3D Systems Corp (DDD) 2022 Q4 法說會逐字稿

Hello, and welcome to the 3D Systems Fourth Quarter and Full Year 2022 Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎來到 3D Systems 第四季度和 2022 年全年電話會議和網絡廣播。 （操作員說明）提醒一下，正在錄製此會議。

It's now my pleasure to turn the call over to your host, Russell Johnson, Vice President, Treasury and Investor Relations. Please go ahead.

現在我很高興將電話轉給你的東道主，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' Fourth 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，歡迎來到 3D Systems 2022 年第四季度電話會議。與我一起參加今天電話會議的有總裁兼首席執行官 Jeffrey Graves 博士； Michael Turner，執行副總裁兼首席財務官； Andrew Johnson，執行副總裁兼首席法務官。

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。那些希望訪問本演示文稿幻燈片部分的電話後續人員可以在我們網站的投資者關係部分進行訪問。對於訪問過網絡直播流媒體部分的人，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. 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管理層截至今天的觀點，並將包括本幻燈片中所述的前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務業績的因素的更多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. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2021.

在這次電話會議中，我們將討論某些非 GAAP 財務指標。在我們的投資者關係網站上提供的新聞稿和本次網絡廣播隨附的幻燈片中，您會發現有關這些非 GAAP 措施的更多披露，包括這些措施與可比的 GAAP 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針對我們 2021 年同期的結果。

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傑夫格雷夫斯，讓他發表開場白。

Thank you, Russell, and good morning, everyone. I'll begin this morning with some comments on 3D Systems' performance and achievements during 2022, and then I'll share my thoughts on the company's outlook for 2023 and what we'll be focusing on in the year ahead. After that, I'll hand the call over to our CFO, Michael Turner, for a more detailed discussion of fourth quarter and full year '22 financial results as well as our guidance for 2023.

謝謝你，拉塞爾，大家早上好。今天早上我將首先對 3D Systems 在 2022 年的業績和成就發表一些評論，然後我將分享我對公司 2023 年展望的看法以及我們在未來一年將關注的重點。之後，我會將電話轉給我們的首席財務官邁克爾特納，以更詳細地討論第四季度和全年的 '22 財務業績以及我們對 2023 年的指導。

So with that, let me turn to Slide 5 and start with a quick recap of last year. I'll say upfront that while we came in short of our original financial goals set at the beginning of the year, I'm very proud of what our company ultimately achieved, particularly given the headwinds that we encountered during the year, a few of which were common to many companies and one of which was unique to ours. It's important that we be as clear as possible about these factors as they directly relate to our view of the year ahead and actions we're taking in response to them.

因此，讓我轉到幻燈片 5，並從快速回顧去年開始。我要預先聲明，雖然我們沒有達到年初設定的最初財務目標，但我為我們公司最終取得的成就感到非常自豪，特別是考慮到我們在這一年遇到的逆風，一些這對許多公司來說都很常見，而其中一個對我們來說是獨一無二的。重要的是我們要盡可能清楚這些因素，因為它們直接關係到我們對未來一年的看法以及我們正在採取的應對措施。

First, while COVID-driven supply chain issues were nagging problems throughout the year, they were no worse than what we had anticipated and they continued to improve throughout the year as expected. Much more impactful, however, was the rapid rise in inflation, which reduced consumer demand for a variety of elective medical procedures.

首先，雖然 COVID 驅動的供應鏈問題全年都是棘手的問題，但它們並不比我們預期的更糟，而且它們在全年都如預期的那樣繼續改善。然而，更具影響力的是通貨膨脹的迅速上升，這減少了消費者對各種選擇性醫療程序的需求。

At 3D Systems, we felt this most acutely as a significant slowdown in our dental orthodontic business, which declined significantly as consumers shifted their spending to more basic necessities such as groceries, clothing and energy for their homes and cars. This inflation also manifested itself in higher labor and material costs in our products, which created challenges in gross profit margins as our pricing opportunities at times lagged the cost trends.

在 3D Systems，我們最強烈地感受到我們牙科正畸業務的顯著放緩，隨著消費者將支出轉向更基本的必需品，如雜貨、服裝以及家庭和汽車的能源，該業務顯著下降。這種通貨膨脹還表現為我們產品中更高的勞動力和材料成本，這對毛利率造成了挑戰，因為我們的定價機會有時會落後於成本趨勢。

Second, economic uncertainty and recession fears led some of our customers, particularly in the industrial manufacturing space to become more cautious and defer new investments in equipment and inventory.

其次，經濟不確定性和衰退擔憂導致我們的一些客戶，尤其是工業製造領域的客戶變得更加謹慎，並推遲了對設備和庫存的新投資。

Third, while the COVID situation improved in the United States, economic activity in parts of Asia continued to be disrupted by factory shutdowns and restrictions on daily life.

第三，雖然美國的 COVID 情況有所改善，但亞洲部分地區的經濟活動繼續受到工廠停工和日常生活限制的干擾。

And finally, the tragic war in Ukraine not only led us to halt sales into Russia, but also dampened demand for key European markets in general. Facing into these factors, we updated our external financial guidance and took a number of concrete steps to control costs and drive near-term operational efficiencies.

最後，烏克蘭的悲慘戰爭不僅導致我們停止向俄羅斯銷售產品，而且總體上抑制了對主要歐洲市場的需求。面對這些因素，我們更新了外部財務指南，並採取了一些具體步驟來控製成本並提高近期運營效率。

I want to commend our entire global 3D Systems team for staying nimble and working hard to manage who will prove to be a very challenging year. Thanks to their efforts. We had a solid second half of 2022, delivering well on our key customer commitments.

我要讚揚我們整個全球 3D Systems 團隊保持敏捷並努力管理誰將被證明是非常具有挑戰性的一年。感謝他們的努力。我們在 2022 年下半年表現出色，很好地兌現了對主要客戶的承諾。

One of the most important things to emphasize with regard to 2022 was that it proved to be an extraordinarily productive and strategic year for our company when you consider the foundation we've put in place for our company's future. Last year, we made it clear that 2022 would be an investment year for 3D Systems. And indeed, we invested during the year in a number of key areas: refreshing our product portfolio, continuing to build a world-class regenerative medicine business and improving our corporate and regulatory infrastructure such that it can be leveraged to support future growth.

關於 2022 年需要強調的最重要的事情之一是，當您考慮我們為公司未來奠定的基礎時，事實證明這對我們公司來說是非常富有成效和具有戰略意義的一年。去年，我們明確表示 2022 年將是 3D Systems 的投資年。事實上，我們在這一年中投資於多個關鍵領域：更新我們的產品組合，繼續打造世界一流的再生醫學業務，並改善我們的企業和監管基礎設施，以便可以利用它來支持未來的增長。

I'm pleased to say that we're already harvesting the benefits of some of these investments in the form of important new technologies, new customers and new sources of revenue. Capitalizing on these early wins will be a key focus for us in 2023, and I'll speak more about that in a moment.

我很高興地說，我們已經以重要的新技術、新客戶和新收入來源的形式從其中一些投資中獲益。利用這些早期的勝利將是我們 2023 年的重點，我稍後會詳細介紹。

It's also important to note that we invested heavily during 2022 in the highly attractive emerging businesses such as regenerative medicine. While these efforts are largely pre-commercial today, their future impact will become increasingly apparent over the next 2 years. And while this investment spending impacted our 2022 results, I'm committed to stay the course in 2023 and beyond, prudently balancing these expenses with efficiency initiatives that are needed in order to assure customers of our ability to support their growth needs over the long term.

同樣重要的是要注意，我們在 2022 年期間對再生醫學等極具吸引力的新興業務進行了大量投資。雖然這些努力今天主要是預商業化，但它們對未來的影響將在未來兩年內變得越來越明顯。雖然這項投資支出影響了我們 2022 年的業績，但我致力於在 2023 年及以後堅持下去，審慎地平衡這些支出與所需的效率舉措，以確保客戶相信我們有能力支持他們的長期增長需求.

These investments are absolutely the right strategic decision for 3D Systems given the continued acceleration of Additive manufacturing and production environments and the opening of entirely new markets as the costs of adoption continue to fall. We're at the forefront of this dynamic and well positioned to deliver the value of promises for all of our stakeholders.

鑑於增材製造和生產環境的持續加速，以及隨著採用成本的持續下降，全新市場的開放，這些投資對於 3D Systems 來說絕對是正確的戰略決策。我們處於這種動態的最前沿，並且處於有利地位，可以為我們所有的利益相關者提供承諾的價值。

Moving to Slide 6. During 2022, a crucially important investment focus for us was updating and expanding our industry-leading product portfolio, including hardware, materials and software. In particular, our hardware teams undertook a comprehensive effort to refresh our most critical printer platforms and they've already achieved several important milestones on this front.

轉到幻燈片 6。在 2022 年期間，對我們來說至關重要的投資重點是更新和擴展我們行業領先的產品組合，包括硬件、材料和軟件。特別是，我們的硬件團隊進行了全面的努力來更新我們最關鍵的打印機平台，他們已經在這方面取得了幾個重要的里程碑。

Last year, we launched the SLA 750 and SLA 750 Dual, our fastest-ever stereolithography printer that's ideal for large format high-volume polymer applications. This all-new platform is the largest, fastest and most precise SLA printer on the market and has enjoyed an enthusiastic reception from our industrial, aerospace and automotive customers.

去年，我們推出了 SLA 750 和 SLA 750 Dual，這是我們速度最快的立體光刻打印機，非常適合大幅面大批量聚合物應用。這個全新的平台是市場上最大、最快和最精確的 SLA 打印機，受到了工業、航空航天和汽車客戶的熱烈歡迎。

Just last week, we announced the BWT Alpine F1 team has purchased four of our new SLA 750 printing systems after having extensively tested the product during its beta phase. The Alpine F1 team is currently producing 25,000 additively manufactured parts per year using 3D Systems' equipment and materials. The team will use our SLA 750 to accelerate their bills of complex aerodynamic parts for wind tunnel testing as well as small composite tools and high-temperature bonding gigs.

就在上週，我們宣布 BWT Alpine F1 團隊在測試階段對該產品進行了廣泛測試後，購買了我們的四個新 SLA 750 打印系統。 Alpine F1 團隊目前每年使用 3D Systems 的設備和材料生產 25,000 個增材製造零件。該團隊將使用我們的 SLA 750 來加速他們用於風洞測試的複雜空氣動力學部件以及小型複合材料工具和高溫粘合演出的賬單。

The SLA 750's evolution is a perfect illustration of the strategic capability we're building at 3D Systems. The ability to drive growth through rapid innovation by accelerating new products from the design lab to the customer market.

SLA 750 的演變完美地說明了我們正在 3D Systems 構建的戰略能力。通過加速新產品從設計實驗室推向客戶市場，通過快速創新推動增長的能力。

And two weeks ago, we introduced a major upgrade to our industry-leading jetting printer, the MJP 2500W Plus, which is ideally suited for jewelry and other small precision casting applications. This upgraded platform is specifically designed to produce complex, high-quality pure wax 3D printed jewelry patterns with new levels of speed and precision.

兩週前，我們對行業領先的噴射打印機 MJP 2500W Plus 進行了重大升級，它非常適合珠寶和其他小型精密鑄造應用。這個升級後的平台專門設計用於生產複雜、高質量的純蠟 3D 打印珠寶圖案，速度和精度都達到了新的水平。

It was developed in close collaboration with end users and responded directly to the needs of our customers operating in mass customization production environments. As I noted earlier, a key focus for 2023 will be to harvest the near-term benefits of these technology investments.

它是在與最終用戶的密切合作下開發的，直接響應了我們在大規模定制生產環境中運營的客戶的需求。正如我之前指出的那樣，2023 年的一個重點將是收穫這些技術投資的近期收益。

The SLA 750 and refreshed MJP 2500 are two early examples of the investments we're making in rapid customer-focused innovation. We'll accelerate the cycle of performance upgrades during 2023 with a number of new platforms scheduled for launch throughout the year.

