3D Systems Corp (DDD) 2023 Q3 法說會逐字稿

Hello, and welcome to the 3D Systems Q3 2023 Conference Call and Webcast. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 3D Systems 2023 年第三季電話會議和網路廣播。 （操作員說明）。提醒一下，本次會議正在錄製中。

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

現在我很高興將電話轉給投資人關係副總裁米克‧麥克洛斯基 (Mick McCloskey)。請繼續，米克。

Good morning, and welcome to 3D Systems' Third Quarter 2023 Conference Call. With me on today's call are Dr. Jeffrey Graves, President and Chief Executive Officer; and Andrew Johnson, Executive Vice President and Interim Chief Financial Officer. 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. 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.

早安，歡迎參加 3D Systems 2023 年第三季電話會議。與我一起參加今天電話會議的有總裁兼執行長 Jeffrey Graves 博士；執行副總裁兼臨時財務長安德魯‧約翰遜 (Andrew Johnson)。本次電話會議的網路廣播部分包含我們將在電話會議期間參考的投影片簡報。那些透過電話關注並希望訪問本簡報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。以下討論和您問題的答案僅反映管理層截至今天的觀點，並將包括本投影片中所述的前瞻性陳述。

Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in this morning's press release and our recent 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. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2022.

實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天上午的新聞稿和我們最近向 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。在我們的新聞稿和此網路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揭露，包括與可比較公認會計原則衡量標準的調節。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 年可比較期間的結果進行比較。

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傑夫·格雷夫斯（Jeff Graves），他將致開幕詞。

Thanks, Mick, and good morning, everyone. We appreciate you joining us today. Before I begin, I'd like to first acknowledge the unimaginable and tragic events that have happened in Israel over the last several weeks. Our company, and in fact, our entire additive manufacturing industry has deep ties to Israel, where engineering breakthroughs have been made that benefited people worldwide over many years. To our Israeli colleagues, and it's all of those impacted by the trusses that were committed and by the ongoing turmoil in the region. Please note that you're in our thoughts and prayers for a rapid return to peace and security for all. May God bless you in these troubled times.

謝謝，米克，大家早安。我們感謝您今天加入我們。在開始之前，我想先承認過去幾週在以色列發生的難以想像的悲慘事件。我們公司，事實上，我們整個積層製造業與以色列有著深厚的聯繫，以色列的工程突破多年來使全世界人民受益。對我們的以色列同事來說，這是所有受到所發生的桁架和該地區持續動盪影響的人。請注意，我們關心您並祈禱您早日恢復和平與安全。願上帝在這些困難時期保佑你。

Today, we take this call from Frankfurt, Germany, where we're showcasing our current and future technologies at Formnext, which for those of you who may be unfamiliar, is the largest global additive manufacturing conference that brings together a community of mines that will actively shape the next generation of intelligent industrial production. Later in the call, I'll offer a few insights that we're sharing this week as we preview our exciting new technologies that will enter production in 2024. But let me start this morning by providing an overview of our third quarter 2023 results and some insights into the operating climate we anticipate over the next few quarters. I'll then cover our recently announced restructuring initiative, which we expect to result in improved profitability and cash performance while preserving crucial investments for future growth.

今天，我們從德國法蘭克福接到這個電話，我們將在 Formnext 上展示我們當前和未來的技術，對於那些可能不熟悉的人來說，這是最大的全球增材製造會議，匯集了礦山社區，積極塑造下一代智慧工業生產。稍後在電話會議中，我將提供一些我們本週在預覽將於2024 年投入生產的令人興奮的新技術時分享的見解。但是，讓我從今天早上開始概述我們2023 年第三季度的業績，以及對我們預計未來幾季的營運環境的一些見解。然後我將介紹我們最近宣布的重組計劃，我們預計該計劃將提高獲利能力和現金績效，同時保留未來成長的關鍵投資。

The net result of these cost actions and investments will be the delivery of tangible near-term benefits and shareholder value. while accelerating the adoption of additive manufacturing in industrial and health care markets in the years ahead. Given our scale as one of the largest pure-play additive manufacturing companies in the world and the strength of our balance sheet, we're well positioned to execute these initiatives even in the face of a challenging macroeconomic and geopolitical environment. Then before handing the call off to our interim CFO, Andy Johnson, I'll briefly cover the incredible outlook for our new products and technologies, a record number of which are targeted for release in 2024.

這些成本行動和投資的最終結果將是帶來實際的短期利益和股東價值。同時在未來幾年加速積層製造在工業和醫療保健市場的採用。鑑於我們作為世界上最大的純增材製造公司之一的規模以及我們的資產負債表的實力，即使面對充滿挑戰的宏觀經濟和地緣政治環境，我們也有能力執行這些舉措。然後，在將電話轉交給我們的臨時財務長Andy Johnson 之前，我將簡要介紹我們新產品和技術的令人難以置信的前景，其中預計在2024 年發布的產品和技術數量將創歷史新高。

I'll start on Slide 6 with some perspective on our third quarter results and where we see the industry today. As I commented in this morning's release and from what we shared in our announcement a few weeks ago, I firmly believe that additive manufacturing is rapidly establishing itself as a highly attractive production technology that can deliver unique value across virtually all industrial and health care markets. The ability to economically mass produce low-volume high-mix components or if desire to even fully customize products is now being realized by companies worldwide. These production solutions bring unique value to our customers through improved component designs, reduce capital investment needs and enhance sustainability.

我將從幻燈片 6 開始，對我們第三季的業績以及我們今天對行業的看法進行一些展望。正如我在今天早上的新聞稿中以及我們幾週前在公告中分享的內容所評論的那樣，我堅信增材製造正在迅速成為一種極具吸引力的生產技術，可以在幾乎所有工業和醫療保健市場中提供獨特的價值。世界各地的公司現在正在實現經濟地大規模生產小批量高混合組件的能力，甚至完全客製化產品的願望。這些生產解決方案透過改進組件設計、減少資本投資需求並增強永續性，為我們的客戶帶來獨特的價值。

At 3D systems, we offer the broadest range of additive technologies in the industry, bringing together both metal and polymer hardware platforms and exceptional materials portfolio and intelligent cloud-based software with unmatched application focus to deliver bespoke solutions to our customers. To put it very simply, the maturing of 3D printing technology for production applications is the key long-term driver of exciting growth for our company and for the industry in total.

在 3D Systems，我們提供業界最廣泛的增材技術，將金屬和聚合物硬體平台、卓越的材料組合以及基於雲端的智慧軟體與無與倫比的應用重點結合在一起，為我們的客戶提供客製化解決方案。簡而言之，用於生產應用的 3D 列印技術的成熟是我們公司和整個行業令人興奮的成長的關鍵長期驅動力。

So with that said, why are we and the industry more broadly experiencing a weak overall demand environment for our products? Well, there are 2 very basic reasons. One is that inflation has increasingly impacted consumer discretionary spending, which, in our case, directly affects the sales into consumer products such as clear aligners for orthodontic treatment. The second, which is a much broader effect is that the rising macroeconomic and geopolitical risks have caused our customers to slow capital spending on new production capacity, which affects their adoption of new production technologies such as additive manufacturing. Rapid rise and higher for longer interest rate expectations, combined with the macroeconomic risk factors have created a challenging financing environment that's weighing on the speed and decisiveness of customers to invest capital to bring additive manufacturing more fully into the factory floor.

話雖如此，為什麼我們和整個產業的產品整體需求環境疲軟？嗯，有兩個非常基本的原因。一是通貨膨脹對消費者可自由支配支出的影響越來越大，就我們而言，這直接影響了消費品的銷售，例如用於矯正治療的透明矯正器。第二個影響更為廣泛，即宏觀經濟和地緣政治風險的上升導致我們的客戶放緩了新產能的資本支出，從而影響了他們對增材製造等新生產技術的採用。利率預期的快速上升和較高的長期利率預期，加上宏觀經濟風險因素，造成了充滿挑戰的融資環境，影響了客戶投資資本以將增材製造更全面地引入工廠的速度和果斷性。

To be clear, there's no decline in interest and direction, just the rate at which CapEx is being approved at executive levels. While our larger customers have strong balance sheets, they're conserving cash until the future is clear. Smaller companies with weaker balance sheets are having to be even more careful. For 3D systems, this translated into weakening sales in Q3 and a more conservative outlook for future quarters. Without clear evidence of economic growth, we're taking decisive actions to reduce our cost structure in order to ensure improved profitability and cash performance. These actions include headcount reductions, consolidation of our operating footprint and other reductions in discretionary spending.

需要明確的是，興趣和方向並沒有下降，只是高階主管批准資本支出的速度下降了。雖然我們的大客戶擁有強大的資產負債表，但他們會保留現金，直到未來明朗為止。資產負債表較弱的小公司必須更加小心。對於 3D 系統而言，這意味著第三季的銷售疲軟以及對未來季度的前景更加保守。在沒有明確的經濟成長證據的情況下，我們正在採取果斷行動來降低成本結構，以確保提高獲利能力和現金績效。這些行動包括裁員、整合我們的營運足跡以及其他可自由支配支出的減少。

Importantly, we are preserving our core investments in new technology and application development in order to ensure that we're well positioned to deliver exciting growth when the macroeconomic turns more favorable. To recap our third quarter performance, there is clearly pressure on revenue, but we were pleased with our operational execution and technology progress, both of which contributed to significant improvements in gross margin and profitability levels. Revenue for the quarter of roughly $124 million reflected softness in our dental sales, the overwhelming impact of which was clear aligners for orthodontics. It also reflected softness in printer sales driven by factors I mentioned previously.

