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.

您好，歡迎參加 3D Systems 2022 年第四季和全年電話會議和網路廣播。 （操作員指示）提醒一下，本次會議正在錄音。

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主持人、財務和投資者關係副總裁羅素·約翰遜 (Russell Johnson)。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.

早安，歡迎參加 3D Systems 2022 年第四季電話會議。今天與我一起參加電話會議的還有總裁兼首席執行官 Jeffrey Graves 博士；邁克爾·特納 (Michael Turner)，執行副總裁兼首席財務官；以及執行副總裁兼首席法律官安德魯·約翰遜（Andrew Johnson）。

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

本次電話會議的網路直播部分包含幻燈片演示，我們將在通話過程中參考它。透過電話關注並希望存取此簡報的幻燈片部分的人員可透過我們網站的「投資者關係」部分進行存取。對於那些已經訪問過網路直播串流部分的人來說，請注意可能會有幾秒鐘的延遲，並且您將無法透過網路發布問題。

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.

以下討論和對您的問題的回答僅反映管理層截至今天的觀點，並將包括本投影片所述的前瞻性陳述。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其他資訊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 表年度報告和 10-Q 表季度報告。

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.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。在我們的新聞稿和本次網路廣播的幻燈片中（均可在我們的投資者關係網站上找到），您將找到有關這些非 GAAP 指標的更多揭露，包括這些指標與可比較 GAAP 指標的對帳。最後，除非另有說明，本次電話會議中的所有比較都將針對我們 2021 年同期的業績。

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

接下來，我將把電話轉給我們的執行長 Jeff Graves 致開場白。

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，大家早安。今天上午，我將首先對 3D Systems 在 2022 年的表現和成就發表一些評論，然後我將分享我對公司 2023 年前景的看法以及我們在未來一年將關注的重點。之後，我將把電話交給我們的財務長 Michael Turner，更詳細地討論 2022 年第四季和全年的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，請容許我翻到投影片 5，並開始快速回顧去年的情況。我首先要說的是，雖然我們沒有達到年初設定的原始財務目標，但我對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中遇到的阻力，其中一些阻力在許多公司中都是常見的，而其中一個阻力是我們獨有的。我們必須盡可能清楚地了解這些因素，因為它們與我們對未來一年的看法以及我們為應對這些因素而採取的行動直接相關。

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，雖然新冠疫情引發的供應鏈問題一直是全年的困擾，但並不比我們預期的更糟糕，而且正如預期的那樣，全年情況持續改善。然而，影響更大的是通貨膨脹的快速上升，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牙科矯正業務的明顯放緩，隨著消費者將支出轉向食品雜貨、衣服以及家庭和汽車能源等更基本的生活必需品，該業務出現了大幅下滑。這種通貨膨脹也表現為我們產品的勞動力和材料成本的上漲，這給毛利率帶來了挑戰，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，經濟不確定性和對經濟衰退的擔憂導致我們的一些客戶，特別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，儘管美國疫情情況有所好轉，但亞洲部分地區的經濟活動仍因工廠停工和日常生活限製而受到干擾。

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了對俄羅斯的銷售，而且還抑制了整個歐洲主要市場的需求。面對這些因素，我們更新了外部財務指導，並採取了一系列具體措施來控製成本並提高近期營運效率。

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 團隊保持靈活並努力工作以應對這將是極具挑戰性的一年。感謝他們的努力。我們度過了堅實的 2022 年下半年，很好地履行了對關鍵客戶的承諾。

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，考慮到我們為公司未來奠定的基礎，這一年對於我們公司而言是極其富有成效和具有戰略意義的一年。去年，我們明確表示 2022 年將成為 3D Systems 的投資年。事實上，我們今年在多個關鍵領域進行了投資：更新我們的產品組合，繼續打造世界一流的再生醫學業務，並改善我們的公司和監管基礎設施，以便能夠利用它來支持未來的成長。

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獲得了一些投資回報。利用這些早期的勝利將成為我們 2023 年的重點，稍後我將詳細介紹這一點。

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.

值得注意的是，我們在 2022 年對再生醫學等極具吸引力的新興業務進行了巨額投資。雖然這些努力目前基本上處於商業化的前階段，但它們的未來影響將在未來兩年內變得越來越明顯。雖然這筆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必要的效率舉措，以向客戶保證我們有能力長期支持他們的成長需求。

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.

鑑於積層製造和生產環境的持續加速發展以及隨著採用成本的持續下降而開闢的全新市場，這些投資對於 3D Systems 來說絕對是正確的策略決策。我們處於這一動態的最前沿，並有能力為所有利害關係人兌現承諾的價值。

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.

轉到第 6 張投影片。 2022 年，對我們來說一個至關重要的投資重點是更新和擴展我們領先業界的產品組合，包括硬體、材料和軟體。特別是，我們的硬體團隊進行了全面的努力來更新我們最重要的印表機平台，並且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，這是我們有史以來最快的立體光刻印表機，非常適合大幅面大量聚合物應用。這個全新的平台是市場上最大、最快、最精確的 SLA 印表機，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 團隊在產品測試階段進行了廣泛測試後，購買了我們的四套新型 SLA 750 列印系統。 Alpine F1 車隊目前每年使用 3D Systems 的設備和材料生產 25,000 個積層製造零件。團隊將使用我們的 SLA 750 來加速用於風洞測試的複雜空氣動力學部件以及小型複合工具和高溫粘合工作的流程。

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 的演進完美地體現了我們在 3D Systems 正在建立的策略能力。透過加速新產品從設計實驗室到客戶市場的進程，實現透過快速創新推動成長的能力。

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，我們對業界領先的噴射印表機 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。此升級平台專為生產複雜、高品質純蠟 3D 列印珠寶圖案而設計，具有全新的速度和精度等級。

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.

