3D Systems Corp (DDD) 2022 Q3 法說會逐字稿

Good morning, and welcome to 3D Systems conference call and audio webcast to discuss the results of the third quarter 2022. My name is Kevin, and I'll facilitate the audio portion of today's interactive broadcast.

早上好，歡迎參加 3D Systems 電話會議和音頻網絡廣播，討論 2022 年第三季度的結果。我叫 Kevin，我將主持今天互動廣播的音頻部分。

(Operator Instructions)

（操作員說明）

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

在這個時候，我想把電話轉給財政部和投資者關係副總裁羅素約翰遜。請繼續。

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

早上好，歡迎參加 3D Systems 2022 年第三季度電話會議。今天與我通話的是總裁兼首席執行官 Jeffrey Graves 博士； Michael Turner，執行副總裁兼首席財務官；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 access to 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。那些希望訪問本演示文稿幻燈片部分的電話關注者可以訪問我們網站的投資者關係部分。對於那些可以訪問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 discussions and responses to your questions reflect management views as of today only and will include forward-looking statements as described on this slide. Actual results may differ materially. Additional information about factors that could potentially impact our 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.

以下討論和對您問題的回答僅反映了截至今天的管理層觀點，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。有關可能影響我們財務業績的因素的其他信息包含在昨晚的新聞稿和我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表格年度報告和 10-Q 表格季度報告。

During this call, we will discuss certain non-GAAP financial measures. 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.

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。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。

Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2021.

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 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。

Thanks, Russell, and good morning, everyone. I'll open this morning with a few comments on the current business climate, our position in the markets and a summary of our Q3 performance. After that, I'll turn the call over to our new CFO, Michael Turner, for a more detailed review of our third quarter results. I know that many of you are looking forward to hearing from Michael for the first time. Having joined the company in September, Michael has already proven to be an excellent leader of our finance organization and a valuable addition to our executive team. So welcome aboard, Michael.

謝謝，Russell，大家早上好。今天早上，我將對當前的商業環境、我們在市場中的地位以及我們第三季度的業績總結髮表一些評論。之後，我將把電話轉給我們的新首席財務官邁克爾·特納，以更詳細地審查我們第三季度的業績。我知道你們中的許多人都期待著第一次收到邁克爾的來信。邁克爾於 9 月加入公司，已證明是我們財務部門的優秀領導者，也是我們執行團隊的重要補充。歡迎加入，邁克爾。

Reflecting on the year-to-date, the global economic and geopolitical backdrop has compounded existing supply chain disruptions created by the COVID pandemic. While these macro headwinds are negatively impacting many companies, the good news for our industry is that customers are increasingly adopting additive manufacturing in their production operations in order to reduce supply chain risks, enhance product-design flexibility and reduce manufacturing costs. This gives us an opportunity for growth even in a more cautious capital investment environment.

回顧年初至今，全球經濟和地緣政治背景加劇了由 COVID 大流行造成的現有供應鏈中斷。儘管這些宏觀不利因素對許多公司產生了負面影響，但對我們行業而言，好消息是客戶越來越多地在其生產運營中採用增材製造，以降低供應鏈風險、提高產品設計靈活性並降低製造成本。即使在更加謹慎的資本投資環境中，這也為我們提供了增長機會。

For 3D Systems specifically, we benefited this year from our prior efforts to focus and streamline the company while significantly strengthening our balance sheet. This has allowed us to make important investments in new technology platforms and in operational efficiency initiatives, which are already showing results. Our customers are confident that once recession fears subside, we will emerge from this period stronger than ever with a completely refreshed product lineup and efficient operational footprint and the scale needed to support their growth. In the meantime, we're focusing intently on execution, profitability and cash performance, which is what our customers and our shareholders expect from an industry leader.

具體而言，對於 3D Systems，我們今年受益於我們之前為專注和精簡公司所做的努力，同時顯著加強了我們的資產負債表。這使我們能夠對新技術平台和運營效率舉措進行重要投資，這些舉措已經取得成果。我們的客戶有信心，一旦對經濟衰退的擔憂消退，我們將比以往任何時候都更強大，擁有完全更新的產品陣容和高效的運營足跡以及支持其增長所需的規模。與此同時，我們專注於執行、盈利能力和現金業績，這是我們的客戶和股東對行業領導者的期望。

On behalf of my nearly 2,000 dedicated 3D Systems colleagues around the world, as we finished out the year and look ahead to 2023, I can tell you that we're proud of our leadership role in the additive industry and very confident about the future.

在我們結束這一年並展望 2023 年之際，我代表我在全球近 2,000 名敬業的 3D Systems 同事告訴您，我們為我們在增材行業的領導地位感到自豪，並對未來充滿信心。

Turning then to Slide 5. Reflecting on our third quarter, we delivered results that were basically in line with our internal expectations and, in some areas, exceeded them. From an operating standpoint, high inflation is impacting both purchase components and labor costs. We're taking pricing actions, where possible, to offset these pressures, but there's typically a lag effect that can put a drag on quarterly performance.

然後轉到幻燈片 5。回顧第三季度，我們交付的結果基本符合我們的內部預期，並且在某些領域超出了預期。從運營的角度來看，高通脹正在影響採購組件和勞動力成本。我們正在盡可能採取定價行動來抵消這些壓力，但通常會存在滯後效應，從而拖累季度業績。

In addition, the strength of the U.S. dollars clearly impacted our financial performance. Michael will shed more light on these factors in a few moments.

此外，美元的強勢明顯影響了我們的財務業績。邁克爾將在稍後對這些因素進行更多說明。

On the positive side, supply chains are showing signs of initial stabilization. And if no further disruptions occur, we expect this trend to continue. Our engineers have worked hard to increase our component supply base and to design our new products with more sourcing options in mind.

從積極的方面來看，供應鏈正顯示出初步穩定的跡象。如果沒有進一步的中斷發生，我們預計這種趨勢將繼續下去。我們的工程師一直在努力增加我們的組件供應基礎，並在設計新產品時考慮到更多的採購選擇。

With regard to our in-sourcing of manufacturing, I'm very pleased with the progress we've made in our Rock Hill, South Carolina production facility, which we took over mid-quarter from a contract manufacturer. This plant will soon produce over 40% of our polymer printing systems. We expect that percentage to grow rapidly as our investments in people and technology gain momentum.

關於我們的製造內包，我對我們在南卡羅來納州羅克希爾的生產設施取得的進展感到非常高興，我們在本季度中期從一家合同製造商手中接管了該設施。該工廠很快將生產我們 40% 以上的聚合物印刷系統。隨著我們對人員和技術的投資獲得動力，我們預計該百分比將迅速增長。

In the third quarter, we were pleased to see our production rates increase, our productivity improve and our gross margins begin to expand as the workforce transition to 3D Systems management. I want to give a sincere shout out to our new manufacturing colleagues in South Carolina. Your efforts are noticed and greatly appreciated.

在第三季度，隨著勞動力向 3D Systems 管理過渡，我們很高興看到我們的生產率提高、生產力提高並且毛利率開始擴大。我想真誠地向我們在南卡羅來納州的新製造業同事大聲疾呼。您的努力受到關注並受到高度讚賞。

From a broader standpoint, inflation is taking a significant toll on global markets that are dependent upon discretionary consumer spending. As consumers spend more on daily necessities like food and gasoline, they have less to spend on optional items. For us, this impacts our dental markets and particularly, our orthodontic products. While this is still a great business that we're fully committed to, key customers have slowed their spending, which, while largely anticipated in our previous guidance, can clearly be seen in our financials. Fortunately, we expect this business to strengthen once the economy normalizes, but this may take some time.

從更廣泛的角度來看，通貨膨脹正在對依賴可自由支配的消費者支出的全球市場造成重大損失。隨著消費者在食品和汽油等日常必需品上的支出增加，他們在可選項目上的支出減少。對我們來說，這會影響我們的牙科市場，尤其是我們的正畸產品。雖然這仍然是我們全力投入的一項偉大業務，但主要客戶已經放緩了他們的支出，雖然在我們之前的指導中大部分預期，但在我們的財務狀況中可以清楚地看到。幸運的是，我們預計一旦經濟恢復正常，這項業務將會加強，但這可能需要一些時間。

More to come on our market dynamics in a few moments, but for now, I want to give you a clear understanding of our position in the industry and how our business model works in this volatile climate. As additive manufacturing and production environments becomes widespread, we're very well positioned to enable rapid adoption across virtually all market verticals. The reasons are twofold.

稍後將詳細介紹我們的市場動態，但現在，我想讓您清楚地了解我們在行業中的地位以及我們的商業模式如何在這種多變的環境中運作。隨著增材製造和生產環境的普及，我們已做好充分準備，可以在幾乎所有垂直市場中快速採用。原因是雙重的。

First, we have the greatest experience base to draw on. With over 20,000 production printers active in the field, consuming almost 5,000 tons of our proprietary materials each year, our customers produce over 1 million parts every day using our technology. This output is greater than the entire rest of the industry combined, giving us unparalleled experience in the management of large fleets of printers and in the integration of complex workflows in our customers' factories around the world.

首先，我們有最豐富的經驗可以藉鑑。該領域有超過 20,000 台生產打印機，每年消耗近 5,000 噸我們的專有材料，我們的客戶每天使用我們的技術生產超過 100 萬個零件。這一產出超過了整個行業的總和，為我們在管理大型打印機車隊以及在全球客戶工廠集成複雜工作流程方面提供了無與倫比的經驗。

Second, over the last 2.5 years, we've reorganized and restructured our company into 2 market-facing business units, Industrial Solutions and Healthcare Solutions. This enables us to focus on market-specific applications, developing with our customers the most effective manufacturing workflows and then supporting the transfer of these technologies into their factories. Once complete, additional workflows are then added and manufacturing capacity expanded to support their growth plans. This approach has proven highly effective, and we believe it will drive exciting growth for our company in the years ahead.

其次，在過去的 2.5 年中，我們對公司進行了重組和重組，分為兩個面向市場的業務部門，即工業解決方案和醫療保健解決方案。這使我們能夠專注於特定市場的應用，與我們的客戶一起開發最有效的製造工作流程，然後支持將這些技術轉移到他們的工廠。完成後，將添加額外的工作流程並擴大製造能力以支持其增長計劃。這種方法已被證明非常有效，我們相信它將在未來幾年為我們公司帶來令人興奮的增長。

This operational model is one that we increasingly see mimicked by others around our industry, but the key to success is having a full complement of metal and polymer printing technologies supported by software expertise and a wide range of production materials. It is the combination of these elements to address specific high-value applications, that our customers are looking for in a partner. That is what sets our company apart from the competition, and this gap continues to grow.

這種運營模式越來越多地被我們行業中的其他人模仿，但成功的關鍵是擁有由軟件專業知識和廣泛的生產材料支持的完整的金屬和聚合物印刷技術。正是這些元素的組合來解決特定的高價值應用，我們的客戶正在尋找合作夥伴。這就是我們公司在競爭中脫穎而出的原因，而且這種差距還在繼續擴大。

Today, at 3D Systems, our core technology span, not only the broadest range of metal and polymer systems in the industry, but now also include the unique materials and printing systems that I broadly refer to as biologics. These truly groundbreaking materials and printing technologies are essential in addressing biological applications within the human body and in the development of new methodologies for drug development.

今天，在 3D Systems，我們的核心技術不僅涵蓋業內最廣泛的金屬和聚合物系統，而且現在還包括我廣泛稱為生物製劑的獨特材料和打印系統。這些真正突破性的材料和印刷技術對於解決人體內的生物應用和開發藥物開發的新方法至關重要。

When viewed in total, this unique combination of technologies and application expertise in a company with global scale allows us to assume a leadership position in the additive industry as we now enter true production environments.

總體而言，在一家具有全球規模的公司中，這種技術和應用專業知識的獨特組合使我們能夠在我們現在進入真正的生產環境時在增材行業佔據領先地位。

With that introduction, I'll now turn to Slide 6 for a brief overview of the quarter. For the consolidated company, after adjusting for businesses that we divested during 2021, revenue for the third quarter decreased 3.2% year-over-year. However, adjusting for the impact of foreign currency fluctuations, consolidated revenue increased 2.7%, showing the significant negative impact of the strong U.S. dollar. While this growth rate is much lower than we would like, we fully expect to meet our long-term expectations of double-digit organic growth in the years ahead, as consumer spending rebounds and additive manufacturing takes hold in production environments across virtually all market segments.

有了這個介紹，我現在將轉向幻燈片 6，簡要概述本季度。對於合併後的公司，在對我們在 2021 年剝離的業務進行調整後，第三季度的收入同比下降 3.2%。然而，調整外幣波動影響後，綜合收入增長 2.7%，顯示美元走強帶來的顯著負面影響。雖然這一增長率遠低於我們的預期，但隨著消費者支出反彈和增材製造在幾乎所有細分市場的生產環境中佔據一席之地，我們完全期望在未來幾年實現兩位數有機增長的長期預期.

