3D Systems Corp (DDD) 2021 Q3 法說會逐字稿

Hello, and welcome to the 3D Systems conference call and audio webcast to discuss the results of the third quarter 2021.

您好，歡迎參加 3D Systems 電話會議和音訊網路廣播，討論 2021 年第三季的結果。

My name is Kevin, and I'll facilitate the audio portion of today's interactive broadcast.

我叫凱文，我將主持今天互動廣播的音訊部分。

(Operator Instructions) As a reminder, this conference is being recorded.

（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 John Nypaver, Vice President, Treasurer and Investor Relations for 3D Systems.

現在我很高興將電話轉給 3D Systems 財務主管和投資者關係副總裁 John Nypaver。

Please go ahead, John.

請繼續，約翰。

Thank you, Kevin.

謝謝你，凱文。

Good morning, and welcome to 3D Systems' conference call.

早安，歡迎參加 3D Systems 的電話會議。

With me on the call are Dr. Jeffrey Graves, our President and Chief Executive Officer; Jagtar Narula, Executive Vice President and Chief Financial Officer; and Andrew Johnson, Executive Vice President and Chief Legal Officer.

與我一起參加電話會議的是我們的總裁兼執行長 Jeffrey Graves 博士； Jagtar Narula，執行副總裁兼財務長；執行副總裁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.

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。

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.

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。

For those who have accessed the streaming portion of the webcast, please be aware that there may be a few seconds delay and that you will not be able to post questions via the web.

對於曾造訪網路廣播串流部分的用戶，請注意，可能會有幾秒鐘的延遲，並且您將無法透過網路發布問題。

The following discussion and responses to your questions reflect management's views as of today only and will include forward-looking statements as described on this slide.

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.

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 last night's press release and our filings with the SEC, including our most recent annual report on the Form 10-K and quarterly reports on Form 10-Q.

有關可能影響我們財務業績的因素的更多資​​訊包含在昨晚的新聞稿和我們向 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。

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

在本次電話會議中，我們將討論某些非公認會計準則財務指標。

In our press release and slides accompanying this webcast, which are both available on our Investor Relations website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

在我們的新聞稿和本網路廣播附帶的幻燈片（均可在我們的投資者關係網站上找到）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信息，包括這些衡量標準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 2020.

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 2020 年可比較期間的結果進行比較。

Now I'm pleased to turn the call over to Jeff Graves, our CEO.

現在我很高興將電話轉給我們的執行長 Jeff Graves。

Jeff?

傑夫？

Thanks, John, and good morning, everyone.

謝謝約翰，大家早安。

I'll open today's call with a phrase that I'm sure many of you are saying to yourself each morning as well, and that's, wow, what a difference a year makes.

我將用一句話來開始今天的電話會議，我相信你們中的許多人每天早上也會對自己說這句話，那就是，哇，這一年發生了多麼大的變化。

At this time last year, we were seeing only the very beginning of what we all hoped would be a sustained recovery from the worst of the COVID pandemic.

去年的這個時候，我們所看到的只是我們所有人都希望從新冠疫情最嚴重時期持續復甦的開始。

But at the same time, here at 3D systems, we were in the midst of executing our 4-phased transformation journey.

但同時，在 3D Systems，我們正在執行我們的 4 階段轉型之旅。

We have reorganized our company into 2 segments: Healthcare and Industrial Solutions.

我們已將公司重組為兩個部門：醫療保健和工業解決方案。

We had restructured our organization to gain efficiencies and we had announced the first of our divestitures of noncore assets.

我們重組了組織以提高效率，並宣布了首次剝離非核心資產。

As we speak to you today, a year later, these first 3 phases are complete.

一年後，當我們今天與您交談時，前三個階段已經完成。

We're now a company that's singularly focused on additive manufacturing with a lean, nimble operating structure, global reach and breadth of metal polymer and biological technologies that's unparalleled in the industry.

我們現在是一家專注於積層製造的公司，擁有精益、靈活的營運結構、全球影響力以及金屬聚合物和生物技術的廣度，這在業界是無與倫比的。

These attributes brought together through an intense focus on our customers' most demanding applications, has proven to be a powerful driver of value creation as reflected clearly in our organic growth rates, our profitability, and our operating cash performance, all of which we will recap for you in a few moments.

這些屬性是透過對客戶最苛刻的應用程式的高度關注而匯集在一起的，已被證明是價值創造的強大驅動力，這在我們的有機增長率、盈利能力和營運現金績效中得到了清晰的體現，所有這些我們都將回顧稍後為您服務。

While we're pleased with this performance, even more exciting is that we're now in the fourth and final stage of our transformation, namely investing for growth.

雖然我們對這項業績感到滿意，但更令人興奮的是，我們現在正處於轉型的第四個也是最後一個階段，即投資成長。

Since last quarter, we completed the last of our divestitures, retiring our debt and stockpiling over $500 million of cash on the balance sheet.

自上個季度以來，我們完成了最後一次資產剝離，償還了債務，並在資產負債表上儲備了超過 5 億美元的現金。

We subsequently announced 2 acquisitions that embody our strategic focus on growth, which is to invest in businesses that drive the adoption of additive manufacturing, solve customers' most complex application needs and generate high-margin recurring revenue streams that are critical to sustained value creation.

我們隨後宣布了兩項收購，體現了我們對成長的策略重點，即投資於推動積層製造的採用、解決客戶最複雜的應用需求並產生對持續價值創造至關重要的高利潤經常性收入流的業務。

The first of these acquisitions was Oqton, a unique software company that's emerged as a recognized leader in the creation of a new breed of intelligence, cloud-based manufacturing and operating system.

這些收購中的第一家是 Oqton，這是一家獨特的軟體公司，在創建新型智慧、基於雲端的製造和作業系統方面已成為公認的領導者。

The driver for this acquisition is very simple.

此次收購的驅動因素非常簡單。

Customers across our industrial and health care segments are now anxious to accelerate their adoption of additive manufacturing in full-scale production environments.

我們的工業和醫療保健領域的客戶現在迫切希望加速在大規模生產環境中採用積層製造。

But in doing so, they're facing significant challenges in how to incorporate these technologies into their existing enterprise systems.

但在這個過程中，他們面臨著如何將這些技術整合到現有企業系統中的重大挑戰。

To date, they've relied heavily on spreadsheets and highly skilled engineers to run production applications.

迄今為止，他們嚴重依賴電子表格和高技能的工程師來運行生產應用程式。

This is obviously too slow, too inefficient and too expensive to scale as production volumes ramp up.

隨著產量的增加，這顯然太慢、效率太低且成本太高，無法擴大規模。

While we and others have made strides in optimizing and to some extent, automating the performance of single printer, or even a collection of like-kind printers working in parallel, our customers' challenges extend well beyond this.

雖然我們和其他人在優化單一印表機甚至並行工作的同類印表機集合的性能方面取得了長足進步，並在某種程度上實現了自動化，但我們客戶面臨的挑戰遠遠超出了這一點。

What they need is a manufacturing system that can easily and intelligently incorporate a mixed fleet of printers, often from a variety of manufacturers and in addition, one that will incorporate all of the surrounding digital production systems on the shop floor, such as post-print thermal or mechanical processing, robotic motion systems and automated inspection systems.

他們需要的是一種製造系統，能夠輕鬆、智慧地整合通常來自不同製造商的混合印表機群，此外，該系統還將整合車間所有周圍的數位化生產系統，例如印後系統熱或機械加工、機器人運動系統和自動偵測系統。

Oqton not only provides this linkage, it goes a step further in applying cloud-based AI to optimize the entire workflow, then links this workflow to the customer's existing enterprise software, such as those provided by Salesforce, Oracle, Microsoft or SAP.

Oqton 不僅提供這種鏈接，還更進一步應用基於雲端的 AI 來優化整個工作流程，然後將此工作流程連結到客戶現有的企業軟體，例如 Salesforce、Oracle、Microsoft 或 SAP 提供的軟體。

The end result is that Oqton not only links, optimizes and tracks a customers' unique operational workflow at an individual component level from raw material to finished and inspected parts, but it also builds in future flexibility to substitute new printing, finishing and automation technologies that will undoubtedly be introduced in the years ahead.

最終結果是，Oqton 不僅在單一組件層級（從原材料到成品和檢驗零件）連結、優化和追蹤客戶獨特的操作工作流程，而且還建立了未來的靈活性，以取代新的印刷、精加工和自動化技術毫無疑問將在未來幾年推出。

These attributes, which are unique to the Oqton platform will remove a significant barrier to the large-scale adoption of additive manufacturing in production environments.

Oqton 平台獨有的這些屬性將消除在生產環境中大規模採用積層製造的重大障礙。

And for that reason, we've opened the system to the entire industry, which we hope will accelerate market growth for everyone.

出於這個原因，我們向整個行業開放了該系統，我們希望這將加速每個人的市場成長。

In addition, for the first time in our history, we will now make available our full complement of market-leading metal and polymer printing software platforms to all others in the industry, which we hope will accelerate the introduction of new printing technologies to customers around the world.

此外，我們歷史上首次向業內所有其他公司提供市場領先的金屬和聚合物列印軟體平台的全套服務，我們希望這將加速向各地客戶推出新的列印技術。世界。

Importantly, as with all software platforms that span an entire industry, we are committed to Oqton continuing to operate in its model of independence with a supreme commitment to customer data protection and confidentiality.

重要的是，與跨越整個行業的所有軟體平台一樣，我們致力於 Oqton 繼續以其獨立模式運營，並對客戶資料保護和機密性做出最高承諾。

I'm happy to tell you that we closed the Oqton acquisition on November 1, and the reception by our customers and partners alike has been very positive.

我很高興地告訴您，我們已於 11 月 1 日完成了對 Oqton 的收購，我們的客戶和合作夥伴的反應非常積極。

Before I move to our most recent and incredibly exciting acquisition, let me step back and explain how we look at our company holistically, which I believe is much different than others in this industry.

在我開始討論我們最近的、令人難以置信的令人興奮的收購之前，讓我退後一步，解釋一下我們如何從整體上看待我們的公司，我認為這與這個行業的其他公司有很大不同。

In the decade since 3D printing was invented, we and our competitors have routinely defined ourselves as hardware and material developers with our products sold broadly to customers around the world.

自 3D 列印發明以來的十年裡，我們和我們的競爭對手通常將自己定義為硬體和材料開發商，我們的產品廣泛銷往世界各地的客戶。

While this is natural when any industry is young and when the product is mainly consumed in small quantities by labs or prototype facilities, as the industry now matures, and production environments are targeted, successful companies will need to adapt their entire operating model to reflect their deepening integration with specific markets and customers.

雖然當任何行業還處於發展初期且產品主要由實驗室或原型設施少量消耗時，這是很自然的，但隨著行業現已成熟，並且生產環境有針對性，成功的公司將需要調整其整個營運模式以反映其深化與特定市場和客戶的融合。

If you don't, you will remain simply a vendor and not a true partner to your customers, which will ultimately be reflected in your organic growth rate and profit margins.

如果您不這樣做，您將仍然只是一個供應商，而不是客戶的真正合作夥伴，最終將反映在您的自然成長率和利潤率中。

So with this in mind, at 3D Systems, beginning a year ago, we changed the way we defined ourselves by reorganizing our entire company around key markets and within those markets, key vertical segments that we believe will derive the most value from their adoption of additive manufacturing.

因此，考慮到這一點，在 3D Systems，從一年前開始，我們改變了我們定義自己的方式，圍繞關鍵市場重組了整個公司，在這些市場中，我們相信關鍵的垂直細分市場將通過採用添加劑製造。

We began with the creation of 2 business segments: Healthcare and Industrial Solutions.

我們首先創建了兩個業務部門：醫療保健和工業解決方案。

Using a strong application focus, these 2 businesses each integrate our printer, material and software technologies in unique combinations to solve a customer's product need.

這兩家公司都以應用為重點，將我們的印表機、材料和軟體技術以獨特的組合方式整合起來，以滿足客戶的產品需求。

Once complete, our customers can then ask us to scale the process for them to a certain production level and then with increasing demand, they can elect to have us enable a manufacturer of their choosing to continue scaling to high volumes.

完成後，我們的客戶可以要求我們將流程擴大到一定的生產水平，然後隨著需求的增加，他們可以選擇讓我們幫助他們選擇的製造商繼續擴大規模。

This transfer of the workflow involves providing printing systems, materials and software along with the process definition.

這種工作流程的轉移涉及提供列印系統、材料和軟體以及流程定義。

It results in a seamless transfer of capability to the chosen manufacturer, whether it's the OEM themselves or a contract manufacturer of their choosing.

它可以將能力無縫轉移到所選製造商，無論是 OEM 本身還是他們選擇的合約製造商。

So fast forwarding to this year, with the acquisition of Oqton, we expanded our software capabilities into what we call broadly digital manufacturing software, which, as we described earlier, enables a rapid and efficient adoption of additive manufacturing in high volume production environments.

快進到今年，透過收購 Oqton，我們將軟體功能擴展到所謂的廣義數位製造軟體，正如我們之前所描述的，該軟體能夠在大批量生產環境中快速高效地採用增材製造。

This operating model has been very well received by our customer base, and we expect it to fuel exciting organic growth in the years ahead.

