3D Systems Corp (DDD) 2021 Q2 法說會逐字稿

Good morning, and welcome to the 3D Systems conference call and audio webcast to discuss the results of the second quarter 2021. My name is Donna, and I will facilitate the audio portion of today's interactive broadcast. (Operator Instructions)

早安，歡迎參加 3D Systems 電話會議和音訊網路廣播，討論 2021 年第二季的結果。我叫唐娜，我將主持今天互動廣播的音訊部分。 （操作員說明）

As a reminder, this conference is being recorded. At this time, I would like to turn the conference over to John Nypaver Jr., Junior Vice President, Treasurer and Investor Relations. Thank you, sir. Please go ahead.

提醒一下，本次會議正在錄製中。現在，我想將會議交給負責財務和投資者關係的初級副總裁 John Nypaver Jr.。謝謝你，先生。請繼續。

Thank you, Donna. Good morning, and welcome to 3D Systems Conference Call. 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. The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone who wish to access the slide portion of this presentation may do so on the Investor Relations section of our website. For those who have accessed the streaming portion of the webcast, please be aware that there may be a few seconds delay and that you will not be able to post questions via the web.

謝謝你，唐娜。早安，歡迎參加 3D Systems 電話會議。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)。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。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. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in last night's press release and our filings with the SEC, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

以下討論和對您的問題的答案僅反映了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。實際結果可能存在重大差異。有關可能影響我們財務業績的因素的更多資​​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. In our press release and slides accompanying this webcast, which are both available on our Investor Relations website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2020.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。在我們的新聞稿和本網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。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 am pleased to turn the call over to Jeff Graves, our CEO. Jeff?

現在我很高興將電話轉給我們的執行長 Jeff Graves。傑夫？

Thanks, John, and good morning, everyone, and thank you for joining our call today. When we reported second quarter results last year, our company and the world at large was increasingly gripped in the COVID crisis. No one could foresee how long and painful this situation would become. We were concerned foremost about the safety of our employees and then meeting the ongoing needs of our customers, particularly in the health care industry, where focus had rapidly turned to treatment of the victims of the pandemic.

謝謝約翰，大家早安，謝謝您今天加入我們的電話會議。當我們去年報告第二季業績時，我們的公司和整個世界越來越陷入新冠危機的困境。誰也無法預見這種情況會持續多久、持續多久。我們首先關心員工的安全，然後滿足客戶的持續需求，特別是在醫療保健行業，該行業的重點已迅速轉向治療疫情受害者。

While there were to be many dark days ahead, the resiliency of our employees and of our customers sustained and inspired us to weather the storm. We will forever be grateful to our 3D Systems colleagues and to the multitude of frontline workers who struggle each day to take care of the sick, protect the well and keep our essential services running.

雖然未來還會有許多黑暗的日子，但我們的員工和客戶的韌性支撐並激勵我們度過難關。我們將永遠感謝 3D Systems 的同事以及每天努力照顧病人、保護健康並維持我們基本服務運作的眾多第一線工作人員。

It was in this cauldron that our new 3D Systems leadership team was formed, coming together quickly to develop plans, not simply to stem the losses but to position our company to emerge from the pandemic stronger and more focused than ever, ready to capture the exciting future we saw ahead for additive manufacturing.

正是在這個大鍋中，我們新的3D Systems 領導團隊成立了，他們迅速聚集在一起制定計劃，不僅是為了遏制損失，而且是為了讓我們的公司在疫情過後變得比以往任何時候都更強大、更專注，準備好捕捉令人興奮的時刻我們看到了積層製造的未來。

Our first essential step was to develop a clear purpose statement, which is to be leaders in enabling additive manufacturing solutions for applications in growing markets that demand high-reliability products. We then executed a 4-phase plan to enable this vision. We reorganized into 2 business units, restructured to gain efficiencies, divest noncore assets and invest for future growth. Our results since that time has shown consistent steady progress. First, with the return to growth and profitability by Q4 of last year; and then continued momentum this year, which carried us in Q2 well beyond 2019 second quarter levels, an important pre-COVID benchmark for all companies to measure themselves against.

我們的第一個重要步驟是製定明確的目標聲明，即成為為需要高可靠性產品的不斷增長的市場應用提供增材製造解決方案的領導者。然後，我們執行了一個 4 階段計劃來實現這個願景。我們重組為 2 個業務部門，進行重組以提高效率、剝離非核心資產並投資於未來成長。自那時以來，我們的成果一直顯示出持續穩定的進展。首先，去年第四季恢復成長和獲利；今年的勢頭持續強勁，使我們在第二季度的表現遠遠超過了 2019 年第二季度的水平，這是新冠肺炎疫情發生前所有公司衡量自己的重要基準。

Looking specifically at this year's second quarter results. Given the difficult environment of Q2 last year, it's no surprise to see exceptional rebound in revenue, profitability and cash performance. When adjustments are made for divestitures, which we then refer to as our organic performance, our top line grew almost 60% year-over-year and EBITDA by a whopping 650% to a level of 12.4% of revenue for the quarter. Jagtar will review details for you in a few moments.

具體來看今年第二季的業績。考慮到去年第二季的困難環境，收入、獲利能力和現金表現的異常反彈也就不足為奇了。當資產剝離進行調整時（我們稱之為有機業績），我們的營收年增近 60%，EBITDA 大幅成長 650%，佔本季營收的 12.4%。 Jagtar 將稍後為您查看詳細資訊。

In addition to the usual year-over-year comparisons, 2 additional reference points are helpful in understanding our business momentum. One is our consecutive quarter performance, which reflected revenue growth of over 11% in Q2 versus Q1 of this year. The second reference point, and perhaps the one that's most compelling, is to our prepandemic performance. If we compare Q2 of this year to the second quarter of 2019, our organic revenue grew 11.4%, which reflects true acceleration in the adoption of additive manufacturing and the effectiveness of our intense focus on select market verticals and applications.

除了通常的同比比較之外，另外兩個參考點有助於了解我們的業務動能。一是我們連續季度的業績，反映出今年第二季的營收比第一季成長了 11% 以上。第二個參考點，也許也是最引人注目的一個，是我們在疫情大流行前的表現。如果我們將今年第二季度與 2019 年第二季度進行比較，我們的有機收入增長了 11.4%，這反映了增材製造採用的真正加速以及我們對特定垂直市場和應用的高度關注的有效性。

From a cash perspective, I'm very proud of the team's ability to manage the business efficiently in this rapidly changing environment, which resulted this to a quarter in the generation of over $13 million of operating cash flow. This allows us to make critical investments needed to support the exciting growth opportunities that we see ahead.

從現金角度來看，我對團隊在這個快速變化的環境中有效管理業務的能力感到非常自豪，這使得四分之一的營運現金流超過 1300 萬美元。這使我們能夠進行必要的關鍵投資，以支持我們未來看到的令人興奮的成長機會。

So reflecting on the overall state of our business. From a strategic positioning standpoint, our combination of global scale, industry-leading breadth of technology across metals and polymer platforms and our consistent financial performance is now combined to differentiate our company and position us well to be a partner of choice to leading OEMs in health care and industrial markets.

因此反思我們業務的整體狀況。從戰略定位的角度來看，我們將全球規模、行業領先的金屬和聚合物平台技術廣度以及我們穩定的財務業績相結合，使我們的公司脫穎而出，並使我們成為健康領域領先原始設備製造商的首選合作夥伴護理和工業市場。

Turning then to our divestitures. In order to improve our focus and greatly enhance our ability to invest in exciting growth opportunities, we've moved aggressively over the last year to divest noncore assets. In June, we announced an agreement to sell our on-demand parts business. This business focuses on the rapid production of components using additive and subtractive manufacturing methods which, in addition to having divergent business metrics from our core focus, often put us in conflict with other service bureaus, which is an increasingly important market for additive technology. So this sale not only increased cash for investment but increases our available market for future sales.

然後轉向我們的資產剝離。為了提高我們的專注度並大大提高我們投資令人興奮的成長機會的能力，我們在去年積極剝離非核心資產。六月，我們宣布達成出售按需零件業務的協議。該業務專注於使用增材和減材製造方法快速生產組件，除了與我們的核心關注點不同的業務指標之外，還經常使我們與其他服務部門發生衝突，而其他服務部門是增材技術日益重要的市場。因此，這次出售不僅增加了投資現金，而且增加了我們未來銷售的可用市場。

More recently, just after quarter end, we announced the planned divestiture of Simbionix, our medical simulation business. This is a very good business and one that does not align with our core focus on additive manufacturing. By selling it to a strategic buyer, we created a sustainable leader in medical simulation while delivering to us significant cash for future investment in our core, a true win for all stakeholders.

最近，就在季度末後，我們宣布計劃剝離我們的醫療模擬業務 Simbionix。這是一項非常好的業務，但與我們對積層製造的核心關注點並不相符。透過將其出售給策略買家，我們創造了醫療模擬領域的可持續領導者，同時為我們的核心未來投資提供了大量現金，這對所有利益相關者來說都是真正的勝利。

In executing these divestitures, it's important to note that we have now completed our plan to exit noncore businesses. The proceeds from these sales will leave us in a strong position with a cash balance of roughly $0.5 billion and no debt. We now move forward with strong organic growth and profitability at both the gross margin and EBITDA margin level; positive operating cash flow, capable of sustaining the investments needed to meet increasing customer demand; and plenty of dry powder on our balance sheet for additional growth investments. I, again, want to thank all of my colleagues at 3D Systems who've worked so hard in executing our business plan, which has successfully reinforced our leadership position over what's been an extremely challenging 12 months.

在執行這些剝離時，值得注意的是，我們現在已經完成了退出非核心業務的計劃。這些銷售所得的收益將使我們處於有利地位，現金餘額約為 5 億美元，而且沒有債務。現在，我們在毛利率和 EBITDA 利潤率水準上都實現了強勁的有機成長和獲利能力；積極的經營現金流，能夠維持滿足不斷成長的客戶需求所需的投資；我們的資產負債表上還有大量額外成長投資的乾粉。我要再次感謝 3D Systems 的所有同事，他們在執行我們的業務計劃方面付出了巨大的努力，這在極具挑戰性的 12 個月裡成功地鞏固了我們的領導地位。

As we near completion of our divestiture efforts and our momentum accelerates in both of our business units, we turn to the future and have begun making investments for continued growth and profitability. Over the last several months, we announced plans for the expansion of our facilities in Rock Hill, South Carolina and Littleton, Colorado. In addition, we recently announced the creation of a new executive leadership role, Chief Technology Officer for additive manufacturing. The purpose of this role is to drive organic growth by expanding and accelerating application development and product innovation, including all hardware, software and materials development for production scale, additive manufacturing solutions.