Turning to our divestiture-adjusted segment performance in the third quarter. Revenue for our Industrial Solutions segment was flat year-over-year but increased nearly 9% in constant currency. Revenue for our Healthcare Solutions segment decreased 6.6% per year and decreased 3.5% in constant currency, driven by a substantial slowing of our Dental segment due to softer consumer spending. As we saw last quarter, the FX impact on our Industrial Solutions segment was most pronounced due to that segment's exposure to manufacturers and service bureau customers in Europe and Asia Pacific. With that said, the currency impact on Healthcare Solutions sales was also material.

轉向我們在第三季度的剝離調整後的細分市場表現。我們的工業解決方案部門的收入同比持平，但按固定匯率計算增長了近 9%。我們的醫療保健解決方案部門的收入每年下降 6.6%，按固定匯率計算下降 3.5%，原因是由於消費者支出疲軟，我們的牙科部門大幅放緩。正如我們上個季度所看到的，外匯對我們的工業解決方案部門的影響最為明顯，因為該部門接觸歐洲和亞太地區的製造商和服務機構客戶。話雖如此，貨幣對醫療保健解決方案銷售的影響也很大。

In our Industrial Solutions business, we saw regional variations in the third quarter. In Europe, the war in Ukraine and uncertainty regarding recession and energy supplies continue to pressure our customers. This is impactful given our Industrial Solutions segment's historically strong market presence in Europe and particularly, in Germany.

在我們的工業解決方案業務中，我們看到了第三季度的地區差異。在歐洲，烏克蘭戰爭以及經濟衰退和能源供應的不確定性繼續給我們的客戶帶來壓力。鑑於我們的工業解決方案部門在歐洲，尤其是在德國，歷來具有強大的市場影響力，這一點具有影響力。

On the positive side, demand in the Americas remained robust during the third quarter and with strong SLA printer sales into the energy and commercial space verticals. We also saw solid demand for our recently acquired Titan printer platform among consumer goods and defense customers.

從積極的方面來看，美洲的需求在第三季度保持強勁，並且 SLA 打印機在能源和商業空間垂直領域的銷售強勁。我們還看到消費品和國防客戶對我們最近收購的 Titan 打印機平台的強勁需求。

In our Healthcare Solutions business, the third quarter performance varied sharply by market. In our Medical Devices business, we saw significant year-over-year growth in printer sales to customers who manufacture orthopedic and surgical instrumentation. And our industry-leading business of providing virtual surgical planning packages and other personalized health care solutions for doctors, surgeons and hospitals had a strong quarter as well. The broader story here is the demand for nonelective surgical procedures is holding up well despite economic uncertainty. Within that strong market, 3D System stands out for best-in-class suite of products, strong regulatory infrastructure and our years of experience using additive manufacturing solutions to improve patient outcomes.

在我們的醫療保健解決方案業務中，第三季度的業績因市場而異。在我們的醫療器械業務中，我們看到對製造骨科和外科器械的客戶的打印機銷售額同比顯著增長。我們為醫生、外科醫生和醫院提供虛擬手術計劃包和其他個性化醫療保健解決方案的行業領先業務也取得了強勁的季度表現。更廣泛的情況是，儘管經濟存在不確定性，但對非選擇性外科手術的需求仍然保持良好。在這個強大的市場中，3D System 憑藉一流的產品套件、強大的監管基礎設施以及我們多年使用增材製造解決方案改善患者治療效果的經驗脫穎而出。

However, the biggest factor for our Healthcare Solutions business during the quarter was a significant year-over-year decline in dental market sales, particularly in the orthodontic area. As we communicated to our investors last quarter, we were aware that this decline was coming. And our general results for the third quarter, while disappointing, were roughly in line with our expectations. It's difficult to gauge how long this softer demand might last because it's so dependent on how macroeconomic conditions evolve over the coming quarters. We expect this business to eventually recover and to be a strong contributor to our growth and profitability.

然而，本季度我們的醫療保健解決方案業務的最大因素是牙科市場銷售額同比大幅下降，特別是在正畸領域。當我們上個季度與投資者溝通時，我們意識到這種下降即將到來。我們第三季度的總體業績雖然令人失望，但大致符合我們的預期。很難衡量這種疲軟的需求可能會持續多久，因為它非常依賴於未來幾個季度宏觀經濟狀況的演變。我們預計這項業務最終會復蘇，並成為我們增長和盈利能力的重要貢獻者。

So despite these ups and downs, we believe we now have good visibility into our broad business performance for the remainder of this year. This is why, as Michael will describe for you in a moment, we're updating our full year 2022 guidance to significantly tighten our revenue range while improving the forecast for operating expenses to reflect strong execution and cost controls.

因此，儘管有這些起伏，我們相信我們現在對今年剩餘時間的廣泛業務表現有了很好的了解。這就是為什麼，正如邁克爾稍後將為您描述的那樣，我們正在更新我們的 2022 年全年指導，以顯著收緊我們的收入範圍，同時改進對運營費用的預測，以反映強有力的執行和成本控制。

Turning to Slide 7. I'd like to highlight some advancements from the third quarter. These are not only interesting in isolation, but they also provide valuable insights into the type of core activities that will drive our company's growth in the next 5 years. As I described for you on our last quarter's call, we agreed during the third quarter 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.

轉到幻燈片 7。我想強調第三季度的一些進步。這些不僅單獨有趣，而且還為推動我們公司在未來 5 年增長的核心活動類型提供了寶貴的見解。正如我在上個季度的電話會議中為您描述的那樣，我們在第三季度同意收購 dp polar，這是一家位於德國的行業首個增材製造系統開發商，專為真正高速大規模生產定制組件而設計。

I'm pleased to report that we closed this acquisition in early October, ahead of schedule, and integration efforts are well underway. I can't emphasize enough the importance of bringing this revolutionary printer technology into the 3D Systems portfolio. The machine's continuously rotating build platform can print jetted polymer parts up to 5x faster than today's batch process systems, which represents a quantum leap toward true mass production of custom componentry using additive manufacturing. We plan to move forward with this technology as fast as possible with a critical mass of dp polar machines moving into beta testing with key customers in 2023 and initial commercial sales targeted for 2024. If any of you are planning to be at the upcoming Formnext Trade Show in November, I strongly encourage you to visit the dp polar booth and see this exciting new system for yourself.

我很高興地報告，我們在 10 月初提前完成了此次收購，整合工作正在順利進行。將這種革命性的打印機技術引入 3D Systems 產品組合的重要性怎麼強調都不為過。該機器的連續旋轉構建平台可以打印噴射聚合物零件，速度比當今的批處理系統快 5 倍，這代表了使用增材製造實現定制組件真正大規模生產的巨大飛躍。我們計劃盡快推進這項技術，在 2023 年將關鍵數量的 dp Polar 機器與主要客戶進行 Beta 測試，併計劃在 2024 年進行初始商業銷售。如果你們中的任何人計劃參加即將舉行的 Formnext Trade在 11 月的展會上，我強烈建議您參觀 dp polar 展位，親眼看看這個令人興奮的新系統。

With our metal printing portfolio, we continue to leverage the unique capabilities of our applications innovation group, along with our strong lineup of metal printing technologies, to drive solution sales to customers in both Industrial and Health Care segments. Our technological advantage is primarily in our atmosphere control system, which is the industry's best for the manufacture of reactive metals such as titanium, nickel and refractory metal alloys. We've been very successful recently with customers in commercial space and medical devices, both of which are extremely well suited to our technology and the type of application-focused customer-specific printing solutions in which 3D Systems is long specialized.

憑藉我們的金屬打印產品組合，我們將繼續利用我們應用創新團隊的獨特能力以及我們強大的金屬打印技術陣容，推動向工業和醫療保健領域的客戶銷售解決方案。我們的技術優勢主要在於我們的氣氛控制系統，該系統是業內最好的用於製造鈦、鎳和難熔金屬合金等活性金屬的系統。我們最近在商業空間和醫療設備方面的客戶非常成功，這兩者都非常適合我們的技術和 3D Systems 長期專注於以應用為中心的客戶特定打印解決方案類型。

During the third quarter, we also announced several significant additions to our Materials portfolio. On the polymer side, we introduced 2 new production-grade materials, tough clear for our Figure 4 projection-based printing platforms, and DuraForm PAx Black for SLS printer line. Both of these materials address critical applications with key customers across several market verticals.

在第三季度，我們還宣布了對我們的材料產品組合的幾項重要補充。在聚合物方面，我們推出了 2 種新的生產級材料，用於我們的 Figure 4 基於投影的打印平台，以及用於 SLS 打印機系列的 DuraForm PAx Black。這兩種材料都適用於多個垂直市場的關鍵客戶的關鍵應用。

On the metals front, we introduced new copper-nickel alloy, CuNi30, which is now certified for use on all of our DMP metal printing solutions. This copper-nickel alloy was developed in close collaboration with Newport News Shipbuilding, which is a division of Huntington Ingalls Industries and is the largest shipbuilding company in the United States. Copper can be particularly challenging to 3D print due to its highly -- high reflectivity. However, it's an ideal material for extremely demanding applications in marine systems; chemical processing plants; oil and gas; and of course, rocketry.

在金屬方面，我們推出了新的銅鎳合金 CuNi30，該合金現已通過認證，可用於我們所有的 DMP 金屬打印解決方案。這種銅鎳合金是與紐波特紐斯造船公司密切合作開發的，紐波特紐斯造船公司是亨廷頓英格爾斯工業公司的一個部門，是美國最大的造船公司。由於銅的高反射率，銅對 3D 打印尤其具有挑戰性。然而，它是船舶系統中要求極高的應用的理想材料；化學加工廠；油和氣;當然，火箭。

Turning to Slide 8, and before I hand off to Michael, I want to highlight the tremendous progress we're making on one of my most important goals for 3D Systems, namely the creation of a world-class regenerative medicine business. As I've shared with you previously, our efforts in this area are currently proceeding along 3 primary lines: first, through a long-standing partnership with our biotechnology partner, United Therapeutics. We've achieved remarkable progress toward our goal of 3D printing functional human organs for transplantation, initially targeting lungs, but now with an expanded scope, including livers and kidneys.

轉到幻燈片 8，在我向 Michael 移交之前，我想強調一下我們在實現 3D Systems 最重要的目標之一方面取得的巨大進展，即創建世界級的再生醫學業務。正如我之前與您分享的那樣，我們在這一領域的努力目前正沿著 3 條主要路線進行：首先，通過與我們的生物技術合作夥伴 United Therapeutics 的長期合作夥伴關係。我們在實現 3D 打印功能性人體器官移植目標方面取得了顯著進展，最初針對的是肺部，但現在範圍擴大了，包括肝臟和腎臟。

Our partner announced publicly this summer that our goal is to have printed organs and human trials within 5 years. Second, building on the organ program's technological progress, we've expanded into the adjacent field of printing non-organ human tissue for transplantation and surgical reconstruction applications. More details regarding this exciting initiative will be announced in the months ahead.

我們的合作夥伴今年夏天公開宣布，我們的目標是在 5 年內進行器官打印和人體試驗。其次，在器官計劃的技術進步的基礎上，我們已經擴展到打印用於移植和外科重建應用的非器官人體組織的相鄰領域。有關這一激動人心的舉措的更多細節將在未來幾個月內公佈。

But today, I want to focus on the third initiative, which is summarized on chart 8. In this case, we're leveraging our expertise in creating vascularized human tissue and combining this capability with our polymer printing expertise to develop and manufacture highly differentiated organs on chips for use in drug discovery and development by the pharmaceutical industry.

但今天，我想重點關注第三項舉措，總結在圖表 8 中。在這種情況下，我們正在利用我們在創建血管化人體組織方面的專業知識，並將這種能力與我們的聚合物打印專業知識相結合，以開發和製造高度分化的器官用於製藥行業藥物發現和開發的芯片。

During the third quarter, we marked a major milestone in this initiative with our announcement of the formation of a new wholly-owned biotech company called Systemic Bio. This subsidiary is being managed as an internal startup with its own dedicated management team and R&D staff. We've committed to support Systemic Bio with an initial seed investment of $15 million, which should sustain the company until it reaches a material level of revenue and profitability.

在第三季度，我們宣布成立一家名為 Systemic Bio 的新全資生物技術公司，標誌著這一舉措的一個重要里程碑。該子公司作為一家內部初創公司進行管理，擁有自己的專門管理團隊和研發人員。我們承諾以 1500 萬美元的初始種子投資支持 Systemic Bio，這將使公司維持下去，直到它達到實質性的收入和盈利水平。

One point that I want to emphasize is that Systemic Bio's go-to-market strategy will differ from 3D Systems' traditional business model. Due to the unique value of the printed products themselves and the sensitivity of this novel technology platform, Systemic Bio will not sell printers and materials, rather it will work with customers to develop organ and disease-specific human models for organs on chips, and then we'll market those chips directly to pharmaceutical and biotech companies engaged in drug discovery. To support the business model, Systemic Bio has invented a novel patent-print pending organ-on-a-chip platform which we call h-VIOS. This stands for human vascularized integrated organ system. This platform is comprised of 3D-printed microfluidic components and bioprinted vascularized 3D scaffolds. Once printed, these custom-designed vascularized scaffolds are then seeded with any desired combination of healthy or disease cell types for Houston drug studies.