它是與最終用戶密切合作開發的，直接回應了在大規模客製化生產環境中運營的客戶的需求。正如我之前提到的，2023 年的一個重點將是收穫這些技術投資的近期利益。

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 和全新 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例子。我們將在 2023 年加速效能升級週期，並計劃全年推出多個新平台。

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.

現在轉到投影片 7。除了這些有機投資外，還有我們的傳統印刷平台。 2022 年，我們收購了三個早期生產印刷平台 Titan、Kumovis 和 BP Polar，進一步加快了硬體產品的擴展，每個平台在特定市場都有獨特的優勢。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，但我們已經看到這些革命性技術所能取得的令人興奮的成果。

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.

請容許我花一點時間和大家分享一個例子。就在上週，我們見證了醫療保健解決方案集團取得的一個重要里程碑：奧地利薩爾茨堡大學醫院的一支外科團隊使用 Kumovis 列印機進行了首次臨床植入，植入物為採用醫用級 PEEK 聚合物材料製成的 3D 列印顱骨板。

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.

此印表機專為精密列印醫療級高性能聚合物（如聚醚酮或 PEEK）而開發。手術團隊使用安裝在醫院內部護理點的 Kumovis 印表機，客製化並列印了顱骨植入物，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。但考慮到替換部分的尺寸，還需要透過 3D 列印具有多孔蜂蜜薄膜內部結構的顱骨板來減輕異常大的顱骨板的重量，而使用傳統製造技術是不可能實現的。

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.

這種個人化的患者專用護理點植入應用充分利用了 PEEK 材料的性能和生物相容性，這正是我們收購 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，我們擁有獨特的優勢，可以為外科醫生提供全方位的列印解決方案選項，從用於關節和骨骼置換的鈦和鈷鉻到用於脊柱顱骨和其他有針對性的骨科應用的先進醫用級聚合物，每種解決方案都使用我們在過去十年中在醫療保健業務中率先採用的數字工具和流程進行定制，以滿足每種解決方案患者的需求。

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成長的骨科應用中為患者提供了更好、更快、更低成本的治療結果，這將推動我們現有醫療保健業務的長期持續成長。與我們目前正在開發的 Oqton 軟體平台相結合，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世界各地患者中的應用。

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，我們正在進行領先地位所需的關鍵投資。隨著我們推進這些投資以及我們產品組合中的其他投資，我們的目標是明確的。 3D Systems 將繼續提供業界最完整的創新 3D 列印解決方案陣容，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.

現在轉到投影片 8。2022 年另一個具有重要策略意義的投資重點領域是再生醫學。正如我之前與大家分享的，我相信再生醫學是積層製造的下一個前沿。此外，我堅信 3D Systems 具有獨特的優勢，可以引領這個新興成長產業。

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比擬的一系列特性，包括30多年開發高分辨率3D列印應用的記錄、深厚的傾向性和材料科學、堅實的品質基礎和監管專業知識以及透過戰略收購和與United Therapeutics多年的器官合作獲得的人體組織工程實踐經驗。

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 個月中，我們的再生醫學計畫取得了顯著的里程碑，預示著這項新興業務的巨大成長潛力。 2022 年，3D Systems 與我們的長期生物技術開發合作夥伴 United Therapeutics 公開推出了 3D 列印肺支架，這是有史以​​來製造的最複雜的 3D 列印物件。這項非凡的工程成就已經在動物模型上證明了功能性氣體交換。

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.

根據去年的進展，我們相信我們的 3D 列印肺部可以在 5 年內進入人體移植試驗，這比我們在 21 年設想的時間大大加快。

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 2022 年，我們宣布成立 systemicBIO，這是一家全資新創公司，該公司利用我們在血管化組織列印方面的專業知識來開發和製造一種名為 h-VIOS 的獨特器官晶片技術，供製藥業用於藥物研發。我想提醒大家，systemicBIO 不會成為傳統的 3D 列印機和材料供應商。 systemicBIO 將直接與大型製藥公司合作，共同開發針對特定器官和疾病功能的 HFOs 晶片，然後將這些晶片直接推銷給從事藥物研發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.

我相信大家都能意識到，透過成為製藥業客製化高價值生物技術產品的主要供應商，我們將推動公司基準獲利能力的大幅提升，以及我們公司估值倍數的重新評估。

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.

目前，我們的systemicBIO團隊正在積極與潛在合作夥伴和客戶進行商業討論。我期待在不久的將來能與大家分享更多這方面的新聞。

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，一項新的再生組織計劃，這是我們在 3D 列印人體器官 Scaffolds 方面取得的成功的直接成果。這項內部研究和開發工作結合了生物列印技術、生物相容性 3D 列印材料和患者來源的細胞，以製造血管化水凝膠支架，模仿患者的解剖結構和生理結構，並可在各種外科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 列印產品是再生乳房組織。這項突破性的應用可以為每年數百萬被診斷出患有癌症的女性提供顯著改善的基於植入物的重建選擇。這也可能為 3D Systems 帶來一個具有獨特優勢的重要新市場機會。

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，我們只進行研發項目和產品組合的新增，我們相信這些項目和新增功能能夠帶來可觀的回報，並符合我們公司為高價值、高增長的工業和醫療保健市場提供以應用為中心的解決方案的使命。鑑於其戰略重要性，儘管面臨宏觀經濟和地緣政治阻力以及我們的主要正畸市場表現超出預期的疲軟，我們在 2022 年仍保持了高度的投資重點。

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.

這樣做要求我們非常謹慎地確定我們的投資支出，控制我們的營運成本，並利用我們強大的資產負債表。我始終堅信，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成長和盈利奠定堅實的基礎，我們將能夠在未來許多年裡利用這些基礎。

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.

現在轉到投影片 9。我想強調一下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效益，我們將在 2023 年繼續這樣做。去年，我們在更好地協調我們的製造和供應鏈營運方面取得了重大成功，與我們公司的營運狀況和新興產品組合一致。

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.