隨著我們即將完成剝離工作，並且兩個業務部門的勢頭都在加速，我們轉向未來，並開始進行投資以實現持續增長和盈利。在過去的幾個月裡，我們宣布了擴建南卡羅來納州羅克山和科羅拉多州利特爾頓工廠的計畫。此外，我們最近也宣佈設立一個新的行政領導職位，即積層製造技術長。該職位的目的是透過擴大和加速應用開發和產品創新來推動有機成長，包括用於生產規模、積層製造解決方案的所有硬體、軟體和材料開發。

I'm pleased that Dr. David Lee joined the company in this capacity. David has been a pioneer in additive manufacturing with more than 3 years of experience in the industry. With this new role, we're accelerating our investments in people, processes, infrastructure and technologies that position us for future growth and profitability. 3D Systems has tremendous potential to revolutionize markets through the enablement of production scale. Additive manufacturing and delivering breakthrough innovation is essential to achieving this vision. We're very fortunate to have David join us on this exciting journey.

我很高興 David Lee 博士以這一身份加入公司。 David 是積層製造領域的先驅，擁有超過 3 年的產業經驗。透過這個新角色，我們正在加快對人員、流程、基礎設施和技術的投資，為我們未來的成長和獲利能力奠定基礎。 3D Systems 具有透過實現生產規模徹底改變市場的巨大潛力。積層製造和提供突破性創新對於實現這一願景至關重要。我們非常幸運有大衛加入我們這段令人興奮的旅程。

Before I continue, I'd like to offer an example of how our application focus is driving our development efforts and translating into accelerated growth opportunities for our business. As many of you might remember, over the last few years, we developed a new printing platform called Figure 4, a DLP-based technology that opened up new and exciting applications for polymer components. Central to Figure 4 success is the availability of new polymer materials that offer a customer attractive performance characteristics.

在繼續之前，我想提供一個範例，說明我們的應用重點如何推動我們的開發工作，並轉化為我們業務的加速成長機會。你們中的許多人可能還記得，在過去的幾年裡，我們開發了一種名為Figure 4 的新列印平台，這是一種基於DLP 的技術，為聚合物組件開闢了令人興奮的新應用。圖 4 成功的核心是新型聚合物材料的可用性，這些材料為客戶提供了有吸引力的性能特徵。

To this end, over the last year, we've expanded our investments in photopolymer development, targeted towards specific applications and market verticals. As an example, for the automotive applications, a key relationship was established with Toyota Gazoo racing, where our joint teams focused on a new Figure 4 material called PRO-BLK 10. This was successfully introduced for racing applications, but our work did not stop there, looking to expand to larger component sizes, we worked with the Toyota team to modify the material and process for broader SLA application.

為此，去年我們擴大了對光聚合物開發的投資，針對特定應用和垂直市場。例如，對於汽車應用，我們與豐田Gazoo 賽車建立了重要關係，我們的聯合團隊專注於一種名為PRO-BLK 10 的新型圖4 材料。該材料已成功引入賽車應用，但我們的工作並沒有停止在那裡，為了擴展到更大的組件尺寸，我們與豐田團隊合作修改材料和工藝，以實現更廣泛的 SLA 應用。

This work has now led to the introduction of a new material called Accura AMX Rigid Black, a material that has excellent mechanical and environmental performance, along with automotive quality surface finish and can be printed economically in large SLA formats that deliver tremendous productivity improvements over competing production processes. Moving forward, this material will provide application solutions well beyond automotive, such as consumer goods, service bureaus and specialty contract manufacturing markets. It is this combination of materials, printing technology and software focused on specific breakthrough customer applications that's at the heart of our organic growth engine.

這項工作現已推出一種名為Accura AMX Rigid Black 的新材料，這種材料具有出色的機械和環境性能以及汽車質量的表面光潔度，並且可以經濟地以大型SLA 格式進行打印，與競爭產品相比，可大幅提高生產效率生產流程。展望未來，這種材料將提供遠遠超出汽車領域的應用解決方案，例如消費品、服務機構和專業合約製造市場。正是材料、印刷技術和軟體的結合專注於特定的突破性客戶應用，這是我們有機成長引擎的核心。

And finally, before I close, I'd like to comment on an area that I am particularly excited about for our longer-term future and that is regenerative medicine. One of the key reasons behind Dr. Lee's appointment as our new CTO for Additive Manufacturing is that it allows our Co-Founder, Chuck Hull, to focus increasingly on our groundbreaking biotechnology efforts as our Chief Technology Officer for regenerative medicine. As we've stated before, our partnership with United Therapeutics is central to our combined efforts to print human organs, beginning with a human lung. These efforts are, by any measure, extraordinary, and we look forward to updating you on progress at some point in the future.

最後，在結束之前，我想談談我對我們的長期未來感到特別興奮的一個領域，那就是再生醫學。 Lee 博士被任命為我們增材製造新任首席技術長的關鍵原因之一是，它使我們的聯合創始人 Chuck Hull 作為再生醫學首席技術官能夠更加關注我們突破性的生物技術工作。正如我們之前所說，我們與 United Therapeutics 的合作關係對於我們從人類肺部開始列印人體器官的共同努力至關重要。無論以何種標準衡量，這些努力都是非凡的，我們期待在未來某個時候向您通報最新進展。

Building upon this core development program, we are accelerating our efforts to bring -- to develop and bring to market other nonorgan human applications for the body. Just as with our existing Healthcare business, this extension of 3D printing into other human applications involves the combination of new tailored materials, very high-precision printing technologies and customized software solutions.

在此核心開發計畫的基礎上，我們正​​在加緊努力，開發其他人體非器官應用並將其推向市場。正如我們現有的醫療保健業務一樣，3D 列印向其他人類應用的延伸涉及新的定製材料、高精度列印技術和客製化軟體解決方案的結合。

In addition to being printable, the materials used in these applications must meet very specific requirements, including physical and mechanical properties as well as having biocompatibility characteristics to limit or even eliminate the risk of rejection in patients. In this pursuit, we're partnering with other firms that can bring specific technology or application know-how that can move us ahead more quickly.

除了可列印之外，這些應用中使用的材料還必須滿足非常具體的要求，包括物理和機械性能以及具有生物相容性特性，以限制甚至消除患者排斥的風險。為了實現這一目標，我們正在與其他公司合作，這些公司可以帶來特定的技術或應用知識，從而推動我們更快前進。

One such partnership that we announced this quarter is with CollPlant, a biomaterials company that brings unique expertise in plant-derived RH collagen material. One application of this material that we are focused on is its use as printed soft tissue matrices for breast reconstruction procedures.

我們本季宣布與 CollPlant 合作，這是一家生物材料公司，該公司在植物源 RH 膠原蛋白材料方面擁有獨特的專業知識。我們關注的這種材料的應用之一是用作乳房重建手術的印刷軟組織基質。

Today, these soft tissue matrices are most often derived from human cadavers or even animal sources, which have limited supply and complications driven by incompatibility with the patient. A biocompatible collagen-based matrix could potentially address these issues and improve patient outcomes for those needing breast reconstructive surgery following cancer treatment. This is only one example of the rapidly emerging range of human applications that we're excited about as we expand our technology base and application expertise for regenerative medicine. There will be many more to follow.

如今，這些軟組織基質通常來自人類屍體甚至動物來源，其供應有限且因與患者不相容而導致併發症。以生物相容性膠原蛋白為基礎的基質可能會解決這些問題，並改善癌症治療後需要進行乳房重建手術的患者的治療效果。這只是快速新興的一系列人類應用的一個例子，隨著我們擴大再生醫學的技術基礎和應用專業知識，我們對此感到興奮。還會有更多的事情發生。

A natural extension of our efforts in this area, enabled in part by our recent acquisition of Allevi, is our move to support academic and other research laboratories that are studying the fundamental science of regenerative medicine. From this foundation, for which Allevi has a presence in over 350 research labs around the world, we're increasingly excited about the potential of pursuing applications in the pharmaceutical market where printed customized 3-dimensional tissue samples can be used for advanced drug therapy development. The ability to print specific 3-dimensional tissue specimens, representing either healthy vascularized cellular structures or even tumorous tissues, offers the potential of enabling tailored experiments for drug development, which could shorten time to market and improve patient outcomes.

我們在這一領域的努力的自然延伸，部分是由於我們最近收購了 Allevi，我們為研究再生醫學基礎科學的學術和其他研究實驗室提供了支持。在此基礎上，Allevi 在全球擁有350 多個研究實驗室，我們對在製藥市場中尋求應用的潛力越來越感到興奮，在該市場中，印刷的定制3 維組織樣本可用於先進藥物療法的開發。列印特定的 3 維組織樣本（代表健康的血管細胞結構甚至腫瘤組織）的能力為藥物開發客製化實驗提供了潛力，這可以縮短上市時間並改善患者的治療效果。

While these investments will take time to bear fruit, with our strong foundation in health care, which now comprises over half of the company's revenue and key technology partnerships that we're now establishing, we believe we are well-positioned to play a leadership role in this emerging field of regenerative medicine.

雖然這些投資需要時間才能取得成果，但憑藉我們在醫療保健領域的堅實基礎（目前醫療保健領域占公司收入的一半以上）以及我們正在建立的關鍵技術合作夥伴關係，我們相信我們有能力發揮領導作用在這個新興的再生醫學領域。

So to summarize, having executed our 4-phase plan launched last summer, we're now a company exclusively focused on additive manufacturing with industry-leading scale, the broadest range of metal and polymer technologies, all linked together through a strong application focus with customers that are true leaders in their market. The success of our approach is reflected in our financial performance where we consistently deliver the strongest top and bottom line performance on our industry. From a balance sheet perspective, after the close of our remaining divestitures in Q3, we expect to have approximately $0.5 billion in cash on our balance sheet to support the exciting future we see ahead. With this investment capital, we are increasingly looking for strategic investments that wil add to our scale and technology portfolio in a systematic and disciplined manner.

總而言之，在執行了去年夏天啟動的四階段計劃後，我們現在是一家專門專注於增材製造的公司，擁有行業領先的規模、最廣泛的金屬和聚合物技術，所有這些都通過強大的應用重點聯繫在一起是其市場真正領導者的客戶。我們的方法的成功反映在我們的財務表現中，我們始終如一地提供業界最強勁的營收和利潤表現。從資產負債表的角度來看，在第三季剩餘的資產剝離結束後，我們預計資產負債表上將有約 5 億美元的現金，以支持我們所看到的令人興奮的未來。憑藉這筆投資資金，我們越來越多地尋求策略性投資，以系統化、標準化的方式擴大我們的規模和技術組合。

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

接下來，讓我將電話轉給 Jagtar，他現在將更詳細地描述我們第二季的業績。捷豹？

Thanks, Jeff. Good morning, everyone. For the second quarter, we recorded revenue of $ 162.6 million, an increase of 44.1% compared to the second quarter of 2020. Our organic revenue growth, which excludes divestitures completed in 2020 and 2021 was 59.3% in Q2 2021 versus Q2 2020. As Jeff discussed earlier, Q2 2020 was heavily impacted by the COVID pandemic, which makes year-over-year comparisons less useful. We believe that comparing revenue to Q2 2019, which was prior to the COVID pandemic, is informative. Compared to Q2 2019, our organic revenue, again adjusted for divestitures, was 11.4% higher in Q2 2021.