我想強調的一點是，Systemic Bio 的上市戰略將不同於 3D Systems 的傳統商業模式。由於打印產品本身的獨特價值和這一新技術平台的敏感性，Systemic Bio 不會出售打印機和材料，而是會與客戶合作，為芯片上的器官開發器官和疾病特異性人體模型，然後我們將直接向從事藥物研發的製藥和生物技術公司銷售這些芯片。為了支持這種商業模式，Systemic Bio 發明了一種新的正在申請專利的芯片上器官平台，我們稱之為 h-VIOS。這代表人類血管化的綜合器官系統。該平台由 3D 打印的微流體組件和生物打印的血管化 3D 支架組成。一旦打印出來，這些定制設計的血管化支架就會被植入休斯頓藥物研究所需的健康或疾病細胞類型的任何組合。

We're producing h-VIOS chips daily at our state-of-the-art laboratory in Houston, Texas, where they're being tested by our Systemic Bio's team of scientists to validate their use for modeling specific organ and disease functions in collaboration with key pharma customers. As you can see in the images on Slide 8, virtually any desired vasculature architecture can be printed and then mass produced to develop the statistical data needed for drug studies.

我們每天在德克薩斯州休斯頓的先進實驗室生產 h-VIOS 芯片，並由 Systemic Bio 的科學家團隊進行測試，以驗證它們在合作建模特定器官和疾病功能方面的用途與主要製藥客戶。正如您在幻燈片 8 上的圖像中看到的那樣，幾乎可以打印任何所需的脈管系統結構，然後進行批量生產，以開發藥物研究所需的統計數據。

Turning to Slide 9. Let me emphasize what differentiates Systemic Bio's technological approach from those in the market today and therefore, why we're so excited about this new business. The 3D bioprinted fully integrated vasculature contained within 3D -- within Systemic Bio's h-VIOS chip can closely mimic human organ structures, allowing for active perfusion of blood through the tissue sample, as shown in the lower-left image, where you can see blood throw -- flow through the printed structure. This vasculature is critical for cell survival as the blood flow is needed to bring nutrients to the implanted cells and then remove waste products just as the process works within your body.

轉到幻燈片 9。讓我強調一下 Systemic Bio 的技術方法與當今市場上的技術方法的區別，因此，為什麼我們對這項新業務如此興奮。 Systemic Bio 的 h-VIOS 芯片中包含的 3D 生物打印完全集成的脈管系統可以密切模仿人體器官結構，允許血液通過組織樣本進行主動灌注，如左下圖所示，您可以在其中看到血液throw——流過印刷結構。這種脈管系統對於細胞存活至關重要，因為需要血流將營養物質帶入植入的細胞，然後在該過程在您體內進行時清除廢物。

You can see the success of this approach in the lower right-hand image on Slide 9, with the green regions being human cells that have thrived in this printed tissue sample for over 28 days. This is unique, and it's the true magic of the h-VIOS system. The cell types comprising these tissues can be of any type. For example, on one end of the chip can be human liver cells, and on the other, it can be cancer cells with the printed blood vessels connecting them together in a continuous circuit.

您可以在幻燈片 9 的右下方圖像中看到這種方法的成功，綠色區域是在這個打印的組織樣本中茁壯成長超過 28 天的人體細胞。這是獨一無二的，它是 h-VIOS 系統的真正魔力。構成這些組織的細胞類型可以是任何類型。例如，芯片的一端可以是人類肝細胞，另一端可以是癌細胞，印刷血管將它們連接在一起形成一個連續的電路。

Developmental drugs can then be introduced to evaluate the interaction with both the healthy cells and the cancer cells in a continuous blood-flow environment with an ability to create virtually any combination of tissues at high volumes. For evaluation using this technology, we believe that the drug development cycle can be shortened, success rates enhanced and the use of animal testing ultimately eliminated over time.

然後可以引入開發性藥物來評估與健康細胞和癌細胞在連續血流環境中的相互作用，並能夠以高容量創建幾乎任何組織組合。對於使用該技術進行的評估，我們相信隨著時間的推移可以縮短藥物開發週期，提高成功率，並最終消除動物試驗的使用。

From a financial standpoint, our goal is to establish key contracts with the pharmaceutical industry companies over the next year to affirm the technology and incorporate it into drug development protocols. Needless to say, I'm tremendously excited about the potential of this new business, and I'm driving to see early customer validation of our technology.

從財務角度來看，我們的目標是在明年與製藥行業公司建立關鍵合同，以確認該技術並將其納入藥物開發協議。不用說，我對這項新業務的潛力感到非常興奮，並且我正在努力看到客戶對我們技術的早期驗證。

Investors in our company should note that we believe Systemic Bio, given its highly advanced bioprinting and biomaterial capabilities and its business model of selling proprietary, h-VIOS chips rather than printing technology, has the potential to achieve profit margins more like a biotech company than a manufacturing technology supplier. Based upon early customer feedback, I believe Systemic Bio could be a $100 million revenue company within 5 years. I'm confident that we'll announce the first agreement with a major pharmaceutical company in the near future, and we look forward to sharing the progress with you.

我們公司的投資者應注意，我們相信 Systemic Bio 鑑於其高度先進的生物打印和生物材料能力以及銷售專有 h-VIOS 芯片而非打印技術的商業模式，有可能實現更像生物技術公司而不是生物技術公司的利潤率。製造技術供應商。根據早期的客戶反饋，我相信 Systemic Bio 可能會在 5 年內成為一家收入 1 億美元的公司。我相信我們會在不久的將來宣布與一家大型製藥公司的第一份協議，我們期待與您分享進展。

Before I turn the call over to Michael, I'd like to close my remarks by turning to Slide 10 to highlight our software business. 3D Systems has long been an innovator in 3D printing software, offering specialized applications such as Geomagic, 3D Sprint and 3D Experts. We advanced that position significantly in late 2021 by acquiring Oqton, a leading provider of software solutions to utilize AI and machine learning to help manufacturers intelligently automate their entire digital production workflows.

在我將電話轉給 Michael 之前，我想通過轉到幻燈片 10 來突出我們的軟件業務來結束我的發言。 3D Systems 長期以來一直是 3D 打印軟件的創新者，提供 Geomagic、3D Sprint 和 3D Experts 等專業應用程序。我們在 2021 年末收購了領先的軟件解決方案提供商 Oqton，利用 AI 和機器學習幫助製造商智能地自動化其整個數字生產工作流程，從而顯著提升了這一地位。

Since the acquisition of Oqton, we've transformed our entire software go-to-market strategy. All software operations are now under a single management structure of that being Oqton. And we're integrating 3D Systems legacy stand-alone applications into the Oqton manufacturing OS. The end-to-end result will be complete cloud-based digital manufacturing solution that is hardware-agnostic and technology-neutral. It will be able to seamlessly integrate the entire factory floor across multiple sites with a digital thread that provides complete control and traceability of every action in the manufacturing workflow from order to delivery. The combined suite of Oqton and 3D System software provides, by far, the most complete and feature-rich software offering in the additive industry today, as shown in the comparison table on Slide 10.

自收購 Oqton 以來，我們已經改變了我們的整個軟件上市戰略。現在所有的軟件操作都在一個單一的管理結構下，即 Oqton。我們正在將 3D Systems 傳統的獨立應用程序集成到 Oqton 製造操作系統中。端到端的結果將是完整的基於雲的數字製造解決方案，該解決方案與硬件無關且技術中立。它將能夠通過數字線程將跨多個站點的整個工廠車間無縫集成，從而為從訂單到交付的製造工作流程中的每一個動作提供完整的控制和可追溯性。迄今為止，Oqton 和 3D System 軟件的組合套件提供了當今增材行業中最完整、功能最豐富的軟件產品，如幻燈片 10 上的比較表所示。

While customers themselves can put together point solutions for each feature, an approach commonly called do-it-yourself, or DIY, they're hesitant to do so given the cost and complexity of the approach. The only alternative to this approach are the leading CAD suppliers shown in the middle column or other 3D equipment manufacturers who, at best, have only a fraction of the capability spectrum that Oqton offers. And we will continue to refine and add to the Oqton offering over time through both R&D investments and through commercial partnerships with leading players in the field of industrial automation.

雖然客戶自己可以為每個功能組合點解決方案，這種方法通常稱為自己動手或 DIY，但考慮到該方法的成本和復雜性，他們猶豫不決。這種方法的唯一替代方案是中間欄中顯示的領先 CAD 供應商或其他 3D 設備製造商，他們充其量只是 Oqton 提供的能力範圍的一小部分。隨著時間的推移，我們將通過研發投資以及與工業自動化領域的領先企業建立商業夥伴關係，繼續完善和增加 Oqton 產品。

As just one example of our development road map, Oqton is in partnership discussions with major manufacturing partners that would include joint development of new software functionality in part identification, e-commerce and cataloging. Most importantly, the new integrated Oqton suite of applications not only leads the industry, it has the potential to become a key enabler of true serial-scale additive manufacturing that can make an impact on our entire industry.

作為我們發展路線圖的一個例子，Oqton 正在與主要製造合作夥伴進行合作討論，其中包括聯合開發零件識別、電子商務和編目中的新軟件功能。最重要的是，新的集成 Oqton 應用程序套件不僅引領行業，而且有可能成為真正的批量增材製造的關鍵推動者，從而對我們整個行業產生影響。

For this reason, we have opened Oqton's availability to the entire additive manufacturing industry. This includes all elements of the new Oqton platform, including the historical 3D Systems printing software, as we believe it will have a tremendous impact on the acceptance of additive manufacturing broadly. To facilitate industry-wide adoption, the Oqton business is run as a stand-alone operation with a high priority on protection of user-sensitive data, including externally audited firewalls to ensure security and confidentiality. With this approach, Oqton is gaining traction every day and now has customer wins in the automotive, aerospace, contract manufacturing, health care and dental markets. With growth potential ranging from double to triple digits, we're very excited about the future of this software platform.

出於這個原因，我們向整個增材製造行業開放了 Oqton 的可用性。這包括新 Oqton 平台的所有元素，包括歷史悠久的 3D Systems 打印軟件，因為我們相信它將對增材製造的廣泛接受產生巨大影響。為了促進全行業的採用，Oqton 業務作為獨立運營運營，高度重視保護用戶敏感數據，包括外部審計防火牆以確保安全性和機密性。通過這種方法，Oqton 每天都在獲得牽引力，現在在汽車、航空航天、合同製造、醫療保健和牙科市場贏得了客戶。憑藉從兩位數到三位數的增長潛力，我們對這個軟件平台的未來感到非常興奮。

And with that, I'd like to turn the call over to Michael to review our third quarter financial results. Michael?

有了這個，我想把電話轉給邁克爾審查我們第三季度的財務業績。邁克爾?

All right. Great. Thanks, Jeff, for the warm welcome. I'm excited to be here, and I look forward to upcoming opportunities to meet our investor and analyst community directly.

好的。偉大的。謝謝，傑夫，熱情的歡迎。我很高興來到這裡，我期待著即將有機會直接與我們的投資者和分析師社區會面。

Before I start, I'd like to remind everyone that 3D Systems made 3 significant divestitures in 2021. The earnings release that we issued last night contains tables with non-GAAP measures relating to our 2021 results, from which we excluded the impact of the 2021 divested businesses. Likewise, on today's call, any reference that I'll make to our 2021 results will be on that same ex-divestiture basis. The point of this adjustment is to make our 2022 results comparable to our 2021 results on an organic basis.

在開始之前，我想提醒大家，3D Systems 在 2021 年進行了 3 次重大剝離。我們昨晚發布的收益報告包含與我們 2021 年業績相關的非 GAAP 指標的表格，我們從中排除了2021 年剝離業務。同樣，在今天的電話會議上，我對 2021 年業績的任何提及都將基於相同的資產剝離基礎。此次調整的目的是讓我們 2022 年的業績與 2021 年的業績在有機基礎上具有可比性。

Starting out on Slide 12 of the presentation. As Jeff discussed, our revenue results for the quarter were generally in line with our expectations with some bright spots in certain areas that we will highlight to you this morning. As we saw last quarter, the overall business environment during the third quarter remained challenging due to continued FX headwinds, inflationary pressures, recessionary fears, persistent supply chain challenges and geopolitical tensions. However, the biggest headwind we faced during the quarter, which we expected and called out in our revised Q2 guidance, was a significant year-over-year decline in revenues from dental market customers.

從演示文稿的幻燈片 12 開始。正如 Jeff 所討論的，我們本季度的收入結果總體上符合我們的預期，在某些領域有一些亮點，我們將在今天早上向您強調。正如我們上個季度所看到的，由於持續的外匯逆風、通脹壓力、衰退擔憂、持續的供應鏈挑戰和地緣政治緊張局勢，第三季度的整體商業環境仍然充滿挑戰。然而，我們在本季度面臨的最大不利因素是牙科市場客戶的收入同比大幅下降，這是我們在修訂後的第二季度指引中預期並指出的。

Revenue for the third quarter was $132.3 million, a decrease of 15.3% versus the prior year. Excluding divestitures and the unfavorable impact of FX, revenue increased by 2.7% compared to the prior year. This top-line growth reflects continued solid demand in both our Industrial and Health Care segments, partially offset by weakness in dental market sales, which, as you know, represents a significant portion of our overall business.