2022 年下半年，我們將大量聚合物印刷平台內部採購到南卡羅來納州的製造業務，完成了這一過程中的重要一步。這種轉變要求我們承擔一些一次性成本，並在需要之前將庫存記入帳簿，這在一定程度上解釋了我們年底庫存水準升高的原因。但這項變化已經提高了我們的毛利率，並對客戶的交付可靠性和產品品質產生了積極影響。

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.

2023 年，隨著我們加快發布新產品的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營運和成本效率。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協調我們三大金屬平台的歐洲工程和製造業務、精簡我們的軟體組織（現已合併到 Oqton 旗下）並將我們的產品組合集中在為市場帶來最高長期價值的平台上，從而改善我們 2023 年的利潤狀況。

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 2022 年全年進行的整合活動和優化規劃的結果，將使我們在 2023 年及以後實現顯著的成本協同效應，Michael 稍後會為您詳細介紹。

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.

除了這些最大限度提高效率的獨立措施外，2022 年第四季度，我們還對營運和工程職能進行了重大重組，為進一步改善營運奠定了基礎。現在，我們已將 3D Systems 的所有工程設計、產品管理、採購、製造和物流都交由我的執行團隊成員 Joe Zuiker 博士負責，他最近加入公司並擔任這一新職位。

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.

在喬的領導下，我們的營運和工程團隊將共同努力，推動整個組織專注於卓越營運。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銜接。

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.

在將電話交給邁克爾之前，我想先從宏觀角度談談我們對 2023 年的展望。在邁克爾即將向您介紹的新的全年指引中，我們謹慎地假設，我們在 22 年下半年經歷的牙科市場放緩將持續整個 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.

除了牙科市場之外，我們還看到醫療保健和工業解決方案領域幾乎所有其他市場都表現出了強勁實力。綜合考慮這些因素，我們預計 2023 年的綜合收入將實現中等個位數成長，這得益於非牙科市場中個位數的成長率。

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.

這種成長狀況加上將在整個23年推動的營運和成本效率，應該使我們能夠在全年產生正的調整後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 2023 年的指引充分反映了我們對業務成長領域的持續投資，包括新產品開發、研發和創建世界一流的再生醫學業務，所有這些都是旨在支持未來成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.

進入新的一年，我對公司在3D列印行業的領導地位感到前所未有的興奮和信心，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營運基礎。 2023年，我們致力於推動與我們的領導地位相符的財務表現。

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，在結束我的發言之前，我想先談一個額外的話題。本週早些時候，美國國務院、司法部和商務部宣布，這些機構已與 3D Systems 就 2012 年至 2019 年期間 3D Systems 涉嫌違反出口管制的行為達成公開調查和解。我們已經在提交給美國證券交易委員會的文件中披露了此事。

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，作為我們三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，我對我們目前在 3D Systems 建立的合規文化、流程和基礎設施感到非常自豪，並將繼續在此基礎上繼續建設。我們不僅致力於滿足所有要求的標準，而且致力於成為當今所有複雜的全球業務基本要素的真正領導者。

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

說到這裡，我想把電話轉給我們的財務長 Michael Turner。麥可？

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。我們昨晚發布的收益報告包含與我們 2021 年全年業績相關的非 GAAP 指標的表格，我們從中排除了這些剝離業務的影響。

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除權基礎。此次調整的目的是使我們 2022 年的業績與 2021 年的業績在有機基礎上具有可比性。然而，值得注意的是，我們在 2021 年第三季完成了資產剝離計畫。因此，昨晚收益報告中與我們 2021 年第四季度業績相關的任何表格，以及我在今天的電話會議上對我們 2020 年第四季度業績的任何提及，都沒有反映出任何資產剝離的調整。

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.

現在轉到投影片 11。我將首先討論我們合併業務的 2022 年全年業績。正如 Jeff 所提到的，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、高通膨、經濟衰退擔憂和烏克蘭戰爭。當然，我們今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.

結果，我們在 2022 年下半年經歷了牙科市場收入意外大幅下降。這對 3D Systems 的影響尤其大，因為牙科銷售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 2022 年收入指引進行年中調整以反映上述因素後，我們在年底的收入相當接近我們修訂後的收入預期。

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 年營收為 5.38 億美元，較 2021 年下降 12.6%。若不包括資產剝離和外匯的不利影響，收入較上年增長 3.3%。儘管經營環境十分艱難，但我們的營收仍實現成長，反映出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需求持續強勁。

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原因是我們在 2022 年初退出俄羅斯市場，以及牙科市場收入疲軟（主要是牙齒矯正領域），年減約 10%。調整這些項目後，2022 年我們的淨銷售額年增了較低的兩位數。

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.

現在轉向季度收入結果，如前所述，該結果不再反映 2021 年資產剝離的影響。綜合來看，2022 年第四季營收較去年同期下降 12% 至 1.327 億美元。排除外匯的不利影響，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，但其他業務領域持續強勁的產品和服務需求部分抵消了這一下降。

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.

現在轉到投影片 12，回顧分部收入。對於我們的醫療解決方案部門，2022 年全年收入（不包括資產剝離和外匯的不利影響）與 2021 年相比下降了 2.9%，原因是我們的牙科市場從 2022 年中期開始下滑約 10%。除了牙科之外，我們在 2022 年也看到健康的成長，醫療解決方案部門內的一些其他主要業務線也實現成長，包括向 3D Sprint 客戶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，我們向醫生、外科醫生和醫院提供的虛擬手術計劃和護理點解決方案的銷售額在第四季度也有所增長。我們的醫療保健業務的這兩個領域通常涉及選擇性的醫療程序，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匯的不利影響）與 2021 年相比增長了 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.

現在轉到季度分部業績。就我們的醫療解決方案部門而言，第四季度收入（不包括不利的外匯影響）年減 16.6%，這主要歸因於牙科市場的逆風，但醫療設備的持續強勁部分抵消了這一影響。

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.

