3D Systems Corp (DDD) 2023 Q2 法說會逐字稿

Hello, and welcome to the 3D Systems Q2 2023 Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 3D Systems 2023 年第二季度電話會議和網絡廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to your host Mick McCloskey, Vice President, Treasurer and Investor Relations. Please go ahead, Mick.

現在我很高興將電話轉給主持人、財務主管和投資者關係副總裁米克·麥克洛斯基 (Mick McCloskey)。請繼續，米克。

Good morning, and welcome to 3D Systems' Second Quarter 2023 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, Chief Corporate Development Officer and Chief Legal Officer.

早上好，歡迎參加 3D Systems 2023 年第二季度電話會議。與我一起參加今天電話會議的有總裁兼首席執行官杰弗裡·格雷夫斯 (Jeffrey Graves) 博士；邁克爾·特納，執行副總裁兼首席財務官；執行副總裁、首席企業發展官兼首席法務官安德魯·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. 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.

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文稿。那些通過電話關注並希望訪問本演示文稿幻燈片部分的人可以在我們網站的投資者關係部分進行操作。以下討論和對您問題的答复僅反映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。

Additional information about factors that could potentially impact our financial results is included in this morning's press release and our filings with the SEC, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. During this call, we will discuss certain non-GAAP financial measures. In our press release and slides accompanying this webcast, you will find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures.

有關可能影響我們財務業績的因素的更多信息包含在今天上午的新聞稿和我們向 SEC 提交的文件中，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。在本次電話會議中，我們將討論某些非公認會計準則財務指標。在我們的新聞稿和本網絡廣播隨附的幻燈片中，您將找到有關這些非公認會計原則衡量標準的其他披露，包括與可比公認會計原則衡量標準的調節。

Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2022. With that, I'll turn the call over to our CEO, Jeff Graves, for opening remarks.

最後，除非另有說明，本次電話會議中的所有比較都將與我們2022 年同期的業績進行比較。之後，我將把電話會議轉交給我們的首席執行官傑夫·格雷夫斯(Jeff Graves ) 致開幕詞。

Thanks, Mick, and good morning, everyone. Thanks for joining us today. And to reinforce what Mick said, I would refer you to the charts that are up on the web. There are a couple on there that I think you'll find really interesting, and I'll comment on as we get through them.

謝謝，米克，大家早上好。感謝您今天加入我們。為了強化米克所說的，我建議您參考網上的圖表。其中有一些我認為您會發現非常有趣的內容，當我們瀏覽它們時我會發表評論。

Let me begin on Slide 6. Let me start this morning by taking a step back and talking about what's happening in our industry right now. And after that, I'll provide an update on our engagement with Stratasys and then provide some comments on our second quarter performance and wrap up with our view of the -- on the business for the remainder of the year before handing the call over to our CFO, Michael Turner.

讓我從幻燈片 6 開始。今天早上讓我退後一步，談談我們行業目前正在發生的事情。之後，我將介紹我們與 Stratasys 合作的最新情況，然後對我們第二季度的業績發表一些評論，並總結我們對今年剩餘時間業務的看法，然後將電話轉交給我們的首席財務官邁克爾·特納。

We're going to cover a lot in today's call, but I want to start by saying that there are 3 clear takeaways that I want to leave you with today. First, quarterly results across the industry clearly affirm the critical need for scale. Now why is this topic suddenly on everyone's lips because for the first time in our history, customers are interested in moving 3D printing out of the lab and into real factory production environments. For a supplier to be successful with these customers, they must have a global presence, compelling technologies and an economic model that allows both the customer and the supplier to generate the profits needed to sustain investments and create value for all of their stakeholders.

我們將在今天的電話會議中討論很多內容，但我首先想說的是，今天我想向大家傳達 3 個明確的要點。首先，整個行業的季度業績明確證實了對規模的迫切需求。現在為什麼這個話題突然成為每個人的話題，因為在我們的歷史上第一次，客戶有興趣將 3D 打印從實驗室轉移到真正的工廠生產環境中。供應商要想在這些客戶中取得成功，就必須擁有全球影響力、引人注目的技術和經濟模式，使客戶和供應商都能產生維持投資所需的利潤，並為所有利益相關者創造價值。

As one of the largest pure-play additive companies in the world, 3D Systems clearly has a stand-alone path to attain increased scale through organic growth. However, our proposed combination with Stratasys, which we have actively pursued on a friendly basis for over 2 years, accelerates attainment of this goal, benefiting our customers and our shareholders on a faster timetable. That's why we've relentlessly stuck with this discussion for so long.

作為世界上最大的純增材公司之一，3D Systems 顯然擁有一條通過有機增長實現規模擴大的獨立途徑。然而，我們與 Stratasys 的擬議合併（我們在友好的基礎上積極追求了兩年多）加速了這一目標的實現，使我們的客戶和股東在更快的時間表中受益。這就是為什麼我們這麼長時間堅持不懈地進行這個討論。

The second main takeaway is that unlike many in our industry, 3D Systems continues to deliver organic growth, not simply through acquisition. While our orthodontics business continues to overshadow other market trends outside of this segment, we've grown revenues organically by roughly 2% during the first half of the year, and our guidance implies high single-digit to low double-digit growth for the full year. While these results don't reflect our full potential, they do affirm our long-term growth strategy with our markets becoming better balanced over time.

第二個主要要點是，與我們行業中的許多公司不同，3D Systems 繼續實現有機增長，而不僅僅是通過收購。雖然我們的正畸業務繼續蓋過該細分市場之外的其他市場趨勢，但今年上半年我們的收入有機增長了約2%，我們的指導意味著整個業務將實現高個位數到低兩位數的增長年。雖然這些結果並不能反映我們的全部潛力，但它們確實證實了我們的長期增長戰略，隨著時間的推移，我們的市場變得更加平衡。

Third, we're fully committed to our high-potential regenerative medicine platform. We have a multipronged strategy that's delivering remarkable results that strongly reinforce our confidence in the realization of significant value for this new market. Unlocking this value requires sustained investment, but we're confident that it's the right decision for our shareholders as this will be increasingly clear going forward, and I'll have more comments to follow later in the presentation. Those are the 3 main points.

第三，我們完全致力於我們的高潛力再生醫學平台。我們的多管齊下戰略正在取得顯著成果，有力增強了我們對這一新市場實現重大價值的信心。釋放這一價值需要持續的投資，但我們相信這對我們的股東來說是正確的決定，因為這一點將在未來變得越來越清晰，我將在稍後的演示中發表更多評論。這是3個要點。

Now let me elaborate on them. As I reflect on how the first few months have progressed, one central theme has emerged, scale matters. It may be the one thing that all companies in our industry can agree upon right now. While it's important to remember that this is an industry defined by innovation and growth, we're going through a profound change in the nature of our customer, and I put that customer in quotes. There are explosive multiyear growth opportunities across many, many markets, but to access them requires that we meet the need of factory managers, not lab managers or design engineers. That's where the growth is at.

現在讓我詳細說明一下。當我反思前幾個月的進展時，出現了一個中心主題：規模很重要。這可能是我們行業所有公司現在都同意的一件事。雖然重要的是要記住，這是一個以創新和增長為特徵的行業，但我們的客戶性質正在經歷深刻的變化，我將該客戶放在引號中。許多市場都存在爆炸性的多年增長機會，但要獲得這些機會，我們需要滿足工廠經理的需求，而不是實驗室經理或設計工程師的需求。這就是增長所在。

Factory managers put a premium on not only the precision of the printer, but also the economics of its operation in the complete factory workflow, not just the printing process, the reliability and reproducibility of the operations and the ability of a supplier to service the product over its decades long life. These are completely different requirements to those of a lab manager or design engineers who were our primary customers until recently.

工廠經理不僅重視打印機的精度，還重視其在整個工廠工作流程中運行的經濟性，而不僅僅是打印過程、操作的可靠性和可重複性以及供應商為產品提供服務的能力其長達數十年的使用壽命。這些與直到最近還是我們主要客戶的實驗室經理或設計工程師的要求完全不同。

In addition, most large customers have multiple factories scattered throughout many parts of the world. They want to ensure 3D printing where it's most valuable and not worry about the depth of local technical support or the unique training of operators. These are new requirements for most companies in our industry and meeting them take scale, scale that brings a global sales and service footprint, ever-improving operational efficiencies and importantly, a broad range of printing technologies to support the full range of application needs.

此外，大多數大客戶都擁有多個工廠，分佈在世界許多地方。他們希望確保 3D 打印在最有價值的地方進行，而不用擔心當地技術支持的深度或操作員的獨特培訓。對於我們行業中的大多數公司來說，這些都是新的要求，要滿足這些要求，就需要規模化，規模化帶來了全球銷售和服務足跡、不斷提高的運營效率，更重要的是，需要廣泛的印刷技術來支持全方位的應用需求。

For the largest of us in the industry, we're able to do this for select market verticals today, which in our case is well demonstrated in the dental orthodontics market where we've grown to support multiple large-scale fleets of printers in factories on 3 continents. Our fleet of printers produce more components in a day than the rest of the industry combined.

對於業內最大的公司來說，我們現在能夠針對特定的垂直市場做到這一點，就我們而言，這在牙科正畸市場得到了很好的證明，在該市場中，我們已經發展到支持工廠中的多個大型打印機群遍布 3 大洲。我們的打印機團隊每天生產的組件數量比業內其他公司的總和還要多。

In 2021 and early 2022, this exposure helped us disproportionately as everyone in the world seemed to want straight to straighten their teeth and inflation had not yet impacted their spending. Then over the last year, inflation effects on discretionary consumer spending has taken a dramatic toll on end demand for orthodontics. And we, as a key supplier, felt this impact acutely. Fortunately, the bottom seems to be now in sight for this market, which will bring us relief. But the longer-term answer is to diversify our market exposure as we're working hard to do.