SLA 750 和更新後的 MJP 2500 是我們在以客戶為中心的快速創新方面進行投資的兩個早期示例。我們將在 2023 年加快性能升級週期，全年計劃推出多個新平台。

Now moving to Slide 7. In addition to these organic investments, in our legacy printing platforms. In 2022, we further accelerated the expansion of our hardware offerings by acquiring three early-stage production printing platforms, Titan, Kumovis and BP Polar, each of which offer unique advantages in specific markets. We're very optimistic about the potential for each of these new systems. While still in the early stages of launch, we're already seeing exciting signs of what these revolutionary technologies can accomplish.

現在轉到幻燈片 7。除了這些有機投資外，還有我們的傳統印刷平台。 2022 年，我們通過收購三個早期生產打印平台 Titan、Kumovis 和 BP Polar，進一步加速了我們硬件產品的擴展，每個平台在特定市場都具有獨特的優勢。我們對每個新系統的潛力都非常樂觀。雖然仍處於發布的早期階段，但我們已經看到了這些革命性技術可以實現的令人興奮的跡象。

Let me take a minute to share one example with you. Just last week, we witnessed the achievement of a major milestone for our Healthcare Solutions group when a surgical team at Austria's University Hospital of Salzburg, executed the first clinical implantation of a 3D-printed cranial plate manufactured from medical-grade PEEK polymeric materials using a Kumovis printer.

讓我花一點時間與您分享一個例子。就在上週，我們見證了我們醫療保健解決方案團隊的一個重要里程碑，當時奧地利薩爾茨堡大學醫院的一個外科團隊使用庫莫維斯打印機。

This printer was specifically developed for precision printing of medical grade high-performance polymers, such as polyether either ketone or PEEK. Using Kumovis printer installed at the point of care inside the hospital, the surgical team customized and printed a cranial implant to precisely match the patient's specific anatomical profile and related physiological needs.

該打印機專為精密打印醫用級高性能聚合物而開發，例如聚醚酮或 PEEK。使用安裝在醫院內護理點的 Kumovis 打印機，外科團隊定制並打印了顱骨植入物，以精確匹配患者的特定解剖輪廓和相關生理需求。

In this instance, it was critically important to not only create a suitable skull plate for protection of the brain. But given the size of the replacement section needed to also lightweight the unusually large cranial plate by 3D printing it with a porous honey film internal structure, an outcome that would have been impossible using traditional manufacturing techniques.

在這種情況下，不僅要製造合適的顱骨板來保護大腦，這一點至關重要。但考慮到更換部分的尺寸還需要通過 3D 打印多孔蜂蜜膜內部結構來減輕異常大的顱骨板的重量，這是使用傳統製造技術不可能實現的結果。

This type of personalized patient-specific point-of-care implant application that takes advantage of the performance and biocompatible properties of PEEK material is exactly why we acquired Kumovis and are integrating their platform into our overall portfolio. As this technology now comes online, we're uniquely positioned to provide surgeons a full spectrum of printed solution options ranging from titanium and cobalt chrome for joint and bone replacement through advanced medical-grade polymerics for spinal cranial and other targeted orthopedic applications, each of which is customized to precisely match the patient needs using the digital tools and processes that we've pioneered over the last decade in our health care business.

這種利用 PEEK 材料的性能和生物相容性特性的個性化患者特定床旁植入物應用正是我們收購 Kumovis 並將其平台整合到我們整體產品組合中的原因。隨著這項技術的上線，我們具有獨特的優勢，可以為外科醫生提供全方位的印刷解決方案選擇，從用於關節和骨骼置換的鈦和鈷鉻合金到用於脊柱顱骨和其他目標骨科應用的先進醫療級聚合物，每一種它使用我們過去十年在醫療保健業務中開創的數字工具和流程進行定制，以精確滿足患者的需求。

These solutions provide better, faster and lower cost outcomes to patients in a rapidly growing range of orthopedic applications, which will drive sustained long-term growth in our existing health care business. When combined with our Oqton software platform, which is now in process, the ability to standardize and automate orthopedic workflows will further accelerate the application of this technology for patients around the world.

這些解決方案在快速增長的骨科應用範圍內為患者提供更好、更快和成本更低的結果，這將推動我們現有醫療保健業務的持續長期增長。當與我們目前正在開發的 Oqton 軟件平台相結合時，標準化和自動化骨科工作流程的能力將進一步加速該技術在全球患者中的應用。

I'm proud to say we're the leader in this market, and we're making the key investments required to remain so. As we move forward with these and other investments in our product portfolio, our goal is clear. 3D Systems will continue to offer the most complete innovative lineup of 3D printing solutions in the industry, and will remain the partner of choice for customers wishing to unlock the vast potential of true serial scale Additive manufacturing.

我很自豪地說我們是這個市場的領導者，我們正在進行必要的關鍵投資以保持這一地位。隨著我們在產品組合中推進這些和其他投資，我們的目標很明確。 3D Systems 將繼續提供業內最完整的創新 3D 打印解決方案系列，並將繼續成為希望釋放真正批量增材製造巨大潛力的客戶的首選合作夥伴。

Moving now to Slide 8. Another strategically important area of investment focus during 2022 was regenerative medicine. As I've shared with you previously, I believe that regenerative medicine is the next frontier for Additive manufacturing. Moreover, I'm convinced that 3D Systems is uniquely positioned to lead this emerging growth industry.

現在轉到幻燈片 8。2022 年另一個具有重要戰略意義的投資重點領域是再生醫學。正如我之前與您分享的那樣，我相信再生醫學是增材製造的下一個前沿領域。此外，我相信 3D Systems 具有獨特的優勢，可以引領這個新興的增長行業。

We combine a set of attributes that no other company can claim, including a 30-year-plus track record of developing high-resolution 3D printing applications, deep propensity and material science, a strong foundation of quality and regulatory expertise to draw upon and hands-on experience in human tissue engineering, gained through both strategic acquisitions and through our multiyear organ partnership with United Therapeutics.

我們結合了其他公司無法聲稱的一系列屬性，包括 30 多年開發高分辨率 3D 打印應用程序的記錄、深厚的傾向和材料科學、堅實的質量基礎和可藉鑑和掌握的監管專業知識- 在人體組織工程方面的經驗，通過戰略收購和我們與 United Therapeutics 的多年器官合作夥伴關係獲得。

Over the last 12 months, our regenerative medicine program has achieved remarkable milestones that offer a preview into the extraordinary growth potential of this emerging business. In 2022, 3D Systems in our long-time biotech development partner, United Therapeutics, publicly unveiled a 3D printed lung scaffold that represents the most complex 3D printed object ever manufactured. This extraordinary engineering achievement has already demonstrated functional gas exchange in animal models.

在過去的 12 個月裡，我們的再生醫學計劃取得了顯著的里程碑，預示著這一新興業務的非凡增長潛力。 2022 年，我們的長期生物技術開發合作夥伴 United Therapeutics 的 3D Systems 公開推出了 3D 打印肺支架，它代表了有史以來製造的最複雜的 3D 打印物體。這一非凡的工程成就已經在動物模型中展示了功能性氣體交換。

Based upon progress made last year, we believe that our 3D printed lungs could enter human transplantation trials within 5 years, a significantly accelerated time frame to what we just envisioned back in '21.

根據去年取得的進展，我們相信我們的 3D 打印肺可以在 5 年內進入人體移植試驗，這比我們在 21 世紀剛剛設想的時間框架大大加快。

Also in '22, we announced the formation of systemicBIO, a wholly-owned startup company that's leveraging our expertise in vascularized tissue printing to develop and manufacture a unique organ-on-chip technology called h-VIOS for use in drug discovery and development by the pharmaceutical industry. I want to remind everyone that systemicBIO will not be a traditional vendor of 3D printers and materials. In systemicBIO will partner directly with major pharmaceutical companies to jointly develop HFOs chips tailored to specific organ and disease functions, then market those ships directly to pharmaceutical and biotech companies engaged in drug discovery.

同樣在 22 年，我們宣布成立 systemicBIO，這是一家全資初創公司，利用我們在血管化組織打印方面的專業知識來開發和製造一種名為 h-VIOS 的獨特器官芯片技術，用於藥物發現和開發製藥業。我想提醒大家，systemicBIO不會做3D打印機和材料的傳統供應商。在 systemicBIO 中，將直接與主要製藥公司合作，共同開發針對特定器官和疾病功能量身定制的 HFOs 芯片，然後將這些芯片直接銷售給從事藥物發現的製藥和生物技術公司。

I'm sure you can all appreciate the substantial increase to our company's baseline profitability that we would drive by becoming a major supplier of customized high-value biotech products to the pharmaceutical industry, as well as the rerating of our company's valuation multiple that could result from this change.

我相信你們都能理解我們通過成為製藥行業定制高價值生物技術產品的主要供應商而推動的公司基準盈利能力的大幅提高，以及可能導致的公司估值倍數的重新評級從這個變化。

As we speak, our systemicBIO team is actively engaged in commercial discussions with potential partners and customers. I look forward to having more news to share with you on this front in the near future.

正如我們所說，我們的 systemicBIO 團隊正在積極參與與潛在合作夥伴和客戶的商業討論。我期待在不久的將來有更多這方面的消息與大家分享。

And just 2 weeks ago, we announced yet another milestone, a new regenerative tissue program that's a direct outcome of the success we've achieved in 3D printing human organs, Scaffolds. This internal research and development effort is combining bioprinting technology, biocompatible 3D printing materials and patient-derived cells to manufacture vascularized hydrogel scaffolds would mimic a patient's anatomy and physiology and can deliver improved outcomes in a variety of surgical applications.

就在兩週前，我們宣布了另一個里程碑，一個新的再生組織計劃，這是我們在 3D 打印人體器官 Scaffolds 方面取得成功的直接結果。這項內部研發工作正在結合生物打印技術、生物相容性 3D 打印材料和患者來源的細胞來製造血管化水凝膠支架，該支架將模仿患者的解剖學和生理學，並可以在各種手術應用中提供更好的結果。

The first 3D-printed product that we have under development is regenerative breast tissue. This breakthrough application could offer a dramatically improved implant-based reconstruction option for millions of women diagnosed with cancer each year. It could also open up a significant new market opportunity that 3D Systems is uniquely positioned to address.

我們正在開發的第一個 3D 打印產品是再生乳腺組織。這一突破性應用可以為每年數百萬被診斷患有癌症的女性提供顯著改進的基於植入物的重建選擇。它還可以開闢一個重要的新市場機會，而 3D Systems 具有獨特的定位來解決這個問題。

A key point regarding our ongoing investment initiatives is we're only pursuing R&D programs and new additions to our product portfolio that we believe offer attractive returns and are consistent with our company's mission to provide application-focused solutions to high-value, high-growth industrial and health care markets. Given its strategic importance, we maintained our heavy investment focus during 2022 despite macroeconomic and geopolitical headwinds as well as greater-than-expected softness in our key orthodontic market.

關於我們正在進行的投資計劃的一個關鍵點是，我們只追求研發計劃和我們產品組合的新增功能，我們認為這些項目可以提供有吸引力的回報，並且符合我們公司為高價值、高增長提供以應用為中心的解決方案的使命工業和醫療保健市場。鑑於其戰略重要性，儘管宏觀經濟和地緣政治逆風以及我們主要正畸市場的疲軟程度超出預期，但我們在 2022 年仍保持著重投資重點。

Doing so required us to target our investment spending very carefully, control our operating costs and utilize our strong balance sheet. I remain convinced that the programs we supported during 2022 and will continue to fund in 2023 are building a solid foundation for future growth and profitability that we'll be able to leverage for many years to come.

這樣做需要我們非常謹慎地確定投資支出的目標，控制我們的運營成本並利用我們強大的資產負債表。我仍然相信，我們在 2022 年支持並將在 2023 年繼續資助的項目正在為未來的增長和盈利能力奠定堅實的基礎，我們將能夠在未來許多年利用這些基礎。

Moving now to Slide 9. I'd like to highlight several recent internal activities that have already provided us with important performance benefits, and we'll continue to do so as we move through 2023. Last year, we achieved meaningful success in better aligning our manufacturing and supply chain operations with our company's operating profile and emerging product portfolio.