就我們的工業解決方案部門而言，第四季營收（不包括不利的外匯影響）成長了 1.1%。本季度的收入受益於針對珠寶客戶的精密微鑄造應用的持續強勁增長以及半導體和電子產品的增長，但與去年同期這兩個終端市場的非常強勁的第四季度相比，航空航天和賽車運動客戶的銷售相對較弱，部分抵消了這一增長。

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 上的毛利。 2022 年全年毛利率為 39.8%，而前一年為 42.5%。利潤率下降有多種因素造成，包括 2021 年非核心資產的剝離、通膨對投入成本的影響、運費以及由於 2022 年打印機銷量比上一年多而材料銷量比上一年少導致的產品結構發生不利變化。這種同比組合轉變的影響在我們關鍵的巔峰垂直市場中尤其明顯。

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年第四季毛利率為40.9%，去年同期為44.1%。導致利潤率年減的因素與全年利潤率下降的因素大致相同。不過，雖然我們的利潤率在 2022 年較 2021 年有所下降，但我們在第四季度實現了連續的利潤率提升，較第三季度增加了 100 個基點，而從第二季度到第三季度也實現了類似的增長。

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，我們仍透過採取價格行動和更加重視卓越營運來提高利潤率，其中包括在 2022 年下半年將部分外包印表機生產轉回內部。

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 上的營運費用。全年營運費用 - 2022 年全年與前一年相比成長 11.6% 至 3.313 億美元。更高的營運費用包括為支持未來成長而在目標領域支出的費用，包括來自收購業務的費用、研發費用以及對人員和公司基礎設施的投資，部分被剝離業務的費用資產所抵消。

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.

較高的費用還包括1720萬美元的法律和其他和解費用，這些費用主要與出口管制調查有關，正如傑夫剛才提到的，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.

以非 GAAP 基礎計算，不包括非經常性費用和資產剝離，2022 年全年營運費用為 2.411 億美元，較上年增長 22.1%，主要反映了支持未來增長的待定支出。第四季度，營業費用比去年同期增加 18% 至 8,270 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.

以非美國通用會計準則計算，第四季營業費用為 6,410 萬美元，較去年同期成長 18.2%。非公認會計準則營業費用的增加主要反映了支持未來成長的支出，包括收購業務的費用、研發費用以及對人員和公司基礎設施的投資。

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.

現在轉到第 15 張投影片。調整後的 EBITDA（非 GAAP 營業利潤加上折舊）在 2022 年全年為負 580 萬美元，而 2021 年為 5,620 萬美元。 2020 年第四季度，調整後的 EBITDA 為負 480 萬美元，而去年同期為 1,790 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.

我想提醒大家的一點是，正如我在第三季度電話會議上所說的那樣，3D Systems 在 2022 年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 1.5 年內收購的企業的銷售、一般和行政費用以及研發費用，包括 Oqton、Titan、Kumovis 以及最近的 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而進行的投資，該業務基本上仍處於商業化前階段。我們在 2022 年在這方面進行了投資，並將在 2023 年增加投資水準。這些收購和對新興業務的其他投資對 3D Systems 來說具有高度戰略意義，我們預計它們將在未來幾年為我們的收入成長做出重大貢獻。然而，就目前而言，這些業務總體上尚未為我們創造有意義的收入。

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，由於最近的收購和對商業前業務的投資對短期費用的影響，您應該預期我們的調整後 EBITDA 將在一段時間內低於我們的自然潛力。不過，正如我稍後將要討論的那樣，我們預測，在經歷了 2022 年的負面表現之後，2023 年 EBITDA 將恢復收支平衡或實現更好的調整。

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.

就 2022 年全年每股收益而言，我們的每股完全攤薄虧損為 0.96 美元，而 2021 年的每股收益為 2.55 美元（不包括股票薪酬費用和其他非經常性項目，詳情請見收益報告附錄）。我們 2022 年的非 GAAP 每股虧損為 0.23 美元，而 2021 年的非 GAAP 每股盈餘為 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，我們的每股全面攤薄虧損為 0.20 美元，而去年同期的每股虧損為 0.05 美元。以非公認會計準則計算，22 年第四季我們的每股虧損為 0.06 美元，而去年同期的每股盈餘為 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.

現在前往投影片 16 查看資產負債表重點。截至本季末，我們持有 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，主要原因是收購和股權投資支出 1.043 億美元、營運現金使用量 6,840 萬美元、資本支出 2,250 萬美元和融資活動現金使用量 1,380 萬美元。我們的資產負債表仍然強勁，有足夠的現金來支持有機成長和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.

我將在第 17 張投影片上討論我們的 2023 年全年指引，以此結束我的演講。我們預計營收在 5.45 億美元至 5.75 億美元之間。我們預計非公認會計準則毛利率將在 40% 至 42% 之間，並且我們預計調整後的 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.

我想強調與此新指南相關的幾點：首先，我們不會像 2022 年那樣提供 2023 年非 GAAP 營運費用指南。但是，我們增加了 2023 年調整後 EBITDA 和自由現金流指南。我們做出這項改變是因為我們相信這兩個指標（一個涉及獲利能力，另一個涉及現金創造能力）與投資人評估我們未來整體表現的方式最為一致。

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.