在 2021 年和 2022 年初，這種風險對我們幫助很大，因為世界上每個人似乎都想直接矯正牙齒，而通貨膨脹尚未影響他們的支出。去年，通脹對可自由支配消費支出的影響對正畸的最終需求造成了巨大影響。作為主要供應商，我們敏銳地感受到了這種影響。幸運的是，這個市場的底部似乎已經在望，這將讓我們鬆一口氣。但更長期的答案是使我們的市場風險多元化，因為我們正在努力做到這一點。

To replicate our orthodontic success in other markets, I reorganized the company by market vertical when I arrived in 2020. For our 2 business units, health care and industrial, we now target specific high-value market verticals, picking a lead customer to work with intimately on their applications in each. These applications often span both polymer and metal printing technologies, which is why we've aggressively invested to sustain our broad portfolio of hardware, which is the broadest in the industry today. Others are now working to emulate this approach.

為了在其他市場複製我們的正畸成功，我在2020 年到達時按垂直市場對公司進行了重組。對於我們的2 個業務部門（醫療保健和工業），我們現在瞄準特定的高價值垂直市場，選擇與之合作的主要客戶密切關注其在每個方面的應用。這些應用通常涵蓋聚合物和金屬打印技術，這就是為什麼我們積極投資以維持我們廣泛的硬件產品組合，這是當今行業中最廣泛的。其他人現在正在努力模仿這種方法。

Our customer success is demonstrated within a market, then we work to scale the optimum processes for their applications and move them into their factories for mass production. This approach is what's driving our positive organic growth in markets outside of orthodontics. Just as we are strong in orthodontics, others in the industry may be strong in other individual market verticals or with specific narrow technology offerings. However, no one is yet positioned to access multiple market opportunities that are now rapidly emerging in front of us, and they're very exciting to say the least.

我們的客戶成功是在市場中得到證明的，然後我們努力為他們的應用擴展最佳工藝，並將其轉移到他們的工廠進行大規模生產。這種方法推動了我們在正畸以外市場的積極有機增長。正如我們在正畸領域的優勢一樣，該行業的其他公司可能在其他個別垂直市場或特定的狹窄技術產品方面也很強大。然而，目前還沒有人能夠抓住目前在我們面前迅速出現的多個市場機會，至少可以說，這些機會非常令人興奮。

To be very clear, I would not trade our strengths and opportunities at 3D Systems for anyone else's. But the faster any of us can attain scale, the more quickly value can be created for our customers and our shareholders alike. At 3D Systems, we see 2 paths to realize our mission to achieve scale. Right now, there's an immediate path through a combination of Stratasys.

需要明確的是，我不會用我們在 3D Systems 的優勢和機會來換取其他任何人的優勢和機會。但我們越快實現規模化，就能越快地為我們的客戶和股東創造價值。在 3D Systems，我們看到了實現規模化使命的兩條途徑。現在，通過結合 Stratasys 可以找到一條直接途徑。

Second is through the execution of our stand-alone plan, which is built around securing new customer contracts and high-value market verticals, such as aerospace and defense, semiconductors, electronics, med devices and others, commercializing our regenerative medicine business, a return to growth in orthodontics, of course, and the emergence of new significant dental applications.

其次是通過執行我們的獨立計劃，該計劃圍繞獲得新客戶合同和高價值垂直市場（例如航空航天和國防、半導體、電子、醫療設備等）、將我們的再生醫學業務商業化、回報當然，這也促進了正畸學的發展，以及新的重要牙科應用的出現。

To be very clear, both paths are very sound, highly executable and will create significant value over time. Because the decision point is right in front of us now, I want to again highlight why we feel strongly about our proposed combination with Stratasys and why we spent so much time and effort pursuing this combination over the last 2 years. This combination presents unmatched value creation potential for all stakeholders in the additive manufacturing industry, creating a leader in the industry with exceptional financial profile that will provide 3 critical elements to all stakeholders, sustainable profitability, innovation and value creation.

需要明確的是，這兩條路徑都非常合理、高度可執行，並且隨著時間的推移將創造巨大的價值。因為決策點就在我們面前，所以我想再次強調為什麼我們對與 Stratasys 的擬議合併抱有強烈的感受，以及為什麼我們在過去 2 年里花費瞭如此多的時間和精力來實現這一合併。這種組合為增材製造行業的所有利益相關者提供了無與倫比的價值創造潛力，打造了具有卓越財務狀況的行業領導者，將為所有利益相關者提供三個關鍵要素：可持續盈利能力、創新和價值創造。

Importantly, as we mentioned 2 weeks ago, we now feel the total value delivered from highly accretive cost synergies is at least $110 million, given redundant investments in R&D, SG&A in addition to COGS efficiencies. All of which we feel can be realized within 18 months of closing, delivering even more value to shareholders than we had originally anticipated. Now only briefly comment on the ongoing discussions between our 2 companies.

重要的是，正如我們兩週前提到的，考慮到除銷貨成本效率之外的研發、SG&A 方面的冗餘投資，我們現在認為高度增值的成本協同效應帶來的總價值至少為1.1 億美元。我們認為所有這些都可以在交易結束後 18 個月內實現，為股東帶來比我們最初預期更多的價值。現在僅簡要評論我們兩家公司之間正在進行的討論。

After some delays, Stratasys has progressed through an exhaustive diligence process in order to compare the 2 combination options before them, ourselves and desktop metal. They've clearly stated they need scale and technology diversity to be successful, and I believe our deal brings this in an overwhelmingly compelling manner.

經過一些延遲後，Stratasys 已經完成了詳盡的調查過程，以便比較擺在我們面前的 2 個組合選項，即我們自己和桌面金屬。他們明確表示，他們需要規模和技術多樣性才能取得成功，我相信我們的交易以極其引人注目的方式實現了這一點。

I'm happy to say that our teams are now rapidly bringing the diligence effort to a close. It's no secret that I had hoped to move faster and at times it's been very frustrating, given that we're both public companies and the benefits of our specific combinations are so very clear. It's been reinforced by the feedback we've received since submitting our proposal from shareholders of both companies who have been crystal clear that they share their view of the tremendous value creation in this deal.

我很高興地說，我們的團隊現在正在迅速結束盡職調查工作。眾所周知，我曾希望加快步伐，但有時卻非常令人沮喪，因為我們都是上市公司，而且我們特定組合的好處非常明顯。自從提交提案以來，我們從兩家公司的股東那裡收到的反饋進一步強化了這一點，他們明確表示，他們對這筆交易所創造的巨大價值有著共同的看法。

While we had hoped to be in a position to announce a deal with Stratasys today, we're not in a position to do so. However, with the end of the process insight, we will see it through to its ultimate conclusion. The bottom line is that we're going to do what's right for shareholders, and I'm not going to let near-term noise distract us from the end goal, particularly when success will create so very much short-term and long-term value for all stakeholders.

雖然我們原本希望今天能夠宣布與 Stratasys 達成交易，但我們目前無法這樣做。然而，隨著過程洞察的結束，我們將看到它的最終結論。最重要的是，我們將做對股東有利的事情，我不會讓近期的噪音分散我們對最終目標的注意力，特別是當成功將創造如此多的短期和長期目標時為所有利益相關者創造價值。

Now moving on -- I'll turn to Slide 7. I'd like to move on to what's become an ever more exciting driver of our long-term growth plan, regenerative medicine. As we've mentioned previously, we're investing heavily in our Regenerative Medicine business because we truly believe in this transformational potential. The ability to manufacture human organs and other parts of the human body as well as reproduce human physiology in the lab to speed the development of new drug therapies will enable life-changing health outcomes for people in need around the world while creating significant value for our shareholders.

現在繼續——我將轉向幻燈片 7。我想轉向我們長期增長計劃的一個更加令人興奮的驅動力——再生醫學。正如我們之前提到的，我們正在大力投資再生醫學業務，因為我們真正相信這種變革潛力。製造人體器官和人體其他部位以及在實驗室中重現人體生理學以加速新藥物療法開發的能力將為世界各地有需要的人們帶來改變生活的健康結果，同時為我們創造重大價值股東。

Our innovation engine continues to make great progress in all 3 facets of this new business. For organs, our initial focus has been on 3D printed lungs, the most complex product ever 3D printed through our partnership with United Therapeutics. Since 2017, we've continued to execute on an aggressive 10-year plan and with the progress that we've made, we're on the precipice of some huge milestones in the years ahead. As a reminder, we've set a goal for human trials in 2026 and have already accomplished much of the heavy lifting related to development. We believe we're tracking well towards this path, which only a short time ago would have seemed like a pipe dream.

我們的創新引擎繼續在這項新業務的所有三個方面取得巨大進展。對於器官，我們最初的重點是 3D 打印肺部，這是我們與 United Therapeutics 合作有史以來 3D 打印的最複雜的產品。自 2017 年以來，我們繼續執行積極的 10 年計劃，隨著我們取得的進展，我們即將在未來幾年實現一些重大里程碑。提醒一下，我們設定了 2026 年進行人體試驗的目標，並且已經完成了與開發相關的大部分繁重工作。我們相信，我們正在沿著這條道路順利前進，而就在不久前，這似乎還只是一個白日夢。

To put the opportunity in context a bit, in 2021, there were 2,569 lung transplants completed worldwide, according to the U.S. Department of Health and Human Services. At the same time, 3,111 patients were added to the waiting list in the United States alone. A fraction of those that could benefit from this procedure if an adequate supply were available. The number of patients formally audited the lung transplant waiting list has grown almost 28% compared to the last decade that began in 2010. You can understand our enthusiasm for this opportunity when you put that unmet need against our clear path to commercialization.

