3D Systems Corp (DDD) 2024 Q2 法說會逐字稿

Hello, and welcome to the 3D Systems first half 2024 conference call and webcast.

您好，歡迎參加 3D Systems 2024 年上半年電話會議和網路廣播。

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

（操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to introduce your host, Mick McCloskey, Vice President, Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁米克·麥克洛斯基 (Mick McCloskey)。

Please go ahead, Mick.

請繼續，米克。

Hello, and welcome to 3D Systems' first half 2024 conference call.

您好，歡迎參加 3D Systems 的 2024 年上半年電話會議。

With me on today's call are Dr. Jeffrey Graves, President and CEO, and Jeff Creech, EVP, and CFO.

與我一起參加今天電話會議的有總裁兼執行長 Jeffrey Graves 博士以及執行副總裁兼財務長 Jeff Creech。

The webcast portion of this call contains a slide presentation that we will refer to during the call.

本次電話會議的網路廣播部分包含我們將在電話會議期間參考的投影片簡報。

Those following along on the phone who wish to access the slide portion of this presentation may do so on the Investor Relations section of our website.

那些透過電話關注並希望訪問本簡報幻燈片部分的人可以在我們網站的投資者關係部分進行操作。

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

以下討論和您問題的答案僅反映管理層截至今天的觀點，並將包括本投影片中所述的前瞻性陳述。

Actual results may differ materially.

實際結果可能存在重大差異。

Additional information about factors that could potentially impact our financial results is included in our latest 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.

有關可能影響我們財務表現的因素的更多資​​訊包含在我們最新的新聞稿和向 SEC 提交的文件中，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。

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

在本次電話會議中，我們將討論某些非公認會計準則財務指標。

In our press release and slides accompanying this webcast, you'll find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures.

在我們的新聞稿和本網路廣播隨附的幻燈片中，您將找到有關這些非公認會計原則衡量標準的其他披露信息，包括與可比公認會計原則衡量標準的調節。

Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable periods of 2023.

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 2023 年可比較期間的結果進行比較。

With that, I'll turn the call over to our CEO, Jeff Graves, for opening remarks.

接下來，我將把電話轉給我們的執行長傑夫·格雷夫斯（Jeff Graves），他將致開幕詞。

Thanks, Mick, and good evening, everyone.

謝謝，米克，大家晚上好。

With our 2023 10-K filing and our 2024 earnings releases for Q1 and Q2 now complete, we're hosting today's call to discuss our results for the first half and our outlook for the rest of the year.

隨著我們 2023 年 10-K 備案以及 2024 年第一季和第二季收益發布的完成，我們將舉辦今天的電話會議，討論我們上半年的業績以及今年剩餘時間的前景。

Following my opening comments, I'll turn the call over to our CFO, Jeff Creech, to take a deeper dive into the first half financials.

在我發表開場白後，我將把電話轉給我們的財務長 Jeff Creech，以更深入了解上半年的財務狀況。

We'll then wrap up our prepared remarks and open the call for questions.

然後我們將總結準備好的發言並開始提問。

As a backdrop to our discussion today, I'll comment briefly on our delayed 2023 annual report filing.

作為我們今天討論的背景，我將簡要評論我們推遲提交的 2023 年年度報告。

On December 4 of last year, we announced that following a comprehensive months long proposal and evaluation process, that our audit committee had ultimately decided to dismiss the company's independent auditor following the 2023 year-end audit and moved to a Big 4 audit firm beginning in 2024.

去年12 月4 日，我們宣布，經過長達數月的全面提案和評估過程，我們的審計委員會最終決定在2023 年年終審計後解僱公司的獨立審計師，並於2023 年開始轉向四大審計事務所。

This decision was made based upon many factors, including an assessment of each firm's capabilities in the context of our growing size and complexity as a company.

這項決定是基於許多因素做出的，包括在我們公司規模不斷擴大和複雜性不斷增長的背景下對每個公司的能力進行的評估。

Having informed all parties of our decision last December, the 2023 audit ultimately took much longer than anticipated and with significantly higher costs incurred.

在去年 12 月將我們的決定告知各方後，2023 年的審計最終花費的時間比預期要長得多，而且產生的成本也顯著增加。

These costs, which we view as transitory, got a significant impact on our OpEx costs in the first half trailing into Q3.