鑑於我們現在正在引導新的指標，我想確保我們對定義有共同的理解。為了本指南的目的，我將自由現金流定義為調整後的 EBITDA 加上貿易營運資本變動減去資本支出。另請注意，調整後的 EBITDA 和自由現金流均旨在排除我們在 2023 年可能產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，我想指出的是，我們 2023 年的指引充分考慮了兩個已知的不利因素。其中包括與我們持續投資於商業化前再生醫學業務相關的增加的營運費用，我們預計該費用將比 2022 年高出約 900 萬美元。此外，它還假設我們的牙科矯正需求將比 2022 年下降約 35%，主要受客戶供應鏈、庫存減少措施的推動。

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之前提到的重組的有利影響，以及我們核心非牙科市場的強勁成長。這裡的關鍵點是，我們對 2023 年的預期是，在完全考慮這些已知不利因素後，調整後的 EBITDA 和自由現金流將達到正值，這表明我們核心業務的基本面足夠強勁，能夠推動公司整體業績穩健增長。

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 的典型表現是每年年初第一季業績相對較弱，隨後第二季和第三季業績有所回升，最後以強勁的第四季度結束一年，因為客戶會充實年度預算並為來年儲備庫存。

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.

由於下半年牙科市場的下滑以及其他宏觀經濟挑戰，2022 年並沒有遵循相同的模式。根據我們 2023 年指引所依據的當前預測，我們預計將恢復到我剛才描述的正常季節性趨勢，這將導致季度收入分配與我們在 2021 年經歷的類似。

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，我們現在可以開始回答您的提問了。

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

（操作員指示）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?

這裡是特洛伊·詹森。恭喜你所取得的結果，我認為大部分結果比人們擔心的要好。但是邁克爾，你很快就可以開始澄清一點。在您準備好的發言最後，您是否說過醫療保健費用下降了 35％？或者您預計到 23 年這個數字會下降到這個水平？

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

我們預計 2023 年牙科市場規模將比 23 年下降 35%。 —— 沒有幫助...

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。然後只是考慮股票損失。客戶採用的程度還這麼高嗎？或者只是分享對這個客戶來說顯然是一個重要的主題。那麼請問您對此有什麼看法嗎？

For that market specifically, Troy?

特洛伊，具體針對那個市場嗎？

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

是的。是的。線，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，沒有股票損失。目前，這只是供應鏈中的嚴格調整，如果你觀察上市公司的公告，你會發現對該業務的影響已經有所緩和，已經趨於平穩。他們只是必須消耗掉一些庫存。在擴大生產能力的同時，他們也積極建立庫存，但隨後卻受到消費者可自由支配支出下降的打擊。所以他們只是在清理庫存。

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.

因此，我們試圖在今年非常現實地表示——如果這個消費率保持不變，他們需要一段時間才能恢復到正常水平，但不會有份額損失。

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，你過去一直在談論盈利能力在這個行業中的重要性，尤其是從像你們 Additive 這樣的領導者的角度來看。我想聽聽你對生物打印和再生等未產生收入的營運支出的看法。但正如邁克爾指出的那樣，除了再生材料外，你購買的一些傳統添加劑也很多，這是一種預收入。所以只是想一下 - 我認為，邁克爾，你的術語是利潤概況的自然潛力。我很想知道您認為這家企業可以在這裡發展成什麼樣子。如果沒有這些積極的投資，現在的情況如何？

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——這是我們在內部積極討論的問題，特別是在製定預算的年份。對於那些被視為成長型公司來說，全面削減成本並不需要太多腦力。我們在23年嘗試做的是真正審視我們的市場，並探討未來幾年什麼才能真正推動有意義的股東價值。確保我們能提供資金。然後，讓我們現實地看待營業收入，然後讓我們積極地在可能的情況下削減成本。因此，我們需要在未來幾年內關注積層製造在關鍵市場的採用率，這些市場將推動成長，真正有價值的成長，並平衡這些投資與削減成本，確保我們獲利。

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.

因此，我們今年就立下了汗馬功勞，並表示：「看，我們可以取得很好的平衡。我們可以實現 EBITDA 盈利，在調整後的 EBITDA 上實現盈利，並且可以產生正的自由現金流。」請記住，我們的資產負債表上仍有超過 5 億美元的現金。但我認為，尤其是在目前不確定的時期，客戶需要看到他們賺錢，他們需要看到它特別是產生現金，才能知道你會在身邊，我們能夠支持他們，特別是我們現在正在向採用增材製造的相對保守的大型、老牌工業公司銷售產品。他們的供應鏈設計比較保守。所以他們想知道我們是否會存在並賺錢。

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.

因此，資產負債表上有現金是不夠的。我們必須增加現金。然而，我們仍然需要投入大量資金來實現長期成長，因為應用和生產的數量確實正在激增。不僅適用於醫療保健，也適用於工業應用。所以現在並不是所有這些都能讓你賺錢。所以你一定要小心。但我們會盡力謹慎選擇。

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.

因此，您看到我們給出的指導是一種最終結果，我們認為今年致力於實現正的 EBITDA 和正的自由現金流非常重要。去年我們透過內部採購累積了大量庫存。因此，我們在減少營運資本方面有很大的優勢。我們已經—我們在效率方面採取了審慎的態度，以確保能夠實現這些目標。然後，我們會盡可能投入資金用於成長計劃，以便最終獲得成果。因此，再生醫學正在發揮重要作用。但是，特洛伊，當這項投資的回報公開時，我想每個人回想起來都會說這是一項偉大的投資。

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.

所以我們對這種平衡感到很滿意。今年是一個真正的挑戰，尤其是由於牙科領域的薄弱，情況能恢復得有多快。因此，我認為我們對於目前的營收預期非常滿意，如果有任何變化，我們會及時告知您。我們盡可能地關注成本，並且正在資助那些我們認為將在未來幾年增加真正價值的關鍵措施。

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

邁克爾，你還想就此補充什麼嗎？

No, I think you covered it.

