁有臨時設施和學習製造、我們需要的擴大規模以及很好地過渡到新設施中學到了很多東西。

Our next question comes from the line of Jeff Johnson with Baird.

我們的下一個問題來自 Jeff Johnson 與 Baird 的對話。

So Joe, I wanted to start with you and the same thing Jon Block is trying to feel out here. But on -- was there anything different in your North American ortho customer mix? Did the Diamond and double diamond guys come back much faster than the lower end guys, anything at all like that?

所以 Joe，我想從你開始，Jon Block 在這裡也想感受同樣的事情。但是關於 - 您的北美直銷客戶組合有什麼不同嗎？鑽石和雙鑽的傢伙回來得比低端傢伙快得多嗎？

And I guess what I'm trying to get at the same thing, like I said, John, is sustainability of that 24% North American ortho utilization number, a fantastic number, is that our evidence? Is that our proof point there of this move from analog to digital as you keep talking about it? Is that the number to focus in on there, and obviously, the GP number as well?

我想我在同一件事上試圖得到的是，就像我說的那樣，約翰，北美 24% 的正交利用率數字的可持續性，一個了不起的數字，這是我們的證據嗎？正如您一直在談論的那樣，這就是我們從模擬到數字的轉變的證據嗎？這是要關注的號碼嗎？顯然，GP 號碼也是如此嗎？

Yes. I think if you're -- Jeff, if your real question is about utilization being a key metric, I mean, it certainly is. Now who led that? Our Diamond, Diamond Plus docs already have a big digital aspect of what they were doing. We're able to function extremely well in this environment.

是的。我想如果你是——傑夫，如果你真正的問題是關於利用率是一個關鍵指標，我的意思是，它肯定是。現在是誰領導的？我們的 Diamond、Diamond Plus 文檔已經對他們所做的工作進行了很大的數字化處理。我們能夠在這種環境中發揮出色的作用。

Remember, our virtual care tool that we wrote out really 6 months before we wanted to do it. It wasn't the best tool in the world, but we've made it better over time, really given that digital interface with their patient base that allow them to be able to track their patients without having to come back to the office that was closed or (inaudible) at the time.

請記住，我們的虛擬護理工具實際上是在我們想要使用它之前 6 個月寫出來的。它不是世界上最好的工具，但隨著時間的推移，我們已經讓它變得更好了，真的是考慮到與他們的患者群的數字接口，使他們能夠跟踪他們的患者，而不必回到以前的辦公室當時關閉或（聽不清）。

So -- but to say that it was only those practices would be wrong. We saw -- no matter what tier they were in our advantage program, we saw them reaching for training, wanting to work from a digital standpoint, the orthodontist to recognize the advantages of digital doing this whole sequence. And again, that's why the program and the things that we've had in place, the investments we made or whatever, they were very timely to help to support that interest.

所以——但是說只有那些做法是錯誤的。我們看到——無論他們在我們的優勢計劃中處於哪一層，我們都看到他們接受培訓，希望從數字的角度工作，正畸醫生認識到數字化完成整個序列的優勢。再說一次，這就是為什麼該計劃和我們已經到位的東西，我們所做的投資或其他任何東西，它們非常及時地幫助支持這種興趣。

Yes. Understood. And then maybe just a follow-up for John. So John, you seem to imply that maybe ASPs here at this level are a good way to think about the next few quarters. Does that mean some of the incentives, kind of, sustain here? Do you leave them in place and I just want to understand the accounting. Does the bracket buybacks, does that go against ASPs in any way? Or is that a cost buried somewhere else in the P&L?

是的。明白了。然後可能只是約翰的後續行動。所以約翰，你似乎暗示也許這個級別的 ASP 是考慮未來幾個季度的好方法。這是否意味著一些激勵措施會在這裡持續下去？你把它們留在原地嗎，我只想了解會計。支架回購是否以任何方式不利於 ASP？或者這是隱藏在損益表其他地方的成本？

No. That is a cost against the -- as a promotion. So it goes against revenue for the bracket buyback. And we'll evaluate as we do on a normal basis with promotions, what promotions are working, what's driving that right level of utilization and engagement, whether you're a new doctor to a doctor that does a lot of volume.

