3D Systems Corp (DDD) 2021 Q4 法說會逐字稿

Hello, and welcome to the 3D Systems Q4 2021 Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to John Nypaver, Treasurer and Investor Relations. Please go ahead, sir.

您好，歡迎來到 3D Systems 2021 年第四季度電話會議和網絡直播。 （操作員說明）作為提醒，本次會議正在錄製中。現在，我很高興將電話轉給財務主管和投資者關係部的 John Nypaver。請繼續，先生。

Thank you, Kevin. Good afternoon, and welcome to 3D Systems conference call. With me on the call are Dr. Jeffrey Graves, our President and Executive Officer; Jagtar Narula, Executive Vice President and Chief Financial Officer; and Andrew Johnson, Executive Vice President and Chief Legal Officer.

謝謝你，凱文。下午好，歡迎來到 3D Systems 電話會議。與我通話的還有我們的總裁兼執行官 Jeffrey Graves 博士； Jagtar Narula，執行副總裁兼首席財務官；執行副總裁兼首席法務官 Andrew Johnson。

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

本次電話會議的網絡廣播部分包含我們將在電話會議期間參考的幻燈片演示。那些希望訪問本演示文稿幻燈片部分的電話關注者可以訪問我們網站的投資者關係部分。對於那些訪問了網絡廣播的流媒體部分的人，請注意可能會有幾秒鐘的延遲，並且您將無法通過網絡發布問題。

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 today'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.

以下討論和對您問題的回答僅反映了管理層截至今天的觀點，並將包括本幻燈片所述的前瞻性陳述。實際結果可能大不相同。有關可能影響我們財務業績的因素的其他信息包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最近的 10-K 表格年度報告和 10-Q 表格季度報告。

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.

在本次電話會議中，我們將討論某些非公認會計準則財務措施。在我們的新聞稿和本網絡廣播隨附的幻燈片中，您可以在我們的投資者關係網站上找到有關這些非公認會計原則措施的更多披露，包括這些措施與可比較的公認會計原則措施的對賬。

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，否則本次電話會議中的所有比較都將與我們在 2020 年可比期間的結果相反。

Now I'm 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首席執行官 Jeff Graves。傑夫?

Thanks, John, and good afternoon, everyone. Before I begin my prepared remarks, let me take a moment for a brief statement regarding the ongoing Russian invasion of Ukraine.

謝謝，約翰，大家下午好。在開始我準備好的發言之前，讓我花一點時間就俄羅斯正在進行的對烏克蘭的入侵做一個簡短的陳述。

Given the clear and unacceptable humanitarian implications of Russia's recent actions, we've elected to immediately suspend all sales to Russia. We're hopeful that the situation will be resolved quickly and peacefully and that the Ukrainian people can move forward as a free country with an elected representative government. Our guidance for 2022 that we provided in our press release this afternoon and that we'll discuss later in this call reflects, to the best of our ability, these risks to our anticipated results this year.

鑑於俄羅斯近期行動的明顯和不可接受的人道主義影響，我們選擇立即暫停對俄羅斯的所有銷售。我們希望局勢能夠迅速和平地得到解決，烏克蘭人民能夠作為一個自由國家和民選代表政府向前邁進。我們在今天下午的新聞稿中提供的 2022 年指導以及我們將在本次電話會議稍後討論的指導，盡我們所能反映了我們今年預期結果的這些風險。

So with that said, let me begin our call today by wishing all of you a happy and healthy new year. As I'm sure you'll agree, 2021 was a year filled with both optimism and challenges. Optimism as we saw the rollout of COVID vaccines that were developed, approved and distributed with astonishing speed, but also significant challenges as new variants emerged, which continue to impact families and businesses alike. Looking ahead, I'm optimistic that 2022 will be a year of meaningful progress as these effects ultimately recede and we see consistent sustainable economic performance once again.

話雖如此，讓我開始今天的通話，祝大家新年快樂，身體健康。我相信你會同意，2021 年是充滿樂觀和挑戰的一年。當我們看到以驚人的速度開發、批准和分發的 COVID 疫苗推出時，我們感到樂觀，但隨著新變種的出現，也面臨重大挑戰，這將繼續影響家庭和企業。展望未來，我樂觀地認為，隨著這些影響最終消退，我們將再次看到持續的可持續經濟表現，2022 年將是取得有意義進展的一年。

In spite of these significant challenges that we faced in 2021, it was, by all measures, a tremendous year of renewal for 3D Systems. What began in May of 2020 as a 4-phased plan to refresh, refocus and transform our company was completed in 2021 with our transition to the final phase, investing for growth. This 18-month journey comprised reorganization into 2 business units, Healthcare and Industrial Solutions, restructuring to gain efficiencies and divesting of noncore assets. We completed all of these efforts while prioritizing the health of our employees and delivering on a dramatic increase in demand for our products and services. I couldn't be prouder of our team's performance, which made 2021 one of the most successful years in our company's history.

儘管我們在 2021 年面臨著這些重大挑戰，但無論如何，對於 3D Systems 來說，這都是巨大的革新之年。 2020 年 5 月開始的四階段計劃以刷新、重新聚焦和轉型我們的公司，並於 2021 年完成，我們過渡到最後階段，即投資增長。這 18 個月的旅程包括重組為 2 個業務部門、醫療保健和工業解決方案、重組以提高效率和剝離非核心資產。我們完成了所有這些努力，同時優先考慮員工的健康，並實現對我們產品和服務的需求急劇增加。我為我們團隊的表現感到無比自豪，這使 2021 年成為我們公司歷史上最成功的年份之一。

Let me share with you a few key highlights of what our 3D Systems team accomplished over the last year. At the outset of 2021, we as a management team decided that given the momentum that we had achieved as we exited the prior year, that in addition to comparing ourselves to 2020, which was a year severely impacted by COVID, we would also use our 2019 pre-pandemic performance as a primary benchmark for comparison. We set this bar -- this set the bar at a much higher level, one that we felt would be an appropriate challenge for both of our businesses.

讓我與您分享我們 3D Systems 團隊在過去一年中取得的成就的幾個關鍵亮點。在 2021 年初，我們作為一個管理團隊決定，鑑於我們在上一年退出時所取得的勢頭，除了將自己與受 COVID 嚴重影響的 2020 年進行比較之外，我們還將使用我們的2019 年大流行前的表現作為比較的主要基準。我們設定了這個標準——這將標准設定在一個更高的水平，我們認為這對我們的兩個業務來說都是一個適當的挑戰。

As we closed out the year, the results clearly spoke for themselves. When adjusted for divestitures of noncore assets, our results for 2021 not only dwarfed our 2020 performance, but also significantly surpassed 2019 across all key financial metrics from top line growth to profitability and cash flow.

當我們結束這一年時，結果顯然不言自明。在對非核心資產的剝離進行調整後，我們 2021 年的業績不僅使我們 2020 年的業績相形見絀，而且在從收入增長到盈利能力和現金流的所有關鍵財務指標上都顯著超過了 2019 年。

From a balance sheet perspective, our combination of operating performance and sale of noncore assets allowed us to add over $0.5 billion to the balance sheet by the end of our third quarter. We then strengthened our cash position further through a convertible bond offering at an opportunistic time in the fourth quarter, details of which Jagtar will elaborate on in a few moments. This operating performance was delivered in spite of the significant headwinds we experienced from supply chain shortages and logistics issues.

從資產負債表的角度來看，我們的經營業績和非核心資產的銷售相結合，使我們在第三季度末為資產負債表增加了超過 5 億美元。然後，我們在第四季度的機會主義時機通過發行可轉換債券進一步加強了我們的現金頭寸，Jagtar 將在稍後詳細說明。儘管我們遇到了供應鏈短缺和物流問題的重大不利因素，但仍實現了這一經營業績。

As we completed each quarter in 2021 and our trajectory became more apparent, a question that was increasingly asked was how did all this come together so quickly, particularly in the face of the challenges from COVID? Well, the answer is very simple, we rallied our team around our singular core belief that if we focused our energies, we could be the best additive manufacturing solutions company in the world. Everything that distracted us from our singular mission was either stopped, shut down or sold, and we focused our entire efforts on reaching our goal.

隨著我們在 2021 年完成每個季度並且我們的軌跡變得更加明顯，一個越來越多的問題是，這一切是如何如此迅速地結合在一起的，尤其是在面對 COVID 的挑戰時？嗯，答案很簡單，我們圍繞著我們獨特的核心信念團結了我們的團隊，即如果我們集中精力，我們可以成為世界上最好的增材製造解決方案公司。一切讓我們從單一使命中分心的東西要么停止，要么關閉，要么出售，我們將全部精力集中在實現我們的目標上。

This approach resonated strongly with our employees and our customers, and its effectiveness was reflected in our financial results, strong double-digit organic growth, industry-leading profitability and positive cash performance. Our shareholders benefited significantly as well as our share price rose by over 100% for the year, greatly outstripping our public company and industry competitors. By staying committed to this approach and supporting it with a sound investment strategy, I believe this singular passionate focus will continue to serve us very well in the years ahead, creating significant value for all of our stakeholders.

這種方法引起了我們的員工和客戶的強烈共鳴，其有效性體現在我們的財務業績、強勁的兩位數有機增長、行業領先的盈利能力和積極的現金業績中。我們的股東受益匪淺，我們的股價全年上漲超過 100%，大大超過了我們的上市公司和行業競爭對手。通過堅持這種方法並以合理的投資策略支持它，我相信這種獨特的熱情關注將在未來幾年繼續為我們提供良好的服務，為我們所有的利益相關者創造巨大的價值。

One less obvious, but extremely important benefit to this performance has been our ability to increasingly attract key talent to our organization. Just as in sports, everyone wants to be part of a winning team and to be recognized for the unique value they bring to the game. Like the market itself, talented individuals are able to distinguish between companies that offer promises of future success versus those that deliver on their promises each day.

這一表現的一個不太明顯但極其重要的好處是我們能夠越來越多地吸引關鍵人才加入我們的組織。就像在體育運動中一樣，每個人都想成為一支獲胜球隊的一員，並因其為比賽帶來的獨特價值而獲得認可。就像市場本身一樣，有才能的人能夠區分那些承諾未來成功的公司和那些每天都兌現承諾的公司。

Perhaps the most visible public examples of our organizational success in 2021 was the hiring of a new Chief Technology Officer and a new Chief Scientist for additive manufacturing, both of whom came with outstanding industry experience and credentials. However, equally exciting to me has been the influx of outstanding young engineers and other professionals who bring with them talent, unbridled enthusiasm, diversity and exceptional creativity.

也許我們在 2021 年組織成功的最明顯的公開例子是聘請了一位新的首席技術官和一位新的增材製造首席科學家，他們都具有出色的行業經驗和資歷。然而，同樣令我興奮的是優秀的年輕工程師和其他專業人士的湧入，他們帶來了才華、肆無忌憚的熱情、多樣性和非凡的創造力。

One indicator of this success has been our interim program for college students, which we started at the height of COVID in the summer of 2020. Since inception, we've averaged over 100 applicants for every internship position we've created, and these numbers continue to rise each year. The energy and excitement of these young professionals, who represent the future of our business, is absolutely contagious, and their impact is being felt throughout our company. In these challenging times, never has the need to attract the best talent been more important, and I'm extremely pleased with our progress in this area.

這一成功的一個指標是我們的大學生臨時計劃，我們在 2020 年夏天 COVID 高峰期開始了該計劃。自成立以來，我們創建的每個實習職位平均有 100 多名申請者，這些數字每年繼續上漲。這些代表我們業務未來的年輕專業人士的活力和激情絕對具有感染力，他們的影響力在我們整個公司都能感受到。在這個充滿挑戰的時代，吸引最優秀人才的需求從未像現在這樣重要，我對我們在這一領域取得的進展感到非常高興。

As we completed our divestitures late in the year and continue to gain momentum in the market, we turned our attention increasingly to investing for growth. We first prioritized our internal investments in R&D and infrastructure, firming up our new product plans and priorities. Our efforts bore fruit in the fourth quarter with the release of the -- of 3 new powder bed printing systems, including our SLS 380 polymer-based system as well as our DMP Flex 200 and DMP 350 Dual metal-based printers, the latter of which is a dual-laser version of our top-selling single-laser system.

隨著我們在今年晚些時候完成資產剝離並繼續在市場上獲得動力，我們將注意力越來越多地轉向投資增長。我們首先優先考慮在研發和基礎設施方面的內部投資，確定我們的新產品計劃和優先事項。我們的努力在第四季度取得了成果，發布了 3 款新的粉末床打印系統，包括基於聚合物的 SLS 380 系統以及基於 DMP Flex 200 和 DMP 350 Dual 金屬的打印機，後者是這是我們最暢銷的單激光系統的雙激光版本。

The increased productivity that our dual-laser system delivers is already expanding our market opportunities, particularly in health care business, where productivity benefits to medical device customers has proved compelling.

