3D Systems Corp (DDD) 2022 Q2 法說會逐字稿

Hello, good morning, and welcome to 3D Systems conference call and audio webcast to discuss the results of the second quarter 2022. My name is Kevin, and I'll facilitate the audio portion of today's interactive broadcast. (Operator Instructions) And as a reminder, this conference is being recorded.

您好，早上好，歡迎來到 3D Systems 電話會議和音頻網絡廣播，討論 2022 年第二季度的結果。我的名字是 Kevin，我將為今天互動廣播的音頻部分提供幫助。 （操作員說明）作為提醒，本次會議正在錄製中。

At this time, I'd like to turn the call over to Russell Johnson, Vice President, Treasurer and Investor Relations. Please go ahead.

在這個時候，我想把電話轉給副總裁、財務主管和投資者關係部的 Russell Johnson。請繼續。

Good morning, and welcome to 3D Systems' Second Quarter 2022 Conference Call. With me on today's call are Dr. Jeffrey Graves, President and Chief Executive Officer; Wayne Pensky, Interim Chief Financial Officer; and Andrew Johnson, Executive Vice President and Chief Legal Officer.

早上好，歡迎參加 3D Systems 2022 年第二季度電話會議。今天與我通話的是總裁兼首席執行官 Jeffrey Graves 博士； Wayne Pensky，臨時首席財務官；執行副總裁兼首席法務官 Andrew Johnson。

The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone, who wish to access the slide portion of this presentation, may do so on the Investor Relations section of our website. For those who have accessed the streaming portion of the webcast, please be aware that there may be a few seconds delay and that you will not be able to post questions via the web.

本次電話會議的網絡廣播部分包含我們將在電話會議期間參考的幻燈片演示。那些通過電話跟進的人，如果希望訪問本演示文稿的幻燈片部分，可以在我們網站的投資者關係部分進行。對於那些訪問了網絡廣播的流媒體部分的人，請注意可能會有幾秒鐘的延遲，並且您將無法通過網絡發布問題。

The following discussion and responses to your questions reflect management's views as of today only and will include forward-looking statements as described on this slide. Actual results may differ materially.

以下討論和對您問題的回答僅反映了管理層截至今天的觀點，並將包括本幻燈片所述的前瞻性陳述。實際結果可能大不相同。

Additional information about factors that could potentially impact the financial results is included in last night's press release and our filings with the SEC, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. During this call, we will discuss certain non-GAAP financial measures.

有關可能影響財務結果的因素的其他信息包含在昨晚的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和 10-Q 表格季度報告。在本次電話會議中，我們將討論某些非公認會計準則財務措施。

In our press release and slides accompanying this webcast, which are both available on our Investor Relations website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Finally unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2021.

在我們的新聞稿和本網絡廣播隨附的幻燈片中，您可以在我們的投資者關係網站上找到有關這些非公認會計原則措施的更多披露，包括這些措施與可比較的公認會計原則措施的對賬。最後，除非另有說明，否則本次電話會議中的所有比較都將與我們在 2021 年可比期間的結果相反。

With that, I'll turn the call over to our CEO, Jeff Graves, for opening remarks.

有了這個，我將把電話轉給我們的首席執行官 Jeff Graves 來做開場白。

Thank you, Russell, and good morning, everyone. I want to thank all of you for joining today's discussion of our second quarter results. As always, it's my pleasure to have this opportunity to speak with you and share my perspectives on our ongoing efforts to make 3D Systems the world's most innovative and successful provider of additive manufacturing solutions.

謝謝你，Russell，大家早上好。我要感謝大家參加今天關於我們第二季度業績的討論。與往常一樣，我很高興有機會與您交談，並分享我對我們為使 3D Systems 成為世界上最具創新性和最成功的增材製造解決方案提供商所做的持續努力的看法。

As I look out on the environment in which 3D Systems is operating today, I see much to be optimistic about, but I also see a complex and volatile mix of business conditions that's challenging our ability to deliver consistent results during 2022. On one hand, it's clear to me that the underlying trends supporting the broad adoption of additive manufacturing solutions in production environments are both strong and resilient across our diversified economy and applications ranging from the traditional manufacturing shop floor to the biotech laboratory where life-saving medical treatments are created. Additive manufacturing technologies are enabling new levels of efficiency, flexibility and innovation. These macro trends give me tremendous confidence in this industry and in 3D Systems' role is a leader in it.

當我審視 3D Systems 今天的運營環境時，我看到了很多值得樂觀的地方，但我也看到復雜多變的業務環境組合正在挑戰我們在 2022 年交付一致結果的能力。一方面，我很清楚，支持在生產環境中廣泛採用增材製造解決方案的潛在趨勢在我們多元化的經濟和應用中既強大又具有彈性，從傳統的製造車間到創造救生醫療的生物技術實驗室。增材製造技術正在實現新的效率、靈活性和創新水平。這些宏觀趨勢讓我對這個行業充滿信心，並且 3D Systems 是其中的領導者。

It's this confidence that's guiding the strategic actions we're taking this year to consistently invest in new additive technologies and in our internal infrastructure to support future growth. On the other hand, the new normal of our post-pandemic world is proving anything but normal. As we highlighted in yesterday's earnings release, during the second quarter, 3D Systems, like many other companies, encountered a more difficult global business environment than we had anticipated when we exited 2021.

正是這種信心指導著我們今年採取的戰略行動，以持續投資於新的添加劑技術和我們的內部基礎設施，以支持未來的增長。另一方面，大流行後世界的新常態證明一切都不是正常的。正如我們在昨天的財報中所強調的那樣，在第二季度，3D Systems 與許多其他公司一樣，遇到了比我們在 2021 年退出時預期的更加困難的全球商業環境。

Our performance this quarter was impacted negatively by various macroeconomic and geopolitical factors, most notably stubborn supply chain issues, foreign exchange volatility and our exit from the Russian market. While these factors such as these are often hard to predict or control, the reality is that they generated unexpected headwinds for our business during the second quarter and led to revenue growth and profitability below our internal expectations and no doubt below the expectations of our investors as well.

我們本季度的業績受到各種宏觀經濟和地緣政治因素的負面影響，最明顯的是頑固的供應鏈問題、外匯波動以及我們退出俄羅斯市場。儘管諸如此類的因素通常難以預測或控制，但現實情況是，它們在第二季度給我們的業務帶來了意想不到的逆風，導致收入增長和盈利能力低於我們的內部預期，而且無疑低於我們投資者的預期，因為出色地。

Looking ahead to the second half of the year, we now believe that these factors, combined with an expectation of dampened consumer discretionary spending, driven by the rapid rise in the price of food, gasoline and other daily necessities will impact our results. As a result, we're taking a more conservative stance on our outlook for the balance of the year and reducing our 2022 guidance.

展望下半年，我們現在認為，這些因素，再加上食品、汽油和其他日用品價格快速上漲推動的非必需消費品支出預期將受到抑制，將影響我們的業績。因此，我們對今年餘下時間的展望採取了更為保守的立場，並降低了 2022 年的指引。

While we hope that these effects will be short-lived, I feel it's important to be prudent to plan for them until the data suggests otherwise. Fortunately we have the scale, the balance sheet and an exceptional customer base, which allows us to weather these short-term headwinds and continue to prudently invest for the strong growth opportunities we see when inevitably these headwinds subside. We'll do so with the same financial discipline that I hope you now have come to associate with this leadership team.

雖然我們希望這些影響是短暫的，但我認為在數據表明並非如此之前，謹慎地為它們制定計劃是很重要的。幸運的是，我們擁有規模、資產負債表和卓越的客戶群，這使我們能夠經受住這些短期逆風，並在這些逆風不可避免地消退時繼續謹慎投資，以尋求強勁的增長機會。我們將按照我希望您現在與這個領導團隊合作的同樣的財務紀律來這樣做。

For today's call, we'll start with my summary comments on the quarter and the full year forecast, and then Wayne Pensky will provide more details. With a consolidated company, after adjusting for the significant divestiture program that we completed in 2021, revenue for the second quarter grew 3.2% year-over-year and 7.8% in constant currency.

對於今天的電話會議，我們將從我對季度和全年預測的總結評論開始，然後韋恩·彭斯基將提供更多細節。對於一家合併後的公司，在對我們於 2021 年完成的重大資產剝離計劃進行調整後，第二季度的收入同比增長 3.2%，按固定匯率計算增長 7.8%。

As I mentioned, several exogenous factors had an outsized impact on the second quarter top line. These include the rapid strengthening of the U.S. dollar and the frustrating continuation of component shortages and other supply chain disruptions that we experienced during Q1. They also include the ongoing tragedy of the war in Ukraine, which led us to exit the Russian market and has since negatively impacted business confidence in the European countries such as Germany, where 3D Systems and particularly our Industrial segment has traditionally had a strong presence. Were not for these headwinds, our consolidated revenue for the second quarter would have grown by healthy double-digits year-over-year as we had anticipated. So while we're by no means satisfied with our quarterly results, it's important to view them in the light of the very challenging and volatile macro environment we faced during the quarter.

正如我所提到的，一些外部因素對第二季度的收入產生了巨大的影響。其中包括美元的迅速走強以及我們在第一季度經歷的零部件短缺和其他供應鏈中斷令人沮喪的持續。它們還包括烏克蘭戰爭的持續悲劇，這導致我們退出俄羅斯市場，並因此對德國等歐洲國家的商業信心產生負面影響，3D Systems 尤其是我們的工業部門傳統上在這些國家擁有強大的存在。如果沒有這些不利因素，我們第二季度的綜合收入將如我們預期的那樣以健康的兩位數同比增長。因此，雖然我們對我們的季度業績並不滿意，但鑑於我們在本季度面臨的極具挑戰性和動蕩的宏觀環境來看待它們是很重要的。

To reinforce the message we have stated previously, with the increasing adoption of additive manufacturing and production environments across both our healthcare and industrial customer base, we anticipate delivering solid double-digit annual revenue growth once these shorter-term headwinds subside.

為了強化我們之前所說的信息，隨著我們的醫療保健和工業客戶群越來越多地採用增材製造和生產環境，我們預計一旦這些短期逆風消退，我們將實現兩位數的年收入增長。

Turning to our divestiture adjusted segment performance in the second quarter, revenue for our Industrial segment grew 3.8% year-over-year and 11.2% in constant currency, while revenue for our Healthcare segment grew 2.9% and 4.7% in constant currency. The foreign exchange impact on our Industrial segment was quite significant due to that segment's exposure to manufacturers and service bureau customers in Europe and Asia Pacific.

談到第二季度我們剝離調整後的部門業績，我們的工業部門的收入同比增長 3.8%，按固定匯率計算增長 11.2%，而我們的醫療保健部門的收入增長 2.9%，按固定匯率計算 4.7%。由於該部門接觸歐洲和亞太地區的製造商和服務機構客戶，因此對我們的工業部門的外匯影響非常顯著。

Industrial also experienced the biggest revenue impact due to our exit from the Russian market. In Healthcare, second quarter revenue came in softer than expected. The slower growth in healthcare was driven largely by a postponement of elective procedures due to both a resurgence of COVID, which once again limited patient access to hospitals and to greatly heightened inflationary pressures on consumers, which forced them to prioritize their purchases and postpone optional care, particularly in the dental market.