不，那是作為促銷的成本。因此，這與支架回購的收入背道而馳。我們將像正常情況下一樣評估促銷活動，哪些促銷活動有效，是什麼推動了正確的利用率和參與度，你是否是一位新醫生，而不是一位做了大量工作的醫生。

We did mention that we didn't increase price. And that was something that's a reflection of what's happening in the marketplace. And look, we were very pleased with -- when you look at Invisalign ASPs, it's at 74.7%. We haven't seen that in several quarters. So we're very aware of the dynamics around promotions and what that drives. But ultimately, it's driving profitability and we saw great gross margin growth.

我們確實提到我們沒有提高價格。這反映了市場上正在發生的事情。看，我們非常滿意——當您查看 Invisalign ASP 時，它是 74.7%。我們好幾個季度都沒有看到這一點。因此，我們非常了解促銷活動的動態及其驅動因素。但最終，它正在推動盈利能力，我們看到了巨大的毛利率增長。

Our next question comes from the line of Glen Santangelo with Guggenheim.

我們的下一個問題來自 Glen Santangelo 與 Guggenheim 的合作。

Glen are you there? Maybe we're not hearing your line clearly.

格倫你在嗎？也許我們沒有聽清楚你的話。

Hello, can you hear me now?

你好，你現在能聽到我說話嗎？

Yes.

是的。

Yes, we can.

我們可以。

Joe, I just want to take a step back. I mean a lot of the questions were already asked, but I wanted to follow-up to a response you said to an earlier question. What's your sense going on with the organic growth rate of this business? I mean are you seeing the organic growth rate or just in ortho business in general, accelerate through the pandemic?

喬，我只想退後一步。我的意思是已經問了很多問題，但我想跟進你對先前問題的回答。您如何看待這項業務的有機增長率？我的意思是，你看到的是有機增長率還是一般的矯正業務，在大流行期間加速？

And then as you think about sort of the penetration of clear aligners versus total cases, you sort of cited that you still think were less than 10% penetrated. Can you maybe talk about the penetration in North America and international, and maybe how you see those sort of penetration rates evolving over the next couple of years?

然後，當你考慮清晰對準器的滲透率與總案例的比較時，你引用了你仍然認為滲透率不到 10% 的情況。您能否談談北美和國際的滲透率，以及您如何看待未來幾年這些滲透率的變化？

Well, I mean, we -- obviously, we measure ourselves from a penetration rate standpoint overall. And we split the market up, obviously, in teens and adults, ortho versus the general segment with GPs. But if I'm answering your question right, Glen, I mean we have increasing penetration and utilization we call in different parts of the marketplace. The digital platforms and things that we've put in place are really enhancement to doctors to get on these digital platforms and use the tools and things that we have.

好吧，我的意思是，我們 - 顯然，我們從整體滲透率的角度來衡量自己。顯然，我們將市場劃分為青少年和成人，與 GP 的普通細分市場相比。但是，如果我正確回答你的問題，格倫，我的意思是我們在市場的不同部分的滲透率和利用率都在提高。我們已經建立的數字平台和東西確實增強了醫生進入這些數字平台並使用我們擁有的工具和東西的能力。

So Glen, I think, again, as I mentioned in the other question on -- like this is that, remember, we're so underpenetrated. It really is. Digital orthodontics has such a long runway. But it is a different workflow for doctors, and it's a different expectation from a patient base, understanding you really can use digital plastic in order to move teeth as efficiently or better than wires and brackets.

所以格倫，我想，正如我在另一個問題中提到的那樣——就像這樣，記住，我們的滲透率太低了。確實如此。數字正畸有這麼長的跑道。但這對醫生來說是一個不同的工作流程，並且與患者群體的期望不同，了解你真的可以使用數字塑料來像金屬絲和支架一樣有效或更好地移動牙齒。

And so, it's so important that we have a strong digital platform that unites the workflow between us and doctors and doctors and patients that you have a breadth of product. Everything from Invisalign First all the way to Express and comprehensive products and retainers and things in between. Sales forces are incredibly important for that penetration in the sense of how you touch docs and how you move things forward.