不，我想你已經覆蓋了。

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。這樣就涵蓋了它了。有任何疑問嗎？因為這是一個非常深思熟慮的問題。這是一個主觀答案。我只是覺得今年，重要的是向我們的客戶和股東展示我們的 EBITDA 是積極的，並且我們的自由現金流也將是積極的。儘管我們擁有出色的資產負債表，但我們仍希望確保其持續保持強勁。

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。我只是把它扔到那裡並看看地板，但觸及工業。我認為你對這些傢伙的指導今年將達到 15%。我認為，即使是經濟衰退的一年，也是相當健康的一年，對嗎？傑夫，我只是就此想法而已，然後我就離開你們了。

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，這反映了真正的生產應用開始真正成長。而且——我們今年正在對它進行建模。而且我認為，展望未來幾年，這只是初期階段，因為會有很多公司將其轉移到工廠，而工廠經理都是非常保守的人。公司確實如此，但工廠管理尤其如此，因為他們總體上比較保守，甚至他們也正在採用它並將其推向市場，並且以適中的速度進行。但令人驚訝的是，每天都有大量聚合物和金屬材料的新應用出現在螢幕上。

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，因為我們同時擁有這兩種產品。無論他們需要什麼，我們都可以向他們提供支援。所以我非常看好。我也看了看那個號碼並說：「那麼，我們能送貨嗎？」特洛伊，根據我們對客戶的回顧分析，我相信這是非常可行的。

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

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.

今天由丹尼·艾格里奇斯代替格雷格主持。希望能立即深入了解牙科知識。顯然，預計這裡會出現年比大幅下降。我的意思是，有什麼事情可以讓您對即將到來的一年更加樂觀，無論是在系統方面還是在消耗品方面，也許 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。一大早就能在寒冷的氣候中聽到大家的聲音真是太好了。不，這是一個很好的問題。因此，我們與當今正畸學領域的領導者保持著非常密切的關係。而且我認為，如果你看看他們公開聲明的目前他們的業務處於觸底狀態，我的解讀是，業務處於觸底狀態，他們正在看——我認為——我的猜測是，這是多種因素共同作用的結果。雖然戰爭不斷，通貨膨脹也不斷，但情況似乎趨於穩定。所以我同意。我的意思是，作為一個消費者，我同意這種觀點可能是合理的。當你考慮他們希望與我們一起完成的供應鏈庫存消耗時，這就產生了我們的收入流。

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.

這樣有什麼好處嗎？當然。我的意思是──我希望每個人照鏡子時都說自己的牙齒需要矯正，那就太好了。如果需求增加，那麼它就會非常順利地轉移到我們身上，特別是今年下半年，隨著庫存的恢復，這種情況可能會發生。但——它確實就這麼簡單。人們願意花多少錢來矯正牙齒，因為這才是真正的市場驅動力。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，經濟隨時都有可能再次下滑，情勢也可能會變得緩和。我希望通貨膨脹能夠得到控制，人們有錢購買類似的可選物品，但這在人們的生活中確實很重要，如果需求出現上行，我們就處於有利地位。但我認為我們目前的預測是謹慎的。

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。然後我猜想工業和非牙科保健，我認為青少年中期的成長比我們許多人預期的要好。您認為它們的成長速度相似嗎？或者其中一個已經超越了另一個？那麼近幾個月來情況有何變化呢？

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。淨債務的利率可能類似。我想告訴你，我們的醫療保健業務中非牙科部分，即骨科和即時診斷工作，都是非常棒的。我認為我們現在已將這項技術推向了廣泛認可的程度，而且其成本也在迅速下降。因此，正如我在準備好的演講中所說，人體的骨科修復變得越來越好、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。我認為我們在骨科接受度方面確實取得了長足進步。我們擔心與 FDA 密切合作以獲得每個程序的批准，你必須完成這項工作。這需要一點時間。但經濟和結果都對我們有利。我對此非常樂觀。

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.

坦白說，在骨科領域，我認為它正在改變骨科。而且還有連鎖反應，供應鏈中的庫存減少，解決方案更好地與患者匹配，所有這些你都可以得到。就我所舉的例子來說，我對頭骨修復感到非常高興。它將積層製造的所有優點集中到一個實例中，真是太棒了。這將改變這位病人的生活。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，再次獲得廣泛認可。我的意思是，當你觀察從火箭和衛星到電動車等新型地面交通，甚至是舊式生產線製造的一切。現在我們不再追求大量由鋼和其他低成本材料製成的大批量標準部件。我們通常處於鈦和鎳等高價值市場以及其他一些高價值材料和應用，因為這些是增材製造的首批採用者。

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.

但特別是這些年輕的公司——我想告訴你，這些年輕的公司擁有較少的設計範式，他們喜歡 Additive。如果你看一下這些發展迅速的真正進步的行業中增材部件所佔的百分比，你會發現它確實很高。你說的是一些現代交通工具中 70% 到 75% 的零件，這些零件還不是地面交通工具，而是用於航空航天的現代飛行器，它們是透過增材製造或直接或間接透過鑄件製造的。這是非常了不起的。

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.

所以我認為所有的潮流都朝著正確的方向發展。而唯一能真正減緩這一進程的就是如果企業擔心現金流不足的話，就減少資本支出。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週轉時間。所以現在，前方是一片綠地。報紙上已經有足夠多讓人緊張的事情了。但除非情況變得更糟，否則我對我們公佈的數字非常有信心。

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。這些都是好東西。也許只需再偷偷快速檢查一下您的庫存水平即可。我的意思是，無論是同比還是環比，這都是一個相當大的增長。只需更新您那裡的舒適程度以及我們應該如何考慮未來？

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

我們非常放心，我們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。是的--不。當你看著舒適度時，我們會發現我們在庫存中佔用了多少現金，現在這個數字太離譜了。我的意思是，我們將製造業務外包出去。我們必須承擔我們的責任，我認為這對我們在第三季度產生了影響，並且可能在第四季度有一點重疊。我們的庫存水準大幅上升，因為我們用來生產產品的供應商的庫存量非常大。因此我們獲得了優質庫存。現在我們已經把它放到架子上了。我們會努力解決這個問題。這無疑是23年的現金來源，對我們來說非常重要。

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準降至更為可觀的水準。讓我真正高興的是，透過接管製造業務，我們立即提高了產品的品質和交付指標。這對我們的客戶及其發展至關重要。因此我們立即這麼做了。現在我們要減少庫存。我只是認為我們的業務類型更適合許多內部製造平台。這是我們可能延續的趨勢，雖然不是 100%，但對於我們的高產量、低產量、高混合、複雜的產品而言。我們在南卡羅來納州擁有優秀的製造基地，並且正在歐洲開發同樣的基地，未來您將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.