根據美國衛生與公眾服務部的數據，2021 年全球完成了 2,569 例肺移植手術。與此同時，僅在美國就有 3,111 名患者被列入等候名單。如果供應充足，一小部分人可以從這一程序中受益。與2010 年開始的過去十年相比，正式審核肺移植等候名單的患者數量增加了近28%。當您將未滿足的需求與我們明確的商業化路徑放在一起時，您可以理解我們對這個機會的熱情。

Moving on to drug development and our opportunities with Systemic Bio. I'd refer you to Slide 8. And if you could take a moment to get there, some of the concepts here are just amazing. H-VIOS, our proprietary organ-on-a-chip platform is a novel application, which allows pharmaceutical companies to test their drugs on a cellularized chip that mimics the response in human organs during trials. While others have attempted to commercialize the organ-on-a-chip concept driven by the clear benefits in drug development, our technology is unique.

接下來討論藥物開發以及我們在 Systemic Bio 方面的機會。我建議您參考幻燈片 8。如果您能花點時間了解一下，這裡的一些概念真是太棒了。 H-VIOS 是我們專有的器官芯片平台，它是一種新穎的應用程序，它允許製藥公司在細胞化芯片上測試他們的藥物，模擬試驗期間人體器官的反應。雖然其他人試圖將芯片器官概念商業化，以推動藥物開發的明顯優勢，但我們的技術是獨一無二的。

Leveraging our breakthrough and the printing of vascularized tissue using our print-to-perfusion technology developed for human organs, Systemic Bio has now demonstrated the 4 core technology advancements needed for success, as shown on this slide. These elements just working left to right include, first, the creation of very precise computer models for vascularized tissue, where in the vascular network can sustain life in the human cells that will surround them.

利用我們的突破以及使用我們為人體器官開發的打印到灌注技術來打印血管組織，Systemic Bio 現在已經展示了成功所需的 4 項核心技術進步，如這張幻燈片所示。這些從左到右工作的元素包括，首先，為血管組織創建非常精確的計算機模型，其中的血管網絡可以維持其周圍的人體細胞的生命。

Next, converting this model into a 3-dimensional scaffold at the precision needed for the intended tissue structure and then cellularizing the scaffold in order to convert it into living human tissue with a desired healthy or diseased cells and then demonstrating, as you'll see in the far right-hand photograph that this entire 3 dimensional tissue structure supplied with blood and nutrients can sustain that cell life for an extended period of time measured in days and weeks, not minutes.

接下來，按照預期組織結構所需的精度將該模型轉換為3 維支架，然後將支架細胞化，以便將其轉換為具有所需健康或患病細胞的活體人體組織，然後進行演示，正如您將看到的在最右邊的照片中，整個 3 維組織結構提供血液和營養物質，可以長時間維持細胞生命，以天和周為單位，而不是分鐘。

[That] photograph on the right is a profound breakthrough. It demonstrates the sustainability of life in the laboratory where it can then be studied on a reproducible basis by new drugs. We believe this will help accelerate the pharmaceutical industry tremendously over time. With the team and facilities established under the leadership of [indiscernible], we designed our first-- we signed our first contract with a major pharmaceutical company last quarter. This study, which will span several quarters is the first demonstration of the technology to our pharma customer.

右邊的照片是一個深刻的突破。它展示了實驗室中生命的可持續性，然後可以通過新藥物在可重複的基礎上進行研究。我們相信，隨著時間的推移，這將有助於極大地加速製藥行業的發展。在[音頻不清晰]的領導下建立的團隊和設施，我們設計了我們的第一個——我們上季度與一家大型製藥公司簽署了第一份合同。這項研究將持續幾個季度，是該技術首次向我們的製藥客戶展示。

We expect another contract award with a second major pharma company later this year, and we have 5 additional programs with other major pharma companies in our pipeline. While it takes time to establish a new technology with these companies, once done, the growth opportunities are significant, and there's an enormous number of variations and the technology can be pursued.

我們預計今年晚些時候將與第二家大型製藥公司簽訂另一份合同，並且我們與其他大型製藥公司還有 5 個項目正在籌備中。雖然與這些公司一起建立新技術需要時間，但一旦完成，增長機會是巨大的，並且存在大量的變化，並且可以追求該技術。

Also of note, earlier this year, this is very important, the FDA announced that animal testing of new therapeutics is no longer a requirement in order to move into human trials. This provides an additive incentive to introduce new, more effective testing methods for new drug therapies. From a value creation standpoint, it's fairly well known that bringing a new drug to market is an enormous cost with one estimate putting it at $2.3 billion per drug.

另外值得注意的是，今年早些時候，這一點非常重要，FDA 宣布不再需要對新療法進行動物試驗才能進入人體試驗。這為新藥物療法引入新的、更有效的測試方法提供了額外的激勵。從價值創造的角度來看，眾所周知，將一種新藥推向市場需要巨大的成本，據估計，每種藥物的成本為 23 億美元。

However, what's more eye-opening for us is the market that the average return on investment for a new drug is just 1.2%. We believe that our h-VIOS product can significantly reduce both the time and cost for our pharmaceutical partners. We're just in the first inning here with our partners in this space, but much like with our organ business, we've seen incredible pairing of technological breakthrough coupled with incredible demand. And finally, earlier this week, we announced a new partnership with Theradaptive, a protein engineering company.

然而，更讓我們大開眼界的是，市場上一款新藥的平均投資回報率僅為1.2%。我們相信我們的 h-VIOS 產品可以顯著減少我們的製藥合作夥伴的時間和成本。我們與合作夥伴在這個領域剛剛起步，但就像我們的風琴業務一樣，我們已經看到了令人難以置信的技術突破與令人難以置信的需求的結合。最後，本週早些時候，我們宣布與蛋白質工程公司 Theradaptive 建立新的合作夥伴關係。

Their product, the Osteo-Adapt is used primarily for orthopedic regeneration or very simply put, regrowing damaged bone. As shown on Slide 10, through the marriage of our technologies, we will combine the Theradaptive protein material with our 3D printed custom orthopedic implants to yield highly targeted bone regeneration. Initial applications will be for spinal and craniomaxillofacial repair a market we know well given our extensive history. We believe the value added through these targeted protein treatments can be significant.

他們的產品 Osteo-Adapt 主要用於骨科再生，或者簡單地說，受損骨骼的再生。如幻燈片 10 所示，通過結合我們的技術，我們將 Theadaptive 蛋白質材料與我們的 3D 打印定制骨科植入物相結合，以產生高度針對性的骨再生。最初的應用將用於脊柱和顱頜面修復，鑑於我們悠久的歷史，我們對該市場非常了解。我們相信通過這些靶向蛋白質治療可以帶來顯著的附加值。

In terms of technology maturity, their adaptive has already earned 3 breakthrough medical device designations from the FDA with human trials targeted for later this year. They estimate that this product alone could address a roughly $4 billion annual market. Now moving to more on the core 3D Systems business and our results through the first half of the year on Slide 11.

就技術成熟度而言，他們的自適應技術已獲得 FDA 的 3 項突破性醫療器械認定，併計劃於今年晚些時候進行人體試驗。他們估計僅該產品就可以滿足每年約 40 億美元的市場需求。現在，我們將在幻燈片 11 上詳細介紹 3D Systems 的核心業務以及我們上半年的業績。

While we're encouraged to sequential revenue growth from the prior quarter, and we'll call out that our non-dental business has grown over 3% year-to-date. We also acknowledge what we delivered was below our expectations. To add more color on the second quarter performance, it's important to discuss them in 2 distinct sections as we did on our first call, our dental orthodontics market and our non-dental markets.

雖然我們對上一季度的收入環比增長感到鼓舞，但我們要指出的是，我們的非牙科業務今年迄今已增長了 3% 以上。我們還承認我們交付的成果低於我們的預期。為了給第二季度的業績增添更多色彩，重要的是要像我們在第一次電話會議上所做的那樣，在兩個不同的部分中討論它們，即我們的牙科正畸市場和我們的非牙科市場。

As many of you may be familiar with the dental orthodontics market and specifically one customer represents a material portion of our overall business. And as we constantly message, this market went through a period of significant growth in '21 and '22 after broad economic pressure began impact to consumer spending more recently, the businesses started into a rapid decline. The pain was compounded by the inventory builds that were completed over the COVID period when the supply chain disruption was a major concern for all companies. This led to a decline in revenue for our business by over $50 million over the last 4 quarters.

你們中的許多人可能熟悉牙科正畸市場，特別是一位客戶代表了我們整體業務的重要部分。正如我們不斷傳達的信息，這個市場在 21 和 22 年經歷了一段顯著增長的時期，之後廣泛的經濟壓力開始影響消費者支出，最近，企業開始快速下滑。在新冠疫情期間完成的庫存建設加劇了這種痛苦，當時供應鏈中斷是所有公司的主要擔憂。這導致我們的業務收入在過去 4 個季度下降了超過 5000 萬美元。

While we're encouraged by the recent public data that points to that suggests the orthodontic markets may have started to stabilize, it's important to note that customer inventory levels still remain somewhat elevated. We'd expect a slight lag between demand recovery and subsequent impact to our business. Given these factors, in Q2, we again faced a tough comparison to prior year and the decline in dental was the primary driver behind the consolidated company's performance.