由於我們退出俄羅斯市場，工業也經歷了最大的收入影響。在醫療保健領域，第二季度的收入低於預期。醫療保健增長放緩主要是由於 COVID 的死灰復燃（這再次限制了患者進入醫院的機會）以及消費者面臨的通脹壓力大大增加（迫使他們優先購買並推遲可選護理）導致選擇性程序推遲所致，尤其是在牙科市場。

Fortunately once the impact of COVID again subsides and inflation begins to cool, we expect these elective procedures to once again accelerate. However to be clear, in our updated guidance, we've modeled these conditions as now extending through the end of the year. So in short, we're reducing our revenue estimates for the full year, assuming that the challenges we saw as we exited the second quarter continued throughout the remainder of the year.

幸運的是，一旦 COVID 的影響再次消退並且通貨膨脹開始降溫，我們預計這些選修程序將再次加速。然而需要明確的是，在我們更新的指南中，我們已經將這些條件建模為現在延長到今年年底。因此，簡而言之，我們正在降低全年的收入預期，假設我們在第二季度結束時看到的挑戰在今年剩餘時間內持續存在。

These primarily include the impact of currency, inflation and supply chain disruption. In addition to these objective factors, we're also receiving clear signals from selected customers that their visibility into near-term demand trends has diminished. In response, they're slowing their expansion plans and adjusting purchases to more tightly control inventory levels until their visibility into demand improves.

這些主要包括貨幣、通貨膨脹和供應鏈中斷的影響。除了這些客觀因素之外，我們還從選定的客戶那裡收到了明確的信號，表明他們對近期需求趨勢的了解已經減弱。作為回應，他們正在放慢擴張計劃並調整採購以更嚴格地控制庫存水平，直到他們對需求的可見性提高。

Major drivers of this uncertainty are the potential impact of recessionary pressures on consumer confidence and the stubborn high inflation environment, which is an important driver of reduced discretionary healthcare spending. Secondly, but not an insignificant factor driving us to be conservative in our forecast at this point is the potential impact of energy supply constraints on our European customers stemming from increased EU government efforts to reduce their dependency on Russian oil and gas supplies.

這種不確定性的主要驅動因素是經濟衰退壓力對消費者信心的潛在影響以及頑固的高通脹環境，這是可自由支配的醫療保健支出減少的重要驅動因素。其次，由於歐盟政府加大力度減少對俄羅斯石油和天然氣供應的依賴，能源供應限制對我們的歐洲客戶的潛在影響是促使我們在預測中保持保守的一個重要因素，但並非無關緊要的因素。

The net effect of any such effort, which looks increasingly probable, would be further dampening of demand on capital or capital investments, particularly in Germany. One obvious area that influences our second half forecast is our dental business, which had previously enjoyed very strong double-digit growth in the U.S. and internationally.

任何此類努力的淨效應（看起來越來越可能）將進一步抑制對資本或資本投資的需求，尤其是在德國。影響我們下半年預測的一個明顯領域是我們的牙科業務，該業務此前在美國和國際上實現了非常強勁的兩位數增長。

Given the current geopolitical tensions, the resurgence of COVID in China and the curtailing of consumer discretionary spending throughout Europe and the U.S., we're projecting slower growth in our Dental segment in the second half. We once again view this as transitory, but still material in our full year forecast.

鑑於當前的地緣政治緊張局勢、COVID 在中國的死灰復燃以及整個歐洲和美國的非必需消費品支出的縮減，我們預計下半年牙科部門的增長將放緩。我們再次認為這是暫時的，但在我們的全年預測中仍然很重要。

As we exited the second quarter and evaluated all of these risk factors, we've updated our forecast and are now taking a more conservative view of our projected full year performance, all of which is reflected in our updated full year guidance that Wayne will discuss in a few moments. While we're disappointed in having to take this step, we're doing so out of an abundance of caution and an aspirant of transparency to our investors.

當我們結束第二季度並評估所有這些風險因素時，我們更新了我們的預測，現在對我們預計的全年業績採取更保守的看法，所有這些都反映在韋恩將討論的更新的全年指導中過一會兒。雖然我們對不得不採取這一步感到失望，但我們這樣做是出於謹慎和對投資者透明的渴望。

I can assure you we don't take this decision lightly, and you have my commitment that we'll work hard through the balance of this year to regain momentum in our financial performance that we've built over the last 2 years. Actions we're taking include a variety of steps to optimize our cost structure, improve the efficiency of our operations and refine our technology portfolio to assure exciting and profitable growth in the years ahead.

我可以向您保證，我們不會輕率地做出這個決定，並且您有我的承諾，我們將在今年餘下的時間裡努力工作，以恢復我們在過去兩年中建立的財務業績的勢頭。我們正在採取的行動包括優化成本結構、提高運營效率和完善技術組合的各種步驟，以確保在未來幾年實現令人興奮和盈利的增長。

Reflecting this focus on operational efficiencies, in July, we took a major step forward by transitioning the sourcing and manufacturing activities for much of our polymer-based printers in-house and terminating our agreement with a major contract manufacturer. In-sourcing these high-tech, high-mix, low-volume printer platforms took months of planning and required us to incur some upfront exit and inventory costs.

為了體現對運營效率的關注，我們在 7 月向前邁出了一大步，將我們大部分基於聚合物的打印機的採購和製造活動轉移到內部，並終止了與一家主要合同製造商的協議。內購這些高科技、多品種、小批量的打印機平台需要數月的規劃，並要求我們承擔一些前期退出和庫存成本。

But over time, we believe this approach gives us much better control of our critical supply chain elements resulting in reduced manufacturing costs, improved inventory management and improved customer-facing metrics such as quality and delivery performance. This step in combination with our new product design efforts is a key element in delivering higher gross margin performance, the goal of which is to exceed 50% in the years ahead.

但隨著時間的推移，我們相信這種方法可以讓我們更好地控制我們的關鍵供應鏈元素，從而降低製造成本、改進庫存管理並改進面向客戶的指標，例如質量和交付績效。這一步驟與我們的新產品設計工作相結合，是實現更高毛利率表現的關鍵因素，其目標是在未來幾年超過 50%。

We have additional efficiency actions in flight, and we'll update you on our progress as we move through the year. Before I end my remarks and hand over to Wayne, I want to comment on important progress and collaborations between 3D systems and what I believe are 2 of the world's - most innovative technology partners.

我們正在實施其他提高效率的行動，我們將在一年中向您通報我們的進展情況。在結束我的發言並交給韋恩之前，我想評論一下 3D 系統與我認為是世界上最具創新性的兩個技術合作夥伴之間的重要進展和合作。

First in June, our long-time biotechnology development partner, United Therapeutics, announced that in close partnership with 3D Systems, they have successfully printed the most complex objects ever produced by mankind, a complete human lung scaffold consisting of over 4,000 kilometers of pulmonary vasculature and airways with wall thicknesses measured in fractions of the diameter of a human hair.

首先在 6 月，我們的長期生物技術開發合作夥伴 United Therapeutics 宣布與 3D Systems 密切合作，他們已成功打印出人類有史以來最複雜的物體，即由 4,000 多公里肺血管系統組成的完整人體肺支架和氣道，其壁厚以人類頭髮直徑的幾分之一測量。

The complexity and precision that we've now, demonstrated using biocompatible materials and our most advanced production printing platform technology is truly groundbreaking and represents a key milestone in our regenerative medicine efforts. In the first unveiling of this incredible capability, United Therapeutics' President and CEO, Dr. Martine Rothblatt and 3D Systems Founder and Chief Technology Officer for Regenerative Medicine, Chuck Hull, appeared at the CNN sponsored Life Itself Conference hosted by Dr. Sanjay Gupta and Marc Hodosh.

我們現在使用生物相容性材料和我們最先進的生產打印平台技術所展示的複雜性和精確性確實是開創性的，代表了我們再生醫學工作的一個關鍵里程碑。在首次展示這一令人難以置信的能力時，United Therapeutics 總裁兼首席執行官 Martine Rothblatt 博士和 3D Systems 創始人兼再生醫學首席技術官 Chuck Hull 出席了由 Sanjay Gupta 博士和馬克·霍多什。

In her presentation, Dr. Rothblatt declared for the first time publicly, her vision to have these personalized bioprinted lungs cleared for human trial within 5 years. With our team's increasing momentum, earlier this year, we expanded the scope of our collaboration to include the manufacture of human livers and kidneys. All of these efforts are tied to the singular goal of producing an unlimited supply of fully biocompatible human organs for transplantation to people who need them around the world.

在她的演講中，羅斯布拉特博士首次公開宣布，她的願景是在 5 年內將這些個性化的生物打印肺清除用於人體試驗。隨著我們團隊的發展勢頭越來越大，今年早些時候，我們擴大了合作範圍，將人類肝臟和腎臟的製造包括在內。所有這些努力都與生產無限供應的完全生物相容的人體器官以移植給世界各地需要它們的人的單一目標聯繫在一起。

While the goals are ambitious, I believe more than ever -- we'll meet them, and I want to thank Dr. Rothblatt for her vision and unwavering support in leading us there. With the foundation of progress that we've made in materials, hardware and control technologies for printing human organs, which I believe are quite unique in the world. One of my most important goals for 3D Systems has become the building of a world-class regenerative medicine business around the emerging science of photopolymer based bioprint.

雖然目標雄心勃勃，但我比以往任何時候都更加相信——我們會實現它們，我要感謝羅斯布拉特博士的遠見和堅定不移的支持，帶領我們實現目標。憑藉我們在打印人體器官的材料、硬件和控制技術方面取得的進步，我相信這在世界上是獨一無二的。我對 3D Systems 最重要的目標之一是圍繞新興的基於光聚合物的生物打印科學建立世界級的再生醫學業務。

Building upon the incredible work our team has conducted with United Therapeutics. In 2021, we acquired 2 development companies, Allevi and Volumetric Biotechnologies in order to bring additional technology and specialized technical skills to our regenerative programs at 3D Systems. Having now integrated these exceptionally talented scientists and engineers, I'm extremely pleased with our accelerating progress and committed to this groundbreaking technology, which offers the potential to improve countless lives of people who are suffering from chronic diseases or injuries around the world.

基於我們團隊與 United Therapeutics 開展的令人難以置信的工作。 2021 年，我們收購了 2 家開發公司，Allevi 和 Volumetric Biotechnologies，以便為我們在 3D Systems 的再生項目帶來額外的技術和專業技術技能。現在整合了這些才華橫溢的科學家和工程師，我對我們的加速進步感到非常高興，並致力於這項突破性技術，它有可能改善全世界無數患有慢性疾病或受傷的人的生活。

With the progress that we've now made in the expanded capacity and capabilities we have in our program, 2 very exciting adjacent fields of applications have now opened up to us. One is the printing of non-organ-human tissue for a wide range of applications within the body. We're actively working on a targeted subset of these high-value organ -- non-organ applications, and we'll be discussing progress publicly when appropriate.

隨著我們現在在擴展能力和我們計劃中的能力方面取得的進展，兩個非常令人興奮的相鄰應用領域現已向我們開放。一種是打印非器官人體組織，用於體內的廣泛應用。我們正在積極研究這些高價值器官的目標子集——非器官應用，我們將在適當的時候公開討論進展。

The second application field and one that we believe offers exciting and potentially near-term opportunities, is the printing of vascularized tissue for use in drug discovery. With our ability to now print vascularized tissue that enables very precise predetermined blood flow while accommodating an enormous range of human cells, including both healthy and diseased cells, the effectiveness of developmental drug therapies can rapidly be evaluated in a laboratory.