我們認為這些成本是暫時的，但它們對我們上半年到第三季的營運支出成本產生了重大影響。

However, they're expected to return to historically normal levels in Q4.

然而，預計第四季將恢復到歷史正常水平。

Moving forward, we do anticipate realizing greater efficiencies in the years ahead.

展望未來，我們確實預計在未來幾年將實現更高的效率。

With that, let's turn to slide 5.

接下來，讓我們轉向投影片 5。

When we last spoke in February, we mentioned the weakness we were seeing in our end markets with respect to customer CapEx spending.

當我們上次在二月發言時，我們提到了我們在終端市場看到的客戶資本支出的弱點。

We believe then and now that this was driven largely by a high level of uncertainty on the part of our customers in forecasting consumer demand in the face of high inflation and rising interest rates, combined with a tense geopolitical environment in Europe, Asia, and the Middle East.

我們認為，無論是過去還是現在，這主要是由於我們的客戶在高通膨和利率上升的情況下預測消費者需求時存在高度不確定性，再加上歐洲、亞洲和歐洲緊張的地緣政治環境。中東。

These uncertainties translate into softer sales of printer hardware across virtually all of our major end markets, with sales reaching near nadir for our company in the first quarter.

這些不確定性導致我們幾乎所有主要終端市場的印表機硬體銷售疲軟，第一季我們公司的銷售額接近最低點。

While indices that track consumer sentiment remain relatively weak in August with inflation rates now trending downward and interest rates poised to follow, our opportunity pipeline has consistently strengthened since it bottomed down in Q1.

雖然追蹤消費者信心的指數在 8 月仍然相對疲軟，通膨率目前呈下降趨勢，利率也將隨之下降，但自第一季觸底以來，我們的機會管道一直在加強。

This translated to meaningful sales growth in the second quarter, with revenues up 10% on a sequential basis.

這意味著第二季的銷售顯著成長，營收季增 10%。

Provided this environment and CapEx spending trends continue, we expect continued sales growth in Q3 and Q4.

如果這種環境和資本支出趨勢持續下去，我們預計第三季和第四季的銷售將持續成長。

While we won't fully make up for the weakness of Q1, the trends are clearly moving in our favor.

雖然我們無法完全彌補第一季的疲軟，但趨勢顯然正在朝著對我們有利的方向發展。

From an industry perspective, given the scale of our company across multiple end markets and the breadth of our polymer and metal technology offerings, I believe we have a unique perspective on the trends in the adoption of production scale additive manufacturing.

從行業角度來看，考慮到我們公司在多個終端市場的規模以及我們聚合物和金屬技術產品的廣度，我相信我們對生產規模增材製造的採用趨勢有著獨特的視角。

These trends can best be seen through the backlog of new application development requests we're receiving from our customers.

透過我們從客戶收到的積壓的新應用程式開發請求，可以最好地看出這些趨勢。

This backlog has never been higher, driven by both existing customers and new customers who see increasing benefits from the adoption of 3D printing on industrial scale.

由於現有客戶和新客戶看到工業規模採用 3D 列印帶來的好處越來越多，因此積壓量達到了前所未有的水平。

I believe this rise in customer interest can be explained very simply.

我相信客戶興趣的上升可以非常簡單地解釋。

The versatility, quality, and cost of producing components with additive technology, including both metal and engineered polymers, has become economically compelling.

使用增材技術（包括金屬和工程聚合物）生產組件的多功能性、品質和成本在經濟上已變得引人注目。

This is true for our entire industry and across all markets.

對於我們整個行業和所有市場都是如此。

What does vary is the way in which adoption occurs.

不同的是採用的方式。

Each market has a unique balance of needs.

每個市場都有獨特的需求平衡。

Markets that derive the greatest benefit from an ability to produce novel component designs, often only available with additive techniques are the first and fastest to adopt this new manufacturing technology.

從生產新穎組件設計的能力中獲得最大利益的市場（通常只能透過積層技術實現）是第一個也是最快採用這種新製造技術的市場。

This is certainly the case for healthcare as we see in both our dental and orthopedic markets, as well as semiconductor equipment manufacturing, aerospace and defense and our industrial markets just to name a few.