雖然我們對最近的公開數據感到鼓舞，這些數據表明正畸市場可能已經開始穩定，但值得注意的是，客戶庫存水平仍然保持在一定水平上。我們預計需求復蘇和對我們業務的後續影響之間會略有滯後。考慮到這些因素，在第二季度，我們再次面臨與去年同期的艱難比較，牙科業務的下滑是合併公司業績背後的主要驅動力。

With that said, the dental business continues to be directionally consistent with what we expected at the beginning of the year. We continue to expect our dental business to be down approximately 35% for the full year 2023. Looking to the second half of this year, we expect that our comparisons to the prior year will become more favorable.

話雖如此，牙科業務的方向仍然與我們年初的預期一致。我們仍然預計 2023 年全年牙科業務將下降約 35%。展望今年下半年，我們預計與上一年的比較將變得更加有利。

Turning to our non-dental markets. As the second quarter progressed, we witnessed opportunities within both our industrial and healthcare segments get pushed into future periods. This led to unexpected weakness for the quarter in our non-dental revenues. Fortunately, a significant portion of these opportunities were booked in July, but the point remains as bullish as we are regarding the long-term demand drivers, the near-term environment this year is more uncertain. Customers are continuously reevaluating their capital expenditures in light of rising interest rates, tightening budgets and a more cautious macroeconomic outlook. And as such, sales cycles in some verticals seem to be elongating.

轉向我們的非牙科市場。隨著第二季度的進展，我們見證了工業和醫療保健領域的機遇被推向了未來的時期。這導致本季度我們的非牙科收入意外疲軟。幸運的是，這些機會中有很大一部分是在 7 月份預訂的，但儘管我們對長期需求驅動因素的看法仍然樂觀，但今年的近期環境更加不確定。鑑於利率上升、預算緊縮和宏觀經濟前景更加謹慎，客戶不斷重新評估其資本支出。因此，某些垂直領域的銷售週期似乎正在延長。

Putting aside those dynamics for a moment, we were encouraged to see growth in some of our underlying verticals that we view as vital to our long-term strategy. Notably, in the personalized health solutions portion of our Healthcare segment, we delivered another strong quarter of double-digit growth. While this is only a portion of our non-health care segment, it's a critical driver to our future performance and one that we believe we are advantageously positioned relative to our competition.

暫時把這些動態放在一邊，我們很高興地看到一些我們認為對我們的長期戰略至關重要的潛在垂直領域的增長。值得注意的是，在醫療保健領域的個性化健康解決方案部分，我們又實現了兩位數增長的強勁季度。雖然這只是我們非醫療保健領域的一部分，但它是我們未來業績的關鍵驅動力，我們相信我們相對於競爭對手處於有利地位。

Given our broad range of printing technologies and materials base spans both metals and polymers and multiple 510(k) approvals from the FDA, we continue to make great strides in medical applications for the human body. And to just put our advantageous position into context, a typical product design time in this application can span years, only then to go through an average 6 months to achieve FDA approval.

鑑於我們廣泛的打印技術和材料基礎涵蓋金屬和聚合物，以及 FDA 的多項 510(k) 批准，我們將繼續在人體醫療應用方面取得巨大進步。就我們的優勢地位而言，該申請中的典型產品設計時間可能長達數年，然後平均需要 6 個月才能獲得 FDA 批准。

Moving on to our Industrial segment, pressure within verticals such as service bureaus and Energy were nearly offset by growth in other verticals such as foundries, aerospace and defense, consumer and durable goods and semiconductors. Within Industrials, we're proud that our unique Titan extrusion printing platform continues to gain traction, evidenced by our recent announcement of our EXT 1070 being selected by Matrix Moon, an additive manufacturing-focused training center and 3D Systems reseller in India and our collaboration with SWANY, an additive manufacturing service provider in Japan. Both are fantastic examples of growing the presence of our Titan platform internationally since its acquisition earlier last year.

轉向工業領域，服務局和能源等垂直行業的壓力幾乎被鑄造廠、航空航天和國防、消費品和耐用品以及半導體等其他垂直行業的增長所抵消。在工業領域，我們感到自豪的是，我們獨特的Titan 擠出打印平台繼續獲得關注，我們最近宣布我們的EXT 1070 被印度增材製造培訓中心和3D Systems 經銷商Matrix Moon 選擇以及我們的合作就證明了這一點與日本增材製造服務提供商 SWANY 合作。自去年早些時候收購以來，這兩個平台都是我們的 Titan 平台在國際上不斷發展的絕佳例子。

Now to Slide 12 for an updated view on what we expect for the remainder of 2023. While Michael will go into specific financials in more detail shortly, I would stress the importance of a few key points from this morning's prepared remarks. Dental represents a material portion of our business and is home to our largest customer. We've acknowledged the headwinds in this business would face at the very beginning of the year and has continued to perform largely in line with our expectations. Our dental customers are starting to see signs of stabilization, and we expect year-over-year comps to become more favorable in the second half of the year.

現在轉到幻燈片12，了解我們對2023 年剩餘時間的預期的最新觀點。雖然邁克爾很快就會更詳細地介紹具體的財務數據，但我要強調今天早上準備好的講話中的幾個關鍵點的重要性。牙科是我們業務的重要組成部分，也是我們最大客戶的所在地。我們承認該業務在今年年初將面臨阻力，但其表現仍基本符合我們的預期。我們的牙科客戶開始看到穩定的跡象，我們預計下半年的同比比較將變得更加有利。

While we still feel there's some level of inventory to be worked through in the short term, our position in orthodontics is very strong and will remain a cornerstone of our dental business for years to come. In our non-dental business, as I mentioned previously, we saw more conservative shift in customers' capital expenditure appetite within the quarter. We expect this trend of elongated sales cycles to continue throughout the rest of the year, which has led us to adjust our full-year expectations now target high single-digit to low double-digit percentage revenue growth for the full year outside of orthodontics.

雖然我們仍然認為短期內仍有一定程度的庫存需要解決，但我們在正畸領域的地位非常穩固，並將在未來幾年仍然是我們牙科業務的基石。在我們的非牙科業務中，正如我之前提到的，我們看到本季度客戶的資本支出偏好發生了更加保守的轉變。我們預計這種銷售週期拉長的趨勢將在今年剩餘時間內持續下去，這導致我們調整了全年預期，現在的目標是除正畸之外的全年收入實現高個位數到低兩位數的百分比增長。

While this is prevalent in both non-dental health care and industrial, it's not without the bright spots of continued growth that I discussed earlier. So with that, I'll turn things over to Michael. Michael?

雖然這在非牙科醫療保健和工業領域都很普遍，但它並非沒有我之前討論過的持續增長的亮點。那麼，我會把事情交給邁克爾。邁克爾？

All right. Great. Thanks, Jeff, and good morning, everyone. Before I go into the normal details of the financial results, I'd like to circle back on 3 important points that Jeff has already made that will underscore most of my prepared remarks this point. First, on February 28 of this year, we informed you that we expect our dental business to be down by approximately 35% for the year.

好的。偉大的。謝謝杰夫，大家早上好。在詳細介紹財務業績的常規細節之前，我想回顧一下 Jeff 已經提出的 3 個重要觀點，這些觀點將強調我在這一點上準備好的大部分言論。首先，今年 2 月 28 日，我們通知您，我們預計今年我們的牙科業務將下降約 35%。

We further commented that this would be more pronounced in the first half of the year due to the timing of order patterns in the first half of last year, followed by the subsequent decline of demand for dental orthodontics that unfolded in the back half of 2022. Our view on this has not changed in the year-over-year declines that we've experienced in our dental markets during the first half of the year are very much in line with our original expectations. And our view for the full year decline of 35% remains unchanged as well.

我們進一步評論說，由於去年上半年的訂單模式時間安排，以及隨後 2022 年下半年出現的牙科正畸需求下降，這種情況在今年上半年會更加明顯。我們對此的看法沒有改變，上半年我們牙科市場經歷的同比下降與我們最初的預期非常一致。我們對全年下降 35% 的看法也保持不變。

The second point I'd like to make is what has changed is a shift in customer order patterns during the quarter, particularly impacting printer sales that resulted in orders being shifted out of Q2 and into Q3 due to elongated sales cycles as customers began to reevaluate their capital expenditures in light of rising interest rates, tightening budgets and a more cautious macroeconomic outlook. We are conservatively expecting these elongated sales cycles to continue for the remainder of the year, resulting in a shift of sales demand that will adversely impact our view of full-year 2023 sales attainment. I will circle back to this in more detail shortly.

我想說的第二點是，本季度客戶訂單模式的變化，特別是對打印機銷售的影響，導致訂單從第二季度轉移到第三季度，原因是客戶開始重新評估，銷售週期拉長。鑑於利率上升、預算緊縮和宏觀經濟前景更加謹慎，他們的資本支出。我們保守地預計，這些延長的銷售週期將在今年剩餘時間內持續下去，從而導致銷售需求發生變化，這將對我們對 2023 年全年銷售業績的看法產生不利影響。我很快就會更詳細地討論這一點。

And the last thing in the comment I'd like to make pertains to year-to-date sales growth. Excluding the softness in dental sales that will be expected to occur in 2023 and despite a shift in customer order patterns that occurred late in the second quarter, we're very encouraged by the growth we've generated in this difficult environment, particularly as we've seen a contraction in organic revenues for most of the companies in the space so far in 2023. We had important backdrop in place, I'll begin with a summary of revenue for the second quarter on Slide 14.