我們的雙激光系統提供的更高的生產力已經擴大了我們的市場機會，特別是在醫療保健業務中，醫療設備客戶的生產力優勢已被證明是引人注目的。

In addition to these new printing systems, in 2021, we released the largest number of new material offerings in our company's history. These materials span all of our polymer technology platforms and address key application needs such as those requiring precision surface finishes, fire retardancy and improved strength and toughness characteristics. This expertise in polymeric materials technology is a key differentiator for our company in the marketplace and an important sustainable competitive advantage.

除了這些新的打印系統之外，2021 年，我們還發布了公司歷史上數量最多的新材料產品。這些材料涵蓋了我們所有的聚合物技術平台，可滿足關鍵應用需求，例如需要精密表面光潔度、阻燃性以及提高強度和韌性特性的應用。這種在聚合材料技術方面的專業知識是我們公司在市場上的關鍵差異化因素，也是重要的可持續競爭優勢。

Given the exciting lineup we have ahead for all of our product lines and our rapidly growing demand outlook, we've decided to incrementally increase our R&D commitment for 2022 in order to bring these products to market at regular intervals over the next year. We look forward to sharing highlights of our new product introductions with you in the months ahead.

鑑於我們所有產品線的令人興奮的陣容以及我們快速增長的需求前景，我們決定逐步增加我們對 2022 年的研發承諾，以便在明年定期將這些產品推向市場。我們期待在未來幾個月與您分享我們新產品介紹的亮點。

In addition to our new hardware introductions, customer feedback over the last year made it very clear that software will play an increasingly important role in the move of 3D printing from the laboratory into factory production environments. While for many years, we've had very strong software offerings to control and optimize the print process itself, production-focused customers have now clearly identified the need for a software system that can control entire fleet of printers regardless of the manufacturer as well as an array of post-print inspection and in-line automation processes spanning from raw material to finished parts.

除了我們推出的新硬件之外，去年的客戶反饋清楚地表明，軟件將在 3D 打印從實驗室轉移到工廠生產環境中發揮越來越重要的作用。多年來，我們提供了非常強大的軟件產品來控制和優化打印過程本身，但以生產為中心的客戶現在已經清楚地確定了對能夠控制整個打印機群的軟件系統的需求，無論製造商如何，以及從原材料到成品的一系列印後檢測和在線自動化流程。

An additional challenge is the need to be fully compatible with existing enterprise systems such as SAP, Oracle, Microsoft and Salesforce in order to minimize factory disruption and costly upgrades as production additive workflows are introduced. In short, in order to be successful at scale in a factory environment, our customers need a cloud-based manufacturing operating system that could optimize and manage the entire workflow, applying native AI and leveraging machine intelligence to maximize component quality and throughput.

另一個挑戰是需要與現有的企業系統（如 SAP、Oracle、Microsoft 和 Salesforce）完全兼容，以便在引入生產增材工作流程時最大限度地減少工廠中斷和成本高昂的升級。簡而言之，為了在工廠環境中大規模取得成功，我們的客戶需要一個基於雲的製造操作系統，該系統可以優化和管理整個工作流程，應用原生人工智能並利用機器智能來最大限度地提高組件質量和吞吐量。

To meet this challenge, in 2021, we significantly strengthened our software portfolio with the acquisitions of Additive Works, which brings real-time process simulation to optimize the printing of new components and production; and Oqton, a unique and versatile cloud-based manufacturing operating system that meets all of the key requirements articulated by our customers.

為應對這一挑戰，我們在 2021 年通過收購 Additive Works 顯著加強了我們的軟件組合，它帶來了實時過程模擬來優化新組件的打印和生產；和 Oqton，這是一個獨特且多功能的基於雲的製造操作系統，可滿足客戶提出的所有關鍵要求。

We believe the Oqton system will not only benefit the adoption of our company's solutions, but could dramatically expand the adoption of additive manufacturing for all companies in our industry. For this reason, we've opened our Oqton software suite, which includes our entire legacy software portfolio as optional add-ons, to the entire additive industry as well as our collective customer base. We've been pleased to see numerous equipment suppliers have already announced plans to partner with Oqton, and we look forward to the growth we believe it will enable.

我們相信 Oqton 系統不僅有利於我們公司解決方案的採用，而且可以極大地擴大我們行業所有公司對增材製造的採用。出於這個原因，我們向整個增材行業以及我們的集體客戶群開放了我們的 Oqton 軟件套件，其中包括我們作為可選附件的整個傳統軟件組合。我們很高興看到許多設備供應商已經宣布了與 Oqton 合作的計劃，我們期待著我們相信它將實現的增長。

In addition to software in 2021, we also expanded in exciting new markets through the acquisition of Volumetric and Allevi in the regenerative medicine space. These 2 acquisitions leverage breakthroughs that we've made in the printing of biomaterials as a part of a multiyear development effort with United Therapeutics, the goal of which is to ultimately manufacture an unlimited supply of human organs for transplantation, beginning with the human lung to meet the needs of critically ill patients around the world.

除了 2021 年的軟件外，我們還通過收購再生醫學領域的 Volumetric 和 Allevi 擴展了令人興奮的新市場。這兩項收購利用了我們在生物材料印刷方面取得的突破，作為與 United Therapeutics 多年開發工作的一部分，其目標是最終製造無限供應的用於移植的人體器官，從人肺開始到滿足全球重症患者的需求。

This expansion into 3D printing technology for biologics is an important long-term growth plan for the company that I've spoken about extensively in past quarters, so I'll limit the time today. But suffice it to say that I'll look forward to updating you on our progress in this incredible area of development in the future.

這種向生物製劑 3D 打印技術的擴展是我在過去幾個季度廣泛談論的公司的一項重要的長期增長計劃，所以我今天將限制時間。但我只想說，我期待在未來向您介紹我們在這個令人難以置信的發展領域取得的進展。

Altogether, our 4 acquisitions completed in 2021 supported our strategic focus by adding technologies that complement our core strength in additive manufacturing, bringing these capabilities to new and exciting markets, which we believe will continue fueling our growth and profitability well into the future. By the end of 2021, with these acquisitions having closed, we exited with roughly $800 million in cash on our balance sheet for the future.

總而言之，我們在 2021 年完成的 4 項收購通過添加技術來補充我們在增材製造方面的核心優勢，將這些能力帶入令人興奮的新市場，從而支持我們的戰略重點，我們相信這將在未來繼續推動我們的增長和盈利能力。到 2021 年底，隨著這些收購的完成，我們在未來的資產負債表上以大約 8 億美元的現金退出。

Before we turn to our plan for 2022, I'll take a minute to comment on the unique foundation that creates our leadership position in the additive manufacturing industry. In short, we're a full solution provider, meaning that we bring together the industry's broadest set of metal and polymer printing technologies, hundreds of unique materials and industry-leading software platforms, using our exceptional applications expertise to deliver production-ready solutions for industrial and health care customers around the world.

在我們轉向 2022 年計劃之前，我將花一點時間來評論一下創造我們在增材製造行業領先地位的獨特基礎。簡而言之，我們是一家完整的解決方案提供商，這意味著我們匯集了業界最廣泛的金屬和聚合物打印技術、數百種獨特的材料和行業領先的軟件平台，利用我們卓越的應用專業知識為以下產品提供生產就緒的解決方案世界各地的工業和醫療保健客戶。

The effectiveness of this approach has proven itself over time through the installation of hundreds of production printing systems across countless factory sites around the world. This scale has a tremendous advantage, not only increasing our operating efficiencies, but also in providing critical ongoing customer application support as well as 24/7 service to our customers, no matter where they're located, over the life of their investments.

隨著時間的推移，這種方法的有效性已經通過在全球無數工廠安裝數百個生產打印系統得到證明。這種規模具有巨大的優勢，不僅提高了我們的運營效率，而且在我們的客戶的投資生命週期內，無論他們身在何處，都可以為他們提供關鍵的持續客戶應用支持和 24/7 全天候服務。

We're proud to say that our installed base currently prints over 700,000 parts per day, which is more than the rest of the industry combined. This production experience is invaluable in providing the feedback needed for us to adapt to the ever-changing needs of our customers in this volatile, but exciting time.

我們很自豪地說，我們的安裝基地目前每天打印超過 700,000 個零件，比其他行業的總和還要多。這種生產經驗對於我們在這個動盪但令人興奮的時刻為我們適應客戶不斷變化的需求提供所需的反饋非常寶貴。

And lastly, we continue to innovate, invest and grow our business, all while tightly managing our financial performance. For customers moving to additive manufacturing is a very strategic decision. Any customer investing significant capital and fleet of hardware to adopt additive manufacturing at a production scale wants to know that their partner is financially sound and has the scale, capability and commitment to support them wherever they operate over the immediate and the long term.

最後，我們繼續創新、投資和發展我們的業務，同時嚴格管理我們的財務業績。對於客戶而言，轉向增材製造是一項非常具有戰略意義的決定。任何投入大量資金和硬件以在生產規模上採用增材製造的客戶都想知道他們的合作夥伴財務狀況良好，並且有規模、能力和承諾支持他們在短期和長期運營的任何地方。

Our combination of scale, expertise and financial profile is the best in the industry, inspiring the confidence of our customers as they balance their growth opportunities with the ever-present risks that we all face in this complicated global economy. Simply put, we're increasingly the partner of choice for companies ready to make significant long-term investments in additive manufacturing.

我們在規模、專業知識和財務狀況方面的結合是業內最好的，在客戶平衡增長機會與我們在這個複雜的全球經濟中面臨的始終存在的風險時，他們激發了客戶的信心。簡而言之，我們越來越成為準備對增材製造進行重大長期投資的公司的首選合作夥伴。

So where do we go from here? Well, first and foremost, we continue to run a disciplined business, balancing our short- and long-term performance and making prudent investments for the future. Given our operating momentum, our demand outlook and our financial strength, we continue to look for investments that will enhance our customers' capability to adopt additive manufacturing, while delivering strong returns for our shareholders.

那麼，我們該何去何從？嗯，首先，我們繼續經營有紀律的業務，平衡我們的短期和長期業績，並為未來進行審慎的投資。鑑於我們的經營勢頭、需求前景和財務實力，我們將繼續尋找能夠提高客戶採用增材製造能力的投資，同時為我們的股東帶來豐厚的回報。

This has led us to 2 additional acquisitions, which we announced last week, each of which bring us a new unique technology for our Industrial and Healthcare businesses. The companies are called Titan Robotics and Kumovis, and I'd like to spend a few minutes discussing each.

這導致我們進行了 2 次額外的收購，我們上周宣布了這些收購，每一次收購都為我們的工業和醫療保健業務帶來了一項新的獨特技術。這兩家公司分別稱為 Titan Robotics 和 Kumovis，我想花幾分鐘時間分別討論一下。

Titan Robotics based in Colorado is the market leader in 3D printing systems using pellet-based extrusion. This technology addresses critical customer applications requiring large build volumes, superior performance and improved productivity at significantly lower cost. Through Titan, we can now provide solutions to new applications in markets such as foundries, consumer goods, service bureaus, transportation and motorsports and aerospace and defense and general manufacturing.

位於科羅拉多州的 Titan Robotics 是使用基於顆粒擠出的 3D 打印系統的市場領導者。該技術解決了需要大量構建、卓越性能和以顯著降低的成本提高生產力的關鍵客戶應用。通過 Titan，我們現在可以為鑄造廠、消費品、服務機構、運輸和賽車運動以及航空航天、國防和一般製造等市場的新應用提供解決方案。

Like 3D systems, Titan takes a solution-based approach with customers, working to ensure they provide the best product to address the customers' application. They are the only manufacturer offering hybrid tool head configurations that include any combination of pellet extrusion, filament extrusion and spindle tool heads for component finishing. This unique capability gives customers the flexibility to choose the best production printer configuration to meet their specific application needs, with the selective use of pellet-based polymers providing a significant cost advantage over filament-based systems.

與 3D 系統一樣，Titan 對客戶採取基於解決方案的方法，努力確保他們提供最好的產品來滿足客戶的應用需求。他們是唯一一家提供混合工具頭配置的製造商，該配置包括用於部件精加工的顆粒擠出、長絲擠出和主軸工具頭的任意組合。這種獨特的功能使客戶可以靈活地選擇最佳的生產打印機配置以滿足他們的特定應用需求，選擇性使用基於顆粒的聚合物提供了比基於長絲的系統顯著的成本優勢。

With an open system architecture, a Titan printer has available to it hundreds of standard polymer formulations, allowing customers to not only select the ideal material for their application, but also realize potential cost savings of up to 75% versus traditional filament extrusion. With Titan's technology and our go-to-market reach as well as the combination of Titan's engineers and our applications group, we're confident we can rapidly expand into the extrusion marketplace for our Industrial business.