醫療保健領域確實如此，我們在牙科和骨科市場以及半導體設備製造、航空航天和國防以及工業市場（僅舉幾例）中都看到了這一點。

But even industries that manufacture billions of parts a day, such as electrical and automotive markets, often have a significant number of SKUs that are lower volume and higher complexity, increasing the value they derive from additive manufacturing.

但即使是電氣和汽車市場等每天製造數十億零件的行業，也通常擁有大量體積較小、複雜性較高的 SKU，從而增加了從增材製造中獲得的價值。

These higher complexity component volumes can, in some case, rise into the tens or even hundreds of millions in total demand, dwarfing even the largest current production levels for the entire industry combined.

在某些情況下，這些複雜性較高的組件數量可能會增加到數千萬甚至數億的總需求量，甚至使整個產業目前最大的生產水準相形見絀。

In addition, a very -- a little recognized but significant trend is to use additive manufacturing to replace key process steps within an existing manufacturing process.

此外，一個鮮為人知但重要的趨勢是使用積層製造來取代現有製造流程的關鍵製程步驟。

For example, a terrific but little recognized market for our company is the application of polymer printing methods to produce cores for metal castings.

例如，我們公司的一個很棒但很少被認可的市場是應用聚合物列印方法來生產金屬鑄件的型芯。

For decades, cores have been a difficult high-value element of the casting process.

幾十年來，型芯一直是鑄造過程中一個困難的高價值元素。

With our newest production printers and materials, we're able to produce complex cores for casting at a very attractive cost, on demand to match the casting production rates.

借助我們最新的生產印表機和材料，我們能夠以極具吸引力的成本生產複雜的鑄造成型芯，並根據需要匹配鑄造生產率。

If we counted this in the metals technology category, the volumes would dwarf even the largest direct metal printing applications today, even that it serves a multibillion dollar market, highly distributed around the world.

如果我們將其算在金屬技術類別中，即使是當今最大的直接金屬列印應用，其數量也會相形見絀，即使它服務於高度分佈在世界各地的數十億美元的市場。

This method, first demonstrated by the aircraft engine industry and more recently in large-scale commercial rocketry, has now become a standard element in the factory workflow for these systems.

這種方法首先由飛機發動機行業展示，最近又在大型商業火箭中展示，現已成為這些系統工廠工作流程中的標準要素。

With advancements in technology to reduce cost, it's now being adopted in even higher-volume production applications, such as automobiles and heavy construction equipment.

隨著技術進步降低成本，現在它被用於更大批量的生產應用，例如汽車和重型建築設備。

So with the continued march of the additive adoption, what's been missing in recent quarters is simply the confidence of our customers that they need to have in their end market demand to warrant new CapEx investments in their plants.

因此，隨著添加劑採用的持續推進，最近幾季所缺乏的只是我們的客戶的信心，他們需要滿足終端市場需求，以確保在其工廠進行新的資本支出投資。

It's really that simple.

真的就是這麼簡單。

As we now enter a period of lower inflation and lower interest rates and as world becomes increasingly risky for extended supply chains, we would anticipate a rapid rise in printer demand and along with it the strong pull on consumables and services.

隨著我們現在進入一個低通膨和低利率的時期，隨著世界供應鏈延伸的風險越來越大，我們預計印表機需求將迅速增長，隨之而來的是對消耗品和服務的強勁拉動。

This is why we've been consistent in our R&D initiatives and customer application support over this difficult period.

這就是為什麼我們在這個困難時期始終堅持我們的研發計劃和客戶應用支援。

With our global scale and an exceptional new product pipeline, we're well positioned to benefit from this acceleration when it occurs.

憑藉我們的全球規模和卓越的新產品線，我們處於有利位置，可以從這種加速發生時受益。

While overall printer demand was weak in the first half, consumables were resilient and services strengthened.

儘管上半年印表機整體需求疲軟，但耗材具有彈性，服務也加強。

Particularly in the healthcare space, materials and services grew significantly over the prior year.

特別是在醫療保健領域，材料和服務比上一年大幅成長。

This helped offset weakness in printer hardware sales to some extent.

這在一定程度上抵消了印表機硬體銷售的疲軟。

Specific to the dental market, with the completion of our new long-term supply agreement in the clear aligner market, we expect year-over-year comparisons will turn positive beginning in Q3.