我想在評論中提出的最後一件事與今年迄今為止的銷售增長有關。排除預計 2023 年牙科銷售疲軟的情況，並且儘管第二季度末客戶訂單模式發生變化，我們對在這種困難環境中實現的增長感到非常鼓舞，特別是當我們到目前為止，2023 年該領域大多數公司的有機收入都出現了收縮。我們已經有了重要的背景，我將首先在幻燈片14 上總結第二季度的收入。

Second quarter revenue of $128 million decreased 8.5% compared to the same period last year, primarily reflecting the expected weakness in our dental markets. Excluding our dental business, second quarter sales decreased by approximately 2% versus the prior year, driven by the shift in customer order patterns as previously discussed. On a year-to-date basis, however, excluding our dental business, revenues have grown by more than 3%.

第二季度收入為 1.28 億美元，比去年同期下降 8.5%，主要反映了牙科市場的預期疲軟。不包括我們的牙科業務，第二季度銷售額比上一年下降了約 2%，這是由於前面討論的客戶訂單模式的轉變所致。然而，從年初至今來看，不包括我們的牙科業務，收入增長了 3% 以上。

Specific to our segments, second quarter Healthcare Solutions revenue decreased 15% to $61 million compared to the same period last year and was primarily driven by continued softness in our dental market, which was down 23% versus the same period last year and in line with our expectations. For the remainder of our Healthcare Solutions business, revenue declined by approximately 4% versus the same period last year due to the shift in customer order patterns already discussed.

具體到我們的細分市場，第二季度醫療保健解決方案收入與去年同期相比下降了15%，至6100 萬美元，這主要是由於我們的牙科市場持續疲軟所致，該市場與去年同期相比下降了23%，與我們的期望。對於我們醫療保健解決方案業務的其餘部分，由於已經討論過的客戶訂單模式的變化，收入與去年同期相比下降了約 4%。

On a year-to-date basis, Healthcare Solutions revenue decreased approximately 20% to $110 million due to the expected softness in our dental market, which was down approximately 35% and in line with our expectations. Our non-dental healthcare business was up roughly 7% due to continued strength in Personalized Healthcare Solutions, which is up more than 15%, partially offset by a decline in printer sales due to the shift in customer order patterns discussed earlier.

今年迄今，由於牙科市場預期疲軟，醫療保健解決方案收入下降約 20% 至 1.1 億美元，下降約 35%，符合我們的預期。由於個性化醫療保健解決方案的持續強勁，我們的非牙科醫療保健業務增長了約7%，該解決方案增長了15% 以上，部分抵消了由於前面討論的客戶訂單模式轉變而導致的打印機銷售下降。

Turning now to Industrial Solutions. Second quarter revenues declined by approximately 1% to $67 million compared to the same period last year due primarily to lower printer sales related to a shift in customer order patterns. On a year-to-date basis, our Industrial segment has grown by approximately 2% to $140 million due to strengthened markets -- market segments such as transportation motorsports, foundries, academic research and aerospace and defense. We are particularly pleased by the continued momentum that we were able to capitalize on in some of these sectors of the market, which are notoriously difficult to penetrate.

現在轉向工業解決方案。與去年同期相比，第二季度收入下降約 1%，至 6700 萬美元，這主要是由於客戶訂單模式轉變導致打印機銷量下降。今年迄今為止，由於運輸賽車運動、鑄造廠、學術研究以及航空航天和國防等市場領域的增強，我們的工業領域增長了約 2%，達到 1.4 億美元。我們特別高興的是，我們能夠在其中一些市場領域中利用持續的勢頭，而這些領域是出了名的難以滲透。

Moving on to Slide 15 to talk about gross profit. Gross profit margins in the second quarter of 2023 were 39% compared to 38% in the same period last year and were flat sequentially. This year-over-year increase was primarily due to favorable mix, pricing and the benefits of our cost optimization exercises to in-source more manufacturing production.

繼續看幻燈片 15，討論毛利潤。 2023年第二季度毛利率為39%，去年同期為38%，與上一季度持平。這一同比增長主要是由於有利的組合、定價以及我們通過內源製造生產而進行的成本優化活動所帶來的好處。

Moving now to Slide 16. Adjusted EBITDA decreased by $4 million to negative $7 million in the second quarter compared to the same period last year. The decrease in adjusted EBITDA was primarily driven by lower dental sales volumes and spending in regenerative medicine, which we remain committed to you for all the reasons that Jeff discussed earlier.

現在轉到幻燈片 16。與去年同期相比，第二季度調整後 EBITDA 減少了 400 萬美元，為負 700 萬美元。調整後 EBITDA 的下降主要是由於牙科銷量和再生醫學支出的下降所致，出於傑夫之前討論過的所有原因，我們仍然致力於為您服務。

The decline is due to lower sales volumes in our dental orthodontics market, slightly offset by lower operating expenses and gross margin expansion, primarily due to the benefits of our cost optimization exercises to in-source more manufacturing production. Net loss of $29 million resulted in a diluted loss per share of $0.22 and a diluted non-GAAP loss per share of $0.07. This year-over-year decline in EPS reflects all the factors that we have previously discussed.

下降的原因是我們的牙科正畸市場銷量下降，但被運營費用下降和毛利率擴張所略微抵消，這主要是由於我們的成本優化活動對內包更多製造生產的好處。淨虧損 2900 萬美元，攤薄每股虧損 0.22 美元，攤薄非 GAAP 每股虧損 0.07 美元。每股收益的同比下降反映了我們之前討論過的所有因素。

Now turning to Slide 17 for an update on our balance sheet. We ended the quarter with approximately $492 million in cash and short-term investments on hand. The decrease in cash throughout the first half of the year is due to the normal seasonal use of cash from operations of $46 million, capital expenditures of $14 million and acquisition and other investments of $16 million.

現在轉向幻燈片 17，了解我們資產負債表的最新情況。截至本季度末，我們手頭現金和短期投資約為 4.92 億美元。上半年現金減少的原因是正常季節性使用運營現金 4,600 萬美元、資本支出 1,400 萬美元以及收購和其他投資 1,600 萬美元。

Turning now to Slide 18. For the full year 2023, we are providing the following guidance: revenues of $525 million to $545 million, non-GAAP gross margins of 40% to 42%, and we expect to generate positive EBITDA during the fourth quarter of this year, noting that we maintain the expectation to invest $10 million to $12 million associated with our regenerative medicine in the current year. This updated guidance reflects the assumption that the elongated sales cycles that we experienced during Q2 will remain in place throughout the balance of the year.

現在轉向幻燈片 18。對於 2023 年全年，我們提供以下指導：收入為 5.25 億美元至 5.45 億美元，非 GAAP 毛利率為 40% 至 42%，我們預計第四季度將產生正 EBITDA今年，我們仍預計今年將投資1000 萬至1200 萬美元與再生醫學相關。這一更新的指導反映了這樣的假設：我們在第二季度經歷的延長的銷售週期將在今年餘下的時間裡保持不變。

This range of revenue guidance results in growth rates of approximately 7% to 12%, excluding the anticipated 35% decline in our dental orthodontics markets. While this isn't what we had hoped for when entering the year, we're encouraged by the growth we expect to generate in this difficult environment, particularly as we've seen organic revenues for most of the companies in this space contract year-over-year.

這一收入指導範圍導致增長率約為 7% 至 12%，不包括我們的牙科正畸市場預計 35% 的下降。雖然這不是我們進入今年時所希望的，但我們對在這個困難的環境中預期產生的增長感到鼓舞，特別是因為我們已經看到大多數公司在這個太空合同年的有機收入 -超過一年。

Before I open up the line for Q&A, I'd like to reiterate a few key points from our remarks this morning. First, excluding the expected decline in our dental orthodontics market and despite the shift in customer order patterns we experienced during Q2, we've generated year-to-date revenue growth of approximately 2% on a purely organic basis, which is encouraging to us given the contraction in the organic revenue that we've seen for many other peers in the space so far this year. And we are now expecting growth rates of approximately 7% to 12% for the full year, excluding the anticipated 35% decline in dental revenues that we've guided to all along.

在開始問答之前，我想重申一下我們今天上午講話中的幾個要點。首先，排除我們牙科正畸市場的預期下滑，儘管我們在第二季度經歷了客戶訂單模式的轉變，但我們今年迄今為止的收入在純有機基礎上增長了約2%，這對我們來說是令人鼓舞的考慮到今年迄今為止我們看到該領域許多其他同行的有機收入萎縮。我們目前預計全年增長率約為 7% 至 12%，不包括我們一直指導的預計牙科收入下降 35% 的情況。

Lastly, I want to underscore our firm belief that many of the challenges that we've experienced this year would be solved by achieving scale in the industry. And while we have plenty of confidence in our ability to accomplish this on a stand-alone basis, a combination with Stratasys would provide for immediate acceleration of scale attainment, which would allow for the combined companies to immediately begin delivering on 3 critically important elements to all stakeholders, sustainable profitability, sustainable innovation and value creation.

最後，我想強調我們堅信，我們今年遇到的許多挑戰都可以通過實現行業規模來解決。雖然我們對單獨實現這一目標的能力充滿信心，但與 Stratasys 的合併將立即加速規模的實現，這將使合併後的公司能夠立即開始交付 3 個至關重要的要素所有利益相關者、可持續盈利、可持續創新和價值創造。

With that, we'll now open the line for questions. Operator?