這種營運模式受到了我們客戶群的好評，我們預計它將在未來幾年推動令人興奮的有機成長。

Most recently, we've added a strong biotech organizational focus and invested significantly to bring our emerging biological technologies to laboratory and human applications, details of which we'll cover in a few moments.

最近，我們增加了強大的生物技術組織重點，並進行了大量投資，將我們的新興生物技術引入實驗室和人體應用，我們稍後將介紹其詳細資訊。

So in short, these are our 5 core market segments that you'll hear us talk about moving forward.

簡而言之，這是我們的 5 個核心細分市場，您將聽到我們談論它們的未來發展。

While each of the 5 will adapt to the needs of their customers, each will also leverage our core technologies of hardware, software and materials in a unique manner needed to fulfill their customer application needs.

雖然這 5 家公司中的每家都將適應其客戶的需求，但每家也將以獨特的方式利用我們的硬體、軟體和材料核心技術來滿足其客戶的應用需求。

Let me illustrate this approach using our healthcare business as an example.

讓我以我們的醫療保健業務為例來說明這種方法。

In the mid-1990s, 3D Systems pioneered medical modeling, which is the printing of highly detailed anatomical models from digital images.

1990 年代中期，3D Systems 開創了醫學建模領域，即從數位影像列印高度詳細的解剖模型。

These models have proven instrumental in support of complex surgical procedures in a highly publicized application of our modeling technology, which was beautifully documented by CNN's, Dr. Sanjay Gupta, we created a number of medical models to assist in the separation of conjoined twins, Jadon and Anias McDonald, who were born with the extremely rare craniopagus condition, in which twins are joined at the head, sharing not only the call and vasculature, but portions of the brain itself.

事實證明，這些模型在我們的建模技術的廣為人知的應用中有助於支持複雜的外科手術，CNN 的Sanjay Gupta 博士對此進行了精彩的記錄，我們創建了許多醫學模型來協助分離連體雙胞胎Jadon阿尼亞斯·麥克唐納（Anias McDonald）出生時就患有極其罕見的顱骨畸形，即雙胞胎的頭部連在一起，不僅共享叫聲和脈管系統，還共享大腦本身的一部分。

The modeling use for this surgical planning was vital to the success of Dr. James Goodrich and his team, that they had in separating the twins, both of which are alive and living independently today, many years later.

這種手術計劃的模型使用對於詹姆斯·古德里奇博士和他的團隊的成功至關重要，他們在分離這對雙胞胎時取得了成功，多年後的今天，他們都還活著並且獨立生活。

To date, our medical modeling technology has supported dozens of similarly complex operations around the world, along with hundreds of others and it continues to expand each year.

迄今為止，我們的醫學建模技術已經支援了世界各地數十個類似的複雜手術以及數百個其他手術，並且每年都在繼續擴展。

Building upon this foundation and investing in point-of-care infrastructure that accompany this growth, we deepened our surgical support over the next decade.

在此基礎上，並投資於伴隨這一增長的床邊基礎設施，我們在未來十年深化了我們的外科支援。

And by 2005, we were working with surgeons to design and manufacture customized, patient-specific surgical guides and instruments using 3D printing.

到 2005 年，我們與外科醫生合作，使用 3D 列印設計和製造客製化的、針對患者的手術導板和器械。

And as this portion of the business in turn grew, we expanded our scope once again, this time to include actual patient-specific implants, which offered an even larger market opportunity.

隨著這部分業務的成長，我們再次擴大了業務範圍，這次納入了實際的患者專用植入物，這提供了更大的市場機會。

Fast-forwarding today, we offer the broadest range of FDA-cleared capabilities for modeling, surgical planning and patient-specific medical implants, which inspires our customers to continue expanding their partnership with us year after year.

快進到今天，我們提供了 FDA 批准的最廣泛的建模、手術規劃和患者特定醫療植入功能，這激勵我們的客戶年復一年地繼續擴大與我們的合作夥伴關係。

While we're very proud of our progress by now redefining ourselves as a healthcare business in this example, and leveraging both our critical infrastructure and channel partner relationships, we can broaden our scope more aggressively to now include other parts of the human skeleton structure, and importantly, to advance these applications in parallel instead of in series as we have in the past.

雖然我們對自己的進步感到非常自豪，在這個例子中，我們將自己重新定義為醫療保健業務，並利用我們的關鍵基礎設施和通路合作夥伴關係，但我們可以更積極地擴大我們的範圍，現在包括人體骨骼結構的其他部分，重要的是，並行推進這些應用程式而不是像過去那樣串行推進。

This provides us the opportunity to bring benefits to a much larger patient population and at a much higher rate than ever before.

這使我們有機會以比以往更高的速度為更多的患者群體帶來益處。

This is the power of redefining ourselves as a healthcare business and not simply a provider of printing technology to healthcare customers in the market.

這是將我們自己重新定義為醫療保健企業的力量，而不僅僅是市場上醫療保健客戶的列印技術提供者。

Of note, our Healthcare business grew over 28% in our most recent quarter and over 44% on an organic basis, which is where we disregard the businesses that we have divested.

值得注意的是，我們的醫療保健業務在最近一個季度增長了 28% 以上，有機增長超過 44%，這是我們忽略我們已經剝離的業務的情況。

This remarkable growth rate is a testament to our increasing momentum in this exciting market.

這一顯著的成長率證明了我們在這個令人興奮的市場中不斷成長的勢頭。

So building upon this discussion of our healthcare business, I'd like to end my commentary for today on the remarkable emerging market of bioprinting and our announcement last week of our acquisition of Volumetric Biotechnologies.

因此，在對我們的醫療保健業務的討論的基礎上，我想結束今天對生物打印這一引人注目的新興市場以及我們上周宣布收購 Volumetric Biotechnologies 的評論。

This company, under the inspired leadership of Dr. Jordan Miller, brings specific expertise in biomaterials and regenerative medicine that combines synthetic chemistry, 3D printing, microfabrication and molecular imaging to direct culture human cells to form more organized, complex organizations of living vessels and tissues.

該公司在Jordan Miller 博士的領導下，帶來了生物材料和再生醫學的具體專業知識，結合了合成化學、3D 列印、微加工和分子成像，直接培養人體細胞，形成更有組織、更複雜的活血管和組織組織。

3D Systems has been a pioneer in our industry by focusing resources on regenerative medicine since 2017, when we began a joint development program with the United Therapeutics Corporation to develop the capability to print scaffolds for human lungs using a process we call printer perfusion.

自2017 年以來，3D Systems 一直將資源集中在再生醫學領域，成為我們行業的先驅，當時我們與United Therapeutics Corporation 開始了一項聯合開發計劃，以開發使用我們稱為打印機灌注的過程打印人類肺部支架的能力。

Once developed, this bioprint technology can be applied to other major organs in the human body as well as a wide range of other human and laboratory applications.

一旦開發出來，這種生物列印技術可以應用於人體的其他主要器官以及廣泛的其他人體和實驗室應用。

We've made significant strides in this unique technology and as a result, we recently announced an expansion of our development program with United Therapeutics, an expansion that includes increased funding and an extension to 2 additional organs.

我們在這項獨特的技術上取得了重大進展，因此，我們最近宣布擴大與 United Therapeutics 的開發計劃，其中包括增加資金並擴展到另外 2 個器官。

This program expansion reflects the progress that our joint team has made in this groundbreaking endeavor.

這項計劃的擴展反映了我們的聯合團隊在這項開創性努力中所取得的進展。

By acquiring Volumetric, we're adding critical skill sets to our 3D Systems team, which we feel are a perfect complement to ours, bringing strong biological expertise and cellular engineering skills along with highly creative bioprinting systems to our development group.

透過收購 Volumetric，我們為 3D Systems 團隊增添了關鍵技能，我們認為這是對我們團隊的完美補充，為我們的開發團隊帶來了強大的生物專業知識和細胞工程技能以及高度創意的生物列印系統。

As I realize this is an entirely new area for many that have followed our company for some time, let me quickly recap our regenerative medicine strategy and the market opportunities that we're addressing through our unique bioprinting technology.

我意識到這對許多關注我們公司一段時間的人來說是一個全新的領域，讓我快速回顧一下我們的再生醫學策略以及我們透過獨特的生物列印技術解決的市場機會。

The first opportunity is the printing of human organs, beginning with the lung and expanding from there to 2 additional organs.

第一個機會是列印人體器官，從肺部開始，然後擴展到另外兩個器官。

We're pursuing this as a joint program with our partner, United Therapeutics.

我們正在與我們的合作夥伴 United Therapeutics 共同進行此計畫。

The ambitious goals that we've set for this program are driving quantum advances in our technology, and laying the foundation for the rest of our regenerative medicine efforts.

我們為該計劃設定的雄心勃勃的目標正在推動我們技術的量子進步，並為我們其他再生醫學工作奠定基礎。

In our second regenerative medicine market opportunity, we're taking the core unique disruptive technologies developed for the bioprinting of human organs and applying it to other parts of the human body.

在我們的第二個再生醫學市場機會中，我們正在採用為人體器官生物印刷開發的核心獨特顛覆性技術，並將其應用於人體的其他部位。

There are a tremendous number of these applications, ranging from the printing of human skin for burn victims to soft tissue for breast reconstruction and repair to critical blood vessel and bone replacements and many, many more.

這些應用有很多，從為燒傷患者列印人體皮膚到用於乳房重建和修復的軟組織，再到關鍵的血管和骨骼替代品等等。

We're now forming partnerships focused on each application area where we can combine our bioprinting expertise with the appropriate application experts to provide unique and highly impactful solutions for people in need.

我們現在正在建立專注於每個應用領域的合作夥伴關係，我們可以將我們的生物列印專業知識與適當的應用專家結合起來，為有需要的人提供獨特且極具影響力的解決方案。

We refer to this second market vertical within regenerative medicine as human non-organ bioprinting.

我們將再生醫學中的第二個垂直市場稱為人類非器官生物印刷。

Our last but certainly not least market opportunity is to extend our bioprinting technologies into research labs, providing advanced printing systems and unique biological materials to those that study the basic science of regenerative medicine and in the pharmaceutical laboratories where the ability to print high-precision, 3-dimensional vascularized cell structures can be used for the development of new, more effective drug therapies.

我們最後但同樣重要的市場機會是將我們的生物列印技術擴展到研究實驗室，為研究再生醫學基礎科學的人員以及能夠列印高精度、 3 維血管化細胞結構可用於開發新的、更有效的藥物療法。

Our acquisition of Volumetric and their unique capabilities in combination with our own will allow us to expand the pace of our efforts in all 3 of our regenerative medicine markets.

我們收購 Volumetric 並將其獨特的能力與我們自己的能力相結合，將使我們能夠加快在所有 3 個再生醫學市場的努力步伐。

It amazes me to think of these revolutionary applications enabled by our 3D printing technologies, applications that we are uniquely positioned to deliver with our extensive history in advanced 3D printing technologies, our material expertise, our application development expertise, our deep understanding of FDA and other regulatory processes and now, our biological and cellular engineering capabilities.

想到這些革命性的應用是由我們的3D 列印技術實現的，我感到很驚訝，這些應用憑藉我們在先進3D 列印技術方面的豐富歷史、我們的材料專業知識、我們的應用開發專業知識、我們對FDA 和其他領域的深刻理解，具有獨特的優勢。監管流程以及現在我們的生物和細胞工程能力。

We believe that in the years to come, bioprinting will take its place as a very significant business for our company, bringing critical relief to patients in need of life-saving procedures and great value to our company's employees and our shareholders alike.

我們相信，在未來的幾年裡，生物列印將成為我們公司的一項非常重要的業務，為需要挽救生命的患者帶來極大的緩解，並為我們公司的員工和股東帶來巨大的價值。

Moving from our strategic growth investments to our most recent quarterly performance, I'm very pleased to say that we've continued to execute well on our core business.

從我們的策略成長投資到最近的季度業績，我很高興地說，我們的核心業務繼續表現良好。

With continuing strong demand, our operational challenges have largely centered around global supply chain and logistics issues, which are unfortunately continuing to plague most companies around the world.

由於需求持續強勁，我們的營運挑戰主要集中在全球供應鏈和物流問題上，不幸的是，這些問題繼續困擾著世界各地的大多數公司。

Our solid execution in the face of these challenges in the third quarter resulted in strong double-digit growth, with revenues increasing by 15% before adjusting for divestitures.

面對這些挑戰，我們在第三季堅定執行，實現了強勁的兩位數成長，在資產剝離調整前收入成長了 15%。

When these adjustments are made, which is a much better reflection of our core business performance, revenues were up over 36% versus 2020 and up over 20% versus our pre-pandemic 2019 3rd quarter, a benchmark we consider very important.

當進行這些調整時（更好地反映了我們的核心業務績效），收入比2020 年增長了36% 以上，與大流行前的2019 年第三季度相比增長了20% 以上，這是我們認為非常重要的基準。

Looking at our major business segments, our Industrial Solutions segment is continuing its rebound, seeing strong performance, particularly in jewelry, automotive and transportation and general manufacturing.

看看我們的主要業務部門，我們的工業解決方案部門正在繼續反彈，表現強勁，特別是在珠寶、汽車和運輸以及一般製造領域。

In Healthcare, we see continuing strong demand for personalized health services as well as solid performance in dental.

在醫療保健領域，我們看到對個人化健康服務的持續強勁需求以及牙科領域的穩健表現。

As Jagtar will discuss shortly, in addition to the strong revenue performance, our EBITDA climbed by over 125%.