謝謝，傑夫。大家，早安。第二季度，我們的營收為1.626 億美元，較2020 年第二季成長44.1%。不包括2020 年及2021 年完成的資產剝離，2021 年第二季我們的有機營收成長與2020 年第二季度相比為59.3%。Jeff 之前討論過，2020 年第二季受到新冠疫情的嚴重影響，這使得同比比較的用處不大。我們認為，將收入與新冠疫情大流行之前的 2019 年第二季度進行比較是有參考價值的。與 2019 年第二季相比，我們的有機收入（再次根據資產剝離進行調整）在 2021 年第二季成長了 11.4%。

We were also pleased with out quarter-over-quarter growth, following a very strong first quarter this year. We had double digit quarter-over-quarter growth of 11.3%, drive by strong demand in new hardware purchases as well as growing material sales as printer placements are resulting in strong recurring revenue streams. We reported a GAAP loss of $0.08 per share in the second quarter of 2021 compared to a GAAP loss of $0.33 in the second quarter of 2020.

繼今年第一季非常強勁之後，我們也對季度環比成長感到滿意。在新硬體採購的強勁需求以及印表機放置帶來強勁的經常性收入流而不斷增長的材料銷售的推動下，我們實現了 11.3% 的兩位數季度環比增長。我們報告 2021 年第二季 GAAP 每股虧損 0.08 美元，而 2020 年第二季 GAAP 每股虧損 0.33 美元。

Turning to non-GAAP results. We reported non-GAAP income of $0.12 per share in the second quarter of 2021 compared to a non-GAAP loss of $0.13 per share in the second quarter of 2020. The year-over-year improvement reflects a significantly higher revenue I mentioned earlier, with improved gross margins and lower non-GAAP operating expense.

轉向非 GAAP 業績。我們報告 2021 年第二季度的非 GAAP 收入為每股 0.12 美元，而 2020 年第二季度的非 GAAP 虧損為每股 0.13 美元。同比改善反映出我之前提到的收入顯著增加，毛利率提高，非公認會計準則營運費用降低。

Now I will discuss revenue by market. Healthcare grew 68.6% year-over-year and had double-digit growth of 14.2% compared to what was a very strong first quarter. We saw solid growth in all our major categories with growth in products and services, and even higher growth in materials, which is a key high-margin recurring revenue stream for us. Demand in dental applications remains robust and we also continue to see increased demand for personalized health services and advance manufacturing of medical devices as evidenced by the 15.5% quarter-over-quarter growth in our non-dental segment of healthcare that we call Medical Application. This performance validates our application focus, which combines our application engineering capabilities, with customer needs to develop high-reliability parts, produced those parts through our advanced manufacturing center, and then help the customer scale up and produce parts on their own.

現在我將討論按市場劃分的收入。醫療保健年增 68.6%，與非常強勁的第一季相比，實現了 14.2% 的兩位數成長。隨著產品和服務的成長，我們所有的主要類別都實現了穩健成長，材料的成長甚至更高，這是我們關鍵的高利潤經常性收入來源。牙科應用的需求仍然強勁，我們也繼續看到對個人化健康服務和先進醫療設備製造的需求不斷增加，我們稱為醫療應用的非牙科醫療保健領域環比增長 15.5% 就證明了這一點。這項性能驗證了我們對應用的關注，它將我們的應用工程能力與客戶需求相結合，開發高可靠性零件，透過我們先進的製造中心生產這些零件，然後幫助客戶自行擴大規模和生產零件。

This process is on display every day at our Littleton, Colorado facility, where earlier this year, we announced an investment to expand the company's application development capabilities for both healthcare and industrial by adding 50,000 square feet of facility space, additional application expertise and new additive manufacturing technologies.

我們位於科羅拉多州利特爾頓的工廠每天都在展示這一流程，今年早些時候，我們宣布了一項投資，透過增加50,000 平方英尺的設施空間、額外的應用專業知識和新添加劑來擴大公司在醫療保健和工業領域的應用開發能力製造技術。

Shifting to the industrial segment. Industrial revenue was up 25.3% year-over-year and 49.6% when we exclude the businesses divested in 2020 and 2021. We spoke last quarter about industrial revenue being in the midst of a turnaround from the economic slowdown due to the pandemic. We saw this turnaround accelerate in the second quarter. After seeing a return to growth in Q1, Industrial continued to rebound in Q2, growing sequentially 8.3% as compared to the first quarter of 2021. The performance of our Industrial segment reflects the continued market rebound, combined with organizational enhancements that we have implemented as part of our reorganization and restructuring efforts. These enhancements have resulted in reduced internal friction, a more holistic view of our customers and pursuits and improved sales efficiency through a segment-oriented approach.

向工業領域轉移。工業收入年增 25.3%，如果排除 2020 年和 2021 年剝離的業務，工業收入同比增長 49.6%。上個季度我們談到工業收入正處於疫情導致的經濟放緩的好轉之中。我們看到第二季這種轉變加速。在第一季恢復成長後，第二季產業持續反彈，與 2021 年第一季度相比環比增長 8.3%。我們工業部門的業績反映了市場的持續反彈，以及我們實施的組織增強措施我們的重組和結構調整工作的一部分。這些改進減少了內部摩擦，更全面地了解我們的客戶和追求，並透過以細分為導向的方法提高了銷售效率。

Our improved model is evidenced by the sale of a record 3 of our flagship Factory 500 metal machines this quarter, which were sold into the aerospace and transportation segments. While the last 2 quarters have seen good growth from solid execution combined with improving macroeconomic conditions, we continue to see challenges that could impact economic performance, including new variants of the COVID virus, inflation concerns and continuing supply chain shortages.

本季我們的旗艦 Factory 500 金屬機器銷售了創紀錄的 3 台，證明了我們改進的模型，這些機器銷往航空航天和運輸領域。雖然過去兩個季度由於穩健的執行和宏觀經濟狀況的改善而實現了良好的增長，但我們仍然看到可能影響經濟表現的挑戰，包括新冠病毒的新變種、通膨擔憂和持續的供應鏈短缺。

In regards to this last item, we have begun to see tightening of costs and availability for certain components that go into our products. Our team continues to manage through the issues, and we remain positive about the second half, but we see this as a potential headwind as we move through the year.

關於最後一項，我們已經開始看到我們產品中某些組件的成本和可用性收緊。我們的團隊將繼續解決這些問題，我們對下半年仍持樂觀態度，但我們認為這是我們今年的潛在阻力。

Now we turn to gross margin. We reported a gross profit margin of 42.4% in the second quarter of 2021 compared to 31.2% in the second quarter of 2020. Non-GAAP gross profit margin was 42.4% compared to 41% in the same period last year. When compared to the first quarter of this year, gross profit decreased from 44%. This sequential decrease was primarily the result of nonrecurring write-downs related to equipment and inventory, impacting margin by approximately 140 basis points. Even with this nonrecurring charge and announced divestitures, we continue to expect non-GAAP gross margins in the range of 40% to 44% for 2021. Operating expenses for the quarter were $79.1 million on a GAAP basis, an increase of 14.5% compared to the second quarter of 2020. This year-over-year increase is primarily related to higher stock compensation expenses, including higher expense for employee bonuses, that are tied to the strong performance of our business.

現在我們轉向毛利率。我們報告 2021 年第二季的毛利率為 42.4%，而 2020 年第二季為 31.2%。非 GAAP 毛利率為 42.4%，而去年同期為 41%。與今年第一季相比，毛利下降了44%。這一環比下降主要是由於與設備和庫存相關的非經常性減記導致利潤率下降約 140 個基點。即使考慮到這項非經常性費用和宣布的資產剝離，我們仍然預計2021 年非GAAP 毛利率將在40% 至44% 之間。以GAAP 計算，本季營運費用為7,910 萬美元，比去年同期成長14.5% 2020 年第二季。此年成長主要與股票薪酬費用增加有關，包括與我們業務的強勁業績相關的員工獎金費用增加。

Our non-GAAP operating expenses in the second quarter were $55.2 million, a 3.3% decrease from the second quarter of the prior year. Compared to the first quarter of 2021, non-GAAP operating expenses increased 7.7% as our focus turns to growth, and we invested in our operational infrastructure, which will allow our people and systems to better absorb the growth as strategic investments are made.

我們第二季的非 GAAP 營運費用為 5,520 萬美元，比去年第二季下降 3.3%。與2021 年第一季相比，隨著我們的重點轉向成長，非GAAP 營運費用成長了7.7%，並且我們投資了營運基礎設施，這將使我們的人員和系統在進行策略性投資時更好地吸收成長。

Adjusted EBITDA, defined as non-GAAP operating profit plus depreciation, was $20.1 million or 12.4% of revenue compared to a negative $3.6 million or negative 3.2% of revenue in the second quarter of 2020. Compared to the first quarter, adjusted EBITDA margin is slightly lower, driven by the investments mentioned earlier to improve our corporate infrastructure and support future growth.

調整後EBITDA（定義為非GAAP 營業利潤加折舊）為2,010 萬美元，佔營收的12.4%，而2020 年第二季為負360 萬美元，佔營收的3.2%。與第一季相比，調整後EBITDA 利潤率略有下降，是受到前面提到的改善我們企業基礎設施和支持未來成長的投資的推動。

Now let's turn to the cash flow statement and balance sheet. Cash on hand decreased $600,000 during the quarter. This decrease was driven primarily by acquisition costs of $10.9 million and capital expenditures of $4.3 million, offset by cash generated from operations of $13.5 million. We ended the quarter with no debt and full capacity on our $100 million undrawn revolving credit facility. We were quite pleased with our continued strong generation of cash from operations, which, as mentioned, was $13.5 million. This compares favorably to cash used in operations of $18.7 million in Q2 2020. Our strategic reorganization and cost management have enabled this extremely positive turnaround in operating cash flow.

現在我們來看看現金流量表和資產負債表。本季庫存現金減少 600,000 美元。這一減少主要是由於 1,090 萬美元的購置成本和 430 萬美元的資本支出，被營運產生的 1,350 萬美元的現金所抵銷。本季結束時，我們沒有任何債務，且我們的 1 億美元未動用循環信貸額度已滿載。我們對我們持續強勁的營運現金流感到非常滿意，正如前面提到的，現金流為 1,350 萬美元。與 2020 年第二季營運中使用的現金 1,870 萬美元相比，這一數字相當可觀。我們的策略重組和成本管理使營運現金流實現了極其積極的轉變。

Before I conclude my commentary, I would like to provide additional detail on the expected impact of our 2 recently announced divestitures, the On-Demand Parts business and Simbionix. We expect both deals, which will be the last of our planned divestitures and to close in the mid-third quarter, after which they will no longer be included in our results. On a quarterly basis, these combined businesses generated approximately $25 million of revenue per quarter and non-GAAP contribution margin of approximately $5 million to $6 million per quarter.