現在轉到幻燈片 9。我想強調最近的幾項內部活動，這些活動已經為我們帶來了重要的績效優勢，我們將在 2023 年繼續這樣做。去年，我們在更好地協調方面取得了有意義的成功我們的製造和供應鏈運營與我們公司的運營概況和新興產品組合。

During the second half of 2022, we completed a major step in this process by in-sourcing a significant amount of our polymer printing platforms into our South Carolina manufacturing operations. This transition required us to incur some onetime costs as well as to take inventory onto our books ahead of need, which in part explains our elevated inventory levels at the end of the year. But the change has already improved our gross margins and positively impacted delivery reliability and product quality for our customers.

在 2022 年下半年，我們完成了這一過程的重要一步，將大量聚合物印刷平台內包到我們南卡羅來納州的製造業務中。這種轉變要求我們產生一些一次性成本，並在需要之前將庫存記入我們的賬簿，這在一定程度上解釋了我們年底庫存水平升高的原因。但這一變化已經提高了我們的毛利率，並對我們客戶的交付可靠性和產品質量產生了積極影響。

In 2023, as we accelerate the pace of new product releases that track to our financial performance targets, you have my commitment that we will be laser-focused on driving operational excellence and cost efficiency. Yesterday, we announced an important step in this process, a restructuring initiative that will improve our 2023 profit profile by better aligning our European engineering and manufacturing operations for our three metals platforms, streamlining our software organization, which is now consolidated under Oqton and focusing our product portfolio on platforms that bring the highest long-term value to the market.

到 2023 年，隨著我們加快新產品發布步伐以實現我們的財務績效目標，我向您承諾，我們將專注於推動卓越運營和成本效率。昨天，我們宣布了這一過程中的一個重要步驟，即一項重組計劃，該計劃將通過更好地調整我們三個金屬平台的歐洲工程和製造業務來改善我們 2023 年的利潤狀況，精簡我們的軟件組織，該組織現已整合到 Oqton 下，並專注於我們的為市場帶來最高長期價值的平台上的產品組合。

These actions, which are the culmination of integration activities and optimization planning conducted throughout 2022 will allow us to achieve significant cost synergies in 2023 and beyond, as Michael will detail later for you.

這些行動是整個 2022 年進行的整合活動和優化計劃的高潮，將使我們能夠在 2023 年及以後實現顯著的成本協同效應，邁克爾稍後將為您詳細介紹。

Beyond these discrete measures to maximize efficiency, during the fourth quarter of 2022, we laid groundwork for further operational improvements by undertaking a major reorganization of our operations and engineering functions. We've now aligned all of 3D Systems' engineering design, product management, procurement, manufacturing and logistics under a single member of my executive team, Dr. Joe Zuiker, who recently joined the company to take on this new role.

除了這些旨在最大限度提高效率的離散措施外，在 2022 年第四季度，我們還通過對運營和工程職能進行重大重組，為進一步改善運營奠定了基礎。現在，我們已將 3D Systems 的所有工程設計、產品管理、採購、製造和物流都集中在我的執行團隊的一名成員 Joe Zuiker 博士的領導下，他最近加入公司擔任這一新職務。

Under Joe's leadership, our operations and engineering teams will work together to drive an organization-wide focus on operational excellence. Their primary mission will be to ensure a seamless progression from product design to full-scale manufacturing for every element in our portfolio.

在 Joe 的領導下，我們的運營和工程團隊將共同努力，推動整個組織範圍內對卓越運營的關注。他們的主要任務是確保我們產品組合中每個元素從產品設計到全面製造的無縫進展。

Before handing the call over to Michael, I'd like to provide my broad perspective on our outlook for 2023. In our new full year guidance, which Michael will present to you shortly, we're prudently assuming that the dental market slowdown that we experienced in the second half of '22 will persist throughout '23.

在將電話轉給邁克爾之前，我想提供我對 2023 年展望的廣泛看法。在我們新的全年指導中，邁克爾將很快向您展示，我們謹慎地假設我們認為牙科市場放緩22 年下半年的經歷將持續到 23 年。

Outside of dental, we see considerable strength in virtually all other markets across our Healthcare and Industrial Solutions segments. Putting this all together, we expect to achieve consolidated revenue growth for 2023 in the mid-single digits, supported by growth rates in the mid-teens for our nondental markets.

在牙科之外，我們在醫療保健和工業解決方案領域的幾乎所有其他市場都看到了相當大的實力。綜上所述，我們預計 2023 年的綜合收入將實現中等個位數的增長，這得益於我們非牙科市場中十幾歲的增長率。

This growth profile plus the operational and cost efficiencies that will drive throughout '23 should allow us to generate positive adjusted EBITDA and free cash flow for the full year, excluding any onetime restructuring costs that we may incur. I want to emphasize that our 2023 guidance fully reflects continued investments in growth areas of our business, including new product development, R&D and creating a world-class regenerative medicine business, all of which are critically important activities designed to support future growth.

這種增長狀況加上將在整個 23 年推動的運營和成本效率應該使我們能夠在全年產生積極的調整後 EBITDA 和自由現金流，不包括我們可能產生的任何一次性重組成本。我想強調的是，我們的 2023 年指南充分反映了對我們業務增長領域的持續投資，包括新產品開發、研發和打造世界一流的再生醫學業務，所有這些都是旨在支持未來增長的至關重要的活動。

As we enter the new year, I've never been more excited and confident in our company's leadership position in the 3D printing industry, particularly given the technology application expertise and operational foundation we've worked so hard to put in place over these last few years. In 2023, we're committed to drive financial results in line with our leadership position.

隨著我們進入新的一年，我對我們公司在 3D 打印行業的領導地位感到前所未有的興奮和自信，特別是考慮到我們在過去幾年中努力建立的技術應用專業知識和運營基礎年。到 2023 年，我們致力於根據我們的領導地位推動財務業績。

Finally, before concluding my remarks, I'd like to note one additional topic. Earlier this week, the U.S. Department of State, Justice and Commerce announced that these agencies have settled their open investigation with 3D Systems into alleged export control violations by 3D Systems that previously took place between 2012 and 2019. We've disclosed this matter in our SEC filings for some time now.

最後，在結束髮言之前，我想再提一個話題。本週早些時候，美國國務院、司法部和商務部宣布，這些機構已經就 3D Systems 涉嫌在 2012 年至 2019 年間發生的出口管制違規行為與 3D Systems 展開了公開調查。我們已在我們的網站上披露了此事SEC 文件已經有一段時間了。

Under the settlement, 3D Systems will be subject to civil monetary penalties as well as certain remedial compliance measures as a part of our 3-year consent agreement. The company is pleased to have reached a settlement with the agencies and remains committed to continuing to enhance its export control program.

根據和解協議，作為我們 3 年同意協議的一部分，3D Systems 將受到民事罰款以及某些補救合規措施。該公司很高興與這些機構達成和解，並將繼續致力於繼續加強其出口管制計劃。

Looking forward, I'm very proud of the compliance culture, processes and infrastructure that we've now established in 3D Systems and that we'll continue building upon. We are fully committed to not only meeting all required standards but being a true leader in what is an essential element of all complex global businesses today.

展望未來，我為我們現在在 3D Systems 中建立的合規文化、流程和基礎設施感到非常自豪，我們將繼續在這些方面進行建設。我們完全致力於不僅滿足所有必需的標準，而且在當今所有復雜的全球業務的基本要素中成為真正的領導者。

With that, I'd like to turn the call over to Michael Turner, our CFO. Michael?

有了這個，我想把電話轉給我們的首席財務官邁克爾特納。邁克爾？

Thanks, Jeff. Before I start, I'd like to remind everyone that 3D Systems made three significant divestitures in 2021. The earnings release that we issued last night contained tables with non-GAAP measures relating to our full year 2021 results from which we excluded the impacts of these divested businesses.

謝謝，傑夫。在開始之前，我想提醒大家，3D Systems 在 2021 年進行了三項重大資產剝離。我們昨晚發布的財報中包含與我們 2021 年全年業績相關的非 GAAP 衡量指標的表格，我們從中排除了這些剝離的業務。

Likewise, on today's call, any reference that I make to our full year 2021 results will be on the same ex-divestiture basis. The point of this adjustment is to make our 2022 results comparable to our 2021 results on an organic basis. However, it's important to note that we completed our divestiture program during the third quarter of 2021. Therefore, any tables contained in last night's earnings release relating to our fourth quarter 2021 results, and likewise, any reference that I made to our fourth quarter 2020 results on today's call do not reflect any adjustments for divestitures.

同樣，在今天的電話會議上，我對 2021 年全年業績的任何提及都將基於相同的剝離前基礎。此次調整的目的是讓我們 2022 年的業績與 2021 年的業績有機可比。但是，需要注意的是，我們在 2021 年第三季度完成了資產剝離計劃。因此，昨晚的收益發布中包含的與我們 2021 年第四季度業績相關的任何表格，同樣，我對 2020 年第四季度的任何參考今天電話會議的結果並未反映對資產剝離的任何調整。

Turning now to Slide 11. I'll start out with a discussion of full year 2022 results for our consolidated business. As Jeff mentioned, our business encountered a variety of external challenges during 2022 that caused our full year results to come in below what we expected at the beginning of the year. These challenges include FX headwinds, high inflation, recessionary fears and the war in Ukraine. And of course, the biggest headwind we faced during the year was that inflation and economic uncertainty reduced the demand for many elective medical procedures.

現在轉到幻燈片 11。我將首先討論我們合併業務的 2022 年全年業績。正如 Jeff 提到的，我們的業務在 2022 年遇到了各種外部挑戰，導致我們的全年業績低於年初的預期。這些挑戰包括外匯逆風、高通脹、衰退擔憂和烏克蘭戰爭。當然，我們在這一年面臨的最大阻力是通貨膨脹和經濟不確定性減少了對許多選擇性醫療程序的需求。

As a result, we experienced an unexpected and significant decline in dental market revenue during the second half of 2022. This was particularly impactful for 3D Systems because dental sales represent a large percentage of our total business.

因此，我們在 2022 年下半年經歷了牙科市場收入的意外和顯著下降。這對 3D Systems 影響尤其大，因為牙科銷售額占我們總業務的很大一部分。

However, after making a midyear adjustment to our 2022 revenue guidance to reflect the above factors, we were able to finish out the year by coming in quite close to our revised revenue expectations.

然而，在對我們的 2022 年收入指引進行年中調整以反映上述因素後，我們能夠以非常接近我們修訂後的收入預期的方式結束這一年。

Revenue for 2022 was $538 million, a decrease of 12.6% as compared to 2021. Excluding divestitures and the unfavorable impact of FX, revenue increased by 3.3% compared to the prior year. This top line growth despite a very challenging operating environment, reflects continued solid demand in most of the end markets served by our Industrial and Healthcare Solutions segments.

2022 年的收入為 5.38 億美元，比 2021 年下降 12.6%。不計資產剝離和外彙的不利影響，收入比上年增長 3.3%。儘管運營環境極具挑戰性，但這一收入增長反映了我們的工業和醫療保健解決方案部門所服務的大多數終端市場的持續強勁需求。

As previously noted, partially offsetting this growth was our exit from the Russian market in early 2022 as well as weakness in dental market revenues, predominantly in orthodontics, which declined by roughly 10% year-over-year. Adjusting for these items, our net sales increased by lower double digits year-over-year in 2022.

如前所述，部分抵消了這一增長的是我們在 2022 年初退出俄羅斯市場以及牙科市場收入疲軟，主要是牙齒矯正，同比下降約 10%。對這些項目進行調整後，我們的淨銷售額在 2022 年同比增長了兩位數。

Moving now to quarterly revenue results, which as noted previously, no longer reflect the impacts of 2021 divestitures. On a consolidated basis, revenue for the fourth quarter of 2022 decreased by 12% to $132.7 million compared to the same period of the prior year. Excluding unfavorable impacts of FX, consolidated revenues decreased by 7.6%. The decline in revenue primarily reflects sharply lower fourth quarter dental market sales partially offset by continued solid product and service demand across other areas of the business.

現在轉到季度收入結果，如前所述，該結果不再反映 2021 年資產剝離的影響。在綜合基礎上，2022 年第四季度的收入與去年同期相比下降 12% 至 1.327 億美元。排除外彙的不利影響，綜合收入下降了 7.6%。收入下降主要反映了第四季度牙科市場銷售額的大幅下降，部分被該業務其他領域持續穩定的產品和服務需求所抵消。

Turning now to Slide 12 for a review of segment revenues. For our Healthcare Solutions segment, full year 2022 revenue, excluding divestitures and the unfavorable impacts of FX decreased 2.9% as compared to 2021 due to a decline in our dental market of approximately 10% started in mid-2022. Outside of dental, we saw healthy growth during 2022 and some of the other major business lines within our Healthcare Solutions segment including strong sales to customers at 3D Sprint various types of medical devices, such as orthopedic implants and surgical guides.