我想問一些有關 COGS（即實際成本）的問題。您的重組計劃實際上針對的是營運支出 (OpEx)。我對 COGS 很好奇。然後我有——我不知道，更多的是一個醫學問題，我想，就您所擁有的生物技術機會而言，您是否可以考慮——我的意思是，您提到肺部有可能在 5 年內通過人體試驗。我們該如何看待未來幾年商業模式的轉變？我不想知道具體細節，但如果你能夠概括地談談可能會有什麼樣的收入成長預測，或者如何考慮可比的利潤率狀況，因為你實際上有兩個獨立的業務，我認為這對人們確定他們投資的對象會非常有幫助。

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 — — 關於後一個問題，就我們的預測而言，未來 2 年將會有更多的信息公開，因為我們必須能夠對提交 FDA 的信息以及何時 — — 數量會增加多少做出一些估計。香農，我稍後再回答你問題的這一部分。

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.

但就 COGS 和 OpEx 而言，第一個是。顯然，我們認為今年真正重要的是降低業務成本，提高效率，從而實現正的 EBITDA 表現和正的自由現金流。這很重要。這不僅僅是像徵意義而已。這是因為，顯然我們的資產負債表很龐大。所以從穩定性的角度來看我們還不錯。但重要的是，我們要向你展示，你可以從這項業務中賺錢，同時仍然可以投資長期成長。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.

因為我們現在已經將部分製造業務外包，所以這約占我們聚合物平台的 40%。我們在銷售成本方面有一個很好的機會，而且供應鏈也變得越來越好。因此，當我們推出新產品時，我們的目標是更廣泛使用的組件。從購買角度來說，我們確實可以獲得更優惠的價格。因此，我們正在非常努力地提高 COGS。我們仍在努力定價。因此，我希望毛利率能夠上升得比現在更快，但目前毛利率呈現上升趨勢。我們將繼續這樣做，這反映在 COGS 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.

就營運支出 (OpEx) 而言。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？我們正在投入資金更新我們的傳統平台，因為當它進入工廠時，他們需要快速、有效率、經濟的機器。所以我們還有很長的路要走。 SLA 750 是一個絕佳的例子，而我們新版本的 2500 作為噴射平台，也是一個很好的例子。我們還有更多事情要做，您將在 23 年聽到更多消息。

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.

這些都是工廠級的機械——生產性能良好。我們認為完成我們產品線的建造和更新非常重要，這主要將在23年完成。另一方面，我們在再生醫學領域也做出了卓越的努力。接下來我將討論這個問題。

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.

我們自己也為此花了數百萬美元。我們還有一個非常優秀的合作夥伴—聯合治療公司 (United Therapeutics)，我們正在與其共同開發這些器官。在我看來，他們是我遇到過的最好的合作夥伴之一。我們與他們密切合作並開發人體器官，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，我們現在才能夠利用這項核心技術進行自己的投資，並進軍其他領域，我相信這將帶來短期利益，例如用於乳房重建的人體組織工作，這是一個了不起的領域，仍然需要通過 FDA 的批准，但這只是人體中數十個應用中的一個例子，這些應用都將帶來中期成果。我認為這是一種中期福利。

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.

但是，我們去年開始談論的真正精妙領域是印製對我們來說相對較小的複雜血管化組織標本，然後賣到醫藥市場。這真的很棒，因為你可以——更好地測試新藥會帶來巨大的回報。

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.

如果能從開發新藥的周期中抽出一兩年的時間，那麼對於開展和參與此項工作的公司來說，將帶來數十億美元的價值。顯然，製藥公司從中獲益良多。我們將從幫助測試中獲得一些好處。但我們會 — — 在這種情況下，我們將出售預先包裝好的產品，你可以在我們的網站上看到它們，它們被稱為 [H-Bios]，晶片上的器官，我們在其中血管化組織，我們將健康或患病的人體細胞植入這些支架中。

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，一方面，我們健康的肝細胞透過晶片中的血液流動，可以存活數週和數月。另一端是我們的癌細胞，他們想在上面測試新藥。所以當你製作這個晶片時，你可以將含有測試藥物的血液通過，以觀察對肝細胞的影響，另一方面，在一次測試中觀察對癌細胞的影響。香農，我們可以製作數百個甚至數千個這樣的標本。

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.

我們將在未來幾天宣佈在休士頓建立新工廠，這將是第一家生產這些晶片的生物工廠，好嗎？我們今天正在與大量製藥公司進行討論。我預計今年肯定會有不只一份關於使用這些樣本進行藥物測試的公告。

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，我對製藥業感到非常興奮。我認為——那很好。而且這不需要 FDA 的直接批准，而是客戶接受用於篩選新藥的測試。然後，製藥公司將繼續進行更多傳統的篩選實驗。

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.

中期來看，這是人體組織和其他人體應用，而長期來看，這是器官方面的非凡機會。因此，我們對再生能源有短期、中期和長期的關注。我認為我們在這個行業中領先於任何人，特別是透過與 United Therapeutics 的合作，我們推出了卓越的技術。

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.

因此，我們在過去 6 個月內成立了一個醫療顧問委員會。我感到無比自豪。他們都是傑出的人士，現在他們正在為我們的專案提供見解，我們也正在努力為這些技術的商業化鋪平道路。我認為這種福利需求非常引人注目。對我們的股東來說也同樣重要。因此從各方面來說我都對這份工作感到很滿意。

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.