在結束評論之前，我想提供有關我們最近宣布的兩項資產剝離（按需零件業務和 Simbionix）的預期影響的更多詳細資訊。我們預計這兩項交易將是我們計劃中的最後一項資產剝離，並將在第三季中期完成，之後它們將不再包含在我們的業績中。按季度計算，這些合併後的業務每季產生約 2,500 萬美元的收入，非 GAAP 貢獻利潤率每季約 500 萬至 600 萬美元。

So what will we look like when these divestitures are complete? From a strategic standpoint, we will be a company with a singular focus on additive manufacturing, an exciting and fast-growing industry, driven by both health care and industrial markets worldwide. We will go forward as one of the largest and best-known comprehensive providers of additive manufacturing technology, comprising the broadest range of polymer and metal printing platforms in the industry, a market-leading metals material -- materials portfolio and an extensive suite of software to enable large-scale efficient conversion of electronic component designs to finish products for our customers worldwide.

那麼，當這些資產剝離完成後，我們會是什麼樣子呢？從戰略角度來看，我們將成為一家專注於積層製造的公司，這是一個令人興奮且快速成長的行業，受到全球醫療保健和工業市場的推動。我們將繼續成為最大、最知名的增材製造技術綜合提供商之一，包括業內最廣泛的聚合物和金屬打印平台、市場領先的金屬材料組合和廣泛的軟體套件為全球客戶實現電子元件設計大規模高效轉換為成品。

From a financial standpoint, following the completion of our divestitures in the third quarter, we will have the strongest financial profile in our industry. We will be a roughly $0.5 billion revenue profitable company with strong cash generation from operations and an outstanding balance sheet with approximately $500 million of cash and no debt. This profile is unique in our industry and positions us well to invest in exciting organic growth, including expansion of our development infrastructure and technology teams, having unique talents that are demonstrating daily new applications of this exciting manufacturing technology for our customers the world over.

從財務角度來看，在第三季完成資產剝離後，我們將擁有業界最強勁的財務狀況。我們將成為一家營收約 5 億美元的獲利公司，營運產生強勁現金，資產負債表狀況良好，擁有約 5 億美元現金且無債務。這種形像在我們的行業中是獨一無二的，使我們能夠很好地投資於令人興奮的有機成長，包括擴大我們的開發基礎設施和技術團隊，擁有獨特的人才，每天為我們世界各地的客戶展示這種令人興奮的製造技術的新應用。

We are also in an excellent position to execute on strategic growth opportunities that will support our long-term objective to reach sustainable double-digit revenue growth, gross profit margins of 50% and adjusted EBITDA margin of 20%. We believe that with our focus, scale, profitability and balance sheet, we are very well-positioned to continue to succeed in this exciting growth industry of additive manufacturing.

我們也處於有利位置來執行策略性成長機會，這將支持我們實現可持續兩位數收入成長、毛利率 50% 和調整後 EBITDA 利潤率 20% 的長期目標。我們相信，憑藉我們的專注、規模、獲利能力和資產負債表，我們完全有能力在積層製造這個令人興奮的成長產業中繼續取得成功。

Finally, I wanted to provide an update on our Investor Day event that we have scheduled for September 9 in the Denver, Colorado area. As many of you know, we are seeing a rise in cases of COVID infections, primarily related to the Delta variant. This has created uncertainty in the ability of some interested parties to travel and to attend in-person gatherings. Out of an abundance of caution for the safety of our investors, analysts and employees, we have decided to postpone our Investor Day event. We plan to reschedule to a later date this fall, and our preference is to continue as an in-person event depending on the trends of the virus variant, the vaccine rollout and new guidance from public health officials. 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. With that, I'll turn it back -- the call back to Jeff. Jeff?

最後，我想提供有關我們定於 9 月 9 日在科羅拉多州丹佛地區舉行的投資者日活動的最新資訊。正如你們許多人所知，我們看到新冠病毒感染病例增加，主要與 Delta 變種有關。這給一些感興趣的各方旅行和參加現場聚會的能力帶來了不確定性。出於對投資者、分析師和員工安全的高度謹慎，我們決定推遲投資者日活動。我們計劃重新安排到今年秋天晚些時候，我們傾向於根據病毒變種的趨勢、疫苗的推出和公共衛生官員的新指導，繼續舉辦面對面的活動。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。說完，我會把電話轉回給傑夫。傑夫？

Thanks, Jagtar. The last 12 months are now behind us, and I truly believe the next 12 months can be the best this company has seen in its history. Financially, we are arguably the strongest company in the space, which means we're the best positioned to take advantage of accelerating adoption of additive manufacturing. We'll use our balance sheet to drive growth in our core business and a keen focus on driving recurring revenue streams. We'll be deliberate in searching for strategic investments that will support the core business we've built. We'll now take your questions. Operator?

謝謝，捷達。過去的 12 個月現在已經成為過去，我堅信未來 12 個月將是該公司歷史上最好的 12 個月。在財務上，我們可以說是該領域最強大的公司，這意味著我們最有能力利用積層製造的加速採用。我們將利用資產負債表來推動核心業務的成長，並專注於推動經常性收入流。我們將慎重地尋找策略性投資來支持我們已經建立的核心業務。我們現在將回答您的問題。操作員？

(Operator Instructions) Our first question is coming from Ananda Baruah of Loop Capital Markets.

（操作員說明）我們的第一個問題來自 Loop Capital Markets 的 Ananda Baruah。

Congrats on the ongoing solid execution.

恭喜您持續紮實的執行力。

Thank you, Ananda.

謝謝你，阿難。

Good to see it sort of clicking -- continuing to click all together. I guess just one for me. I guess maybe a couple of parts, but all related. How do you guys see the organic growth profile going forward? And then Jagtar, you sort of referenced double-digits and getting to that. But just any context around how you see the organic growth profile going forward? And what's the key action items and milestones are to achieving that? And then just as sort of like an additional part to that, what could also happen to allow you to exceed that? And that's it for me.

很高興看到它發出咔噠聲——繼續一起發出咔噠聲。我想只有一個適合我。我想也許有幾個部分，但都是相關的。你們如何看待未來的有機成長？然後 Jagtar，你提到了兩位數並談到了這一點。但您如何看待未來的自然成長概況？實現這目標的關鍵行動項目和里程碑是什麼？然後，就像一個附加部分一樣，什麼也可能發生讓你超越這個？對我來說就是這樣。

So I'd say Ananda, thanks for that question. That's very thoughtful. And I'll comment and then I'll leave it for Jagtar if he wants to supplement as well. So look, I -- we adopted a very specific business model a year ago, and that model is really working well for us. I mean we're extremely application focused in very specific markets. And clearly, health care is tremendous. I mean we've got a lot of expansion capability there. And industrial verticals are becoming increasingly attractive across a number of them. So there's plenty of room to hunt. And that horizon is expanding every day as businesses reopen. And they're reopening, Ananda, with new concerns and paradigms about their supply chain. And I think you see this broadly as folks are nervous, and you see the rise of the Delta virus now, right? We're having the same conversations of last year of, "Gosh, where will we make parts? How do we get them in? How do we get them in?" This is our customer conversations.

所以我想說阿南達，謝謝你的提問。這是非常周到的。我會發表評論，然後如果 Jagtar 也想補充的話，我會把它留給他。所以看，我們一年前採用了一種非常具體的商業模式，這種模式對我們來說確實運作良好。我的意思是，我們非常注重特定市場的應用。顯然，醫療保健是巨大的。我的意思是我們在那裡有很多擴展能力。其中許多垂直行業變得越來越有吸引力。所以有足夠的空間可以狩獵。隨著企業重新開業，這一視野每天都在擴大。阿南達，他們正在重新開放，帶著對其供應鏈的新擔憂和範式。我認為你看到這一點很廣泛，因為人們很緊張，你現在看到了 Delta 病毒的崛起，對嗎？我們正在進行與去年相同的對話，“天哪，我們將在哪裡製造零件？我們如何將它們放入？我們如何將它們放入？”這是我們與客戶的對話。

Well, additive manufacturing can address a great many of those concerns and offer higher performance parts, whether it's for human application or industrial markets. So their willingness to experiment, to try new applications, to come in and work with our application engineers, their appetite for that is up tremendously. And as the economy reopens on the industrial side and health care continues to grow, I think we see no end in sight for that. I think the adoption of production scale, industrialized additive manufacturing is here, and is going to really take root and grow from here. So that's a comment I'd say for the entire industry.

那麼，積層製造可以解決其中的許多問題，並提供更高性能的零件，無論是用於人類應用還是工業市場。因此，他們願意進行實驗，嘗試新的應用程序，願意與我們的應用工程師一起工作，他們對此的興趣大大增加。隨著工業方面經濟的重新開放和醫療保健的持續增長，我認為我們認為這種情況不會結束。我認為採用生產規模、工業化積層製造已經到來，並將真正從這裡生根發芽並成長。這是我對整個行業的評論。

For us specifically, I think our business model is somewhat unique. We really focus on finding the right customer and exciting market verticals and really demonstrating exciting applications. I'll give you an example, Ananda. What's been really terrifically exciting is in the semiconductor manufacturing industry. We pioneered some applications with one of the leading providers of semiconductor manufacturing equipment over the last couple of years. We've really accelerated that in the last year as there's been a chip shortage, and there's more demand for new machines.

特別是對我們來說，我認為我們的商業模式有些獨特。我們真正專注於尋找合適的客戶和令人興奮的垂直市場，並真正展示令人興奮的應用程式。我給你舉個例子，阿難。真正令人興奮的是半導體製造業。在過去的幾年裡，我們與領先的半導體製造設備供應商之一合作開發了一些應用。去年我們確實加速了這一進程，因為晶片短缺，而且對新機器的需求增加。

They're investing -- our customers are investing more R&D dollars, development dollars for new manufacturing platforms, and they're pulling on the best attributes of additive manufacturing to help get them there. A lot of that is around heat transfer control, extending the thermal stability of the equipment so you can print very fine detailed semiconductor chips. That's just one example, but it's this -- there's a window of embracing, now additive, that's really exciting.

他們正在投資——我們的客戶正在投資更多的研發資金、新製造平台的開發資金，他們正在利用積層製造的最佳特性來幫助他們實現這一目標。其中許多都是圍繞著熱傳遞控制，擴展設備的熱穩定性，以便您可以列印非常精細的半導體晶片。這只是一個例子，但就是這樣——有一個擁抱的窗口，現在是附加的，這真的很令人興奮。

So the punchline from a growth rate perspective. If you look at our Q1 to Q2, probably the best reference points you have is Q1 to Q2. Again, if I remember the numbers correctly, Jagtar, from your portion of the dialogue here, we were about mid-teens in health care growth, and we were nearing double digits on industrial, actually high single digits. And I think, Ananda, you're going to see that momentum continue.

這是從成長率角度來看的重點。如果您查看我們的 Q1 至 Q2，您擁有的最佳參考點可能是 Q1 至 Q2。再說一次，如果我沒記錯的話，賈格塔，從你在這裡的對話部分來看，我們的醫療保健增長大約在十幾歲左右，工業增長接近兩位數，實際上是高個位數。我認為，阿南達，你會看到這種勢頭繼續下去。

I think in health care, the ability to customize product for implants is really attractive. It improves patient outcomes. It reduces the cycle for healing, for getting patients out of the hospital. It improves the performance of parts for their rehabilitation often in -- at least, in skeletal applications and other med devices. Dental is talked about a lot. I mean, clearly, we have a lot of momentum in the dental area as well, and that's continuing to expand. Industrial, I think you'll see it take root broadly in many verticals.