第三季度收入為 1.323 億美元，比去年同期下降 15.3%。剔除資產剝離和外彙的不利影響，收入同比增長 2.7%。這一收入增長反映了我們工業和醫療保健領域的持續強勁需求，部分被牙科市場銷售疲軟所抵消，如您所知，牙科市場銷售占我們整體業務的很大一部分。

Just to quantify the impact on revenue from some of the factors I mentioned earlier, starting with FX. We experienced headwinds of over $8 million related to the sharp appreciation of the U.S. dollar that occurred during the third quarter, which reduced the U.S. dollar value of our international sales made in foreign currencies, which typically represents roughly 40% of our total sales. There may have also been some third quarter international sales that did not materialize because, in some cases, we price our overseas product offerings in U.S. dollars. And in these cases, the customer has to convert more of their local currency earnings into U.S. dollars to pay us, which represents a price increase for them and can therefore result in some lost sales.

只是為了量化我之前提到的一些因素對收入的影響，從外匯開始。我們經歷了超過 800 萬美元的逆風，這與第三季度發生的美元急劇升值有關，這降低了我們以外幣進行的國際銷售的美元價值，這通常占我們總銷售額的約 40%。也可能有一些第三季度的國際銷售沒有實現，因為在某些情況下，我們以美元為我們的海外產品定價。在這些情況下，客戶必須將更多的當地貨幣收入轉換為美元來支付給我們，這對他們來說意味著價格上漲，因此可能導致一些銷售損失。

On our second quarter earnings call, we highlighted 2 additional items that had an adverse impact on our year-over-year revenue growth, one being the Russia-Ukraine conflict and the other being persistent supply chain disruptions. Both of these items had less of an impact during the third quarter.

在我們的第二季度財報電話會議上，我們強調了另外兩個對我們的同比收入增長產生不利影響的項目，一個是俄羅斯與烏克蘭的衝突，另一個是持續的供應鏈中斷。這兩個項目在第三季度的影響都較小。

Regarding sales to Russia. While our second quarter 2021 sales to Russia were relatively material, by the start of the third quarter of 2021, we had largely exited the Russia market. And as a result, our year-over-year revenue comparisons for the third quarter were much less impacted than what we saw in Q2. And on the supply chain front, you'll recall that we commented on the impact of these disruptions, including component shortages as well as inefficiencies and portions of our contract-manufacturing network that caused us to get behind on supply to orders. We estimate that the total impact of supply chain issues in Q2 resulted in approximately 9 million of customer orders that we cannot ship as planned.

關於對俄羅斯的銷售。雖然我們 2021 年第二季度對俄羅斯的銷售額相對較大，但到 2021 年第三季度初，我們已基本退出俄羅斯市場。因此，與我們在第二季度看到的相比，我們第三季度的同比收入比較受到的影響要小得多。在供應鏈方面，您會記得我們評論了這些中斷的影響，包括組件短缺、效率低下以及導致我們在訂單供應方面落後的部分合同製造網絡。我們估計，第二季度供應鏈問題的總體影響導致我們無法按計劃發貨的大約 900 萬份客戶訂單。

During the current quarter, however, we were able to significantly catch up on many of these late shipments. And as a result, we estimate that we had approximately $2 million of firm customer printer orders that we're unable to ship due to supply chain delays. I'm pleased to say that this was, in large part, attributable to our decision earlier last quarter to bring one of our major outsourced printer manufacturing facilities back in-house. This has enabled us to significantly increase the rate of printer production at that facility and thereby work on our backlog of late customer orders, while also having a favorable impact on gross profit margins.

然而，在本季度，我們能夠顯著趕上許多延遲發貨。因此，我們估計有大約 200 萬美元的固定客戶打印機訂單由於供應鏈延遲而無法發貨。我很高興地說，這在很大程度上歸功於我們上個季度早些時候決定將我們的主要外包打印機製造設施之一帶回內部。這使我們能夠顯著提高該工廠的打印機生產速度，從而處理我們積壓的延遲客戶訂單，同時也對毛利率產生有利影響。

And lastly, for consolidated year-to-date revenue, looking back over the first 9 months of the year, we grew revenue, excluding divestitures and the unfavorable impacts of FX, by 7.6%. Despite a very challenging operating environment, we were able to achieve year-over-year revenue growth for the first 9 months of the year in the high single digits.

最後，對於年初至今的綜合收入，回顧今年前 9 個月，我們的收入增長了 7.6%，不包括資產剝離和外彙的不利影響。儘管經營環境非常具有挑戰性，但我們能夠在今年前 9 個月實現高個位數的收入同比增長。

Turning now to Slide 13 for a review of segment revenues. For our Healthcare Solutions segment, revenue, excluding divestitures and the unfavorable impact of FX, decreased by 3.5% as compared to the third quarter of the prior year, while revenue excluding divestitures and the unfavorable impact of FX in our Industrial Solutions segment increased by 9% year-over-year. The biggest driver of the decline in Healthcare Solutions was a sharp reduction in spending by certain key dental customers in the market for elective orthodontic procedures.

現在轉到幻燈片 13 以查看分部收入。對於我們的醫療保健解決方案部門，不包括資產剝離和外匯不利影響的收入與去年第三季度相比下降了 3.5%，而工業解決方案部門中不包括資產剝離和外匯不利影響的收入增加了 9 ％ 一年又一年。醫療保健解決方案下降的最大驅動因素是市場上某些主要牙科客戶在選擇性正畸手術方面的支出急劇減少。

High inflation, reduced consumer confidence and geopolitical factors are negatively impacting patient demand for such elective procedures, resulting in lower caseloads. At this time, we cannot say with confidence how long the weaker dental demand environment will last, given that it is so heavily dependent on how macroeconomic and other factors evolve over the coming quarters. But starting last quarter, we have incorporated this revised view into our 2022 revenue guidance. And at this point, we do not foresee a material improvement for the rest of 2022.

高通脹、消費者信心下降和地緣政治因素正在對患者對此類選擇性手術的需求產生負面影響，從而導致病例數減少。目前，我們不能自信地說疲軟的牙科需求環境會持續多久，因為它在很大程度上取決於未來幾個季度宏觀經濟和其他因素的演變。但從上個季度開始，我們已將此修訂後的觀點納入我們的 2022 年收入指導。在這一點上，我們預計 2022 年剩餘時間不會有實質性改善。

Outside of dental, we saw a healthy growth in some of the other major business lines within our Healthcare Solutions segment, including strong sales to customers at 3D Print various types of medical devices, such as orthopedic implants and surgical guides. Additionally, our sales of virtual surgical planning and point-of-care solutions, the doctors, surgeons and hospitals grew very nicely in the third quarter. These business lines tend to serve patients needing surgical procedures that are less elective in nature. Therefore, demand in this area has held up very well despite macroeconomic uncertainty.

除牙科外，我們的醫療保健解決方案部門的其他一些主要業務線也實現了健康增長，包括向 3D Print 客戶銷售各種類型的醫療設備，如骨科植入物和手術導板。此外，我們在第三季度的虛擬手術計劃和即時護理解決方案、醫生、外科醫生和醫院的銷售額增長非常好。這些業務線傾向於為需要選擇性較少的外科手術的患者提供服務。因此，儘管宏觀經濟存在不確定性，但該領域的需求仍保持良好狀態。

As Jeff noted, 3D Systems is recognized as a leader in the surgical planting field with the ability to combine 3D printing services, software and materials to create an integrated end-to-end surgical package in a way that our competitors cannot.

正如 Jeff 指出的那樣，3D Systems 被公認為外科種植領域的領導者，它能夠將 3D 打印服務、軟件和材料相結合，以我們的競爭對手無法做到的方式創建一個集成的端到端外科手術包。

Turning now to our Industrial Solutions segment. Industrial revenue growth was driven by continued strength in precision microcasting applications and for production machines in energy and commercial space applications. Offsetting this were lower sales and automotive applications, largely because of a tough year-over-year comparison provided by some large deals in the third quarter of last year that did not repeat in the current year.

現在轉向我們的工業解決方案部分。精密微鑄造應用以及能源和商業空間應用中的生產機器的持續強勁推動了工業收入的增長。抵消這一影響的是較低的銷售額和汽車應用，這主要是因為去年第三季度的一些大宗交易提供了艱難的同比比較，而這些交易在今年沒有重複。

As Jeff noted, we are starting to see good sales tractions with our Titan family of printers, which we acquired in 2021. Overall, both of our polymer and metal printers continue to sell well across our Industrial Solutions segment.

正如 Jeff 指出的那樣，我們在 2021 年收購的 Titan 系列打印機開始看到良好的銷售牽引力。總體而言，我們的聚合物和金屬打印機在我們的工業解決方案部門繼續暢銷。

Moving on to gross profit on Slide 14. Our gross profit margin was 39.8% compared to 41.2% in the prior year. The decrease in margins is due to multiple factors, including 2021 divestitures of non-core assets, inflationary impacts on input cost and freight and product-mix changes, mostly related to selling more printers and less materials than in the prior year.

繼續幻燈片 14 的毛利潤。我們的毛利率為 39.8%，而去年為 41.2%。利潤率下降是由於多種因素造成的，包括 2021 年剝離非核心資產、通貨膨脹對投入成本和運費的影響以及產品組合的變化，主要與去年銷售的打印機和材料減少有關。

I'd also like to note that while margins are down on a year-over-year basis, we have seen some sequential improvement with 190 basis point increase from Q2, driven by the full run-rate impact of price increases announced earlier in the year as well as the early benefit of bringing some of our outsourced printer production back in-house during the quarter.

我還想指出，雖然利潤率同比下降，但我們看到了一些環比改善，比第二季度增加了 190 個基點，這是由於早些時候宣布的價格上漲的全面影響。年以及在本季度將我們的一些外包打印機生產帶回內部的早期收益。

Turning now to operating expenses on Slide 15. GAAP operating expenses increased 6% or $4.9 million to $86.4 million in the third quarter of 2022 compared to the same period a year ago. This includes a $9 million increase in legal and other settlement costs, partially offset by decreases in expenditures due to divestitures.

現在轉向幻燈片 15 的運營費用。與去年同期相比，2022 年第三季度 GAAP 運營費用增加了 6% 或 490 萬美元，達到 8640 萬美元。這包括增加 900 萬美元的法律和其他和解費用，部分被資產剝離導致的支出減少所抵消。

On a non-GAAP basis, which excludes nonrecurring charges and divestitures, operating expenses were $58.3 million as compared to $49.3 million from the same period a year ago. The higher non-GAAP operating expenses reflect spending in targeted areas to support future growth, including expenses from acquired businesses, research and development and investments in corporate infrastructure. We did, however, see some sequential improvement in operating expenses as compared to the second quarter of 2022, which reflects our efforts to tighten cost controls in response to the volatile demand conditions that we've experienced this year.

按非公認會計原則計算，不包括非經常性費用和資產剝離，運營費用為 5830 萬美元，而去年同期為 4930 萬美元。較高的非公認會計準則運營費用反映了支持未來增長的目標領域的支出，包括收購業務、研發和企業基礎設施投資的費用。然而，與 2022 年第二季度相比，我們確實看到了運營費用的連續改善，這反映了我們為應對今年經歷的動蕩的需求狀況而努力加強成本控制。

Moving now to Slide 16. Adjusted EBITDA, which is defined as non-GAAP operating profit plus depreciation, was negative $0.3 million for the third quarter of 2022 compared to $11.6 million for the third quarter of 2021. The year-over-year decline in adjusted EBITDA reflects all the factors that we've previously discussed.

現在轉到幻燈片 16。調整後的 EBITDA（定義為非公認會計準則營業利潤加上折舊）在 2022 年第三季度為負 30 萬美元，而 2021 年第三季度為負 1160 萬美元。調整後的 EBITDA 反映了我們之前討論過的所有因素。

One call-out I would like to mention here is regarding SG&A and R&D expenses from businesses that we have acquired over the last 1.5 years. These acquisitions represent important investments by 3D Systems, and we expect to contribute significantly to our revenue growth over the coming years. However, for the time being, these acquired businesses in aggregate have yet to generate meaningful revenue for us. As a result, you should expect our adjusted EBITDA to run below our natural potential for a period of time due to the near-term expense impact of recent acquisitions.

我想在這裡提到的一個問題是關於我們在過去 1.5 年收購的企業的 SG&A 和研發費用。這些收購代表了 3D Systems 的重要投資，我們預計將在未來幾年為我們的收入增長做出重大貢獻。然而，就目前而言，這些收購的業務總體上尚未為我們產生有意義的收入。因此，由於近期收購的近期費用影響，您應該期望我們調整後的 EBITDA 在一段時間內低於我們的自然潛力。

And for EPS in the third quarter, we had a fully diluted loss per share of $0.30 compared to income per share of $2.34 in the third quarter of 2021. Excluding charges for stock-based compensation expense and other nonrecurring items, as detailed in the appendix of the earnings release that we posted last night, our non-GAAP loss per share in the third quarter was $0.05 compared to non-GAAP earnings per share of $0.05 in the third quarter of the prior year. The year-over-year decline again reflects all the factors that we've previously discussed.