重要的是，我們正在保留對新技術和應用程式開發的核心投資，以確保我們能夠在宏觀經濟變得更加有利時實現令人興奮的成長。回顧我們第三季的業績，收入顯然面臨壓力，但我們對我們的營運執行和技術進步感到滿意，這兩者都有助於毛利率和獲利水平的顯著改善。本季營收約 1.24 億美元，反映出我們牙科銷售的疲軟，其中最大的影響是矯正器。這也反映了我之前提到的因素驅動的印表機銷售疲軟。

While we had anticipated the softness in dental, the printer sales shortfall was greater than anticipated, particularly late in the quarter as tensions in the world increased significantly. Moving forward, our dental business based upon customer feedback, we anticipate the liner market to stabilize, but with continued need to reduce inventory in the supply chain and weakness in consumer discretionary spending. We would anticipate a slower recovery in 2024 than expected earlier in the year. Offsetting this, to some extent, is the continuing migration of orthodontic solutions from metal bracket and wires to clear aligners. With the progress being made in materials and printing technologies, we anticipate the gain of overall market share for these solutions to continue and to provide more growth opportunities in the future.

雖然我們預計牙科行業會出現疲軟，但印表機銷售缺口比預期更大，特別是在本季末，因為世界緊張局勢顯著加劇。展望未來，我們的牙科業務根據客戶的反饋，預計襯裡市場將穩定，但由於持續需要減少供應鏈中的庫存以及消費者可自由支配支出的疲軟。我們預計 2024 年的復甦速度將慢於今年稍早的預期。在某種程度上抵消了這一點的是矯正解決方案從金屬托架和鋼絲向透明矯正器的持續遷移。隨著材料和印刷技術的進步，我們預計這些解決方案的整體市場份額將繼續增加，並在未來提供更多成長機會。

Despite what we view as the significant short-term headwinds, we're making major strides to control what we can internally. Earlier this year, we implemented 2 waves of cost initiatives that are in line with our expectations and on track to deliver over $7 million of savings in 2023. In September, we announced incremental progress on the in-sourcing of metal and polymer production printers in our Riom, France, and Rock Hill, South Carolina facilities. These actions, combined with a strong focus on supply chain optimization are enabling not only greater cost efficiencies, but enhance quality control, reduce manufacturing cycle times and the acceleration of new product introductions, all the while boosting customer satisfaction through shorter lead times, increased product support and process customization.

儘管我們認為存在重大的短期阻力，但我們在內部控制方面正在取得重大進展。今年早些時候，我們實施了兩波成本計劃，這些計劃符合我們的預期，並預計在2023 年節省超過700 萬美元。9 月，我們宣佈在金屬和聚合物生產印表機的內購方面取得漸進進展。我們在法國里永和南卡羅來納州羅克希爾的工廠。這些行動，再加上對供應鏈優化的高度重視，不僅可以提高成本效率，還可以加強品質控制，縮短製造週期並加速新產品的推出，同時透過縮短交貨時間、增加產品品質來提高客戶滿意度支援和流程定制。

As we look to the future, we see the potential for improved asset management and resource utilization that are anticipated to reduce our total inventory significantly in 2024. With this mindset and internal focus, I'd point you to our strong gross margin performance and EBITDA performance delivered during the quarter. As it relates to these performance of these metrics, we're extremely encouraged by the progress we've made to date. With the operational initiatives we undertook this year, much of which has only recently been completed. We're even now starting to witness the benefits of what we've already implemented and where our newest wave of initiatives will continue to drive our future.

展望未來，我們看到了改善資產管理和資源利用率的潛力，預計這將在2024 年顯著減少我們的總庫存。有了這種心態和內部重點，我想向您介紹我們強勁的毛利率表現和EBITDA本季交付的業績。由於它與這些指標的表現有關，我們對迄今為止所取得的進展感到非常鼓舞。我們今年採取的營運舉措，其中大部分最近才完成。我們甚至現在就開始見證我們已經實施的措施的好處，以及我們最新一波舉措將繼續推動我們的未來。

With the new wave of initiatives we've kicked off, we'll continue to drive to in-source operations into our key manufacturing locations and further optimize our supply chain, which we expect to favorably impact our cost of goods and operating efficiencies. These will continue to have a positive impact on gross margins, providing support even in a weaker external environment. I want to offer a sincere thanks to our operations team for their outstanding performance. They truly have delivered for us. While our gross margins were greatly impacted by our operational execution, it's important to note that both margin and EBITDA performance were also impacted by our technical progress, which were more extraordinary in nature and need to be called out separately.

隨著我們啟動的新一波舉措，我們將繼續推動關鍵製造基地的內源運營，並進一步優化我們的供應鏈，我們預計這將對我們的商品成本和營運效率產生有利影響。這些將繼續對毛利率產生積極影響，即使在外部環境疲軟的情況下也能提供支持。我要對我們的營運團隊的出色表現表示衷心的感謝。他們確實為我們做到了。雖然我們的毛利率受到營運執行的極大影響，但值得注意的是，利潤率和 EBITDA 表現也受到我們技術進步的影響，技術進步本質上更加非凡，需要單獨指出。

In this vein, one of the drivers behind our revenue margin and EBITDA performance relates to the outstanding progress made by our regenerative medicine team. As many of you know, we view regenerative medicine as perhaps the most exciting element of our long-term growth portfolio, and I believe that our work in this field is the most innovative in the entire industry. It has enormous potential to unlock significant value for our shareholders, helping to advance medicine and improve the lives of millions of people around the world. We began this journey in 2017 when we partnered with United Therapeutics to embark on the task of printing the human lung, the most complex structure ever 3D printed with a target for human trials by 2026.

在這方面，我們的收入利潤率和 EBITDA 業績背後的驅動因素之一與我們的再生醫學團隊取得的突出進展有關。正如你們許多人所知，我們認為再生醫學也許是我們長期成長投資組合中最令人興奮的元素，我相信我們在這一領域的工作是整個產業中最具創新性的。它具有為我們的股東釋放巨大價值的巨大潛力，有助於推動醫學進步並改善全世界數百萬人的生活。我們在 2017 年開始了這一旅程，當時我們與 United Therapeutics 合作，開始列印人類肺部的任務，這是有史以​​來 3D 列印的最複雜的結構，目標是到 2026 年進行人體試驗。

As I referenced in the public discussion in late June, we've been on track to achieve many clear-cut milestones with several critical inflection points in sight. Today, I'm pleased to share the amazing progress towards some of these milestones, which relate directly to the precision and accuracy of our bioprinters in combination with the extraordinary biomaterials needed to successfully print a human lung. This enabled us to recognize a benefit to our consolidated performance in the quarter. While irregular in timing, it provides tangible evidence of our progress in partnership with United Therapeutics and continues to bolster our confidence in this new extraordinary market for the future.

正如我在 6 月下旬的公開討論中提到的那樣，我們一直在實現許多明確的里程碑，並看到了幾個關鍵的拐點。今天，我很高興與大家分享其中一些里程碑所取得的驚人進展，這些進展直接關係到我們的生物印表機的精度和準確度以及成功列印人肺所需的非凡生物材料。這使我們認識到本季綜合業績的好處。雖然時間不規則，但它提供了我們與 United Therapeutics 合作取得進展的實際證據，並繼續增強我們對這個新的非凡市場未來的信心。

Andy will take you through more of the specifics related to our margin and EBITDA performance for the quarter in a few moments, but let me end on a very clear note. We're extremely encouraged by the progress we've made to date, where we'll continue to drive our future operating efficiencies and our path to sustained profitability. With this, we can weather the headwinds that we may face as we enter 2024 and emerge a stronger company, well positioned for exciting long-term growth.

安迪稍後將向您詳細介紹與本季利潤率和 EBITDA 表現相關的更多細節，但讓我以非常明確的方式結束演講。我們對迄今為止所取得的進展感到非常鼓舞，我們將繼續提高未來的營運效率和實現持續盈利的道路。有了這個，我們就可以克服進入 2024 年時可能面臨的逆風，成為一家更強大的公司，為令人興奮的長期成長做好準備。

Now with that, let's turn to Slide 7 for a deeper dive into our Industrial Solutions segment. While the overall economic environment may have muted performance in the Industrial Solutions, the business delivered growth from prior year. Our transportation and motor sports market drove the bulk of the growth during the quarter as other stronger performing verticals such as academic and research and service bureaus, commercial aviation and defense were offset by weakness in other markets more broadly. I'd also like to call out a few announcements over the last few months that highlight why we're so passionate about our future in the industrial markets.

現在，讓我們轉向幻燈片 7，更深入地了解我們的工業解決方案部分。儘管整體經濟環境可能影響工業解決方案的業績，但該業務較上年實現了成長。我們的運輸和賽車運動市場推動了本季度的大部分成長，因為學術、研究和服務機構、商業航空和國防等其他表現強勁的垂直產業被更廣泛的其他市場的疲軟所抵消。我還想提及過去幾個月發布的一些公告，這些公告強調了為什麼我們對工業市場的未來如此充滿熱情。

Our EXT Titan Pellet 3D printer continues to build momentum. As mentioned on our prior call, we've seen strong momentum in the U.S. market, and we're now expanding into Canadian markets in earnest with our most recent announcement of Icon Technologies Limited purchase of the first EXT1270 in Canada. ICON provides innovative custom thermoform solutions to its OEM customers for applications such as recreational vehicles, building products and HVAC systems. Given the EXT Titan platform offers up to 88% raw material cost savings and up to 65% lead time reduction as compared to machine metal or cast ceramic alternatives. It makes an exceptional match for efficiency-focused manufacturers like ICON that are interested in the direct production of thermoforming molds.