現在轉到幻燈片 12，回顧分部收入。對於我們的醫療保健解決方案部門，2022 年全年收入（不包括資產剝離和外彙的不利影響）與 2021 年相比下降了 2.9%，這是因為我們的牙科市場從 2022 年年中開始下降了約 10%。在牙科之外，我們在 2022 年看到了健康增長，我們的醫療保健解決方案部門的其他一些主要業務線包括 3D Sprint 對客戶的強勁銷售各種類型的醫療設備，例如骨科植入物和手術指南。

Additionally, our sales of virtual surgical planning and point-of-care solutions to doctors, surgeons and hospitals grew in the fourth quarter. These two areas of our health care business often involve medical procedures that are elective in nature, and therefore, have been proven resilient even in times of economic uncertainty.

此外，第四季度我們向醫生、外科醫生和醫院提供的虛擬手術規劃和即時護理解決方案的銷售額有所增長。我們醫療保健業務的這兩個領域通常涉及本質上是選擇性的醫療程序，因此即使在經濟不確定時期也被證明具有彈性。

For our Industrial Solutions segment, full year 2022 revenue, excluding divestitures and the unfavorable impacts of FX increased by 9.7% as compared to 2021, driven by continued strength in precision micro casting applications and demand for production machines in energy and commercial space applications.

對於我們的工業解決方案部門，2022 年全年收入（不包括資產剝離和外彙的不利影響）與 2021 年相比增長 9.7%，這得益於精密微鑄造應用的持續強勁以及能源和商業空間應用對生產機器的需求。

Moving now to quarterly segment results. For our Healthcare Solutions segment, fourth quarter revenue, excluding unfavorable FX impacts declined 16.6% year-over-year due primarily to dental market headwinds, partially offset by continued strength in medical devices.

現在轉到季度分部結果。對於我們的醫療保健解決方案部門，第四季度收入（不包括不利的外匯影響）同比下降 16.6%，這主要是由於牙科市場逆風，部分被醫療設備的持續強勁所抵消。

For our Industrial Solutions segment, fourth quarter revenue, excluding unfavorable FX impacts, increased 1.1%. Revenue during the quarter benefited from continued strength in precision micro casting applications for jewelry customers as well as growth in semiconductors and electronics, partially offset by relatively weaker sales to aerospace and motorsports customers as compared to a very strong fourth quarter in the prior year for both of those end markets.

對於我們的工業解決方案部門，第四季度收入（不包括不利的外匯影響）增長了 1.1%。本季度的收入受益於面向珠寶客戶的精密微鑄造應用的持續強勁以及半導體和電子產品的增長，部分被航空航天和賽車運動客戶的銷售額相對較弱所抵消，而去年第四季度這兩種業務都非常強勁那些終端市場。

Moving now to gross profit on Slide 13. Gross profit margin for the full year 2022 was 39.8% compared to 42.5% in the prior year. The decrease in margins is due to multiple factors, including 2021 divestitures of noncore assets, inflationary impacts on input costs, freight and unfavorable changes in product mix due to selling more printers and less materials in 2022 than the prior year. This year-over-year mix shift impact was particularly impactful in our key pinnacle market vertical.

現在轉到幻燈片 13 的毛利潤。2022 年全年的毛利率為 39.8%，而去年為 42.5%。利潤率下降是由多種因素造成的，包括 2021 年非核心資產的剝離、對投入成本、運費的通貨膨脹影響，以及由於 2022 年銷售更多打印機和更少材料而導致的產品組合的不利變化。這種年復一年的組合轉變影響在我們關鍵的頂峰市場垂直領域特別有影響力。

For the fourth quarter of 2022, gross profit margin was 40.9% compared to 44.1% for the same quarter last year. The factors driving the year-over-year decline in margins are largely the same as for the full year. But while our margins are down in 2022 versus 2021, we achieved sequential margin improvement in the fourth quarter with a 100 basis point increase from Q3 levels, which followed a similar increase from Q2 to Q3.

2022 年第四季度，毛利率為 40.9%，而去年同期為 44.1%。導致利潤率同比下降的因素與全年基本相同。但是，儘管我們的利潤率在 2022 年與 2021 年相比有所下降，但我們在第四季度實現了連續利潤率的改善，比第三季度的水平提高了 100 個基點，而第二季度和第三季度的增幅類似。

We have been able to improve margins despite challenging macroeconomic environment through a combination of price actions and increased focus on operational excellence, which includes the benefit of bringing some of our outsourced printer production back in-house during the second half of 2022.

儘管宏觀經濟環境充滿挑戰，但通過價格行動和更加註重卓越運營的結合，我們仍然能夠提高利潤率，其中包括在 2022 年下半年將我們的一些外包打印機生產帶回內部的好處。

Turning now to operating expenses on Slide 14. Operating expenses for the year -- for the full year 2022 increased 11.6% to $331.3 million compared to the prior year. The higher operating expenses include spending in targeted areas to support future growth, including the expenses from acquired businesses, research and development and investments in personnel and corporate infrastructure partially offset by the assets of expenses from divested businesses.

現在轉到幻燈片 14 的運營費用。全年的運營費用——2022 年全年的運營費用與上一年相比增長 11.6%，達到 3.313 億美元。較高的運營支出包括在目標領域的支出，以支持未來的增長，包括收購業務的支出、研發以及對人員和公司基礎設施的投資，部分被剝離業務的資產支出所抵消。

The higher expense also includes $17.2 million in accrued expenses for legal and other settlement costs that were largely related to the export control investigation, as Jeff mentioned just a moment ago, we have now settled with the U.S. government.

更高的費用還包括 1720 萬美元的應計費用，用於法律和其他結算費用，這些費用主要與出口管制調查有關，正如傑夫剛才提到的那樣，我們現在已經與美國政府達成和解。

On a non-GAAP basis, which excludes nonrecurring charges and divestitures, full year 2022 operating expenses were $241.1 million, a 22.1% increase from the prior year, which primarily reflects pending to support future growth. For the fourth quarter, operating expenses increased 18% to $82.7 million compared to the same period of prior year ago.

按非美國通用會計準則計算（不包括非經常性費用和資產剝離），2022 年全年運營費用為 2.411 億美元，比上年增長 22.1%，這主要反映了支持未來增長的懸而未決。第四季度，營業費用比去年同期增長 18% 至 8270 萬美元。

On a non-GAAP basis, fourth quarter operating expenses were $64.1 million, an 18.2% increase from the same period a year ago. The increase in non-GAAP operating expenses primarily reflects spending to support future growth, including the expenses from acquired businesses, research and development and investments in personnel and corporate infrastructure.

按非美國通用會計準則計算，第四季度運營費用為 6,410 萬美元，比去年同期增長 18.2%。非 GAAP 運營費用的增加主要反映了支持未來增長的支出，包括收購業務、研發以及人員和公司基礎設施投資的費用。

Moving now to Slide 15. Adjusted EBITDA, which is upon -- is non-GAAP operating profit plus depreciation, was negative $5.8 million for the full year 2022 compared to $56.2 million for 2021. For the fourth quarter of 2020, adjusted EBITDA was negative $4.8 million compared to $17.9 million for the same period last year. The decline in adjusted EBITDA reflects all the factors that we've previously discussed.

現在轉到幻燈片 15。調整後的 EBITDA 是非 GAAP 營業利潤加折舊，2022 年全年為負 580 萬美元，而 2021 年為 5620 萬美元。2020 年第四季度，調整後的 EBITDA 為負480 萬美元，去年同期為 1790 萬美元。調整後 EBITDA 的下降反映了我們之前討論過的所有因素。

One point I'd like to remind everyone of, as I did on our third quarter call, 3D Systems profitability during 2022 was significantly impacted by a variety of growth investments, which includes SG&A and R&D expenses from businesses that we've acquired over the last 1.5 years, including Oqton, Titan, Kumovis and most recently, BP Polar.

有一點我想提醒大家，正如我在第三季度電話會議上所做的那樣，2022 年 3D Systems 的盈利能力受到各種增長投資的顯著影響，其中包括我們在過去一年中收購的企業的 SG&A 和研發費用過去 1.5 年，包括 Oqton、Titan、Kumovis 和最近的 BP Polar。

It also includes investments we're making to build our regenerative medicine business, which is still largely in a pre-commercial stage. We invested on this front in 2022 and will increase our level of investment in 2023. These acquisitions and other investments in emerging businesses are highly strategic for 3D Systems, and we expect them to contribute significantly to our revenue growth over the coming years. However, for the time being, these businesses in aggregate have yet to generate meaningful revenue for us.

它還包括我們為建立再生醫學業務所做的投資，該業務仍主要處於商業化前階段。我們在 2022 年在這方面進行了投資，並將在 2023 年增加投資水平。這些收購和對新興業務的其他投資對 3D Systems 具有高度戰略意義，我們預計它們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，這些業務總體上尚未為我們帶來有意義的收入。

As such, you should expect our adjusted EBITDA to run below our natural potential for a period of time due to the near-term expense impacts of recent acquisitions and investments in pre-commercial businesses. Although, as I will discuss in a moment, we are forecasting a return to breakeven or better adjusted EBITDA in 2023 after a negative year in 2022.

因此，由於近期收購和商業前業務投資的近期費用影響，您應該預計我們調整後的 EBITDA 將在一段時間內低於我們的自然潛力。不過，正如我稍後將討論的那樣，我們預測在經歷了 2022 年的負增長之後，2023 年將恢復盈虧平衡或調整後的 EBITDA。

And for EPS full year '22, we had fully diluted loss per share of $0.96 compared to income per share of $2.55 for 2021 excluding charges for stock-based compensation and other nonrecurring items as detailed in the appendix of the earnings release. Our 2022 non-GAAP loss per share was $0.23 compared to non-GAAP earnings per share of $0.33 in 2021.

對於 22 年全年的每股收益，我們完全攤薄每股虧損 0.96 美元，而 2021 年的每股收益為 2.55 美元，不包括收益發布附錄中詳述的基於股票的薪酬和其他非經常性項目的費用。我們 2022 年的非 GAAP 每股虧損為 0.23 美元，而 2021 年的非 GAAP 每股收益為 0.33 美元。

For the fourth quarter of 2022, we had a fully diluted loss per share of $0.20 as compared to a loss per share of $0.05 in the prior year quarter. On a non-GAAP basis, we had loss per share of $0.06 in the fourth quarter of '22 versus $0.09 earnings per share in the prior year quarter. The year-over-year EPS decline reflects all the factors we've previously discussed.

2022 年第四季度，我們的完全攤薄每股虧損為 0.20 美元，而去年同期為每股虧損 0.05 美元。在非 GAAP 的基礎上，我們在 2022 年第四季度的每股虧損為 0.06 美元，而去年同期的每股收益為 0.09 美元。每股收益同比下降反映了我們之前討論過的所有因素。

Now turning to Slide 16 for balance sheet highlights. We ended the quarter with $568.7 million of cash and short-term investments on hand. Our cash and short-term investments declined approximately $220.9 million since the end of 2021 driven primarily by $104.3 million pay for acquisitions and equity investments, cash used in operations of $68.4 million, capital expenditures of $22.5 million and cash used for financing activities of $13.8 million. We continue to have a strong balance sheet with sufficient cash to support organic growth and our investment in our pre-commercial businesses.

現在轉到幻燈片 16 了解資產負債表亮點。本季度結束時，我們手頭有 5.687 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 2.209 億美元，主要是由於收購和股權投資支付的 1.043 億美元、運營中使用的現金 6,840 萬美元、資本支出 2,250 萬美元和用於融資活動的現金 1,380 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和我們對商業前業務的投資。

I'll conclude my remarks on Slide 17 with a discussion of our full year 2023 guidance. We expect revenue to be in the range of $545 million to $575 million. We expect non-GAAP gross profit margin to be in the range of 40% to 42%, and we expect both adjusted EBITDA and free cash flow to be breakeven or better.