因此，我們擁有一個強大的數字平台非常重要，它可以將我們與醫生、醫生和患者之間的工作流程統一起來，從而使您擁有廣泛的產品。從 Invisalign First 一直到 Express 和綜合產品、保持器以及介於兩者之間的一切。就您如何接觸文檔以及如何推動事情向前發展而言，銷售人員對於這種滲透非常重要。

So there's -- I would say, Glen, to answer your question here, there's no magic on this penetration piece. It's a lot of work. It's a lot of work and a lot of friction you have to overcome. There's no escaping it. But it's inevitable. Digital is better than analog in a COVID environment or not in the COVID environment. That's our position and that's what we'll continue to drive.

所以 - 我想說，格倫，在這裡回答你的問題，這個穿透件沒有魔法。這是很多工作。這是很多工作，你必須克服很多摩擦。沒有逃避它。但這是不可避免的。無論在 COVID 環境中還是在 COVID 環境中，數字都優於模擬。這是我們的立場，也是我們將繼續推動的。

And Joe, it seems like you maybe expanded your sort of technology lead again with sort of this latest development on the G8 side. Could you maybe just give us a quick update on the competitive landscape? Are you seeing anything else in the market that that is starting to get any traction? Or is it still kind of really just an execution issue for you?

喬，看起來你可能會通過 G8 方面的最新發展再次擴大你的技術領先地位。您能否向我們簡要介紹一下競爭格局？您是否看到市場上的其他任何東西開始受到關注？或者它對您來說仍然只是一個執行問題？

This is all about execution with us. It's a -- from a -- I have nothing from an update from a competitive standpoint, really to report. Remember, our competition is about expanding the marketplace. That is what it's all about.

這就是我們的執行力。這是一個 - 從一個 - 從競爭的角度來看，我沒有任何更新，真的要報告。請記住，我們的競爭是為了擴大市場。這就是它的全部意義所在。

This is not a scrum of a bunch of people making plastic aligners. This is the scrum about what can you do to reduce the friction of getting dentists and orthodontists to move forward in the digital process. It's the growth of this marketplace that is really the material difference here. It's not individual competition and the trenches that we're focused on or concerned about how do we expand the marketplace, Glen.

這不是一群製作塑料矯正器的人的混戰。這是關於您可以做些什麼來減少讓牙醫和正畸醫生在數字化過程中前進的摩擦的爭吵。這個市場的增長才是真正的實質性差異。格倫，我們關注或關注的不是個人競爭和戰壕，我們如何擴展市場。

Our next question comes from the line of Richard Newitter with SVB Leerink.

我們的下一個問題來自 Richard Newitter 與 SVB Leerink 的對話。

I wanted to just start off, just looking back over the 20-year journey that you had or longer than that now. Well, you're not specifically, but just in aligners and what you've seen in your tenure and what you know before you. Can you -- there have probably been inflection point moments. And I'm just curious where and how kind of this COVID opportunity, which is clearly, on some level, creating an inflection point on some level. Where this stacks up?

我想從頭開始，回顧一下你過去 20 年的旅程，或者比現在更長。好吧，你不是特定的，但只是在對齊器中以及你在任期內所看到的以及你之前所知道的。你能——可能已經出現了拐點時刻。而且我只是好奇這個 COVID 機會在哪里以及如何，這顯然在某種程度上創造了一個拐點。這堆在哪裡？

A year or 2 years from now, do you think we're going to be saying this was probably the -- one of the defining periods for you guys to capitalize on converting the team segment and getting that accelerated kind of digital boost that you needed to really kind of move this market conversion opportunity in a set function fashion? I'm just trying to put it in perspective. Are we kind of at the demarcation here, in your view, where this is kind of defining period for the company?

一年或兩年後，你認為我們會說這可能是 - 你們利用轉換團隊部分並獲得你需要的加速數字提升的決定性時期之一真正以一套功能時尚來推動這個市場轉換機會？我只是想正確看待它。在您看來，我們是否處於分界線，這是公司的定義時期？

Well, Rich, it's always really -- it's hard to always call -- you're asking about the tipping point. And John has a great saying, you never know the tipping point until it's there, right? So but I would tell you that, obviously, in the current environment that we have right now where infection is a concern, digital becomes predominant in that sense of doctors looking at it.