我們的 EXT Titan Pellet 3D 列印機繼續保持強勁勢頭。正如我們在先前的電話會議中提到的，我們看到了美國市場的強勁勢頭，現在我們正在認真擴展到加拿大市場，最近我們宣布 Icon Technologies Limited 在加拿大購買了第一台 EXT1270。 ICON 為其 OEM 客戶提供創新的客製化熱成型解決方案，適用於休閒車、建築產品和 HVAC 系統等應用。與機械加工金屬或鑄造陶瓷替代品相比，EXT Titan 平台可節省高達 88% 的原料成本，並縮短高達 65% 的交貨時間。它非常適合像 ICON 這樣對直接生產熱成型模具感興趣的注重效率的製造商。

In addition to North America and Europe, India and Japan are now opening as well with our EXT 1070 pellet printer receiving an exciting reception in recent weeks. Having the broadest range of technologies in the industry, I'd be remiss if I didn't mention 2 of our more exciting metal printer announcements from the third quarter as well. In July, we were pleased to share our continued collaboration with Oerlikon AM, who purchased their fourth DMP Factory 500 system to further scale metal additive manufacturing for their customers. Combining both organizations' deep process and applications expertise with our DMP Factory 500 and Oerlikon service engineering capabilities enables a faster path to market for applications in high-criticality industries such as semiconductor and aerospace.

除了北美和歐洲之外，印度和日本現在也已開業，我們的 EXT 1070 顆粒印表機在最近幾週受到了熱烈的歡迎。擁有業內最廣泛的技術，如果我沒有提到第三季度我們發布的兩項更令人興奮的金屬印表機，那就是我的失職。 7 月，我們很高興與歐瑞康 AM 分享我們的持續合作，歐瑞康購買了第四台 DMP Factory 500 系統，以進一步為其客戶擴展金屬增材製造規模。將兩個組織深厚的製程和應用專業知識與我們的 DMP Factory 500 和歐瑞康服務工程能力結合，可以為半導體和航空航太等高關鍵產業的應用提供更快的市場路徑。

And in late September, we were awarded a $10.8 million contract from the United States Air Force for a large-format metal 3D printer advanced technology demonstrator. The contract supports the development of large-scale hypersonic relevant additive manufacturing print capabilities with work being performed in Rockhill, South Carolina and San Diego, California and an expected contract completion date of September 29, 2025. This work allows us to then commercialize the technology in support of the U.S. defense needs for the future, a key area targeted for growth in our future of our company. All are exciting examples of our exceptional ability to deliver metal and polymer solutions to a wide variety of industrial applications.

9 月下旬，我們獲得了美國空軍價值 1080 萬美元的合同，用於大幅面金屬 3D 列印機先進技術演示機。該合約支持開發大規模高超音速相關增材製造列印能力，工作正在南卡羅來納州羅克希爾和加利福尼亞州聖地亞哥進行，預計合約完成日期為2025 年9 月29 日。這項工作使我們能夠將該技術商業化支持美國未來的國防需求，這是我們公司未來發展的關鍵領域。所有這些都是我們為各種工業應用提供金屬和聚合物解決方案的卓越能力的令人興奮的例子。

And turning to Healthcare Solutions on Slide 8. As mentioned earlier this morning, within Healthcare Solutions, we continued with both consumer-related and broader economic factors that drove an 18% decline in revenues from prior year. This was predominantly driven by an expected decline in our Dental business. Additionally, outside of dental, printer sales were also softer than anticipated. However, these effects were partially offset by our technical milestone progress in regenerative medicine business, another quarter of growth in personalized health care solutions. Keeping on that theme, I'd like to shed some incremental insight regarding our personalized health care solution business.

轉向幻燈片8 上的醫療保健解決方案。正如今天早上早些時候提到的，在醫療保健解決方案中，我們繼續考慮與消費者相關的因素和更廣泛的經濟因素，這些因素導致收入比上一年下降了18%。這主要是由於我們的牙科業務預期下降所致。此外，除了牙科之外，印表機的銷售也低於預期。然而，這些影響被我們在再生醫學業務方面的技術里程碑式進展（個人化醫療保健解決方案的另一個季度的成長）所部分抵消。圍繞這個主題，我想就我們的個人化醫療保健解決方案業務提供一些增量見解。

Earlier this year, we shared with you the testing story of the first 3D printed cranial implant used in surgery at the Salzburg University Hospital in Austria that was produced on our EXT 220 Med extrusion printer platform with peak material. Peak is a medical-grade high-performance polymer material. In a spectacular fashion, once again, we recently shared another incense of the XT 220 printer combined with Peak, delivering a life-changing outcome. Leveraging our technology platform, a cranial implant was created by the team at the University Hospital in Basel, who was used to successfully replace a section of disintegrating Skull in a 46-year-old male, who is experiencing complications from a stroke in 2019.

今年早些時候，我們與您分享了奧地利薩爾茨堡大學醫院手術中使用的第一個3D 列印顱骨植入物的測試故事，該植入物是在我們的EXT 220 Med 擠出列印機平台上使用Peak 材料生產的。 Peak是一種醫用級高性能高分子材料。我們最近再次以驚人的方式分享了 XT 220 印表機與 Peak 的結合，帶來了改變生活的結果。巴塞爾大學醫院的團隊利用我們的技術平台創建了一個顱骨植入物，成功地替換了一名 46 歲男性的一部分正在崩解的頭骨，該男性在 2019 年經歷了中風併發症。

Both of these recent announcements are prime examples of the way that additive manufacturing is changing the future of health care. And as a cranial implant market is anticipated to reach more than $2 billion by 2030, we're highly encouraged by the opportunities that lie ahead of us. Turning to Slide 9 for more on our recently announced restructuring initiative. From what you've heard from me already this morning, I hope to take away is clear. We're incredibly focused on delivering sustainable profitability and improved margins for the company. As our near-term demand environment has softened, we're responding with swift and decisive action to right size our cost structure while preserving the critical investments that will drive our future growth. In order to accomplish this, we're targeting an incremental wave of restructuring actions expected to deliver between $45 million and $55 million in annualized savings by the end of 2024.

最近的這兩項公告都是積層製造正在改變醫療保健未來的典型例子。預計到 2030 年，顱骨植入物市場將達到 20 億美元以上，我們對眼前的機會感到非常鼓舞。請參閱投影片 9，以了解有關我們最近宣布的重組計劃的更多資訊。從今天早上你們從我那裡聽到的情況來看，我希望得到的收穫是明確的。我們非常專注於為公司提供可持續的獲利能力和提高的利潤率。隨著我們的近期需求環境已經疲軟，我們正在採取迅速而果斷的行動來調整我們的成本結構，同時保留將推動我們未來成長的關鍵投資。為了實現這一目標，我們的目標是實施一波增量重組行動，預計在 2024 年底實現年化節省 4,500 萬至 5,500 萬美元。

The initial focus on optimizing our operations and incremental headcount reduction of up to 10%, cost reduction with third-party contracts and the rationalization of geographic locations across all facets of the company. While these actions are never taken lightly, they are necessary for our business and we'll focus on 3 very specific goals: the continued reduction of operating costs, improved customer quality and delivery reliability and the essential support in R&D that will drive our future growth.

最初的重點是優化我們的運營，將員工數量減少最多 10%，透過第三方合約降低成本，以及公司各個方面的地理位置合理化。雖然這些行動絕對不會掉以輕心，但它們對我們的業務來說是必要的，我們將專注於3 個非常具體的目標：持續降低營運成本、提高客戶品質和交付可靠性以及將推動我們未來成長的研發方面的重要支持。

Moving then to Slide 10. It's impossible for me to speak to our technology road map without first taking a step back. Just over 35 years ago, he was our Co-Founder and Chief Technology Officer, Chuck Halls curiosity and desire to improve the way products were designed and manufactured that served as the spark of innovation that ignited the 3D printing industry and 3D systems as a company. Since then, that same spark continues to fuel 3D Systems innovation as the company works side-by-side with its customers to change the way products are manufactured and health care is delivered. And only a few weeks ago, I had the great honor of attending a ceremony at the White House, where Chuck Hall received the national medal of technology and innovation. The United States highest honor for technological achievement awarded personally by President Biden.

然後轉到投影片 10。如果不先退後一步，我不可能談論我們的技術路線圖。就在 35 多年前，Chuck Hall 是我們的聯合創始人兼首席技術官，他對改進產品設計和製造方式的好奇心和渴望成為創新的火花，點燃了 3D 列印行業和 3D 系統公司。從那時起，同樣的火花繼續推動 3D Systems 的創新，該公司與客戶並肩工作，改變產品製造和醫療保健提供的方式。就在幾週前，我非常榮幸地參加了在白宮舉行的儀式，查克·霍爾在那裡獲得了國家技術與創新獎章。由拜登總統親自授予的美國科技成就最高榮譽。

Simply stated, Chuck's impact and 3D Systems innovation engine aren't slowing down. I'm accelerated by the pipeline of technologies that we're sharing this week at formnext and what we have on the horizon for 2024. Over the last few years, we focused intensely on acceleration of our new product introductions, changing the way in which we identify and execute these programs. While the first of these new products enter production this year, the acceleration moving forward will be dramatic. In short, we plan to release a record number of new products between now and the end of 2024. These include a tripling in the launch of new printing platforms in 2024 versus 2023, significant system enhancements to our current fleet, a record number of new materials and applications and several post-print accessories that are key to our customers' need for their production environment.

簡而言之，Chuck 的影響力和 3D Systems 的創新引擎並沒有放緩。本週我們在 formnext 上分享的一系列技術以及我們即將在 2024 年推出的技術讓我感到加速。在過去的幾年裡，我們高度重視加速新產品的推出，改變了我們識別並執行這些程序。雖然首批新產品將於今年投入生產，但未來的發展速度將是驚人的。簡而言之，我們計劃從現在到2024 年底發布創紀錄數量的新產品。其中包括2024 年推出的新列印平台數量比2023 年增加兩倍、對我們目前機群進行重大系統增強、創紀錄數量的新列印平台材料和應用以及多種印後配件是滿足客戶生產環境需求的關鍵。

To highlight a few examples of our new products. We are launching new high-temperature polymer and metal materials that greatly expand the number of customer applications. These new materials bring high-temperature performance to vast new levels as well as providing outstanding heat transfer and environmental resistance for applications ranging from rockets to data centers, to consumer products and even shipbuilding. As a result of our recent Wematter acquisition, which closed in early July, we're formally introducing the SLS 300. This closed-loop system is designed to operate in a smaller footprint in production environments or even outside of a manufacturing floor such as an office, material research lab or workshop, making SLS available to a broader range of customers with a high reliability, affordable solution for production end-use parts.