憑藉開放式系統架構，Titan 打印機可以使用數百種標準聚合物配方，讓客戶不僅可以為其應用選擇理想的材料，而且與傳統的長絲擠出相比，還可以節省高達 75% 的潛在成本。憑藉 Titan 的技術和我們的市場影響力，以及 Titan 工程師和我們的應用團隊的結合，我們有信心可以迅速擴展到工業業務的擠壓市場。

Moving next to Kumovis. They are a very special engineering company headquartered in Munich, Germany, with a strong focus on the development and commercialization of a unique 3D printing system for use with medical-quality PEEK materials. PEEK, which stands for polyether ether ketone, is a high-performance polymer material that's approved for use in the human body for orthopedic applications. It simulates the properties of human bone very effectively. To date, PEEK has been fabricated for these applications using slow, expensive and wasteful machining techniques, which have limited its usage in medical implants.

搬到庫莫維斯旁邊。他們是一家非常特殊的工程公司，總部位於德國慕尼黑，專注於開發和商業化用於醫療質量 PEEK 材料的獨特 3D 打印系統。 PEEK 代表聚醚醚酮，是一種高性能聚合物材料，已獲准用於人體骨科應用。它非常有效地模擬了人體骨骼的特性。迄今為止，PEEK 已使用緩慢、昂貴和浪費的加工技術為這些應用製造，這限制了其在醫療植入物中的使用。

The Kumovis 3D printing technology is unique, allowing high-volume, cost-effective manufacture of custom medical implants. This acquisition is a perfect fit with our current health care business and will allow us to expand from our historical leadership in titanium orthopedic implants to now offer customers a choice between titanium and PEEK polymeric solutions, each of which have their own specific use cases.

Kumovis 3D 打印技術是獨一無二的，可以大批量、經濟高效地製造定制醫療植入物。此次收購與我們目前的醫療保健業務完美契合，將使我們能夠從我們在鈦骨科植入物方面的歷史領先地位擴展到現在為客戶提供鈦和 PEEK 聚合物解決方案之間的選擇，每種解決方案都有自己的特定用例。

Integrating Kumovis into our healthcare business will drive growth in 3 principal areas. The first is craniomaxillofacial reconstruction, which has been a cornerstone of 3D Systems Healthcare for many years and one in which we're the dominant player for titanium solutions today. Having the unique Kumovis printing capability will allow us to expand our virtual surgical planning portfolio to include PEEK implants in addition to surgical instrumentation and on anatomical models.

將 Kumovis 整合到我們的醫療保健業務中將推動三個主要領域的增長。第一個是顱頜面重建，它多年來一直是 3D Systems Healthcare 的基石，我們是當今鈦解決方案的主要參與者。擁有獨特的 Kumovis 打印能力將使我們能夠擴展我們的虛擬手術計劃組合，除了手術器械和解剖模型外，還包括 PEEK 植入物。

The second application area is spinal cages, where 3D Systems is a leader in the development, production and sale of both implanted titanium components and complete printing systems for in-house OEM medical production. Kumovis expands the material options for customers in this key product line, enhancing patient experience by allowing us to provide the best solution custom-tailored for each patient.

第二個應用領域是脊柱籠，3D Systems 是開發、生產和銷售植入式鈦組件和用於內部 OEM 醫療生產的完整打印系統的領導者。 Kumovis 在這一關鍵產品線中為客戶擴展了材料選擇，通過允許我們為每位患者提供量身定制的最佳解決方案來增強患者體驗。

And third, bone plates for trauma patients. Kumovis is developing a carbon fiber-reinforced PEEK process for bone plate applications for patients suffering from severe trauma and fractures. In addition to mass-produced custom patient solutions, Kumovis has also developed a unique self-contained clean room printing system, which opens new opportunities for 3D Systems to expand our point-of-care market segment for trauma patients, where printing capability is provided locally within the hospital or even within the surgical suite itself.

第三，用於創傷患者的骨板。 Kumovis 正在開發一種碳纖維增強型 PEEK 工藝，用於嚴重創傷和骨折患者的骨板應用。除了批量生產的定制患者解決方案外，Kumovis 還開發了一種獨特的獨立式潔淨室打印系統，這為 3D Systems 拓展了我們的創傷患者護理點市場領域提供了新的機會，其中提供了打印能力在醫院內或什至在手術室本身內。

These applications offer perfect complements to the point-of-care work we're doing today with large medical institutions such as the VA hospital system. We believe the point-of-care printing for customer patient solutions will be an increasingly exciting market in the years ahead and one for which we're a clear leader. When taken in total, we believe the Kumovis market opportunity is measured in hundreds of millions of dollars, and the synergies with our current offerings and infrastructure are outstanding.

這些應用程序為我們今天與 VA 醫院系統等大型醫療機構所做的即時護理工作提供了完美的補充。我們相信，面向客戶患者解決方案的即時打印將在未來幾年成為一個越來越令人興奮的市場，我們顯然是其中的領導者。總的來說，我們認為 Kumovis 的市場機會以數億美元計算，並且與我們當前的產品和基礎設施的協同作用非常出色。

Given the FDA approvals that are already in place for PEEK materials in human applications, we expect regulatory clearance for printed PEEK components to be granted later this year and that this technology will contribute in a meaning way to our health care business in the years to follow.

鑑於 FDA 已經批准用於人體應用的 PEEK 材料，我們預計印刷 PEEK 組件的監管許可將在今年晚些時候獲得批准，並且這項技術將在未來幾年為我們的醫療保健業務做出有意義的貢獻.

So in summary, with our tremendous progress over the last 18 months, our continued strong momentum, our breadth of technology combined with our clear application leadership and the benefits of scale as one of the largest pure-play additive manufacturing companies, we entered 2022 with a great deal of optimism. This optimism is not only for 3D systems, but for the additive manufacturing industry as a whole. As new production opportunities open each day, we firmly believe that additive manufacturing adoption and production settings will continue to grow at an exciting pace, and we're confident that we will help lead this transformation.

總而言之，憑藉我們在過去 18 個月中取得的巨大進步、我們持續強勁的發展勢頭、我們廣泛的技術以及我們明確的應用領先地位以及作為最大的純增材製造公司之一的規模優勢，我們進入了 2022 年非常樂觀。這種樂觀不僅適用於 3D 系統，也適用於整個增材製造行業。隨著每天都有新的生產機會出現，我們堅信增材製造的採用和生產設置將繼續以令人興奮的速度增長，我們相信我們將幫助引領這一轉型。

Our value proposition is simple. We offer the strongest and most complete portfolio of additive manufacturing technologies brought together with the most knowledgeable and creative engineering teams to solve the most valuable application needs of our customers. We do so by combining a belief in financial discipline with an overlay of strategic perspective to guide our continued investments for the future. As we look forward, we see a growing industry and a tremendous potential to serve our customers.

我們的價值主張很簡單。我們提供最強大、最完整的增材製造技術組合，並與知識最淵博、最具創造力的工程團隊一起解決客戶最有價值的應用需求。為此，我們將對金融紀律的信念與戰略視角的疊加相結合，以指導我們對未來的持續投資。展望未來，我們看到了一個不斷發展的行業以及為我們的客戶服務的巨大潛力。

For us, 2022 will be a year of exciting growth and investment as we continue to strengthen the company for the future. Our investments will continue as they have over the last year, including adding industry-specific application expertise, back-office infrastructure, and this is important, the foundational technologies that enable the value we bring to our customers.

對我們來說，2022 年將是令人興奮的增長和投資的一年，因為我們將繼續加強公司的未來發展。我們的投資將像去年一樣繼續進行，包括增加行業特定的應用程序專業知識、後台基礎設施，這很重要，基礎技術使我們能夠為客戶帶來價值。

Specifically, we'd expect that over the next 18 months, we will refresh our entire lineup of metal and polymer hardware platforms while continuing to release record numbers of new materials and improvements to our software products offered through Oqton. In partnership with United Therapeutics, we will make substantive progress in our regenerative medicine efforts, creating what we believe will be significant value in the years ahead.

具體來說，我們預計在接下來的 18 個月內，我們將更新我們的整個金屬和聚合物硬件平台系列，同時繼續發布創紀錄數量的新材料並改進我們通過 Oqton 提供的軟件產品。與 United Therapeutics 合作，我們將在再生醫學方面取得實質性進展，創造我們認為在未來幾年將具有重大價值的東西。

We recognize that bureaucracy is an impediment to growth. So we're committed to remain a lean and nimble organization that challenges itself to execute flawlessly, introducing new products on an almost continuous basis while reducing manufacturing costs and maintaining industry-leading quality.

我們認識到官僚主義是增長的障礙。因此，我們致力於保持精益靈活的組織，挑戰自我以完美執行，幾乎連續推出新產品，同時降低製造成本並保持行業領先的質量。

Growing adoption of our technology into customer production applications will drive high-margin, post-install recurring revenue streams via consumable materials, software and services. In the coming years, we're confident that this focused approach and simple business model will result in consistent year-over-year double-digit organic growth with expanding gross margins, our goal of which is to exceed 50% over time.

我們的技術越來越多地應用於客戶生產應用程序中，將通過消耗材料、軟件和服務推動高利潤、安裝後的經常性收入流。在未來幾年，我們相信這種專注的方法和簡單的商業模式將帶來持續的同比兩位數有機增長和不斷擴大的毛利率，我們的目標是隨著時間的推移超過 50%。

With 3D systems at the forefront and driving adoption of additive manufacturing, we'll continue to transform existing industries within health care and industrial markets as well as creating entirely new markets such as regenerative medicine.

隨著 3D 系統處於最前沿並推動增材製造的採用，我們將繼續改變醫療保健和工業市場中的現有行業，並創造全新的市場，例如再生醫學。

With that, let me turn the call over to Jagtar who will now describe our fourth quarter and full year financial results in more detail. Jagtar?

有了這個，讓我把電話轉給 Jagtar，他現在將更詳細地描述我們第四季度和全年的財務業績。捷豹？

Thanks, Jeff. Good afternoon, everyone. As Jeff said, 2021 was a tremendous year. Our teams worked extremely hard and delivered outstanding results, which I'm pleased to share with you today. I'll begin the discussion with full year 2021 numbers, starting with revenue.

謝謝，傑夫。大家下午好。正如傑夫所說，2021 年是豐收的一年。我們的團隊非常努力，取得了出色的成績，今天很高興與大家分享。我將從 2021 年全年數字開始討論，從收入開始。

Revenue for 2021 was $615.6 million, an increase of 10.5% compared to the prior year. This increase occurred despite the divestiture of our portfolio of noncore businesses. When adjusted for those divestitures, 2021 revenue increased 31.8% as compared to 2020, and versus pre-pandemic 2019, revenue increased 16.9%. This impressive performance against both 2020 and 2019 validates the transformation efforts we have guided the company through and upon which our team has executed over the past several quarters.

2021 年的收入為 6.156 億美元，比上年增長 10.5%。儘管剝離了我們的非核心業務組合，但仍出現了這種增長。對這些資產剝離進行調整後，2021 年的收入與 2020 年相比增長了 31.8%，與 2019 年大流行前相比，收入增長了 16.9%。與 2020 年和 2019 年相比，這一令人印象深刻的表現驗證了我們在過去幾個季度中指導公司完成的轉型工作以及我們的團隊所執行的轉型工作。

Our strategy of providing additive manufacturing solutions for industrial and health care customers, utilizing a broad portfolio of hardware, materials and software solutions, combined with applications expertise, is delivering consistent, strong double-digit revenue growth.

我們為工業和醫療保健客戶提供增材製造解決方案的戰略，利用廣泛的硬件、材料和軟件解決方案組合，結合應用專業知識，實現了持續、強勁的兩位數收入增長。

Gross profit margin for 2021 was 42.8% compared to 40.1% in the prior year. Non-GAAP gross profit margin was 43% compared to 42.6% in the prior year. Gross profit margin increased primarily as a result of prior year nonrecurring write-downs related to equipment and inventory.

2021 年的毛利率為 42.8%，而去年為 40.1%。非美國通用會計準則毛利率為 43%，而去年為 42.6%。毛利率增加主要是由於上一年與設備和存貨相關的非經常性減記。

Operating expenses for 2021 on a GAAP basis decreased 13.3% to $296.8 million compared to the prior year. On a non-GAAP basis, operating expenses were $214.7 million, a 9.4% decrease from the prior year. The lower non-GAAP operating expenses are primarily a result of restructuring efforts done in late 2020 and businesses divested as part of the company's strategic plan.