我認為在醫療保健領域，為植入物量身定制產品的能力確實很有吸引力。它改善了患者的治療效果。它縮短了治癒週期，縮短了患者出院的週期。它通常可以提高零件的復健性能，至少在骨骼應用和其他醫療設備中是如此。牙科被談論了很多。我的意思是，顯然，我們在牙科領域也有很大的發展勢頭，而且還在繼續擴大。工業方面，我想你會看到它在許多垂直領域廣泛紮根。

So I will -- I would expect the growth momentum to certainly continue. And there's a lot of opinion about what the whole industry will grow at. People talk about mid- to high teens, even 20%-plus. Whatever that overall industry growth rate is, I think we'll certainly be able to mirror that ourselves and hopefully in the most preferred markets so that we also get not only volume leverage but some gross margin improvement from being in the really difficult parts of the market. So again, I would say, in the long term, it's a strong double-digit growth business. Gross margins are in the low 40s today. We see those going to 50%-plus in the future due to business mix. Healthcare is clearly growing faster than industrial, but industrial will grow. And then you'll see us, by running a good business, get a lot of that to the bottom line and generate strong cash performance for future investments.

因此，我預計成長勢頭肯定會持續下去。關於整個產業的發展方向有很多觀點。人們談論的是中青少年，甚至 20% 以上。無論整個行業的成長率是多少，我認為我們肯定能夠反映這一點，並希望在最受青睞的市場中，這樣我們不僅可以獲得銷售槓桿，而且還可以從真正困難的地區獲得一些毛利率的提高。市場。所以我想說，從長遠來看，這是一項強勁的兩位數成長業務。目前毛利率在 40 左右。由於業務組合，我們預計未來這一數字將達到 50% 以上。醫療保健的成長速度顯然快於工業，但工業將會成長。然後你會看到我們，透過經營良好的業務，獲得大量的利潤，並為未來的投資帶來強勁的現金表現。

So that's the model. I'm thrilled that we're finished with our divestitures. Those are difficult things. We've got to still close them out here but leaves us just in a great position from an organic momentum standpoint with a lot of dry powder on the balance sheet. So long-winded answer to your simple question, but somewhere in there, I hope you found an answer.

這就是模型。我很高興我們完成了資產剝離。這些都是困難的事。我們仍然必須在這裡關閉它們，但從有機動力的角度來看，我們處於一個有利的位置，資產負債表上有很多乾粉。對你這個簡單問題的答案很冗長，但我希望你能在其中找到答案。

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

我們的下一個問題來自 Craig-Hallum 的 Greg Palm。

Congrats on the good quarter as well. I guess just kind of starting off, it sounds like it was pretty broad-based, but wondering if there is a certain end market, certain geography that you want to point to that maybe caused a bulk of the upside in the quarter.

也恭喜這個季度的良好表現。我想這只是一個開始，聽起來基礎相當廣泛，但想知道是否存在某個終端市場，您想要指出的某些地理區域可能會導致本季的大部分上漲。

I'll let Jagtar comment on the geographics there. Certainly, in the past, the U.S. has been opening faster than Europe. So it's been a better market for us. And the Healthcare business obviously is growing leaps and bounds. And I -- and again, it's -- dentistry is strong. We're also seeing really nice growth. As Jagtar mentioned, 15-plus percent consecutive quarter growth in non-dental medical markets. And it's the same reason I just mentioned, Greg, it's -- doctors are really starting to appreciate -- and our channel partners, the ability to customize implants for procedures and take advantage of that. They're very economical to manufacture and make and they improve patient outcomes, and that's just terrific.

我會讓 Jagtar 評論一下那裡的地理情況。當然，過去美國的開放速度比歐洲快。所以這對我們來說是一個更好的市場。醫療保健業務顯然正在飛速發展。我——再說一次——牙科很強大。我們還看到了非常好的成長。正如 Jagtar 所提到的，非牙科醫療市場連續季度增長 15% 以上。這和我剛才提到的原因是一樣的，格雷格，醫生真的開始欣賞我們的渠道合作夥伴為手術定制植入物並利用這一能力的能力。它們的製造和製造非常經濟，並且可以改善患者的治療效果，這真是太棒了。

So Healthcare has been growing faster than industrial. Industrial overall is probably a bigger end market and has more potential for long-term growth. But -- and it's coming back very nicely. But I certainly wouldn't underestimate Healthcare is going to continue to grow. Jagtar, you want to comment on the geographic?

因此，醫療保健的成長速度快於工業。工業整體可能是一個更大的終端市場，並且具有更大的長期成長潛力。但是——而且它回來得很好。但我當然不會低估醫療保健將繼續成長。 Jagtar，您想對地理發表評論嗎？

Yes. Greg, the Americas were about 60% of our system sales this quarter, a little higher than historical. So I would say it's a little bit stronger in the Americas, probably due to the reopening of the economy here faster than we saw around the rest of the world. So that was one big difference. And I think Jeff commented on the Healthcare versus Industrial Healthcare Group quite strongly. We were actually pretty pleased that the medical applications that grew faster than the overall health care number. So it was nice to see the balance and growth in Healthcare.

是的。 Greg，本季美洲地區約占我們系統銷售額的 60%，略高於歷史水準。所以我想說，美洲的情況要強一些，可能是因為這裡經濟的重新開放速度比我們在世界其他地方看到的還要快。所以這是一個很大的差別。我認為傑夫對醫療保健與工業醫療保健集團的評論相當強烈。實際上，我們非常高興醫療應用程式的成長速度超過了整體醫療保健數量的成長速度。因此，很高興看到醫療保健領域的平衡和成長。

Got it. Okay. That's good color. Maybe sticking on the Healthcare segment. You're clearly focused and excited on this regenerative medicine opportunity. I know there's a pretty successful, I think it's publicly traded, but Swedish company. But I don't know, can you give us a little bit more color on what you think the size of this market is -- could be your competitive positioning? And I guess, if successful, how do you envision revenue ramping over the coming years?

知道了。好的。這顏色真好啊也許會堅持醫療保健領域。您顯然對這個再生醫學機會感到專注和興奮。我知道有一家相當成功的瑞典公司，我認為它是公開上市的。但我不知道，你能否給我們更多關於你認為這個市場規模的資訊——可能是你的競爭定位？我想，如果成功的話，您預計未來幾年的收入會如何成長？

I would tell you, Greg, honestly, it's very hard to put numbers to, but it will be a substantial market over the years. And it's certainly a nascent market that's evolving because only now do you have really the 3 elements coming together for printing, the materials, the hardware and the software. But it's really being demonstrated more and more quickly, Greg. And then you have to obviously get through all the government required approvals in the U.S. and Europe as well to actually have a successful product, but we are tremendously excited.

格雷格，老實說，我會告訴你，很難給出數字，但多年來這將是一個巨大的市場。這無疑是一個正在不斷發展的新興市場，因為直到現在才真正具備了印刷的三個要素：材料、硬體和軟體。但它確實正在越來越快地被證明，格雷格。然後，顯然你還必須獲得美國和歐洲政府所需的所有批准才能真正擁有成功的產品，但我們非常興奮。

And so our strategy has really evolved pretty quickly over the last 12 months. We started out on the most difficult end of the spectrum, working with United Therapeutics on human organs. And that's really the brass ring. That is -- the ultimate goal is the ability to print replacement human organs because, as you know, and probably everyone knows, there is a huge shortage of lungs, livers, kidneys, other organs that fail over time in some people, there's a huge shortage of those. And unfortunately, the supply chain is really related to the availability of an order for someone who's deceased.

因此，我們的策略在過去 12 個月確實發展得相當快。我們從最困難的一端開始，與 United Therapeutics 合作研究人體器官。那確實是黃銅戒指。也就是說，最終目標是能夠列印替代人體器官，因為如你所知，可能每個人都知道，肺、肝、腎和其他器官嚴重短缺，隨著時間的推移，有些人會衰竭，這些都很嚴重短缺。不幸的是，供應鏈確實與死者的訂單可用性有關。

And so it's a very difficult process today. There's many shortages and, unfortunately, many people die waiting for organ transplants. So we're heavily focused on that. It's the -- certainly, the largest market and the most exciting market in the long term to be in. But as you go toward that market, there's a lot of spin-off technologies that are really exciting as well and can improve the quality of life for people. Soft tissue implants is just the start of it. We announced our CollPlant partnership to make these matrices for breast reconstruction for women that have had cancer treatments and mastectomies associated with them. So it's an exciting application.

所以今天這是一個非常困難的過程。器官短缺嚴重，不幸的是，許多人在等待器官移植的過程中死亡。所以我們非常關注這一點。當然，從長遠來看，這是最大的市場和最令人興奮的市場。但是當你進入這個市場時，有很多衍生技術也非常令人興奮，並且可以提高產品的品質。為人們的生活。軟組織植入只是它的開始。我們宣布與 CollPlant 建立合作夥伴關係，為接受過癌症治療和相關乳房切除術的女性製作這些用於乳房重建的基質。所以這是一個令人興奮的應用。

I would tell you there's tens of those, Greg. I mean it's -- there's a lot of the works. We're identifying more partnerships to form around those now that we have the base technology for printing and you have to customize it for different materials and make sure you have the software support for it. But those are going to roll out increasingly not in the near term, but over time. And then moving beyond that, we were so excited about those markets, but we wanted a shorter-term market, if you will, to also go after with that base technology, and that's moving into the laboratories. And we started that -- that was the basis of the Allevi acquisition we did this small acquisition that we did around the Allevi group that had great -- very good printers for research labs and they were present in over 350 labs around the world and those researchers that they were selling to were studying regenerative medicine. So we moved in that direction, and we're going to expand that presence. And then we're very excited moving beyond that about the pharmaceutical industry because if you look at pharmaceutical labs, their whole value play is trying to get drugs developed that are useful as quickly as possible. and you saw this in the COVID case here the last year, the remarkable progress those guys have made. So we want to play in those labs where we can again provide printers and consumables to help in the development of drug therapies more quickly.

我會告訴你有幾十個，格雷格。我的意思是──有很多作品。既然我們已經擁有了列印的基礎技術，並且您必須針對不同的材料進行定制，並確保您擁有對其的軟體支持，我們正在尋找更多的合作夥伴關係。但這些措施不會在短期內逐步推出，而是隨著時間的推移而推出。除此之外，我們對這些市場感到非常興奮，但我們想要一個短期市場，如果你願意的話，也可以追求基礎技術，而這正在進入實驗室。我們開始了這一點——這就是收購 Allevi 的基礎，我們圍繞 Allevi 集團進行了這項小型收購，該集團為研究實驗室提供了非常好的印表機，它們遍布全球 350 多個實驗室，他們的銷售對象正在研究再生醫學。所以我們朝這個方向前進，我們將擴大這一影響力。然後我們非常興奮超越製藥業，因為如果你看看製藥實驗室，他們的整個價值遊戲就是試圖盡快開發出有用的藥物。你在去年的新冠病例中看到了這一點，這些人取得了顯著的進展。因此，我們希望在那些可以再次提供印表機和耗材的實驗室中發揮作用，以幫助更快地開發藥物療法。

I would not call any of those short-term markets, Greg. And they're all developing. They may be tens of millions of dollars today. They will grow to be hundreds and hundreds of millions and billions over time, but it will take time. And again, you've got to have a very focused approach around specific applications, which is really our hallmark. That's what we do.