正如 Jagtar 稍後將討論的那樣，除了強勁的收入表現外，我們的 EBITDA 還攀升了 125% 以上。

We generated positive cash from operations for the fourth consecutive quarter, the first time this has happened in 4 years.

我們連續第四個季度從營運中產生正現金，這是四年來的第一次。

With our cash generation, in addition to the proceeds from divestitures, we built a sizable cash balance by the end of Q3.

透過我們的現金產生，除了資產剝離的收益外，我們在第三季末建立了相當大的現金餘額。

A portion of these funds will be used to fund the strategic growth initiatives I mentioned earlier, but we will still be left with a significant amount of liquidity to pursue additional opportunities.

這些資金的一部分將用於資助我之前提到的策略性成長計劃，但我們仍將擁有大量流動資金來尋求更多機會。

As I'm sure it's clear to everyone, I am very excited not only about what we've accomplished this last year, but even more so about the future as our focus on growth in this final stage of our transformation has only just begun.

我確信每個人都清楚，我不僅對我們去年所取得的成就感到非常興奮，而且對未來更感到興奮，因為我們在轉型的最後階段對成長的關注才剛剛開始。

With that, let me turn the call over to Jagtar who will now describe our third quarter results in more detail.

接下來，讓我將電話轉給捷格塔，他現在將更詳細地描述我們第三季的業績。

Jagtar?

捷豹？

Thanks, Jeff.

謝謝，傑夫。

Good morning, everyone.

大家，早安。

For the third quarter, we reported revenue of $156.1 million, an increase of 14.6% compared to the third quarter of 2020.

第三季度，我們報告營收為 1.561 億美元，較 2020 年第三季成長 14.6%。

Our organic revenue growth, which excludes divestitures completed in 2020 and 2021 was 35.9% in Q3 2021 versus Q3 2020.

與 2020 年第三季相比，2021 年第三季的有機收入成長（不包括 2020 年和 2021 年完成的資產剝離）為 35.9%。

Since the third quarter of 2020 was the beginning of the economic reopening from the COVID-related shutdowns, we think it is valuable to compare our results to Q3 2019, which was untainted by the pandemic.

由於2020 年第三季是經濟從與新冠病毒相關的停工中重新開放的開始，我們認為將我們的結果與2019 年第三季進行比較很有價值，因為2019 年第三季沒有受到大流行的影響。

Again, excluding divested businesses we are comparing on an apples-to-apples basis, our revenue in the third quarter of 2021 was 21.2% higher than pre-pandemic Q3 2019.

同樣，排除我們進行同類比較的剝離業務，我們 2021 年第三季的收入比大流行前的 2019 年第三季高出 21.2%。

As we have discussed previously, with the completion of our Simbionix and on-demand manufacturing divestitures in Q3 2021, we have completed our planned divestitures and are now focused on the performance, growth and investment of our core additive manufacturing business.

正如我們之前所討論的，隨著 Simbionix 和按需製造剝離於 2021 年第三季度完成，我們已經完成了計劃的剝離，現在專注於我們核心增材製造業務的業績、增長和投資。

I would like to note that our -- that post divestitures, we continue to generate nearly 2/3 of our revenue from our recurring revenue streams.

我想指出的是，剝離後，我們繼續從經常性收入流中產生近 2/3 的收入。

These high-margin lines of business highlight the strength and diversity of our core business, our ability to weather various economic cycles, and around which, we will continue to make strategic investments.

這些高利潤的業務凸顯了我們核心業務的實力和多樣性，以及我們抵禦各種經濟週期的能力，我們將圍繞這些業務繼續進行策略性投資。

Turning to earnings, we reported GAAP net income of $2.34 per share in the third quarter of 2021 compared to a GAAP loss of $0.61 in the third quarter of 2020.

談到收益，我們報告 2021 年第三季 GAAP 淨利潤為 2.34 美元，而 2020 年第三季 GAAP 虧損為 0.61 美元。

The year-over-year improvement was driven by gains on divested businesses as well as the goodwill impairment charge we took in the third quarter of 2020.

年比改善是由剝離業務的收益以及我們在 2020 年第三季提列的商譽減損費用所推動的。

For our non-GAAP results, we reported non-GAAP income of $0.08 per share in the third quarter of 2021 compared to a non-GAAP loss of $0.03 per share in the third quarter of 2020.

對於我們的非 GAAP 業績，我們報告 2021 年第三季的非 GAAP 收入為每股 0.08 美元，而 2020 年第三季的非 GAAP 虧損為每股 0.03 美元。

The year-over-year improvement reflects higher revenue with lower non-GAAP operating expense as a result of the cost actions we took last year.

年比成長反映了我們去年採取的成本行動帶來的收入增加和非公認會計準則營運費用降低。

Now, I will discuss revenue by market.

現在，我將討論按市場劃分的收入。

Healthcare grew 28.3% year-over-year and decreased 7.8% compared to the last quarter.

醫療保健年增 28.3%，季減 7.8%。

The decrease was primarily a result of the divestiture of the Simbionix medical simulation business during the quarter.

這一下降主要是由於本季度剝離了 Simbionix 醫療模擬業務。

Adjusted for divestitures, Healthcare revenue increased 44.5% year-over-year as a result of strong demand for dental applications in both printers and materials.

由於印表機和材料對牙科應用的強勁需求，經資產剝離調整後，醫療保健收入年增 44.5%。

In fact, the last 4 quarters have seen the highest level ever of dental material sales as compared to any prior 4-quarter period.

事實上，與之前的任何四個季度相比，過去四個季度的牙科材料銷售額達到了歷史最高水準。

Our Industrial segment generated revenue growth of 4% to $79.7 million compared to the same period last year and was flat to last quarter, reflecting the divestiture of the on-demand manufacturing parts business during the quarter.

與去年同期相比，我們的工業部門收入成長了 4%，達到 7,970 萬美元，與上季持平，反映出本季按需製造零件業務的剝離。

Adjusted for divestitures, Industrial revenue increased 28.1% year-over-year and 2.1% over the last quarter.

經資產剝離調整後，工業收入年增 28.1%，季增 2.1%。

The increase was driven by higher demand in both printers and materials in a variety of subsegments, most notably jewelry, automotive and transportation and general manufacturing.

這一增長是由各個細分領域（尤其是珠寶、汽車、運輸和一般製造業）對印表機和材料的需求增加所推動的。

Now we turn to gross margin.

現在我們轉向毛利率。

We reported gross profit margin of 41.2% in the third quarter of 2021 compared to 43.1% in the third quarter of 2020.

我們報告 2021 年第三季的毛利率為 41.2%，而 2020 年第三季的毛利率為 43.1%。

Non-GAAP gross profit margin was 41.5% compared to 43.2% in the same period last year.

非 GAAP 毛利率為 41.5%，去年同期為 43.2%。

Gross profit margin decreased primarily as a result of businesses divested in 2020 and 2021.

毛利率下降主要是由於2020年和2021年業務剝離。

If we exclude the impact of those divestitures, gross margins increased 80 basis points in the third quarter of 2021 compared to the same period last year, driven by 2020 cost actions and higher revenue which resulted in better capacity utilization.

如果我們排除這些資產剝離的影響，在 2020 年成本行動和更高的收入導致產能利用率提高的推動下，2021 年第三季的毛利率比去年同期增長了 80 個基點。

As evidenced by our strong performance this year, demand continues to be strong for both -- for our products in both business segments.

正如我們今年的強勁業績所證明的那樣，對我們兩個業務領域的產品的需求仍然強勁。

The biggest challenge we face isn't unique to 3D Systems.

我們面臨的最大挑戰並非 3D Systems 獨有。

We are all aware of the supply chain issues that are affecting everyone, from multinational corporations, to small businesses, to individuals on Main Street.

我們都知道供應鏈問題影響著每個人，從跨國公司到小型企業，再到街上的個人。

In fact, our Q3 revenue, while strong, was impacted by supply limitations on certain products.

事實上，我們第三季的營收雖然強勁，但受到某些產品供應限制的影響。

Consistent with last quarter, we continue to see a tightening of cost and availability for certain components that go into our products.

與上季一致，我們繼續看到我們產品中某些組件的成本和可用性收緊。

Our team is doing a heroic job as it manages through these challenges.

我們的團隊在克服這些挑戰方面做得非常出色。

Supply chain, and not end customer demand, remains a key headwind in our business and is our strong focus as we finish out the year.

供應鏈，而不是最終客戶需求，仍然是我們業務的主要阻力，也是我們今年結束時的重點。

We have taken steps to mitigate the economic impact such as adding alternative sources for key components where possible.

我們已採取措施減輕經濟影響，例如盡可能增加關鍵零件的替代來源。

We have seen some cost impacts from the supply chain constraints, especially in increased freight charges and have instituted a temporary surcharge for our customers on certain types of purchases, effective in the fourth quarter.

我們已經看到供應鏈限制對成本產生了一些影響，特別是運費上漲，並針對某些類型的採購對客戶徵收臨時附加費，該附加費將於第四季度生效。

Year-to-date, our non-GAAP gross profit margin was 42.6% and we expect full year gross profit margins to be between 41% and 43%.

年初至今，我們的非 GAAP 毛利率為 42.6%，我們預計全年毛利率將在 41% 至 43% 之間。

Operating expenses for this quarter were $81.5 million on a GAAP basis, a decrease of 35.4% compared to the third quarter of 2020.

以 GAAP 計算，本季營運費用為 8,150 萬美元，較 2020 年第三季下降 35.4%。

This year-over-year decrease reflects a goodwill impairment booked in Q3 2020.

這一同比下降反映了 2020 年第三季計入的商譽減損。

Our non-GAAP operating expenses in the third quarter were $54.1 million, a decrease -- an 8% decrease from the third quarter of the prior year.

我們第三季的非 GAAP 營運費用為 5,410 萬美元，比去年第三季下降了 8%。

Compared to the second quarter of 2021, non-GAAP operating expenses decreased 2%, primarily driven by lower R&D spend.

與 2021 年第二季相比，非 GAAP 營運費用下降了 2%，主要是因為研發支出減少。

Adjusted EBITDA, defined as non-GAAP operating profit plus depreciation was $16.3 million or 10.5% of revenue compared to $7.2 million or 5.3% of revenue in the third quarter 2020.

調整後 EBITDA（定義為非 GAAP 營業利潤加折舊）為 1,630 萬美元，佔營收的 10.5%，而 2020 年第三季為 720 萬美元，佔營收的 5.3%。

Our disciplined approach to growth, cost management and focus on our core business is resulting in continued strong adjusted EBITDA.

我們對成長、成本管理和對核心業務的關注採取嚴格的方法，導致調整後的 EBITDA 持續強勁。

Turning to the cash flow statement and balance sheet.

轉向現金流量表和資產負債表。

We are pleased to show $502.8 million of cash on the balance sheet, an increase of $418.4 million since the beginning of the year.

我們很高興看到資產負債表上有 5.028 億美元的現金，自年初以來增加了 4.184 億美元。

The increase was primarily driven by proceeds from the divestitures of the on-demand parts business and our medical simulation business, but supported in no small part by our extremely strong cash generation from operations.

這一成長主要是由剝離按需零件業務和醫療模擬業務的收益所推動的，但在很大程度上得益於我們極其強勁的營運現金流。

During the quarter, we generated $20.7 million of cash from operations, marking the fourth straight quarter of positive cash from operations.

本季度，我們從營運中產生了 2,070 萬美元的現金，這標誌著我們連續第四個季度從營運中獲得正現金。

This is the first time in 4 years the company has achieved 4 straight quarters of positive operating cash flow and reflects a strong transformation of our business.

這是該公司四年來首次連續四個季度實現正營運現金流，體現了我們業務的強勁轉型。

Now that we have demonstrated consistent profitability and cash generation, and post divestiture, had $0.5 billion of cash on hand, we are in a prime position to continue growing the company by taking a disciplined approach to invest in organic and inorganic solutions that will solve customers' complex needs, drive adoption of additive manufacturing and generate high-margin recurring revenue streams.

現在，我們已經展現了持續的盈利能力和現金生成能力，並且在剝離後手頭擁有5 億美元現金，我們處於有利地位，可以通過採取嚴格的方法投資有機和無機解決方案來繼續發展公司，從而解決客戶的問題'複雜的需求，推動增材製造的採用並產生高利潤的經常性收入流。

We have previously announced some of those growth opportunities, namely our acquisitions of Oqton, which closed November 1, and Volumetric Biotechnologies, which is expected to close in the fourth quarter.

我們之前已經宣布了其中一些成長機會，即我們對 Oqton 的收購（已於 11 月 1 日完成）和 Volumetric Biotechnologies（預計將於第四季度完成）。

The cash considerations for these will total approximately $130 million, leaving roughly $370 million of cash.

這些費用的現金總額約為 1.3 億美元，剩餘現金約為 3.7 億美元。

These acquisitions will position the company for strong growth and are core to our strategies in both high-margin software to enable the adoption of additive manufacturing as well as adoption of advanced 3D printing technologies in the field of regenerative medicine where we believe we will be a leader in the market.

這些收購將使公司實現強勁成長，並且是我們在高利潤軟體方面的戰略核心，以實現增材製造的採用以及再生醫學領域採用先進的3D 列印技術，我們相信我們將成為再生醫學領域的領先者。市場領導者。

As I conclude my remarks, I want to reflect on the past year.