對於第三季度的每股收益，我們的每股完全攤薄虧損為 0.30 美元，而 2021 年第三季度的每股收益為 2.34 美元。不包括基於股票的薪酬費用和其他非經常性項目的費用，詳見附錄在我們昨晚發布的收益報告中，我們第三季度的非 GAAP 每股虧損為 0.05 美元，而去年第三季度的非 GAAP 每股收益為 0.05 美元。同比下降再次反映了我們之前討論過的所有因素。

Now turning to Slide 17 for balance sheet highlights. We ended the quarter with $609 million of cash and short-term investments on hand. Our cash and short-term investments declined approximately $180 million since the end of 2021, driven primarily by $85 million paid for acquisitions and equity investments, cash used in operations of $52 million, capital expenditures of $17 million and other cash used in financing activities of approximately $13 million. We continue to have a strong balance sheet with sufficient cash to support organic growth.

現在轉向幻燈片 17 了解資產負債表亮點。我們在本季度結束時手頭有 6.09 億美元的現金和短期投資。自 2021 年底以來，我們的現金和短期投資減少了約 1.8 億美元，主要是由於為收購和股權投資支付的 8500 萬美元、用於運營的現金 5200 萬美元、資本支出 1700 萬美元以及用於融資活動的其他現金約1300萬美元。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。

As previously stated, we regard 2022 as an investment year, during which we will make additional targeted investments at high potential growth areas of our business and in our corporate infrastructure. This is part of our overall strategy to profitably grow revenue in both the Industrial and Healthcare segments as well as to enter new businesses such as regenerative medicine. While we are always willing to consider M&A opportunities as they arise, we are currently focused on integrating and growing the businesses that we have acquired over the last 1.5 years.

如前所述，我們將 2022 年視為投資年，在此期間，我們將在業務的高潛力增長領域和公司基礎設施方面進行額外的定向投資。這是我們在工業和醫療保健領域實現盈利增長以及進入再生醫學等新業務的總體戰略的一部分。雖然我們總是願意在出現併購機會時考慮它們，但我們目前專注於整合和發展我們在過去 1.5 年中收購的業務。

And finally, I'll conclude my remarks on Slide 18 with an update on our full year guidance for 2022. As a reminder, we announced a reduction in our 2022 full year guidance during our second quarter earnings call. We took this step because we expect that the challenging macroeconomic and geopolitical environment to put pressure on international Industrial Solutions sales and because we believe that softer demand for elective procedures would negatively impact our Healthcare Solutions segment, particularly in the dental market.

最後，我將在幻燈片 18 上發表關於 2022 年全年指引的最新信息。作為提醒，我們在第二季度財報電話會議上宣布下調 2022 年全年指引。我們採取這一步驟是因為我們預計具有挑戰性的宏觀經濟和地緣政治環境將對國際工業解決方案的銷售施加壓力，並且因為我們認為對選擇性程序的需求疲軟將對我們的醫療保健解決方案部門產生負面影響，特別是在牙科市場。

Our third quarter results were in line with these revised expectations. And at this point in the year, we now have improved visibility into our likely revenue and operating expenses during the fourth quarter. This improved visibility incorporates the impact of certain cost control measures that we have taken to better align our cost with the current revenue environment.

我們的第三季度業績符合這些修訂後的預期。在今年的這個時候，我們現在已經提高了對第四季度可能的收入和運營費用的可見性。這種提高的可見性結合了我們為更好地使我們的成本與當前收入環境保持一致而採取的某些成本控制措施的影響。

Based on these factors, we are updating our full year guidance to significantly tighten our expected revenue range while improving our outlook for non-GAAP operating expenses. Our full year gross profit margin guidance remains unchanged.

基於這些因素，我們正在更新我們的全年指引，以顯著收緊我們的預期收入範圍，同時改善我們對非公認會計原則運營費用的前景。我們的全年毛利率指引保持不變。

Pulling it all together, our updated guidance for 2022 is as follows: we expect revenue to be within a range of $535 million to $545 million, we expect non-GAAP gross profit margins to remain unchanged and in the range of 39% to 41%, and we expect non-GAAP operating expenses to be in the range of $240 million to $245 million. This full year 2022 guidance assumes no significant additional changes in the macroeconomic environment that can negatively impact business demand or disrupt our supply chain, such as COVID-19, geopolitical events or continued foreign exchange volatility.

綜上所述，我們對 2022 年的最新指引如下：我們預計收入將在 5.35 億美元至 5.45 億美元之間，我們預計非美國通用會計準則毛利率將保持不變，在 39% 至 41% 之間，我們預計非公認會計原則的運營費用將在 2.4 億美元至 2.45 億美元之間。這份 2022 年全年指南假設宏觀經濟環境不會發生任何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-19、地緣政治事件或持續的外匯波動。

That concludes my prepared remarks. Operator, we are now ready to open up the line for questions.

我準備好的發言到此結束。接線員，我們現在可以打開電話提問了。

(Operator Instructions)

（操作員說明）

Our first question today is coming from Troy Jensen from Lake Street.

我們今天的第一個問題來自 Lake Street 的 Troy Jensen。

Michael, I'm going to start with you. Just you talked about OpEx between $240 million to $245 million for the year. On a sequential basis, that implies about a $5 million to $10 million sequential increase in OpEx. So I'm just kind of curious, is that like onetime in nature? Is that for next? And how do you think about OpEx trending -- explain the sequential increase, and then how do think of OpEx growing or declining quarterly on an absolute basis beyond that.

邁克爾，我要從你開始。剛才你談到了今年的運營支出在 2.4 億美元到 2.45 億美元之間。按順序計算，這意味著 OpEx 連續增加約 500 萬至 1000 萬美元。所以我只是有點好奇，這就像自然界中的一次嗎？是下一個嗎？您如何看待 OpEx 趨勢 - 解釋連續增長，然後如何看待 OpEx 在絕對基礎上每季度增長或下降。

Yes. Great question, Troy. So one driver going from Q3 to Q4 is dp polar, which we closed on in October, as Jeff mentioned. So we will get the full run rate of their expenses going forward. We'll also have slightly higher commission -- sales commissions in Q4 is related to higher sales demand. And I mean, I think you should think about our kind of run rate OpEx being the Q4 exit rate for now. We'll give you further guidance in 2023 as we get to that point.

是的。好問題，特洛伊。所以從第三季度到第四季度的一位車手是 dp polar，正如 Jeff 提到的，我們在 10 月份關閉了它。因此，我們將獲得他們未來費用的全部運行率。我們的佣金也會略高——第四季度的銷售佣金與更高的銷售需求有關。我的意思是，我認為你應該考慮一下我們的運營率 OpEx 目前是第四季度的退出率。我們將在 2023 年為您提供進一步的指導。

All right. Perfect. Very helpful. And Jeff, this one's for you with Systemic, why carve out just that business segment within your regenerative businesses? I mean, what was so attractive on that, that it required kind of its own stand-alone business versus everything else you're doing in regenerative?

好的。完美的。非常有幫助。傑夫，這個是給你的 Systemic，為什麼要在你的再生業務中開闢那個業務部門？我的意思是，什麼如此吸引人，以至於它需要一種獨立的業務，而不是你在再生領域所做的一切？

Yes. Thanks, Troy. That's a good question. There's a couple of reasons. From a -- there's 2 kind of cultural reasons, if you will. Number one, we wanted to drive a real start-up mentality in that business. Because it is a new business, new technology going to market, it is a different customer base than we've historically had. The customer base, there are the pharmaceutical companies largely and the companies that are testing new drugs for the pharma companies. So the sales model is different.

是的。謝謝，特洛伊。這是個好問題。有幾個原因。如果你願意的話，有兩種文化原因。第一，我們希望在該業務中推動真正的創業心態。因為它是一項新業務、新技術進入市場，所以它的客戶群與我們以往的客戶群不同。客戶群主要是製藥公司和為製藥公司測試新藥的公司。所以銷售模式不同。

Also, Troy, as I mentioned in passing, that business model for the business is different than the rest of the company. We're selling -- in that case, we're setting ourselves up to sell these h-VIOS chips, the chips that come off the printer, not the printers themselves. Fundamentally, the printing technology is just too valuable to be selling printers. We want to religiously guard that IP and know how to do that and sell the product that comes off it. We think the product will be very valuable. We think it will drive exciting, not only revenue growth, but gross margin performance. We want real clarity on that, that business model works and that the technology is proven. So the best way to do that in my mind was carve it out separately and look at it.

此外，正如我順便提到的，Troy 的業務模式與公司其他部門不同。我們正在銷售——在這種情況下，我們正在準備銷售這些 h-VIOS 芯片，即從打印機上取下來的芯片，而不是打印機本身。從根本上說，打印技術太有價值了，不能出售打印機。我們希望虔誠地保護該 IP，並知道如何做到這一點並銷售從它而來的產品。我們認為該產品將非常有價值。我們認為它將推動令人興奮的，不僅是收入增長，還有毛利率表現。我們希望真正明確這一點，商業模式有效，技術得到驗證。所以在我看來，做到這一點的最好方法就是把它分開來看看。

In fairness to our shareholders, investors, we wanted to say how much we were going to spend on it. So we put that flag out there to say we're going to invest $15 million in this business to get it to a material revenue contribution and profitability. And we think we will hit those objectives. Clearly, we want to be able to measure that and report out on it. And beyond that, this gives us optionality to continue to invest ourselves or if we want to bring in outside parties to invest with us in that business, if the capital requirements exceed what we can comfortably do, we want to allow it to grow in its own right as fast as it can logically grow.

為了對我們的股東和投資者公平起見，我們想說說我們將在這上面花多少錢。所以我們把那面旗幟放在那裡，說我們將在這項業務上投資 1500 萬美元，以使其獲得實質性的收入貢獻和盈利能力。我們認為我們會實現這些目標。顯然，我們希望能夠衡量並報告它。除此之外，這給了我們繼續投資自己的選擇權，或者如果我們想引入外部各方與我們一起投資該業務，如果資本要求超過我們可以輕鬆做到的，我們希望允許它在其在邏輯上盡可能快地擁有自己的權利。

And the base plan is we'll put that capital in ourselves based on the return we would estimate for it at the time. If that business really requires because it is a revolutionary technology, if it requires additional capital we may, at some point, entertain outside investment in it as well. So for all those reasons, we wanted to set it up as a stand-alone business. It is a wholly-owned business, and our default assumption is it will be part of the 3D Systems' portfolio forever, but it gives us optionality on how that goes in the future. Does that make sense?

基本計劃是我們將根據我們當時估計的回報將這筆資金投入到自己身上。如果該業務確實需要，因為它是一項革命性技術，如果它需要額外的資金，我們可能會在某個時候接受外部投資。因此，出於所有這些原因，我們希望將其設置為獨立的業務。這是一家全資企業，我們的默認假設是它將永遠成為 3D Systems 產品組合的一部分，但它讓我們可以選擇未來的發展方式。那有意義嗎？

Makes perfect sense. And if I could ask just one last follow-up. I'm assuming that the weakness in kind of product sales is more on the systems side, but could you just delineate maybe material demand in the quarter or existing machines being used to the full extent? Or just some color on material demand would be great.

完全有道理。如果我能問最後一次跟進。我假設產品銷售的弱點更多地出現在系統方面，但您能否僅描述本季度的材料需求或現有機器的全部使用情況？或者只是材料需求的一些顏色會很棒。

Yes, Troy, as you might guess, with everybody being concerned about where the economy is going, capital spending is certainly, I think, being viewed by our customers are being more conservative in it, which translates to fewer printer sales broadly. We see some sales pushed off. We see some just hesitation on customers. They want to make sure the demand is going to be there. And on the flip side, they're using their assets more heavily. They're bringing 3D printing in and actually using it more heavily in production. So in that scenario, you see materials going up, new printer sales, the growth rate in it declining. So that's a quarter-to-quarter variation, and it very much depends on how customers are viewing the future and how much they need their cash.

是的，Troy，正如您可能猜到的那樣，由於每個人都在關注經濟的走向，我認為，資本支出肯定會被我們的客戶視為更加保守，這意味著打印機銷售普遍減少。我們看到一些銷售被推遲。我們看到客戶有些猶豫。他們想確保需求會在那裡。另一方面，他們正在更多地使用他們的資產。他們將 3D 打印引入並實際在生產中更多地使用它。因此，在這種情況下，您會看到材料上漲，新打印機銷售，增長率下降。所以這是一個季度到一個季度的變化，這在很大程度上取決於客戶如何看待未來以及他們需要多少現金。

Fortunately, the people we sell to are -- have really good balance sheets. So it's not that they don't have the money to invest. It's -- they're just mainly being prudent about how they spend their money given all the macro stuff going on, and it has a direct impact on us each quarter. Hard to predict where that goes, but that's the current trend.

幸運的是，我們賣給的人——擁有非常好的資產負債表。所以並不是他們沒有錢投資。這是 - 考慮到正在發生的所有宏觀事情，他們只是對如何花錢持謹慎態度，而且每個季度都會對我們產生直接影響。很難預測會發生什麼，但這是當前的趨勢。

Next question today is coming from Paul Chung from JPMorgan.

今天的下一個問題來自摩根大通的 Paul Chung。

So just a follow-up on OpEx. I think I heard you say the exit rate of maybe $66 million or so on a quarterly run rate business or basis kind of moving forward, is that kind of the pace of OpEx implied around high single digits for '23? Is that the right way to think about it?