重點介紹我們新產品的幾個範例。我們正在推出新型高溫聚合物和金屬材料，大大擴展了客戶應用的數量。這些新材料將高溫性能提升到了新的水平，並為火箭、資料中心、消費產品甚至造船等應用提供了出色的傳熱性和耐環境性。由於我們最近在 7 月初完成了對 Wematter 的收購，我們正式推出了 SLS 300。該閉環系統設計用於在生產環境中甚至在製造車間外（例如工廠）中以更小的佔地面積運行。辦公室、材料研究實驗室或車間，使SLS 能夠為更廣泛的客戶提供高可靠性、經濟實惠的最終用途零件生產解決方案。

With the SLS 300, it's possible to accelerate product development and in-house volume production with increased flexibility, lower risk and reduced manufacturing and development costs. And just this week at formnext will debut the latest configuration of our DMP Flex 350 platform the Flex 350 triple. This compact 3 laser system offers a larger build capacity on the same machine footprint to produce parts with seamless surface quality. It's compatible with a host of materials to widen the breadth of applications in industries such as aerospace, medical devices and implants, consumer goods, petrochemicals, food and pharmaceuticals. When our new product development pipeline is viewed in tandem with our manufacturing in-sourcing efforts, you can now see the culmination of our strategy to accelerate new product introduction while reducing our product costs to greatly enhance value to our customers and create value to our shareholders alike.

透過 SLS 300，可以加快產品開發和內部大量生產，提高靈活性、降低風險並降低製造和開發成本。就在本週的 formnext 展會上，我們將首次推出 DMP Flex 350 平台的最新配置—Flex 350 三重。這種緊湊的 3 雷射系統在相同的機器佔地面積上提供了更大的建造能力，可生產具有無縫表面品質的零件。它與多種材料相容，可擴大在航空航太、醫療器材和植入物、消費品、石化、食品和製藥等行業的應用範圍。當我們將新產品開發管道與製造內包工作結合時，您現在可以看到我們策略的最終成果，即加速新產品推出，同時降低產品成本，從而大大提高客戶價值並為股東創造價值一樣。

While these are only but a lens of what's to come, I hope we've not only demonstrated our passion to accelerate the adoption of additive manufacturing through technology innovation in the markets we serve, but also the surgical precision and execution will apply to the path of achieving sustainable profitability and significantly enhanced shareholder value ahead. Before turning the call over to Andy Johnson, I want to publicly offer my sincere appreciation for Andy stepping into the interim CFO role several weeks ago. Andy, you've done a terrific job for us not missing a beat in any facet of your responsibilities. Thanks and very well done.

雖然這些只是未來的一個鏡頭，但我希望我們不僅展示了透過我們所服務的市場中的技術創新加速增材製造的採用的熱情，而且手術精度和執行力也將應用於這條道路實現可持續盈利並顯著提高未來股東價值。在將電話轉給安迪·約翰遜之前，我想公開對安迪幾週前擔任臨時財務長一職表示誠摯的謝意。安迪，你為我們做了出色的工作，在你的職責的任何方面都沒有遺漏。謝謝，做得很好。

So with that, I'll turn the call over to you, Andy.

那麼，我會把電話轉給你，安迪。

Thanks, Jeff, and good morning, everyone. I'm now moving to Slide 12. Third quarter sales of $123.8 million decreased 6% from the prior year, primarily reflecting the previously discussed and expected impact in our dental orthodontics business. As Jeff mentioned earlier, a tighter capital spending environment also led to softer-than-expected revenue results more broadly across the company related to printer sales. Specific to our segments, Industrial Solutions delivered revenues of $71.4 million, growing nearly 5% from the prior year.

謝謝傑夫，大家早安。我現在轉向投影片 12。第三季銷售額為 1.238 億美元，比前一年下降 6%，主要反映了先前討論的和預期的對我們牙科正畸業務的影響。正如傑夫之前提到的，資本支出環境趨緊也導致整個公司與印表機銷售相關的收入結果低於預期。具體到我們的細分市場，工業解決方案實現了 7,140 萬美元的收入，比前一年增長了近 5%。

While printers and software grew from the prior year, it was partially offset by a decline in materials and overall performance softer than anticipated from our last call. Healthcare Solutions revenues of $52.4 million declined 18%. As mentioned, this was primarily driven by the decline in our dental orthodontics business of 39%, relatively in line with what we had assumed coming into this year. Additionally, softer printer sales throughout the remainder of Healthcare Solutions segment also declined from the prior year. Although this was somewhat offset by the technical milestone progress in our Regenerative Medicine business totaling approximately $4.5 million.

雖然印表機和軟體較上一年有所增長，但其部分增長被材料的下降和整體性能低於我們上次電話會議預期的疲軟所抵消。醫療保健解決方案收入為 5,240 萬美元，下降 18%。如前所述，這主要是由於我們的牙科矯正業務下降了 39%，這與我們今年的預期相對一致。此外，醫療保健解決方案領域其餘部分的印表機銷售疲軟也較上年下降。儘管這在一定程度上被我們再生醫學業務總計約 450 萬美元的技術里程碑進展所抵消。

Lastly, as Jeff mentioned, we continue to make solid progress in the personalized health care solutions business with growth of approximately 7% in the third quarter. As we look forward, we continue to expect many of these broader macro demand issues tied to capital investments to persist into 2024. And while the company has historically benefited from fourth quarter ramp in revenues, we are expecting a more modest revenue improvement in the upcoming quarter. And specific to our Dental business, we are continuing to expect an annual full year decline in revenue of approximately 35%.

最後，正如 Jeff 所提到的，我們在個人化醫療保健解決方案業務方面繼續取得紮實進展，第三季成長約 7%。 As we look forward, we continue to expect many of these broader macro demand issues tied to capital investments to persist into 2024. And while the company has historically benefited from fourth quarter ramp in revenues, we are expecting a more modest revenue improvement in the upcoming四分之一.具體到我們的牙科業務，我們繼續預計全年收入將下降約 35%。

Turning to our gross margin performance now on Slide 13. Non-GAAP gross profit margin in the third quarter of 2023 was 44.8%, an improvement of approximately 490 basis points from prior year and approximately 590 basis points sequentially. As you'll find on the chart below, a significant driver in the improved margin performance relates to technical milestones, progress in regenerative medicine. This specific item contributed approximately $4.5 million of revenue recognized at 100% margin. It is a result of a multiyear effort in our regenerative medicine program and validation of the intense focus applied by our internal team in partnership with United Therapeutics.

現在轉向幻燈片 13 上的毛利率表現。2023 年第三季的非 GAAP 毛利率為 44.8%，比前一年提高約 490 個基點，比上一季提高約 590 個基點。正如您在下圖中發現的那樣，利潤績效提高的一個重要驅動因素與技術里程碑和再生醫學的進展有關。該特定項目貢獻了約 450 萬美元的以 100% 利潤率確認的收入。這是我們再生醫學計畫多年努力的成果，也是我們內部團隊與 United Therapeutics 合作重點關注的結果。

Normalizing for this, non-GAAP gross margins for the third quarter were approximately 42.7%, a 380-basis point improvement from the second quarter of 2023 as headwinds associated with the sequential drop in volume were more than offset by continued efficiencies and cost optimization and favorable mix given lower printer sales. While Jeff touched on it, it's important to reiterate that our operational efficiencies are starting to deliver a tangible impact, evidenced in our current results. As such, we believe it's reasonable to expect a year-over-year improvement in gross margin performance for the fourth quarter. However, we would also expect product mix to be a sequential headwind. Additionally, regenerative medicine related milestones are tied to specific technological progress and are not expected to have this level of impact on a regular basis.

以此正常化，第三季的非 GAAP 毛利率約為 42.7%，比 2023 年第二季提高了 380 個基點，因為與銷量連續下降相關的不利因素被持續的效率和成本優化所抵消，並且鑑於印表機銷量下降，有利的組合。雖然傑夫談到了這一點，但重要的是要重申，我們的營運效率正在開始產生切實的影響，這在我們當前的業績中得到了證明。因此，我們認為第四季毛利率表現較去年同期改善是合理的。然而，我們也預期產品組合將成為連續的阻力。此外，與再生醫學相關的里程碑與特定的技術進步有關，預計不會定期產生這種程度的影響。

Moving to Slide 14. Adjusted EBITDA was $4.7 million for the third quarter of 2023. This represents an improvement of $5.1 million from the prior year and $11.6 million from the prior quarter. Our strong adjusted EBITDA performance was primarily driven by our cost optimization and efficiency initiatives, progress in regenerative medicine and partially offset by lower sales volume. Adjusted EBITDA also includes an approximately $2 million benefit associated with reduced incentive compensation expense. While we expect continued progress and momentum on all aspects of restructuring initiatives to have a positive impact on profitability, given the onetime benefits of the regenerative medicine and incentive compensation items discussed, we would expect adjusted EBITDA to be approaching breakeven for the fourth quarter, given the expectation of a modest sequential revenue improvement with less favorable mix.