我不會把這些短期市場稱為任何一個，格雷格。而且它們都在發展。今天它們可能是數千萬美元。隨著時間的推移，它們將增長到數以億計、數十億，但這需要時間。再說一遍，您必須針對特定應用程式採取非常集中的方法，這確實是我們的標誌。這就是我們所做的。

So over time, you'll hear us talk about human organs. You'll hear us talk about other body parts, if you will, other implants. And then you'll hear us talk about laboratory, the laboratory setting for regenerative medicine. I am tremendously excited about it. I think it will add a whole new growth vein onto this company, but it will take time to develop.

所以隨著時間的推移，你會聽到我們談論人體器官。如果你願意的話，你會聽到我們談論其他身體部位，其他植入物。然後你會聽到我們談論實驗室，再生醫學的實驗室環境。我對此感到非常興奮。我認為這將為這家公司增添一條全新的成長脈絡，但這需要時間來發展。

Yes, sounds pretty interesting. And I guess just last one. So post close $500 million of cash on the balance sheet puts you in a very different position relative to where we were a year ago. So how do you approach capital allocation, strategic investments? I know you called that out, but what are your overall thoughts going forward?

是的，聽起來很有趣。我想只是最後一個。因此，資產負債表上近 5 億美元的現金將使您的處境與一年前截然不同。那麼，您如何進行資本配置和策略性投資呢？我知道你已經這麼說了，但你對未來的整體想法是什麼？

Well, it's a great question, Greg. I mean there's -- so there's 2 veins to that. One is supporting our current customer base, our growing customer base with organic growth activities. And there's more and more need for application expertise, providing a big demand from our customers for that. So that really is why we're investing in our footprint out in our medical facility in Littleton, and here in Rock Hill, South Carolina, we're expanding that. And the activity here in South Carolina is, in part, for materials development. polymeric materials development, photopolymers and production. So that addresses our organic growth needs, and we'll continue to make those investments over time. It's not an enormous amount of capital, but you have to systematically do it.

嗯，這是一個很好的問題，格雷格。我的意思是——所以有兩個脈絡。一是透過有機成長活動支持我們目前的客戶群，以及不斷成長的客戶群。對應用專業知識的需求越來越大，我們的客戶對此提出了巨大的需求。這就是我們投資利特爾頓醫療設施的原因，而在南卡羅來納州羅克山，我們正在擴大這一點。南卡羅來納州的活動部分是為了材料開發。聚合物材料開發、光聚合物和生產。這樣就滿足了我們的有機成長需求，隨著時間的推移，我們將繼續進行這些投資。這不是大量的資金，但你必須有系統地去做。

As we have divested businesses, we're now looking at ourselves as becoming a very attractive platform company for continued consolidation in the industry to leverages. There's a lot of innovative folks that try to get in this industry with either printing platforms or very specific materials. There's a lot of room for consolidation of that kind of expertise, and we want to make sure we have the right platform for that. So we are investing some money in our basic platform, our basic infrastructure, IT, finance, all of that to make sure that if we did participate in that, that we could integrate a company very well and move forward.

由於我們已經剝離了業務，我們現在將自己視為一家非常有吸引力的平台公司，以繼續在行業中進行整合以發揮槓桿作用。有很多創新人士試圖透過印刷平台或非常特殊的材料進入這個行業。這種專業知識有很大的整合空間，我們希望確保我們擁有合適的平台。因此，我們在我們的基礎平台、基礎設施、IT、金融等方面投入了一些資金，以確保如果我們參與其中，我們就能很好地整合公司並向前發展。

So we've been doing some of that. We'll do more of it. And then more broadly, obviously, there's continuous innovation in this industry. We are the largest player in the industry. So scale is always helpful, additional scale. But for us, it's probably more around technologies, and there's 3 of them. There's printing, there's materials and there's software. So those 3 will encompass our focus. And I would again come back, Greg, to biotech. I just think -- I think the next horizon for additive manufacturing, there's an enormous runway for current applications in both Industrial and Healthcare. But when you look out past those, there is a whole new horizon on biotech for printing. And I'm really excited to be making -- to position ourselves well for that market as well. So hopefully, from our shareholder standpoint, investors, the very short term -- good short-term benefits by growth in the existing markets and the adoption of additive for Healthcare and Industrial and then you provide a long-term value play in the biomedical space, biotech space with regenerative medicine. Does that make sense?

所以我們一直在做一些這樣的事情。我們會做得更多。更廣泛地說，顯然，這個產業不斷創新。我們是該行業最大的參與者。所以規模總是有幫助的，額外的規模。但對我們來說，它可能更多地圍繞著技術，並且有 3 個。有印刷、有材料和軟體。所以這三個將包含我們的重點。格雷格，我會再次回到生技領域。我只是認為，我認為積層製造的下一個前景是工業和醫療保健領域目前應用的廣闊前景。但當你放眼過去，你會發現生物列印技術出現了全新的前景。我真的很高興能夠為這個市場做好定位。因此，希望從我們股東、投資者的角度來看，透過現有市場的成長以及醫療保健和工業添加劑的採用，可以在短期內獲得良好的短期效益，然後在生物醫學領域提供長期價值，生物技術空間與再生醫學。那有意義嗎？

Our next question is coming from Sarkis Sherbetchyan of B. Riley FBR.

我們的下一個問題來自 B. Riley FBR 的 Sarkis Sherbetchyan。

So first question just really revolves around the revenue from divestitures that's called out for both fiscal '19 and '20 on the bottom of the release. I think it sum -- totals to, let's call it, a range of $40 million to $50 million on the year. But in the prepared comments, I think you mentioned the quarterly run rate of the revenues from divestitures are $25 million. So that adds up to $100 million. So I just wanted to get a sense if the revenues called out in the press release were from GibbsCAM, Cimatron, and the other revenues that you called out in the earnings deck. Is that for the businesses pending divestiture in 3Q?

因此，第一個問題實際上圍繞著新聞稿底部提到的 19 財年和 20 財年剝離收入。我認為今年的總金額為 4000 萬至 5000 萬美元。但在準備好的評論中，我認為您提到剝離收入的季度運行率為 2500 萬美元。這樣加起來就是 1 億美元。因此，我只是想了解新聞稿中提到的收入是否來自 GibbsCAM、Cimatron，以及您在收益表中提到的其他收入。這是針對第三季待剝離的業務嗎？

Yes. Sarkis, you got that exactly right. So what's called out in the release is to reconcile to organic growth. So those are only the acquisitions that have already closed -- or sorry, the divestitures have already closed, which is GibbsCAM, Cimatron and a couple of small divestitures that we did last year. ODM business in China and Australia, and that's the $40 million to $50 million that you're referencing of revenue. The $25 million I referenced in my prepared remarks are for the divestitures that we have not yet closed. That's the on-demand parts business and the Simbionix business. And we expect that to close midway through the second quarter at some point versus third quarter at some point.

是的。薩爾基斯，你說得完全正確。因此，發布中提出的是要與有機成長相協調。因此，這些只是已經完成的收購，或者抱歉，資產剝離已經完成，即 GibbsCAM、Cimatron 和我們去年進行的幾項小型資產剝離。中國和澳洲的 ODM 業務，這就是您所說的 4000 萬至 5000 萬美元的收入。我在準備好的演講中提到的 2500 萬美元用於我們尚未完成的資產剝離。這就是按需零件業務和 Simbionix 業務。我們預計這將在第二季中期的某個時候結束，而不是在第三季的某個時候結束。

Okay. So just to use some crude math here, if I simply take the some total of the '19 as a base line, right, x the divestitures and then remove about $100 million in top line, I get to about $500 million or so in, let's call it, pro forma top line. We should grow the business from that point forward and then kind of take your margin range of, I think you said 40% to 44% still and kind of work with that, correct?

好的。因此，在這裡使用一些粗略的數學，如果我簡單地將 19 年的總金額作為基線，對吧，x 資產剝離，然後在頂線中刪除大約 1 億美元，我得到大約 5 億美元左右，我們稱為備考頂線。我們應該從那時起發展業務，然後採取你的利潤範圍，我想你仍然說過 40% 到 44%，並以此為基礎，對嗎？

Yes, that's absolutely correct. That's -- I think I mentioned in my prepared remarks that we would expect to be in the order of $500 million revenue company post divestitures, profitable. And so I think you've got it exactly right.

是的，這是絕對正確的。我想我在準備好的演講中提到，我們預計公司在資產剝離後將實現 5 億美元的收入，實現盈利。所以我認為你說得完全正確。

Okay. Great. And just one final one for me. From a CapEx perspective, I know you're kind of reinvesting back into some of these interesting drivers for future growth. Any revisions or any kind of outlook you can provide us for capital expenditures this year and next?

好的。偉大的。對我來說，這只是最後一件事。從資本支出的角度來看，我知道您正在對這些有趣的未來成長驅動因素進行再投資。您可以為我們提供今年和明年資本支出的任何修訂或任何類型的展望嗎？

Yes. So I've said in the past that we expect CapEx about 4% to 5% of revenue. I'm still holding to that number. Our CapEx spend for the first half was actually a little bit lower than I expected. We've approved a number of CapEx projects, but I think they've been slower to start so that I still expect that 4% to 5% of revenue range.

是的。所以我過去曾說過，我們預計資本支出約為收入的 4% 至 5%。我仍然堅持這個數字。我們上半年的資本支出實際上比我的預期要低一些。我們已經批准了許多資本支出項目，但我認為它們啟動速度較慢，因此我仍然預計收入範圍為 4% 至 5%。

Our next question is coming from Wamsi Mohan of Bank of America.

我們的下一個問題來自美國銀行的瓦姆西·莫漢。

And congrats on the strong execution. I was wondering -- both of you spoke about the momentum in the business. As we think about Q3 and Q4, can you give us some sense of whether we should expect seasonal or higher or lower than seasonal as we think about these quarters when adjusted for the divestitures? And then I have a follow-up.

並祝賀強大的執行力。我想知道——你們倆都談到了該行業的發展勢頭。當我們考慮第三季和第四季時，您能否告訴我們，當我們考慮這些季度並根據資產剝離進行調整時，我們是否應該預期季節性或高於或低於季節性？然後我有一個後續行動。

Wamsi, this is Jagtar here. So yes, I would expect our normal seasonality going into with some of the headwinds that we've talked about. In supply chain, you might say it's a little higher than normal, but sort of in that normal seasonality range. We, I think, typically see 4% to 5% decline from Q2 to Q3. And I'm sort of expecting that range, plus and minus.

萬西，我是捷格達。所以，是的，我預計我們的正常季節性會遇到一些我們已經討論過的不利因素。在供應鏈中，您可能會說它比正常水平稍高一些，但在正常的季節性範圍內。我認為，從第二季度到第三季度，我們通常會看到 4% 到 5% 的下降。我有點期待這個範圍，加上和減去。

And that's x divestitures, correct?