第二個應用領域，也是我們認為提供令人興奮且潛在的近期機會的領域，是用於藥物發現的血管化組織的印刷。憑藉我們現在能夠打印血管化組織，這種組織能夠實現非常精確的預定血流，同時容納大量人類細胞，包括健康細胞和患病細胞，因此可以在實驗室中快速評估開發藥物療法的有效性。

Our goal is to reduce the development time for new drug therapies and over time, reduce or even eliminate the need for animal testing. Given the ongoing exploratory efforts we have underway with leading pharmaceutical companies, we're excited about the potential of this technology and are now investing in both the people and the infrastructure we'll need in order to bring this to commercial operation. You can expect to hear more about these efforts later this year.

我們的目標是減少新藥療法的開發時間，並隨著時間的推移減少甚至消除對動物試驗的需求。鑑於我們與領先的製藥公司正在進行的探索性工作，我們對這項技術的潛力感到興奮，現在正在投資於我們需要的人員和基礎設施，以便將其投入商業運營。您可以期待在今年晚些時候聽到更多關於這些努力的信息。

In support of these developmental efforts, we're also now putting in place for the first time in our company's history, a Medical Advisory Board to provide input on each of our regenerative medicine programs. Under the leadership of Dr. Stephen Klasko, a recognized visionary leader in the global healthcare community in the second quarter, we were pleased and honored to announce the appointment of the honorable Dr. David Shulkin, former Secretary of Veterans Affairs; and more recently, the Honorable Alex Azar, former Secretary of Health and Human Services and a recognized leader in the pharmaceutical industry.

為了支持這些發展努力，我們現在還在公司歷史上首次設立了一個醫學顧問委員會，為我們的每個再生醫學項目提供意見。在第二季度全球醫療保健界公認的有遠見的領導者 Stephen Klasko 博士的領導下，我們很高興也很榮幸地宣布任命尊敬的前退伍軍人事務部長 David Shulkin 博士；最近，尊敬的 Alex Azar 閣下，前衛生與公共服務部部長和製藥行業公認的領導者。

This distinguished group of advisers, along with additional members soon to be named, will play an important role in our development and commercialization of these remarkable new products. In addition to the progress we're making in regenerative medicine, we were very excited to announce this week an agreement to acquire dp polar, the Germany-based developer of the industry's first additive manufacturing system designed for true high-speed mass production of customized components.

這群傑出的顧問以及即將任命的其他成員將在我們開發和商業化這些卓越的新產品方面發揮重要作用。除了我們在再生醫學方面取得的進展外，我們非常高興地宣布本周達成收購 dp polar 的協議，這家總部位於德國的開發商開發了業內首個專為真正高速大規模生產定制產品而設計的增材製造系統。成分。

Dp polar's technology is truly path-breaking. It features multiple fixed printing heads and a rotating build platform that enables continuous high-speed 3D printing at industrial scale. Among its many unique features, it can embed objects such as sensors, electronics or magnets into printed parts by using in-line robotic pick and place capability with its ability to achieve production speeds up to 5x higher than traditional batch process printing platforms, which represent the standard in the industry today.

Dp polar 的技術確實是開創性的。它具有多個固定打印頭和一個旋轉構建平台，可實現工業規模的連續高速 3D 打印。在其眾多獨特功能中，它可以通過使用在線機器人拾取和放置功能將傳感器、電子設備或磁鐵等物體嵌入到打印部件中，其生產速度比傳統批處理打印平台高出 5 倍，這代表了當今行業的標準。

This novel technology opens up many new exciting high-volume applications for the future. We're extremely excited to join forces with dp polar at this pivotal time for additive manufacturing when interest in production scale applications is rising fast. While their machine is still in beta testing, and therefore, the acquisition will not benefit our near-term results, dp polar's technology is an ideal fit with 3D Systems broad portfolio of polymer materials and production-focused software systems.

這項新技術為未來開闢了許多新的、令人興奮的大批量應用。我們非常高興能在增材製造的關鍵時刻與 dp polar 聯手，因為人們對生產規模應用的興趣正在快速上升。雖然他們的機器仍處於 beta 測試階段，因此此次收購不會使我們的近期結果受益，但 dp polar 的技術非常適合 3D Systems 廣泛的聚合物材料組合和以生產為中心的軟件系統。

We believe that integrating this platform with our existing industry-leading solution set will drive its rapid adoption into a wide range of high-speed automated production environments. In summary, I want to emphasize that despite near-term headwinds that are challenging our results this year, we remain confident in our long-term outlook, the targets we laid out at our Investor Day in May.

我們相信，將這個平台與我們現有的行業領先的解決方案集相集成，將推動其快速應用於各種高速自動化生產環境。總而言之，我想強調的是，儘管近期不利因素對我們今年的業績構成挑戰，但我們對我們的長期前景仍然充滿信心，我們在 5 月的投資者日制定的目標。

With a strong balance sheet and a disciplined approach to running our business, we will continue to look for ways to invest strategically for long-term growth with a focus on key healthcare and industrial markets.

憑藉強大的資產負債表和嚴謹的業務運營方式，我們將繼續尋找戰略投資方式，以實現長期增長，重點關注關鍵醫療保健和工業市場。

With that, I'd like to turn the call over to Wayne, who will describe our second quarter financial results and our 2022 guidance revision in more detail. Wayne?

有了這個，我想把電話轉給韋恩，他將更詳細地描述我們第二季度的財務業績和我們的 2022 年指導修訂。韋恩？

Yes, thanks, Jeff. Good morning, everyone. We had 3 significant divestitures in 2021. As we discuss the non-GAAP measures from the tables we presented in last night's earnings release and as we'll discuss today, we excluded from the 2021 results, the impact of the divestitures. We did this to make the 2022 results comparable to the 2021 results. As Jeff discussed, revenue for the quarter did not meet our expectations due to 3 factors: the strengthening of the U.S. dollar, persistent supply chain issues and geopolitical factors such as the Russia/Ukraine war.

是的，謝謝，傑夫。大家，早安。我們在 2021 年進行了 3 次重大資產剝離。當我們從昨晚的收益發布中以及我們今天將要討論的表格中討論非公認會計原則指標時，我們從 2021 年的業績中排除了資產剝離的影響。我們這樣做是為了使 2022 年的結果與 2021 年的結果具有可比性。正如 Jeff 所討論的，由於 3 個因素，本季度的收入沒有達到我們的預期：美元走強、持續的供應鏈問題以及俄羅斯/烏克蘭戰爭等地緣政治因素。

Revenue for the second quarter was $140 million, a decrease of 13.8% compared to the prior year. Excluding divestitures, revenue increased 3.2%, and on a constant currency basis, revenue increased 7.8% compared to the prior year. This top line growth reflects continued solid demand in both our Healthcare and Industrial segments and demonstrates our ability to grow the business against a very challenging background of supply chain, macroeconomic and geopolitical pressures.

第二季度收入為 1.4 億美元，同比下降 13.8%。剔除資產剝離，收入增長 3.2%，按固定匯率計算，收入同比增長 7.8%。這一收入增長反映了我們醫療保健和工業部門的持續強勁需求，並證明了我們在供應鏈、宏觀經濟和地緣政治壓力極具挑戰性的背景下發展業務的能力。

Just to put dollars behind the 3 factors, nearly $6 million of this impact was attributable to the sharp appreciation of the U.S. dollar that occurred during the second quarter and reduced the U.S. dollar value of our international sales made in different currencies, which typically represent about 40% of our total sales. In the second quarter of last year, we had approximately $4 million of sales in Russia that did not repeat in the second quarter of this year because we exited the Russian market.

僅將美元放在這 3 個因素之後，這種影響的近 600 萬美元歸因於第二季度發生的美元急劇升值，並降低了我們以不同貨幣進行的國際銷售的美元價值，這通常代表約占我們總銷售額的 40%。去年第二季度，我們在俄羅斯的銷售額約為 400 萬美元，今年第二季度沒有重複，因為我們退出了俄羅斯市場。

If you exclude Russia sales from 2021, then our adjusted growth rate is 11.3%. Finally, supply chain issues, in particular component shortages prevented us from filling more than $9 million of firm customer orders. By way of comparison, in the first quarter of 2022, we were unable to ship approximately $7 million of customer orders because of supply chain issues. Jeff discussed a few of the actions we are taking to reduce these late shipments.

如果從 2021 年排除俄羅斯的銷售額，那麼我們調整後的增長率為 11.3%。最後，供應鏈問題，特別是零部件短缺，使我們無法完成超過 900 萬美元的確定客戶訂單。相比之下，在 2022 年第一季度，由於供應鏈問題，我們無法運送大約 700 萬美元的客戶訂單。 Jeff 討論了我們為減少這些延遲發貨而採取的一些措施。

Looking at the first half of the year, revenue, excluding divestitures, grew 6.5% year-over-year to $273 million. And on a constant currency basis, first half revenue grew 10.4%. So even in a very challenging operating environment, we were able to achieve double-digit year-over-year growth in the first half of 2022. In the second quarter, we had a loss per share of $0.26 compared to a loss per share of $0.08 in the second quarter of 2021.

今年上半年，不包括資產剝離在內的收入同比增長 6.5% 至 2.73 億美元。按固定匯率計算，上半年收入增長 10.4%。因此，即使在極具挑戰性的運營環境中，我們也能夠在 2022 年上半年實現兩位數的同比增長。第二季度，我們的每股虧損為 0.26 美元，而每股虧損為2021 年第二季度 0.08 美元。

The current quarter includes $11 million non-recurring charge or $0.09 per share for certain estimated legal costs and other settlements. The divestitures had contributed $0.05 of earnings for the last year's second quarter. Our non-GAAP loss per share in the second quarter was $0.07 compared to non-GAAP earnings per share of $0.06 in the second quarter of 2021.

本季度包括 1100 萬美元的非經常性費用或每股 0.09 美元的某些估計法律費用和其他和解費用。資產剝離為去年第二季度貢獻了 0.05 美元的收益。我們第二季度的非 GAAP 每股虧損為 0.07 美元，而 2021 年第二季度的非 GAAP 每股收益為 0.06 美元。

The year-over-year decline reflects inflationary impacts on input costs, impacts from acquired businesses as most are in development stage or just beginning commercialization and continued growth-oriented investments in R&D, including to enhance our product portfolio and improve our corporate infrastructure.

同比下降反映了通脹對投入成本的影響、收購業務的影響，因為大多數業務處於開發階段或剛剛開始商業化，以及對研發的持續增長型投資，包括增強我們的產品組合和改善我們的企業基礎設施。

Our revenue, excluding divestitures on a constant currency basis for our Healthcare segment increased 4.7%, and our Industrial segment revenue increased by 11.2% as compared to the second quarter of last year. The healthcare growth was fairly consistent across all markets and products, softer discretionary spending, likely limited growth in end markets such as dental and elective surgeries.

與去年第二季度相比，我們的收入（不包括按固定貨幣計算的資產剝離）增長了 4.7%，我們的工業部門收入增長了 11.2%。所有市場和產品的醫療保健增長相當一致，可自由支配支出疲軟，牙科和擇期手術等終端市場的增長可能有限。

Industrial revenue growth was driven by continued strength in precision micro casting applications such as jewelry by demand for production machines for aerospace applications by continued pull-through materials by our significant installed base of printers. Partially offsetting the sales growth industrial is our exit from the Russian market, weaker machine and material sales in Europe due to macroeconomic concerns into China due to COVID-related lockdowns and supply chain disruptions.