轉向投影片 14。2023 年第三季調整後 EBITDA 為 470 萬美元。這比前一年增加了 510 萬美元，比上一季增加了 1160 萬美元。我們強勁的調整後 EBITDA 業績主要是由我們的成本優化和效率舉措、再生醫學的進展所推動的，但部分被銷售下降所抵消。調整後的 EBITDA 還包括與激勵補償費用減少相關的約 200 萬美元的福利。雖然我們預計重組舉措各個方面的持續進展和勢頭將對盈利能力產生積極影響，但考慮到所討論的再生醫學和激勵補償項目的一次性效益，我們預計第四季度調整後的EBITDA 將接近盈虧平衡，因為預期收入將適度連續改善，但組合不太有利。

Net loss for the quarter was $11.7 million, primarily driven by the factors noted in addition to a reduction in earn-out liability associated with a previous acquisition and impairment on intangible assets. This resulted in a diluted loss per share of $0.09 and diluted non-GAAP income per share of $0.01. Now turning to Slide 15 for an update on our balance sheet. We ended the quarter with approximately $446 million of cash and short-term investments on hand. The decrease in cash throughout the first 3 quarters of the year was due to cash used in operations of $72 million, capital expenditures of $21 million and acquisitions and other investments of $29 million.

本季淨虧損為 1,170 萬美元，主要是由於與先前收購相關的盈利負債減少和無形資產減值之外的其他因素造成的。這導致稀釋後每股虧損 0.09 美元，稀釋後非 GAAP 每股收益為 0.01 美元。現在轉向投影片 15，了解我們資產負債表的最新情況。截至本季末，我們手頭現金和短期投資約為 4.46 億美元。今年前三個季度現金減少的原因是營運中使用的現金為 7,200 萬美元，資本支出為 2,100 萬美元，以及收購和其他投資為 2,900 萬美元。

Looking forward, we see a sizable opportunity to drive improvement in free cash flow given our current inventory position, which has been inflated due to the foundation laid by our multiple in-sourcing actions over the last 2 years. As the benefits of our in-sourcing actions will start to gain traction, we are targeting a reduction of over 20% in inventories in 2024 as an important driver for cash flow.

展望未來，鑑於我們目前的庫存狀況，我們看到了推動自由現金流改善的巨大機會，而由於過去兩年我們的多次內購行動奠定了基礎，庫存狀況已經有所膨脹。隨著我們內購行動的好處將開始受到關注，我們的目標是到 2024 年將庫存減少 20% 以上，作為現金流的重要驅動力。

Now finishing up on Slide 16. We responding directly to the current environment, we announced an additional restructuring initiative expected to deliver $45 million to $55 million in savings by the end of 2024. This effort is incremental to the approximately $7 million we executed on following our previous announcement in May. As Jeff previewed, these costs will include continued actions to augment efficiencies throughout our operations and supply chain organizations, headcount reductions across functions of up to 10% of our current employee and contractor population, an intense focus on reducing third-party costs through renegotiation and termination of certain identified contracts and run rate spend and an intense focus on optimization of our geographic footprint.

現在投影片16 已結束。我們直接回應當前環境，宣布了一項額外的重組計劃，預計到2024 年底可節省4500 萬至5500 萬美元。這項工作是我們在以下項目中執行的約700 萬美元的增量工作：我們之前在五月發布的公告。正如傑夫所預見的那樣，這些成本將包括繼續採取行動提高整個營運和供應鏈組織的效率，削減各職能部門的人員數量（最多佔現有員工和承包商總數的10%），重點關注透過重新談判和談判來降低第三方成本。終止某些已確定的合約和運行率支出，並專注於優化我們的地理足跡。

These actions will commence this quarter, and we expect a significant majority of them to be executed on by the end of the first quarter 2024. With respect to operations and supply chain efficiencies, we are very pleased with the progress achieved over the last few quarters as evidenced by our gross profit margin improvement. As we look towards 2024, we expect to begin to realize the savings of our in-sourcing efforts over the past 2 years, which, coupled with newly initiated supply chain cost down projects will contribute materially to the success of our restructuring efforts. Geographic optimization continues to present a significant cost savings opportunity for us. As the world settles into a post-COVID hybrid work environment new normal, we are focused on bringing our teams together in sites where they can best collaborate and innovate within the office, the lab or the manufacturing floor.

這些行動將於本季開始，我們預計其中大部分將在 2024 年第一季末執行。在營運和供應鏈效率方面，我們對過去幾季取得的進展感到非常滿意我們的毛利率改善就證明了這一點。展望 2024 年，我們預計將開始實現過去兩年內採購工作的節省，再加上新啟動的供應鏈成本降低項目，將為我們重組工作的成功做出重大貢獻。地理優化持續為我們帶來顯著的成本節約機會。隨著世界進入新冠疫情後的混合工作環境新常態，我們致力於將我們的團隊聚集在辦公室、實驗室或製造車間，以便他們能夠最好地進行協作和創新。

During 2024, we plan to integrate our sites across the globe to better align our human, technological and production resources. Our plans include a consolidation of sites by at least 1/3 from our current footprint. As it relates to overall headcount, our restructuring efforts will include reductions of up to 10% of employees and consultants and will spread across the entire organization. I'd like to reiterate Jeff's earlier sentiments that these decisions are very difficult and not to be taken lightly. We expect restructuring severance cash costs to be in the range of $4 million to $6 million. In totality, our restructuring actions will improve both our cost of goods sold and our operating expenses. We currently expect approximately 2/3 of the cost takeouts to reduce OpEx and the remaining 1/3 to drive improved gross profit margins.

2024 年，我們計劃整合全球各地的工廠，以便更好地協調我們的人力、技術和生產資源。我們的計劃包括將現有基地的規模合併至少 1/3。由於與總員工人數相關，我們的重組工作將包括削減最多 10% 的員工和顧問，並將遍及整個組織。我想重申傑夫早些時候的觀點，即這些決定非常困難，不能掉以輕心。我們預計重組遣散費現金成本將在 400 萬至 600 萬美元之間。總的來說，我們的重組行動將改善我們的銷售成本和營運費用。我們目前預計約 2/3 的成本支出將用於減少營運支出，其餘 1/3 的成本支出將用於提高毛利率。

We look forward to updating you on our execution progress in future quarters as we further position 3D Systems for near-term profitability and critical investments in innovation that will drive sustained long-term profitable growth. I'll close by noting that while our expectations may have changed over the past few months, we've approached our business with a consistent philosophy throughout this year, and we believe our third quarter results despite some onetime benefits are a progressive step in that direction. We are adamantly focused on positioning the company to deliver sustainable profitability and to protect our mission-critical investments that drive future growth. Thank you all for joining us today.

我們期待向您通報未來幾季的執行進度，因為我們將進一步定位 3D Systems 的近期獲利能力和關鍵創新投資，從而推動持續的長期獲利成長。我最後要指出的是，雖然我們的預期在過去幾個月中可能發生了變化，但我們今年以一致的理念對待我們的業務，我們相信，儘管我們的第三季度業績取得了一些一次性的收益，但我們在這方面邁出了進步的一步。方向。我們堅定地致力於使公司實現可持續盈利並保護我們推動未來成長的關鍵任務投資。感謝大家今天加入我們。

Operator, we're now happy to open the line for questions.

接線員，我們現在很高興開通提問線路。

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

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

This is Danny Egerton for Greg today. I think just touching on profitability first here, obviously, some good progress in the quarter, expect to approach breakeven in Q4. How should we think about fiscal year '24, maybe your confidence in being able to sustain that profitability and maybe if there's a level that makes you more confident in being able to achieve and sustain that?

我是今天格雷格的丹尼·埃格頓。我認為首先談談盈利能力，顯然，本季度取得了一些良好的進展，預計第四季度將達到盈虧平衡。我們該如何看待 24 財年，也許您對能夠維持這種獲利能力的信心，也許是否有一個水平讓您更有信心能夠實現和維持這一目標？

Well, there's 2 -- number one, we're not going to give 24 guidance today. And quite frankly, the world is just too volatile out there. The difficulty really is predicting top line performance. As I see it right now, as you gave through the fog, there's no reason that we would change our assumption on headwinds in terms of revenue performance. And we're introducing a lot of new products. So how that adoption while the offsetting headwinds from the economy is yet to be determined. We'll talk more about that when we talk about 24’ after the next quarter. I can tell you though, we are focused on controlling what we can control in terms of cost and that's why we launched this restructuring initiative.

嗯，有 2 個——第一，我們今天不會給出 24 個指導。坦白說，外面的世界太不穩定了。真正的困難在於預測營收表現。正如我現在所看到的，正如您撥開迷霧所給出的那樣，我們沒有理由改變對收入表現方面的不利因素的假設。我們正在推出很多新產品。因此，如何在抵消經濟不利因素的同時採用這種方式仍有待確定。當我們在下個季度之後談論 24 小時時，我們會詳細討論這一點。不過我可以告訴你，我們的重點是控制我們可以控制的成本，這就是我們啟動這項重組計畫的原因。

We're moving out under the assumption that we need to get more cost out of the organization. We've targeted $45 million to $55 million. We're moving out aggressively this quarter. And as Andy ran through, we'll execute a large portion of that by end of year and then certainly by end of Q1. So we're focused on controlling our business, running it well, getting costs down. We'll be in a position to begin driving inventories down with our in-sourcing initiative reaching its peak. We've got more to do. But we've done a lot of the heavy lifting already in terms of bringing materials in that you do with in-sourcing. So we've got a good availability of inventory to generate cash.