在結束發言時，我想回顧過去的一年。

I joined the company at the beginning of the third quarter of 2020.

我於2020年第三季初加入公司。

At that time, the company was just beginning its transformation.

當時，公司剛開始轉型。

We had just announced results for the second quarter of 2020 that included negative operating cash flow of $21 million for the first half of that year, cash and cash equivalents on the balance sheet of only $64 million and $22 million of debt.

我們剛剛公佈了 2020 年第二季的業績，其中上半年營運現金流為負 2,100 萬美元，資產負債表上的現金和現金等價物僅為 6,400 萬美元，債務為 2,200 萬美元。

Now, fast forward to this year and the transformation we've been through.

現在，快進到今年以及我們所經歷的轉變。

We have generated over $60 million of operating cash this year through the third quarter and ended the quarter with over $500 million of cash and cash equivalents with no debt.

今年到第三季度，我們已經產生了超過 6,000 萬美元的營運現金，到本季末，我們的現金和現金等價物超過 5 億美元，沒有債務。

We are 100% focused on additive manufacturing and growing strongly in our core markets.

我們 100% 專注於積層製造，並在核心市場強勁成長。

We are able to make smart and strategic investments to support our core business and are rapidly advancing our key technologies into new segments such as regenerative medicine.

我們能夠進行明智的策略性投資來支持我們的核心業務，並迅速將我們的關鍵技術推進到再生醫學等新領域。

I continue to believe that we are uniquely positioned in our industry with a strong balance sheet, growth, cash generation and a suite of technologies that continue to be in demand by our customers.

我仍然相信，我們在行業中處於獨特的地位，擁有強大的資產負債表、成長、現金產生和客戶持續需求的一套技術。

Finally, we wanted to provide an update on our Investor Day event.

最後，我們想提供投資者日活動的最新情況。

You may recall that we had scheduled an event for September 9 in the Denver, Colorado area.

您可能還記得，我們​​計劃於 9 月 9 日在科羅拉多州丹佛地區舉辦一場活動。

Out of the abundance of caution for the safety of our investors, analysts and employees, we postponed the planned Investor Day as COVID infection rates increased this past summer due to the Delta variant.

出於對投資者、分析師和員工安全的高度謹慎，我們推遲了計劃的投資者日，因為去年夏天由於達美變種，新冠病毒感染率有所上升。

We are now seeing the hopeful signs of progress with once again declining infection rates, rollout of booster shots and a newly announced pill that seems to offer promise of dramatically cutting the hospitalization rates from infection.

我們現在看到了充滿希望的進展跡象，感染率再次下降，加強注射的推出以及新宣布的藥物似乎有望大幅降低感染住院率。

As a result, we are in the early stages of planning an updated Investor Day with an aim for the first half of 2022.

因此，我們正處於計劃更新投資者日的早期階段，目標是在 2022 年上半年舉行。

We will provide an update as soon as possible and look forward to sharing our long-term growth strategy in more detail with the investment community.

我們將盡快提供最新消息，並期待與投資界更詳細地分享我們的長期成長策略。

With that, I'll turn the call back to Jeff.

說完，我會把電話轉回給傑夫。

Jeff?

傑夫？

Thanks, Jagtar.

謝謝，捷達。

Both Jagtar and I have covered the remarkable progress that we've made over the last year.

Jagtar 和我都介紹了我們在過去一年中取得的顯著進步。

We've created value for our investors, our customers and our employees by remaking the business.

我們透過重塑業務為投資者、客戶和員工創造了價值。

Our growth and profitability distinguishes us in the industry and has made us a key partner for a growing number of organizations that are considering additive manufacturing.

我們的成長和獲利能力使我們在業界中脫穎而出，並使我們成為越來越多考慮積層製造的組織的關鍵合作夥伴。

At the same time, our transformation has also made us a more exceptional place to work.

同時，我們的轉型也使我們成為一個更出色的工作場所。

to drive the future of additive manufacturing.

推動增材製造的未來。

And as a result, more talented individuals are becoming a part of the new 3D Systems each day.

因此，每天都有更多的人才成為新 3D Systems 的一部分。

However, as much as we've accomplished this last year, it's more about the future.

然而，儘管我們去年已經取得了這些成就，但它更多的是關於未來。

We will continue to be a valuable solutions partner with customers and deeply integrate with them as they adopt our solutions and technologies.

我們將繼續成為客戶有價值的解決方案合作夥伴，並在他們採用我們的解決方案和技術時與他們深度整合。

We'll also invest in our business and drive our solutions capabilities in the 5 key areas I spoke about earlier.

我們還將在我之前談到的 5 個關鍵領域投資我們的業務並提升我們的解決方案能力。

I'm truly excited about the depth and breadth of technology we bring to our markets and application expertise.

我對我們為市場帶來的技術的深度和廣度以及應用專業知識感到非常興奮。

So with that, I'll now open it up for questions.

因此，我現在將開放提問。

Kevin?

凱文？

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

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

Congrats on great results here.

在這裡恭喜您取得了很好的成績。

Thanks, Troy.

謝謝，特洛伊。

I guess for you, Jeff, I want to ask a few questions.

傑夫，我想我想問你幾個問題。

I did miss the Volumetrics call.

我確實錯過了 Volumetrics 電話會議。

I guess could you talk a little bit -- we got an e-mail from John about this, and you talked about 3 facets for the space that you guys look at.

我想你能談談——我們收到了約翰發來的一封關於此事的電子郵件，你談到了你們所關注的空間的三個方面。

It's organ printing, non-organ printing and then lab and research work.

這是器官印刷、非器官印刷，然後是實驗室和研究工作。

I don't want you to size them, but can you prioritize which one is bigger here as far as -- I guess when I think about bio, I really think about the materials are really the key secret sauce and maybe the bioprinters are less, but help me out with prioritize which facets are the most important.

我不想讓你確定它們的大小，但是你能優先考慮哪一個更大嗎——我想當我想到生物時，我真的認為材料確實是關鍵的秘密武器，也許生物打印機更小，但請幫助我確定哪些方面最重要的優先順序。

Those are 2 interesting questions.

這是兩個有趣的問題。

Troy, let me talk about both of them.

特洛伊，讓我談談他們兩個。

I'll start with the second one, actually, the printing technology itself.

我將從第二個開始，實際上是印刷技術本身。

Troy, I got to tell you, it's remarkable.

特洛伊，我必須告訴你，這太了不起了。

We started this work back in 2017, frankly speaking, thinking that it was impossible to get to the resolution required for printing a lung scaffold.

坦白說，我們早在 2017 年就開始了這項工作，當時認為不可能達到列印肺支架所需的分辨率。

We're talking about micron level detail in an extremely complex structure to build the scaffold, and it's a large scaffold.

我們討論的是在極其複雜的結構中微米級的細節來建造腳手架，而且它是一個大型腳手架。

You think of the size of a human lung.

你想想人肺的大小。

And so the intricacy, the complexity and the fine detail are really, really hard.

因此，複雜性、複雜性和精細細節真的非常非常困難。

And remember, you're doing it with biomaterials.

請記住，您正在使用生物材料來做到這一點。

You're doing it with materials that are the basic building blocks of your body, of a human body, materials that have really been printed before.

你所使用的材料是你的身體、人體的基本組成部分，這些材料以前確實被列印過。

So all of that technology, it took us a few years to really evolve that technology to the remarkable level it is today.

因此，所有這些技術，我們花了幾年時間才真正將該技術發展到今天的卓越水平。

And that's what gave confidence to us and United Therapeutics that we could now expand that into other human organs.

這給了我們和聯合治療公司信心，我們現在可以將其擴展到其他人體器官。

So I wouldn't underestimate the printer technology.

所以我不會低估印表機技術。

And to be honest with you, we not only were inventing it newly for bioprinting, but we were leveraging some of the work we've done in photopolymer printing technologies as well along the way which was really helpful.

老實說，我們不僅為生物列印新發明了它，而且我們還利用了我們在光聚合物列印技術方面所做的一些工作，這確實很有幫助。

And that's the kind of synergy -- technology synergy we see going forward, which is really beneficial.

這就是我們未來看到的那種協同作用——技術協同作用，這確實是有益的。

But from a material standpoint, these are unique materials.

但從材料的角度來看，這些都是獨特的材料。

And we will continue to involve unique biological materials.

我們將繼續使用獨特的生物材料。

So part of the driver in acquiring Volumetric was they have the biological expertise that we really needed.

因此，收購 Volumetric 的部分驅動因素是他們擁有我們真正需要的生物學專業知識。

They have excellent printer expertise as well, but they've approached it from a biology standpoint.

他們也擁有出色的印表機專業知識，但他們是從生物學的角度來處理它的。

So they have cellular engineering and biology expertise that if we're really going to grow in this space, we needed to bring in-house.

因此，他們擁有細胞工程和生物學專業知識，如果我們真的要在這個領域發展，我們需要將其引入內部。

And we can now use it not only for organ printing, but to leverage into non-organ parts of the human body and then also laboratory applications.

我們現在不僅可以將其用於器官列印，還可以用於人體的非器官部分以及實驗室應用。

Remarkable technology, Troy.

非凡的技術，特洛伊。

And when these organs and non-organ articles are built for your body, they're largely constructed from a patient's own cells in the end.

當這些器官和非器官製品是為您的身體建造時，它們最終主要是由患者自己的細胞建構的。

So they're fully biocompatible and they're meant to survive in your body for your entire lifetime without the need for immunosuppressant drugs, which is an ongoing issue for transplant patients today.

因此，它們具有完全的生物相容性，並且可以在您的體內存活一生，而無需使用免疫抑制劑，而免疫抑制劑是當今移植患者面臨的持續問題。

So we're tremendously excited and that organ printing effort is driving a lot of the core technology that we're taking into these other markets for non-organ printing and for labs.

因此，我們非常興奮，器官列印工作正在推動我們將許多核心技術帶入非器官列印和實驗室的其他市場。

In terms of the size of the markets, Troy, it's -- they're emerging markets, it's very hard to get your arms around the size and scale of it.

就市場規模而言，特洛伊，它們是新興市場，很難掌握它的規模和規模。

If you just strictly look at the number of organ transplants, for example, today that are done, the list is kept very small on purpose because there are so few organs to go around.

如果你嚴格地看器官移植的數量，例如今天完成的器官移植數量，那麼這個清單就故意保持得很小，因為可供使用的器官太少了。

So you can put dollar estimates on the number of organs, but the market itself will expand to millions and millions of patients.

因此，你可以對器官的數量進行美元估算，但市場本身將擴大到數百萬的患者。

So obviously, it's a very high-value article and it avoids spending a lot of money on traditional transplant and medication.

顯然，這是一篇非常高價值的文章，它避免了在傳統移植和藥物上花費大量金錢。

So we believe it's a highly valuable, highly differentiated product we're providing into a market that will be measured in billions.

因此，我們相信這是一種非常有價值、高度差異化的產品，我們正在為一個價值數十億的市場提供這種產品。

And then when you go to non-organ applications, I'd say the equivalent.

然後當你進行非器官應用時，我會說同樣的事情。

It's hard to estimate, but you think of skin, arteries, soft tissue implants around your body, it's going to, again, amount to billions of dollars of market size.

這很難估計，但你想想你身體周圍的皮膚、動脈、軟組織植入物，它的市場規模將再次達到數十億美元。

And then I'd say the same in laboratory, maybe a bit smaller, what we've said is $1 billion plus market for laboratory applications.

然後我會在實驗室說同樣的事情，可能會小一些，我們所說的是實驗室應用的市場價值超過 10 億美元。

We're really excited about research labs.

我們對研究實驗室感到非常興奮。

It's a great business.

這是一項偉大的事業。

We acquired Allevi early in the year and Allevi had a really nice footprint in research labs.

我們在今年年初收購了 Allevi，Allevi 在研究實驗室中留下了非常好的足跡。

They're in over 300 research labs around the world.

他們遍佈全球 300 多個研究實驗室。

And that's the way you really develop a lot of the science of regenerative medicine.

這就是真正發展再生醫學科學的方式。

So you want to be in with those guys, selling them printers and consumable materials.

因此，您想與這些人合作，向他們出售印表機和消耗材料。

But the real market we're excited about beyond that, just from a dollar standpoint and the benefits it brings is in drug therapy, so pharmaceuticals.

但除此之外，我們感到興奮的真正市場，僅從美元的角度來看，以及它帶來的好處是藥物治療，即藥物。

So the ability to print 3D cellular structures that have blood vessels in them, so you flow blood through them, allow pharmaceutical companies to test drugs more quickly.

因此，如果能夠列印含有血管的 3D 細胞結構，讓血液流經其中，製藥公司就能更快測試藥物。

So they no longer have to jump from an animal to a full-scale person.

所以他們不再需要從動物跳到完整的人。

They can test it in the laboratory, but with real human biological cells and blood flowing through them in an architected way or a reproducible way.

他們可以在實驗室中進行測試，但要使用真實的人類生物細胞和血液以結構化的方式或可重複的方式流過它們。

So we see the benefits there is tremendous.

所以我們看到那裡的好處是巨大的。

And it will be in providing printers and materials.

它將提供印表機和材料。

It may actually be in doing some of the testing eventually as well.