所以只是對 OpEx 的跟進。我想我聽到你說季度運行率業務或基礎類向前發展的退出率可能為 6600 萬美元左右，這種運營支出的速度是否暗示了 23 年的高個位數？這是正確的思考方式嗎？

Well, so thanks for the question, Paul. We're not prepared to comment yet on 2023. We'll give you that guidance as we get closer maybe on our next call or definitely on our next call. But I think you're directionally thinking about Q4 correctly. We hope to beat that number slightly, what you mentioned, but we'll be in and around that ballpark.

那麼，謝謝你的問題，保羅。我們還沒有準備好對 2023 年發表評論。隨著我們越來越接近，我們可能會在下一次電話會議上或肯定在下一次電話會議上向您提供指導。但我認為你正確地考慮了第四季度。我們希望稍微超過這個數字，你提到的，但我們會在那個球場內和周圍。

And Paul, from a longer-term perspective, Paul, there were investments we needed to make this year to make sure that basically our back-office infrastructure could support our future growth and do so efficiently. We would expect in future years to start gaining efficiencies in our G&A, if you will, our back-office infrastructure. So the idea was, that's why we view this as an investment year, not only in R&D, but in G&A, if you will, to make those critical investments to gain efficiency in the future years, okay? You hit our scale, and you just need to do that.

保羅，從長遠的角度來看，保羅，我們今年需要進行投資，以確保我們的後台基礎設施基本上可以支持我們未來的增長並有效地做到這一點。我們預計未來幾年將開始提高我們的 G&A（如果您願意的話）我們的後台基礎設施的效率。所以我們的想法是，這就是為什麼我們將今年視為投資年，不僅在研發方面，而且在 G&A 方面，如果你願意的話，在未來幾年進行關鍵投資以提高效率，好嗎？你達到了我們的規模，你只需要這樣做。

Great. And then on gross margins, you're seeing some sequential improvement here after a trough in 2Q. How do we think about margin expansion in '23 as some -- the supply chain costs come down, you get some pricing benefits. And then what is the benefit from in-sourcing, I guess, on the margin line and also impact on OpEx from in-sourcing?

偉大的。然後在毛利率方面，在第二季度的低谷之後，您會看到一些連續的改善。我們如何看待 23 年的利潤率擴張——供應鏈成本下降，你會獲得一些定價優勢。然後，我猜，內包的好處是什麼，在邊際線上，以及內包對運營支出的影響？

So we'll give you much better clarity on 2023 as much as any company can when the year finishes out, Paul. But I would tell you, all the trends you just mentioned are correct, that as we implement price increases, it takes a little bit to take route and flow through. Some of them are tied to the introduction of new technology, new platforms that bring more value to customers. So that all -- there's a lag between your cost going up in COGS and your recovery in pricing. So we saw some pricing improvement in the quarter flow through. We expect more of that to come as we go into '23. We've been very careful about not getting out over our skis in advertising manufacturing cost reductions, which again shows up on the COGS line, but they're real.

所以我們會在 2023 年結束時盡可能地讓你清楚地了解 2023 年，Paul。但是我告訴你，你剛才提到的所有趨勢都是正確的，在我們實施漲價時，走路線和流程需要一點點。其中一些與為客戶帶來更多價值的新技術、新平台的引入有關。所以這一切 - 在您的 COGS 成本上升和您的定價恢復之間存在滯後。因此，我們看到本季度的定價有所改善。隨著我們進入 23 年，我們預計會出現更多這樣的情況。我們一直非常小心，不要在廣告製造成本降低方面超出我們的滑雪板，這再次出現在 COGS 線上，但它們是真實的。

And we saw the initial benefit, as Michael mentioned, in Q3, and we had only done it. We had only in-sourced it in about the mid-quarter point, and we already saw benefits from that. So we expect our gross margins to be consistently improving. Hopefully, Q2 was the low point. We expect it to be consistently improving, but we can't give you specifically a guidance until we get into '23. We'll have to see what the macro economic outlook is.

正如邁克爾所說，我們在第三季度看到了最初的好處，而我們只是做到了。我們只是在大約季度中期才內購它，我們已經看到了從中受益。因此，我們預計我們的毛利率將持續提高。希望第二季度是低點。我們希望它會不斷改進，但在進入 23 年之前，我們無法為您提供具體的指導。我們將不得不看看宏觀經濟前景如何。

Got you. And then last one on free cash. How do we think about it to end the year? It's been -- you've seen a usage here for the last 4 quarters, mostly on lower earnings, but can we start to see some kind of rebound here in free cash flow as we exit the year and look forward to '23? Maybe some moves to in-sourcing helps. I'm not sure. Just your general outlook there.

得到你。然後最後一個是免費現金。我們如何看待年底？過去 4 個季度你已經看到了這裡的使用情況，主要是因為收益較低，但是當我們退出今年並期待 23 年時，我們是否可以開始看到自由現金流出現某種反彈？也許一些內包舉措會有所幫助。我不確定。只是你的一般看法。

Yes, Paul, when people look at the details, you know it's a big tick up in inventory levels and working capital. That was because of the in-sourcing of manufacturing. We had to pick up a lot of existing inventory from that supplier. It's good inventory. We'll burn it down over time, and that will be a cash source for us. And we would expect operational improvements to continue to drive better operating cash flow as well.

是的，保羅，當人們看到細節時，你知道庫存水平和營運資金大幅上升。那是因為製造業的內購。我們不得不從該供應商那裡獲取大量現有庫存。是很好的庫存。隨著時間的推移，我們將把它燒掉，這將成為我們的現金來源。我們預計運營改進也將繼續推動更好的運營現金流。

So in terms of free cash flow, we're really not a very capital-intensive business. So cash from operations, we get a nice flow-through into free cash flow because we don't spend a lot of capital inherently on organic growth. Where we would spend it on a kind of bolt-on acquisitions or other infrastructure changes, but a lot of the infrastructure changes we've already made. And we don't -- we wouldn't expect that to be a big cash usage going forward. So as Michael mentioned, we exited the quarter with over $600 million in cash. We did close out the dp polar acquisition after the quarter closed. But other than that, we've got a strong balance sheet, and we own the assets we really need to own for the future. We just need to execute now and grow them over time.

因此，就自由現金流而言，我們真的不是一個資本密集型企業。因此，來自運營的現金，我們可以很好地流入自由現金流，因為我們並沒有將大量資本花在固有的有機增長上。我們會把它花在一種補強收購或其他基礎設施改變上，但我們已經做了很多基礎設施改變。而且我們沒有 - 我們不希望這會成為未來的大量現金使用。正如邁克爾所說，我們在本季度結束時擁有超過 6 億美元的現金。我們確實在季度結束後結束了 dp polar 收購。但除此之外，我們擁有強大的資產負債表，我們擁有未來真正需要擁有的資產。我們只需要現在就執行並隨著時間的推移來發展它們。

And I'd just add, right, if you kind of look at Q3, we had roughly kind of in the range of $15 million to $20 million of outflows and cash related to the in-sourcing and manufacturing. So you strip that out and kind of strip out all the acquisition activity that we've done, and you can see it on the face of our cash flow statement, I think you'll be kind of in the ballpark for what to expect cash flow was.

我想補充一下，對，如果你看看第三季度，我們大約有 1500 萬到 2000 萬美元的流出和與內購和製造相關的現金。所以你把它去掉，去掉我們所做的所有收購活動，你可以在我們的現金流量表上看到它，我認為你會對預期的現金有所了解流了。

Next question is coming from Tyler Hunt from William Blair.

下一個問題來自威廉布萊爾的泰勒亨特。

I just want to start off just with Dental and Healthcare. I know you said that, obviously, growth was down. I was wondering if you could quantify kind of any year-to-date numbers on how much dental is down year-over-year.

我只想從牙科和醫療保健開始。我知道你說過，顯然，增長下降了。我想知道你是否可以量化任何關於牙科同比下降多少的年初至今數字。

We did break out -- we didn't break out that number.

我們確實突破了——我們沒有突破那個數字。

No.

不。

We didn't break out that number, but it was meaningful. I mean when you look at the orthodontic business for us, if you will, have been growing strong double digits coming into this inflationary environment. And clearly, if you follow that segment of the market, what manufacturers of those products have said is growth rates have declined from strong double-digit performance to more single digits to more flattish performance, all in a very rapid period of time. And what they've attributed it to, which I fully understand, is that consumers are having to decide between [mill kegs] and gas and straightening their teeth. And in that case, crooked teeth are tolerable for a while. So that's -- I fully expect that market will rebound, and it's -- we've got great technology, great channels to market there. But for right now, it's in the doldrums and has really declined rapidly during the year.

我們沒有打破這個數字，但它是有意義的。我的意思是，當您為我們看正畸業務時，如果您願意的話，在這種通貨膨脹的環境中，我們的正畸業務一直在增長強勁的兩位數。很明顯，如果你關注那部分市場，這些產品的製造商所說的增長率已經從強勁的兩位數表現下降到更多個位數再到更平緩的表現，所有這些都是在非常快的時間內完成的。他們將其歸因於我完全理解的原因是消費者必須在 [磨桶] 和天然氣之間做出決定並矯正他們的牙齒。在這種情況下，牙齒彎曲是可以忍受的。所以這就是——我完全預計市場會反彈，而且——我們有很棒的技術，很好的營銷渠道。但就目前而言，它處於低迷狀態，並且在這一年中確實迅速下降。

Right. And then I guess my follow-up would just be on the pricing, you said there's kind of a lag in pricing. When should we kind of see that effect take part? And kind of just like a long term, not really '23 guidance, but just getting back to your long-term goal to gross margin of 50%, kind of where do you see that trajectory now?

正確的。然後我想我的後續行動將只是定價，你說定價存在某種滯後。我們什麼時候應該看到這種影響？有點像一個長期的，不是真正的 23 年指導，而是回到你的長期目標，毛利率為 50%，你現在在哪裡看到這個軌跡？

So I'll start with your question on pricing. I mean, I think that we've seen the full run rate of the price increase in Q3, the price increases announced earlier in the year. So you can kind of expect that not change materially going forward into Q4. And in 2023, I mean, we're not going to -- like I said, we're not going to comment on specifically, but I'll just say that we'll continue to monitor input costs and make price adjustments where we can. But for now, I think the run rate that you're seeing in Q3 is indicative of where we are for the near term.

因此，我將從您關於定價的問題開始。我的意思是，我認為我們已經看到了第三季度價格上漲的全部運行速度，即今年早些時候宣布的價格上漲。因此，您可以預期到第四季度不會發生實質性變化。我的意思是，在 2023 年，我們不會——就像我說的那樣，我們不會具體評論，但我只想說，我們將繼續監控投入成本並在我們需要的地方進行價格調整能夠。但就目前而言，我認為您在第三季度看到的運行率表明了我們在短期內所處的位置。

If you look at what we've said from the past and now is the pricing opportunity on existing products is always a bit tricky to drive that because it is usually a capital item for our customers, at least on the printer side. Materials is a little more OpEx for customers. So an opportune time to look at pricing strategy is really when you introduce new products. And we set out at the beginning of '22 to refresh our entire product line over the next 2 years. So '22 and '23, most of that will happen in '23. And those are always the opportunity to set new pricing points with new products hitting the market.

如果你看看我們過去和現在所說的話，現有產品的定價機會總是有點棘手，因為它通常是我們客戶的資本項目，至少在打印機方面。材料對客戶來說是更多的運營支出。因此，當您推出新產品時，才是真正考慮定價策略的好時機。我們在 22 年初著手在未來 2 年內更新我們的整個產品線。所以'22和'23，大部分將發生在'23。這些總是有機會在新產品上市時設定新的定價點。

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

您的下一個問題來自美國銀行的 Wamsi Mohan。

I was wondering if you could help characterize perhaps how 3D Systems is positioned going into a potential downturn here. In terms of maybe revenue margin levers and cash flow, maybe if we take a hypothetical case, we've seen revenue compression 10%, not unreasonable in a decelerating environment. Could you -- I'm not saying that's what's going to happen, but if it were to happen, how should investors think about what would be the flow-through of that? What sort of levers you have to pull? I know it's a little bit of a tough question given that's not maybe how things will play out. But at the same time, investors want to get some sense of comfort around where the trough and potentially margins and cash flows are. So anything you can do to help us there would be great.

我想知道您是否可以幫助描述 3D Systems 是如何定位到潛在的低迷期的。就收入利潤率槓桿和現金流而言，如果我們假設一個案例，我們已經看到收入壓縮了 10%，這在減速的環境中並非不合理。你能不能——我不是說這就是將要發生的事情，但如果它發生了，投資者應該如何考慮這將是什麼？你必須拉什麼樣的槓桿？我知道這是一個有點棘手的問題，因為事情可能不會如何發展。但與此同時，投資者希望對低谷以及潛在利潤率和現金流的位置感到安慰。所以你能做的任何事情來幫助我們都會很棒。

Sure. Yes, as a backdrop to that answer, Wamsi, I would say is, it's a marvelous time to have a strong balance sheet. And we had -- because of our divestitures and our other actions in the capital markets in '21, we came into '22 with an excellent cash position, and we've maintained that cash position largely in the year. We feel really good about our base foundation.