工業收入增長是由精密微鑄造應用（如珠寶）的持續強勁推動的，這是由於我們大量安裝的打印機對航空航天應用生產機器的需求不斷增加的拉穿材料。部分抵消工業銷售增長的是我們退出俄羅斯市場，由於與 COVID 相關的封鎖和供應鏈中斷，對中國的宏觀經濟擔憂導致歐洲的機器和材料銷售疲軟。

Our gross profit margin was 37.9% compared to 42.4% in the prior year. Gross profit margin was lower due to multiple factors, including the 2021 divestitures of noncore assets, the input costs and freight inflation that was and effect of what we were able to pass through to customers by way of price increases and manufacturing variances within certain of our contract manufactured products.

我們的毛利率為 37.9%，而去年為 42.4%。毛利率較低是由於多種因素，包括 2021 年剝離非核心資產、投入成本和運費通脹，以及我們能夠通過價格上漲和製造差異傳遞給客戶的影響。合同製造的產品。

We also saw a small impact on gross margin due to mix effects of selling more printers and less materials than the prior year. As reflected in our revised guidance, we expect gross margins to remain steady as we move through the year through the continued impacts of inflation on input costs. Our operating expenses increased 7.7% to $85 million in the second quarter of 2022 compared to the same period a year ago. This includes the $11 million of non-recurring charge previously discussed.

我們還看到，由於銷售的打印機比上一年多和材料少的混合效應，我們也看到了對毛利率的小影響。正如我們修訂後的指引所反映的那樣，我們預計隨著通貨膨脹對投入成本的持續影響，全年毛利率將保持穩定。與去年同期相比，我們的運營費用在 2022 年第二季度增長了 7.7% 至 8500 萬美元。這包括之前討論的 1100 萬美元的非經常性費用。

On a non-GAAP basis, operating expenses were $60.9 million as compared to $48.9 million from the same period a year ago. The higher non-GAAP operating expenses reflect spending in target areas to support future growth. About half of this increase was due to expenses from recently acquired businesses, while the remainder reflects increased research and development costs to refresh and enhance our product portfolio and investments to strengthen our corporate infrastructure.

按非公認會計原則計算，運營費用為 6090 萬美元，而去年同期為 4890 萬美元。較高的非公認會計原則運營費用反映了目標領域的支出，以支持未來的增長。大約一半的增長是由於最近收購的業務的費用，而其餘的則反映了研發成本的增加，以更新和增強我們的產品組合和投資以加強我們的企業基礎設施。

Adjusted EBITDA defined as non-GAAP operating profit plus depreciation was a negative $2.6 million for the second quarter compared to $12.9 million for the second quarter of 2021. The year-over-year decline in adjusted EBITDA margin reflects all the factors that we have previously discussed.

調整後的 EBITDA 定義為非 GAAP 營業利潤加上折舊，第二季度為負 260 萬美元，而 2021 年第二季度為 1290 萬美元。調整後 EBITDA 利潤率的同比下降反映了我們之前的所有因素討論過。

We now turn to the balance sheet. We ended the quarter with $638 million of cash and short-term investments on hand. Our cash and short-term investments declined approximately $151 million since the end of last year, driven primarily by $83.3 million paid for acquisitions and equity investments, cash used in operations of $38.2 million and capital expenditures of $10.4 million.

我們現在轉向資產負債表。我們在本季度結束時手頭有 6.38 億美元的現金和短期投資。自去年年底以來，我們的現金和短期投資減少了約 1.51 億美元，主要是由於為收購和股權投資支付了 8,330 萬美元，運營中使用的現金為 3,820 萬美元，資本支出為 1,040 萬美元。

We continue to have a strong balance sheet with sufficient cash to support organic growth, including in regenerative medicine. As we previously stated, we regard 2022 as an investment year during which we will make additional targeted investments in high potential growth areas of our business and in our corporate infrastructure as part of our overall strategy to profitably grow revenue in both the Healthcare and Industrial segments.

我們繼續擁有強勁的資產負債表和充足的現金來支持有機增長，包括再生醫學。正如我們之前所說，我們將 2022 年視為投資年，在此期間，我們將在我們業務的高潛力增長領域和公司基礎設施中進行額外的有針對性的投資，作為我們在醫療保健和工業領域實現盈利增長的總體戰略的一部分.

After we complete the acquisition of dp polar that Jeff discussed, we will likely take a pause on acquisitions to make sure we focus on execution and fully integrate the recent acquisitions we have made. Nonetheless, we will always remain alert for any game-changing investments. In 2021, we began providing guidance on full year non-GAAP gross profit margins. And in this year, we expanded our guidance to include revenue and non-GAAP operating expenses.

在我們完成 Jeff 討論的對 dp polar 的收購之後，我們可能會暫停收購，以確保我們專注於執行並充分整合我們最近進行的收購。儘管如此，我們將始終對任何改變遊戲規則的投資保持警惕。 2021 年，我們開始提供全年非公認會計原則毛利率的指導。今年，我們擴大了我們的指導範圍，將收入和非公認會計原則的運營費用包括在內。

Given our lower-than-expected performance in the second quarter, combined with the challenging macroeconomic environment we foresee for the second half of the year, we are revising our full year 2022 guidance. We now expect revenue to be within a range of $530 million to $570 million, which reflects an estimated $20 million of negative foreign exchange impact for the full year as well as additional negative impacts from reduced spending in selected end markets such as dental, elective surgeries and international manufacturers caused by the challenging environment.

鑑於我們第二季度的業績低於預期，再加上我們預計下半年將面臨充滿挑戰的宏觀經濟環境，我們正在修訂我們的 2022 年全年指引。我們現在預計收入將在 5.3 億美元至 5.7 億美元之間，這反映了全年估計有 2000 萬美元的負面外匯影響，以及牙科、擇期手術等選定終端市場支出減少帶來的額外負面影響和國際製造商的挑戰環境造成的。

We now expect non-GAAP gross margins to be in the range of 39% to 41% due to the reasons mentioned earlier. We are narrowing the range of our non-GAAP operating expenses to be between $245 million to $250 million. This revised 2022 guidance assumes no significant additional changes in the net macroeconomic environment that could negatively impact business demand or disrupt our supply chain, such as COVID, geopolitical events or foreign exchange volatility.

由於前面提到的原因，我們現在預計非美國通用會計準則毛利率將在 39% 至 41% 之間。我們正在將非公認會計準則運營費用的範圍縮小到 2.45 億美元至 2.5 億美元之間。修訂後的 2022 年指導假設淨宏觀經濟環境不會發生可能對業務需求產生負面影響或擾亂我們的供應鏈的重大變化，例如 COVID、地緣政治事件或外匯波動。

I'll now turn it back to Jeff before we transition to Q&A.

在我們過渡到問答環節之前，我現在將把它轉回給 Jeff。

Thanks, Wayne. Before Wayne and I take your questions, I'd like to add one more additional comment. As you likely saw last week, we announced that Michael Turner will join 3D Systems as our new Chief Financial Officer at the end of this month. I'm delighted to have Michael join our team. He's an accomplished financial executive with a strong technical background. He is ideally suited to lead our finance and accounting function.

謝謝，韋恩。在韋恩和我回答你的問題之前，我想再補充一條評論。正如您上周可能看到的，我們宣布 Michael Turner 將於本月底加入 3D Systems，擔任我們的新任首席財務官。我很高興邁克爾加入我們的團隊。他是一位出色的財務主管，擁有強大的技術背景。他非常適合領導我們的財務和會計職能。

I encourage all of you to connect with Michael after his arrival to introduce yourselves and get to know him as you wish. I'd like to also take this opportunity to thank my colleague and good friend, Wayne Pensky, for so ably serving as our interim CFO for these last several months. Wayne will be staying on for a while to ensure that Michael has a smooth transition into his new role, but then will be returning to his well-deserved retirement. So Wayne, thank you very much for all you've done for us.

我鼓勵你們所有人在邁克爾到來後與他聯繫，以自我介紹並如你所願地了解他。我還想藉此機會感謝我的同事和好朋友 Wayne Pensky 在過去幾個月中出色地擔任了我們的臨時首席財務官。韋恩將留任一段時間以確保邁克爾順利過渡到他的新角色，但隨後將重返他當之無愧的退休生活。韋恩，非常感謝你為我們所做的一切。

So Kevin, I think we can now open up the line for questions.

所以凱文，我想我們現在可以打開提問的渠道了。

(Operator Instructions) Our first question today is coming from Greg Palm from Craig-Hallum Capital Group.

（操作員說明）我們今天的第一個問題來自 Craig-Hallum Capital Group 的 Greg Palm。

I wanted to first dig into the guidance a bit because last quarter, when you provided guidance, you talked about demand outstripping your ability to fulfill. So I guess if we think about the reduction for the second half, how much is incremental FX headwinds relative to where we were last quarter?

我想先深入研究一下指導，因為上個季度，當您提供指導時，您談到需求超出了您的履行能力。所以我想如果我們考慮下半年的減少，相對於我們上一季度的情況，增加的外匯逆風有多少？

Was that the $20 million how much, if any, is additional supply chain challenges that you're now running into? And how much is true demand falling off? And I guess of the demand anyway you can breakout more specifically the impacts across the various end markets or geographies?

這 2000 萬美元是否是您現在遇到的額外供應鏈挑戰（如果有的話）？真正的需求下降了多少？而且我猜無論如何你可以更具體地說明需求對各個終端市場或地區的影響？

So with respect to FX, you're correct, the $20 million is the difference between what we did last guidance versus this guidance. With respect to supply chain, I wouldn't view that really as a factor in terms of changing our guidance. While we didn't assume any improvement, we didn't assume that was going to get anywhere. So I wouldn't view supply chain as a factor for reducing the guidance.

所以關於外匯，你是對的，2000 萬美元是我們上次指導與本指導之間的差額。關於供應鏈，我不認為這真的是改變我們指導方針的一個因素。雖然我們沒有假設有任何改進，但我們沒有假設這會取得任何進展。因此，我不會將供應鏈視為減少指導的因素。

The rest is really about the slower demand in the end markets, primarily dental and then the rest is if you think about what's happening in Europe in terms of slowdown of our customers in terms of their ability to manufacture, I think everybody is taking a pause. Their inventories probably went up in the past and -- they're probably trying to manage that inventory down and they're much more cautious about their own outlook.

其餘的實際上是終端市場的需求放緩，主要是牙科，然後剩下的就是如果您考慮歐洲正在發生的事情，即我們的客戶在製造能力方面的放緩，我認為每個人都在暫停.他們的庫存可能在過去有所增加——他們可能正試圖降低庫存，而且他們對自己的前景更加謹慎。

Yes, Greg, it's very much what you'd see in the newspaper every day. People are having to spend more money on gas and food. And basically, they're cutting back on certainly on discretionary items which, is particularly impacting the dental industry. And so that was -- that's a major second half effect for us as we -- as that rolls through the supply chain. And again, we view that as temporary.

是的，格雷格，這就是你每天在報紙上看到的內容。人們不得不在汽油和食物上花更多的錢。基本上，他們肯定會削減對牙科行業影響特別大的非必需品。這就是——這對我們來說是一個主要的下半年效應——因為它貫穿整個供應鏈。同樣，我們認為這是暫時的。

The outlook for that business is quite strong. But undoubtedly, it's going to -- it's projected to have an effect in the second half of the year. Hopefully, with inflation peaking soon, that will start rolling back. But it's prudent at this point to assume it just lasts throughout the year and we go on. The other effect clearly is -- with COVID spiking up in different parts of the country in the world, it's nudged out.