實際上最終也可能會進行一些測試。

But it's going to be, I believe, a marvelous business for us that, again, I would put a $1 billion-plus tag on right now for lack of a better number, but they're clearly sizable markets, and I believe, Troy, transformational to our company.

但我相信，這對我們來說將是一項了不起的業務，由於缺乏更好的數字，我現在會再次貼上 10 億美元以上的標籤，但它們顯然是相當大的市場，我相信，特洛伊，為我們公司帶來改變。

It's a logical extension of our health care business today with our FDA knowledge and our process discipline, but it is an entirely new market that I really want to make sure we're very well positioned.

這是我們今天的醫療保健業務憑藉我們的 FDA 知識和流程紀律的邏輯延伸，但這是一個全新的市場，我真的想確保我們處於有利的地位。

We have a lead today we're adding really great technical resources, and we want to continue really pushing the technology in that area.

今天，我們處於領先地位，我們正在添加非常出色的技術資源，並且我們希望繼續真正推動該領域的技術發展。

You've become quite the health care expert in a period of time here.

一段時間以來，您已經成為這裡的醫療保健專家。

But a quick follow-up for Jagtar.

但捷達的快速跟進。

Just gross margins, I want to hit a little bit.

只是毛利率，我想再提高一點。

If we get to the midpoint of the range that you called out for 2021 here, it would imply 40% to 40.5% for Q4.

如果我們達到您在此提出的 2021 年範圍的中點，則表示第四季為 40% 至 40.5%。

If we just think about going forward, I mean, is the base level here?

如果我們只考慮未來，我的意思是，基礎水平在這裡嗎？

Do we grow it from here?

我們從這裡種植它嗎？

Or I know you probably don't want to give a lot of guidance on 2022 yet, but just while we're working on the models now, thoughts?

或者我知道您可能還不想就 2022 年提供太多指導，但就在我們現在正在研究模型的時候，您覺得呢？

Yes, Troy, I mean, we put out the guidance and -- What I'd say is our plan is to absolutely grow from there, right?

是的，特洛伊，我的意思是，我們發布了指導方針，並且——我想說的是，我們的計劃絕對是從那裡開始發展，對嗎？

We are, as you heard in my prepared remarks, we're investing in the type of businesses that are going to drive gross margin, right?

正如您在我準備好的演講中聽到的那樣，我們正在投資能夠提高毛利率的業務類型，對嗎？

The recurring revenue streams that we've talked about, software, materials and the like, we think will drive gross margin in the future.

我們認為，我們所討論的軟體、材料等經常性收入流將在未來推動毛利率的成長。

At the same time, we continue to enforce good cost discipline and cost management on our existing products to manage cost.

同時，我們持續對現有產品實施良好的成本紀律和成本管理，以管理成本。

I think we're going through, as you heard me talk about, some near-term headwinds with supply chain constraints and the impact that has to pricing and are managing appropriately, but I think over the medium term, you'll start to see gross margins tick back up.

我認為，正如您聽到我談論的那樣，我們正在經歷一些近期的阻力，包括供應鏈限制以及對定價和適當管理的影響，但我認為從中期來看，您將開始看到毛利率回升。

Troy, just a quick thanks for picking up coverage on the company, too.

特洛伊，我也非常感謝您接受有關該公司的報告。

I know you guys are stretched thin, all of you guys and you're a well-respected guy in the industry, really appreciate you following the company and picking up coverage.

我知道你們都很緊張，你們所有人都是業內受人尊敬的人，非常感謝你們關注公司並接受報告。

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

今天你們的下一個問題來自 Craig-Hallum Capital Group 的 Greg Palm。

I appreciate some of the commentary around everything that started to occur over the last year.

我很欣賞去年開始發生的一切的一些評論。

It's been a pretty amazing turnaround or transformation of the company.

這是公司非常驚人的轉變或轉型。

So kudos to you and the team there.

向你和那裡的團隊致敬。

Thanks, Greg.

謝謝，格雷格。

Thanks, Greg.

謝謝，格雷格。

So maybe let's start with supply chain.

那麼也許讓我們從供應鏈開始。

You called out that headwind, not surprisingly.

你說出了逆風，這並不奇怪。

Can you quantify what the revenue impact was?

您能量化收入影響嗎？

And then curious, maybe if you just look ahead I mean do you think that this could be a tailwind or a driver for additive manufacturing, at least for companies that are looking to, I don't know, maybe adding localized on-demand production or at least secondary sources of supply?

然後好奇，也許如果你只是展望未來，我的意思是你是否認為這可能是增材製造的順風或驅動力，至少對於那些希望增加本地化按需生產的公司來說，我不知道。或者至少是二級供應來源？

Sure, Greg.

當然，格雷格。

I'll start with the quantification and let Jeff talk through the impact to our customers.

我將從量化開始，然後讓 Jeff 談談對我們客戶的影響。

So on the quantification side, in Q3, we probably had about $3 million of revenue, kind of $3 million to $4 million of revenue left on the table that we would have captured had the supply chain issues not occurred.

因此，在量化方面，在第三季度，我們可能有大約 300 萬美元的收入，如果沒有發生供應鏈問題，我們本可以捕獲大約 300 萬到 400 萬美元的收入。

If you exclude divestitures, revenue was up for us Q3 versus Q2.

如果排除資產剝離，我們第三季的營收比第二季有所上升。

Normally, Q3 is lighter than Q2.

通常，Q3 比 Q2 輕。

So if I think about revenue being up, a, and the fact that we left revenue on the table because the supply chain is actually a pretty strong indicator of customer demand.

因此，如果我考慮到收入的成長，a，事實上我們將收入留在桌面上，因為供應鏈實際上是客戶需求的一個非常強大的指標。

I do think we'll see a little bit of impact in Q4.

我確實認為我們會在第四季度看到一些影響。

But like I said in my prepared remarks, we continue to do a yeoman's job of dealing with the issues out there.

但就像我在準備好的發言中所說的那樣，我們將繼續盡自己的職責來解決現有的問題。

Yes, Greg, and it's -- having lived through a couple of cycles before in the electronics industry, particularly, these are always painful cycles when there's a real uptick in demand and as people try to expand capacity, they are always resolved and they're always resolved generally more quickly than you imagine they will be.

是的，格雷格，以前在電子行業經歷過幾個週期，特別是當需求真正上升並且人們試圖擴大產能時，這些總是痛苦的周期，他們總是下定決心並且他們”一般來說，解決問題的速度總是比你想像的還要快。

They feel bad when you're going through them.

當你經歷它們時，他們會感覺很糟糕。

I mean it's hard.

我的意思是這很難。

We have really exceptional demand out there right now for our products, but particularly for our application knowledge for the reason that you pointed out, it's the silver lining in the supply chain shortages is virtually all of our key customers are saying they've got to change the nature of their supply chain.

我們現在對我們的產品有非常特殊的需求，特別是對我們的應用知識，正如您所指出的，這是供應鏈短缺中的一線希望，幾乎我們所有的主要客戶都說他們必須改變其供應鏈的性質。

They can't live any longer on -- especially when you look at the pandemic effects and on top of it now, the supply chain shortages, they have to have a more flexible, nimble yet cost-effective supply chain.

他們不能再活下去了——尤其是當你考慮到大流行的影響以及現在供應鏈短缺的情況時，他們必須擁有更靈活、更靈活且更具成本效益的供應鏈。

And man, perhaps a little bit closer to home so you don't have all the logistics costs compounding all the other frustrations.

夥計，也許離家近一點，這樣你就不用擔心所有的物流成本和所有其他的挫折。

So while it's painful for us to live through and in meeting customer demand right now, it's -- I believe it's a really good tailwind for us and for our entire industry because additive is a solution for a lot of the ills in terms of being a real production process now that will allow them to streamline their supply chain and bring it closer to home, very cost effectively.

因此，雖然我們現在要經歷並滿足客戶需求是痛苦的，但我相信這對我們和我們整個行業來說是一個非常好的順風，因為添加劑是解決許多弊病的解決方案。現在真正的生產流程將使他們能夠簡化供應鏈並使其離家更近，非常具有成本效益。

And what we did with the Oqton acquisition is we wanted to remove a big barrier to that happening.

我們透過收購 Oqton 所做的就是希望消除實現這一目標的一大障礙。

Because as customers really tried to set up production capability for printers, they were really stumbling over how do you do it when they can't afford to hire PhD level engineers to run production lines and do it on a spreadsheet.

因為當客戶真正嘗試為印表機建立生產能力時，當他們無法聘請博士級工程師來運行生產線並在電子表格上完成工作時，他們真的很困惑如何做到這一點。

So they needed a software tool that would allow them to bring printers and all the supporting equipment into the factory, set it up on a plug and play -- with a plug-and-play approach and nowadays, apply machine intelligence and artificial intelligence to the workflow.

因此，他們需要一種軟體工具，使他們能夠將印表機和所有支援設備帶入工廠，將其設定為即插即用——採用即插即用的方法，而如今，將機器智慧和人工智慧應用於工作流程。

And that's what Oqton does.

這就是 Oqton 所做的。

So we try to -- we're working hard to remove any barriers because I believe we have a, as an industry, we've got an excellent tailwind coming as big companies revisit their supply chain.

因此，我們正在努力消除任何障礙，因為我相信，作為一個行業，隨著大公司重新審視其供應鏈，我們將獲得良好的推動力。

Yes.

是的。

It makes sense.

這說得通。

Where would you envision that demand coming from?

您認為這種需求來自哪裡？

I don't know whether that's end market or by technology, just outside of dental, I guess, where are you seeing the most demand in work and some future demand comes from?

我不知道這是終端市場還是技術，就在牙科之外，我想，您認為工作中最大的需求和未來的一些需求來自哪裡？

Yes, it's really interesting.

是的，這真的很有趣。

And it's quite different by market, Greg.

格雷格，不同市場的情況有很大不同。

And that's why, frankly, to come back to that theme, we've reorganized the company around markets now because that dynamic is different in each market segment.

坦白說，這就是為什麼回到這個主題，我們現在圍繞市場重組了公司，因為每個細分市場的動態都不同。

For healthcare in general, the growth even in dental, whether it's dental or it's other med devices, the growth is being driven by this drive to personalize the solution for people.

對於一般醫療保健而言，即使是牙科領域的成長，無論是牙科還是其他醫療設備，成長都是由為人們提供個人化解決方案的驅動力所推動的。

So if you've got a broken bone or you need a tissue implant or a specialized surgical procedure, they wanted -- it has to be cost effective, but they want a personalized approach to medicine to drive better outcomes.

因此，如果你骨折了，或者需要組織植入或專門的外科手術，他們希望——它必須具有成本效益，但他們希望採用個人化的醫學方法來推動更好的結果。

And that -- it's a big need.

這是一個很大的需求。

It's reduced infection rates.

它降低了感染率。

It's higher throughput in surgical suites.

手術室的吞吐量更高。

That's really the driver in healthcare.

這確實是醫療保健領域的驅動力。

On the industrial side of the business, it's much more what you just said.

在業務的工業方面，更多的是你剛才所說的。

It's an idea of looking at their extended supply chain and really reworking that.

這是一個審視他們延伸的供應鏈並真正對其進行改造的想法。

So when you think about it, on the industrial side, it's the big consumers -- the big OEM assemblers of products.

因此，當你想到這一點時，在工業方面，它是大消費者——產品的大型 OEM 組裝商。

So it's automotive, it's aerospace, it's all of the related technologies or companies to that.

所以它是汽車、航空航天以及所有與之相關的技術或公司。

Buses, trucks, cars, airplanes, all of those guys that are designing and building those, they want their supply chain to be closer to home and more nimble and yet cost effective.

巴士、卡車、汽車、飛機，所有設計和製造這些東西的人，他們希望他們的供應鏈離家更近，更靈活，但更具成本效益。

So on the industrial side, it's exactly what you would imagine.

所以在工業方面，這正是你所想的。

And because each one of those has trends of its own, like automotive today moving heavily to EV technology, again, very good tailwind for additive manufacturing.

而且因為每一項都有自己的趨勢，例如當今的汽車業大力轉向電動車技術，這對積層製造來說又是一個非常好的推動力。

So I love being in the business we are today.

所以我喜歡從事我們今天的業務。

And I love the structure we've adopted today with healthcare and industrial vertical focus because each industry moves at its own pace with its own unique needs.

我喜歡我們今天採用的以醫療保健和工業垂直為重點的結構，因為每個行業都按照自己的步調和獨特的需求發展。

So anyway, that's my view on what's driving the spaces, Greg.

無論如何，這就是我對推動空間發展的看法，格雷格。

Yes.

是的。

That's great.

那太棒了。

And if I could just sort of sneak in 1 follow-up.

如果我能偷偷地跟進 1 次就好了。

Your disclosure of your largest customer being 20% of revenue, this year, that's a pretty big step up relative to prior years.

你們今年披露的最大客戶佔收入的 20%，與往年相比這是一個相當大的進步。

How sustainable is that level going forward?

這個水平未來的可持續性如何？

Well, it's a result primarily, Greg, of us divesting other businesses.

格雷格，這主要是我們剝離其他業務的結果。

We've divested businesses that they were not involved with.

我們剝離了他們不參與的業務。

I love the dental space.

我喜歡牙科空間。

I love the customers we have, the large customer we have is tremendous.

我喜歡我們的客戶，我們的大客戶是巨大的。

Their penetration rate in the market is still relatively low.