我將通過討論我們的 2023 年全年指導來結束我對幻燈片 17 的評論。我們預計收入將在 5.45 億美元至 5.75 億美元之間。我們預計非美國通用會計準則毛利率將在 40% 至 42% 之間，我們預計調整後的 EBITDA 和自由現金流都將達到盈虧平衡或更好。

I want to highlight several points related to this new guidance: first, we are not providing 2023 guidance for non-GAAP operating expenses as we did for 2022. However, we have added 2023 guidance for both adjusted EBITDA and free cash flow. We made this change because we believe that these two metrics, one which addresses profitability and the other, which addresses cash generation are most consistent with how investors will evaluate our overall performance going forward.

我想強調與該新指南相關的幾點：首先，我們沒有像 2022 年那樣提供 2023 年非 GAAP 運營費用指南。但是，我們增加了 2023 年調整後 EBITDA 和自由現金流的指南。我們做出這一改變是因為我們相信這兩個指標，一個涉及盈利能力，另一個涉及現金產生，與投資者評估我們未來整體業績的方式最為一致。

Given that we are now guiding to new metrics, I want to make sure that we have a common understanding on definitions. For purposes of this guidance, I define free cash flow as adjusted EBITDA plus changes in trade working capital less capital expenditures. Also, note that both adjusted EBITDA and free cash flow are meant to exclude any restructuring and all onetime charges that we may incur during 2023.

鑑於我們現在正在指導新指標，我想確保我們對定義有共同的理解。出於本指南的目的，我將自由現金流定義為調整後的 EBITDA 加上貿易營運資本的變化減去資本支出。另請注意，調整後的 EBITDA 和自由現金流均不包括我們在 2023 年期間可能發生的任何重組和所有一次性費用。

And lastly, I want to note that our 2023 guidance fully incorporates two known headwinds. It includes increased operating expenses associated with our continued investment in our pre-commercial regenerative medicine business, which we expect to be approximately $9 million higher than in 2022. And it also assumes that our dental orthodontics demand will be down roughly 35% versus 2022, primarily driven by customer supply chain, inventory reduction initiatives.

最後，我想指出，我們的 2023 年指南完全包含了兩個已知的不利因素。它包括與我們對商業前再生醫學業務的持續投資相關的增加的運營費用，我們預計該業務將比 2022 年高出約 900 萬美元。它還假設我們的牙齒矯正需求將比 2022 年下降約 35%，主要受客戶供應鏈、庫存減少舉措的推動。

Offsetting these headwinds are the favorable impacts of the restructuring that Jeff spoke to earlier and strong growth in our core nondental markets. The key takeaway here is that our guidance for 2023 anticipates breakeven to positive adjusted EBITDA and free cash flow after fully incorporating these known headwinds, which demonstrates that the fundamentals of our core business are sufficiently robust to drive solid overall performance for the company.

抵消這些不利因素的是傑夫所說的重組的有利影響，以及我們核心非牙科市場的早期強勁增長。這裡的關鍵要點是，我們對 2023 年的指導預計在完全考慮這些已知的不利因素後，調整後的 EBITDA 和自由現金流將實現盈虧平衡，這表明我們核心業務的基本面足夠穩健，可以推動公司穩健的整體業績。

Finally, although we are not providing quarterly guidance for 2023, I want to make a comment about seasonality. In the past, it's been typical for 3D Systems to begin each year with a relatively weaker first quarter and then go through a somewhat higher second and third quarter, and then end the year with a strong Q4 as customers flush their annual budgets and stock up on inventories for the coming year.

最後，雖然我們沒有提供 2023 年的季度指導，但我想對季節性發表評論。過去，3D Systems 的典型情況是每年第一季度相對較弱，然後經歷第二和第三季度略高的情況，然後在年底以強勁的第四季度結束，因為客戶會花光他們的年度預算和庫存關於來年的庫存。

2022 did not follow the same pattern due to the decline in our dental markets in the second half of the year as well as other macroeconomic challenges. Based on the current forecast upon which our 2023 guidance is based, we are expecting to return to normal seasonal trends, as I just described, which should result in a quarterly split of revenue similar to what we experienced in 2021.

由於下半年我們的牙科市場下滑以及其他宏觀經濟挑戰，2022 年沒有遵循相同的模式。根據我們 2023 年指南所依據的當前預測，正如我剛才所描述的，我們預計將恢復正常的季節性趨勢，這應該會導致與 2021 年類似的季度收入分配。

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

我的發言到此結束。接線員，我們現在準備打開問題熱線。

(Operator Instructions) Our first question today is coming from Troy Jensen from Lake Street Capital.

（操作員說明）我們今天的第一個問題來自 Lake Street Capital 的 Troy Jensen。

Troy Jensen here. Congrats on results that I thought were better than feared for the most part. But quick just for you to start, Michael, a point of clarification. In your prepared remarks, you right at the end, did you say that health care was down 35%? Or are you expecting that to be down in '23 at that level?

特洛伊詹森在這裡。祝賀結果，我認為大部分情況下比擔心的要好。邁克爾，但請您盡快開始，澄清一點。在你準備好的發言中，你最後是說醫療保健下降了 35% 嗎？或者您是否希望在 23 年達到那個水平？

We expect 2023 dental -- our dental markets to be down 35% year-over-year in '23. -- not help...

我們預計 2023 年牙科——我們的牙科市場將在 23 年同比下降 35%。 ——沒救了……

I got you. And then just thoughts on like share loss. Is that just customer adoption still that much? Or just share is obviously an important topic for this customer. So just your thoughts on that, please?

我接到你了。然後只是想像股票損失。那僅僅是客戶採用率還是那麼多？或者只是分享顯然是這個客戶的一個重要話題。那麼請問您對此有何看法？

For that market specifically, Troy?

特別針對那個市場，特洛伊？

Yes. Yes. line, obviously, it's what.

是的。是的。行，很明顯，它是什麼。

No, Troy, there's no share loss. It's strictly correction in the supply chain at this point that if you watch public company announcements that the impact on that business has kind of moderated now it's flattened out. They've just got to burn off some inventory. They have built inventory pretty aggressively as they expanded their production capability and then they got hit with the consumer discretionary spending drop. So they're just clearing inventory.

不，特洛伊，沒有股份損失。在這一點上，這是對供應鏈的嚴格修正，如果你看到上市公司的公告，表明對該業務的影響已經有所緩和，現在它已經趨於平緩。他們只需要燒掉一些庫存。他們在擴大生產能力時相當積極地建立庫存，然後他們受到消費者可自由支配支出下降的打擊。所以他們只是清理庫存。

So we've tried to just be very realistic in the year to say it's going to take -- if this consumption rate, it's going to take a while for them to do that and return to normal levels, but no share loss.

所以我們試圖在今年非常現實地說這將需要 - 如果這個消費率，他們需要一段時間才能做到這一點並恢復到正常水平，但不會出現份額損失。

Okay. Perfect. And then, Jeff, I mean, you've talked historically about just the importance of profitability in this industry, especially from the leaders like you guys in Additive. I guess I was hoping to get your thoughts on what the OpEx is for like bioprinting and regenerative that isn't generating revenues here. But as Michael pointed out, there's a lot more than just the regenerative stuff with some of the traditional Additive stuff that you bought too, that's kind of pre-revenue. So just thoughts on -- I think, Michael, your term was a natural potential of the margin profile. I'd love to know what you think this business could be here. Where is it right now if you didn't have all these aggressive investments?

好的。完美的。然後，傑夫，我的意思是，你從歷史上講過盈利能力在這個行業的重要性，尤其是來自像你們這些 Additive 的領導者。我想我是希望了解您對 OpEx 的用途的看法，例如生物打印和再生，而這些在此處並未產生收入。但正如邁克爾指出的那樣，你購買的不僅僅是可再生的東西，還有一些傳統的添加劑，這是一種前期收入。所以只是想一想 - 我認為，邁克爾，你的術語是保證金概況的自然潛力。我很想知道你認為這項業務可能會在這裡。如果你沒有所有這些積極的投資，現在它在哪裡？

Well, I'll -- and it's a discussion we have actively inside a lot, especially coming into the year to set the budget. It's for companies that are viewed themselves as growth-oriented companies, it takes no great brainpower to just broad-based cut costs. What we've tried to do in '23 is to really look at our markets and say, what's really going to drive meaningful shareholder value over the next few years. Make sure we funded that. And then let's be realistic on top line revenue and then let's aggressively take cost out where we can. So it's that balance of looking out for the next few years on the adoption rate of Additive in key markets that are going to drive growth, really valuable growth, and balancing that off -- those investments off against cutting costs and making sure that we're profitable.

好吧，我會——這是我們內部很多人積極討論的問題，尤其是在今年設定預算的時候。它適用於那些被視為以增長為導向的公司的公司，不需要很大的智慧就可以廣泛地削減成本。我們在 23 年試圖做的是真正審視我們的市場，然後說，在未來幾年真正會推動有意義的股東價值的是什麼。確保我們為此提供資金。然後讓我們對收入保持現實，然後讓我們盡可能積極地削減成本。因此，在接下來的幾年裡，要在關鍵市場中尋找添加劑的採用率，這將推動增長，真正有價值的增長，並平衡這種平衡——這些投資與削減成本並確保我們“重新盈利。

So we just put a stake in the ground this year and said, "Look, we can strike a nice balance. We can have EBITDA profitability, to be profitable on adjusted EBITDA, and we can generate positive free cash flow." And remember, our balance sheet, we still have well over $0.5 billion of cash on the balance sheet. But I think customers, especially right now in uncertain times, they need to see them making money, they need to see it particularly generating cash to know that you're going to be around, and we're able to support them, especially we're selling now into a relatively conservative large, older line industrial companies that are adopting Additive. They're conservative in their supply chain design. So they want to know that we're going to be around and making money.

所以我們今年就投資了，然後說，“看，我們可以取得很好的平衡。我們可以擁有 EBITDA 盈利能力，在調整後的 EBITDA 上盈利，我們可以產生正的自由現金流。”請記住，在我們的資產負債表上，我們的資產負債表上仍有超過 5 億美元的現金。但我認為客戶，尤其是現在在不確定的時期，他們需要看到他們賺錢，他們需要看到它特別是產生現金，以知道你會在身邊，我們能夠支持他們，尤其是我們現在銷售成相對保守的大型、老線工業公司，正在採用增材製造。他們在供應鏈設計上比較保守。所以他們想知道我們會存在並賺錢。

So it's not enough to have cash on the balance sheet. We got to be adding to that cash. And yet, we still have to be investing significantly for long-term growth because truly the number of applications and production is just exploding. And not only health care but industrial applications. So now not all of them can you make money at. So you got to be careful there. But we try to pick it chose carefully.

所以資產負債表上只有現金是不夠的。我們必須增加現金。然而，我們仍然必須為長期增長進行大量投資，因為應用和生產的數量確實在爆炸式增長。不僅是醫療保健，還有工業應用。所以現在不是所有的人都能賺錢。所以你必須小心那裡。但我們盡量挑選它仔細選擇。

So what you see us giving in guidance is kind of the net result of that is we feel it's really important that we're committed to positive EBITDA and positive free cash flow this year. And we have accumulated a lot of inventory last year with the in-sourcing. So we've got a lot of upside in terms of working capital reductions. We've got -- we're being prudent in our efficiency for us to make sure we deliver on those. And then we're spending as much as we can still on the growth initiatives so that we end up with our results. So and regenerative medicine is taking a meaningful piece of it. But when the returns on that investment become public, Troy, I think everyone in retrospect and look back and say they were great investments.

所以你看到我們給出的指導是一種最終結果，我們覺得我們今年致力於正 EBITDA 和正自由現金流非常重要。去年我們通過內包積累了大量庫存。因此，我們在減少營運資金方面有很多好處。我們已經 - 我們在效率方面保持謹慎，以確保我們實現這些目標。然後我們將盡可能多地花在增長計劃上，以便我們最終取得成果。因此，再生醫學正在發揮重要作用。但是，當該投資的回報公開時，特洛伊，我想每個人都在回顧過去，並說他們是偉大的投資。

So we're kind of pleased with the balance. It was a real challenge this year, particularly because of the weakness in dental is how fast will that come back. So I think we feel very comfortable with our top line expectations at this point, and we'll update you if we change. We're focusing heavily on cost wherever we possibly can, and we're funding key initiatives that we think will add real value in the next few years.