這可能超出了你想知道的範圍，但是現在我必須阻止自己談論它。我可以繼續講完這一天的剩餘時間，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?

這非常有幫助。我想最後一件事，如果我可以談的話，我意識到這是前一屆政府。但就和解協議而言，我認為罰款約為 1500 萬美元，而且 3 年內還會有一些支出。還有什麼事情我們需要注意，或會對您的業務產生影響，以便形成閉環嗎？

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達成和解。我們從 2012 年到 2018 年底、2019 年初一直致力於此。從那時起，我想告訴你，我們的合規基礎設施取得了巨大進步。我個人自 2020 年以來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幾年支付。您可以看到——您會在 K 中看到詳細信息，然後在出版物中看到詳細信息。因此－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.

最重要的是，香農，你回到這個行業，我們退出了那個在 20 世紀造成這些問題的主要原因的業務。我認為我們在 21 年透過出售 Quick Parts 業務和 ODM 業務完成了這筆交易。這是我們在中國從事的機械加工工作，也是這項業務的一部分。我們賣掉了那項業務並退出了市場。這不是我們的業務。

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，我們也同時加強了我們的合規計畫。因此，我對於我們未來的立場非常滿意。我很高興與政府達成和解，這一切都已經過去了。

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

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?

以下是布萊克基廷 (Blake Keating) 為布萊恩 (Brian) 主持的節目。由於時間已經到了，我只想在這裡快速問一個簡單的問題。我只是想談談——您提到了中期的乳房支架和組織產品。我只是想稍微深入研究一下這一點。這是您與 CollPlant 合作開發的應用程式嗎？除此之外，您認為您的產品與其他產品的差異是什麼？有一些私人公司專注於利用 3D 生物列印技術製作乳房支架。您認為該產品與他們的產品有何不同？

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.

嗯，謝謝你的提問。不，這個程式與 CollPlant 無關。事實上，坦白說，我們開發了大多數我們自己的材料，我們認為這些材料更適合應用，這就是我們現在分道揚鑣的原因。他們的材料組合可能會在某些應用中找到用武之地。我希望如此。我們的人體組織工作根本不依賴它。

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.

思考乳房組織工作的方式是，它是體內大容量組織應用的一個例子。因此，您可以想到很多創傷的例子，某人的身體受到損傷，導致大量組織被切除。這就是——列印血管支架的能力，這才是我們真正的與眾不同之處。

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.

可以將人體細胞嵌入血管化支架。就乳房組織手術而言，我想說可能還有身體的許多其他部位手術，實際上都是使用患者自身的快速細胞植入支架中。因此，這些是 100% 生物相容性的支架和植入物本身。顯然，它們透過印在其中的血管系統無限期地存活著。它基本上是人體自身組織材料的自然添加物。

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。我認為這使我們與市場上的任何其他公司都有很大區別。這只是我們利用這項技術最終將應用到身體各部位的一個例子。

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

也許還有一個問題，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。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。真的很快。是的，我也要問一個，只是有時間。但只要堅持再生，你今天就已經給了許多豐富的背景，傑夫。有什麼——我不知道您是否看到了——如果您看到了這個，您可能已經看到了，因為您現在身處這個行業。但去年年底，英國有消息指出某些鹼基編輯技術已用於治療某些類型的癌症。有趣的是，這項技術尚未得到管理機構的批准，但如果你找到文件並且可以獲得存取權限，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，您是否認為——是的，您是否認為在獲得 FDA 批准之前，您在再生醫學或骨科領域所研究的某些東西可以進入市場並用於——我們甚至可以在獲得 FDA 批准之前就看到概念驗證，這將有助於人們為這項技術的發展方向奠定基礎。

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，因為獲得全面正式的 FDA 批准顯然需要很長時間，並且需要突破性的認定。有——我現在正在間隔這個術語，但有一種同情的認可，即如果病人得不到治療，他們就會死去。為了讓新技術更快進入市場，FDA 和海外類似機構設立了這些類別。顯然，我們會盡一切努力獲得 FDA 的全面批准，但無論在哪裡，我們都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，很早就使用了 Kumovis 技術進行植入，用於顱骨植入，這改變了患者的生活。我的意思是 — — 確實，從我們的印刷角度來看，這對我們來說是風險非常低的應用程式。將它推出並投入使用真是太棒了。

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.

這一切都有助於獲得最終的監管部門批准。但對於您的觀點，這是一個很好的問題，如果有人即將死亡或由於其他原因，您是否可以通過其他途徑獲得早期指定，如果您獲得突破性指定，您就可以將其納入其中。

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——我真正想要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，平衡風險和患者結果，以確保我們收集正確的數據。我們目前在動物試驗上花費了相當多的資金，雖然我們公開談論的並不多，但我們正在對各種技術進行相當多的動物試驗，以便收集數據，了解何時準備好向監管機構提交申請，以及我們在討論中需要進行何種深度的討論。

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，我們正在採取所有正確的步驟來實現這一目標，並希望——我們能夠盡可能快速、安全地將它們推向市場。再次，我預計最先進入市場的將是用於藥物研發的製藥應用。阿南達，我們在這些血管化晶片中所生產的東西非常了不起。保持細胞存活數月的能力是令人難以置信的進步，並且隨後能夠測試開發新藥的大數據。這就是我們的目標，這也是我們很快就會要討論的能力。

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.

之後，就是人體應用，無論是用於組織還是您所說的骨科，未來顯然還會用於器官。這正是我們要去的地方。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高興。

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。我們或許該結束這件事了。不過聽著，我只想感謝大家的電話。我很感謝你們的收聽並提出如此好的問題。我們期待每季向您更新最新情況。世界是一個充滿活力的地方。您對 2023 年有我們最好的想法，我們將在每季向您更新最新進展。所以謝謝。

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路直播到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。