他們的市場滲透率仍然較低。

So I think they've got a great future based on our technology.

所以我認為基於我們的技術他們有一個美好的未來。

And so I think we've got a nice runway with them and have never had a better relationship.

所以我認為我們與他們之間的關係非常好，而且關係從未如此良好。

In spite of the logistics issues and things, we've been able to take care of them and support their growth in their market as the economies reopen and folks are really interested in their products.

儘管存在物流問題等問題，但隨著經濟重新開放以及人們對他們的產品真正感興趣，我們仍然能夠照顧他們並支持他們在市場上的成長。

So I'm thrilled for them.

所以我為他們感到興奮。

I'm thrilled for us.

我為我們感到興奮。

It's a great customer.

這是一個很棒的客戶。

At the same time, Greg, we've got -- we had -- we exhibited and correct me if I'm wrong, Jagtar, 15% growth in the med device segment.

同時，格雷格，我們展示了醫療設備領域 15% 的成長，如果我錯了，請糾正我。

Medical devices.

醫療設備。

Yes.

是的。

So 15%...

那麼15%...

Excluding divestitures.

不包括資產剝離。

I think for divestitures...

我認為對於資產剝離...

So if you take out divestitures and stuff we got out of -- we had 15% growth in the med device space outside of dental, if you exclude dental, 15% growth which we're thrilled by.

因此，如果你去掉資產剝離和我們從中得到的東西——我們在牙科以外的醫療設備領域增長了 15%，如果排除牙科，我們對增長 15% 感到興奮。

I mean, that's an exceptional number, and I see that continuing and getting bigger.

我的意思是，這是一個非常特殊的數字，而且我看到這個數字還在繼續並且越來越大。

So I think the whole business will get bigger for healthcare.

所以我認為整個醫療保健業務將會變得更大。

I love the fact that we have a very successful customer that continues to grow based on our -- largely on our technology.

我喜歡這樣一個事實：我們擁有一個非常成功的客戶，他們在我們的基礎上——主要是我們的技術——繼續成長。

And I think we've got a great horizon with them and with many others in the dental industry and in the med device industry.

我認為我們與他們以及牙科行業和醫療器材行業的許多其他人都有廣闊的前景。

Next question is coming from Noelle Dilts from Stifel.

下一個問題來自 Stifel 的 Noelle Dilts。

9

9

And again, congrats on all the progress you've made over the past year.

再次恭喜您在過去一年中取得的所有進步。

Thanks.

謝謝。

Just one question for me.

只是問我一個問題。

Given that you're now moving into this invest phase, I was hoping that you could -- in a bigger way, I was hoping that you could kind of comment on what the pipeline looks like in terms of companies that you're talking to, what your conversations are like.

鑑於您現在正進入這個投資階段，我希望您能夠——以更大的方式，我希望您能夠對您正在交談的公司的管道狀況發表評論，您的對話是什麼樣的。

And then maybe if you could just revisit if you had to kind of rank priorities in terms of where your interest lies, if you could talk about medical versus industrial and then software versus applications.

然後也許你可以重新審視是否必須根據你的興趣所在對優先順序進行排序，如果你可以談論醫療與工業，然後是軟體與應用程式。

Just kind of giving us a sense of how you're thinking about this next phase moving forward.

只是讓我們了解您如何考慮下一階段的進展。

Very happy to, Noelle.

非常高興，諾艾爾。

And again, if I missed 1 of those, feel free to ask me again.

再說一次，如果我錯過了其中之一，請隨時再次詢問我。

But in terms of priorities, it's pretty simple.

但就優先順序而言，它非常簡單。

We -- underneath our market focus lies our 3 core technologies: printers, materials and software.

我們的市場重點在於我們的 3 項核心技術：印表機、材料和軟體。

We want to make sure that those remain highly differentiated.

我們希望確保它們保持高度差異化。

So that gets down to sometimes component level investment of disruptive technology.

因此，有時這會歸結為顛覆性技術的組件級投資。

So new ways to print parts.

列印零件的新方法。

A big priority in that area, Noelle, is materials.

諾埃爾，該領域的首要任務是材料。

We have a great photopolymers group internally.

我們內部有一個很棒的光聚合物團隊。

We continue to look at photopolymer experts outside, but whether it's an individual person, small groups or even larger groups that are involved in materials development that could advance additive manufacturing.

我們繼續關注外部的光聚合物專家，但無論是個人、小團體或更大的團體都參與了可以推進積層製造的材料開發。

Those are always high on our priority list.

這些始終是我們優先考慮的事項。

We're always looking for them because value-added material brings incredible value to our customers and it's really good for us in recurring revenue.

我們一直在尋找它們，因為增值材料為我們的客戶帶來了難以置信的價值，這對我們的經常性收入確實有好處。

So we really love that.

所以我們真的很喜歡這樣。

Software obviously is a priority.

軟體顯然是一個優先事項。

We've developed some platforms nicely internally, and we're making those available now to others.

我們在內部很好地開發了一些平台，現在我們正在將這些平台提供給其他人。

And we've invested in the Oqton platform to help our customers.

我們投資了 Oqton 平台來幫助我們的客戶。

So software will remain a priority.

因此，軟體仍將是優先事項。

I'm not sure how many other resources in software are really out there, but it would always -- behind a list if something became available.

我不確定軟體中到底有多少其他資源，但如果有可用的東西，它總是會在清單後面。

So I'd say material, if you get down to the underlying technologies, material is a high priority and disruptive printer technology is always important.

所以我想說的是材料，如果你深入研究底層技術，材料是重中之重，而顛覆性的印表機技術始終很重要。

When you look at market priorities or application priorities, healthcare certainly is a wonderful business.

當您考慮市場優先順序或應用程式優先順序時，醫療保健無疑是一項出色的業務。

We have a tremendous foundation.

我們擁有巨大的基礎。

We've expanded it now into biotech.

我們現在已將其擴展到生物技術領域。

We're really interested in growing that area.

我們對發展該領域非常感興趣。

But in our traditional healthcare med device business, what's really expanding now are the number of applications.

但在我們傳統的醫療保健醫療設備業務中，現在真正擴大的是應用程式的數量。

I think we have one chart that showed the human skeleton.

我想我們有一張顯示人體骨骼的圖表。

Our path, Noelle, has pretty much been from the neck up.

諾艾爾，我們的道路幾乎是從頸部以上開始的。

We've been heavily focused on the head, the skeletal structure of the head and doing good work around that with surgeons.

我們一直非常關注頭部和頭部的骨骼結構，並與外科醫生一起圍繞這個問題做了很好的工作。

What we're now doing is try to attack other parts of the skeletal system in parallel and go after that.

我們現在正在做的是嘗試並行攻擊骨骼系統的其他部分並繼續攻擊。

So you're looking at application expertise, other things that will advance the state-of-the-art in healthcare applications around the skeletal system, in addition to biotech.

因此，除了生物技術之外，您還需要專注於應用專業知識，以及其他能夠推動骨骼系統醫療保健應用最先進的事物。

So I love those.

所以我喜歡那些。

In industrial, we're being a little bit more -- a little bit pickier in terms of what areas that we really believe will be differentiated in the future.

在產業領域，我們對我們真正相信未來會實現差異化的領域更加挑剔。

So it gets back to this theme of differentiated technology.

所以它又回到了差異化技術這個主題。

Aerospace and space technology in general, rocketry, satellites, propulsion, they've always really valued technology for performance reasons and wait, obviously, in many cases.

一般來說，航空航天技術、火箭、衛星、推進系統，出於性能原因，他們一直非常重視技術，顯然，在許多情況下，他們都在等待。

So I think additive has a lot to offer there, and so will always remain a priority for us.

因此，我認為積層製造可以提供很多東西，因此始終是我們的首要任務。

Ground vehicles, cars, primarily, are a mixed bag in the past because you have cars that -- heavily price-driven kind of high-volume business which would have traditionally been tougher for additive.

過去，地面車輛（主要是汽車）是一個混合體，因為汽車是一種嚴重受價格驅動的大批量業務，而傳統上這對於增材製造來說是比較困難的。

Now with EVs, it's really interesting because they're borrowing a lot of technology from aircraft materials and applications.

現在的電動車確實很有趣，因為它們借鑒了飛機材料和應用的大量技術。

So what makes you successful in aerospace can help you in electric vehicles as well.

因此，讓您在航空航太領域取得成功的因素也可以幫助您在電動車領域取得成功。

And they benefit from some of the more exotic part designs that you can do with additive to basically lightweight, create a lightweight, strong vehicle structure for battery power to go further.

它們受益於一些更奇特的零件設計，您可以使用添加劑來實現基本輕量化，創建輕質、堅固的車輛結構，使電池動力走得更遠。

So EVs are a really interesting area in automotive.

因此，電動車是汽車領域一個非常有趣的領域。

And under the hood, hot applications.

在幕後，熱門應用程式。

We have some new specialty materials coming out now.

我們現在推出了一些新的特殊材料。

They're really good for hot applications under the hood and other demanding automotive applications.

它們非常適合引擎蓋下的熱應用和其他要求苛刻的汽車應用。

So I've probably blanketed every area there.

所以我可能已經覆蓋了那裡的每個區域。

But hopefully, that gives you a sense of what our priorities would be.

但希望這能讓您了解我們的優先事項是什麼。

And we've developed a nice war chest now to go after it, and we're generating good cash flow to support that further.

我們現在已經開發了一個很好的戰爭基金來追求它，我們正在產生良好的現金流來進一步支持這一目標。

Your next question is coming from Sarkis Sherbetchyan from B. Riley Securities.

您的下一個問題來自 B. Riley 證券公司的 Sarkis Sherbetchyan。

In the last 12-month period, excluding divestitures, your sales were just over $520 million.

在過去 12 個月期間（不包括資產剝離），您的銷售額剛剛超過 5.2 億美元。

Just wanted to get a sense for what's your outlook on organic growth for the top line going forward on that base?

只是想了解一下您對在此基礎上未來營收有機成長的看法如何？

Yes.

是的。

In terms of organic growth, it's -- everybody struggles to put a number on the industry.

就有機成長而言，每個人都在努力為該行業提供一個數字。

I would put it this way.

我會這樣說。

Our organic growth rate should be equal to or better than the industry norms.

我們的有機成長率應該等於或高於業界標準。

And I -- people put that in a nicely center to double-digit ranges.

我——人們把它放在兩位數的中間位置。

There's no reason in the world that we wouldn't meet or beat industry growth rates.

我們沒有理由不能達到或超過產業成長率。

And in some of these emerging areas that we're going to try to really continue to double down on, I think you'll see even higher growth rates.

在我們將繼續加倍努力的一些新興領域，我認為您會看到更高的成長率。

So I feel really good about meeting, and over time, gaining some share in the market.

因此，我對這次會議感到非常高興，隨著時間的推移，我在市場上獲得了一些份額。

It's -- in our approach, it's not a big share gain approach by pricing.

在我們的方法中，這並不是透過定價來獲得大量份額的方法。

It's more of a technology differentiation.

這更多的是技術差異化。

So I think you'd put an industry growth number, which is -- are exciting numbers, good solid double-digit numbers and a little bit of windage above that for us.

所以我認為你會給出一個行業成長數字，這是一個令人興奮的數字，良好可靠的兩位數數字，並且對我們來說還有一點偏差。

That's how I look at our business.

我就是這樣看待我們的業務的。

And then, rate operating expense for SG&A and R&D, I guess, when considering the addition of Oqton and then Volumetric once it closes, are these dilutive to profitability in essence, what's kind of the OpEx run rate as we think about integrating those businesses?

然後，我想，在考慮增加 Oqton 以及關閉後的 Volumetric 時，SG&A 和研發的營運費用率，這些本質上是否會稀釋盈利能力，當我們考慮整合這些業務時，營運支出運行率是多少？

So Sarkis, this is Jagtar.

薩爾基斯，這是捷格塔。

I talked a little bit about that in the calls when we announced those acquisitions.

當我們宣布這些收購時，我在電話中談到了這一點。

So I'll reiterate my commentary there.

因此，我將在那裡重申我的評論。

So on Oqton, what I'd said is in the near term, meaning the rest of this year, we closed at November 1, don't expect much revenue contribution from them this year, although I expect that to ramp next year.

因此，對於 Oqton，我所說的是近期的情況，即今年剩餘時間，我們於 11 月 1 日關閉，預計今年不會有太多收入貢獻，儘管我預計明年會增加。

Right now, there -- our OpEx run rate is running about $3 million a quarter.

目前，我們的營運支出約為每季 300 萬美元。

So it will be dilutive in the near term, but with their rapid growth, we would expect, over the next year, to be less dilutive.

因此，短期內它會被稀釋，但隨著它們的快速增長，我們預計明年稀釋性會降低。

On the Volumetric side, in the near term, I'm not expecting any kind of net OpEx impact until we sort of make decisions to invest further in the, call it, the non-organ side of the business.

在容量方面，在短期內，我預計不會產生任何類型的淨營運支出影響，直到我們做出進一步投資於業務的非器官方面的決定。

On their core business, we announced the expansion of our contract with United Therapeutics that will help support the expenses associated with Volumetric.

在他們的核心業務上，我們宣布擴大與 United Therapeutics 的合同，這將有助於支持 Volumetric 的相關費用。

But then as we make decisions to further advance the non-organ side, we may have additional investments, we'll talk about that in the future.