好吧，里奇，它總是真的——很難總是打電話——你問的是臨界點。約翰有句名言，你永遠不會知道臨界點，直到它出現，對吧？所以，但我會告訴你，很明顯，在我們目前所處的環境中，感染是一個令人擔憂的問題，從醫生的角度來看，數字技術已成為主導。

But I think another good signal that you can say that this can become more permanent is what's really unusual here is take a look at iTero growing 25%, right? You see capital goods in a situation like this are going to lag because doctors aren't going to make that kind of a capital outlay when their businesses are under pressure. And what we saw in this case is iTero grew phenomenally.

但我認為另一個好信號表明，你可以說這可以變得更持久，這裡真正不尋常的是看看 iTero 增長了 25%，對嗎？你會看到在這種情況下資本貨物會滯後，因為當醫生的業務面臨壓力時，他們不會進行這種資本支出。我們在這個案例中看到的是 iTero 的驚人增長。

And what we know, and you see that 93% of the cases in the United States right now for orthos are coming through digitally is, when you get an iTero scanner into an office, whether it's a GP or ortho, they've become really committed on the digital piece and want to learn.

我們知道，你看到美國現在 93% 的矯形器病例都是通過數字方式進行的，當你把 iTero 掃描儀帶到辦公室時，無論是 GP 還是矯形器，它們都變成了真正的致力於數字作品並想學習。

So I think that kind of demand for iTero scanner, and what I call a hurricane right now from a doctor's cash flow standpoint, really shows that they're interested in the sense of this digital transformation and want to stick with it.

因此，我認為對 iTero 掃描儀的這種需求，以及我現在從醫生現金流的角度稱之為颶風的需求，確實表明他們對這種數字化轉型的意義很感興趣，並希望堅持下去。

That's helpful. And maybe just one follow up on the competitive commencing question from the prior. I was just curious, your ability to train virtually and remotely and your customer base and your advantage together, are your competitors able to kind of get into the channel even as effectively as they might have otherwise been? Or are you basically kind of converting on your own right now?

這很有幫助。也許只是對之前的競爭性開始問題進行跟進。我只是好奇，你的虛擬和遠程培訓能力以及你的客戶群和你的優勢，你的競爭對手是否能夠像其他方式一樣有效地進入渠道？還是您現在基本上是在自行轉換？

I'm just curious if there's just an inherent structural advantage that you have there during this period, and if competitor sales reps are allowed to engage as actively as you are.

我只是很好奇，在此期間您是否具有固有的結構優勢，以及是否允許競爭對手的銷售代表像您一樣積極參與。

Yes. It's -- forgive me if I don't answer your question properly, but what I derive from that is the importance of a sales force versus competition and the importance of training. And there's no company in the world that can provide digital training, whether it's virtual or if it's allowed in the future, which it will be obviously face-to-face across a number of platforms that Align can provide.

是的。這是 - 如果我沒有正確回答您的問題，請原諒我，但我從中得出的結論是銷售人員與競爭的重要性以及培訓的重要性。而且世界上沒有任何公司可以提供數字培訓，無論是虛擬的還是將來允許的，顯然它將在 Align 可以提供的多個平台上進行面對面的培訓。

ADAPT is another kind of training. ADAPT is Align digital and practice transformation program, that kind of -- there are experts that we put in place that understand doctors' office workflow and economics and how we can work through them. Our sales force is -- since I've been in this business 5 years now, and I've run sales forces and businesses pretty much my entire adult life, I have never seen such a high-touch sales force in my life. The importance of touch with the sales team with those doctors is incredibly important because of how different digital is from a workflow standpoint and a clinical standpoint than what an analog procedure is. So there's no way around that.