我們搬出的前提是我們需要從組織中獲得更多成本。我們的目標是 4500 萬至 5500 萬美元。本季我們將積極搬遷。正如安迪所說，我們將在年底前執行其中的大部分，然後肯定會在第一季末執行。因此，我們專注於控制我們的業務，並良好地經營它，降低成本。隨著我們的內購計劃達到頂峰，我們將能夠開始降低庫存。我們還有更多事情要做。但我們已經在引入材料方面完成了許多繁重的工作，就像您透過內包進行的那樣。因此，我們有充足的庫存來產生現金。

We've got a strong focus on operating costs, which will hit both our COGS and our OpEx. So we're looking to drive gross margin and EBITDA performance in 24’. The top line performance will be largely dependent on just the overall economy and how it goes. You've got economic concerns and geopolitical concerns, which right now just make it too hard to actually predict. So we'll focus on what we can control internally, drive costs down, drive inventories down to release more cash. And with the strength of our balance sheet, we're confident we'll make it through that uncertain

我們非常關注營運成本，這將影響我們的銷貨成本和營運支出。因此，我們希望在 24 小時內提高毛利率和 EBITDA 表現。營收表現將在很大程度上取決於整體經濟及其發展。你有經濟擔憂和地緣政治擔憂，現在這使得實際預測變得太困難。因此，我們將專注於我們可以內部控制的事情，降低成本，降低庫存以釋放更多現金。憑藉我們資產負債表的實力，我們有信心能夠度過這段不確定的時期

And then maybe just touching on maybe this new product cycle. It sounds like a lot of exciting stuff coming here in the upcoming year. Maybe just in terms of what you're leasing, is there any emphasis on targeting certain end markets, applications? And then maybe how should we think about the rollout throughout the year? And what contribution are we expecting? A lot of that is macro dependent, but just maybe your thoughts there.

然後也許只是觸及這個新產品週期。聽起來明年會有很多令人興奮的事情到來。也許就您租賃的產品而言，是否強調針對某些終端市場和應用程式？那麼也許我們應該如何考慮全年的推出呢？我們期待什麼貢獻？其中很多都取決於宏觀，但也許只是你的想法。

And I will give you some idea on the time phasing too and the potential impact on revenue performance. But I'm really excited. We're refreshing our entire product line. This was an initiative we started 1.5 years to 2 years ago. It takes about 3 years from start to finish to get new platforms in place. And we're going through a refresh of our entire portfolio. So what you'll see next year is a tripling of our printing platforms releases versus 2023. Those span our photopolymers meaning SLA and DLP, there's a convergence in that technology, which is really exciting in terms of ramping up precision and speed to production scale for factories.

我也會向您提供一些關於時間分段以及對收入績效的潛在影響的想法。但我真的很興奮。我們正在更新我們的整個產品線。這是我們 1.5 到 2 年前開始的舉措。從開始到完成新平台的到位大約需要三年時間。我們正在對整個產品組合進行更新。因此，明年您將看到我們的列印平台版本比2023 年增加三倍。這些涵蓋了我們的光聚合物，即SLA 和DLP，該技術有所融合，這在提高生產規模的精度和速度方面確實令人興奮對於工廠。

I'm really excited about SLA and DLP technologies and the convergence of those in the new year. The extrusion technology with pellet extrusion is really starting to get legs and we've got some new products on that front that we'll release. And of course, we have upgrades on our metal printing platforms. It's clearly, as I described, very broad-based. We have a host of new engineering materials that are being released with those platforms for customer use. And those are engineering plastics, particularly high-temperature plastics and flame-retardant low emissions plastics, if you will, that move us more heavily into both aerospace and automotive applications, both temperature and flame resistance are extremely important there.

我對 SLA 和 DLP 技術以及這些技術在新的一年中的融合感到非常興奮。顆粒擠出的擠出技術確實開始發展，我們將在這方面發布一些新產品。當然，我們的金屬列印平台也進行了升級。正如我所描述的，它顯然具有非常廣泛的基礎。我們有許多新的工程材料正在與這些平台一起發布供客戶使用。這些是工程塑料，特別是高溫塑料和阻燃低排放塑料，如果您願意的話，它們使我們更加深入航空航天和汽車應用領域，耐溫性和阻燃性在那裡極其重要。

So we're actually pushing hard on UL certification, moving some of these materials through that have never been done before through UL certification. Many of those hit the market throughout 2024 and then, of course, continued evolution of our software platforms. So it's very broad-based. It addresses versus all of our industrial markets. We've got some very exciting jetting technology coming out for both small castings like the jewelry market that will hit the market in 2024. Those will phase in Q1, Q2, Q3 will step up in terms of the product releases. They really start to peak in Q3 as we look at it right now and level off in Q4 at a high level. Historically, very high triple the number in total of printing platforms that we did in '23 and it addresses markets broadly.

因此，我們實際上正在大力推動 UL 認證，讓其中一些材料通過 UL 認證，這是以前從未做過的。其中許多產品將在 2024 年上市，當然，我們的軟體平台也將繼續發展。所以它的基礎非常廣泛。它針對的是我們所有的工業市場。我們已經推出了一些非常令人興奮的噴射技術，適用於珠寶市場等小型鑄件，該技術將於 2024 年推出市場。這些技術將在第一季、第二季、第三季逐步推出產品。正如我們現在所看到的，它們確實在第三季度開始達到頂峰，並在第四季度在高水平上趨於平穩。從歷史上看，我們的列印平台總數是 23 年的三倍，並且它涉及廣泛的市場。

The customer interest in those is extremely high. The unfortunate thing right now for us and for the entire industry, I believe, is CapEx spending is down. So I think you'll see the emergence of a lot more customers. And then as the economy improves, those will get traction and really drive growth in '25. Obviously, time dependent on the economy, but we'll at least launch a lot of new products in '24 that we see as really driving growth in that 25% to 27%-time frame. And you never know yet, hopefully, the world certainly becomes more peaceful and the economy settled down a bit in '24, it's yet to be determined. So we're certainly not advertising broad-based declines or things of that nature. I just don't want to be overly optimistic with so many factors in play here as we head toward the end of the year. We're just trying to not get out over our skis in terms of growth projections, drive costs as much as we can and be well positioned to either sustain a downturn or be there with a strong balance sheet and investment when the growth does come back.

客戶對這些的興趣非常高。我認為，目前對我們和整個產業來說不幸的是資本支出下降。所以我認為你會看到更多客戶的出現。然後，隨著經濟的改善，這些將獲得牽引力並真正推動 25 年的成長。顯然，時間取決於經濟狀況，但我們至少會在 24 年推出許多新產品，我們認為這些新產品在 25% 至 27% 的時間範圍內真正推動了成長。你永遠不知道，希望世界肯定會變得更加和平，經濟會在 24 年穩定下來，這還有待確定。因此，我們當然不是在宣傳廣泛的下降或類似性質的事情。接近年底，我只是不想對這麼多的因素過於樂觀。我們只是試圖在成長預測方面不要超出預期，盡可能地降低成本，並做好準備，要么維持低迷，要么在增長確實恢復時保持強勁的資產負債表和投資。

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

今天我們的下一個問題來自威廉布萊爾的布萊恩德拉布。

This is Tyler, I’m on for Brian. You mentioned new production printers coming out for your metal platform. Could you just elaborate on what makes 3D Systems unique in Metal Solutions? How do you fit in within the competitive landscape? And are you more focused on building that out organically?

我是泰勒，我是布萊恩的替補。您提到了為您的金屬平台推出的新生產印表機。您能否詳細說明一下 3D Systems 在金屬解決方案領域的獨特之處？您如何融入競爭格局？您是否更專注於有機地建造它？

Let me comment on that. And I would say we've got an exciting organic growth program with significant investment as we look forward. And along those lines, we were honored and pleased to receive this contract in the U.S. government for development of the next-generation machine. So we have an intermediate sized platform and a large platform today, our 350 and our 500. We will continue to add power to those systems with more lasers in place. But it's not just about the number of lasers you have in the system, Tyler, it's about thermal management of the platform, and it's about fluid flow across the powder bed to make sure you can eliminate smoke, if you will, from the powder bed to make sure you have high integrity parts.

讓我對此發表評論。我想說的是，正如我們所期望的那樣，我們已經有了一個令人興奮的有機成長計劃和大量投資。沿著這些思路，我們很榮幸也很高興收到美國政府的這份開發下一代機器的合約。因此，我們今天擁有一個中型平台和一個大型平台，即我們的 350 和我們的 500。我們將繼續為這些系統增加功率，並安裝更多雷射。但這不僅與系統中雷射的數量有關，泰勒，還與平台的熱管理有關，並且與穿過粉末床的流體流動有關，以確保您可以消除粉末床中的煙霧（如果您願意的話）以確保您擁有高完整性的零件。

Our focus historically has been on health care and very high-end industrial, automotive and other demanding industrial applications. That will remain our focus, although I have to tell you some of the exciting new materials that are coming out are moving us rapidly into other industrial products like shipbuilding. We can do some unique things with metal printing of nickel-based, copper-based materials, copper, nickel alloys, others that are required for demanding, either thermal or environmental conditions. And that's really where we're going to focus, is on those markets that are most demanding of quality and performance. The parts we make are extremely high density. They're obviously suitable for human application and for demanding industrial application. That's really where we're going to focus.

歷史上，我們的重點一直是醫療保健和非常高端的工業、汽車和其他要求嚴格的工業應用。這仍然是我們的重點，儘管我必須告訴你一些即將出現的令人興奮的新材料正在迅速推動我們進入造船等其他工業產品領域。我們可以透過鎳基材料、銅基材料、銅、鎳合金以及其他要求苛刻的熱或環境條件的金屬印刷來完成一些獨特的事情。這確實是我們要關注的重點，即那些對品質和性能要求最高的市場。我們製造的零件密度極高。它們顯然適合人類應用和要求苛刻的工業應用。這確實是我們要關注的地方。

Once you're there and you have the materials, it's all about throughput. So some customers will single large parts. Others want multiple small parts. We're designing systems that are application specific in that range of products. Health care is often a large number of smaller parts for embedding in the human body and things like shipbuilding and aerospace can often be single run large parts that you need extremely good environmental control. I would say environmental control is probably our number 1 attribute right now. We can produce the highest purity, highest density parts, I believe, in the industry, and we are scaling that with our organic investment.