當然。是的，作為該答案的背景，Wamsi，我想說的是，現在是擁有強大資產負債表的絕佳時機。而且我們 - 由於我們在 21 年的資產剝離和我們在資本市場的其他行動，我們進入 22 年時擁有出色的現金頭寸，並且我們在這一年基本上保持了這種現金頭寸。我們對我們的基礎基礎感覺非常好。

In terms of flexibility going forward, yes, you never know where the economy is going and what's going to happen on the top line and also with all the currency fluctuations. Hopefully, the dollar recently kind of plateauing will be stable now for a while and that won't be an additional headwind. The economy is anybody's guess. A lot of our business is not discretionary business. So you would expect outside of dental and maybe a few procedures that are medically oriented, unless the economy gets really bad, those procedures don't get pushed out.

就未來的靈活性而言，是的，你永遠不知道經濟走向何方，頂線會發生什麼，以及所有的貨幣波動。希望美元最近的穩定期現在會穩定一段時間，這不會是一個額外的逆風。經濟是任何人的猜測。我們的很多業務都不是全權委託業務。因此，您會期望在牙科之外以及一些以醫學為導向的程序，除非經濟變得非常糟糕，否則這些程序不會被推出。

So in terms of revenue impact, it's anybody's guess, but certainly, there is some downside if the economy gets worse, but probably a little bit more modest than many other industries.

因此，就收入影響而言，這是任何人的猜測，但如果經濟變得更糟，肯定會有一些不利因素，但可能比許多其他行業要溫和一些。

On the cost side, we've got all the normal levers. And we've got labor costs. I am pleased the supply chains are starting to at least stabilize and now hopefully improve. Wamsi, you follow many industries. You know the -- like computer chips were a real issue early in the year. Those have really moderated quite a lot. So components are easier to buy. We're even starting to be able to negotiate some pricing on componentry. So that's all a good thing. And then, of course, we have labor costs if volumes drop off.

在成本方面，我們擁有所有正常的槓桿。而且我們有勞動力成本。我很高興供應鏈至少開始穩定下來，現在有望得到改善。 Wamsi，你關注許多行業。你知道——比如計算機芯片在年初是一個真正的問題。那些真的緩和了很多。因此組件更容易購買。我們甚至開始能夠就組件進行一些定價談判。所以這都是一件好事。然後，當然，如果銷量下降，我們就會產生勞動力成本。

So we have all the normal levers to pull, and we will do that. We've tried to maintain our initiatives in 2022 really hard. So you can view that as, yes, we've spent a lot of money on in '22, but that's then all available to us if we need to cut back in '23. Those are all things that can, in the future, be done.

所以我們有所有正常的槓桿可以拉動，我們會這樣做。我們非常努力地在 2022 年保持我們的計劃。因此，您可以將其視為，是的，我們在 22 年花了很多錢，但是如果我們需要在 23 年削減開支，我們就可以使用這些錢。這些都是未來可以做的事情。

So Michael, I don't know if you have any other...

所以邁克爾，我不知道你是否還有其他...

Yes. No, you hit all the right comments, I would just say. Just kind of double back on the strength of our balance sheet and capital structure, I mean, we do have enough liquidity to weather, I think certainly any near-term storm in [linkable powerful] levers that Jeff mentioned, I think we're very well positioned.

是的。不，你打了所有正確的評論，我只想說。只是對我們資產負債表和資本結構的實力的雙重支持，我的意思是，我們確實有足夠的流動性來應對，我認為傑夫提到的[可鏈接強大]槓桿的任何近期風暴，我認為我們是位置很好。

And Wamsi, it's interesting, too. I don't know if this was included in your question, but from a labor standpoint, we're -- given that the company is healthy and we have a strong balance sheet, we've been able to attract really nice talent to the business. So availability of talent is not an issue, how much labor you have is dependent on how much business you have to do. But in terms of attracting good labor, it's been a really good situation for us. The issue that every company faces is labor costs have gone up a lot because of inflation. And you have to be sensitive to employees' needs on that front.

還有Wamsi，這也很有趣。我不知道這是否包含在您的問題中，但從勞工的角度來看，我們 - 鑑於公司健康並且我們擁有強大的資產負債表，我們已經能夠吸引非常優秀的人才加入商業。所以人才的可用性不是問題，你有多少勞動力取決於你必須做多少業務。但就吸引優秀勞動力而言，這對我們來說是一個非常好的情況。每個公司面臨的問題是勞動力成本因為通貨膨脹而上漲很多。你必須對員工在這方面的需求保持敏感。

So we've tried to make adjustments in our pay scales, if you will, to address that. Very hard to keep up on that. So those are -- that's kind of the challenge part of it. But we've got all the normal levers to pull if times get harder, and we will pull them.

因此，如果您願意，我們已經嘗試調整我們的薪酬等級來解決這個問題。很難跟上這一點。所以這些是 - 這是其中的挑戰部分。但是，如果時間變得更艱難，我們會拉動所有正常的槓桿，我們會拉動它們。

I'll end by saying we are heavily focused on execution. We own the assets we need to own. We now need to execute with those assets, and we're focused on profitability and cash performance. That is our priority, okay? The top-line growth, we hope will be there in these markets rebound. But our priority now is executing what we've invested in and drive profitability and cash performance.

最後，我會說我們非常注重執行。我們擁有我們需要擁有的資產。我們現在需要用這些資產來執行，我們專注於盈利能力和現金表現。這是我們的首要任務，好嗎？收入增長，我們希望這些市場會出現反彈。但我們現在的首要任務是執行我們的投資並推動盈利能力和現金業績。

(Operator Instructions)

（操作員說明）

Our next question is coming from Shannon Cross from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

I just had a question with regards to the comments you made about maybe losing some sales due to U.S. dollar strength, which I think, to some extent, plays in the pricing, obviously, given how the currency impacts some of the purchasing decisions overseas. So I'm wondering what led you to say that? And how you're thinking about pricing from the standpoint of international? Do you think you need to take it down to sort of offset currency pressure or where you price in U.S. dollars? Or just in general, what you're thinking about in terms of elasticity of demand there?

我剛剛對你發表的評論提出了一個問題，即美元走強可能會失去一些銷售額，我認為這在一定程度上影響了定價，顯然，考慮到貨幣如何影響海外的一些購買決定。所以我想知道是什麼讓你這麼說？從國際的角度來看，您是如何考慮定價的？您是否認為您需要將其降低以抵消貨幣壓力或以美元定價？或者只是一般來說，你在考慮那裡的需求彈性？

Yes. I mean I think I would just say a couple of general comments, Shannon. So number one, we're always evaluating perfect ways to price and assessing risk with regards to international sales. Maybe we overstated it a little bit, but I would just say that in general, we have some FX headwinds, right? And those FX headwinds can come in the form of -- in 2 forms, right? It's just the foreign-denominated sales that you do make, it's translated to lower U.S. dollars, and the stuff that you're traditionally pricing in U.S. dollars overseas generates a little more headwinds and may affect your pricing or it may impacted you losing sales, but it's going to have the same kind of net overall impact to us as a business.

是的。我的意思是我想我只想說幾句一般性評論，Shannon。因此，第一，我們一直在評估完美的定價方式，並評估與國際銷售相關的風險。也許我們誇大了一點，但我只想說，總的來說，我們有一些外匯逆風，對吧？這些外匯逆風可以以兩種形式出現，對吧？這只是你所做的以外國計價的銷售，它被轉化為更低的美元，而你傳統上在海外以美元定價的東西會產生更多的阻力，可能會影響你的定價，或者可能會影響你失去銷售，但這將對我們作為一家企業產生同樣的淨整體影響。

It's okay. I think we probably commented enough. Shannon, go ahead with your next question.

沒關係。我想我們可能評論得夠多了。香農，繼續你的下一個問題。

Okay. Now I was just wondering, can you talk a bit more about Systemic -- or Bio Systemic because what I'm thinking is that those on the call, including myself, are not biotech analysts. So I'm just wondering, as we look forward, what sort of both qualitative and quantitative milestones should we watch for to show that everything is trending in the right direction?

好的。現在我只是想知道，您能否多談談 Systemic 或 Bio Systemic，因為我認為電話會議中的那些人，包括我自己，都不是生物技術分析師。所以我只是想知道，在我們向前看的時候，我們應該注意什麼樣的定性和定量里程碑，以表明一切都朝著正確的方向發展？

Yes. So I would say it's probably a little bit qualitative, but we will be as quantitative as we can in terms of contracts that we land. So we're in discussions with multiple pharmaceutical companies now about demonstrating the model, make sure the models work. This is not a brand-new concept. What is new is the technology we can offer with printed vasculature inside the tissue, which allow cells to live. And if cells can live for, say, a month, then you can do an effective drug study on those cells. So it's really attractive to pharma companies. We have to demonstrate the model works, and then you can do it with good statistics.

是的。所以我會說這可能有點定性，但我們將在我們簽訂的合同方面盡可能量化。因此，我們現在正在與多家製藥公司討論演示該模型，確保模型有效。這不是一個全新的概念。新的是我們可以提供在組織內打印血管系統的技術，使細胞能夠存活。如果細胞可以存活一個月，那麼你就可以對這些細胞進行有效的藥物研究。所以它對製藥公司非常有吸引力。我們必須證明模型是有效的，然後你就可以通過良好的統計數據來做到這一點。

Externally, what you should watch for are announcements of contracts. Wherever we can, we're going to announce them. We're going to announce we've landed them. Wherever we can, we're going to put numbers to those. So over time, you want to see those growing. How much financial transparency, some of it depends on how much work we want to put into the actual margin reporting on the business. So I would think we can talk about revenue growth, and we'll do as much on margins as we can because we want to be pretty transparent. It's a different type of business. Biotech is a different business. I don't think anyone in this industry has really moved into it yet.

在外部，您應該注意的是合同公告。只要有可能，我們就會宣布它們。我們將宣布我們已經登陸了它們。只要有可能，我們就會給這些數字加上數字。所以隨著時間的推移，你希望看到那些增長。多少財務透明度，其中一些取決於我們希望在業務的實際保證金報告中投入多少工作。所以我認為我們可以談論收入增長，我們會盡可能多地提高利潤率，因為我們希望非常透明。這是一種不同類型的業務。生物技術是一項不同的業務。我認為這個行業中還沒有人真正進入它。

And we want -- for biotech investor, we want to really advertise what that business is doing and what it could be worth to make sure we get value for our shareholders for it. So we'll be as transparent, Shannon, as we can. First indicator would be announcement of contracts, and then we'll give you as much financial information about it as we possibly can.

我們想要 - 對於生物技術投資者，我們想要真正宣傳該業務正在做什麼以及確保我們為股東獲得價值的價值。所以我們會盡可能透明，香農。第一個指標是合同公告，然後我們會盡可能多地向您提供有關它的財務信息。

And are you -- I'm just curious, in your discussions with some of the pharmaceutical companies, are you looking for any strategic investments from those companies or more just a guaranteed contract that would lock in revenue? I'm just -- from a funding perspective, as this grows, I'm wondering how you're thinking.

你是不是——我只是好奇，在你與一些製藥公司的討論中，你是在尋找這些公司的任何戰略投資，還是只是一份可以鎖定收入的有保證的合同？我只是 - 從資金的角度來看，隨著這種情況的增長，我想知道你是怎麼想的。

No, we don't need any investments right now. We've committed $15 million to it. That's fine to get us to a material scale where we can show to internally and externally that this business is a good business, and it's going to grow from there. So we've already had people wanting to come up and invest in it with us, but we don't want to take investment too early because I'm afraid we'll give away future value. It depends a little bit on how demand grows and what capital requirements there are. If they're really high, we might look at somebody coming in to share the burden with us on the capital investment. If they're low enough, we may do it ourselves. That will just be decided based on the magnitude and the return on investment. But we've set it up to give ourselves optionality on bringing in outside investment if we want it, and that's the way we'll run the business right now.

不，我們現在不需要任何投資。我們已經為此投入了 1500 萬美元。這很好，可以讓我們達到一個物質規模，我們可以向內部和外部展示這項業務是一項好業務，並且將從那裡發展起來。所以我們已經有人想和我們一起投資，但我們不想太早投資，因為我擔心我們會放棄未來的價值。這在一定程度上取決於需求如何增長以及有哪些資本要求。如果他們真的很高，我們可能會考慮有人進來與我們分擔資本投資的負擔。如果它們足夠低，我們可以自己做。這將根據規模和投資回報來決定。但是，如果我們願意，我們已經將其設置為允許自己選擇引入外部投資，這就是我們現在經營業務的方式。

I'm really excited to see the first contracts come in and this model demonstrated because truly, Shannon, nobody else can do this in the world right now. These models have a chance to accelerate drug development and obviously reduce the amount of animal testing. That's not just an advertisement for cruelty to animals, it is a statement that animal physiology is not the same as humans. And that's why the failure rate on drug is one reason why the failure rate on drug development is so high, is you test it in mice and sheep and pigs and so forth to work your way up to scale to trust to go into the humans.