按公認會計原則計算的 2021 年運營費用比上年下降 13.3% 至 2.968 億美元。按非公認會計原則計算，運營費用為 2.147 億美元，比上年下降 9.4%。非公認會計原則運營費用較低主要是由於 2020 年底進行的重組工作以及作為公司戰略計劃的一部分而剝離的業務。

We had GAAP earnings per share of $2.55 for 2021 compared to a GAAP loss per share of $1.27 in 2020. The increase was primarily due to the gains recognized on businesses divested during 2021. Our non-GAAP earnings per share for 2021 was $0.45 compared to non-GAAP loss per share of $0.11 in 2020. This increase was primarily due to our higher revenue combined with the lower operating expenses talked about earlier.

我們 2021 年的 GAAP 每股收益為 2.55 美元，而 2020 年的 GAAP 每股虧損為 1.27 美元。這一增長主要是由於 2021 年剝離業務確認的收益。我們 2021 年的非 GAAP 每股收益為 0.45 美元2020 年非 GAAP 每股虧損 0.11 美元。這一增長主要是由於我們的收入增加以及之前談到的較低的運營費用。

Now we'll turn to fourth quarter results. For the fourth quarter, we generated revenue of $150.9 million, a decrease of 12.6% compared to the fourth quarter of 2020. The decrease is a result of the aforementioned divestitures. When adjusted for divestitures, we saw strong double-digit growth of 13.1% versus Q4 2020, a 10.4% increase over Q3 2021, and impressively, a 21.9% increase versus pre-pandemic Q4 2019. We are seeing great demand in both Healthcare and Industrial segments that are driving this consistent growth in our core business, which I'll speak to in more detail shortly.

現在我們將轉向第四季度的業績。第四季度，我們創造了 1.509 億美元的收入，與 2020 年第四季度相比下降了 12.6%。下降是上述剝離的結果。對資產剝離進行調整後，我們看到與 2020 年第四季度相比實現了 13.1% 的強勁兩位數增長，比 2021 年第三季度增長 10.4%，令人印象深刻的是，與大流行前的 2019 年第四季度相比增長了 21.9%。我們看到醫療保健和推動我們核心業務持續增長的工業領域，我將在稍後詳細介紹。

In the fourth quarter, we had GAAP loss per share of $0.05 compared to GAAP loss per share of $0.16 in the fourth quarter of 2020. Non-GAAP earnings per share was $0.09, flat to non-GAAP earnings per share of $0.09 in the fourth quarter of 2020.

在第四季度，我們的 GAAP 每股虧損為 0.05 美元，而 2020 年第四季度的 GAAP 每股虧損為 0.16 美元。非 GAAP 每股收益為 0.09 美元，與第四季度的非 GAAP 每股收益 0.09 美元持平2020 年第四季度。

As I mentioned earlier, our revenue growth is being driven by strong demand in both Healthcare and Industrial segments. On a full year basis, adjusted for divestitures, revenue in 2021 for Healthcare increased 40.1% and Industrial increased by 24.4% as compared to 2020. The rebound in Industrial began in Q4 of 2020 and has continued through 2021.

正如我之前提到的，我們的收入增長是由醫療保健和工業領域的強勁需求推動的。與 2020 年相比，經資產剝離調整後，2021 年醫療保健業務收入增長 40.1%，工業業務收入增長 24.4%。工業業務的反彈始於 2020 年第四季度，並一直持續到 2021 年。

Industrial revenue in the fourth quarter 2021 outpaced Q4 2020 by 22.2% and Q3 2021 by 12.4% after adjusting for divestitures. In fact, this marks the fourth consecutive quarter of year-over-year organic growth in the Industrial segment. This consistent growth pattern is a result of the strategic investments we have made such as adding crucial application expertise in key Industrial subsegments like aerospace and transportation as well as our focus on materials development to provide customer solutions to complex problems.

在調整資產剝離後，2021 年第四季度的工業收入比 2020 年第四季度和 2021 年第三季度分別高出 22.2% 和 12.4%。事實上，這標誌著工業領域連續第四個季度實現同比有機增長。這種持續的增長模式是我們進行戰略投資的結果，例如在航空航天和運輸等關鍵工業子領域增加關鍵應用專業知識，以及我們專注於材料開發，為客戶提供複雜問題的解決方案。

And perhaps most importantly, we continue to invest in our software platform, which not only enables customers to move from design to successful build faster than ever, but also allows them to literally run their entire manufacturing process with one integrated cloud-based software solution. This will be a key driver in empowering customers to make the transition from traditional to additive manufacturing at an ever-increasing pace. And our investment in Titan Robotics, with their extrusion-based technology, opens up even more opportunities for our industrial business to grow as we enter new markets.

也許最重要的是，我們繼續投資於我們的軟件平台，這不僅使客戶能夠比以往更快地從設計轉向成功構建，而且還允許他們使用一個集成的基於雲的軟件解決方案來運行他們的整個製造過程。這將成為使客戶能夠以越來越快的速度從傳統製造過渡到增材製造的關鍵驅動力。隨著我們進入新市場，我們對 Titan Robotics 的投資及其基於擠壓的技術為我們的工業業務發展開闢了更多機會。

Healthcare growth was broad-based in 2021 from dental to personalized health care and point-of-care services, with dental enjoying a large tailwind from the sale of materials for aligners, crowns and dentures. These subsegments are heavily influenced by patient access to dental and medical offices. 2021 ended with a substantial wave of Omicron cases and a similar pattern to the original COVID wave. Patients were either unable to get appointments or offices were understaffed due to infections, resulting in a reduction in short-term demand for certain elective health care procedures during Q4.

2021 年，醫療保健增長基礎廣泛，從牙科到個性化醫療保健和即時護理服務，牙科從矯正器、牙冠和假牙材料的銷售中受益匪淺。這些細分市場受到患者進入牙科和醫療辦公室的嚴重影響。 2021 年以大量 Omicron 案例和與最初的 COVID 浪潮相似的模式結束。患者要么無法預約，要么辦公室因感染而人手不足，導致第四季度對某些選擇性醫療保健程序的短期需求減少。

As such, we expect material sales to moderate early in 2022 as existing inventory, originally meant for Q4, is consumed during the first half. But demand should remain strong for Healthcare as the backlog of appointments are filled throughout the year. In addition, our investment in Kumovis opens up new markets for us, medical devices. We have a leadership position in this area and are now able to satisfy customer application requests for parts and hardware that require medical-grade polymers like PEEK.

因此，我們預計材料銷售將在 2022 年初放緩，因為原用於第四季度的現有庫存在上半年被消耗。但隨著全年預約的積壓，醫療保健的需求應該會保持強勁。此外，我們對 Kumovis 的投資為我們開闢了新的醫療器械市場。我們在該領域處於領先地位，現在能夠滿足客戶對需要 PEEK 等醫用級聚合物的零件和硬件的應用要求。

Now we turn to gross profit margin. GAAP gross profit margin was 43.9% in the fourth quarter 2021, bringing the full year GAAP gross profit margin to 42.8% as compared to 40.1% for the full year 2020. Non-GAAP gross profit margin in the fourth quarter was 44.1%, bringing the full year non-GAAP gross profit margin to 43% compared to 42.6% for the full year 2020. Gross profit margin and non-GAAP gross profit margin increased in the fourth quarter, primarily as a result of better absorption of supply chain overhead resulting from higher production volumes combined with strong inventory management, resulting in reduced obsolescence.

現在我們轉向毛利率。 2021 年第四季度 GAAP 毛利率為 43.9%，全年 GAAP 毛利率為 42.8%，而 2020 年全年為 40.1%。第四季度非 GAAP 毛利率為 44.1%，帶來全年非美國通用會計準則毛利率為 43%，而 2020 年全年為 42.6%。第四季度毛利率和非美國通用會計準則毛利率增加，主要是由於更好地吸收了供應鏈管理費用導致更高的產量加上強大的庫存管理，從而減少了報廢。

GAAP operating expenses decreased 2.3% to $70.1 million in the fourth quarter of 2021 compared to the same period a year ago. On a non-GAAP basis, operating expenses were $54.3 million, a 6.4% decrease from the same period a year ago, driven primarily by lower SG&A expenses due to restructuring efforts and divestitures.

與去年同期相比，2021 年第四季度 GAAP 運營費用下降 2.3% 至 7010 萬美元。按非公認會計原則計算，運營費用為 5430 萬美元，比去年同期下降 6.4%，主要是由於重組工作和資產剝離導致 SG&A 費用降低。

GAAP operating expenses for the full year 2021 decreased 13.3% to $296.8 million compared to the prior year, primarily as a result of a goodwill impairment charge of $48.3 million and cost optimization charges of $20.1 million that both occurred in 2020. On a non-GAAP basis, operating expenses were $214.7 million in 2021, a 9.4% decrease from the prior year. The lower non-GAAP operating expenses are primarily a result of restructuring efforts done in late 2020 and businesses divested as part of the company's strategic plan.

2021 年全年 GAAP 運營費用較上年下降 13.3% 至 2.968 億美元，主要是由於 2020 年發生的 4830 萬美元商譽減值費用和 2010 萬美元成本優化費用。在此基礎上，2021 年的運營費用為 2.147 億美元，比上年下降 9.4%。非公認會計原則運營費用較低主要是由於 2020 年底進行的重組工作以及作為公司戰略計劃的一部分而剝離的業務。

Adjusted EBITDA, defined as non-GAAP operating profit plus depreciation, was $74.1 million for full year 2021 or 12% of revenue compared to $28.7 million for full year 2020 or 5.2% of revenue. The year-over-year improvement was primarily due to higher revenue in spite of divestitures and lower operating expenses as a result of cost optimization actions and divested businesses.

調整後的 EBITDA（定義為非公認會計準則營業利潤加折舊）在 2021 年全年為 7410 萬美元，佔收入的 12%，而 2020 年全年為 2870 萬美元，佔收入的 5.2%。同比增長的主要原因是儘管進行了資產剝離，但收入增加，以及成本優化行動和剝離業務導致運營費用降低。

Now let's turn to the balance sheet. I will begin by noting that we issued a $460 million 5-year convertible bond in the fourth quarter. We decided to issue this bond after considering the growth potential of our industry and business and the robust investment opportunities that we see going forward. The marketing of our bond met with a very healthy demand, and we were able to issue our bond at a 0% coupon, providing the company with a significant arsenal for investment with very low carrying costs.

現在讓我們轉向資產負債表。我首先要指出的是，我們在第四季度發行了 4.6 億美元的 5 年期可轉換債券。在考慮了我們行業和業務的增長潛力以及我們看到的未來強勁的投資機會後，我們決定發行此債券。我們債券的營銷滿足了非常健康的需求，我們能夠以 0% 的票面利率發行債券，為公司提供了一個重要的投資庫，持有成本非常低。

After completing this bond offering and combined with our previous activities of divesting noncore assets, making strategic organic investments and generating $48.1 million of cash from operations, we ended the year with $789.7 million of cash on hand, an increase of $705.3 million from the beginning of 2021. We believe we are good stewards of investor capital as we manage our cash and evaluate investment options that will drive future growth and profitability.

在完成本次債券發行並結合我們之前剝離非核心資產、進行戰略性有機投資和從運營中產生 4810 萬美元現金的活動後，我們截至年底的手頭現金為 7.897 億美元，比年初增加了 7.053 億美元2021. 我們相信我們是投資者資本的好管家，因為我們管理我們的現金並評估將推動未來增長和盈利能力的投資選擇。

We were excited to have an early opportunity to invest some of our cash as we expand our hardware technology to include 2 extrusion-based platforms through the acquisitions of Titan Robotics and Kumovis. The acquisitions are expected to close in the second quarter. We are very excited about these investments. Both of these acquisitions bring unique capabilities and are well positioned for the industrial and health care applications that they intend to serve. We expect that these acquisitions will add a point or more of organic growth and be accretive to earnings in 2023.

通過收購 Titan Robotics 和 Kumovis，我們將硬件技術擴展到包括 2 個基於擠壓的平台，因此我們很高興能夠儘早有機會投資一些現金。這些收購預計將在第二季度完成。我們對這些投資感到非常興奮。這兩項收購都帶來了獨特的能力，並為他們打算服務的工業和醫療保健應用做好了準備。我們預計這些收購將增加一個點或更多的有機增長，並在 2023 年增加收益。

Going forward, we believe cash from operations, along with a portion of cash on hand, will fund organic growth opportunities. And we will continue to explore a robust M&A pipeline to support our strategy of driving recurring revenue growth and greater adoption of additive manufacturing in both the Industrial and Healthcare segments.