現在，我們將開放提問熱線。操作員？

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

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

Jeff. So first of all, I guess, the weakness in dental that's been well communicated and kind of in line with expectations. I guess my question would be just positioning the account going forward. Has there been any change in share with this big customer?

傑夫.首先，我想，牙科方面的弱點已經得到了很好的溝通，並且有點符合預期。我想我的問題只是定位賬戶的未來。與這個大客戶的份額有變化嗎？

No, not a bit as far as we know, Troy. It's -- literally, they weren't a hard ramp during the COVID period when everybody was worried about getting materials and parts, and everybody wanted straight teeth at the time and interest rates were low. So people had the money to spend. So it's been a confluence of both a drop in demand and burning off inventories. So it's -- directionally, it's just what we expected this year, but there's no other effects going on that we're aware of at all.

不，據我們所知，一點也不，特洛伊。從字面上看，在新冠疫情期間，每個人都擔心獲得材料和零件，每個人都想要整齊的牙齒，而且利率很低，這並不是一個艱難的坡道。所以人們有錢可以花。因此，這是需求下降和庫存消耗共同作用的結果。所以從方向上來說，這正是我們今年的預期，但我們根本沒有意識到有其他影響。

Jeff, and for you to remind me, that entering the year, didn't you think Industrial is going to grow about 15%?

Jeff，請您提醒我，進入今年，您不認為工業會增長 15% 左右嗎？

Yes, we did, Troy. And that's -- so yes, the only unexpected disappointment in the quarter really were -- late in the quarter, we saw a pushout of POs for some of our high ASP products. And again, it's -- my impression was and is today, it's not share loss because most of those POs were landed in July, in early July, most of them came through. I think customers are just slow rolling capital spending still. Interest rates are high. The economy is still a bit uncertain. People are managing cash.

是的，我們做到了，特洛伊。是的，本季度唯一令人意外的失望確實是在本季度末，我們看到一些高 ASP 產品推出了採購訂單。再說一次，我的印象過去和現在都是，這不是份額損失，因為大多數採購訂單是在 7 月、7 月初落地的，其中大多數都通過了。我認為客戶的資本支出仍在緩慢滾動。利率很高。經濟仍存在一定的不確定性。人們正在管理現金。

So directionally, it's where we expected. It's just a little bit of slow rolling of some of the larger POs. And Troy, until it's proven otherwise, we're just assuming that continues now throughout the year. I don't want to give my hopes up that, hey, that's going to miraculously change. I hope it does, but we're just assuming right now just kind of cascades through the year as it did in Q2.

所以從方向上來說，這就是我們所期望的。這只是一些較大的 PO 的緩慢滾動。而特洛伊，在事實證明並非如此之前，我們只是假設這種情況會持續一整年。我不想放棄希望，嘿，這會奇蹟般地改變。我希望如此，但我們現在只是假設全年會像第二季度那樣級聯。

Sure. All right. So right now, you think Industrial is high single to the low double-digit growth this year. Is that the comp…

當然。好的。所以現在，你認為工業今年的增長是高單位數到低兩位數的增長。這就是公司嗎？

Yes, it will still grow organically and pretty nicely, but not where we had hoped at the beginning of the year. And again, I think those POs will eventually flow through, and we'll see that recovery or rebound in the growth rate. But this year, that's what we expect, pretty healthy organic growth, not quite what we expected at the beginning of the year.

是的，它仍然會有機地、相當好的增長，但不會達到我們年初所希望的水平。再說一遍，我認為這些採購訂單最終將通過，我們將看到增長率的複蘇或反彈。但今年，這就是我們的預期，相當健康的有機增長，而不是我們年初的預期。

And then quick one for Michael. And not that I'm asking guidance here at all, but just directionally on gross margins. I know you guys are doing a lot on cost cuts and there's just a lot of mix shifts going forward. And just hypothetically, if you guys did like $600 million in revenue next year, what would gross margins look like for you guys?

然後是邁克爾的快速一件事。我並不是在這裡尋求指導，而只是針對毛利率尋求指導。我知道你們在削減成本方面做了很多工作，而且未來還會有很多組合轉變。假設一下，如果你們希望明年的收入達到 6 億美元，那麼你們的毛利率會是多少？

Yes. We -- so Troy, that's a great question. We expect continued margin expansion, right? We're starting to get the full impact of the cost optimizations that we did last year at insource manufacturing and as well as the cost-outs that we executed within the quarter. Additionally, we've announced the in-sourcing of metal production into our Rio and France facility that we're working hard to execute on this year. So we would expect margins to continue to increase. I mean, I think kind of in that 42% to 43%, maybe even as high as 44% for next year. Perfect.

是的。我們——特洛伊，這是一個很好的問題。我們預計利潤率將持續擴大，對吧？我們開始全面了解去年在內部製造方面進行的成本優化以及我們在本季度執行的成本削減的影響。此外，我們還宣布將金屬生產內包到我們的里約熱內盧和法國工廠，我們今年正在努力執行這一計劃。因此，我們預計利潤率將繼續增加。我的意思是，我認為明年的比例會在 42% 到 43% 之間，甚至可能高達 44%。完美的。

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

您的下一個問題來自 Craig-Hallum 的 Greg Palm。

This is Danny Eggerichs on for Greg today. I was hoping to kind of touch on the dental as well. I know previously, you had kind of said destocking would kind of start to abate midyear. And as we look at -- we're now kind of middle August, as you look back on that, how has that progressed relative to your expectations? I know you kind of said overall, it's in line. And then on top of that, how has maybe demand at the end consumer shifted to kind of that mix there?

我是丹尼·埃格里克斯，今天為格雷格發言。我也希望能接觸一下牙科。我知道之前，您曾說過去庫存會在年中開始減少。正如我們所看到的——我們現在已經是八月中旬了，當你回顧這一點時，相對於你的期望，進展如何？我知道你說的是總體而言，這是一致的。除此之外，最終消費者的需求可能是如何轉變為這種組合的？

Well, there's been some clear communicating from the leader in that industry about in demand and how that's evolved. I think when inflation first spiked, demand really went through the floor, what has been said publicly now by them is that they basically -- to paraphrase, look at their market in terms of adults and kids.

嗯，該行業的領導者就需求及其演變進行了一些明確的溝通。我認為，當通貨膨脹首次飆升時，需求確實跌破了底線，他們現在公開表示，他們基本上——換句話說，從成人和兒童的角度來看待他們的市場。

The kids segment seems to be back and the adult segment is lagging, which is consistent with consumer discretionary spending, adults are dragging their feet now on getting their teeth straightened. I do think that situation has all stabilized now. So it's great to see the kids segment back. The adult segment, undoubtedly, will follow because people still have a fundamental desire for that and especially as global as that business is now. So the in demand profile, we think, is kind of bottoming and should be starting to recover.

兒童細分市場似乎正在回歸，而成人細分市場則滯後，這與消費者可自由支配支出是一致的，成年人現在在矯正牙齒方面拖拖拉拉。我確實認為現在情​​況已經穩定下來。所以很高興看到孩子們回歸。毫無疑問，成人市場將會緊隨其後，因為人們對此仍然有基本的渴望，尤其是像現在的全球業務一樣。因此，我們認為需求狀況已經觸底，應該開始復蘇。

The lag for us is that they did build inventory in the supply chain coming out of COVID because everybody again was worried about just having enough raw material or machines, components, whatever your business was, everybody was worried about that. So everybody stocked up on inventory and that they were no exception. So there now just a matter of burning down the inventory. So it's a balance between in demand going up, inventories being burned off.

對我們來說，滯後是他們確實在新冠疫情的供應鏈中建立了庫存，因為每個人都再次擔心是否有足夠的原材料或機器、零部件，無論你的業務是什麼，每個人都擔心這一點。所以每個人都囤積庫存，他們也不例外。所以現在只剩下燒掉庫存的問題了。因此，這是需求上升和庫存消耗之間的平衡。

We estimated that would take 35% out of that revenue for us this year. And it directionally, it's tracking that way. We're not changing our overall yearly estimates of that. So I hope sometime we'll be surprised with demand bouncing back. But people have to remember, there is a lag between that in demand going up and the demand signal flowing through to us. So fundamentally, nothing's changed, and we're pleased to see the market seem to be bottoming now. And once the inventories are at reasonable levels, again, I think you'll see a nice upturn.

我們估計這將占我們今年收入的 35%。而且它是有方向的，它正在這樣追踪。我們不會改變對此的總體年度估計。所以我希望有一天我們會對需求的反彈感到驚訝。但人們必須記住，需求的上升和傳遞給我們的需求信號之間存在著滯後。所以從根本上來說，一切都沒有改變，我們很高興看到市場現在似乎正在觸底。一旦庫存達到合理水平，我認為您將再次看到良好的好轉。

Maybe one on the guidance, maybe specifically the EBITDA side, positive EBITDA for the year would imply still a pretty good improvement in the second half here. So I guess, what's your confidence level with what you've done on the cost side so far and maybe assuming more of a stagnant environment? Is there any additional levers you'd have to pull to get that? Or do you think that what you've done on that cost side makes you confident?

也許在指導上，也許特別是 EBITDA 方面，今年的正 EBITDA 意味著下半年仍然有相當好的改善。所以我想，您對迄今為止在成本方面所做的事情的信心程度如何，也許假設環境更加停滯？您是否需要拉動任何額外的槓桿才能實現這一目標？或者您認為您在成本方面所做的事情讓您有信心嗎？

Yes. So Danny, just to be crystal clear, we expect positive EBITDA in Q4, not necessarily the full year right? And while we don't give quarterly guidance, right, we would expect Q3 to kind of be slightly negative to roughly breakeven and then you can kind of do the math from there.