具體到牙科市場，隨著我們在透明矯正器市場新的長期供應協議的完成，我們預計將同比比較將在第三季度開始轉為積極。

Another bright spot in the first half of the year was our growth in services, which was up 6% year-over-year for the first half.

上半年的另一個亮點是我們服務業的成長，上半年年增6%。

Services are critical to our customers in two capacities.

服務對我們的客戶至關重要，體現在兩個方面。

One is taking care of our installed base of production printers, which is the largest in the world today.

其中之一是照顧我們的生產印表機安裝基地，這是當今世界上最大的。

But a key second services element is the development of new component applications with our customers.

但第二個關鍵的服務要素是與我們的客戶一起開發新的元件應用程式。

This not only provides immediate revenue, but also supports a growing pipeline of printer and consumable sales for the future.

這不僅可以提供即時收入，還可以支援未來不斷成長的印表機和耗材銷售管道。

Finally, it's worth mentioning our continued success in the medical device area, which is primarily focused on orthopedic applications.

最後，值得一提的是我們在醫療器材領域的持續成功，該領域主要集中在骨科應用。

For many years, we've been a leader in supporting surgeons and their planning and execution of craniomaxillofacial procedures.

多年來，我們一直是支持外科醫生及其規劃和執行顱顏面手術的領導者。

Over the years, we supported thousands of surgeries by participating not only in the planning of restorative and reconstructive procedures, but also providing surgical guides and critical implants that are used to help sustain and restore our patients' quality of life.

多年來，我們支持了數以千計的手術，不僅參與恢復和重建手術的規劃，還提供手術導板和關鍵植入物，用於幫助維持和恢復患者的生活品質。

Over the last few years, as our technology has evolved, we've extended this expertise to not only other parts of the human skeleton, but also into trauma environments, a new element of the market where both quality and response time are extremely important to patient outcomes.

在過去的幾年裡，隨著我們技術的發展，我們不僅將這種專業知識擴展到人體骨骼的其他部分，還擴展到創傷環境，這是市場的一個新元素，質量和響應時間對於患者的結果。

These are the areas we commonly refer to as personalized healthcare, as the solution we provide is custom tailored to a patient specific needs.

這些是我們通常所說的個人化醫療保健領域，因為我們提供的解決方案是根據患者的特定需求量身定制的。

First half revenues for personalized healthcare were up over 12% from prior year and over 54% from the first half of 2021.

個人化醫療上半年營收比上年成長超過 12%，比 2021 年上半年成長超過 54%。

This marks the 10th consecutive quarter of annual growth for this business.

這標誌著該業務連續第十個季度實現年度成長。

With multibillion dollar markets opening up before us in orthopedics, we're extremely excited about the future.

隨著骨科領域數十億美元的市場在我們面前展開，我們對未來感到非常興奮。

Given all these factors from a timing standpoint, we would expect full company revenues to grow at mid-single-digit rates on a consecutive quarter basis in Q3 and once again in Q4, bringing our revenue to roughly $450 million to $460 million for the full year 2024.

從時間的角度考慮到所有這些因素，我們預計公司的整體收入將在第三季度連續季度以中等個位數的速度增長，並在第四季度再次增長，使我們的整體收入達到約4.5 億至4.6 億美元。

Gross margins for the first two quarters continued their trends of improvement even in the face of volume weakness.

儘管銷量疲軟，前兩季的毛利率仍持續保持改善趨勢。

This is primarily attributable to an improving mix of consumables and services and benefits of our manufacturing and sourcing.

這主要歸功於消耗品和服務組合的改善以及我們製造和採購的優勢。

Looking ahead, we see continued room for gross margin expansion as printer volumes begin to recover and we do expect margins to strengthen from the low 40% range.

展望未來，隨著印表機銷售開始復甦，我們認為毛利率仍有持續成長的空間，並且我們預計毛利率將從 40% 的低水平開始走強。

Moving to our OpEx expenses.

轉向我們的營運支出。

In the first half, as I mentioned earlier, our G&A was significantly impacted by the extended close of our 2023 audit.

正如我之前提到的，上半年，我們的一般管理費用受到 2023 年審計延長結束的重大影響。

Setting this aside, we executed well on our restructuring efforts that were announced in Q4 of last year.