ADAPT 是另一種訓練。 ADAPT 是 Align 數字和實踐轉型計劃，我們安排的專家了解醫生的辦公室工作流程和經濟學，以及我們如何通過它們來工作。我們的銷售人員是——自從我從事這項業務 5 年以來，我幾乎整個成年生活都在經營銷售人員和業務，我一生中從未見過如此高接觸度的銷售人員。與銷售團隊和這些醫生接觸的重要性非常重要，因為從工作流程的角度和臨床角度來看，數字化與模擬程序有很大不同。所以沒有辦法解決這個問題。

And then the last part is, maybe we're taking advantage of our competitors or something. And I don't say this in any arrogance or whatever, the competition's competition. I actually welcome it to a certain extent because it helps legitimize the digital space. Our job broadly is how do we go and get dentists and orthodontists to move from analog to digital, not so much what the next competitor's product is out there and that we're fighting for that extra ounce of share. That's not where we are right now. This is about an expansive marketplace.

最後一部分是，也許我們正在利用我們的競爭對手或其他東西。而且我不會以任何傲慢或其他任何方式說這個，比賽的比賽。我實際上在一定程度上歡迎它，因為它有助於使數字空間合法化。從廣義上講，我們的工作是如何讓牙醫和正畸醫生從模擬轉向數字，而不是下一個競爭對手的產品在那裡，我們正在爭取額外的份額。那不是我們現在的處境。這是關於一個廣闊的市場。

Our next question comes from the line of Ravi Misra with Berenberg Capital Markets.

我們的下一個問題來自 Berenberg Capital Markets 的 Ravi Misra。

Hope everyone's well. Just a -- to take a pivot to the GA for a second. And remembering correctly, prior versions of the systems have been seen as these step function advancements that have opened the door to more cases and more comfort with doing the system. But G8, just curious in terms of, number one, how do you see it kind of increasing the addressable market for the number of cases you can treat? I mean is this opening up doors that couldn't be done before by the sort of average dentist?

希望大家都好。只是 - 暫時轉向 GA。沒記錯的話，系統的早期版本被視為這些階梯功能的進步，它們為更多的案例打開了大門，讓系統更舒適。但是 G8，就好奇而言，第一，你如何看待它會增加你可以治療的病例數量的潛在市場？我的意思是，這是否打開了普通牙醫以前無法完成的大門？

And number two, do we have any sort of IP protection around this? I mean looking at the press release, it seems like a pretty powerful set of innovations and the way you're staging it? Or is this kind of a function or a development on top of existing technologies in that sense from an IP perspective?

第二，我們對此有任何類型的知識產權保護嗎？我的意思是看新聞稿，它似乎是一組非常強大的創新以及你的展示方式？或者從知識產權的角度來看，這種功能是在現有技術之上的一種功能或發展嗎？

Yes. Ravi, good question. First of all, when you think of how we got the G8 is we've done 9 million patients, right? And probably deep bite cases are 30% of those cases and G8 is around deep bite. And when you do deep bite, there's a lot of extrusion in deep bite. Now I want to get too clinically into this thing, but extrusion just means you're pulling the tooth down or pushing a tooth up. And those are the most difficult movements that we make. They are the hardest movements to do.

是的。拉維，問得好。首先，當你想到我們是如何得到 G8 的時候，我們已經為 900 萬患者做了，對吧？深咬合病例可能佔這些病例的 30%，而 G8 圍繞深咬合。當你做深咬合時，深咬合會產生很多擠壓。現在我想對這件事過於臨床化，但擠壓只是意味著你要把牙齒往下拉或往上推。這些是我們所做的最困難的動作。它們是最難做的動作。

When you talk about IP, it has to be with the specific kind of attachment. It's where you place that attachment. It's that interface of that attachment with the aligner and how the aligner -- actually, that's what we call it the activated part of this thing. And I'd say, do we have IP around that? Sure, we do. Do we have IP around doing a deep bite case? No. But our products are specifically geared to be able to do that.

當你談論IP時，它必須與特定類型的附件相關。這是您放置附件的地方。這是那個附件與對準器的接口以及對準器的方式——實際上，這就是我們所說的這個東西的激活部分。我會說，我們有知識產權嗎？當然，我們有。我們是否擁有處理深度案例的知識產權？不，但我們的產品專門設計用於能夠做到這一點。

And so we use a lot of AI and machine learning to mine that database to figure out where these deep bite cases weren't finishing as fast as they could be at times. And the new G8 is supposed to make this better. It's been tried in different areas. And in the end, what it does, it gives doctors more confidence to be able to get into those cases and know they can finish in the way they want to finish. And that's the purpose of the product.