所以我們對平衡感到滿意。今年這是一個真正的挑戰，特別是因為牙科的弱點是恢復的速度有多快。因此，我認為我們目前對我們的頂線期望感到非常滿意，如果我們發生變化，我們會及時通知您。我們盡可能地重點關注成本，我們正在資助我們認為將在未來幾年增加實際價值的關鍵舉措。

Michael, do you want to add any more to that in terms of...

邁克爾，你想補充更多關於......

No, I think you covered it.

不，我想你涵蓋了它。

But yes, Troy. So that kind of covers it. Any questions because that's a really thoughtful question. And it's a subjective answer. I just feel this year, it's important to show our customers and our shareholders that were positive in EBITDA and that we're going to be positive in free cash flow. And even though we've got a great balance sheet, we want to make sure that stays really strong.

但是，是的，特洛伊。所以那種涵蓋了它。任何問題，因為這是一個非常深思熟慮的問題。這是一個主觀的答案。我只是覺得今年，重要的是要向我們的客戶和股東表明 EBITDA 是積極的，我們將在自由現金流方面保持積極。即使我們的資產負債表很好，我們也希望確保它保持強勁。

Perfect answer. One quick question. I'll just throw it out there and see the floor, but touch on industrial. I thought the fact that your guidance for these guys to grow 15% this year. I think what could be a recessionary year is to be pretty healthy, right? So just thoughts on that, Jeff, and then I'll leave you guys.

完美的答案。一個簡單的問題。我只是把它扔出去看看地板，但會涉及工業。我認為你對這些人的指導今年將增長 15%。我認為經濟衰退的年份應該非常健康，對吧？傑夫，請考慮一下，然後我會離開你們。

Yes. Troy, it's reflective of true production applications starting to really grow. And it's -- we were modeling it mid-teens this year. And I think that's going to be early days when you look over the next few years because there's so many folks moving it into factories and factory managers are very conservative people. And companies are, but factory management particularly are promoted because they're conservative generally, and even they're adopting it and moving it into the floor and be it at a moderate pace. But it's remarkable the number of new applications that are coming on the screen every day in both polymers and metals.

是的。特洛伊，它反映了真正的生產應用程序開始真正增長。它是——我們今年在十幾歲的時候對它進行建模。而且我認為當你回顧未來幾年時，這還為時過早，因為有很多人將其轉移到工廠，而工廠經理是非常保守的人。公司是，但工廠管理層特別受到提拔，因為他們普遍比較保守，甚至他們正在採用它並將其轉移到地板上，並以適度的速度進行。但每天出現在屏幕上的聚合物和金屬新應用的數量是驚人的。

And customers like dealing with us because we have both. And we can support them in the world wherever their needs are. So I'm really bullish. I looked at that number too and said, "Well, can we deliver that?" And based on our customer back analysis, Troy, it's very doable, I believe.

客戶喜歡與我們打交道，因為我們兩者兼備。我們可以在世界上任何地方為他們提供支持。所以我真的很看好。我也看了看那個數字，說：“好吧，我們可以送貨嗎？”根據我們的客戶回溯分析，特洛伊，我相信這是非常可行的。

Our next question is coming from Greg Palm from Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Greg Palm。

This is Danny Eggerichs on for Greg today. Hoping to dig a little bit more into dental here right off the bat. Obviously, big year-over-year decrease expected here. I mean, is there anything that could make you more bullish something that could go right in this upcoming year, whether it's on the system side or the consumables side where maybe there's that 35% is kind of a base case and there's potential upside to that or you just don't have really good visibility to that.

我是 Danny Eggerichs 今天為 Greg 做的。希望馬上能在這裡深入了解牙科。顯然，這裡預計會出現大幅同比下降。我的意思是，有什麼可以讓你更加看好即將到來的一年的事情嗎，無論是在系統方面還是在消耗品方面，可能有 35% 是一種基本情況，並且有潛在的上升空間或者您只是對此沒有很好的了解。

Yes. That's a great question. It's great to hear from everybody in the cold climate first thing in the morning. No, it's a great question. So we have a very intimate relationship with the leader in orthodontics today. And I think if you look at what they state publicly in terms of their business now kind of bottoming, my interpretation, business bottoming and they're looking -- I think -- my guess is that's a culmination of many factors. You've got wars going on and inflation, but things seem to be kind of stabilizing. So I would agree. I mean, just as a consumer, I would agree that, that outlook is probably reasonable. And when you factor in the supply chain burn down of inventory that they want to accomplish with us, that results in our revenue stream.

是的。這是一個很好的問題。早上第一件事就是在寒冷的氣候中聽到每個人的消息真是太好了。不，這是一個很好的問題。因此，我們與當今正畸領域的領導者有著非常親密的關係。而且我認為，如果你看看他們公開聲明的他們的業務現在有點觸底，我的解釋，業務觸底，他們正在尋找 - 我認為 - 我的猜測是這是許多因素的結果。你有戰爭和通貨膨脹，但事情似乎有點穩定。所以我會同意。我的意思是，作為消費者，我同意這種前景可能是合理的。當你考慮到他們想要與我們一起完成的供應鏈庫存消耗時，就會產生我們的收入流。

Is there upside on that? Certainly. I mean it's -- I hope everybody looks at the mirror and says their teeth need to be straightened that would be great. If there was increased demand that it would flow through to us very nicely and particularly probably the second half of the year as inventories are brought in line. But -- it is really that simple. How much money will people be willing to spend on straightening their teeth, doing that correction because that's really the driver in the market. And that I think we've been very reasonable in our projection right now.

這有什麼好處嗎？當然。我的意思是——我希望每個人都看著鏡子，說他們的牙齒需要矯正，那太好了。如果需求增加，它會非常好地流向我們，特別是可能在今年下半年，因為庫存得到調整。但是——真的就是這麼簡單。人們願意花多少錢來矯正牙齒，進行矯正，因為這確實是市場的驅動力。而且我認為我們現在的預測非常合理。

So there could always be a downturn in the economy again and things could soften. Inflation, I am hoping comes under control and people have the money to spend on optional items like that, but it is really important in people's lives, and we're really well positioned if there is some upside there in demand. But I think we've been prudent in our projections right now.

因此，經濟總是可能再次下滑，情況可能會走軟。通貨膨脹，我希望得到控制，人們有錢花在這樣的可選項目上，但這在人們的生活中確實很重要，如果需求有上升空間，我們就處於有利地位。但我認為我們現在的預測一直很謹慎。

Got it. And then I guess industrial and nondental health care, I think that mid-teens growth was better than a lot of us were expecting. Are those, do you think, growing at similar rates? Or is one outgrowing the other? And how has that changed in recent months?

知道了。然後我猜工業和非牙科醫療保健，我認為青少年的成長比我們很多人預期的要好。您認為這些增長速度是否相似？還是其中一個長得快於另一個？最近幾個月發生了怎樣的變化？

Yes. Net debt is probably similar rates. I would tell you that the non-dental half of our health care business, the orthopedics and point-of-care work, that's fabulous. And I think we've gotten the technology to a point now of broad acceptance and the costs are coming down fairly rapidly. So the orthopedic repairs to the human body are becoming the -- as I said in the prepared remarks, better, faster and cheaper.

是的。淨債務可能是類似的利率。我會告訴你，我們醫療保健業務中非牙科的那一半，骨科和床旁護理工作，非常棒。而且我認為我們現在已經使技術達到了廣泛接受的程度，並且成本正在迅速下降。因此，對人體的骨科修復正變得——正如我在準備好的發言中所說的那樣，更好、更快、更便宜。

So you can now have better patient outcomes, faster turnaround times, less hospital time and all the ancillary benefits from that, you can do it at a lower cost and provide a better technology solution. And I think it's -- we're really hitting our stride in orthopedic acceptance. And we worry work closely with the FDA on approvals of each procedure, and you got to work through that. It takes a little time. But the economics and the outcomes are in our favor. And I'm very bullish on that.

因此，您現在可以獲得更好的患者治療效果、更快的周轉時間、更少的住院時間以及由此帶來的所有附帶好處，您可以以更低的成本做到這一點，並提供更好的技術解決方案。而且我認為這是 - 我們真的在骨科接受方面取得了長足進步。我們擔心與 FDA 密切合作批准每個程序，你必須通過它。這需要一點時間。但經濟和結果對我們有利。我對此非常看好。

In orthopedics, I think it's transforming orthopedics, frankly. And there's ripple effects, less inventory in the supply chain, better patient matching of solutions, all of that you get. The example I gave, I'm just over the moon about -- with the skull repair. It brings all the benefits of Additive manufacturing together in one example, and it's fabulous. And this is going to change this patient's life. So it's great.

在骨科領域，坦率地說，我認為它正在改變骨科。並且會產生連鎖反應，供應鏈中的庫存減少，解決方案的患者匹配更好，所有這些你都會得到。我給出的例子，我剛剛滿月 - 頭骨修復。它在一個示例中匯集了增材製造的所有優勢，非常棒。這將改變這位患者的生活。所以這很棒。

On the industrial side, again, broad acceptance. I mean, when you look at everything from rocketry and satellites to new ground transportation with electric vehicles and even old line manufacturing. Now we're not going after a lot of high-volume standard components made out of steel and other lower-cost materials. We generally are in the higher-value markets of titanium and nickel and some of the other high-value materials and applications because that's the first adopters, if you will, of Additive.

在工業方面，再次被廣泛接受。我的意思是，當你看到從火箭和衛星到使用電動汽車的新型地面交通工具，甚至是舊線製造的一切時。現在我們不再追求大量由鋼和其他低成本材料製成的標準部件。我們通常處於鈦和鎳以及其他一些高價值材料和應用的高價值市場，因為如果你願意的話，這是添加劑的第一批採用者。

But especially these younger -- I would tell you, these younger companies where there are fewer design paradigms, they love Additive. And if you look at the percentage of Additive parts in some of these really progressive industries that are moving fast, it's really high. you're talking 70%, 75% of components in some modern vehicles that are not ground-based vehicles yet, but the modern flight vehicles for aerospace that are made with additive manufacturing and either directly or indirectly through castings. And it is remarkable.

但尤其是這些年輕的——我會告訴你，這些設計範例較少的年輕公司，他們喜歡 Additive。而且，如果您查看其中一些發展迅速的真正進步的行業中增材零件的百分比，它確實很高。你說的是一些現代車輛中 70%、75% 的部件還不是地面車輛，而是現代航空航天飛行器，它們是通過增材製造直接或間接通過鑄件製造的。這是了不起的。

So I think your -- all of the tides are going in the right direction for adoption. And the only thing that can really slow it down is a drop in capital spending by companies if they are worried about cash. But our customers generally are in good shape on cash. So they're willing to make investments to reduce supply chain risk and improve the turn time. So it's -- right now, it's greenfields ahead. There's enough to be nervous about in the papers. But unless things get worse, I'm pretty confident in those numbers we put out there.

所以我認為你的 - 所有的潮流都在朝著正確的方向發展。如果公司擔心現金問題，唯一可以真正減緩它的是減少資本支出。但我們的客戶通常現金狀況良好。因此，他們願意進行投資以降低供應鏈風險並縮短周轉時間。所以它 - 現在，它是未來的綠地。報紙上已經有足夠多的事情讓人緊張了。但除非情況變得更糟，否則我對我們公佈的數字很有信心。

Yes. That's all good stuff. Maybe just sneak in one more quick one on your inventory levels. I mean, a pretty big jump again both year-over-year and sequentially. Just update on your comfort level there and how we should think about that going forward?

是的。這都是好東西。也許只是根據您的庫存水平再快速添加一個。我的意思是，無論是同比還是環比，都再次出現了相當大的飛躍。只是更新您在那裡的舒適度以及我們應該如何考慮未來的發展？

We're very comfortable we're going to have enough inventory to make product.

我們很高興我們將有足夠的庫存來生產產品。

Yes. It's -- no. When you look at Comfort is how much cash do we take in inventory, it is right now outrageous. I mean, we -- we in-sourced manufacturing. We had to take on to our books, and I think it hit us in Q3 and probably a little overlap in Q4. Our inventory levels jumped up a lot because the supplier we were using to make product had just an absurd amount of inventory. So we took on the good inventory. We've got it on the shelf now. We'll be working our way through that. It's certainly a source of cash in '23, and it's an important one to us.