一旦您到達那裡並獲得了材料，一切都與吞吐量有關。所以有些客戶會選擇單一大零件。其他人想要多個小零件。我們正在設計針對該系列產品的特定應用的系統。醫療保健通常是嵌入人體的大量較小部件，而造船和航空航天等通常是單次運行的大型部件，需要非常好的環境控制。我想說，環境控制可能是我們目前的第一個屬性。我相信，我們可以生產業內最高純度、最高密度的零件，我們正在透過有機投資來擴大這一規模。

And Tyler, on the investment front, we've got so much runway. We've got a nice hole in both polymer and metal technology basis today. We're driving synergies across those. So we can get where we need to be organically through internal R&D investment. And obviously, we're not oblivious to the external environment and other companies in the industry with interesting technologies. But we can get where we want to be with internal investment in both metals and polymers. And then anything on top of that is icing on the cake.

泰勒，在投資方面，我們有很多跑道。今天我們在聚合物和金屬技術基礎上都有一個很好的漏洞。我們正在推動這些方面的協同作用。因此，我們可以透過內部研發投資有機地達到我們需要的目標。顯然，我們並沒有忽視外部環境和業內其他擁有有趣技術的公司。但我們可以透過對金屬和聚合物的內部投資來實現我們想要的目標。除此之外的任何事情都是錦上添花。

And just a follow-up, pretty short question. With the restructuring, would that create any new challenges for your new product introductions? Do you see that having any impact on fill installations or adoption? Can you just elaborate on how you're handling that?

這只是一個後續的、非常簡短的問題。重組後，會為你們的新產品推出帶來新的挑戰嗎？您認為這對填充安裝或採用有任何影響嗎？您能詳細說明一下您是如何處理的嗎？

I would tell you, we've protected certain areas of the company heavily to make sure we can drive efficiency in our back-office operations. I would tell you, just those efficiencies are very important. So we preserve some of those, particularly around IT, things like that, cybersecurity, other areas that are just essential to running the business. We've also taken great pains to preserve the predominance of our R&D investment because that's critical to the new product launch. And then obviously, we have a very large sales and service team. The service teams are essential to not only serving our installed base, which is one of the largest, if not the largest in the industry, but also the installation of new products. So those areas of the company, we've heavily protected.

我想告訴你，我們對公司的某些領域進行了嚴格的保護，以確保我們能夠提高後台營運的效率。我想告訴你，這些效率非常重要。因此，我們保留了其中的一些內容，特別是圍繞 IT、網路安全以及其他對業務運營至關重要的領域。我們也煞費苦心地維持研發投資的主導地位，因為這對新產品的推出至關重要。顯然，我們擁有一支非常龐大的銷售和服務團隊。服務團隊不僅對服務我們的安裝基礎（即使不是業內最大的安裝基礎）也至關重要，而且對新產品的安裝也至關重要。因此，我們對公司的這些領域進行了嚴格保護。

We found efficiencies in other areas and certainly by reducing our number of sites and the in-sourcing of manufacturing and supply chain operations. That gives us a really nice bump in terms of cost takeout that impacts COGS and even somewhat on OpEx. So we're very focused. We're very proud of our gross margin performance, quite frankly. Even if you take out the onetime benefits of regenerative medicine, we stepped up from 39% and change to 42.7% and in this quarter operationally. And that reflects really efficiencies in supply chains and driving some of that earlier restructuring that we did in the year. We're without slowing down our R&D execution. We're really proud of that.

我們在其他領域發現了效率，當然是透過減少我們的工廠數量以及製造和供應鏈運營的內包。這為我們帶來了非常好的成本削減，影響了銷貨成本，甚至在某種程度上影響了營運支出。所以我們非常專注。坦白說，我們對我們的毛利率表現感到非常自豪。即使你去掉再生醫學的一次性好處，我們在本季的營運中也從 39% 上升到 42.7%。這反映了供應鏈的真正效率，並推動了我們今年所做的一些早期重組。我們並沒有放慢研發執行速度。我們對此感到非常自豪。

On top of that, we're thrilled to have the technical progress on regenerative medicine that boosted gross margins even further. But to move from 39% to 42.7%, operationally, we were extremely proud of in the quarter, and we see further upside as we go forward. You have to be a little careful quarter-by-quarter depending on revenue fluctuations. But we see continual improvements in our gross margin capability as we move through the new year.

最重要的是，我們很高興看到再生醫學的技術進步進一步提高了毛利率。但從營運角度來看，我們對本季的營運份額從 39% 提高到 42.7% 感到非常自豪，隨著我們的前進，我們看到了進一步的上升空間。根據收入波動，您必須逐季度小心謹慎。但隨著新的一年的到來，我們的毛利率能力不斷提高。

Next question is coming from Jacob Stephan from Lake Street Capital.

下一個問題來自 Lake Street Capital 的 Jacob Stephan。

Maybe just on the restructuring initiative, could you talk about the breakdown on how you see these costs coming on the model? I know the $45 million to $55 million range, but by Q1 end, does that mean 60% of the full value quarterly or 90%? Maybe you could help us think about that?

也許就重組計劃而言，您能否談談您如何看待模型中這些成本的細目？我知道 4500 萬美元到 5500 萬美元的範圍，但是到第一季末，這是否意味著季度總價值的 60% 還是 90%？也許你可以幫助我們思考？

I'm happy to do that, Jacob, this is Andy. Starting with how you range it in terms of actual impact in '24, our plan is, as this last phase, this current phase, somewhere between $45 million and $55 to actually be realized in '24. That's our goal. You'll start to see that execution this quarter, as Jeff mentioned and I mentioned in my comments, you will see, I think your estimation of somewhere not to 50% by the end of Q1 '24 is accurate. We described it as significant majority. So I think that's right in that area. And obviously, when you're talking about headcount reductions, those different geographies can be phased differently, but we'll start on that work this quarter. You also have OpEx benefits around prioritization and integration of geographic footprint, much of which will be actioned in the, call it, the first 5 months of the phase.

我很高興這樣做，雅各布，這是安迪。從你如何根據 24 年的實際影響來劃分它開始，我們的計劃是，作為最後一個階段，即當前階段，在 24 年實際實現的資金在 4500 萬美元到 55 美元之間。這就是我們的目標。正如 Jeff 和我在評論中提到的那樣，您將在本季度開始看到執行情況，您會看到，我認為您對 24 年第一季末未達到 50% 的估計是準確的。我們將其描述為絕大多數。所以我認為這在那個領域是正確的。顯然，當你談論裁員時，不同地區的分階段可能會有所不同，但我們將在本季開始這項工作。您還可以獲得圍繞優先事項和地理足跡整合的營運支出優勢，其中大部分將在該階段的前 5 個月內實施。

There are certain decisions around third-party spend that we can unilaterally decide and take benefit heading into the new year, others that require some negotiation and could be phased throughout the year. And you have a continued COGS improvement. We've already seen that our gross profit margin validates the work that was done earlier this year has started to take hold, and we'll continue to see, on an annualized basis, even improved results from earlier phased COGS efforts, but there is continued supply chain optimization and work on the COGS side that will happen as early as this quarter and into early next year. So when you add that up, as I mentioned, it may have been buried in my comments. But you've got somewhere around 2/3 of that total number, benefiting OpEx with the remaining 1/3 in COGS.

關於第三方支出的某些決定，我們可以單方面決定並在新的一年中受益，而其他決定則需要進行一些談判，可以在全年分階段進行。且您的銷貨成本持續改善。我們已經看到，我們的毛利率證實了今年早些時候所做的工作已經開始發揮作用，而且我們將繼續看到，按年計算，早期分階段的銷貨成本努力的結果甚至有所改善，但持續的供應鏈優化和銷貨成本方面的工作最快將於本季和明年初進行。所以當你把它加起來時，正如我所提到的，它可能已經被埋在我的評論中了。但你已經得到了總數的大約 2/3，使營運支出受益，而剩下的 1/3 則用於 COGS。

And definitely, we believe you'll see over 50% of that is actually coming out on the next, call it, 1.5 quarters, 2 quarters max. So you'll see the benefit of that for most of '24. And that goes back to Jeff's comments and the first question that Danny raised about profitability in the next year. We're going to control what we can in the P&L. And when you look at costs, both on the COGS and OpEx side, those are areas we can control even in this revenue environment. So we're not going to wait around. This isn't a December 24’ annualized takeout exercise. Jacob, this is action now, action over the next several months, you'll start to see real benefit, we believe, to the P&L in Q1 of 24’.

當然，我們相信您會看到超過 50% 的內容實際上會在下一個季度（即 1.5 個季度，最多 2 個季度）中出現。所以你會在 24 年的大部分時間裡看到這樣做的好處。這又回到了傑夫的評論和丹尼提出的關於明年盈利能力的第一個問題。我們將盡可能控制損益表。當你考慮成本時，無論是銷貨成本還是營運支出，即使在這種收入環境下，這些都是我們可以控制的領域。所以我們不會等待。這不是 12 月 24 日的年度外賣活動。雅各布，這就是現在的行動，未來幾個月的行動，我們相信，您將開始看到對 24 年第一季損益表的真正好處。

Maybe just touching on the milestone payments from United Therapeutics. Obviously, this is a 100% gross margin revenue. But could you just remind us on when these earnouts or the milestone payments are set to take place?

也許只是觸及聯合治療公司的里程碑付款。顯然，這是100%毛利率的收入。但您能否提醒我們這些收益或里程碑付款何時發生？

I'll take a shot at answering that, Jacob, and then Andy can supplement as well. So they're geared towards technical accomplishments. And obviously, we drive to a schedule on those, but we are inventing -- we're plowing a lot of new ground in that. The human lung is the most complicated object ever printed by MannKind. And I don't say that lightly. We're driving to levels of precision and speed that have clearly never been done before with new biological materials that are very new. So it's impossible to predict the schedule exactly.