是的。丹尼，明確地說，我們預計第四季度的 EBITDA 為正，而不一定是全年，對嗎？雖然我們沒有給出季度指導，但我們預計第三季度將略有負值，大致達到盈虧平衡，然後你可以從那裡開始計算。

And then on the cost programs, I mean, we're seeing good solid traction there. I mean, actually, we got a little more cost out within the quarter than we had previously anticipated and we continue to aggressively manage and control costs as necessary. Obviously, we want to not cut too deep, we want to preserve for the future, but we are taking appropriate actions there and seeing good solid traction.

然後在成本計劃方面，我的意思是，我們看到了良好的堅實牽引力。我的意思是，實際上，我們在本季度內的成本比之前預期的要多一些，並且我們將繼續根據需要積極管理和控製成本。顯然，我們不想削減太深，我們希望為未來保留，但我們正在採取適當的行動，並看到良好的堅實勢頭。

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

你們的下一個問題來自瑞士信貸銀行的香農·克羅斯。

I was wondering if you sort of take a higher-level approach to the bioprinting business. And given I think you're seeing some significant, I don't know, improvement in at least results that in terms of the trials and everything you're doing. Does it make sense at some point to literally run this as a separate business?

我想知道您是否對生物打印業務採取更高層次的方法。鑑於我認為你至少在試驗和你所做的一切方面看到了一些重大的、我不知道的改進。在某些時候將其作為一個獨立的業務來運營是否有意義？

Maybe I know you have United Therapeutics. I mean is this -- I guess I'm just trying to figure out, is this something that gets sold eventually gets IPO-ed eventually because it does -- it's such a bright spot in terms of your business, at least in terms of the results that we've seen so far. And again, it's just a different investor base with a much longer time horizon than maybe some of the ones that look at 3D printing I don't know. I'm just wondering how you're thinking about it as things are progressing.

也許我知道你們有聯合治療公司。我的意思是——我想我只是想弄清楚，這是否是最終被出售的東西最終會被首次公開募股，因為它確實如此——就你的業務而言，這是一個亮點，至少在到目前為止我們看到的結果。再說一次，這只是一個不同的投資者基礎，與一些我不知道的關注 3D 打印的投資者相比，他們的投資期限要長得多。我只是想知道隨著事情的進展你是如何看待這件事的。

Shannon, it's an excellent question because our traditional investor bases are largely industrial tech people, growth-oriented industrial technology folks, generally, and that's what most of this industry speaks to. This business, as you take 3D printing now into printing human products, it is a different type of market. It's a biotech market and it was the right thing to kind of incubate it as a part of our R&D program. At some point, I think you're exactly right, it becomes a separate business. And there's a really nice amount of technology crossover in both directions.

香農，這是一個很好的問題，因為我們的傳統投資者基礎主要是工業技術人員，一般而言，以增長為導向的工業技術人員，這就是這個行業的大多數人所說的。當你現在將 3D 打印用於打印人類產品時，這個行業是一個不同類型的市場。這是一個生物技術市場，將其作為我們研發計劃的一部分進行孵化是正確的事情。在某些時候，我認為你是完全正確的，它變成了一項獨立的業務。兩個方向上都有大量的技術交叉。

So what we've learned on printing in other segments, industrial and healthcare, we can apply to regenerative and vice versa, we're learning a lot in regenerative that we're now carrying back into our industrial markets. But outside of that technological crossover, they really are different end markets and potentially different customer -- or different investor bases. So what I -- and I can't speculate exactly on the timing, but I think the path you laid out is probably correct is it will become a separate business unit for us.

因此，我們在工業和醫療保健等其他領域的印刷方面學到的知識，我們可以應用於再生，反之亦然，我們在再生方面學到了很多東西，現在我們正在將這些知識帶回我們的工業市場。但除了技術交叉之外，它們實際上是不同的終端市場和潛在的不同客戶，或者不同的投資者基礎。因此，我無法準確推測時間，但我認為您所製定的路徑可能是正確的，它將成為我們的一個獨立的業務部門。

And in that sense, we have flexibility to bring in new outside investors in that business that have an interest in that if the capital requirements are such that, that's needed, we'd have the flexibility to spin it if it made sense to do so. So, however, we can continue to untrap value in that over time, that's exactly what we would do. So I see it growing kind of in the direction you suggested. And as the -- as we hit some of these key milestones and it becomes more and more publicly clear what this business is capable of.

從這個意義上說，我們可以靈活地引入對該業務感興趣的新外部投資者，如果資本要求是必要的，那麼我們可以靈活地旋轉它，如果這樣做有意義的話。然而，隨著時間的推移，我們可以繼續挖掘其中的價值，這正是我們要做的。所以我認為它正在朝著你建議的方向發展。隨著我們達到其中一些關鍵里程碑，人們越來越清楚地了解這項業務的能力。

I think it's -- the time will be right sometime to probably separate set it up as a separate business unit. And whether we spin it or if we take outside investment, that's a decision that we'll have to follow.

我認為，也許某個時候是時候將其單獨設置為一個單獨的業務部門了。無論我們旋轉它還是接受外部投資，這都是我們必須遵循的決定。

And then I think on the industrial side, you mentioned that a number of deals that were pushed actually have either closed or are closing -- or I guess you said closed in July. So I'm wondering, is it that you're just seeing incremental pushout, so it's just kind of a rolling issue within the industry. And that's why you're providing a bit more cautious commentary?

然後我認為在工業方面，您提到推動的許多交易實際上已經完成或正在完成 - 或者我猜您說的是 7 月份完成的。所以我想知道，你是否只是看到了增量推出，所以這只是行業內的一個滾動問題。這就是為什麼你要提供更加謹慎的評論？

Yes. Exactly right, Shannon. Very simply, it's -- and because it was particularly on higher ASP products, both in metals and polymers, but particularly on bigger capital spends from our customer, then moving a little bit more slowly on approving POs. So what we had and what we saw not come in at the end of Q2, largely landed in July in Q3. And we just kind of expect that trend right now until proven otherwise, to just kind of roll through the year.

是的。完全正確，香農。很簡單，因為它特別是在金屬和聚合物領域的平均售價較高的產品上，但特別是在我們客戶的更大資本支出上，然後在批准採購訂單方面進展得更慢一些。因此，我們所擁有的和我們所看到的並沒有在第二季度末出現，大部分在第三季度的 7 月份落地。我們只是預計這種趨勢會持續到今年，直到事實證明並非如此。

Is there -- and I guess, are there any specific industries or again, highest still we can probably guess. But as we think about…

是否有——我想，是否有任何特定的行業，或者我們仍然可以猜測最高的行業。但正如我們思考的那樣……

That's pretty broad. Honestly, Shannon, it's pretty broad industrially. I think everybody is being conservative on cash spend. And it's not that they don't have -- they've got great checkbooks. It's that they just want to be prudent in how fast they expand capacity or bring in new capabilities. So -- and again, it was tilted toward our higher expense items. And so you would imagine that's just people's slow-rolling CapEx spending. And it wasn't dramatic, but it does change the outlook in the year, which is why we updated guidance.

這是相當廣泛的。老實說，香農，它在工業上非常廣泛。我認為每個人都對現金支出持保守態度。他們並不是沒有——他們有大量的支票簿。他們只是想謹慎地考慮擴大產能或引入新功能的速度。所以——再一次，它傾向於我們的高費用項目。所以你可以想像這只是人們緩慢滾動的資本支出。這並不引人注目，但它確實改變了今年的前景，這就是我們更新指導的原因。

And Shannon, just to be clear, this impact to both industrial and healthcare. It was largely on the printer side of our portfolio. So it was literally across all segments of our business kind of formally.

香農，需要明確的是，這對工業和醫療保健都有影響。它主要集中在我們產品組合的打印機方面。因此，它確實正式地涵蓋了我們業務的所有部門。

Yes. It affected printers. That's exactly where it hits. And for example, our personalized health service business is going very strong, and it's -- that's about procedures. That's about medical procedures and hospitals. -- and helping people repair their body. Everything else that's printer driven was exposed to that same kind of dynamic.

是的。它影響了打印機。這正是它所擊中的地方。例如，我們的個性化健康服務業務發展非常強勁，這就是程序。這是關於醫療程序和醫院的。 ——幫助人們修復身體。打印機驅動的其他所有東西都受到同樣的動態影響。

Your next question is coming from Alex Valero from Loop Capital Markets.

您的下一個問題來自 Loop Capital Markets 的 Alex Valero。

My question is, so what degree does your desire to combine with Stratasys has to do with accelerating key industry adoption? And if so, how would that adoption look like and where?

我的問題是，您希望與 Stratasys 合併對加速關鍵行業採用有何影響？如果是這樣，這種收養會是什麼樣子？在哪裡？

So if I heard you correctly, how is it influenced by industry adoption of 3D printing?

那麼，如果我沒聽錯的話，3D 打印的行業採用對它有何影響？

That's -- your desire to combine with your [office].

那就是——您希望與您的[辦公室]結合起來。

Yes. Well, sure. Yes, absolutely. It's an accelerator. So as a stand-alone company, what we're doing right now is trying to replicate what we've done in orthodontics across other market verticals. And the scale that you get to by combining with a company of Stratasys' size and it brings in very complementary technologies, it gives you more horsepower to do that more quickly. So it doesn't directionally change things, but it does allow you to move faster.