是的。這是不對的。當你看舒適是我們在庫存中有多少現金時，它現在是離譜的。我的意思是，我們 - 我們內包製造。我們不得不接受我們的書，我認為它在第三季度打擊了我們，並且可能在第四季度有一點重疊。我們的庫存水平大幅上升，因為我們用來製造產品的供應商的庫存量高得離譜。所以我們承擔了良好的庫存。我們現在已經把它上架了。我們將努力解決這個問題。這肯定是 23 年的現金來源，對我們來說很重要。

So we're going to be working inventory levels down to a much more respectable level throughout the year. What I am really pleased about is by taking over that manufacturing, we immediately improve the quality and delivery metrics for our products. And it was critical to our customers and their growth. So we immediately did that. Now we'll work down inventories. And I just think our type of business is much better suited for many platforms for internal manufacturing. And that's a trend we'll probably continue, not 100% but in -- for our high -- low volume, high mix, complex products. We have a great manufacturing base here in South Carolina, and we're developing the same in Europe, and you'll see more of that to come.

因此，我們將在全年將庫存水平降至更可觀的水平。我真正高興的是，通過接管製造，我們立即提高了產品的質量和交付指標。這對我們的客戶及其成長至關重要。所以我們立即這樣做了。現在我們將減少庫存。而且我只是認為我們的業務類型更適合內部製造的許多平台。這是我們可能會繼續的趨勢，不是 100%，而是 - 對於我們的高 - 低產量，高混合，複雜的產品。我們在南卡羅來納州有一個很棒的製造基地，我們也在歐洲開發同樣的基地，你會看到更多這樣的基地。

Next question is coming from Shannon Cross from Credit Suisse.

下一個問題來自瑞士信貸的 Shannon Cross。

I wanted to ask a bit on the COGS -- or actually cost side. Your restructuring program is really targeting OpEx. I'm curious about COGS. And then I had -- I don't know, more of a medic question, I guess, in terms of the biotech opportunity that you have, could you maybe think about -- I mean, you mentioned the lung has the potential to be through, I guess, in the maybe human trials in 5 years. How should we think about the business model morphing over the next few years? I don't want specifics, but maybe if you could talk in generalities about what kind of revenue growth projections there might be or how to think about comparable margin profiles just because you really have sort of two separate businesses, and I think it would be really helpful for people to frame what they're investing in.

我想問一下 COGS——或者實際上是成本方面。您的重組計劃真正針對的是運營支出。我對 COGS 很好奇。然後我 - 我不知道，更多的是醫學問題，我想，就你擁有的生物技術機會而言，你是否可以考慮 - 我的意思是，你提到肺有可能成為通過，我猜，也許是在 5 年內的人體試驗中。我們應該如何看待未來幾年商業模式的轉變？我不想要具體細節，但也許你可以籠統地談談可能會有什麼樣的收入增長預測，或者如何考慮可比較的利潤率概況，僅僅因為你確實有兩種獨立的業務，我認為這將是真的有助於人們確定他們投資的對象。

Yes. So let me -- it's -- on the latter question, there'll be a lot more that becomes public over the next 2 years in terms of our projections because we have to be able to give some estimate on getting to the FDA and when -- what the uptick in volumes will be. I'll come back to that part of your question, Shannon, just a second.

是的。所以讓我 - 它 - 關於後一個問題，根據我們的預測，在未來兩年內會有更多公開，因為我們必須能夠對進入 FDA 以及何時- 數量將增加多少。我會回到你問題的那一部分，香農，等一下。

But on the first one in terms of COGS and OpEx. Obviously, we thought it was important this year that we really drive costs out of the business that we drive efficiencies that would be positive EBITDA performance and positive free cash flow. It's important. It's more than symbolic. It's because obviously, we have a big balance sheet. So we're fine from a stability standpoint. But it's important that we show you can make money in this business and yet still invest for long-term growth. So that was our objective.

但是關於 COGS 和 OpEx 的第一個。顯然，我們認為今年我們真正將成本從業務中剔除是很重要的，我們將提高效率，這將帶來積極的 EBITDA 業績和積極的自由現金流。這一點很重要。這不僅僅是像徵性的。這是因為很明顯，我們的資產負債表很大。所以從穩定性的角度來看我們很好。但重要的是，我們要向您展示您可以在這項業務中賺錢，同時仍然為長期增長進行投資。這就是我們的目標。

We -- because we've in-sourced part of manufacturing now, that's about 40% of our polymer platforms. We have a really nice opportunity on COGS and the supply chain is getting a little bit better. So -- and as we launch new products, we're targeting components that are more widely available. Things that we can really get some better pricing on from a purchase standpoint. So we're working COGS really hard. We're also still working pricing very hard. So we -- I wish gross margins were rising faster than they are, but there are in an upward trend. We're going to continue that, which is reflected in pricing in COGS.

我們——因為我們現在已經內包了部分製造，這大約占我們聚合物平台的 40%。我們在 COGS 上有一個非常好的機會，供應鏈正在變得更好。所以——當我們推出新產品時，我們的目標是更廣泛使用的組件。從購買的角度來看，我們真的可以獲得更好的定價。所以我們非常努力地工作 COGS。我們還在努力定價。所以我們 - 我希望毛利率的增長速度比現在快，但呈上升趨勢。我們將繼續這樣做，這反映在 COGS 的定價中。

In terms of OpEx. Honestly, Shannon, we could generate a lot higher EBITDA in the short term, if all we cared about was 2023, okay? We're spending money on refreshing our traditional platforms because as it's moving into factories, and they want fast, productive, cost-effective machinery. So we've got a ways to go on that. The SLA 750 is a marvelous example and this new version of our 2500 as a jetting platform, great examples. We've got several more to go, and you'll hear about more of those in '23.

在運營支出方面。老實說，香農，如果我們只關心 2023 年，我們可以在短期內產生更高的 EBITDA，好嗎？我們正在花錢更新我們的傳統平台，因為隨著它進入工廠，他們需要快速、高效、具有成本效益的機器。所以我們有辦法繼續下去。 SLA 750 是一個了不起的例子，我們 2500 的這個新版本作為噴射平台，是很好的例子。我們還有幾個要走，你會在 23 年聽到更多的消息。

Those are factory grade machinery to -- will be good in production. We feel it's important to complete that buildout and refresh of our product line, which will largely happen in '23. And then on the side, we've got this remarkable effort in regenerative medicine. So I'll hit that question next.

那些是工廠級的機器——在生產中會很好。我們認為完成我們產品線的擴建和更新很重要，這主要發生在 23 年。另一方面，我們在再生醫學方面做出了非凡的努力。所以接下來我會回答這個問題。

And we are spending millions of dollars on that ourselves. And we also have an incredible partner in United Therapeutics who we're codeveloping the organs with. They are, in my opinion, one of the best partners have ever encountered. We are intimately involved with them and developing human organs, which I think will change millions of people's lives.

我們自己為此花費了數百萬美元。我們在 United Therapeutics 也有一個了不起的合作夥伴，我們正在與他們共同開發器官。在我看來，他們是有史以來最好的合作夥伴之一。我們與他們密切相關並開發人體器官，我認為這將改變數百萬人的生活。

But because of that, can that core technology, we're able now to take our own investments and branch into other areas, which I believe will bring shorter-term benefits, like the human tissue work on breast reconstruction, marvelous area, still have to get through FDA approvals and all that, but it's just one example of dozens of applications in the human body, which are bring midterm. I think of that as kind of a midterm benefit.

但正因為如此，核心技術是否可以，我們現在能夠進行自己的投資並涉足其他領域，我相信這會帶來短期利益，比如乳房重建的人體組織工作，奇妙的領域，仍然有通過 FDA 的批准等等，但這只是人體中數十種應用的一個例子，這些應用都在中期。我認為這是一種中期收益。

But then the really, really neat area that we started talking about last year was doing printing what for us is relatively small the complex vascularized tissue specimens to sell into the pharmaceutical market. And that's really neat because you can -- there's a huge payoff for getting better testing of new drugs.

但我們去年開始談論的真正非常整潔的領域是打印對我們來說相對較小的複雜血管化組織標本，以銷售到醫藥市場。這真的很好，因為你可以——更好地測試新藥可以獲得巨大的回報。

If you can take a year or two out of the development cycle of developing a new drug it's worth billions of dollars to the company that is doing it and participating in that. Obviously, the pharma company gets a lot of benefit from that. We'll get some benefit from helping with the testing. But we will -- in that case, we will be selling prepackage, you could see these on our website, they're called [H-Bios,] organ on a chip where we vascularized tissue, we implant those scaffolds with human cells either healthy or diseased.

如果你能從開發一種新藥的開發週期中抽出一兩年的時間，那麼這對正在做和參與這項工作的公司來說價值數十億美元。顯然，製藥公司從中獲得了很多好處。我們將從幫助測試中獲得一些好處。但是我們會——在那種情況下，我們將銷售預包裝，你可以在我們的網站上看到這些，它們被稱為 [H-Bios] 芯片上的器官，我們在其中組織血管化，我們將這些支架植入人體細胞健康的或有病的。

And the coolest example on the website is on one end, our healthy liver cells, all kept alive for at this point, weeks and months through blood flow through that chip. On the other end is our cancer cells that they want to test a new drug on. So when you make this chip, you can pass blood with test drugs through to look at the effect on the liver cells and on the other hand, on the cancer cells in one test. And we can make those specimen, Shannon, by the hundreds and soon to be thousands.

網站上最酷的例子是在一端，我們健康的肝細胞，在這一點上，通過流經該芯片的血液，可以存活數周和數月。另一端是我們的癌細胞，他們想要測試一種新藥。所以當你製造這個芯片時，你可以讓帶有測試藥物的血液通過，以觀察對肝細胞的影響，另一方面，在一次測試中，對癌細胞的影響。我們可以製作這些標本，香農，成百上千，很快就會成千。

We'll be announcing our new facility down in Houston, which will be the first biofactory to make those chips in the coming days, okay? We're in discussions with a large number of pharma companies today. And I expect announcements to come out certainly more than one this year about the use of those specimens in drug testing.

我們將宣布我們在休斯敦的新設施，這將是未來幾天製造這些芯片的第一家生物工廠，好嗎？我們今天正在與大量製藥公司進行討論。我預計今年肯定會發布不止一份關於在藥物測試中使用這些標本的公告。

So short term, I'm incredibly excited about pharma. I think -- and that's good. And then that doesn't require direct FDA approval, it's customer acceptance of the test for screening new drugs. And then the pharma company carries on with more of its traditional screening experiments after that.

所以短期內，我對製藥感到非常興奮。我認為 - 這很好。然後這不需要 FDA 的直接批准，它是客戶接受用於篩選新藥的測試。然後製藥公司繼續進行更多的傳統篩選實驗。

Midterm, it's the human tissue and other human applications and then a longer term is this remarkable opportunity on organs. So we have a short, medium and long-term focus in regenerative. I think we're ahead of anybody in this industry particularly in our -- through our partnership with United Therapeutics, remarkable, remarkable technology coming out of this.

中期，它是人體組織和其他人體應用，然後是更長期的器官上的這個非凡機會。因此，我們在再生方面有短期、中期和長期的重點。我認為我們領先於這個行業的任何人，特別是在我們 - 通過我們與 United Therapeutics 的合作夥伴關係，非凡的技術由此而來。

So much so that we formed a medical advisory board over the last 6 months. I'm extremely proud of. They are remarkable people that are now giving us their insights into our programs and we're trying to really pave the way for commercialization of these technologies. I think it's the benefits demand kind of remarkable. And to our shareholders will be equally important. So I feel great about that work from every side.

以至於我們在過去 6 個月裡組建了一個醫療顧問委員會。我無比自豪。他們是非凡的人，他們現在向我們提供他們對我們計劃的見解，我們正在努力真正為這些技術的商業化鋪平道路。我認為這是一種非凡的好處需求。對我們的股東來說同樣重要。所以我從各個方面都對這項工作感到滿意。

That may have been more than you wanted to know, but I'll have to stop myself in talking about it now. I could go on for the rest of the day, Shannon.