因此，我們使用大量人工智能和機器學習來挖掘該數據庫，以找出這些深層次案例有時沒有盡快完成的地方。新的 G8 應該會做得更好。它已經在不同的領域進行了嘗試。最後，它的作用是讓醫生更有信心進入這些病例，並知道他們可以按照他們想要的方式結束。這就是產品的目的。

Great. And then maybe if I can build on that. So prepandemic, you guys were on a kind of case growth basis, somewhere in the 30s, high 20s range. I appreciate that it's very difficult to look past what's going on in the world right now. But today, we do kind of normalize at some point in the future postpandemic. With these innovations and the sales force touch points that you mentioned, is that 20% to 30% are kind of reasonable proxy for where this market can go?

偉大的。然後也許我可以以此為基礎。所以大流行前，你們處於某種病例增長的基礎上，大約在 30 多歲，20 多歲的範圍內。我明白很難忽視現在世界上正在發生的事情。但是今天，我們確實在未來大流行後的某個時候正常化了。有了這些創新和你提到的銷售人員接觸點，20% 到 30% 是否可以合理代表這個市場的發展方向？

Ravi, this is John. Good question. When we think about the investments that we make in the -- as we've described, the vastly underpenetrated market that we're in, we look at our investments to say, look, we can grow revenue in the 20% to 30%. And that's how we think of things, and that's what we think that we can control, the investments that we're making to be able to grow in this market to that. We didn't guide to that because there's unknowns outside of what we can control and we've kept it at that.

拉維，這是約翰。好問題。當我們考慮我們在 - 正如我們所描述的那樣，我們所處的市場滲透率極低時，我們會看看我們的投資，看，我們可以將收入增長 20% 到 30% .這就是我們思考事物的方式，這就是我們認為我們可以控制的，我們正在進行的投資，以便能夠在這個市場上發展到那個。我們沒有對此進行指導，因為在我們可以控制的範圍之外存在未知數，我們一直保持不變。

But certainly, when we look at investments in this market and the opportunities that we have, we look at those investments with the long-term growth model from a revenue standpoint of 20% to 30%.

但可以肯定的是，當我們審視這個市場的投資和我們擁有的機會時，我們會從 20% 到 30% 的收入角度看待那些具有長期增長模式的投資。

Our next question comes from the line of Michael Ryskin with Bank of America.

我們的下一個問題來自美國銀行的 Michael Ryskin。

I realized it's late, so I'll just keep it to one. Obviously, you see the strong -- really strong utilization numbers in the Americas for the orthos and GPs. But obviously, that's only half of the equation because you also got the number of docs actually receiving those.

我意識到已經晚了，所以我會保持一個。顯然，你看到美洲矯形器和全科醫生的使用率非常高。但顯然，這只是等式的一半，因為您還得到了實際收到這些文件的文檔數量。

So I was just wondering if you could provide any additional color on the split between ortho and GP, which really drove the volume in the quarter in the Americas. And what I'm getting at is, with the rebound you commented on from that pent-up demand, was there one part of your customer base that really accelerated better than the others? Or was it pretty broad-based?

所以我只是想知道您是否可以在 ortho 和 GP 之間的拆分上提供任何其他顏色，這確實推動了美洲季度的銷量。我的意思是，隨著你從被壓抑的需求中評論的反彈，你的客戶群中有一部分真的比其他人加速得更好嗎？或者它的基礎非常廣泛？

Yes. I can take that, Michael. This is John. Really, when we look at the utilization and the growth that we saw was very broad. It was across GP and ortho. It was across multiple tiers. We just saw a good adoption of our technology as these practices opened. Patients ask for it by name, doctors use our product. There are many doctors that were higher up on the tiers, accelerated their cases. And then even new doctors or doctors that are at lower tiers, were able to increase the utilization.