展望未來，我們相信來自運營的現金以及部分手頭現金將為有機增長機會提供資金。我們將繼續探索強大的併購渠道，以支持我們推動經常性收入增長和在工業和醫療保健領域更多地採用增材製造的戰略。

I want to reiterate my view that our revenue growth, strong adjusted EBITDA, cash generation and cash available for investment, sets us apart from others in our industry.

我想重申我的觀點，即我們的收入增長、強勁的調整後 EBITDA、現金產生和可用於投資的現金，使我們在同行業中脫穎而出。

Beginning last year, we provided guidance on full year non-GAAP gross profit margins. This year, we are expanding our guidance to include revenue and non-GAAP operating expenses. We believe these are helpful data points for investors to evaluate our company. For full year 2022, we expect revenue to be within a range of $570 million and $630 million, non-GAAP gross margins to be between 40% and 44% and non-GAAP operating expenses to be between $225 million and $250 million.

從去年開始，我們提供了全年非公認會計原則毛利率的指導。今年，我們正在擴大我們的指導範圍，將收入和非公認會計準則運營費用包括在內。我們相信這些數據點對投資者評估我們公司很有幫助。對於 2022 年全年，我們預計收入將在 5.7 億美元至 6.3 億美元之間，非美國通用會計準則毛利率將在 40% 至 44% 之間，非美國通用會計準則運營費用將在 2.25 億美元至 2.5 億美元之間。

Our revenue guidance reflects our expectation of an expanding additive manufacturing opportunity that will drive demand and, as a result, our continued revenue growth adjusted for divestitures. At the same time, we see demand continuing to expand not just in 2022, but in future years as well. As a result, our operating expense guidance includes our commitment to invest organically in the technology behind our market-leading hardware, materials and software platforms as well as investing in the right talent to continue the successful execution of our strategy.

我們的收入指引反映了我們對擴大增材製造機會的預期，這將推動需求，因此，我們的收入持續增長根據資產剝離進行調整。與此同時，我們看到需求不僅在 2022 年繼續擴大，而且在未來幾年也是如此。因此，我們的運營費用指導包括我們對市場領先的硬件、材料和軟件平台背後的技術進行有機投資的承諾，以及對合適人才的投資以繼續成功執行我們的戰略。

We believe these investments will position the company to continue to lead the additive manufacturing industry with robust market-leading solutions. Our guidance does not include the potential for significant additional macroeconomic events that could negatively impact our business such as COVID-19, geopolitical events or other factors that could further impact either demand or disrupt our supply chain.

我們相信這些投資將使公司以強大的市場領先解決方案繼續引領增材製造行業。我們的指導不包括可能對我們的業務產生負面影響的其他重大宏觀經濟事件，例如 COVID-19、地緣政治事件或其他可能進一步影響需求或擾亂我們供應鏈的因素。

Before we turn the call over for questions, I am thrilled to announce that we have finalized the date and location for our Investor Day event. It will be held in Detroit on May 16 prior to the opening of the RAPID + TCT trade show, a leading additive manufacturing conference. This will be an in-person event, and we are excited to give attendees more details about our strategic vision, including our plans for new products, services and exciting new applications. Invitations will be coming soon. We hope to see you there.

在我們轉交提問之前，我很高興地宣布，我們已經確定了投資者日活動的日期和地點。它將於 5 月 16 日在底特律舉行，在 RAPID + TCT 貿易展開幕前舉行，這是一場領先的增材製造會議。這將是一場面對面的活動，我們很高興向與會者提供有關我們戰略願景的更多詳細信息，包括我們對新產品、服務和令人興奮的新應用程序的計劃。邀請即將到來。我們希望看到你在那裡。

With that, we will open it up to questions. Operator?

有了這個，我們將提出問題。操作員？

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

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

Congrats on the momentum. I have just -- yes, yes, you got it, of course. I have kind of like 1.5 questions. One is going to be super quick, and then one is sort of more like a legitimate one. But of the '22 growth forecast, what -- how are you guys thinking about the organic growth contribution in that forecast? And what's a good way for us to think about it?

祝賀勢頭。我剛剛——是的，是的，你明白了，當然。我有1.5個問題。一個會超級快，然後一個更像是一個合法的。但是在 22 年的增長預測中，你們如何看待該預測中的有機增長貢獻？什麼是我們思考它的好方法？

And then just on the new -- like -- and then what would be the new product contribution in '22? Or what's the best way to think about that? You guys, it seems like, clearly are sort of setting a context for us to expect ongoing new product introductions throughout the portfolio for the next couple of years. And so what's the right way to think about it? Or used a way to think about new product contribution in '22? And so those are my 2 questions.

然後只是關於新的——比如——然後在 22 年新產品的貢獻是什麼？或者考慮這個問題的最佳方式是什麼？看來，你們顯然是在為我們設定一個背景，讓我們期待在接下來的幾年裡，整個產品組合中不斷推出新產品。那麼思考它的正確方法是什麼？還是用一種方式來思考 22 年的新產品貢獻？所以這是我的兩個問題。

Ananda, I'll comment. And Jagtar, if you want to add something, you're welcome, too. So the vast majority of our growth this year will be organic, Ananda. The investments we made late last year and then we've made now with Kumovis and Titan, they'll primarily impact starting in '23. It will be relatively immaterial in '22. And we're -- nicely that we have a very strong demand profile right now. So when we talk about double-digit growth this year, it's virtually all organic. There will be some small contributions from these acquisitions, but most of those will ramp up materially in '23. So that's really what we're positioning ourselves for.

阿難，我來評論。 Jagtar，如果你想添加一些東西，也歡迎你。因此，我們今年的大部分增長將是有機的，阿南達。我們去年年底進行的投資，然後我們現在與 Kumovis 和 Titan 進行了投資，它們將主要影響從 23 年開始。在 22 年它將相對無關緊要。而且我們 - 很高興我們現在有一個非常強勁的需求狀況。因此，當我們談到今年的兩位數增長時，幾乎都是有機的。這些收購將有一些小的貢獻，但其中大部分將在 23 年大幅增加。所以這就是我們定位自己的真正目的。

In terms of new product contributions, we'll talk a lot more about that as we go through the year. We were pleased to launch a few in the fourth quarter of '21. You'll see those increasingly roll out through '22 now and into '23. And by the time we're finished, we'll refresh our entire platform over that period of time. The revenue from that will obviously phase in over time. And again, most of that will be hitting in '23 is what we're thinking. Jagtar, any other color to add?

在新產品的貢獻方面，我們將在這一年中談論更多。我們很高興在 21 年第四季度推出了一些。你會看到這些越來越多地從現在到 22 年推出到 23 年。當我們完成時，我們將在這段時間內刷新我們的整個平台。隨著時間的推移，由此產生的收入顯然會逐步增加。再說一次，我們正在考慮的大部分將在 23 年實現。 Jagtar，還有什麼要添加的顏色嗎？

Yes. The only thing I'd add for you, Ananda, is that if you go to the press release, we did provide a disclosure on revenue, excluding divestitures, of $544 million for 2021. So if you want to see what 2021 will look like now, those divestitures are behind us. And so you can see what that means for year-over-year growth based on our guidance.

是的。阿南達，我唯一要為您補充的是，如果您查看新聞稿，我們確實披露了 2021 年 5.44 億美元的收入（不包括資產剝離）。因此，如果您想看看 2021 年會是什麼樣子現在，這些資產剝離已經過去。因此，您可以根據我們的指導了解這對同比增長意味著什麼。

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

我們今天的下一個問題來自 Craig-Hallum 的 Greg Palm。

Yes. Congrats on the good end to the year here.

是的。恭喜這裡的好年頭。

Thanks, Greg.

謝謝，格雷格。

Starting with gross margin, really good Q4 performance. And I'm just sort of -- what are the assumptions behind the guy knowing that Q4 was sort of the first clean quarter? It looks like the guidance for fiscal '22 is a little bit below what you did in Q4. So just trying to get a little bit more color there.

從毛利率開始，第四季度的表現非常好。而且我只是-知道第四季度是第一個乾淨的季度的人背後的假設是什麼？看起來 '22 財年的指引略低於你在第四季度所做的。所以只是想在那裡獲得更多的顏色。

Yes, we had a great Q4 on gross margin, Greg. As I said during my prepared remarks, right, Q4, we were at higher production levels, which helps us from the perspective of absorption on fixed costs in our supply chain. We did a great job of managing inventory, so didn't have a lot of obsolescence or scrap or other areas. That was the primary 2 drivers of gross margin performance. There was pricing and mix a little bit, but that was less impactful than just good solid execution on the supply chain.

是的，格雷格，我們第四季度的毛利率很好。正如我在準備好的評論中所說，對，第四季度，我們處於更高的生產水平，這從吸收供應鏈固定成本的角度來看有助於我們。我們在庫存管理方面做得很好，所以沒有太多過時、報廢或其他區域。這是毛利率表現的主要兩個驅動因素。有一點定價和混合，但這比供應鏈上良好的可靠執行影響小。

So as we look to '22, we will continue to manage supply chain tightly. But really, gross margins will be impacted a little bit by what's going on kind of geopolitical-wise or economy-wise as we're seeing kind of the supply chain constraints around the world sort of continuing for at least the first half of the year and the rising costs that are resulting.

因此，展望 22 年，我們將繼續嚴密管理供應鏈。但實際上，毛利率會受到地緣政治或經濟方面的影響，因為我們看到全球供應鏈限制至少在今年上半年持續存在以及由此導致的成本上升。

So that's a little bit of the delta as well as kind of production volumes and the extent that we continue to manage the supply chain tightly. So hence the range. We think we did an excellent job executing in Q4. Obviously, we'll continue to manage execution going forward, but that was basically the assumptions that went into the range.

因此，這只是增量的一點點，以及產量的種類以及我們繼續緊密管理供應鏈的程度。因此範圍。我們認為我們在第四季度的執行工作非常出色。顯然，我們將繼續管理未來的執行，但這基本上是進入該範圍的假設。

There's no hidden messages in that at all, Greg. We're just trying to anticipate risk factors around ongoing cost and supply issues for building product and then just the overall unknown between COVID and geopolitics. We just wanted to be, at the beginning of the year here, realistic about risk factors and to factor that into the guidance range.

格雷格，這裡面根本沒有隱藏的信息。我們只是試圖預測圍繞構建產品的持續成本和供應問題的風險因素，然後只是 COVID 和地緣政治之間的整體未知數。我們只是想在今年年初對風險因素保持現實，並將其納入指導範圍。

Totally understandable. Okay. And then in terms of the breakout between segments, Healthcare and Industrial, looks like, specifically in Q4, Industrial was really the standout. I don't know if I missed it, but did you give a dental and a nondental growth for Healthcare?

完全可以理解。好的。然後就醫療保健和工業領域之間的突破而言，特別是在第四季度，工業領域確實是佼佼者。我不知道我是否錯過了，但是您是否為醫療保健提供了牙科和非牙科增長？

We did not. Dental was up, I would say, just eyeballing it, 15%-ish. Nondental was flat to slightly down.

我們沒有。我會說，牙科上升了，只是目測它，15% 左右。 Nondental 持平至略微下降。

Okay. And then just one quick follow-up, Jeff, on your remarks about Russia. I don't think they're a material part of your revenue. But do you have any sort of estimate on the revenue contribution that might be impacted by your decision not to sell into that region?

好的。傑夫，然後就您對俄羅斯的評論進行快速跟進。我不認為它們是您收入的重要組成部分。但是，您對不向該地區銷售的決定可能會影響的收入貢獻有任何估計嗎？

No, it's not -- it's really not a material number, Greg. It's a bit more point of principle and symbolic on our part. But it was a market that we were excited about growing when everything was under control and going well. But with this recent incursion into Ukraine, we just don't want to be supporting them with sales right now. So that's why we've taken this position.

不，它不是——它真的不是一個物質數字，格雷格。這對我們來說更具原則性和象徵意義。但當一切都在掌控之中並且進展順利時，我們對這個市場的增長感到興奮。但隨著最近對烏克蘭的入侵，我們現在只是不想通過銷售來支持他們。所以這就是我們採取這個立場的原因。

Next question today is coming from Troy Jensen from Lake Street Capital.

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

I also want to say congrats on a great quarter and great year.

我還想說祝賀一個偉大的季度和偉大的一年。

Thanks.

謝謝。

Thanks, Troy.

謝謝，特洛伊。

So Jeff, for you, I'm just interested in Titan. Can you help me now, is this a high-temp build envelope? And specifically, can it do alternate material? And then how does it tie-in with Roadrunner?