這可能比你想知道的要多，但我現在不得不停止談論它。我可以繼續今天剩下的時間，香農。

That's very helpful. I guess the last thing, if I could just touch on it, I realize this was a prior administration. But just with regard to the settlement agreement, I think it was about a $15 million fine and then you have some more expenditures over the 3 years. Is there anything else that we should be aware of related to it or that could have any impact on your business just to sort of close the loop on it?

這很有幫助。我想最後一件事，如果我能談談的話，我意識到這是前任政府。但就和解協議而言，我認為這是大約 1500 萬美元的罰款，然後你在 3 年內會有更多支出。還有什麼我們應該知道的與之相關的事情，或者可能對您的業務產生任何影響只是為了結束它的循環嗎？

No, Shannon. We're obviously happy to settle with the government. We've done that span 2012 to -- late 2018, early 2019. Since that time, I would tell you, we've made tremendous progress in our compliance infrastructure. I've personally been involved with us since 2020 and it's first class, and we'll make it even better. The cash payments that we owe the government are spread out over several years. You can see -- you'll see the details in the K and then in the publication. So that -- no ongoing impact on the business.

不，香農。我們顯然很樂意與政府和解。從 2012 年到 2018 年底、2019 年初，我們已經做到了這一點。從那時起，我會告訴你，我們在合規基礎設施方面取得了巨大進步。自 2020 年以來，我個人一直參與我們的工作，這是一流的，我們會做得更好。我們欠政府的現金付款分攤在幾年內。你可以看到 - 你會在 K 中看到詳細信息，然後在出版物中看到。這樣 - 不會對業務產生持續影響。

And then to top it off, Shannon, you go way back in this industry, we exited that, the business that was largely the cause of these issues back in '20. I think we closed the deal in '21 through the sale of that Quick Parts business, that ODM business. That was machining work we were doing in China as a part of that business. We sold that business and got out of it. It wasn't the business for us.

然後最重要的是，香農，你回到這個行業，我們退出了這個行業，這是 20 世紀這些問題的主要原因。我認為我們在 21 年通過出售 Quick Parts 業務和 ODM 業務完成了交易。那是我們在中國做的機械加工工作，作為該業務的一部分。我們賣掉了那家公司，然後退出了。這不關我們的事。

And we've since that time also, in parallel, enhanced our compliance program. So I'm very pleased with our position going forward. I'm pleased to settle with the government, and it's all behind us.

從那時起，我們還同時加強了我們的合規計劃。所以我對我們未來的立場感到非常滿意。我很高興與政府和解，一切都過去了。

Our next question today is coming from Brian Drab from William Blair.

我們今天的下一個問題來自 William Blair 的 Brian Drab。

This is Blake Keating on for Brian. I'll just ask a quick one here since we're at the hour. I just wanted to talk about -- you mentioned in the medium term, your breast scaffolding and tissue products. I was just looking to dive into that a bit. Is this the application that you partnered with CollPlant on? And then along with that, what do you think is going to differentiate your product versus the others? There are some private companies that are focused on breast scaffolding with 3D bioprinting. What do you think is going to differentiate that product versus theirs?

這是布賴恩的布萊克基廷。我只是在這裡問一個快速的，因為我們已經到了。我只是想談談——你在中期提到過，你的乳房支架和紙巾產品。我只是想深入研究一下。這是您與 CollPlant 合作開發的應用程序嗎？除此之外，您認為您的產品與其他產品的區別是什麼？有一些私營公司專注於使用 3D 生物打印技術製作乳房支架。您認為該產品與他們的產品有什麼區別？

Well, thanks for the question. No, this program has nothing to do a CollPlant. And in fact, we developed most of our own materials that we believe are better suited the application, quite frankly, which is why we've gone our separate way right now there. And their college of material may find a home in certain applications. I hope it does. We're not dependent on that at all for our human tissue work.

好吧，謝謝你的提問。不，這個程序與 CollPlant 無關。事實上，坦率地說，我們自己開發了大部分我們認為更適合應用的材料，這就是我們現在分道揚鑣的原因。他們的材料學院可能會在某些應用中找到歸宿。我希望如此。我們的人體組織工作完全不依賴於此。

The way to think about the breast tissue work is it's one example of large-volume tissue applications in the body. So you can think of a lot of trauma examples where someone gets a -- they have some damage to their body that resulted in large amounts of tissue being removed. And this -- the ability to print vascularized scaffolds, and that's really what distinguishes us.

考慮乳房組織工作的方式是它是身體中大量組織應用的一個例子。所以你可以想到很多外傷的例子，有人受到了——他們的身體受到了一些傷害，導致大量組織被切除。而這——打印血管化支架的能力，這正是我們與眾不同的地方。

Vascularized scaffolds that you can then embed human cells into. In the case of the breast tissue work, and I'd say probably many other parts of the body, you're actually using the patient's own fast cells for implanting in the scaffold. So these are 100% biocompatible scaffolds and implant itself. They're kept alive, obviously, indefinitely by the vasculature that's printed into it. And it's a natural addition back to the human body of their own tissue material basically.

然後可以將人體細胞嵌入其中的血管化支架。在乳房組織工作的情況下，我想說可能是身體的許多其他部位，你實際上是在使用患者自己的快速細胞植入支架。所以這些是 100% 生物相容的支架和植入物本身。很明顯，它們通過打印在其中的脈管系統無限期地存活。而且基本上是自身組織材料自然補充回人體。

So we love the solution. I think it highly differentiates us from anybody else in the market. And it's just one example of various parts of the body that we'll end up moving into as we run with this technology.

所以我們喜歡這個解決方案。我認為這使我們有別於市場上的其他任何人。這只是我們在使用這項技術時最終會進入的身體各個部位的一個例子。

And maybe one more question, Kevin, and then we'll cut it off, okay?

也許再問一個問題，凱文，然後我們就結束了，好嗎？

Certainly. Our final question today is coming from Ananda Baruah from Loop Capital.

當然。我們今天的最後一個問題來自 Loop Capital 的 Ananda Baruah。

I appreciate it. Just real quick. Yes, I'm going to ask one, too, just given the time. But just sticking with regenerative and you've given a lot of rich context today, Jeff. Is there anything -- I don't know if you saw -- if you've seen this, you may have because you're in the industry now. But end of last year over in the U.K., it came out that some base editing technology has been used to cure certain types of cancers. What's interesting is the technology isn't yet approved sort of by the managing bodies, but if you'll find the paperwork and if you can get access, you're able to use it.

我很感激。真快。是的，我也想問一個，只是給定時間。但只要堅持再生，你今天就提供了很多豐富的背景，傑夫。有什麼——我不知道你是否看到了——如果你看到了這個，你可能有，因為你現在在這個行業。但去年年底在英國，一些鹼基編輯技術已被用於治療某些類型的癌症。有趣的是，該技術尚未得到管理機構的批准，但如果你能找到文書工作並且可以獲得訪問權限，那麼你就可以使用它。

And I guess the question is, do you think -- yes, do you think before FDA approval there are certain things that -- certain of the things that you're working with in regenerative or even in orthopedics, that could come to market and be used to -- we could see proof-of-concept even prior to being FDA approved that would help people kind of lay a trail of bread comes out to where this is going.

我想問題是，你認為 - 是的，你認為在 FDA 批准之前有某些東西 - 你在再生甚至整形外科中使用的某些東西可能會進入市場並且習慣——我們甚至可以在獲得 FDA 批准之前就看到概念驗證，這將幫助人們在某種程度上找到麵包的踪跡。

Yes, Ananda. It's an excellent question because full and formal FDA approval obviously takes a lot of time there's breakthrough designations. There is the -- I'm spacing the term right now, but there's the sympathetic approvals where a patient is going to die if they don't get the treatment. There are those categories that the FDA and similar bodies overseas has in order to allow a new technology to get to market faster. Obviously, we go through all of the work to get full FDA approval, but wherever we can get breakthrough designation or early use designation, for example, this hospital in Austria, very early use of this Kumovis technology for an implant, for a skull implant, which changes patients' life. I mean and it was -- and really, from our perspective of print, it was very low risk application for us. And it was great to get it out there and get it used.

是的，阿南達。這是一個很好的問題，因為 FDA 的全面正式批准顯然需要很多時間才能獲得突破性指定。有——我現在把這個詞分開，但是有同情的批准，如果病人不接受治療，他們就會死去。 FDA 和海外類似機構擁有這些類別，以便讓新技術更快地進入市場。顯然，我們完成了所有工作以獲得 FDA 的全面批准，但無論我們在哪裡可以獲得突破性指定或早期使用指定，例如，奧地利的這家醫院，很早就將這種 Kumovis 技術用於植入物，用於顱骨植入物，改變了患者的生活。我的意思是，它確實是 - 實際上，從我們印刷的角度來看，它對我們來說是非常低風險的應用程序。把它拿出來並使用它真是太好了。

So that all helps in getting final regulatory approvals. But to your point, and it's a good question, is there are pathways you can so get early designation if somebody is going to die or for other reasons, if you get breakthrough designation that you can get it in there.

因此，所有這些都有助於獲得最終的監管批准。但就你的觀點而言，這是一個很好的問題，如果有人將要死亡或出於其他原因，是否有一些途徑可以讓你獲得早期指定，如果你獲得突破性指定，你可以在那裡獲得它。

Part of the reason -- I wanted to really form our medical advisory board was to get guidance on that is where do we have an opportunity to go for early approvals, for fast-tracking any of the technologies, obviously, balancing risk with patient outcomes to make sure we gather the right data. We're spending a fair amount of money on animal testing now, which we haven't talked about much at all publicly, but we're doing a fair bit of animal testing on a variety of these technologies in order to gather data to know when we're ready to go to the regulatory bodies and then what kind of depth we have to go to in discussion.

部分原因——我想真正組建我們的醫療顧問委員會是為了獲得指導，即我們在哪裡有機會獲得早期批准，快速跟踪任何技術，顯然，平衡風險與患者結果以確保我們收集到正確的數據。我們現在在動物試驗上花費了相當多的錢，我們還沒有公開談論太多，但我們正在對各種這些技術進行相當多的動物試驗，以便收集數據來了解什麼時候我們準備好去監管機構，然後我們必須討論什麼樣的深度。

So we're going through all the right steps to get there and hopefully -- and we will get them to market as fast and as safe as we possibly can. Again, the first things to market I would expect will be the pharmaceutical applications for drug discovery. What we're producing in these vascularized chips, Ananda, is remarkable. The ability to keep cells alive for months is an incredible step forward and the ability then to test to develop big statistics on new drugs. So that's our goal, and it's soon to be our capability here that we'll be talking about.

因此，我們正在通過所有正確的步驟實現目標，並希望——我們將盡可能快、盡可能安全地將它們推向市場。同樣，我期望首先推向市場的是用於藥物發現的藥物應用。 Ananda，我們在這些血管化芯片中生產的產品非常出色。保持細胞存活數月的能力是向前邁出的令人難以置信的一步，並且隨後能夠進行測試以開發新藥的大量統計數據。所以這就是我們的目標，並且很快就會成為我們將要討論的能力。

After that, human body applications, either for tissue or to your point, orthopedics and then beyond that in the future, obviously, organs. That's where we're headed. I think it's a brand-new industry, and I feel great about our leadership position in it.

在那之後，人體應用，無論是組織還是你的觀點，骨科，然後顯然是器官。這就是我們要去的地方。我認為這是一個全新的行業，我對我們在其中的領導地位感到非常滿意。

All right, Kevin. I'm sorry. We should probably wrap it up. But listen, let me just thank everybody for the call. I appreciate you guys tuning in and asking such good questions. We'll look forward to updating you each quarter. The world is a very dynamic place. You have our best thinking on 2023, and we'll update you as we go along each quarter. So thanks.

好的，凱文。對不起。我們應該把它包起來。但是聽著，讓我感謝大家的電話。感謝你們收看並提出如此好的問題。我們期待每個季度為您更新。世界是一個充滿活力的地方。你有我們對 2023 年的最佳想法，我們會在每個季度進行時向你更新。那謝謝啦。

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。今天的電話會議和網絡廣播到此結束。您可以在此時斷開您的線路，並度過美好的一天。感謝您今天的參與。