這就是 x 資產剝離，對嗎？

That would be x divestitures, yes. I mean that would be not factoring divestiture. So I would look at that seasonality and then take off divestitures from there.

是的，這將是 x 資產剝離。我的意思是這不會是保理剝離。所以我會考慮季節性因素，然後從那裡開始剝離。

Okay. Okay. And then can you talk about the write-offs that impacted gross margin? You called those out equipment and inventory. What specifically are those? And when I look at your gross margin guide of 40% to 44%, I mean you guys have been doing sort of in the middle of that range pretty steadily over the last couple of quarters. Your -- as we look forward to the back half of the year, any reason to think that there is even a possibility of going down to that low end of the range for the year? It just feels like that would mean significantly lower margins. So just are you trying to signal anything about the margins in the next 2 quarters that is abnormal? Or is that inclusive of the impact of the divestiture?

好的。好的。然後您能談談影響毛利率的沖銷嗎？你調出了設備和庫存。那些具體是什麼？當我看到你們的毛利率指南為 40% 到 44% 時，我的意思是你們在過去幾個季度中一直穩定地處於該範圍的中間。當我們展望今年下半年時，您有什麼理由認為甚至有可能跌至今年區間的低端？感覺這意味著利潤率會大大降低。那麼您是否試圖表明未來兩季的利潤率是否有異常？或者這是否包括剝離的影響？

Yes. So let me address 3 parts of your question. So the first one on the write-offs in the quarter. So we had a couple of what I'd call kind of legacy items. One was a powder management unit for one of our metals printers that was developed back in 2019, or 2018, I believe it was. We've since introduced a new better unit. We had some issues with the older one. So we had a number of these in inventory that were largely unsellable. So we wrote that off. We also had one of our early Factory 500. It was the first one that we produced. Some issues with it because it was the first one. And as a result, we had a write-off associated with that piece of equipment.

是的。那麼讓我來回答你問題的三個部分。這是本季沖銷的第一個。所以我們有一些我稱之為遺留物品的東西。其中之一是我們的一台金屬印表機的粉末管理單元，它是在 2019 年或 2018 年開發的，我相信是的。此後我們推出了一個新的、更好的單位。我們對舊的有一些問題。因此，我們庫存中有許多基本上無法出售的產品。所以我們把它註銷了。我們還有一台早期的 Factory 500。這是我們生產的第一台。因為這是第一個，所以有些問題。結果，我們沖銷了與該設備相關的費用。

So that's why I called them both nonrecurring. These are both older pieces of equipment, stemming back to, I think, 2018. And so combined, as I mentioned, it's about 140 basis points impact to the margin. For the rest of the year, I mean you heard our guidance. We're not trying to signal anything for the rest of the year. We don't expect -- we're not seeing anything that we expect from a write-off standpoint. We expect the business to continue kind of as it has, but we're holding to our sort of guidance range.

這就是為什麼我稱它們為非經常性的。這些都是較舊的設備，我認為可以追溯到 2018 年。因此，正如我所提到的，這對利潤率的影響約為 140 個基點。在今年剩下的時間裡，我的意思是你聽到了我們的指導。我們不會在今年剩下的時間發出任何信號。我們不期望——從沖銷的角度來看，我們沒有看到任何我們期望的東西。我們預期業務將繼續維持現狀，但我們仍堅持我們的指導範圍。

On the specific impact of the divestitures, I will say that the divestitures, when combined, are slightly above -- from a gross margin standpoint or slightly above the guidance range that we've given. So that will push us down a little bit, 0.5 point-ish impact. 50 to 100 basis points is what we're expecting.

關於剝離的具體影響，我想說的是，從毛利率的角度來看，剝離合併起來略高於我們給出的指導範圍。因此，這將使我們的影響降低一點，0.5 點左右。我們的預期是 50 到 100 個基點。

Our next question is coming from Noelle Dilts of Stifel.

我們的下一個問題來自 Stifel 的 Noelle Dilts。

Can you hear me? Sorry. I have a problem.

你聽得到我嗎？對不起。我有個問題。

Yes, we can hear you.

是的，我們能聽到你的聲音。

I was on mute. And again, congrats on the nice quarter. So I understand it may be difficult to put numbers to this, but just given the strong revenue growth in the quarter, are there any metrics or any ways that you're kind of trying to measure? How much of what you're seeing in terms of your strength is recovery in the market or with your customers versus some of the benefits of the strategic efforts you've been undertaking like realigning the sales force?

我當時處於靜音狀態。再次恭喜這個美好的季度。因此，我知道可能很難用數字來說明這一點，但考慮到本季營收的強勁成長，您是否有任何指標或方法可以嘗試衡量？您所看到的優勢有多少是市場或客戶的復甦，以及您一直在進行的策略性努力（例如重新調整銷售團隊）帶來的一些好處？

Yes, actually, we have that discussion internally a lot. And obviously, it's interesting when you're coming out of a difficult period like COVID. Every company should have a tailwind, obviously, on that. But this was the first -- it was very interesting this quarter. This was the first quarter where we look at it and say, "The tailwinds, the big benefit of the should kind of be subsiding," and we can finally see some of the fruits of the focus and try to figure out what is actually being driven that's new growth by the focus. Clearly, all in all, coming out of just the depths of COVID, there is a much broader adoption attitude, if you will, among customers of additive manufacturing for the reasons I mentioned. It's supply chains have become very risky. And you see that as an ongoing issue for most companies. They're looking for new ways to make parts closer to home with more assurance.

是的，實際上，我們內部有很多這樣的討論。顯然，當你走出新冠疫情這樣的困難時期時，這很有趣。顯然，每家公司都應該在這方面順風順水。但這是第一個——這個季度非常有趣。這是第一季度，我們看到它並說，“順風，巨大的好處應該會消退”，我們終於可以看到重點的一些成果，並試圖弄清楚實際是什麼聚焦驅動新增長。顯然，總而言之，從新冠疫情的深淵中走出來，如果你願意的話，出於我提到的原因，增材製造的客戶對增材製造有了更廣泛的採用態度。它的供應鏈已經變得非常危險。您認為這對大多數公司來說都是一個持續存在的問題。他們正在尋找新的方法，讓零件離家更近、更放心。

And that's so -- beyond COVID, and this was an important quarter for that. because we surpassed our 2019 sales number quite substantially, you say what's driving that? Well, there's a couple of things. Number one is I like to think we're executing very well. Our model is working, with customers coming in with a strong application focus, I think the model is right. And I think their receptivity to adopting additive is really strong. So I think we're selling into a customer base that's excited about additive. And I think we've got just the right business model right now to take maximum advantage of that. and you see the net result of that reflected in the numbers.

事實就是如此——除了新冠疫情之外，這是一個重要的季度。因為我們大大超過了 2019 年的銷售量，您說是什麼推動了這一成長？嗯，有幾件事。第一，我認為我們執行得非常好。我們的模型正在發揮作用，客戶非常關注應用程序，我認為該模型是正確的。我認為他們對採用添加劑的接受度非常高。所以我認為我們正在向對增材製造有興趣的客戶群進行銷售。我認為我們現在已經有了正確的商業模式來最大限度地利用這一點。你會看到數字中反映的最終結果。

I was particularly pleased with the consecutive quarter growth and the comparison to 2019. That 11% growth over '19, I think -- honestly, I think that shows that the model is working and customers are very receptive to additive right now as it moves into a true production environment.

我對連續季度的增長以及與2019 年的比較感到特別滿意。我認為，與19 年相比，增長了11%，老實說，我認為這表明該模型正在發揮作用，而且隨著增材製造的發展，客戶現在非常容易接受積層製造進入真實的生產環境。

Okay. Great. Very helpful. And then on the printer side, just given your broad portfolio, I was just curious if you could point out any particular areas or lines of strength and even if there are some notable trends in terms of what you're seeing across metals versus plastics?

好的。偉大的。很有幫助。然後在印表機方面，鑑於您廣泛的產品組合，我只是好奇您是否能指出任何特定領域或優勢線，即使您在金屬與塑膠方面看到了一些顯著的趨勢？

Yes. That's another good question. I've been particularly pleased, I would tell you, on the metal side. Metals is really doing quite well in terms of customer interest, volume growth, both our 350 unit and now our 500 unit. As Jagtar mentioned, we had 3 terminal sales on our Factory 500, which is our largest kind of our flagship metal product now. and the 350 is doing very well. So we're really pleased on the metal side. And it is -- customers that have shown interest and are now going as the applications are demonstrated and all, they're going firmly in this direction, where they say, "Okay, I've made a variety of parts now that really bring me performance benefits. I understand the workflow and the cost impact. I'm in." And they're placing orders for those machines.

是的。這是另一個好問題。我想告訴你，我對金屬方面特別滿意。金屬在客戶興趣、銷售成長方面確實做得很好，無論是我們的 350 單位還是現在的 500 單位。正如Jagtar所提到的，我們的Factory 500有3個終端銷售，這是我們目前最大的旗艦金屬產品。 350 表現非常好。所以我們對金屬方面非常滿意。客戶已經表現出了興趣，現在隨著應用程式的演示，他們正在堅定地朝著這個方向前進，他們說，「好吧，我現在已經製造了各種零件，這些零件確實帶來了「我的性能優勢。我了解工作流程和成本影響。我參與其中。”他們正在為這些機器下訂單。

But also excitingly, on the polymer side, the better we do on developing materials, especially in the photopolymer area, from a performance, a toughness perspective and surface finish -- and the better we can use our software to densely pack printing chambers, the more these polymer systems are in demand. And I am extremely excited also about our polymeric work. It's really good, the work on SLA and DLP with these new photopolymers, but a lot of the magic there is in the -- having the material and then integrating it with the process. So the printer itself is important, but I cannot understate the importance of the print process in conjunction with the material. Getting that combination right is extremely valuable to our customers. And then, obviously, the photopolymer area has been instrumental in helping us in our regenerative medicine efforts as well. So having that core expertise is very beneficial there. And again, you'll hear more about that in the years to follow.

但同樣令人興奮的是，在聚合物方面，我們在材料開發方面做得越好，尤其是在光聚合物領域，從性能、韌性角度和表面光潔度來看，我們越能更好地使用我們的軟體來密集包裝印刷室，這些聚合物系統的需求更大。我對我們的聚合物工作也感到非常興奮。使用這些新型光聚合物進行 SLA 和 DLP 工作確實很棒，但其中的許多魔力在於——擁有材料，然後將其與流程整合。所以印表機本身很重要，但我不能低估列印過程與材料結合的重要性。正確地進行這種組合對於我們的客戶來說非常有價值。然後，顯然，光聚合物領域也對幫助我們的再生醫學工作發揮了重要作用。因此，擁有核心專業知識是非常有益的。再說一遍，在接下來的幾年裡你會聽到更多關於這方面的資訊。

Our next question is coming from Paul Chung of JPMorgan.