所以傑夫，對你來說，我只是對泰坦感興趣。你現在能幫我嗎，這是一個高溫構建信封嗎？具體來說，它可以做替代材料嗎？那麼它是如何與 Roadrunner 搭配的呢？

Yes. 2 good questions, Troy. So it is designed for higher-temperature applications as well as room-temperature applications, but it can go to higher temperatures. We'll be extending those. So it is designed to encompass all temp type materials and high-performance materials. What I love about it, Troy, is the high production rates and the cost of the raw material using pelletized materials unique, and it's a significant cost advantage for customers building large parts. So we really like that.

是的。 2 個好問題，特洛伊。因此，它專為高溫應用和室溫應用而設計，但它可以達到更高的溫度。我們將擴展這些。因此，它旨在涵蓋所有臨時材料和高性能材料。 Troy，我喜歡它的地方在於高生產率和使用獨特的顆粒材料的原材料成本，這對於製造大型零件的客戶來說是一個顯著的成本優勢。所以我們真的很喜歡。

It's a starting point on the progress path to the Roadrunner, which is more what we're seeing as the goal of our entire extrusion program, if you will. So we'll factor in both filament now and extrusion technologies as we evolve that next-generation product. So there'll be more about that at Investor Day in May, but that's really laying out our long-term road map for extrusion-based technologies.

這是通往 Roadrunner 發展道路的起點，如果您願意的話，這更像是我們整個擠壓計劃的目標。因此，在我們開發下一代產品時，我們將同時考慮長絲和擠出技術。因此，在 5 月的投資者日會有更多關於此的內容，但這確實為我們制定了基於擠壓技術的長期路線圖。

All right. Perfect. And maybe one for Jagtar. Thank you for the full year guidance here on revenues. Any thoughts or any help on normal seasonality? I mean I always think if Q1 is kind of down 12% -- maybe 12% to 15% sequentially. Q2 is up nicely, Q3 is flattish and then a bigger spike in Q4. But I'd just like to get your thoughts, now that the divestiture is behind us?

好的。完美的。也許還有一個給 Jagtar。感謝您在此處提供有關收入的全年指導。對正常的季節性有任何想法或幫助嗎？我的意思是，我一直認為第一季度是否會下降 12% - 可能會連續下降 12% 到 15%。 Q2 上升良好，Q3 持平，然後在 Q4 出現更大的峰值。但我只是想听聽你的想法，既然資產剝離已經過去了？

Yes. Sure, Troy. I think what you'll see, I think you'll see similar profiles to prior year, excluding 2020, which was a little bit of an anomaly. The one thing I'd point out is that right now, we're more supply-constrained than demand-constrained. Meaning that the issues in supply chains that we've been all reading about have been more the impacting item to revenue for us right now than customer demand.

是的。當然，特洛伊。我想你會看到什麼，我認為你會看到與前一年相似的概況，不包括 2020 年，這有點反常。我要指出的一件事是，現在，我們的供應受限多於需求受限。這意味著我們一直在閱讀的供應鏈問題對我們現在的收入影響更大，而不是客戶需求。

So as a result, I think you'll see seasonality in Q1 a little lighter than normal, not by much, but a little. And hopefully, with supply chain issues getting fixed, as we expect, Q2 and Q3 will be a little bit stronger than normal, then you'll have your normal Q4 ramp.

因此，我認為你會看到第一季度的季節性比正常情況要輕一點，不是很多，而是一點點。希望隨著供應鏈問題得到解決，正如我們預期的那樣，第二季度和第三季度會比正常情況強一點，然後你就會有正常的第四季度增長。

Next question is coming from Brian Drab from William Blair.

下一個問題來自 William Blair 的 Brian Drab。

Did you say -- or can you tell us, since the K is not out, what percentage of sales was in '21 to your largest customer?

你有沒有說過——或者你能告訴我們，因為 K 還沒有出現，21 年你最大的客戶的銷售額百分比是多少？

Yes, it was -- actually, I don't have that number off the top of my head, but it was about 25%.

是的，它是——實際上，我並沒有想到這個數字，但它大約是 25%。

25% for the year?

全年25%？

For the year, yes.

對於這一年，是的。

Okay. And then I think it was Titan, right, is the acquisition that is using an open consumables model. Is that -- I'm just curious, is that something that you've considered exploring for other product lines, the open consumables model? And what sort of margins can you generate with a product line like that relative to your corporate average?

好的。然後我認為是 Titan，對，是使用開放式消耗品模型的收購。是不是——我只是好奇，你是否考慮過探索其他產品線，開放式消耗品模型？相對於您的公司平均水平，您可以通過這樣的產品線產生什麼樣的利潤？

Yes, so good questions, Brian. We want to do what's best for our customers and what will allow them to adopt additive the fastest. And that really varies platform-by-platform. In some cases, it's really difficult to separate the material from the print platform. The process is just so interdependent. And in reality, that would apply all the time. It's just some machines are easier to adapt to standard off-the-shelf materials than others from a processing standpoint for customers. So we want to make sure the customer experience is good.

是的，很好的問題，布賴恩。我們希望為我們的客戶做最好的事情，並讓他們最快地採用添加劑。這確實因平台而異。在某些情況下，很難將材料與打印平台分開。這個過程是如此相互依存。實際上，這將一直適用。從客戶加工的角度來看，只是有些機器比其他機器更容易適應標準的現成材料。因此，我們要確保客戶體驗良好。

If that requires us to go with a fixed set of materials from ourselves, we do that. If not, we open it up to them buying materials from other -- from third parties. So that's one way to look at it is where a machine is versatile, flexible enough to accommodate off-the-shelf materials, we'll make it open. And we'll do that knowing that we can make an acceptable margin on the hardware and, of course, the aftermarket software services, all of that as well. And we can refine our model to tune in a process for a material for a customer if they want to use that with them buying off still off-the-shelf materials for the future.

如果這要求我們使用自己的一套固定材料，我們會這樣做。如果沒有，我們會向他們開放，從第三方購買材料。所以這是看待它的一種方式，即一台機器是多功能的，足夠靈活以容納現成的材料，我們將把它打開。我們會這樣做，因為我們知道我們可以在硬件上獲得可接受的利潤，當然還有售後軟件服務，所有這些也是如此。如果客戶想在未來購買現成的材料，我們可以改進我們的模型，為客戶調整材料的流程。

So I'm not giving you a real crisp answer, Brian. It will vary by platform and over time. But I would tell you, we're looking at it from a very open minded perspective now about what's best for our customer for each platform we sell. And we're also looking at the materials availability. We have a great portfolio of proprietary materials, and we're also looking at how best to take those to market so -- as we think customers broadly will value those materials. So we're looking at both dimensions of the materials question.

所以我不會給你一個真正明確的答案，布賴恩。它會因平台和時間而異。但我要告訴你，我們現在正在從一個非常開放的角度看待它，我們銷售的每個平台對我們的客戶最有利。我們也在研究材料的可用性。我們擁有豐富的專有材料組合，我們也在研究如何最好地將這些材料推向市場——因為我們認為客戶普遍會重視這些材料。因此，我們正在研究材料問題的兩個方面。

Brian, I just double checked that percentage number for the largest customer. It's 21%.

布賴恩，我剛剛再次檢查了最大客戶的百分比數字。是 21%。

21%. Got it.

21%。知道了。

Your next question is coming from Jim Ricchiuti from Needham & Company.

您的下一個問題來自 Needham & Company 的 Jim Ricchiuti。

I just wanted to maybe go through again the gross margin guidance for the year. And it sounds like just some of the puts and takes there, it sounds like, to some extent, you're looking for potentially a little bit of a slower start. That impacts some of the gross margin guidance for the year, coupled with what you just also noted, what we're all hearing about supply chain challenges. And should we assume that, that just picks up as we go through the year?

我只是想再次通過今年的毛利率指導。聽起來只是其中的一些看跌期權，聽起來，在某種程度上，你正在尋找可能有點慢的開始。這影響了今年的一些毛利率指導，再加上你剛剛提到的，我們都聽到的關於供應鏈挑戰的內容。我們是否應該假設，隨著我們一年的過去，這種情況會有所增加？

Yes, that would be a fair assumption, Jim. We know supply chain is challenging right now as we see it. We're seeing shortages of supply for certain parts that we're then having to go through a broker to obtain, which is in some cases resulting in higher costs. So I would expect margins to be -- as I think about the seasonality of marching through the year, I would expect that margins will be a little lower in the beginning of the year. And then as volumes increase and supply chain issues hopefully start to evaporate, the margins will increase over the balance of the year.

是的，這將是一個公平的假設，吉姆。正如我們所見，我們知道供應鏈現在正面臨挑戰。我們看到某些零件供應短缺，然後我們必須通過經紀人才能獲得，這在某些情況下會導致更高的成本。所以我預計利潤率會 - 當我考慮到全年的季節性變化時，我預計今年年初的利潤率會略低。然後，隨著銷量的增加和供應鏈問題有望開始消失，利潤率將在今年餘下時間增加。

Got it. And Jeff, I want to go back to your comment on Oqton and the reception so far since it's been part of 3D Systems. I wonder if you could elaborate on what you're seeing in the market there?

知道了。 Jeff，我想回到您對 Oqton 的評論以及到目前為止的接收情況，因為它是 3D Systems 的一部分。我想知道您能否詳細說明您在市場上看到的情況？

Jim, you broke up on a little bit of that, but you want to know my perspective on the market now that I've been...

吉姆，你分手了一點，但你想知道我對市場的看法，因為我已經...

No, no, I'm sorry. Hopefully, you can hear me okay now. I wanted to go back to the comment you made on Oqton and the reception of some of the other industry players to the acquisition. How satisfied are you on the way this is developing? Sorry about that.

不，不，對不起。希望你現在能聽到我的聲音。我想回到您對 Oqton 的評論以及其他一些行業參與者對此次收購的接待。您對這種發展方式的滿意度如何？對於那個很抱歉。

Yes. I know I'm with you. It's the software question around Oqton, Jim?

是的。我知道我和你在一起。這是圍繞 Oqton 的軟件問題，Jim？

Yes, that's right.

是的，這是對的。

Got you. Got you. Yes. No, I'm pleased, and I understand this industry is still relatively young. There were a lot of emotions involved early on and -- as the industry matures. But my perspective, Jim, coming in the last couple of years is the industry is maturing now. And you've got folks who truly set -- kind of increasingly set a motion aside and look at what's going to drive the adoption of additive most quickly.

得到你。得到你。是的。不，我很高興，而且我知道這個行業還比較年輕。隨著行業的成熟，早期涉及很多情緒。但我的觀點，吉姆，在過去的幾年裡，這個行業現在正在成熟。而且你有真正設置的人 - 越來越多地擱置動議，看看什麼會最快推動添加劑的採用。

So I know I've been very pleased. It's -- we still fight old feelings and things. But more and more, I think across the industry, everybody sees the inroads that additive is making. And whatever opens up those doors faster is good. So as you look at it, the Oqton platform is the best in the industry. And the more that our customers adopt that, the easier everybody will have a chance to sell their technology into the customer base, and it can handle all the platforms.

所以我知道我很高興。這是 - 我們仍然在與舊的感覺和事物作鬥爭。但我認為，在整個行業中，越來越多的人都看到了添加劑正在取得的進展。任何更快地打開這些大門的東西都是好的。所以你看，Oqton 平台是業內最好的。我們的客戶採用的越多，每個人就越容易有機會將他們的技術推銷給客戶群，並且它可以處理所有平台。

So increasingly, we're seeing acceptance among the industry on using that software and also a fairly rapid acceptance by our customers. And we're still highly in the demonstration phase. But as customers start to use it, certainly that encourages the rest of the industry to use it as well.

因此，我們越來越多地看到業界對使用該軟件的接受，並且我們的客戶也很快接受。而且我們仍處於演示階段。但隨著客戶開始使用它，這肯定會鼓勵行業的其他人也使用它。

So yes, would I like it to move faster? Sure, I absolutely would. But I think as people see that we are running the business as a platform business for the entire industry, that increasingly they'll adopt it. So it's coming along, Jim. I always wish things moved faster, but I am pleased with the progress, and I think we'll continue to see it in future quarters and years.

所以是的，我希望它移動得更快嗎？當然，我絕對願意。但我認為，當人們看到我們將業務作為整個行業的平台業務運營時，他們會越來越多地採用它。所以它來了，吉姆。我一直希望事情進展得更快，但我對進展感到滿意，我認為我們將在未來幾個季度和幾年繼續看到它。

Congrats on the year.

祝賀這一年。

Thanks so much, Jim.

非常感謝，吉姆。

Your next question is coming from Paul Chung from JPMorgan.

您的下一個問題來自摩根大通的 Paul Chung。

So it's great to see annual guide again. So I just wanted to kind of expand on that. What do you think are the kind of relative growth between Healthcare and Industrial verticals? You had very strong performance in both, though comps might be a little bit tougher in Healthcare this year. I think you mentioned electors may start to come back. Just any additional thoughts there between the segments?