該業務的前景相當強勁。但毫無疑問，它將——預計將在下半年產生影響。希望隨著通脹很快達到頂峰，這將開始回落。但在這一點上，謹慎的做法是假設它只會持續一整年，然後我們繼續。顯然，另一個影響是——隨著 COVID 在世界上不同地區的激增，它被輕推了出去。

The treatment in hospitals for COVID patients has nudged out discretionary operations, especially around orthopedics. So that outlook has slowed somewhat, too. And it's much like the initial spike in COVID did back in late '20 and early '21. So we'd expect it to be transitory and somewhat highly transitory, but you just don't know how many of those variants are still out there. So instead of looking at it quarter-by-quarter, which we'll continue to do, we just assumed this condition last throughout the year, and we updated our guidance.

醫院對 COVID 患者的治療推動了可自由支配的手術，尤其是在骨科方面。因此，這種前景也有所放緩。這很像 20 世紀末和 21 年初 COVID 的最初高峰。因此，我們希望它是暫時的，並且在某種程度上是暫時的，但是您只是不知道其中有多少變體仍然存在。因此，我們沒有逐季度查看它，我們將繼續這樣做，我們只是假設這種情況會持續一整年，我們更新了我們的指導。

That's helpful. I mean, Jeff presumably the dental that you're alluding to is more of the big project type stuff. I mean do you have any visibility into whether that's just getting pushed out to next year or is it unclear still at this point?

這很有幫助。我的意思是，傑夫大概是你提到的牙科更多的是大型項目類型的東西。我的意思是你是否知道這是否只是被推遲到明年，還是目前還不清楚？

Yes, I think the demand is going to -- I mean just my opinion Greg, demand is going to remain for those products. They're very popular and I think people are, just having to make short-term decisions with gas and food becoming so expensive. And I use that symbolically, I think everything is becoming more expensive. People have had to just put off things that are truly discretionary, but still highly valued.

是的，我認為需求將會 - 我的意思是我的觀點 Greg，這些產品的需求將保持不變。它們非常受歡迎，我認為人們只是不得不在汽油和食物變得如此昂貴的情況下做出短期決定。我像徵性地使用它，我認為一切都變得更加昂貴。人們不得不推遲那些真正可自由支配但仍然受到高度重視的事情。

So all of the feedback we get is that it's temporary and it will pass the growth outlook. In fact, if you listen to that customer base, which they are public companies, you can listen to them. What they say is their long-term outlook is still for very strong double-digit growth in the numbers I've heard are 20% to 30% that -- they talk about publicly.

所以我們得到的所有反饋都是暫時的，它將通過增長前景。事實上，如果你傾聽他們是上市公司的客戶群，你就可以傾聽他們的意見。他們說的是他們的長期前景仍然是非常強勁的兩位數增長，我聽說的數字是 20% 到 30%——他們公開談論。

But for this year, it's been ratcheted back to low double-digits, high single-digits, and that ripples through the supply chain. So, we see no other indications that they are planning for long-term dampening. I mean all of the other discussion and things are all around continued strong growth. It's a very short-term factor.

但今年，它又回到了低兩位數、高個位數，並在整個供應鏈中產生了漣漪。因此，我們沒有看到其他跡象表明他們正計劃進行長期抑制。我的意思是所有其他的討論和事情都圍繞著持續的強勁增長。這是一個非常短期的因素。

Understood. And I guess last one, I mean, just in light of everything going on, it's surprising that you're raising your OpEx guide. I mean, I guess, going forward, how should we think about investments on a go-forward basis as we get into next year and beyond?

明白了。我想最後一個，我的意思是，鑑於正在發生的一切，令人驚訝的是你正在提高你的 OpEx 指南。我的意思是，我想，展望未來，隨著我們進入明年及以後，我們應該如何看待投資？

No, it's good question, Greg. It's funny when challenging economic environments hit, I think, historically, you see companies do 1 of 2 things. Obviously, everybody becomes more prudent and they watch their spending. But for folks with a strong balance sheet, I think you see them saying, look, some of the weaker competitors in our space are going to really struggle in this environment.

不，這是個好問題，格雷格。當具有挑戰性的經濟環境受到衝擊時，這很有趣，我認為，從歷史上看，你會看到公司做兩件事中的一件。顯然，每個人都變得更加謹慎，他們注意自己的支出。但是對於擁有強大資產負債表的人來說，我想你會看到他們說，看，我們這個領域的一些較弱的競爭對手將在這種環境下真正掙扎。

They weren't built for short-term headwinds. And with our scale and our balance sheet coming into the year, we were very well equipped to deal with a downturn and continue investments. So we're able to pick up talent. We're able to pick up, I look at the dp polar group, an outstanding group of people that small companies struggle in these environments because they have to rely on longer-term revenue projections and that becomes more variable and they burn through their cash.

它們不是為短期逆風而建的。隨著我們的規模和資產負債表進入今年，我們已經做好了應對經濟低迷和繼續投資的準備。所以我們能夠挑選人才。我們能夠振作起來，我看看 dp polar 集團，這是一群優秀的人，小公司在這些環境中掙扎，因為他們必須依賴長期收入預測，而且變得更加可變，而且他們會燒光他們的現金.

So in essence, for bigger companies like ours with a strong balance sheet, it gives us an opportunity to really kind of double down and say we're going to come out of this really strong. And when you look at our infrastructure investments, if you make the assumption you're coming out of its strong, you better have the infrastructure than to support the growth. So that's why we're maintaining the infrastructure investments we're making.

因此，從本質上講，對於像我們這樣擁有強大資產負債表的大公司來說，它給了我們一個真正加倍下注的機會，並說我們將擺脫這種非常強大的局面。當您查看我們的基礎設施投資時，如果您假設您正在擺脫強勢，那麼您最好擁有基礎設施而不是支持增長。這就是為什麼我們要維護我們正在進行的基礎設施投資。

So now I won't tell you we're not looking at all of them, and we're cutting back where we can, and we're managing through our costs. We definitely are. We're going to run a good business. We believe in running a profitable cash-generating business. But there are certain periods of time where you have an opportunity to really move ahead. And I think that's us right now.

所以現在我不會告訴你我們沒有考慮所有這些，我們正在盡可能減少，我們正在通過我們的成本進行管理。我們絕對是。我們要經營好生意。我們相信經營一個有利可圖的現金產生業務。但在某些時期，你有機會真正向前邁進。我認為這就是我們現在。

If you look at regenerative medicine, which are really organic investments at this point and you look at this high-speed production process, the dp brings us those types of investments really pay dividends in the long-term, if you can maintain them. So while everybody is struggling, it's our chance now to really kind of push ahead.

如果你看看再生醫學，在這一點上真的是有機投資，你看看這個高速生產過程，如果你能維持它們，dp 給我們帶來的那些類型的投資真的會在長期內帶來紅利。因此，當每個人都在苦苦掙扎時，我們現在有機會真正向前推進。

Your next question is coming from Troy Jensen from Lake Street Capital.

您的下一個問題來自 Lake Street Capital 的 Troy Jensen。

Maybe to follow-up on Greg's question line here, supply constraints, it seems like it's been 3 or 4 quarters now that Wayne and Jeff kind of talked about $6 million to $8 million of demand that you guys couldn't fulfill. And to me, you guys will be building a big backlog right, with these orders that you can't ship?

也許是為了跟進 Greg 的問題，供應限制，現在似乎已經 3 或 4 個季度韋恩和傑夫談到你們無法滿足的 600 萬到 800 萬美元的需求。對我來說，你們會建立大量的積壓訂單，這些訂單你不能發貨？

So you factor that in with just kind of the reduced -- the reduction of about $50 million in revenues with a growing backlog. I just wonder if you can touch on what's happening to these orders and is the backlog and visibility improving at all?

因此，您將其考慮在內，只是減少了大約 5000 萬美元的收入，而且積壓的訂單越來越多。我只是想知道您是否可以談談這些訂單的情況，以及積壓和可見性是否有所改善？

It's an insightful question, Troy, as always. Yes, so backlog is building. There's no doubt about it. And we don't usually talk about those numbers, but there's no doubt about our backlog is building. We were able to -- we left more on the table in Q2 than we did in Q1. And we don't want to use that as an excuse in the second half because I do think that things are going to plateau and then get better.

這是一個有見地的問題，特洛伊，一如既往。是的，所以積壓工作正在增加。毫無疑問。我們通常不會談論這些數字，但毫無疑問，我們的積壓工作正在增加。我們能夠 - 我們在第二季度留下的比第一季度更多。我們不想在下半場以此為藉口，因為我確實認為情況會趨於平穩，然後會好轉。

But we thought the second half would be significantly better when we entered the year. And at this point, we're going to wait until the data says it is better to really talk about it. So in terms of the durability of orders, when you push orders out, obviously, there is a fraction of people that could -- that may choose to cancel. But by and large, we're not seeing any diminishing of demand. Folks are willing to wait for product.

但我們認為進入今年下半年會明顯好轉。在這一點上，我們將等到數據表明最好真正談論它。因此，就訂單的持久性而言，當您推出訂單時，顯然有一小部分人可以選擇取消。但總的來說，我們沒有看到需求減少。人們願意等待產品。

And part of our move in manufacturing sure to bring our largest contract manufacturer operation back in-house is we really believe we can better control it and meet our delivery commitments and manage our supply chain. It's a big move for us. It requires a lot of planning. But especially when times get tougher, you just don't get the attention -- from big contract manufacturers that you want, and it's much better to run it in-house.

我們在製造方面的部分舉措確保將我們最大的合同製造商業務帶回內部，我們真的相信我們可以更好地控制它並履行我們的交付承諾並管理我們的供應鏈。這對我們來說是一個重大舉措。它需要大量的計劃。但尤其是當形勢變得更加艱難時，您只是沒有得到您想要的大型合同製造商的關注，而在內部運行它會好得多。

So we're making that move. I think really it's a permanent move with the high mix of product that we need to provide to our customers. It's a better way to manage the supply chain. So we took a big step in July to bring that in-house. And I think you'll see incremental improvements going forward. Between that and supply chain is really getting better around the world, I think we'll come closer and closer to meeting our growing demand that we see out there.

所以我們正在採取行動。我認為這確實是一個永久性的舉措，我們需要向客戶提供高度混合的產品。這是管理供應鏈的更好方法。因此，我們在 7 月份邁出了一大步，將其引入內部。而且我認為您會看到未來的漸進式改進。在此之間，全球供應鏈確實變得越來越好，我認為我們將越來越接近滿足我們在那裡看到的不斷增長的需求。

All right got it. And just a follow-up for you, Jeff in dp polar. I guess when I think of inkjet, I think more of prototyping. And I think that's because material properties, I believe these machines need to use critic materials. So when you talk about a production machine, are you producing molds, right? Was I kind of thinking of kind of indirect production or is it kinds of pros and cons?

好的，明白了。 Jeff 在極地 dp 中為您提供後續服務。我想當我想到噴墨時，我會更多地想到原型製作。我認為這是因為材料特性，我相信這些機器需要使用臨界材料。所以當你談到生產機器時，你是在生產模具，對嗎？我是在考慮間接生產還是利弊？

No - with your background Troy, we particularly appreciate this machine. They have a great -- by the way, if you go to the dp polar website, they have a fantastic YouTube video posted there of the machine, and it demonstrates the technology with their printing technology, their inkjet printing technology, it can actually accommodate much more of our current portfolio of materials that are printed.

不——以你的特洛伊背景，我們特別欣賞這台機器。他們有一個很棒的——順便說一句，如果你去 dp polar 網站，他們有一個很棒的 YouTube 視頻發佈在那裡，它展示了他們的打印技術，他們的噴墨打印技術，它實際上可以容納更多我們當前的印刷材料組合。

So a lot of our materials will be able to be printable, if not now, in the near future. And those heads can be interchanged with other printing technologies. So you can substitute other printing technologies for those print heads and their stationery which makes it much simpler and it prints on a rotating platform. So no, no, it is particularly geared toward continuous production and high-speed production of products.