但當我們決定進一步推進非器官方面時，我們可能會有額外的投資，我們將在未來討論這一點。

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

今天你們的下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Jeff, I'm trying to sort of reconcile some of your commentary regarding the weary change that companies are implementing in terms of supply chains and how they're thinking about maybe manufacturing at different places and doing their entire manufacturing process differently versus comparing like your industrial revenues from 2 years ago to now, right?

傑夫，我正在嘗試協調您對公司在供應鏈方面正在實施的令人厭倦的變化的一些評論，以及他們如何考慮可能在不同地方進行製造以及以不同的方式進行整個製造過程，而不是像您那樣進行比較兩年前到現在的工業收入，對嗎？

Like you alluded to the growth in aggregate, but the industrial side itself has not shown that much growth.

就像你提到的總量成長，但工業方面本身並沒有表現出那麼大的成長。

Whereas in some of the other industries, where digital transformation has become a priority, you have seen, for instance, in software like material improvement and revenue growth as these companies are implementing digital transformation.

而在其他一些行業，數位轉型已成為優先事項，例如，隨著這些公司正在實施數位轉型，您會看到在材料改進和收入成長等軟體方面。

So I'm just wondering, are you seeing any tea leaves with respect to industrial?

所以我只是想知道，您是否看到任何與工業有關的茶葉？

How should we think about industrial as it progresses into 2022?

進入 2022 年，我們該如何看待工業？

Should we be seeing a much more material inflection in growth rate?

我們是否應該看到成長率出現更多實質變化？

If you could make any comments there, that would be helpful.

如果您能在那裡提出任何意見，那將會很有幫助。

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

It's more of a broad comment, Wamsi.

這更像是一個廣泛的評論，Wamsi。

I would say industrial is a very big market broadly, and it will vary by vertical.

我想說，工業是一個非常大的市場，而且它會因垂直領域而異。

And I think that's why you've seen each company, because each company has a little bit different exposure in their customer base on the industrial side, some are growing faster than others.

我認為這就是為什麼你看到每家公司，因為每家公司在工業方面的客戶群中都有一些不同的曝光度，有些公司的成長速度比其他公司快。

I think on average, if you look at the next few years, industrial broadly is going to grow very nicely because I think COVID was immensely disruptive for them in terms of having, for example, their Asian supply chain shutdown.

我認為，平均而言，如果你看看未來幾年，整個產業將會成長得非常好，因為我認為新冠疫情對他們來說具有巨大的破壞性，例如亞洲供應鏈的關閉。

And now on top of it, you've got shortages and logistics issues.

現在最重要的是，你還面臨短缺和物流問題。

So I do think, broadly, industrial will be a strong grower in the next few years for everyone.

因此，我確實認為，總的來說，未來幾年工業將成為每個人的強勁成長者。

The individual rate by quarter will probably vary depending on what market you're really focused on.

每個季度的個人費率可能會有所不同，具體取決於您真正關注的市場。

So I wouldn't worry too much about quarter-by-quarter changes.

所以我不會太擔心逐季度的變化。

But if you look at year-over-year changes going forward, I think there'll be a lift for most people participating in the space.

但如果你看看未來逐年的變化，我認為大多數參與該領域的人都會得到提升。

And obviously, we tend to target the ones that are most technology driven.

顯然，我們傾向於瞄準那些最受科技驅動的領域。

Some of those will be faster growing than others coming out.

其中一些將比其他產品增長得更快。

But I think they all should be pretty impressive growth rates is my guess, if that's helpful to you.

但我認為它們的成長率都應該相當令人印象深刻，如果這對您有幫助的話。

Yes.

是的。

That's helpful.

這很有幫助。

And then just a follow-up.

然後只是後續行動。

As we think about gross margins, right, I understand that there are some supply chain headwinds currently as you're looking into the fourth quarter.

當我們考慮毛利率時，我知道，在您展望第四季時，目前存在一些供應鏈阻力。

But as you look out, I know last call, you guys sort of spoke about your long-term targets of 50% gross margin.

但正如你們所看到的，我知道上次通話時，你們談到了 50% 毛利率的長期目標。

And you mentioned on this call that, that was largely a function of sort of increasing your levels of software and increasing level of materials.

您在這次電話會議中提到，這在很大程度上是提高軟體水平和材料水平的功能。

But you also made the comment that your go-to-market is much more sort of solution-based than product-based per se, right, like not piecemeal thinking about printers, materials and software.

但您也評論說，您的上市更多是基於解決方案，而不是基於產品本身，對吧，就像不是對印表機、材料和軟體的零碎思考。

And so as I put those 2 things together, are you essentially saying that you're making a big change to your sales motion to support a solution-based selling?

因此，當我將這兩件事放在一起時，您實質上是在說您正在對銷售動議進行重大更改以支持基於解決方案的銷售嗎？

And secondarily, as you think about the gross margin hitting that inflection, what's the time frame that we're talking about?

其次，當您考慮毛利率達到轉折點時，我們談論的時間範圍是多少？

I know your long-term target is 50%, but if we're tracking closer to 40% today and we're still having supply chain issues, the mix is probably not going to swing that quickly.

我知道你們的長期目標是 50%，但如果我們今天接近 40%，並且我們仍然遇到供應鏈問題，那麼這種組合可能不會那麼快地波動。

So just help us with the trajectory as you think through what those large contributors when they kick in.

因此，當你思考那些大貢獻者介入時會做什麼時，請幫助我們了解軌跡。

Yes.

是的。

So the big drivers and may I'll let Jagtar supplement this with comments on the short term.

所以各位大佬們，我可以讓 Jagtar 補充短期的評論嗎？

But I can tell you the big drivers for us in terms of hitting our gross margin target, which again is 50% or better.

但我可以告訴您實現毛利率目標（同樣是 50% 或更高）的主要推動因素。

There's -- from a macro standpoint, clearly, healthcare will be a big driver of that.

從宏觀角度來看，顯然，醫療保健將是其中的一大推動力。

Healthcare commands higher gross margins.

醫療保健的毛利率較高。

So clearly, growing in healthcare is a good thing broadly.

顯然，醫療保健領域的發展總體來說是一件好事。

So we'll continue to drive that hard.

因此，我們將繼續努力。

And with the extension now into biotech, I think that's really exciting from a gross margin implication standpoint, not only top line but gross margin standpoint.

隨著現在擴展到生技領域，我認為從毛利率影響的角度來看，這確實令人興奮，不僅是收入，而且是毛利率。

So that's really good.

所以這真的很好。

From a mix standpoint, we invest a lot of money in value-added materials.

從組合的角度來看，我們在增值材料上投入了大量資金。

So if you look at ongoing consumables, once you have an installed base of printers, materials are great.

因此，如果您注意現有的耗材，一旦您擁有了印表機安裝基礎，材料就非常有用。

And then software, both the software platform upfront and ongoing upgrade software, we're moving more to subscription models now.

然後是軟體，包括前期軟體平台和持續升級軟體，我們現在更多地轉向訂閱模式。

That's a great recurring revenue stream.

這是一個巨大的經常性收入來源。

So if you look at the mix of what we actually sell, when we add -- in the transactions, you should see a richer mix going forward.

因此，如果你看看我們實際銷售的產品組合，當我們在交易中添加時，你應該會看到未來更豐富的組合。

From a macro standpoint, you should see faster growth rates in healthcare overall, which carry a higher gross margin.

從宏觀角度來看，您應該會看到醫療保健產業整體成長更快，毛利率更高。

So those are kind of the macro trends that will drive, and we will continue to focus on technology as differentiated.

因此，這些都是將推動的宏觀趨勢，我們將繼續關注差異化的技術。

So day-by-day pricing, if you wrap it into a solution and its differentiated technology, hopefully, you can command the highest gross margin upfront as well.

因此，如果您將日常定價納入解決方案及其差異化技術中，那麼您有望預先獲得最高的毛利率。

So those are kind of the individual levers and the macro trends that will drive gross margin up to that 50% target.

這些都是將毛利率推至 50% 目標的個別槓桿和宏觀趨勢。

In terms of short term, Jagtar, I'll let you put on your crystal ball.

就短期而言，捷格塔，我會讓你戴上你的水晶球。

It's hard to...

很難...

Yes.

是的。

Let me talk about timing, Wamsi.

讓我談談時機，Wamsi。

So -- The way we've modeled it out, we approached 50% gross margins over our strategic planning period, right, which is sort of 4 to 5 years that we've modeled out.

所以——按照我們建模的方式，我們在戰略規劃期內接近 50% 的毛利率，對吧，我們建模的時間大約是 4 到 5 年。

The way I look at it is in the near term, we've got the supply chain issues.

我的看法是，在短期內，我們遇到了供應鏈問題。

For what our supply chain people tell us, they're kind of projecting kind of these issues in the market for the first half of next year, and then it starts to soften down.

根據我們的供應鏈人員告訴我們，他們預計明年上半年市場上會出現這些問題，然後情況開始軟化。

So we're looking at improvements in gross margin sort of continuously over that 4- to 5-year planning period kind of excluding kind of the near-term supply chain issues.

因此，我們正在考慮在 4 到 5 年規劃期間毛利率的持續改善，排除近期供應鏈問題。

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。

Can you -- did you say how much revenue was from dental versus non-dental within the healthcare business this quarter?

您能否透露本季醫療保健業務中來自牙科和非牙科的收入有多少？

We haven't broken that out.

我們還沒有解決這個問題。

What we've said is that our non-dental business grew 15% organically after adjusting for divestitures.

我們所說的是，在資產剝離調整後，我們的非牙科業務有機成長了 15%。

Okay.

好的。

Great.

偉大的。

So that 15% -- when you say med device, you're talking -- that's non-dental?

那麼，當你說醫療設備時，那 15% 是非牙科設備？

Yes, that's non-dental.

是的，那是非牙科的。

Correct.

正確的。

Right.

正確的。

Okay.

好的。

Okay.

好的。

Got it.

知道了。

And then just some other cleaning up like modeling stuff that -- you gave divested revenue, but can you help us with how much of the product segment accounts -- how much of the divested revenues in products versus services?

然後還有其他一些清理工作，例如建模之類的東西——你提供了剝離的收入，但你能幫助我們了解產品部門的帳戶有多少——產品與服務的剝離收入有多少嗎？

I do not have that right now.

我現在沒有。

For the quarter?

對於本季？

Yes, I don't have that breakout with me, Brian, but I can get you that offline.

是的，我沒有那種突破，布萊恩，但我可以讓你離線。

Okay.

好的。

And then, Jagtar, thanks for the comments around the Oqton $3 million in OpEx.

然後，Jagtar，感謝您對 Oqton 300 萬美元運營支出的評論。

But I'm just wondering, can you make a larger -- like a high-level comment around OpEx and what -- given the OpEx run rate that exited the quarter, what should we expect for the fourth quarter and going...

但我只是想知道，您能否就營運支出以及其他方面做出更大的評論——考慮到本季結束的營運支出運行率，我們對第四季度的預期以及未來的發展…

Our non-GAAP OpEx in the third quarter was $54.1 million.

我們第三季的非 GAAP 營運支出為 5,410 萬美元。

You'll have the impact of the divestitures, right?

你會受到資產剝離的影響，對嗎？

So right now, the assets that we divested in Q3 contributed about $4 million to $5 million in OpEx.

因此，目前我們在第三季剝離的資產為營運支出貢獻了約 400 萬至 500 萬美元。

So that will come out in Q4.

這將在第四季出現。

R&D was light in Q3, the result of some R&D credits we received in certain countries as well as some attrition that we had and some hiring of backfills that we're doing.

第三季的研發活動較少，這是我們在某些​​國家獲得的一些研發信貸以及我們的一些人員流失和我們正在招聘的一些補充人員的結果。

So I would expect R&D to be kind of marginally up in Q4, not by much, though.

因此，我預期第四季的研發會略有上升，但幅度不會太大。

So if you weigh those trade-offs, then you'd sort of say flat to slightly up on OpEx after adjusting for divestitures, then you add in the Volumetric, which we'll have about 2 months' worth of.

因此，如果你權衡這些權衡，那麼在調整資產剝離後，你會說營運支出持平或略有上升，然後你添加體積，我們將擁有大約 2 個月的價值。

Okay.

好的。

And then Oqton is...

然後奧克頓是…

Sorry.

對不起。

I meant -- I said Volumetric, I meant Oqton.

我的意思是──我說的是體積，我的意思是 Oqton。

Sorry.

對不起。

Right, Volumetric doesn't come with any OpEx?

是的，Volumetric 不附帶任何營運支出嗎？

Yes.

是的。

Okay.

好的。

And then going forward, like in 2022, you mentioned you're going to be investing obviously in the higher growth businesses.

然後展望未來，例如 2022 年，您提到您將明顯投資於高成長業務。

But is this -- are these big investments?

但這是──這些都是大投資嗎？

Or is this OpEx kind of growing in line with revenue?

或者營運支出與收入同步成長？

Yes.

是的。

I think OpEx will grow in line with revenue.

我認為營運支出將與收入同步成長。

Our next question today is coming from Paul Chung from JPMorgan.

今天我們的下一個問題來自摩根大通的 Paul Chung。

So you typically see some seasonal strength in 4Q; should we expect to see kind of a bump here from the $137 million range in Q3 for kind of core business ex-divestitures?