是的。嗯，當然。是的，一點沒錯。這是一個加速器。因此，作為一家獨立的公司，我們現在正在做的就是嘗試在其他垂直市場複製我們在正畸領域所做的事情。通過與 Stratasys 這樣規模的公司合併所達到的規模，以及它帶來的互補性技術，它可以為您提供更多動力，讓您更快地做到這一點。所以它不會改變事情的方向，但它確實可以讓你移動得更快。

So that's what I love about this combination is, strategically, it's the same path that we're on. And ultimately, I believe they're on too. But it just allows it to occur much more quickly. And the window of opportunity right now for customers to look at 3D printing in factories, it's open right now. Coming out of COVID, our customers experienced the same thing we did. They were all worried about their supply chain.

所以我喜歡這個組合的原因是，從戰略上講，我們走的是同一條道路。最終，我相信他們也在繼續。但它只是讓它發生得更快。現在，客戶在工廠觀看 3D 打印的機會之窗已經打開。疫情過後，我們的客戶也經歷了與我們相同的事情。他們都擔心自己的供應鏈。

And the bigger the customer, the more worried they were because most of those supply chains, but if you go outside of healthcare, most of them are extended around the world. So you've got parts coming out of Asia. You've got assembly operations all over the world. You had tons of labor and component shortages during the COVID period, and it's caused everyone to relook at their supply chain.

客戶越大，他們就越擔心，因為大多數供應鏈，但如果你走出醫療保健領域，其中大多數都延伸到世界各地。所以你的零件來自亞洲。您的裝配業務遍布世界各地。在新冠疫情期間，勞動力和零部件嚴重短缺，這導致每個人都重新審視自己的供應鏈。

And once you do that, you look at the location, you also look at the content, you look at what technology are using to make parts. And with 3D printing, they get an improvement in performance of the part and now they get very good economics. But you've got to go out and touch them and you've got to demonstrate the technology for them.

一旦你這樣做了，你就會看到位置，你也會看到內容，你會看到製造零件所使用的技術。通過 3D 打印，他們提高了零件的性能，現在獲得了非常好的經濟效益。但你必須出去觸摸它們，你必須向他們展示技術。

Many of these guys have never used 3D printing in a factory before at all. They've never used it. So that's why I pointed out the customer has really changed. It's now factory managers. And if you've ever -- I grew up part of my career in factories. And if you ever met a factory manager, they are some of the most focused conservative people in the world. They do not want to miss a delivery. So if they're going to bring in 3D printing, a new technology, you're going to have to demonstrate it for them, sell them on the economics, the risk and the complete workflow economics.

其中許多人以前從未在工廠使用過 3D 打印。他們從未使用過它。這就是為什麼我指出客戶確實發生了變化。現在是工廠經理。如果你曾經——我的職業生涯的一部分是在工廠里長大的。如果你見過工廠經理，他們是世界上最專注的保守派人士。他們不想錯過送貨。因此，如果他們要引進 3D 打印這一新技術，你就必須向他們展示它，向他們推銷其經濟性、風險和完整的工作流程經濟性。

So what Stratasys combination with us does is it just increases the pace of that capability. And it makes it more robust because again, a broader technology offering gives us a better financial profile for continued investment. The cost synergies are amazing to me, $110 million to the bottom line. So you've got a good, sustainable, profitable business. And that, again, from a customer standpoint, that's what you want to see in a supplier.

因此，Stratasys 與我們的結合所做的只是加快了這種能力的步伐。它使其更加穩健，因為更廣泛的技術產品再次為我們提供了更好的財務狀況以進行持續投資。成本協同效應對我來說是驚人的，利潤達 1.1 億美元。這樣您就擁有了良好的、可持續的、有利可圖的業務。再次，從客戶的角度來看，這就是您希望在供應商中看到的。

We have to serve these guys on multiple continents. Most of the big ones where the real volume is at. They're on multiple continents. So you've got to have a footprint where you could support that. And we'll get there on our own market vertical by market vertical, it's fine. But if we can combine with Stratasys, we get there a whole lot faster with a whole lot more efficiency. That's why we've been working at it for 2 years. Honestly, the logic has been there for 2 years since we reorganized this business. So I hope we can make it happen.

我們必須為來自多個大洲的這些人提供服務。大多數大的實際成交量都在。他們分佈在多個大陸。所以你必須有一個可以支持的足跡。我們將在我們自己的垂直市場上實現這個目標，這很好。但如果我們能夠與 Stratasys 結合起來，我們就能更快、更高效地實現這一目標。這就是我們為此努力了兩年的原因。老實說，自從我們重組這項業務以來，這個邏輯已經存在了兩年。所以我希望我們能夠實現這一目標。

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

你的下一個問題來自威廉·布萊爾的布萊恩·德拉布。

This is Tyler Hutin on for Drab. Okay. I just want to touch on the extrusion platform of the table. So you guys mentioned some of the end markets that is getting traction. And can you just dive into that a little more where you're seeing the most traction and just kind of where the opportunity is going?

我是泰勒·胡廷（Tyler Hutin），代表單調。好的。我只想觸摸一下桌子的擠壓平台。你們提到了一些正在受到關注的終端市場。您能否更深入地了解一下您認為最具吸引力以及機會所在的地方？

I'm sorry, I missed part of that. Michael, did you get Tyler's question?

抱歉，我錯過了其中一部分。邁克爾，你聽到泰勒的問題了嗎？

So, Tyler, I just want to make sure I heard your question clearly. It was about Titan and specific traction in certain markets and then segments. Is that your ultimate question?

所以，泰勒，我只是想確保我清楚地聽到了你的問題。這是關於泰坦以及在某些市場和細分市場的特定吸引力。這是你的終極問題嗎？

[indiscernible]

[音頻不清晰]

Would you mind picking up your handset? This is the operator. I do apologize. Would you mind picking up your handset?

你介意拿起你的手機嗎？這是操作員。我很抱歉。你介意拿起你的手機嗎？

You got to climb out of that barrel, Tyler. It's hard to hear. But no, if your question is about Titan, I'm very happy to take it. Titan is a marvelous platform. It's a rugged large platform that our customers really enjoy. It's carving a really nice niche in the extrusion market, making a robust range of tooling for different applications now. It was a small U.S. start-up company that we acquired just over a year ago. And so it's gotten really nice traction in the United States.

你必須從那個桶裡爬出來，泰勒。很難聽清。但不，如果你的問題是關於泰坦的，我很樂意回答。 Titan 是一個了不起的平台。這是我們的客戶真正喜歡的堅固耐用的大型平台。它在擠壓市場上佔據了一個非常好的利基市場，現在為不同的應用提供了一系列強大的工具。這是我們一年多前收購的一家小型美國初創公司。因此它在美國受到了很大的關注。

We're now seeing it begin to take root in Europe and in Asia because the value proposition is very high. They can make large parts quickly. It's got a -- and the raw material input is palletized, it's from pellets. So it's a lower -- fundamentally lower cost raw material. So you get -- customers get a really good value. They get speed, size and a lower raw material cost for introducing Titan. And so the payback for them has been really attractive. The margins are good for us. So it's a really great sustainable business from my standpoint that I think will carve a really nice niche in the extrusion market.

我們現在看到它開始在歐洲和亞洲紮根，因為價值主張非常高。他們可以快速製造大型零件。它有一個——原材料輸入是托盤化的，來自顆粒。因此，它是一種成本更低的原材料。所以你會得到——客戶獲得真正的超值。他們通過引入泰坦獲得了速度、規模和更低的原材料成本。因此，他們的回報非常有吸引力。利潤對我們有利。因此，從我的角度來看，這是一項非常偉大的可持續業務，我認為它將在擠壓市場上開闢一個非常好的利基市場。

And Tyler, one other thing that I think about when we talk about Titan, one very interesting aspect that has in line finishing in kind of post-partproduction or post-production work that can be done right in the machine itself. So that allows for streamlined workloads.

泰勒，當我們談論泰坦時，我想到的另一件事是，一個非常有趣的方面，它具有可以在機器本身中完成的後期製作或後期製作工作的在線精加工。這樣可以簡化工作負載。

It's pretty cool. The guys that started this company is a very bright energetic young guys. They came out of the CNC milling industry. So this Titan has a rotating head on it that you can move from extrusion to machining very quickly so you can print a very large part at high speeds, and then you can rotate the head and go back and machine the surface off to make it really smooth. So it's kind of the best of both worlds, all in a self-contained unit and easy to use. So we're really bullish on it and are excited to see us growth.

它太酷了。創辦這家公司的人是一群非常聰明、充滿活力的年輕人。他們來自數控銑削行業。因此，這個泰坦上有一個旋轉頭，您可以非常快速地從擠壓移動到加工，這樣您就可以高速打印非常大的零件，然後您可以旋轉頭並返回並加工表面以使其真正成為現實光滑的。所以它是兩全其美的，一切都在一個獨立的單元中並且易於使用。因此，我們非常看好它，並很高興看到我們的增長。

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

謝謝。我們的問答環節結束了。我想將發言權交還給傑夫，以徵求進一步或結束評論的意見。

Thanks, Kevin for hosting us. Listen, thank you all for tuning in. We look forward to updating you again next quarter and for taking questions along the way. I wish you all a great day and a great quarter ahead. Thank you.

謝謝凱文招待我們。聽著，感謝大家的收聽。我們期待下個季度再次為您提供最新消息，並在此過程中回答您的問題。祝大家度過愉快的一天和美好的季度。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絡廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。