是的。我可以接受，邁克爾。這是約翰。真的，當我們查看利用率時，我們看到的增長非常廣泛。它跨越了 GP 和 ortho。它跨越多個層次。隨著這些實踐的開展，我們剛剛看到我們的技術得到了很好的採用。患者點名索取，醫生使用我們的產品。有許多級別更高的醫生加速了他們的病例。然後，即使是新醫生或較低層級的醫生，也能夠提高利用率。

So we're very happy with the results that we saw from newer doctors to more experienced doctors and felt really good about how they were in that recovery mode. As we said, it's tough to understand and break out the piece of how much is pent-up demand versus run rate. But as we went through the quarter, as we said, we got stronger and stronger. So we feel good about the situation that we left Q3 with.

因此，我們對從新醫生到更有經驗的醫生那裡看到的結果感到非常滿意，並且對他們在恢復模式下的表現感到非常滿意。正如我們所說，很難理解和打破被壓抑的需求與運行率的關係。但正如我們所說，隨著我們度過這個季度，我們變得越來越強大。所以我們對我們離開第三季度的情況感到滿意。

Our next question comes from the line of Jason Badner with Piper Sandler.

我們的下一個問題來自 Jason Badner 和 Piper Sandler 的台詞。

Great. This is [Guzman] here. Congrats on a nice quarter, everyone. Have a clarification question just real quick and then another I'll ask upfront here. Just that enhanced momentum building comment that you made for October, Joe, can you just confirm that, that holds for all major reporting channels you have with GPs and orthodontists?

偉大的。我是[古茲曼]。恭喜大家度過了一個美好的季度。有一個真正快速的澄清問題，然後我會在這裡提前問另一個問題。 Joe，你在 10 月份所做的增強勢頭建設評論，你能否確認一下，這適用於你與 GP 和正畸醫生的所有主要報告渠道？

And then I know it's early days for iGo Plus, but curious if you could just talk about initial feedback on the system in the first markets you entered in Europe, any learnings you can draw on the early days of that launch before you look to take that system into additional markets?

然後我知道現在是 iGo Plus 的早期階段，但很好奇你是否可以談談你進入歐洲的第一個市場對該系統的初步反饋，在你考慮採取之前你可以從該發布的早期吸取任何教訓該系統進入其他市場？

Yes, Jason. First of all, I can confirm that it's across all channels, all markets. There's nothing really that I can cite that's -- it's not with that momentum that we -- on iPro Plus. iPro Plus is about just enhancing the ability of doctors that are on iPro to be able to do more enhanced cases. And the feedback is great.

是的，傑森。首先，我可以確認它跨越所有渠道，所有市場。我真的沒有什麼可以引用的——這不是我們在 iPro Plus 上的勢頭。 iPro Plus 只是為了增強使用 iPro 的醫生的能力，以便能夠做更多增強的病例。而且反饋很好。

We started in Europe because that's where iPro really started from in a big way. And those are the first doctors that really asked for that. And then as -- and we've rolled that out in general. And it's really on the back of like the ClinCheck 6.0, the cloud-type-based product that we've done. It's one of the great things about digital platforms is you can expand them to be able to fit specifically in different markets at different times. And that's what iPro Plus really represents. So I hope that helps, Jason.

我們從歐洲開始，因為那是 iPro 真正從大方向開始的地方。那些是真正要求這樣做的第一批醫生。然後作為 - 我們已經推出了它。它實際上是在 ClinCheck 6.0 的支持下，這是我們已經完成的基於雲類型的產品。數字平台的一大優點是您可以擴展它們，以便能夠在不同時間專門適應不同市場。這就是 iPro Plus 真正代表的東西。所以我希望這能有所幫助，傑森。

There are no other questions in the queue. I'd like to hand it back to management.

隊列中沒有其他問題。我想把它交還給管理層。

Thanks, everyone. We appreciate your time today. If you have any follow-up questions, please contact Investor Relations, and we look forward to speaking to you at our Investor Day, November 23. Have a great night.

感謝大家。感謝您今天的寶貴時間。如果您有任何後續問題，請聯繫投資者關係部，我們期待在 11 月 23 日的投資者日與您交談。祝您度過一個愉快的夜晚。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路並度過美好的一天。