因此，您通常會在第四季度看到一些季節性的強勢；我們是否應該預期看到剝離前的核心業務較第三季的 1.37 億美元有所成長？

And then on the kind of the recent acquisitions, how do we think about the timing of layering in the contribution there?

然後，關於最近的收購類型，我們如何考慮在那裡貢獻分層的時機？

Will it be kind of more material in, I don't know, second half of '22?

我不知道，22 年下半年會不會有更多資料？

Yes, I'll answer real for this, Paul.

是的，我會回答這個問題，保羅。

So on the timing of the acquisitions, we would expect second half of 2022 is kind of where we'd expect to see the ramp starting up with Oqton, it's a cloud software business.

因此，就收購的時間表而言，我們預計 2022 年下半年，Oqton 會開始成長，這是一家雲端軟體業務。

So we're working hard on bookings.

所以我們正在努力預訂。

We see a fantastic pipeline right now, actually, but it will be more in the second half as you start to see that revenue build.

實際上，我們現在看到了一個很棒的管道，但當你開始看到收入成長時，下半年會更多。

On the Q4 revenue forecast, I would say, I would look to our normal seasonality Q3 to Q4.

關於第四季的營收預測，我會說，我會關注第三季到第四季的正常季節性。

Right now, we're seeing -- I would exclude last year.

現在，我們看到──我會排除去年。

Last year was kind of a sizable jump from Q3, Q4 because of the COVID dynamics.

由於新冠疫情的影響，去年的情況較第三季、第四季出現了大幅成長。

But if you look at prior years, the normal Q3 to Q4 bump, we're seeing sort of typical seasonality.

但如果你看看前幾年，第三季到第四季的正常成長，我們會看到某種典型的季節性。

Obviously, supply chain is the big swing this year.

顯然，供應鏈是今年的大搖擺。

But right now, as I said, we're doing all we can to sort of manage supply chain, and we're kind of seeing our normal Q3 to Q4.

但現在，正如我所說，我們正在盡一切努力管理供應鏈，我們正在看到正常的第三季到第四季。

Got you.

明白你了。

And then on free cash flow, you guys have done a great job there.

然後在自由現金流方面，你們做得很好。

But what would the kind of normalized free cash flow then kind of ex-divestiture?

但是，剝離前的正常化自由現金流會是什麼樣的呢？

And how do we think about that quarterly run rate of free cash flow as we layer in acquisitions as well, you've done a great job on working capital as well?

當我們進行收購時，我們如何看待自由現金流的季度運作率，你們在營運資本方面也做得很好？

Yes.

是的。

So if I go back to what I said in our last phone call, so the divestitures contributed to stuff that we did, this year contributed about $25 million a quarter to revenue and about $5 million a quarter to contribution margin.

因此，如果我回到上次電話中所說的，資產剝離對我們所做的事情做出了貢獻，今年每季貢獻約 2500 萬美元的收入，每季貢獻約 500 萬美元的邊際收益。

And there's kind of very little depreciation associated with those assets.

而且與這些資產相關的折舊非常小。

So that's roughly a cash flow number, maybe slightly higher, to call it, $5 million to $6 million a quarter.

因此，這大致是一個現金流量數字，也許稍高一些，可以稱之為每季 500 萬至 600 萬美元。

Got it.

知道了。

And then lastly, just a quick modeling.

最後，只是一個快速建模。

Can you confirm kind of the cash outflow in Q4 and equity issuance for Q4?

您能否確認第四季的現金流出和第四季的股票發行？

What's the share count expectations kind of post acquisitions in Q4?

第四季收購後的股份數量預期是多少？

What's the rationale between the cash equity split, and you got a big fish in there?

現金股權分割和你有一條大魚之間的理由是什麼？

Yes.

是的。

So we released the Q today that's got an updated share count number on the first page.

因此，我們今天發布了 Q，第一頁上有更新的分享計數。

It's got included in that, the shares we issued for the Volumetric acquisition, which was roughly about 2.5 million shares -- sorry, I got it wrong the Oqton acquisition.

其中包括我們為 Volumetric 收購發行的股票，大約是 250 萬股——抱歉，我在 Oqton 收購中搞錯了。

I keep saying that wrong, the Oqton acquisition, about 2.5 million shares.

我一直說錯了，Oqton收購了約250萬股。

For Volumetric, it will be half of the purchase price of $22.5 million worth of shares, that will be based upon the trailing 20 average, so figure roughly $30 a share there once that acquisition closes.

對於 Volumetric，這將是價值 2,250 萬美元股票購買價格的一半，該價格將基於追蹤 20 隻股票的平均值，因此收購完成後每股約 30 美元。

That will be the primary issuance of stock in Q4.

這將是第四季的首次股票發行。

The split that we've done, cash and stock, primarily it's been to manage cash.

我們所做的現金和股票的分割，主要是為了管理現金。

We have a sizable balance sheet now, but we do want to make investments and we want to reserve cash for making investments.

我們現在有相當大的資產負債表，但我們確實想進行投資，並且我們想為投資保留現金。

And with some of the acquired assets, we want some of the founders' skin in the game, so we balanced the cash and stock.

對於收購的一些資產，我們希望創辦人能參與其中，因此我們平衡了現金和股票。

Our last question today is coming from Ashley Ellis from Cross Research.

今天我們的最後一個問題來自 Cross Research 的 Ashley Ellis。

Over the last few months and just on this call today, it seems like you're really focusing heavily on health care and becoming more and more of a health care company.

在過去的幾個月裡，在今天的電話會議上，您似乎真的非常關注醫療保健，並且越來越成為一家醫療保健公司。

So I'm wondering, how are those conversations going with your large industrial customers?

所以我想知道，與您的大型工業客戶的對話進展如何？

How are you giving them the assurance that you're going to support them for the years to come when they're making investments of hundreds of thousands of dollars.

當他們進行數十萬美元的投資時，您如何向他們保證您將在未來幾年內支持他們。

And then at the same time, how are you thinking about sales, headcount and investments in R&D for the industrial business as you're being more selective, but you want to make sure you're not going to fall behind the pack?

同時，您如何考慮工業業務的銷售、員工人數和研發投資，因為您更加挑剔，但您想確保自己不會落後？

Yes.

是的。

2 very good questions.

2個非常好的問題。

So we -- I would tell you, I -- while a lot of my examples today were health care examples, we're very excited about industrial.

所以我們——我會告訴你，我——雖然我今天的許多例子都是醫療保健的例子，但我們對工業領域感到非常興奮。

As I mentioned, we pick our markets carefully in industrial to make sure they're targeted toward folks that can get the most benefit from additive manufacturing.

正如我所提到的，我們在工業領域仔細選擇市場，以確保它們針對的是能夠從積層製造中獲得最大利益的人。

So that's where we target our efforts.

這就是我們努力的目標。

But we're very excited about industrial.

但我們對工業感到非常興奮。

There's a lot of -- if you get down to the technology level, on printing.

如果你深入技術層面，有很多關於印刷的內容。

And I'll just pick one example, Ashley, if you say powder bed printing with lasers.

阿什利，如果你說用雷射進行粉末床列印，我就舉一個例子。

So you have metal and polymer powder bed printing that can go both directions, to industrial and health care applications, quite nicely.

因此，金屬和聚合物粉末床列印可以雙向進行，非常適合工業和醫療保健應用。

There's a lot of synergy and overlap with those.

這些之間有很多協同作用和重疊。

So by investing in the underlying technologies, we get a double bang for the buck basically.

因此，透過投資底層技術，我們基本上得到了雙重回報。

We can take them.

我們可以帶走他們。

What distinguishes the 2 businesses are the application expertise.

這兩個業務的差別在於應用專業知識。

So helping a rocket company build a big titanium component versus a very small titanium component that's going to be implanted in the human body in the health care business, the basic technology can be very similar, the application expertise is quite different.

因此，幫助火箭公司製造大型鈦零件與在醫療保健產業中植入人體的非常小的鈦零件，基本技術可能非常相似，但應用專業知識卻截然不同。

And that's why I talked a little bit about the necessity of reorganizing the company into health care and industrial business units because that application knowledge is very specific to that customer base.

這就是為什麼我談到了將公司重組為醫療保健和工業業務部門的必要性，因為應用知識是針對該客戶群的。

They don't want to come in -- somebody involved in orthopedic implants doesn't want to come in and talk about rocket components, right?

他們不想進來——從事骨科植入的人不想進來談論火箭部件，對嗎？

They want to know how you can help a surgeon repair a bone with a titanium implant.

他們想知道如何幫助外科醫生用鈦植入物修復骨頭。

So on and on and on.

如此等等。

So that application knowledge is where it starts fragmenting between market verticals, and that's a part of the sales process.

因此，應用知識是垂直市場之間開始分化的地方，也是銷售流程的一部分。

We are building out a bit more of a direct sales force in certain market verticals, especially in health care, where it's very specialized customers that require distinct application knowledge.

我們正在某些垂直市場建立更多的直銷隊伍，特別是在醫療保健領域，這些領域的客戶非常專業，需要獨特的應用知識。

We still have a very robust, geographically dispersed sales team around the world that cover either small emerging customers or cover industrial customers more broadly.

我們仍然擁有一支非常強大、分佈在世界各地的銷售團隊，涵蓋小型新興客戶或更廣泛的工業客戶。

And we plan on maintaining both of those approaches.

我們計劃維持這兩種方法。

It's a balance.

這是一種平衡。

You got to watch the cost.

你得注意一下成本。

But it's certainly worth getting right.

但這確實值得做對。

And it's one of the things we reconfigured heavily over the last, say, 18 months.

這是我們在過去 18 個月裡進行了大量重新配置的事情之一。

Okay.

好的。

And then my one last question.

然後是我的最後一個問題。

This might be splitting hairs a bit, but I know a couple of times during the call, you mentioned that you completed your divestitures.

這可能有點吹毛求疵，但我知道你在電話會議中多次提到你完成了資產剝離。

But at the very beginning of the call, Jeff, you mentioned that you had completed the first of your divestitures of noncore assets.

但傑夫，在電話一開始，您就提到您已經完成了第一次非核心資產的剝離。

Does that imply you could make more divestitures?

這是否意味著您可以進行更多資產剝離？

Am I just reading too closely to the language?

我是不是讀太貼近語言了？

No.

不。

Ashley, I'm sorry if it didn't come across clearly a year ago, what I was reflecting on is as we sat here a year ago, we had done one.

阿什利，如果一年前沒有清楚地表達出來，我很抱歉，我所反思的是，當我們一年前坐在這裡時，我們已經做了一個。

And now a year later, we've done them all.

現在一年過去了，我們已經完成了所有這些。

So we are finished.

這樣我們就完成了。

We own what we're very happy owning and feel like we're the rightful owners of and we've divested things that are best owned by other folks.

我們擁有我們非常高興擁有的東西，並且感覺我們是合法的所有者，並且我們已經剝離了其他人最好擁有的東西。

So we're finished with divestitures.

所以我們已經完成了資產剝離。

I guess you can never say blanket finish, but we are really basically finished.

我想你永遠不能說一攬子完成，但我們確實基本上完成了。

We're focused on additive as a stand-alone core business, and that's the way we want to run the business going forward.

我們專注於積層製造作為一項獨立的核心業務，這也是我們未來經營業務的方式。

And given that, that was the last question, I will just make the comment.

鑑於這是最後一個問題，我將發表評論。

As our general practice going forward, we'll do what we've done with the last 2 acquisitions, when they're really important to us strategically, and not all acquisitions are important strategically.

作為我們未來的一般做法，當它們對我們的策略非常重要時，我們將像最近兩次收購那樣做，但並非所有收購都具有戰略重要性。

But when they really are kind of groundbreaking, needle-moving potential as an acquisition, we'll try to hold a separate investor call the next day and just describe why we're excited about it and what role it plays in addition to the economics of the deal.

但是，當它們確實具有突破性的、令人興奮的收購潛力時，我們將嘗試在第二天舉行單獨的投資者電話會議，並描述為什麼我們對此感到興奮，以及除了經濟之外它還發揮什麼作用交易的。

But I'll give you a little bit more strategic view.

但我會給你一些更具策略性的觀點。

And if you go back to both the Oqton and the Volumetric acquisition, both of those investor calls are on the website under the Investor Relations tab and you're welcome to look at the charts and listen to them at your leisure if you want to know more about them in detail.

如果您回到 Oqton 和 Volumetric 收購，您會發現這兩個投資者電話會議都位於網站的「投資者關係」標籤下，如果您想了解，歡迎您在閒暇時查看圖表並聆聽。更多關於他們的細節。

These quarterly calls are shorter by nature and probably a little less strategically deep.

這些季度電話會議本質上較短，而且可能缺乏策略深度。

So Kevin, I think that wraps up the Q&A.

凱文，我想問答就到此結束了。

Perfect.

完美的。

Do you have any further closing comments, sir?

先生，您還有什麼進一步的結束語嗎？

John, do you want to wrap up?

約翰，你想結束嗎？

Thank you for joining us today and for your continued support of 3D Systems.

感謝您今天加入我們並感謝您對 3D Systems 的持續支持。

A replay of this webcast will be available after the call on the Investor Relations section of our website.

電話會議結束後，我們網站的投資者關係部分將提供該網路廣播的重播。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

Thanks, everyone.

感謝大家。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your lines at this time, and have a wonderful day.

此時您可以斷開線路，度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。