拋開這一點，我們在去年第四季宣布的重組工作中表現良好。

As a part of this effort, we closed and consolidated over 15 sites around the world and reduced our non-finance related workforce cost significantly while maintaining our most critical investments in R&D and sales.

作為這項努力的一部分，我們關閉並整合了全球超過 15 個工廠，大幅降低了非財務相關的勞動力成本，同時維持了我們在研發和銷售方面最關鍵的投資。

These savings will become apparent when the cost associated with the 2023 close abate in Q4.

當與 2023 年關閉相關的成本在第四季度減少時，這些節省將變得顯而易見。

We expect to deliver operating expense under $60 million for that quarter.

我們預計該季度的營運費用將低於 6,000 萬美元。

With the transient cost and G&A receding in the second half, we would now expect to approach adjusted EBITDA breakeven levels for Q4.

隨著下半年臨時成本和一般行政費用的下降，我們現在預計第四季將接近調整後的 EBITDA 損益兩平水準。

And finally, over the last several months, we've taken decisive action to derisk our balance sheet.

最後，在過去的幾個月裡，我們採取了果斷行動來降低資產負債表的風險。

We've reduced our long-term debt by over 50%, opportunistically buying back our convertible notes at a substantial discount.

我們已經將長期債務減少了 50% 以上，並趁機以大幅折扣回購了我們的可轉換票據。

We continue to have one of the strongest cash reserves in our industry, enabling us to face uncertain economic times with the confidence of continuity in our most critical investment areas.

我們仍然是業內擁有最強大現金儲備的企業之一，這使我們能夠在最關鍵的投資領域充滿信心地應對不確定的經濟時期。

This strength, coupled with the widest range of additive solutions across the industry and our global sales and service infrastructure, inspires confidence in our customers that we'll be there to support their long-term growth needs.

這種優勢，加上整個行業最廣泛的添加劑解決方案以及我們的全球銷售和服務基礎設施，激發了客戶的信心，讓他們相信我們將支持他們的長期成長需求。

From this position, we are now intensely focused on enhancing profitability without any compromise to mission-critical growth R&D and services investments in order to maximize shareholder value.

從這個角度來看，我們現在專注於提高獲利能力，同時不影響關鍵任務成長研發和服務投資，以實現股東價值最大化。

Let's now shift to some of our key announcements from the first half that are important drivers to continuing our positive momentum in the quarters ahead.

現在讓我們來看看上半年發布的一些重要公告，這些公告是我們在未來幾季繼續保持積極勢頭的重要推動力。

I'm now on slide 6.

我現在在幻燈片 6 上。

Within our healthcare markets, 3D Systems leverages a culture of innovation that was born when our Chief Technology Officer, Chuck Hull, invented 3D printing and founded the company over four decades ago.

在我們的醫療保健市場中，3D Systems 利用了我們的技術長 Chuck Hull 在四十多年前發明 3D 列印並創立公司時誕生的創新文化。

This pioneering work, which was recognized last year by President Biden when he presented Mr. Hull the National Medal of Innovation and Technology, would later span the entire additive manufacturing industry.

這項開創性工作去年得到了拜登總統的認可，當時他向赫爾先生頒發了國家創新與技術獎章，隨後這項工作將遍及整個增材製造業。

From these roots, our healthcare business has emerged with two strong cornerstones today, dental, and medical devices.

正是基於這些根源，我們的醫療保健業務如今已擁有兩個強大的基石：牙科和醫療設備。

For the dental side of our healthcare business, 2024, has already been an exciting year.

對於我們醫療保健業務的牙科方面來說，2024 年已經是激動人心的一年。

In June, we unveiled a significant expansion of our market-leading technology portfolio, which will now target all four major facets of dentistry, including alignment, protection, repair, and replacement of teeth.

6 月，我們推出了市場領先技術產品組合的重大擴展，現在將針對牙科的所有四個主要方面，包括牙齒的排列、保護、修復和更換。

In conjunction with this strategy update, we were proud to announce the award of the largest contract in our company's history with an estimated value approaching $0.25 billion.

結合本次策略更新，我們很自豪地宣布授予我們公司歷史上最大的合同，估計價值接近 2.5 億美元。

This five-year agreement positions us as a key supplier for the indirect manufacturing of clear aligners for years to come.