所以很高興再次看到年度指南。所以我只是想擴展一下。您認為醫療保健和工業垂直領域之間的相對增長是什麼？你在這兩個方面都有非常出色的表現，儘管今年醫療保健領域的比賽可能會更艱難一些。我想你提到選舉人可能會開始回來。只是在各個部分之間還有其他想法嗎？

Yes, Paul. So we're not really giving guidance by segment I will say that -- I think -- I expect both businesses to do well. You are right, comps for Healthcare will be harder, but we've got a great business there, now added by a new acquisition that will help the business. So I would expect both businesses to perform well in 2022.

是的，保羅。因此，我們並沒有真正按細分市場提供指導，我會說——我認為——我希望兩家公司都能做得很好。你是對的，醫療保健的補償會更難，但我們在那裡有一個偉大的業務，現在通過一項新的收購來增加，這將有助於業務。因此，我預計這兩家公司在 2022 年都會表現良好。

Paul, it's interesting dynamics. The Industrial markets are probably, in total, larger. If you add them up, they're probably larger and have greater potential for growth. There's -- some are more competitive than others in terms of what the application demands and all that stuff. Healthcare may be slightly smaller, but the payoff for additive is extremely high in Healthcare with some of these mass-produced, customized solutions for patients. And I think the adoption rate will continue to be exciting.

保羅，這是有趣的動態。總體而言，工業市場可能更大。如果將它們加起來，它們可能更大，並且具有更大的增長潛力。就應用程序的需求和所有這些東西而言，有些人比其他人更具競爭力。醫療保健可能會稍微小一些，但在醫療保健領域，添加劑的回報非常高，其中一些為患者批量生產的定制解決方案。而且我認為採用率將繼續令人興奮。

So it will be a real foot race between the conversion of Industrial markets to additive and the embrace of the Healthcare business. And it's very hard to handicap, but nicely, you add them both together and you get really good solid double-digit growth year-over-year organically, which we're just thrilled about.

因此，在工業市場向添加劑的轉變與醫療保健業務的擁抱之間，這將是一場真正的賽跑。並且很難讓障礙，但是很好，你把它們加在一起，你會得到非常好的穩定的兩位數的有機增長，我們對此感到很興奮。

Got you. And then just on the kind of pricing versus shipment dynamic for guidance. How do we kind of think about maybe some anticipated pricing increases, just the overall unit shipments? And then any comments on your pipeline and visibility that kind of provided you the confidence to reinstate guidance? That would be helpful.

得到你。然後只是關於定價與發貨動態的指導。我們如何考慮一些預期的價格上漲，只是整體單位出貨量？然後對您的管道和可見性的任何評論讓您有信心恢復指導？那會很有幫助。

Yes, sure. So on pricing -- so pricing is something we constantly evaluate. We did do a temporary surcharge in Q4 that we've continued this year. We will -- we're continuing to evaluate pricing of our products pretty regularly, especially since in certain of our products, we are frankly just supply-constrained right now. In certain of our products, we've got more demand than we've got availability. So we are evaluating pricing at all of them. And what was the second part of your question, Paul?

是的，當然。所以關於定價 - 所以定價是我們不斷評估的東西。我們確實在今年第四季度繼續收取臨時附加費。我們將 - 我們將繼續定期評估我們產品的定價，特別是因為在我們的某些產品中，坦率地說，我們現在只是供應受限。在我們的某些產品中，我們的需求量超過了供應量。因此，我們正在評估所有這些產品的價格。保羅，你問題的第二部分是什麼？

Sorry, I was just talking about the pipeline and the visibility.

抱歉，我只是在談論管道和可見性。

Yes, the pipeline. So really can't comment on pipeline, but I will say we -- last quarter, I talked about how much revenue we left on the table going into Q4, which you may recall, I said $3 million. I will say, coming into Q1 this year, exiting Q4, because of supply constraints, we left about $8 million on the table. So that number increased despite the great results we had for Q4. So as I said earlier, we are more supply-constrained right now than demand-constrained.

是的，管道。所以真的不能對管道發表評論，但我會說我們 - 上個季度，我談到了我們在進入第四季度的情況下剩下多少收入，你可能還記得，我說的是 300 萬美元。我會說，進入今年第一季度，退出第四季度，由於供應限制，我們留下了大約 800 萬美元。因此，儘管我們在第四季度取得了不錯的成績，但這個數字還是增加了。所以正如我之前所說，我們現在的供應受限多於需求受限。

And Paul, I think the only comment I'd add is if you get back to just the fundamental, the revenue guide, how much is baked in for price versus volume, so predominance of our growth in revenue is going to be volume-based. And we're looking for pricing opportunities because our costs are also up. And we've got other cost initiatives trying to keep them down. And we do have, as Jagtar mentioned, some surcharge kind of logistics cost pass-ons that we're trying to do. But by and large, the revenue growth is volume-driven because of increasing demand in both of our business units.

保羅，我想我要補充的唯一評論是，如果你回到基本面，收入指南，價格與數量的關係，所以我們收入增長的優勢將是基於數量的.我們正在尋找定價機會，因為我們的成本也在上升。我們還有其他成本計劃試圖降低成本。正如 Jagtar 提到的，我們確實有一些我們正在嘗試做的附加費類型的物流成本轉嫁。但總的來說，由於我們兩個業務部門的需求不斷增加，收入增長是由銷量驅動的。

Got you. And then lastly, just on your kind of implied operating margin guide, it sounds like you're recognizing much of the OpEx related to some of the acquisitions you did last year and this year. Sales may be expected to kind of scale in '23. So maybe how should we think about kind of normalized operating margins out the gate when those businesses do start to scale maybe in '23 and then you see some normalization of gross margins?

得到你。最後，就您的隱含營業利潤率指南而言，聽起來您已經認識到與您去年和今年進行的一些收購相關的大部分運營支出。預計銷售額將在 23 年達到一定規模。那麼，當這些業務可能在 23 年開始擴大規模時，我們應該如何考慮正常化的營業利潤率，然後你會看到毛利率的一些正常化？

Yes. I think we are focused on the strategic plan that we've talked about, and we'll talk more about this particular topic on Investor Day. But our ultimate goal is 50% gross margins, double-digit revenue growth and 20% adjusted EBITDA margins. And obviously, for this year, this is an investment year to continue to modernize our product portfolio or improve our product portfolio to have the -- continue to be the leader in this industry.

是的。我認為我們專注於我們已經討論過的戰略計劃，我們將在投資者日更多地討論這個特定主題。但我們的最終目標是 50% 的毛利率、兩位數的收入增長和 20% 的調整後 EBITDA 利潤率。顯然，對於今年來說，這是繼續使我們的產品組合現代化或改進我們的產品組合以繼續成為該行業領導者的投資年。

So we're making those investments. The financial goals that we've set as part of our strategic plan are firmly still our objectives, and we'll talk more about the details at our Investor Day.

所以我們正在進行這些投資。我們在戰略計劃中設定的財務目標仍然是我們的目標，我們將在投資者日更多地討論細節。

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

您的下一個問題來自 B. Riley Securities 的 Sarkis Sherbetchyan。

I'll try to make it quick. Can you give us a sense for what's being paid to acquire Titan Robotics and Kumovis?

我會盡量讓它快點。你能告訴我們收購 Titan Robotics 和 Kumovis 所支付的費用嗎？

Yes. So the 2 acquisitions together were just under $80 million.

是的。因此，兩次收購加起來不到 8000 萬美元。

Sorry, that's $80 million, 8-0?

抱歉，那是 8000 萬美元，8-0？

8-0. Yes.

8-0。是的。

Okay. Perfect. And I'm assuming, is that going to be all cash? Or is there a mix of...

好的。完美的。我假設，這將是全部現金嗎？或者有沒有混合...

All cash. That's all cash. All cash.

全部現金。那都是現金。全部現金。

Great. And related to that, can you maybe dive a bit into your build or acquire strategy? Just kind of looking at the big balance sheet you have today, and clearly, it sounds like you're gaining talent here for your business for the organic side as well besides the acquisition. So just want to get a sense for what you're willing to spend on from an acquisition perspective and what you're willing to kind of build organically?

偉大的。與此相關的是，您能否深入了解一下您的構建或獲取策略？看看你今天擁有的龐大資產負債表，很明顯，除了收購之外，聽起來你正在為你的業務在有機方面獲得人才。所以只是想從收購的角度了解你願意花在什麼上，以及你願意有機地構建什麼？

Yes, sure. No problem. So our default is always can we do it ourselves, can we hire the talent, do it ourselves. It's the lowest-risk, highest-controlled way to develop a new product. We have great in-house capability, and we continue to expand that. And we do it -- we take an equal view of software materials and hardware platforms to see what we can afford to do and what we need to prioritize. Beyond that, we're opportunistic about acquiring technologies.

是的，當然。沒問題。所以我們的默認值始終是我們可以自己做，我們可以聘請人才，自己做。這是開發新產品風險最低、可控性最高的方式。我們擁有強大的內部能力，並且我們將繼續擴展它。我們做到了——我們對軟件材料和硬件平台採取平等的態度，看看我們能負擔得起什麼，以及我們需要優先考慮什麼。除此之外，我們對獲取技術持機會主義態度。

We're -- when you look at our portfolio, we've got a full spectrum of technology available to us. If you go back to the earlier question, I think Troy asked about the evolution of extrusion technology as an example. We didn't have an extrusion platform. It was one of the few that we didn't have. We added that. And now it's a matter, okay, how fast can you evolve that product line and expand it? So we'll look at doing that organically, investing in it.

我們 - 當您查看我們的產品組合時，我們可以使用全方位的技術。如果你回到前面的問題，我認為 Troy 以擠壓技術的演變為例。我們沒有擠壓平台。這是我們沒有的少數幾個之一。我們補充說。現在問題來了，好吧，你能以多快的速度發展該產品線並擴展它？因此，我們將著眼於有機地做到這一點，並對其進行投資。

If there's a way to accelerate it, just using as an example, we would always consider the return on that incremental investment. So if there's something opportunistically out there that would accelerate our strategic plan, our direction for our platform, we would consider it and look at the return on that investment.

如果有一種方法可以加速它，僅作為一個例子，我們總是會考慮增加投資的回報。因此，如果有什麼機會可以加速我們的戰略計劃，我們的平台方向，我們會考慮它並查看該投資的回報。

Asset prices have certainly come down, which makes it a better race between internally and externally. When you've got cash on the balance sheet, it's good to consider both. So we don't have a specific formula. We don't -- we aren't in such need of a new technology that we must go out and buy it, which is really a nice position to be in. So we will opportunistically go to the outside and bring things in. And the more synergy they have with our existing systems, the more attractive that proposition becomes.

資產價格肯定下降了，這使得內部和外部之間的競爭變得更好。當您的資產負債表上有現金時，最好同時考慮兩者。所以我們沒有具體的公式。我們不需要——我們不需要必須走出去購買的新技術，這確實是一個很好的位置。所以我們會機會主義地走出去，把東西引進來。而且他們與我們現有系統的協同作用越強，這個提議就越有吸引力。

If you look at the Kumovis acquisition recently, they bring a great printing technology and a new material to health care. We've got great synergy with all of our SG&A and overhead infrastructure in our Denver facility to get that product to market. So that all factored into the equation to go outside and bring that in to give us this wonderful new polymer technology for health care. That's the way we look at it. When those assets come along, we evaluate the cost of doing it internally in the time versus bringing it in from the outside. So that's the most definitive answer I can give you.

如果你看看最近對 Kumovis 的收購，他們為醫療保健帶來了出色的印刷技術和新材料。我們在丹佛工廠與我們所有的 SG&A 和開銷基礎設施有很好的協同作用，可以將該產品推向市場。因此，所有這些因素都考慮到了走出去並將其帶入給我們這種奇妙的醫療保健新聚合物技術。這就是我們看待它的方式。當這些資產出現時，我們會評估在內部進行的成本與從外部引入的成本。所以這是我能給你的最確定的答案。

Your next question is coming from Noelle Dilts from Stifel.

您的下一個問題來自 Stifel 的 Noelle Dilts。

Again, congratulations. Just on the hardware platform refresh, I'm just kind of curious if you're anticipating any sort of temporary impact to gross margin as you introduce those new platforms and if that's incorporated into your guidance at all?

再次恭喜。就硬件平台更新而言，我只是有點好奇，您是否預計在引入這些新平台時會對毛利率產生任何暫時的影響，並且是否將其納入您的指導？

Yes, it's certainly incorporated. And I wouldn't expect -- from a gross margin standpoint, we're trying to design -- obviously, I think both guys are trying to design products that will bring more value to customers that you can price for and also have a lower manufacturing cost. So we're trying to drive gross margins in a positive direction through this introduction, not a negative one, Noelle.