因此，我們的很多材料將能夠在不久的將來打印，即使現在還不能打印。這些打印頭可以與其他打印技術互換。因此，您可以用其他打印技術代替這些打印頭及其文具，這使其更加簡單，並且可以在旋轉平台上打印。所以不，不，它特別面向產品的連續生產和高速生產。

Our estimates are Troy, anywhere from 3 to over 5x more productive for production applications. And the double cool thing, when you watch the video is, you can use pick-and-place robots to put electronics or magnetics within the component as it's printed, which is -- really gives you another capability with 3D printing that you don't have in the current batch processes.

我們的估計是 Troy，生產應用的生產力提高了 3 到 5 倍以上。更酷的是，當您觀看視頻時，您可以使用拾取和放置機器人將電子元件或磁性元件放入打印的組件中，這確實為您提供了另一種您不具備的 3D 打印功能在當前的批處理中沒有。

Can they do multi-materials?

他們可以做多種材料嗎？

Yes, you do multi-materials. You can build components of all different geometries continuously as you rotate the platform. It is just a fantastic technology. And one of the key pieces of IP here Troy is, the machine intelligence because the spinning platform or spinning base-plate is so large, there's a big velocity difference between the inner-radius and the outer radius.

是的，你做多材料。您可以在旋轉平台時連續構建所有不同幾何形狀的組件。這只是一項了不起的技術。 Troy 的 IP 的關鍵部分之一是機器智能，因為旋轉平台或旋轉底板太大，內半徑和外半徑之間的速度差異很大。

So the intelligence of the machine to be able to uniformly print across broad -- across -- through multiple print heads across a broad radius is really exceptional. And they've got -- they've been working at it for several years, and they've got -- a great concept that's now been demonstrated in moving into beta shipment phase now.

因此，機器的智能能夠在廣泛的範圍內通過多個打印頭均勻地打印，這一點非常出色。他們已經 - 他們已經為此工作了幾年，他們已經 - 一個偉大的概念現在已經在進入測試版發貨階段得到證明。

Your next question today is coming from Ananda Baruah from Loop Capital.

您今天的下一個問題來自 Loop Capital 的 Ananda Baruah。

Really appreciate you taking the questions. A couple if I could. Just sort of going over -- going back to sort of the commercial context and what you guys talked about reduced visibility from some of your customers. Are you also yet seeing a meaningful demand impact from this folks or are you just sort of getting the softer signals that the visibility is being reduced?

非常感謝您提出問題。如果可以的話，一對夫婦。只是有點過頭了——回到商業環境和你們所說的降低了一些客戶的知名度。您是否還看到這些人對需求產生了有意義的影響，或者您是否只是獲得了可見度正在降低的較弱信號？

No, there's a concrete falls in demand. I'd say it's still -- positive. There's still demand out there, but it's definitely a lower rate of demand growth in the second half than we had originally modeled. And what they attribute that to, which they pass on to us, is customers are really struggling. Their customers are struggling because they're having, to spend more on the basics of life than they are in, for example, in improving their smiles.

不，需求出現了具體的下降。我會說它仍然是積極的。那裡仍然有需求，但下半年的需求增長率肯定低於我們最初建模的速度。他們將其歸因於，他們傳遞給我們的，是客戶真的在苦苦掙扎。他們的客戶正在苦苦掙扎，因為他們不得不在生活基礎上花費比他們更多的錢，例如，改善他們的笑容。

Things that, are truly optional and there's stats extensions in that too, in orthopedics, where procedures that are labeled optional are often very painful for patients, and they really would like to take care of them. But hospitals have been managing their capacity with COVID. They don't want to over commit their capacity. So they've discouraged optional procedures, and we factored that into our second half planning.

確實是可選的，並且在其中也有統計擴展，在骨科中，標記為可選的程序通常對患者來說非常痛苦，他們真的很想照顧他們。但是醫院一直在用 COVID 管理他們的能力。他們不想過度承諾自己的能力。所以他們不鼓勵可選程序，我們在下半年的計劃中考慮到了這一點。

So both of those factors impact our healthcare business, we view both of them very much not as transitory. But I'm tired of waking up every morning saying, oh, it's going to get better next quarter. And at this point, I think -- we just said, well, we'll project it through the end of the year, and hopefully, it will be better than that. But I think it's a good time to be conservative and just say these pressures are going to be here for the full year.

因此，這兩個因素都會影響我們的醫療保健業務，我們認為它們都不是暫時的。但是我厭倦了每天早上醒來都說，哦，下個季度會好起來的。在這一點上，我認為 - 我們只是說，好吧，我們將把它預測到今年年底，希望它會比這更好。但我認為現在是保守的好時機，只是說這些壓力將持續一整年。

That's the right thing, I mean, investors are going on giving guidance lower in any way. Yes, at some point, maintaining the guide probably would just be a headwind to the stock. So I mean, you don't like to see this move today in the stock, but it would be a headwind to participate in at some point?

這是正確的事情，我的意思是，投資者將繼續以任何方式降低指導。是的，在某些時候，維持該指南可能只是對該股的不利影響。所以我的意思是，你不希望看到今天的股票走勢，但在某個時候參與會是逆風嗎？

So it's a wise thing to do Jeff, without doubt. And on the -- I guess, on the non-consumer adjacent kind of verticals, let's say, you retried in 2 manufacturing verticals. What's the context there at this?

因此，毫無疑問，做 Jeff 是明智之舉。在——我猜，在非消費者相鄰的垂直領域，比方說，你在 2 個製造垂直領域重試。這是什麼背景？

Yes, so I think supply chains around the world are trying to catch up. And you probably see this in your personal life. And certainly, if you've gone out to buy a car recently or even a spare part for a car, I had replaced a fuel pump the other day, and it had to be shipped from Germany. And it took weeks and with things that used to take days take weeks. So I think supply chains in the industrial base worldwide are still playing catch up.

是的，所以我認為世界各地的供應鏈都在努力迎頭趕上。你可能會在你的個人生活中看到這一點。當然，如果你最近出去買了一輛車，甚至是汽車的備件，前幾天我已經更換了一個燃油泵，它必須從德國運來。這需要幾週時間，而過去需要幾天時間的事情需要幾週時間。所以我認為全球工業基地的供應鏈仍在追趕。

So there's really nice demand. And with one exception, I'll tell you that, there's really nice demand in the industrial environment because our customers are looking to bring manufacturing closer to home over time and they want more flexibility. If they're going to do it, they want more automation. They want more flexibility. They want lower cost. So it gives an opportunity for 3D printing to really move in there and demonstrate its capability and production environment.

所以需求真的很好。除了一個例外，我會告訴你，工業環境中的需求非常好，因為我們的客戶希望隨著時間的推移將製造業帶到離家更近的地方，他們想要更大的靈活性。如果他們要這樣做，他們想要更多的自動化。他們想要更多的靈活性。他們想要更低的成本。因此，它為 3D 打印提供了真正進入那裡並展示其能力和生產環境的機會。

So that's good, that's really a good tailwind to have. The one area in the world that's problematic a bit is Europe -- and particularly Germany, which is an industrial powerhouse. The outlook they have and the concerns they have around the Russian energy supply has caused the government to send signals to watch industrial production, potentially cut back in certain industries and parts. And if you follow their announcements, the big German industrial firms, you get worried about that because come wintertime, they need the energy and companies consume a lot of energy.

所以這很好，這真的是一個很好的順風。世界上一個有點問題的地區是歐洲——尤其是德國，它是一個工業強國。他們的前景以及他們對俄羅斯能源供應的擔憂已導致政府發出信號以觀察工業生產，可能會削減某些行業和零部件。如果你關注他們的公告，德國大型工業公司，你會擔心，因為到了冬天，他們需要能源，而公司消耗大量能源。

So they're trying to cut back early store energy. And I think that's led to an overall concern about capital investment in that part of the world. And again, in the wars of tragedy on many fronts, I hope and pray it lifts soon, but I think that's yet a coming risk for everyone, and we have factored that into our guidance.

所以他們正試圖減少早期儲存的能量。我認為這導致了對世界那個地區的資本投資的總體擔憂。再說一次，在多條戰線的悲劇戰爭中，我希望並祈禱它盡快解除，但我認為這對每個人來說都是即將到來的風險，我們已將其納入我們的指導。

And looking forward, it's hard to estimate, but we factored it in and said, look, we think Europe could get weak or not stronger over time due to energy and the war.

展望未來，這很難估計，但我們將其考慮在內並說，看，我們認為隨著時間的推移，由於能源和戰爭，歐洲可能會變弱或不會變強。

So again, hopefully, they'll find a solution and a good outcome there. But I think it's prudent to just have a wait and see attitude.

再次，希望他們能在那裡找到解決方案和良好的結果。但我認為謹慎的做法是保持觀望態度。

Our next question is coming from Wamsi Mohan from Bank of America.

我們的下一個問題來自美國銀行的Wamsi Mohan。

This is actually John on behalf of Wamsi. Just wanted to quickly touch up on gross margin, I know the full year guide, midpoint, around 40 implies a slight improvement in the margin trajectory in the second half. So just wondering what's -- what might be driving that improvement? And when do you expect these headwinds of consumer spending or supply chain constraints to gradually recover?

這實際上是代表Wamsi 的John。只是想快速調整毛利率，我知道全年指導值，中點，40 左右意味著下半年利潤率軌跡略有改善。所以只是想知道是什麼——是什麼推動了這種改進？您預計這些消費者支出或供應鏈限制的不利因素何時會逐漸恢復？

You take the first one I'll take the second one, which will be pure speculation.

你拿第一個，我拿第二個，純屬猜測。

With respect to the margin outlook, the midpoint of 40%, that's not terribly different than how we did in the first half of the year. And so, I think we need to do a little bit better -- on passing on price increases. And secondly, just in terms of the input costs going up. So it assumes a slight improvement there, but not a huge improvement.

關於利潤率前景，即 40% 的中點，這與我們上半年的表現並沒有太大的不同。所以，我認為我們需要做得更好——傳遞價格上漲。其次，就投入成本的上升而言。所以它假設那裡有輕微的改進，但不是很大的改進。

And in terms of when things will get better, we came into the year with just a base assumption, and I think we were very transparent about this, that the supply chain issues, which impact our gross margins, we're going to be a struggle through the first half of the year, and then they would improve in the second half. I think as we exited Q2, the number of risk issues in the world has probably increased versus the beginning of the year.

至於事情何時會好轉，我們進入這一年只是一個基本假設，我認為我們對此非常透明，供應鏈問題會影響我們的毛利率，我們將成為上半年掙扎，下半年會有所改善。我認為隨著我們退出第二季度，全球風險問題的數量可能比年初有所增加。

And as we look at trends in the second half, we just thought it's prudent not to really speculate on when things will get a lot better. Let's just assume it stays basically the same and projected through the end of the year now. And I do think by '23, there's a good chance that the supply chains have straightened themselves out. We do see evidence and you probably see this in common everyday things of going to restaurants and things that -- the world is returning towards normal, but there's a lot of training.