我真的很高興看到第一批合同進來並展示了這個模型，因為真的，香農，現在世界上沒有其他人可以做到這一點。這些模型有機會加速藥物開發，並明顯減少動物試驗的數量。這不僅僅是一個虐待動物的廣告，它表明動物的生理學與人類不同。這就是為什麼藥物的失敗率是藥物開發失敗率如此之高的原因之一，你是在老鼠、綿羊和豬等身上測試它，以擴大規模，以信任進入人類。

And those physiologies are just not human physiologies. So if we can demonstrate this in a lab that it works with human cells, there's a chance to shorten the cycle, increase the hit rate and reduce animal testing, which is a win for everybody. So that is the value to shareholders that we talk about creating. I want to see it come through in pharmaceutical contracts that we can talk about and show that the business model works.

這些生理機能不是人類生理機能。因此，如果我們可以在實驗室中證明它對人體細胞有效，就有機會縮短週期，提高命中率並減少動物試驗，這對每個人都是一個勝利。這就是我們所說的為股東創造的價值。我希望看到它在我們可以談論的藥品合同中得到體現，並表明這種商業模式是有效的。

Next question is coming from Alek Valero from Loop Capital.

下一個問題來自 Loop Capital 的 Alek Valero。

My question is, so what's your view on macro's impact on customer behavior, as you mentioned, 2023? And maybe if you guys could provide deeper concept on how you believe customers are doing their actions and the patient has actions as macro increasing manifest?

我的問題是，您對 2023 年宏觀對客戶行為的影響有何看法？也許你們是否可以提供更深入的概念，說明您如何相信客戶正在做他們的行為，而患者的行為隨著宏觀增加而有所增加？

Well, I'm not sure I picked up all that question. So run it by me again and go a little slower. You run it by me again.

好吧，我不確定我是否回答了所有問題。所以再由我運行它並慢一點。你又被我管了。

You got it. I'm so sorry. So I said, what's your view on macro's impact on customer behavior as we enter 2023? And then the second part of the question was maybe if you could provide a deeper context on how you believe customers are viewing their actions and the patient actions as macro increase in manifest?

你說對了。我很抱歉。所以我說，隨著我們進入 2023 年，您對宏觀對客戶行為的影響有何看法？然後問題的第二部分可能是您是否可以提供更深入的背景信息，說明您如何相信客戶將他們的行為和患者行為視為清單中的宏觀增加？

Yes. Do you want to start off on that?

是的。你想從那開始嗎？

Yes. So I think your question is really how customers are reacting to macroeconomic uncertainty. And I mean I'm not -- first of all, nobody fully knows what's going to happen in 2023. I mean we're continuing to experience a choppy supply chain environment, and consumer spending is moving in different directions. And people are kind of batting down the hatches. But we're addressing that as best as we can. And I think as you saw in our prepared remarks, right, as it impacts 3D Systems, the primary impact is in the procedures that are more elective than our Healthcare segments within the orthodontic market.

是的。所以我認為你的問題實際上是客戶對宏觀經濟不確定性的反應。我的意思是我不是——首先，沒有人完全知道 2023 年會發生什麼。我的意思是我們將繼續經歷動蕩的供應鏈環境，消費者支出正朝著不同的方向發展。人們有點想破殼而出。但我們正在盡我們所能解決這個問題。我認為正如您在我們準備好的評論中看到的那樣，對，因為它影響 3D Systems，主要影響是在正畸市場中比我們的醫療保健部門更具選擇性的程序。

But we do have some kind of recession-proof or recession-resistant areas of the business that are continuing to perform very strongly outside of the dental markets. Our Healthcare business was up pretty nicely year-over-year. And in our Industrial Solutions segment had 9% year-over-year growth. And I think that was like the seventh consecutive quarter of year-over-year growth. But just to lay that backdrop and then let Jeff kind of fill in some of the blanks.

但我們確實有某種防衰退或抗衰退的業務領域，這些領域在牙科市場之外繼續表現非常強勁。我們的醫療保健業務同比增長相當不錯。我們的工業解決方案部門同比增長 9%。我認為這就像連續第七個季度同比增長。但只是為了奠定那個背景，然後讓傑夫填補一些空白。

So everything Michael said is absolutely true. And the reason you can still get growth, and this is an industry broad -- industry comment, is additive manufacturing allows customers to bring in flexibility in their supply chain. On top of which, they can design more exotic parts for better performance. So you've got this tailwind, if you will, the headwinds in the economy, clearly. And for us in the U.S., the strength of the dollar, those are headwinds. But the tailwind we all have in this industry, and I think we're well positioned to leverage this, is customers have -- all of them were stung by these extended supply chains and virtually every industry stung by these extended supply chains into Asia and Eastern Europe and things where we've had pandemics, we've had wars. We've had all of this uncertainty.

所以邁克爾所說的一切都是真的。而你仍然可以獲得增長的原因，這是一個行業廣泛的 - 行業評論，是增材製造允許客戶在他們的供應鏈中帶來靈活性。最重要的是，他們可以設計更多奇特的零件以獲得更好的性能。因此，如果你願意的話，你已經得到了這種順風，顯然是經濟中的逆風。對我們美國人來說，美元的強勢是不利因素。但我們在這個行業中的順風，我認為我們有能力利用這一點，是客戶有——他們都被這些延伸的供應鏈刺痛了，幾乎每個行業都被這些延伸到亞洲的供應鏈刺痛了，東歐和我們經歷過流行病的地方，我們經歷過戰爭。我們經歷了所有這些不確定性。

So most of our customers are saying, "Well, if I should look at additive in my factory, because I can bring it closer to home, I can have flexibility. So that if I need to make multiple types of parts, I can do it on a fly. I can do that, and I can make parts that perform better in my product." So as an industry, and I think we've been leaders in this of introducing new materials for manufacturing production, they say, "Well, I can make the parts I really want to make now with additive."

所以我們的大多數客戶都說，“好吧，如果我應該在我的工廠裡看看添加劑，因為我可以把它帶到離家更近的地方，我可以有靈活性。所以如果我需要製造多種類型的零件，我可以做到“我可以做到這一點，並且我可以在我的產品中製造出性能更好的零件。”所以作為一個行業，我認為我們在為製造生產引入新材料方面一直處於領先地位，他們說，“好吧，我現在可以用增材製造我真正想製造的零件。”

And that really helps us a lot in a recessionary environment because everybody remembers the pain of the pandemic, it still exists. And supply chains, with China shutdowns, open a newspaper and you see China is shutting down periodically, still logistical issues getting parts shipped around the world. So yes, there's a macro headwind from the economy, but there is a tailwind unique to our industry of people adopting additive and production. And that's -- I believe that's going to continue and accelerate, particularly as the economy rebounds and capital spending get loosens up more.

在經濟衰退的環境中，這確實對我們有很大幫助，因為每個人都記得大流行的痛苦，它仍然存在。供應鏈，隨著中國的關閉，打開一份報紙，你會看到中國定期關閉，仍然存在將零件運往世界各地的物流問題。所以，是的，經濟存在宏觀逆風，但我們的行業有一個獨特的順風，人們採用添加劑和生產。那就是 - 我相信這將繼續並加速，特別是隨著經濟反彈和資本支出進一步放鬆。

So it's a trade-off. Which of those wins, I have no idea in the short term, 1 month, 2 months, who knows? But in the longer term, these supply chain issues have opened a real opportunity for this industry that I believe is going to make it a permanent part of the production supply chain in most companies, both Industrial and Healthcare around the world.

所以這是一個權衡。哪個贏了，短期內我不知道，1個月，2個月，誰知道呢？但從長遠來看，這些供應鏈問題為這個行業帶來了真正的機遇，我相信這將使其成為全球大多數公司（包括工業和醫療保健公司）生產供應鏈的永久組成部分。

Your next question is coming from Greg Palm from Craig-Hallum Capital Group.

您的下一個問題來自 Craig-Hallum Capital Group 的 Greg Palm。

This is Danny Eggerichs on for Greg today. I'll try to keep it short. I guess just on the revenue guide implies Q4 more or less in line with Q3. Obviously, dental sounds like remains pretty challenged. But I guess more broadly across other end markets, what are you seeing through October and November here? And maybe how you're expecting that project into the next few months?

今天是格雷格的丹尼·埃格里奇斯。我會盡量保持簡短。我猜只是收入指南暗示第四季度或多或少與第三季度一致。顯然，牙科聽起來仍然面臨很大挑戰。但我想在其他終端市場更廣泛，你在 10 月和 11 月看到了什麼？也許您對接下來幾個月的項目有何期待？

It's kind of steady as you go. We don't expect -- and honestly, as we sit here today, and it could always happen, we don't expect -- and unless I can throw out 15 caveats, unless there's a bigger war, unless there's a new outbreak in the pandemic, we don't expect any major changes between now and the end of the year. That's why we could tighten our revenue range down. We think that revenue range fully reflects the risk that we have today as we sit here, and we're in mid-November. So between now and the end of the year, unless some catastrophe happens in the world, we don't expect any significant changes.

你走的時候有點穩定。我們不期望——老實說，當我們今天坐在這裡時，它總是會發生，我們不期望——除非我能拋出 15 條警告，除非有一場更大的戰爭，除非有新的爆發大流行，我們預計從現在到年底之間不會有任何重大變化。這就是為什麼我們可以收緊我們的收入範圍。我們認為收入範圍充分反映了我們今天所面臨的風險，我們現在是 11 月中旬。因此，從現在到年底，除非世界發生災難，否則我們預計不會有任何重大變化。

I think everybody -- even on a personal level, people are more cautious, and that will continue. There's also interest in 2023 from our customers in enhancing the -- or reducing the risk of their supply chain. So as we end the year and go into next year, unless there's a major disruption, I think it's kind of steady as you go right now. And that may not be the most exciting environment, but that's what we see right now as we sit here.

我認為每個人——即使在個人層面上，人們都更加謹慎，而且這種情況將繼續下去。我們的客戶在 2023 年也有興趣提高或降低其供應鏈的風險。因此，當我們結束今年並進入明年時，除非出現重大中斷，否則我認為現在情況會很穩定。這可能不是最令人興奮的環境，但這就是我們現在坐在這裡所看到的。

Got it. And then I guess, just in light of that weaker demand environment, slower growth, just how you're thinking about managing and balancing investments?

知道了。然後我想，鑑於需求環境疲軟，增長放緩，您是如何考慮管理和平衡投資的？

Yes. Well, that's the tricky part of it because we do believe this is an exciting growth industry. And there's a minimum number of seeds you got to be planting and watering in order to fulfill that growth. We want to be very prudent about it. And that's why I want to be clear. We're focused right now. The good news is we bought the assets or invested in the assets that we really needed to have to live into that growth. There's not a lot of incremental investments we need to be making. We've got the broadest technology portfolio in the industry today.

是的。嗯，這是其中棘手的部分，因為我們確實相信這是一個令人興奮的增長行業。為了實現這種增長，您必須種植和澆水最少數量的種子。我們希望對此非常謹慎。這就是為什麼我想清楚。我們現在很專注。好消息是我們購買了資產或投資了我們真正需要的資產，以實現這種增長。我們需要進行的增量投資並不多。我們擁有當今業界最廣泛的技術組合。

We need to run it well, do some incremental investing for organic growth and capability. Any external investments we make are purely opportunistic at this point. We don't need to do them. And on top of it, we've got $600 million in the bank. So we don't -- we're not in a position where we need to spend that money. We just need to execute on what we own predominantly. We're focused heavily on profitability and cash performance. In spite of having a strong balance sheet, we're going to do that because we think it's prudent. And at the same time, we want to bring those seeds that we've purchased and brought into the company to full mighty oaks, if you will. That's what we want to see them happen over time. That's why we stuck with our long-term guidance of double-digit growth, then we hung out there being a $1 billion company in 5 years. I still think that's very possible. Again, assuming no catastrophes in the world. And if things return to normal and economies over the next year or 2, I think there's no reason in the world we can't see that kind of exciting growth ahead.

我們需要運行良好，為有機增長和能力做一些增量投資。在這一點上，我們所做的任何外部投資都純粹是機會主義的。我們不需要這樣做。最重要的是，我們在銀行里有 6 億美元。所以我們沒有——我們沒有必要花這筆錢。我們只需要執行我們主要擁有的東西。我們非常關注盈利能力和現金表現。儘管擁有強大的資產負債表，但我們將這樣做，因為我們認為這是謹慎的。同時，如果您願意，我們希望將我們購買並帶入公司的種子帶到完整的大橡樹上。這就是我們希望看到它們隨著時間的推移而發生的事情。這就是為什麼我們堅持我們的兩位數增長的長期指導，然後我們在 5 年內成為一家價值 10 億美元的公司。我仍然認為這是很有可能的。同樣，假設世界上沒有災難。如果事情在未來一兩年恢復正常和經濟，我認為世界上沒有理由看不到這種令人興奮的增長。

And Kevin, with that, I think we'll wrap up the Q&A and close out.

凱文，我想我們將結束問答並結束。

I'll turn over to you for any further or closing comments, doctor.

醫生，我會交給你任何進一步的或結束的評論。

Great. Thank you all for joining us today. It's been a pleasure talking to you, and we look forward to updating you with our year-end results on our next call. Thanks, and have a good day. Bye-bye.

偉大的。感謝大家今天加入我們。很高興與您交談，我們期待在下次電話會議上向您更新我們的年終結果。謝謝，祝你有美好的一天。再見。

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。