我們的下一個問題來自摩根大通的保羅鐘。

On the top line front, can you give us a sense of kind of the materials versus systems mix? You mentioned higher growth in materials in the quarter in health care. So should we start to see materials kind of accelerate over the next couple of quarters and some upward contribution on overall margins as you're seeing some nice momentum on system sales over the past 3 quarters?

在最重要的方面，您能否讓我們了解材料與系統組合的類型？您提到本季醫療保健材料的成長較高。那麼，當您看到過去三個季度系統銷售的良好勢頭時，我們是否應該開始看到未來幾個季度材料的增長以及整體利潤率的一些上升貢獻？

Yes, Paul. So I think you've kind of articulated our strategy a little bit. So material sales, I think we've got a disclosure in the Q, where it mentioned recurring revenue, which we put materials into that bucket. So material sales was, I think, roughly about 1/3 of our revenue in the quarter. It is high-margin revenue for us. So one of our stated strategies is the continued sales of printers drives future materials revenue, and that future material revenue turns into high-margin recurring revenue. So I think you've captured it nicely how we think about the business.

是的，保羅。所以我認為你已經稍微闡明了我們的策略。因此，對於材料銷售，我認為我們在 Q 中進行了披露，其中提到了經常性收入，我們將材料放入該桶中。因此，我認為材料銷售大約占我們本季收入的 1/3 左右。這對我們來說是高利潤收入。因此，我們既定的策略之一是印表機的持續銷售推動未來的材料收入，而未來的材料收入將轉變為高利潤的經常性收入。所以我認為你很好地理解了我們對業務的看法。

Okay. And then on the OpEx front, very nice leverage on the model in the first half. How do we think about the quarterly run rate kind of post divestitures in the second half? Does that OpEx kind of stay in the 2Q range? Or did that come down further post?

好的。然後在營運支出方面，上半年對該模型的槓桿作用非常好。我們如何看待下半年剝離後的季度運作率？營運支出是否維持在第二季的範圍內？還是進一步的帖子？

Post divestitures, and I have to run the math in my head, but if you think about the divestiture impact, $25 million of revenue per quarter, call it, 45% to 50% gross margins, and I think I mentioned 20 -- or $5 million to $6 million of contribution margin. So you can do the math to get the OpEx number associated with the divestiture.

剝離後，我必須在腦子裡算一算，但如果你考慮剝離的影響，每季度 2500 萬美元的收入，稱之為 45% 到 50% 的毛利率，我想我提到了 20——或者500萬至600 萬美元的邊際貢獻。因此，您可以計算出與剝離相關的營運支出數量。

From an organic standpoint, we're going to continue to invest in OpEx. We are excited about our markets and our business, and Jeff talked about continuing to harden our back-office infrastructure, especially IT and finance but other areas as well. So I would expect organically that we'll increase OpEx, excluding divestitures on the $1 million to $2 million per quarter range.

從有機角度來看，我們將繼續投資營運支出。我們對我們的市場和業務感到興奮，Jeff 談到繼續強化我們的後台基礎設施，特別是 IT 和財務，但也包括其他領域。因此，我預計我們將有機地增加營運支出，不包括每季 100 萬至 200 萬美元的資產剝離。

And then lastly, on cash flow, a very nice start to the first half. I mean we haven't seen this level of cash from operations in a long time. As we think about component headwinds and some moving pieces from the divestitures, how do we think about kind of second half cash flow from operations?

最後，關於現金流，上半年的開局非常好。我的意思是，我們已經很久沒有看到這種水準的營運現金了。當我們考慮零件的逆風和剝離帶來的一些變化時，我們如何看待下半年的營運現金流？

So I think you'll have, obviously, divestitures taking away from cash flow. That operating income that I mentioned, there's about $0.5 million to $1 million of a depreciation associated with that. So I think you'll see working capital aside, we'll see a bit of that fall to the cash flow line. That will be the biggest impact in cash flow in the second half.

所以我認為，顯然，你會進行資產剝離，從而減少現金流。我提到的營業收入，大約有 50 萬到 100 萬美元的折舊。因此，我認為除了營運資金之外，我們還會看到現金流量下降。這將是下半年現金流受到的最大影響。

Our last question for today is coming from Troy Jensen of Lake Street Capital.

我們今天的最後一個問題來自 Lake Street Capital 的 Troy Jensen。

Congrats on the outstanding results gentlemen. I'll be quick. So I guess, recent chatter I've heard from industry context is that 3D Systems now exceeds carbon, carbon 3D, right, with respect to materials. I know you highlighted a couple in the PRO-BLK and the Accura. Are those the key materials that we need to be watching? And I guess what I'm asking, Jeff, is -- when I think about you guys talking about materials, I think of making this number up 180 different materials in that bucket. Is there 1 or 2 that are greater than 10% of it? Are these new materials meaningful drivers? I mean I assume it's production is going to be the answer, but if you could hit that, that would be great.

恭喜先生們取得的優異成績。我會快點的。所以我想，最近我從產業背景聽到的討論是，在材料方面，3D Systems 現在超過了碳，碳 3D，對吧。我知道您重點介紹了 PRO-BLK 和 Accura 中的一對。這些是我們需要關注的關鍵材料嗎？ Jeff，我想我要問的是——當我想到你們談論材料時，我想到將這個數字加到桶中 180 種不同的材料上。是否有 1 或 2 個大於 10%？這些新材料是否具有有意義的驅動力？我的意思是，我認為它的製作將是答案，但如果你能做到這一點，那就太好了。

No. Thanks, Troy. That's a thoughtful question. No, I'll tell you what. The reason I put that PRO-BLK in the script, Troy, was to give an example. Sometimes folks struggle with what does it mean to have an application focus? How does that really translate into driving development. And the reason I put that in here is that the development of that PRO-BLK came out of a discussion we were having with Toyota and -- to meet their needs. And the way, at least, their company pioneers a lot of technology is through the racing teams. So we launched that material with a racing team developed, and launched it with them, with an eye toward expanding it into their automotive business. And so we were able to do that, and they needed a larger format part. So we've changed our development program to move it over to the SLA platform. So I thought it was a nice example to use. I would tell you, I wouldn't read too much into that one single material. It's a great material. But we're launching -- we have a host of materials, polymer materials, photopolymers that are under development, Troy.

不，謝謝，特洛伊。這是一個深思熟慮的問題。不，我會告訴你什麼。我之所以把 PRO-BLK 放在劇本《特洛伊》中，是為了舉例。有時人們會困惑，以應用程式為中心意味著什麼？這如何真正轉化為推動發展？我之所以將其放在這裡​​，是因為 PRO-BLK 的開發源於我們與豐田的討論，並且是為了滿足他們的需求。至少，他們的公司開創許多技術的方式是透過賽車隊。因此，我們與賽車團隊一起開發了這種材料，並與他們一起推出，並專注於將其擴展到他們的汽車業務。所以我們能夠做到這一點，而他們需要更大規格的零件。因此，我們改變了開發計劃，將其轉移到 SLA 平台。所以我認為這是一個很好的例子。我會告訴你，我不會對單一材料讀太多。這是一種很棒的材料。但我們正在推出——我們有大量材料、聚合物材料、光聚合物正在開發中，特洛伊。

It is a really important part of the business. And that's why we're putting a new building here in Rock Hill. We're expanding our development laboratories, and we've got new production capacity coming on from materials because, particularly in the photopolymer area, having a material for a customer is absolutely instrumental. They've -- the best printer in the world without the right material, as you know, this fails. And so you've got to have those. And our best success is when we can tie it directly to a customer application and drive our development off of that application as long as the market is big enough out there to sustain growth. So that's the model we've adopted, and it's really resonated well with the workforce and with our customers. Yes, so don't read too much into the PRO-BLK example in terms of dollars, but it should serve as an example of how we're really driving our development efforts.

這是業務中非常重要的一部分。這就是我們在羅克山建造一座新建築的原因。我們正在擴大我們的開發實驗室，我們已經從材料中獲得了新的生產能力，因為，特別是在光聚合物領域，為客戶提供材料絕對是有幫助的。他們擁有世界上最好的印表機，但沒有合適的材料，正如你所知，這失敗了。所以你必須擁有這些。我們最好的成功是，只要市場足夠大以維持成長，我們就可以將其直接與客戶應用程式聯繫起來，並推動我們基於該應用程式的開發。這就是我們採用的模式，它確實引起了員工和客戶的共鳴。是的，所以不要過度從美元角度解讀 PRO-BLK 範例，但它應該作為我們如何真正推動開發工作的範例。

Okay. That's fair. And maybe for Jagtar, could you just size up software. I'm just curious to know how big that is within kind of the systems or product revenues.

好的。這還算公平。也許對於 Jagtar，你可以評估軟體的規模嗎？我只是想知道系統或產品收入有多大。

Software is right now sub-$10 million per quarter for us. Between $5 million to $10 million per quarter for us.

目前我們每季的軟體成本低於 1000 萬美元。我們每季 500 萬至 1000 萬美元。

Is that mainly just 3D expert?

那主要是3D專家嗎？

Yes, 3D Expert, Geomagic, 3D Sprint.

是的，3D Expert、Geomagic、3D Sprint。

Okay. Perfect. Do you think -- go ahead.

好的。完美的。你認為——繼續吧。

Troy, just to supplement what Jagtar said on software. Some of the most positive feedback in the last 12 months has been around these software platforms. So we're looking to expand their use by customers. And it's -- they're wonderful tools. I don't know that we've been aggressive enough about getting out and explaining to new customers how really effective they are. So you will see an increased focus from us on software. It's a vital part of the ecosystem and it's one that I think we've got a really good foundation in that we just need to grow from.

Troy，只是為了補充 Jagtar 在軟體方面所說的內容。過去 12 個月中一些最積極的回饋都是圍繞這些軟體平台的。因此，我們希望擴大客戶對它們的使用。它們是很棒的工具。我不知道我們是否足夠積極地走出去並向新客戶解釋它們的真正有效性。因此，您會看到我們更加關注軟體。它是生態系統的重要組成部分，我認為我們已經有了一個非常好的基礎，我們只需要從中成長。

Thank you. Ladies and gentlemen, we would like to apologize for the technical difficulties experienced by participants on today's webcast. A complete archive will be available later this morning using the same link. At this time, I'd like to turn the floor back over to Mr. Graves for closing comments.

謝謝。女士們先生們，對於今天網路直播的參與​​者所遇到的技術困難，我們深感抱歉。完整的檔案將於今天上午晚些時候使用相同的連結提供。現在，我想把發言權交還給格雷夫斯先生以供結束發言。

So thank you for joining the call today and for your continued support of 3D Systems. A replay of this webcast will be available on our Investor Relations page, where you can see the supplemental charts that go through it. We appreciate the time and the interest in the company, and we look forward to talking to you again in the next quarter.

感謝您今天參加電話會議並感謝您對 3D Systems 的持續支持。我們的投資者關係頁面將提供該網路廣播的重播，您可以在其中查看該網路廣播的補充圖表。我們感謝您的時間和對公司的興趣，我們期待在下個季度再次與您交談。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，感謝您的參與。今天的活動到此結束。此時您可以斷開線路，度過美好的一天。