當我們觀察下半年的趨勢時，我們只是認為謹慎的做法是不要真正推測事情何時會好轉。讓我們假設它基本上保持不變並預計到今年年底。而且我確實認為，到 23 年，供應鏈很有可能已經理順了。我們確實看到了證據，你可能會在日常的日常事情中看到這一點，比如去餐館和事情——世界正在恢復正常，但有很多培訓。

I was in a restaurant this weekend. There's clearly a lot of training opportunities for new people that are taken jobs. And I think every company is working their way through that, and that will happen in the second half. And I think '23 will be better. But at this point, when we're only dealing with '22 guidance, we say, let's just assume everything stays as tough as it is now for the rest of the year. And I think that's a prudent position to take, and that's what we've done.

這個週末我在一家餐館。顯然，有很多新人接受工作的培訓機會。我認為每家公司都在努力解決這個問題，這將在下半年發生。而且我認為'23會更好。但是在這一點上，當我們只處理 22 年的指導時，我們說，讓我們假設在今年剩下的時間裡一切都像現在一樣艱難。我認為這是一個謹慎的立場，這就是我們所做的。

Got you. And a quick follow-up, if I may. Just curious, are you seeing the slowdown more related to the system side or the consumables?

得到你。如果可以的話，還有一個快速的跟進。只是好奇，您是否看到與系統端或消耗品更相關的減速？

Oh very good question. So it depends on the market and the place in the world. In the -- it's a very interesting question, actually. And most of our customers look through this downturn period, and they say, okay, let's watch inventories, let's cut down on consumable materials to kind of run leaner. I think in the first half, we probably saw people building because they thought the second half was going to be strong.

哦，非常好的問題。所以這取決於市場和在世界上的位置。實際上，這是一個非常有趣的問題。我們的大多數客戶都經歷了這個低迷時期，他們說，好吧，讓我們看看庫存，讓我們減少消耗性材料以更精簡。我認為在上半場，我們可能看到人們在建設，因為他們認為下半場會很強大。

So they built inventory, supply chains were disrupted. It caused everybody to add inventories. I think in the second half here, we're seeing people be a little bit more prudent, if you would, in managing their inventories, their cash position, make sure they don't have too much on hand. So I would tell you, consumables in the second half, we're projecting as probably a bit softer than or probably -- and Wayne correct me on this. But I think it's consumables in the second half, we're probably projecting to be softer -- certainly softer than we would have originally imagined.

所以他們建立了庫存，供應鏈被打亂了。它導致每個人都增加庫存。我認為在下半年，我們看到人們更加謹慎，如果你願意，在管理他們的庫存和現金狀況時，確保他們手頭沒有太多。所以我會告訴你，下半場的消耗品，我們的預測可能比或可能要軟一些 - 韋恩糾正了我的這一點。但我認為它是下半年的消耗品，我們可能預計會更軟——肯定比我們最初想像的更軟。

In the first half.

在上半場。

Yes, softer than the first half and then on the -- but on the capital side, on new printers and things, we see that demand remaining strong, basically across the market. So that tells you really basically customers are looking through this and saying, I'm going to need the printing capacity, but I may not need the consumables right now in the next couple of quarters.

是的，比上半年疲軟，然後是 - 但在資本方面，在新打印機和其他東西上，我們看到需求保持強勁，基本上是整個市場。所以這告訴你，基本上客戶正在查看這個並說，我將需要打印能力，但在接下來的幾個季度中我現在可能不需要消耗品。

So it hurts our mix, but it does encourage you that the long-term, you're installing more printers, there's more -- going to be more consumption of consumables, including materials and software in the long-term because the capacity will be out there. So -- it's a good question, and thanks for asking it. Any other color on that Wayne is that…

所以它傷害了我們的組合，但它確實鼓勵你從長遠來看，你正在安裝更多的打印機，還有更多——從長遠來看，包括材料和軟件在內的耗材的消耗會更多，因為容量將是在那裡。所以 - 這是一個很好的問題，感謝您提出這個問題。韋恩身上的任何其他顏色都是……

Generally speaking, I mean our forecast is the second half is about the same in sales as the first half.

一般來說，我的意思是我們的預測是下半年的銷售額與上半年大致相同。

Yes originally, we projected it up with a richer mix, okay.

是的，最初，我們用更豐富的混合來預測它，好吧。

Your next question is coming from Brian Drab from William Blair.

您的下一個問題來自 William Blair 的 Brian Drab。

Just a couple of quick questions here. In the second half of the year, do you expect the typical -- I know it's hard to forecast anything right now, but are you incorporating typical seasonality in the fourth quarter with revenue from the third quarter?

這裡只是幾個簡單的問題。在下半年，您是否期望典型的-我知道現在很難預測任何事情，但是您是否將第四季度的典型季節性與第三季度的收入相結合？

Yes typically, Brian, as you know from following it, there's usually a bump in the fourth quarter. It's a little bit stronger going into the end of the year. I would just encourage you though to -- if any year is going to be watered down, I think this year will be. I wouldn't expect there to be. I mean, we're not expecting a huge change quarter-to-quarter. If anything, there may be a slight shift towards Q4 over Q3 yes that is fair.

是的，通常情況下，布賴恩，正如你所知道的那樣，第四節通常會有一個顛簸。到了年底，它有點強。不過，我只是鼓勵你——如果有哪一年會被淡化，我想今年會被淡化。我沒想到會有。我的意思是，我們預計每個季度不會發生巨大變化。如果有的話，第四季度可能會比第三季度略有轉變，是的，這是公平的。

Yes, it's pretty minor. If you look in the prior years, the fourth quarter had a much more noticeable bump than we're forecasting right now.

是的，它很小。如果你回顧前幾年，第四季度的增長比我們現在預測的要明顯得多。

Right, and fourth quarter is a ways away. I mean, we could still get it. But again, Brian, we took the approach this time and let's just assume the world just kind of stays like it is now for the rest of the year. So that's -- in terms of building a model, that's the way I favor it so for this year.

對，第四季度還有很長的路要走。我的意思是，我們仍然可以得到它。但是，布賴恩，我們這次採取了同樣的方法，讓我們假設世界在今年剩下的時間裡都像現在一樣。所以這就是 - 就構建模型而言，這就是我今年喜歡它的方式。

Okay. And you gave the industrial and healthcare change in revenue year-over-year. I may have missed it, but did you tell us what dental was either up or down year-over-year in the second quarter?

好的。你給了工業和醫療保健收入的同比變化。我可能錯過了，但你有沒有告訴我們第二季度什麼牙科同比上升或下降？

We did not - we didn't put that out there, Brian. We didn't put that out there but…

我們沒有——我們沒有把它放在那裡，布賴恩。我們沒有把它放在那裡，但是……

If you look at for the first half, dental for the first half was about the same as the prior year. And if you look out for the guidance for the second half, dental will be lower in the second half than it was in the first half.

如果你看上半年，上半年的牙科與上一年大致相同。如果你留意下半年的指導，下半年的牙科將低於上半年。

Okay all right - that really goes back to Jeff's comments about - as they're forecasting their own growth, if they over forecasted previously and then drop it down now, they probably need less printers and a little bit of consumption of less materials?

好吧好吧——這真的可以追溯到傑夫的評論——當他們預測自己的增長時，如果他們之前預測過高然後現在把它降下來，他們可能需要更少的打印機和一點點消耗更少的材料？

That's just it, Brian. I think they came into the year assuming their growth rates were going to be consistent with prior year growth rates. And so -- and they were building fast. So I think they've certainly seen a drop off in their demand due to discretionary spending issues, and that's rippled through the supply chain.

就是這樣，布賴恩。我認為他們進入這一年是假設他們的增長率將與前一年的增長率保持一致。所以 - 他們正在快速建立。因此，我認為由於可自由支配的支出問題，他們的需求肯定有所下降，這已經波及整個供應鏈。

So there was clearly an effort to manage inventory on their part and in the face of softening demand for their products here in the second half. And they've gone out of their way to assure long-term growth rates, they're maintaining the same guidance, and I think that's true, but in the short term, it certainly as impactful in the second half.

因此，面對下半年對其產品的需求疲軟，他們顯然努力管理庫存。他們已經竭盡全力確保長期增長率，他們保持相同的指導，我認為這是真的，但在短期內，它肯定會在下半年產生影響。

(Operator Instructions) Our next question is coming from Noelle Dilts from Stifel.

（操作員說明）我們的下一個問題來自 Stifel 的 Noelle Dilts。

So I was hoping that you could expand a little bit on how you have to respond from a production standpoint when you have, say, a slowdown with a large customer in terms of what you're expecting from demand. So for example, are you going to have to work through some excess inventory here in the back half of the year? And how should we think about that from a cash flow perspective?

所以我希望你可以從生產的角度擴展一點，當你對一個大客戶的需求放緩時，你必須如何應對。例如，您是否將不得不在今年下半年解決一些多餘的庫存？我們應該如何從現金流的角度考慮這一點？

Yes well, certainly, we did -- we have built inventories -- and I'll give a little color and Wayne maybe can comment more from a cash perspective, right, if we can estimate that. We have built -- no doubt we've built inventory, Noelle. It's been such a difficult time just making sure you have all the components to meet demand in these printers.

是的，當然，我們做到了——我們已經建立了庫存——我會給出一點顏色，韋恩也許可以從現金的角度發表更多評論，對，如果我們可以估計的話。我們已經建立了——毫無疑問我們已經建立了庫存，Noelle。僅僅確保您擁有滿足這些打印機需求的所有組件，這是一個非常困難的時期。

So we have undoubtedly built inventory so now as things slowdown, we've got to manage through that inventory. And I think part of bringing production back in-house for our biggest plants here is, I think we can manage our inventories better that way and better meet demand as well, by the way.

所以我們無疑已經建立了庫存，所以現在隨著事情的放緩，我們必須通過這些庫存進行管理。而且我認為將我們這裡最大的工廠的生產帶回內部的一部分是，我認為我們可以通過這種方式更好地管理我們的庫存並更好地滿足需求。

But yes undoubtedly, there's -- we have -- I think we have an opportunity actually in inventory management to generate cash over time because we've got a lot of inventory. But it's always a challenge because there is a lot of volatility, if you will, in demand right now across platforms. So it probably doesn't help you much Wayne?

但是毫無疑問，我們有 - 我認為我們實際上有機會在庫存管理中隨著時間的推移產生現金，因為我們有很多庫存。但這始終是一個挑戰，因為現在跨平台的需求存在很大的波動性，如果你願意的話。所以它可能對你沒有多大幫助韋恩？

Yes so Noelle, the first half inventories went up about $16 million as -- to sort of reflect how much of what Jeff was saying. But as we talked -- as Jeff mentioned earlier, we are going to bring some of the manufacturing in-house. And you'll see in the 10-Q that was posted this morning, that meant in July, we actually bought another $15 million of inventory.

是的，Noelle，上半年的庫存增加了大約 1600 萬美元——某種程度上反映了 Jeff 所說的多少。但正如我們所說的——正如傑夫之前提到的，我們將把一些製造帶到內部。你會在今天早上發布的 10-Q 中看到，這意味著在 7 月份，我們實際上又購買了 1500 萬美元的庫存。

So inventory that previously was on our books now came on our books as part of bringing inventory in-house. Now we think that number is probably too high, and our goal in life is to work that down a little bit, but you will see inventory going up just for that reason.

因此，以前在我們賬簿上的庫存現在作為內部庫存的一部分出現在我們的賬簿上。現在我們認為這個數字可能太高了，我們的生活目標是把它降低一點，但你會看到庫存正因為這個原因而增加。

And a lot of it will happen -- when the supply chain just becomes more predictable. We've had the inventory a lot of extra parts because you really didn't know what was going to hang up your shipments. So -- and Murphy's law and we hung up more shipments than we did in Q1 than we did in Q2. So it's -- you never quite have all the right stuff too much of one or not enough another.