我會嘗試回答這個問題，雅各布，然後安迪也可以補充。因此，他們致力於技術成就。顯然，我們按照時間表來執行這些任務，但我們正在發明——我們正在這方面開拓許多新領域。人肺是 MannKind 印製過的最複雜的物體。我不會輕易這麼說。我們正在將全新的生物材料達到前所未有的精度和速度水平。所以不可能準確預測時間表。

We've got goals and we realized payments over time. So we're proud that we've achieved some of the milestones. We're driving hard on that schedule because we want to see United Therapeutics to be able to bring that product to market as soon as possible, which will help millions of people around the world. But it's going by definition, to be a bit lumpy over time. And we won't be able to give you a lot of warning. I will tell you, it's not going to be grossly material numbers as they flow through. But as they hit, there may be a certain bump.

我們有目標，並且隨著時間的推移我們實現了付款。因此，我們為實現了一些里程碑感到自豪。我們正在努力按計劃推進，因為我們希望看到 United Therapeutics 能夠盡快將產品推向市場，這將幫助全世界數百萬人。但根據定義，隨著時間的推移，它會變得有點不穩定。我們無法給您太多警告。我會告訴你，當它們流過時，這不會是非常重要的數字。但當它們撞擊時，可能會出現一定的碰撞。

So Andy, do you want to comment on one that --

那麼安迪，你想對這個問題發表評論嗎——

I'll just build off of that slightly, Jacob. So think of it this way. We've got a handful, call it, up to 10 milestones related to long progress. If you go back a couple of years, you would note that we reflected in our revenue and at that margin level, I had 100% attainment and achievement of a milestone and a portion of a second milestone. But the way these are recognized is via progress. Even if a milestone isn't even 100% achieved, once it becomes probable and it's deemed probable at a certain threshold, you start to account for it based on the progress. So if a milestone is, for example, 60% achieved, and it's probable, you may not have the milestone paid out yet because you're not at 100%, but you do have recognition of the milestone, and that's exactly what happened in this quarter.

雅各布，我會在此基礎上稍微發展一下。所以這樣想吧。我們有幾個與長期進展相關的里程碑，最多可稱之為 10 個。如果你回顧幾年，你會注意到我們反映在我們的收入和利潤水平上，我 100% 實現並實現了一個里程碑和第二個里程碑的一部分。但認識這些的方式是透過進步。即使某個里程碑甚至沒有 100% 實現，一旦它變得可能並且在某個閾值被認為是可能的，您就開始根據進度來考慮它。因此，如果某個里程碑實現了 60%，並且很可能，您可能還沒有支付該里程碑的費用，因為您還沒有達到 100%，但您確實對該里程碑有認可，而這正是發生在本季度。

And it's why just comment that you're not going to see this as material to any particular quarter is spot on because these things get recognized as progress is made. So they're not binary where they're just hit in one quarter and they're gone the next. But as you deem progress, you begin to account for this particular quarter, we had contribution from 3 different milestones, huge validation of the technical progress in printing a human lung, and you'll continue to see progress on those milestones and others over the next several years. So not material to any particular quarter from a revenue or margin standpoint, but as Jeff said, periodic perhaps lumpy. But at the end of the day, absolute validation that we're making progress in partnership with United Therapeutics.

這就是為什麼只需評論說，您不會將其視為任何特定季度的材料，因為隨著進展，這些事情就會得到認可。所以它們並不是二元的，即在一個季度受到打擊，然後在下一個季度就消失了。但當你認為進展時，你開始考慮這個特定的季度，我們從3 個不同的里程碑中做出了貢獻，對打印人肺的技術進步進行了巨大驗證，並且你將繼續看到這些里程碑和其他里程碑的進展未來幾年。因此，從收入或利潤的角度來看，對任何特定季度來說都不重要，但正如傑夫所說，週期性可能是不穩定的。但歸根結底，這絕對證明我們與 United Therapeutics 的合作正在取得進展。

And Jacob, one last comment because it would not be obvious from looking from the outside is the technological synergies that we're finding between our biological work on human organs and even our industrial printers, the level of precision we're now able to attain and speed of printing we can directly transfer or with minor modifications now to some of our industrial printers. And that work is just underway, but it's really exciting because it will drive the next generation of printing technology on the industrial side as well. So we're not just dependent on these incredible implantable organs being approved by the FDA and getting into production. There will be spin-off benefits to our other industrial and even health care printing systems and materials knowledge as we go through the next few years. We feel very blessed and very excited about this entire body of work.

雅各布，最後一個評論是因為從外部看並不明顯，我們在人體器官的生物工作甚至工業打印機之間發現了技術協同作用，我們現在能夠達到的精度水平和打印速度，我們現在可以直接轉移或稍加修改到我們的一些工業印表機。這項工作剛剛開始，但它確實令人興奮，因為它也將推動工業方面的下一代印刷技術。因此，我們不僅僅依賴這些令人難以置信的植入器官來獲得 FDA 批准並投入生產。在接下來的幾年裡，我們的其他工業甚至醫療保健列印系統和材料知識將帶來附帶好處。我們對整個工作感到非常幸運和興奮。

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

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

Congrats on the nice margin performance here. I want to just drill down a little bit on Healthcare Xdental. Your European competitor had a very strong quarter there. They were up 13% year-over-year. I understand there are more parts and less printers, but can you just talk about the services business from Littleton versus the printer sales? I'm assuming this is like SLS and metal printers that are weak for you, but just more color would be helpful.

恭喜這裡的好利潤表現。我想深入了解 Healthcare Xdental。你的歐洲競爭對手在該季度的表現非常強勁。他們比去年同期增長了 13%。我知道零件更多，印表機更少，但您能談談利特爾頓的服務業務與印表機銷售嗎？我假設這就像 SLS 和金屬印表機一樣，對你來說很弱，但更多的顏色會有所幫助。

Troy, you put your finger on it. It really reflects basically a buildup of inventory in our customer base with some of the implantable devices. So that degraded our printer sales in the quarter and it really was exclusively that. So both the production of implants and the sale of printers into that space was depressed. The personalized health care side was up very nicely. It was up 7%. And again, it's driven by specific applications within the orthopedic space. So the specific 510(k)s we have for different joints in the body, if you will, those kind of things, demand strong. Personalized Healthcare, we're very excited about it.

特洛伊，你把手指放在上面了。它實際上基本上反映了我們的客戶群中一些可植入設備庫存的累積。因此，這降低了我們本季印表機的銷量，而且確實如此。因此，該領域的植入物生產和印表機銷售都受到了抑制。個人化醫療保健的進展非常好。上漲了 7%。同樣，它是由骨科領域內的特定應用驅動的。因此，如果您願意的話，我們針對身體不同關節的特定 510(k) 要求很高。個人化醫療保健，我們對此感到非常興奮。

It's delivering consistent year-over-year growth with very strong margins. So I'm very glad we're in that space. What hurt us in the quarter, Troy, outside of orthodontics to dental was the sale of printers and in part the sale of parts into the med device space where there was a buildup of inventory. And I have to say they're husbanding cash as well and watching their CapEx spend, again, given that they've got some inventory available. So I expect it to be short term, but it was a real headwind in the quarter.

它實現了持續的同比增長和非常強勁的利潤率。所以我很高興我們處於這個領域。特洛伊，本季對我們造成傷害的，除了矯正和牙科之外，還有印表機的銷售，以及醫療設備領域零件的銷售，那裡的庫存不斷增加。我必須說，考慮到他們有一些可用庫存，他們也在節省現金，並再次關注他們的資本支出。因此，我預計這將是短期的，但這是本季的真正阻力。

And I'd also add, Troy, this is Andy, that you mentioned a competitor in their performance. if you actually do an apples-to-apples in terms of the same business, we're right in line with their low double-digit growth. Our personalized health care includes some other things in there. But when you look at it comparatively, we're right in that same growth profile.

我還要補充一點，特洛伊，這是安迪，你在他們的表現中提到了一位競爭對手。如果你真的在同一業務上進行比較，我們就符合他們的低兩位數成長。我們的個人化醫療保健還包括其他一些內容。但當你進行比較時，我們的成長狀況是一樣的。

I know you follow this closely that anything in that whole space is the cost of customizing implants or near custom implants for people coming down so nicely that, that marketplace has really continued to just normally expand. It's great. So it brings a better solution to patients and a faster and better delivery and lower-cost implants for people. So it's opening up nice market space. I really expect that trend to continue for years to come.

我知道您密切注意這一點，整個領域的任何內容都是定制植入物或接近定制植入物的成本，因為人們的情況如此良好，以至於該市場確實繼續正常擴張。這很棒。因此它為患者帶來了更好的解決方案，並為人們帶來了更快、更好的交付和更低成本的植入物。因此，它開啟了良好的市場空間。我真的預計這種趨勢將在未來幾年持續下去。

And did I hear you guys say in the prepared remarks that your material business was weaker or down. And that might have to do with inventory levels at the bigger economics, but any thoughts?

我是否聽到你們在準備好的發言中說你們的材料業務較弱或下降？這可能與更大的經濟體的庫存水準有關，但有什麼想法嗎？

Yes, that's right, Troy. Yes, that's exactly right. It was predominantly driven by that market vertical.

是的，沒錯，特洛伊。是的，完全正確。它主要是由垂直市場驅動的。

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

我們的問答環節已經結束。我想重新發言以徵求進一步的意見或結束意見。

Let me just close by wishing everybody well. Thank you for calling in today, and we look forward to updating you again next quarter on the year and outlook for the new year. Thanks, and have a great day.

最後，我祝福大家一切順利。感謝您今天致電，我們期待在下個季度再次向您通報今年的最新情況和新年展望。謝謝，祝你有美好的一天。

Thank you. This does conclude today's teleconference and webcast. You may disconnect your lines 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。