這項為期五年的協議使我們成為未來幾年間接製造透明矯正器的主要供應商。

Building upon this 20 year heritage in the aligner market, for the last several years, we've been pursuing the next wave of innovation in orthodontics, that is the direct printing of clear aligners.

基於在矯正器市場 20 年的傳統，過去幾年，我們一直在追求正畸領域的下一波創新，即直接列印透明矯正器。

We believe this technology will expand the market for clear polymeric aligners, allowing full customization of the product to enhance effectiveness and positioning of teeth, while opening new options for the delivery of the products to the patient.

我們相信這項技術將擴大透明聚合物矯正器的市場，允許完全客製化產品以提高牙齒的有效性和定位，同時為向患者提供產品提供新的選擇。

We've made significant progress in this area and are targeting commercial introduction in late 2025.

我們在這一領域取得了重大進展，目標是在 2025 年底實現商業化。

From a teeth protection standpoint, we're in the final stages of developing an advanced direct printed night guard solution to be launched through our expanding partnership with Glidewell, a recognized global leader in the supply of advanced dental technologies.

從牙齒保護的角度來看，我們正處於開發先進直接列印夜間防護解決方案的最後階段，該解決方案將透過我們與先進牙科技術供應領域公認的全球領導者 Glidewell 不斷擴大的合作關係推出。

For teeth repair, we're building upon the outstanding materials portfolio of our NextDent products, which are increasingly being adopted by customers utilizing a broadening range of printing techniques.

對於牙齒修復，我們正在以 NextDent 產品的出色材料組合為基礎，這些產品越來越多地被使用更廣泛列印技術的客戶所採用。

And lastly, we're extremely excited about our first-to-market solution for single teeth, multimaterial jetted dentures, for which we anticipate regulatory clearance later this year.

最後，我們對首款上市的單顆牙齒、多材質噴射義齒解決方案感到非常興奮，我們預計該解決方案將在今年稍後獲得監管許可。

Our denture technology, which will be the first introduced to the market with our launch partner, Glidewell, offers a unique combination of great aesthetics with outstanding performance, including the critical characteristic of durability, which we believe sets a new standard for the dental industry.

我們的義齒技術將首次與我們的發布合作夥伴 Glidewell 一起推向市場，它提供了美觀與卓越性能的獨特結合，其中包括耐用性的關鍵特性，我們相信這為牙科行業樹立了新標準。

This comprehensive approach to the dental market, which builds upon the technologies we pioneered over the last 20 years, positions the company for significant growth and value creation in a global dental 3D printing market estimated at over $15 billion by 2032.

這種全面的牙科市場方法建立在我們過去 20 年開創的技術基礎上，使公司能夠在全球牙科 3D 列印市場中實現顯著增長並創造價值，預計到 2032 年將超過 150 億美元。

On the medical device side of our healthcare business, our primary focus is orthopedic applications as I described previously.

在我們的醫療保健業務的醫療設備方面，我們的主要重點是骨科應用，正如我之前所描述的。

Our ability to offer the full orthopedic treatment workflow to surgeons in the US and Europe spanning from the digital image to the supply of custom finished hardware for the patient, combined with our quality focus and regulatory expertise, is unique in our industry.

我們有能力為美國和歐洲的外科醫生提供從數位影像到為患者提供定製成品硬體的完整骨科治療工作流程，再加上我們對品質的關注和監管專業知識，這在我們的行業中是獨一無二的。

It enables us to thrive in the complex healthcare environment of today, offering products and services that support improved patient outcomes, while complying fully with the ever-changing regulatory requirements of individual countries around the world.

它使我們能夠在當今複雜的醫療保健環境中蓬勃發展，提供支持改善患者治療結果的產品和服務，同時完全遵守世界各國不斷變化的監管要求。

In an exciting development, last April, we announced FDA clearance for the world's first 3Dprinted PEEK cranial implants.

去年 4 月，我們宣布 FDA 批准世界上第一個 3D 列印 PEEK 顱骨植入物，這是一項令人興奮的進展。

PEEK, more formally known as polyetheretherketone, is an engineered medical polymer that has performance characteristics very similar in many ways to human bone, while being transparent to X-rays and having excellent biocompatibility.