很多事情都會發生——當供應鏈變得更加可預測時。我們的庫存中有很多額外的零件，因為您真的不知道什麼會影響您的發貨。所以 - 墨菲定律和我們在第一季度的出貨量比第二季度的要多。所以它 - 你永遠不會完全擁有所有正確的東西，一個太多或另一個不夠。

So that will work down as supply chains get smoother and more predictable. And I think we'll be more efficient in doing it than we would have been an outsourced model, but it will take a little time. So you'll see a bump up in it is listed in the Q you're right, it's correct. You bump up in the Q, a significant bump up as we took that inventory back on our books from a contract manufacturer. And I think you'll slowly see a bleed off over time, which will be a cash generator for us.

因此，隨著供應鏈變得更順暢、更可預測，這種情況會逐漸消失。而且我認為我們這樣做會比外包模式更有效率，但這需要一點時間。所以你會看到 Q 中列出了一個凸起，你是對的，這是正確的。你在 Q 中出現了大幅增長，因為我們從合同製造商那裡收回了我們的賬簿上的庫存。而且我認為隨著時間的流逝，您會慢慢看到流失，這將成為我們的現金產生者。

Our next question is coming from Paul Chung from JPMorgan.

我們的下一個問題來自摩根大通的 Paul Chung。

So just on the move back to in-house manufacturing, what percent of the portfolio is kind of moving in-house and where you're moving it? And can you quantify kind of the margin uplift from these actions? And should we expect kind of higher levels of CapEx kind of moving forward as a result?

因此，在回到內部製造的過程中，有多少產品組合是在內部轉移的，以及您將其轉移到哪裡？你能量化這些行動帶來的利潤率提升嗎？因此，我們是否應該期待更高水平的資本支出向前發展？

There were several -- so you're meeting Kevin's goal of one question. There are several parts to that question. And they're all good ones, by the way. So one nice thing about this move was the plant is right here in Rock Hill, South Carolina. So it's very close to our current headquarters and a lot of our engineers here in town. So we took that -- we took the lease back over ourselves, we took production back in-house.

有幾個——所以你達到了凱文的一個問題的目標。這個問題有幾個部分。順便說一句，他們都是好人。因此，這一舉措的一個好處是工廠就在南卡羅來納州的羅克希爾。所以它離我們現在的總部和城裡的很多工程師都很近。所以我們接受了——我們收回了自己的租約，我們把生產收回了內部。

And so there is some incremental cost with that. But in general, I think we'll manage those costs. We were paying for them any way to the contract manufacturer with a markup. So I think there'll be -- there should over time be a cost savings there as we drive more efficiency out of that plant same thing with the inventory. So it's right here. There is no physical move frankly, of the production process.

因此，這會產生一些增量成本。但總的來說，我認為我們會管理這些成本。我們以任何方式向合同製造商支付加價。所以我認為會有——隨著時間的推移，應該會節省成本，因為我們可以提高工廠的效率，就像庫存一樣。所以它就在這裡。坦率地說，生產過程中沒有實際的移動。

It's us taking over the lease again and really running the plant ourselves. So there's no move required thank goodness. There's -- we're not moving product around. An answer to part of your question though, it is a very significant part of our polymer-based production, and it's -- we probably approaches half. It's a very big percentage, and hopefully, that will grow over time. Our industry -- well, I can't speak for other companies, but we offer the broadest range of printing platforms in the industry.

是我們再次接管了租約，真正自己經營工廠。所以謝天謝地，不需要採取任何行動。有 - 我們沒有移動產品。雖然回答了您的部分問題，但它是我們基於聚合物的生產中非常重要的一部分，而且它 - 我們可能接近一半。這是一個很大的百分比，並且希望隨著時間的推移會增長。我們的行業——好吧，我不能代表其他公司，但我們提供業內最廣泛的印刷平台。

It's what our customers want because they want a large flexibility in solving their application issues. So we offer and as part of our model, we offer the broadest range of printing technologies in the entire industry from polymers to metals, and we're going to keep that model. What we're doing to make it more efficient is moving to a modular engineering approach. So we have more part commonality between platforms.

這是我們的客戶想要的，因為他們希望在解決應用程序問題方面具有很大的靈活性。因此，我們提供並且作為我們模型的一部分，我們提供從聚合物到金屬的整個行業中最廣泛的印刷技術，我們將保留該模型。為了提高效率，我們正在做的事情是轉向模塊化工程方法。所以我們在平台之間有更多的部分共性。

And we're bringing manufacturing back in-house because contract manufacturers notoriously are -- they're not as efficient with a low-volume, high-mix product lines and high-tech product lines. So by bringing it back in-house, I think we'll do a better job of managing that and when you combine it with the move to modular engineering.

我們正在將製造帶回內部，因為眾所周知的合同製造商 - 他們在小批量、高混合產品線和高科技產品線方面效率不高。因此，通過將其帶回內部，我認為我們將在管理它方面做得更好，並且當您將其與向模塊化工程的轉變結合起來時。

I think you'll see some significant cost reduction over time in our COGS just due to efficiency of design and manufacturing, but it will take time. Those are usually multiyear efforts -- but I would tell you, it's a key part of us getting to 50% gross margins is improving the gross margin on our printer products. Did that cover all the pieces of your question, Paul?

我認為隨著時間的推移，由於設計和製造的效率，我們的 COGS 成本會顯著降低，但這需要時間。這些通常是多年的努力——但我會告訴你，我們要達到 50% 的毛利率是提高我們打印機產品的毛利率的關鍵部分。保羅，這是否涵蓋了你的所有問題？

Oh just the CapEx level, I assume there's going to be a little out there.

哦，只是資本支出水平，我認為會有一點。

No, these are assembly operations. So there's really very little capital involved. We'll make some CapEx investments in IT infrastructure and things to run the plant better, but it's largely an assembly operation.

不，這些是裝配操作。所以涉及的資金真的很少。我們將在 IT 基礎設施和其他方面進行一些資本支出投資，以更好地運營工廠，但這主要是裝配操作。

Yes, it won't be noticeable.

是的，不會很明顯。

Yes.

是的。

And our final question today is coming from Jim Ricchiuti from Needham & Company.

我們今天的最後一個問題來自 Needham & Company 的 Jim Ricchiuti。

This is actually Christ Grenga on for Jim. Just wanted to ask, how do you think about the level of SG&A and R&D in the event that demand softens further? And could you talk about some of the levers that you discussed in the prepared remarks that you have to address cost structure efficiencies?

這實際上是吉姆的基督格倫加。只是想問一下，如果需求進一步疲軟，您如何看待SG&A和R&D的水平？您能否談談您在準備好的評論中討論的一些槓桿，您必須解決成本結構效率問題？

Yes and that I'll tell you, Chris, that's the art of it, isn't it? It's how to manage those costs down. When you see this conflicting thing of short-term headwinds and long-term demand growth and pretty exciting demand growth, you need to come out of it on the other side ready for that. And so the desire is to maintain continuity in R&D spending. Our SG&A, we look at, because our G&A costs are high right now.

是的，我會告訴你，克里斯，這就是它的藝術，不是嗎？這是如何管理這些成本。當你看到短期逆風和長期需求增長以及相當令人興奮的需求增長這種相互矛盾的事情時，你需要從另一邊走出來，為此做好準備。因此，希望保持研發支出的連續性。我們看一下我們的 SG&A，因為我們現在的 G&A 成本很高。

But a lot of that is geared toward improving our infrastructure and efficiencies. So I think you can quite clearly see G&A coming down in future years, but we've got to invest to have -- make sure our foundation is strong and that we have the platform to support growth. R&D spending, we just -- I'm hoping that we can manage that down over time as well. But I would tell you in this industry right now, it's a disruptive industry.

但其中很多都是為了改善我們的基礎設施和效率。所以我認為你可以很清楚地看到未來幾年 G&A 會下降，但我們必須投資才能擁有 - 確保我們的基礎強大並且我們擁有支持增長的平台。研發支出，我們只是 - 我希望我們也可以隨著時間的推移管理它。但我現在要在這個行業告訴你，這是一個顛覆性的行業。

And you've got to watch how much you're spending on R&D because that, those production platforms when they hit are going to be very sticky sales, and that's -- it's going to drive a lot of consumable utilization. So you need to have the platforms in order to meet that demand. And that's one reason we invested in dp polar. We picked up years of R&D work that's been done with a machine that's ready to go to beta customers now to accelerate that whole process.

而且你必須注意你在研發上花費了多少，因為那些生產平台在它們受到衝擊時將是非常有粘性的銷售，這將推動大量消耗品的使用。因此，您需要擁有平台才能滿足這種需求。這也是我們投資 dp polar 的原因之一。我們積累了多年的研發工作，這些工作已經用一台機器完成，現在可以提供給測試版客戶，以加速整個過程。

So I'm not giving you a crisp answer. I want to be very, very selective about R&D spending and make sure we're doing it correctly. With the leadership we have in place now, I think there's a really nice opportunity to focus and get more out of our R&D spend with modularity and platforms. In terms of bringing the overall spend down, I really don't want to make commitments on that in the long-term. It's -- as we grow, they're easier to bear.

所以我不會給你一個明確的答案。我希望對研發支出非常、非常有選擇性，並確保我們做得正確。憑藉我們現在的領導力，我認為這是一個非常好的機會，可以集中精力並通過模塊化和平台從我們的研發支出中獲得更多收益。在降低整體支出方面，我真的不想長期做出承諾。這是 - 隨著我們的成長，它們更容易忍受。

So the scale really helps -- but on a dollar basis, we have to be very careful. G&A, I think we can bring down and even sales efficiency, we can bring down over time with scale even the scale we have. But G&A, particularly, I think we can break down in future years. Wayne, anything you want to add?

所以規模確實有幫助——但以美元計算，我們必須非常小心。 G＆A，我認為我們可以降低甚至銷售效率，我們可以隨著時間的推移降低規模，甚至我們擁有的規模。但特別是 G&A，我認為我們可能會在未來幾年崩潰。韋恩，你有什麼要補充的嗎？

Yes. I guess the only thing I'd add, we've -- with dp polar, that will make our seventh acquisition and a little over the last year, and each of those comes with a little bit of SG&A and R&D costs. And so we've added those into the mix. And most of them are early stage -- the development companies are early stages of commercialization. We're not yet bringing a lot of revenue. So as those guys progress, we'll get a little bit more leverage from those. In the interim, we just need to manage them as best we can.

是的。我想我唯一要補充的是，我們已經 - 與 dp polar 合作，這將是我們的第七次收購，比去年多一點，而且每一次收購都伴隨著一點 SG&A 和 R&D 成本。因此，我們將這些添加到了組合中。而且大部分都處於早期階段——開發公司處於商業化的早期階段。我們還沒有帶來很多收入。因此，隨著這些人的進步，我們將從這些人中獲得更多的影響力。在此期間，我們只需要盡可能地管理它們。

Does that answer the question? You got it.

這能回答問題嗎？你說對了。

Sure thing. Yes.

肯定的事。是的。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to Dr. Graves for any further or closing comments.

我們的問答環節結束了。我想將發言權轉回 Graves 博士，以徵求任何進一步或結束的意見。

Thanks, Kevin. So thank you all for joining the call this morning. We look forward to updating you again on our business next quarter, and we wish you all a great day. Thank you.

謝謝，凱文。感謝大家今天早上加入電話會議。我們期待在下個季度再次向您更新我們的業務，並祝您度過美好的一天。謝謝你。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。