是的，它肯定是合併的。而且我不期望——從毛利率的角度來看，我們正在嘗試設計——顯然，我認為這兩個傢伙都在嘗試設計能夠為客戶帶來更多價值的產品，你可以為這些產品定價並且價格更低製造成本。因此，我們正試圖通過這次介紹將毛利率推向積極的方向，而不是消極的，Noelle。

But with that said, in terms of the R&D drag on the new platform, that we try to lay out with our OpEx guidance and there is an expense associated with it. But from a gross margin standpoint, I would expect it to be certainly neutral at worse to positive over time. Jagtar?

但話雖如此，就新平台上的研發阻力而言，我們試圖通過我們的運營支出指導進行佈局，並且與之相關的費用。但從毛利率的角度來看，我預計隨著時間的推移，它肯定會是中性的，甚至會變得更糟。捷豹？

Yes, I would add, Noelle, that as we introduce new products, we have costs within our supply chain that are devoted to sort of maintaining the products we have in the field today, right? When certain components go out of manufacturer, we've got teams of people and have to find new components that, right, source new components to go into those machines. So by incrementally refreshing our portfolio, we're going automatically to components that are in production today and at lower costs.

是的，我想補充一點，Noelle，當我們推出新產品時，我們的供應鏈中有成本專門用於維護我們今天在該領域擁有的產品，對嗎？當某些組件離開製造商時，我們有一群人，必須找到新組件，正確的，採購新組件以進入這些機器。因此，通過逐步更新我們的產品組合，我們將自動轉向目前正在生產且成本更低的組件。

So I would expect that, as a result of that, over time, that will reduce the cost of supporting those machines in the field and our supply chain, and that will help gross margins over time. But at this stage, I wouldn't be able to quantify that. But I think there is an expectation that, that will improve gross margins over time.

因此，我預計，隨著時間的推移，這將降低在現場和我們的供應鏈中支持這些機器的成本，並且隨著時間的推移將有助於提高毛利率。但在這個階段，我無法量化這一點。但我認為，隨著時間的推移，這將提高毛利率。

Okay. Okay. That makes sense. And then just on your -- you kind of talked about this robust acquisition pipeline. Could you give us a sense of sort of what the pipeline looks like in terms of size? And I think last quarter, you talked a little bit about where your priorities lie in terms of the deals you'd like to take on. If you could maybe touch on that as well, that would be helpful.

好的。好的。這就說得通了。然後就在你的 - 你談到了這個強大的收購渠道。您能否讓我們了解一下管道在大小方面的樣子？而且我認為上個季度，您談到了您希望進行的交易方面的優先事項。如果您也可以觸及這一點，那將很有幫助。

Sure. Yes, there -- I think -- I would tell you after being in this role a couple of years, there seems to be a continual stream of printing technology that comes online. And I think fundamentally, it's because the components continue to evolve and there's creative people and little workshops around that are trying to put those together into a new printing technology, a few of which have real potential and many of which don't.

當然。是的——我想——我會告訴你，在擔任這個角色幾年後，網上似乎有源源不斷的印刷技術。我認為從根本上說，這是因為組件不斷發展，周圍有創意人士和小型工作室正在嘗試將它們組合成一種新的打印技術，其中一些具有真正的潛力，而許多則沒有。

So there's always a stream of hardware, new printers, if you will. And we evaluate those all the time. And quite frankly, most of them are not -- most of them have Achilles' heels to them and don't make it. But a few do. And the Kumovis application is one of them, Titan for that matter. I mean bring a much faster, lower cost components to customers that want big components.

因此，如果您願意，總會有一系列硬件、新打印機。我們一直在評估這些。坦率地說，他們中的大多數人都沒有——他們中的大多數人都有阿喀琉斯之踵，而且沒有成功。但有少數人這樣做。 Kumovis 應用程序就是其中之一，Titan 就是其中之一。我的意思是為需要大組件的客戶帶來更快、成本更低的組件。

So occasionally, one comes along that works. It's a really nice acquisition bringing in, but there's a lot of them. So we spend resources evaluating those. Materials is a lot harder to come by. There are very few really good material groups out there to -- you can look to acquire. There are partnerships, which are equally difficult. But there are fewer opportunities for materials acquisitions, which is why we tend to invest a lot of R&D money into doing that ourselves. It's an extremely important part of the business.

所以偶爾會出現一個有效的方法。這是一個非常好的收購，但有很多。所以我們花費資源評估這些。材料更難獲得。那裡很少有真正好的材料組 - 你可以尋求獲得。有夥伴關係，這同樣困難。但材料收購的機會較少，這就是為什麼我們傾向於自己投入大量研發資金來做這件事。這是業務中極其重要的一部分。

And then software, we did a couple of big ones to provide missing pieces last year in process optimization. And obviously, the Oqton manufacturing infrastructure, that was a big missing piece, I think, for the entire industry, frankly. So I love that one. I'm not sure there's a lot more to do in acquiring software. There's just more to do in internal developments. But we'll continue to hunt and take a look, especially for production efficiency kind of things, that's important. So we'll continue to look for factory efficiency kind of software applications.

然後是軟件，去年我們做了幾個大的，以提供流程優化中的缺失部分。很明顯，Oqton 製造基礎設施，坦率地說，我認為，對於整個行業來說，這是一個很大的缺失。所以我喜歡那個。我不確定在獲取軟件方面還有很多工作要做。在內部開發方面還有更多工作要做。但我們會繼續尋找和觀察，特別是對於生產效率之類的東西，這很重要。因此，我們將繼續尋找工廠效率類的軟件應用程序。

Beyond that, Noelle, it's a lot of application expertise. Are there ways to -- for customers to bring in new applications faster through the use of process simulation, specific application knowledge, things like that. There are little groups you can acquire to do that to just expand your application capability, which is really the cornerstone of our business, if you will, what's driving our growth. So that's kind of -- I gave you soup to nuts on everything that's possible out there.

除此之外，Noelle，還有很多應用專業知識。有沒有辦法讓客戶通過使用過程模擬、特定應用知識等更快地引入新應用。您可以收購一些小組來擴展您的應用程序能力，這確實是我們業務的基石，如果您願意的話，是什麼推動了我們的增長。所以這有點——我給了你所有可能的東西。

There are a few larger acquisition potentials, much rarer and more difficult to do that would bring both revenue and cost synergies. But those are highly opportunistic, and we continue to be open to those, but there's not many of them, frankly. So we mainly focus on technology and bolt-ons.

有一些更大的收購潛力，更罕見和更難做到，這將帶來收入和成本協同效應。但這些都是高度機會主義的，我們繼續對這些持開放態度，但坦率地說，他們並不多。所以我們主要關注技術和附加組件。

Our next question is a follow-up from Greg Palm from Craig-Hallum.

我們的下一個問題是來自 Craig-Hallum 的 Greg Palm 的後續問題。

Yes. Just a couple of quick follow-ups. Is it -- as it relates to the 2 acquisitions, is there revenue contribution included in this year's guidance? And if that's correct, what numbers are you expecting? Maybe better said, what contribution -- or what type of revenue profile did they combine have in 2021?

是的。只是幾個快速跟進。是否——因為它與兩次收購有關，今年的指引中是否包含收入貢獻？如果這是正確的，您期望的數字是多少？也許更好的說法是，他們在 2021 年的貢獻是什麼——或者說他們合併了什麼樣的收入概況？

Yes. So the revenue contribution for them is included in the guidance. We're not breaking it out specifically, Greg, but it's not a huge component of the guide this year.

是的。因此，他們的收入貢獻包含在指南中。格雷格，我們並沒有具體分解它，但這並不是今年指南的重要組成部分。

Okay. Fair enough. And just going back to the question on customer concentration. I guess, by my math, even if you look at it on a revenue from Healthcare, excluding divestments, it looks like that the vast majority of that absolute increase in -- from fiscal '20 to fiscal '21 was driven by that one customer. I guess, can you confirm if that math is correct? But more importantly, my assumption is the growth in '22 and beyond will be much more broad-based. So I was just hoping you can maybe sort of go through those assumptions a little bit more.

好的。很公平。回到客戶集中度的問題。我想，根據我的數學，即使你從醫療保健的收入來看，不包括撤資，看起來絕對增長的絕大多數——從 20 財年到 21 財年是由那個客戶推動的.我想，你能確認一下這個數學是否正確嗎？但更重要的是，我的假設是 22 年及以後的增長將更加廣泛。所以我只是希望你可以多考慮一下這些假設。

Yes. On the '20 to '21, clearly, that customer was a big contributor to the Healthcare growth. We did have pretty good growth in the medical devices segment, with the exception of Q4 for the reasons I talked about during the call with Omicron, which kind of impacted services in the health care industry, which then impacted our revenue. I do think that in 2022, you will see kind of a much more broad-based increase. That customer is still a good customer, but we have a number of activities occurring in health care.

是的。顯然，在 20 到 21 年間，該客戶是醫療保健增長的重要貢獻者。我們在醫療設備領域確實有相當不錯的增長，除了第四季度，原因是我在與 Omicron 的電話會議中談到的，這影響了醫療保健行業的服務，進而影響了我們的收入。我確實認為，在 2022 年，你會看到更廣泛的增長。該客戶仍然是一個好客戶，但我們在醫療保健領域開展了許多活動。

Yes, Greg, when you look at it, unfortunately, with COVID, a lot of the orthopedic procedures that we're really good in supporting were viewed as optional procedures. And they were kind of the first to fall out when hospitals had to make tough choices. So we would expect that to be increasing nicely. It's a really good business. It was unduly impacted by COVID if you look at the full year. So while our large customer in the dental segment, we will obviously continue with nice growth. I would expect our growth to be much more broad-based next year -- or this year in '22 in both Healthcare and in the Industrial market has been delightful.

是的，格雷格，當你看到它時，不幸的是，對於 COVID，我們非常擅長支持的許多骨科手術被視為可選手術。當醫院不得不做出艱難的選擇時，他們是第一個失敗的人。所以我們希望它會很好地增加。這真是一門好生意。如果您查看全年，它受到了 COVID 的過度影響。因此，雖然我們是牙科領域的大客戶，但我們顯然會繼續保持良好的增長。我預計明年我們的增長將更加廣泛——或者今年 22 年的醫療保健和工業市場都令人愉快。

I'm really pleased with the applications we're identifying in the Industrial market that we can really go in and make a difference with. It's really going well. And I've got to tell you of the pleasant surprises, since I've been with 3D Systems, the Industrial growth right now has been really impressive and strictly organic. It's been a really nice change. So I'm really pleased. I think '22 will be a broader success story across many market verticals. And again, I think we're -- as we sit here today, when we weigh the risks and the opportunities, we would tell you today, we're going to grow double digits this year. That now -- there's a lot of puts and takes that go into that.

我對我們在工業市場中發現的應用程序感到非常滿意，我們可以真正進入並有所作為。真的很順利。我必須告訴你令人驚喜的事情，自從我加入 3D Systems 以來，現在的工業增長確實令人印象深刻，而且完全是有機的。這是一個非常好的變化。所以我真的很高興。我認為 '22 將是跨越許多垂直市場的更廣泛的成功故事。再說一次，我認為我們今天坐在這裡，當我們權衡風險和機遇時，我們今天會告訴你，我們今年將增長兩位數。現在 - 有很多投入和投入。

As Jagtar mentioned, the acquisitions we've done really will not -- we don't expect to contribute materially this year, but they do help offset a little bit of risk and add to the potential positives of the year. So I feel good about a double-digit basically organic growth seen for the year with all of the risks that you and I could both list that are going on in the world right now.

正如 Jagtar 所提到的，我們所做的收購確實不會——我們預計今年不會做出實質性貢獻，但它們確實有助於抵消一些風險並增加今年的潛在積極因素。因此，我對今年出現的兩位數基本有機增長感到滿意，您和我都可以列出目前世界上正在發生的所有風險。

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

我們的問答環節已經結束。我想將發言權轉回給 Jeff，以獲取任何進一步的或結束的評論。

Thank you, Kevin. Listen, thanks, everyone, for joining our call this evening. While the world continues to be volatile, we're optimistic about the future. And we believe we're better positioned than ever to weather any storm while positioning ourselves for the bright future we see ahead. We wish you good health and a great start to the new year. Thank you.

謝謝你，凱文。聽著，謝謝大家，今晚加入我們的電話會議。雖然世界繼續動盪，但我們對未來持樂觀態度。我們相信，我們比以往任何時候都更有能力抵禦任何風暴，同時為我們看到的光明未來做好準備。我們祝您身體健康，新的一年有個美好的開始。謝謝你。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。