PEEK 的正式名稱為聚醚醚酮，是一種工程醫用聚合物，其性能特徵在許多方面與人類骨骼非常相似，同時對 X 射線透明且具有出色的生物相容性。

These characteristics make it ideal for craniomaxillofacial reconstruction applications, a market that's anticipated to exceed $2 billion by the end of 2030.

這些特性使其成為顱顏重建應用的理想選擇，該市場預計到 2030 年底將超過 20 億美元。

While PEEK itself has been in the market for some time, the ability to 3D-print custom PEEK implants using our self-contained cleanroom environment EXT 220 printing technology is unique.

雖然 PEEK 本身已上市一段時間，但使用我們獨立的無塵室環境 EXT 220 列印技術 3D 列印客製化 PEEK 植入物的能力是獨一無二的。

By directly printing custom 3D PEEK implants, lead times for the product are reduced and there is a cost savings of up to 85% versus traditional manufacturing methods.

透過直接列印客製化 3D PEEK 植入物，可以縮短產品的交貨時間，與傳統製造方法相比，成本節省高達 85%。

Additionally, with a cleanroom-based printer architecture and simplified post-processing operations, it's now even possible to execute this entire workflow within the hospital itself, further reducing response time for the implant and opening the application window to even include trauma situations, where response time is so very important to a patient's recovery.

此外，憑藉基於潔淨室的印表機架構和簡化的後處理操作，現在甚至可以在醫院內部執行整個工作流程，進一步減少植入物的響應時間，並打開應用程式窗口，甚至包括創傷情況，其中響應時間對於患者的復健非常重要。

Since our first demonstration of this technology last year, it's been used successfully in [50] cranioplasties throughout Europe.

自從我們去年首次展示這項技術以來，它已在整個歐洲的 [50] 顱骨成形術中成功使用。

And now with FDA clearance secured earlier this year in the US, we're excited to now bring this exceptional orthopedic technology to United States.

現在，隨著今年稍早在美國獲得 FDA 批准，我們很高興能夠將這種卓越的骨科技術引入美國。

Turning to slide 7.

轉到投影片 7。

Our industrial solutions cater to a wide breadth of markets with tremendous potential to adopt additive manufacturing into their production workflow.

我們的工業解決方案迎合了廣泛的市場，這些市場具有將積層製造納入其生產工作流程的巨大潛力。

Our team of over 80 application-focused engineers are partnering with customers in key industries, such as aerospace, transportation, semiconductor, energy, jewelry, academics, and service bureaus to deliver value-added innovations to the manufacturing floor.

我們的團隊由 80 多名專注於應用的工程師組成，正在與航空航太、運輸、半導體、能源、珠寶、學術和服務機構等關鍵行業的客戶合作，為製造車間提供增值創新。

Just last month, we were very pleased to announce a strategic partnership with Precision Resource to advance metal additive manufacturing initiatives.

就在上個月，我們非常高興地宣布與 Precision Resource 建立策略合作夥伴關係，以推進金屬增材製造計劃。

Precision Resources is a leader in the production of critical components for the automotive, heavy duty, aerospace and medical device industries, a perfect match for our broad portfolio catering to both industrial and healthcare applications.

Precision Resources 是汽車、重型、航空航太和醫療器材行業關鍵零件生產的領導者，與我們滿足工業和醫療保健應用需求的廣泛產品組合完美匹配。

With Precision's purchase of two of our metal DMP Flex 350 Dual laser systems, they're receiving best-in-class environmental control and delivering exceptionally high-quality parts with unmatched accuracy.

Precision 購買了我們的兩組金屬 DMP Flex 350 雙雷射系統後，他們獲得了一流的環境控制，並以無與倫比的精度提供了品質卓越的零件。

Also in July, the metal DMP Factory 500 and the DMP Flex 350 Dual printing systems, along with our Polymer SLS 380 solution, were purchased by the National Additive Manufacturing & Innovation Company, also referred to as NAMI, in Saudi Arabia.

同樣在 7 月，沙烏地阿拉伯國家增材製造與創新公司（也稱為 NAMI）購買了金屬 DMP Factory 500 和 DMP Flex 350 Dual 列印系統以及我們的聚合物 SLS 380 解決方案。

NAMI's mission is to bring additive manufacturing technology to the Saudi Kingdom, localizing the manufacturer of critical components for a broad range of industrial markets.

NAMI 的使命是將積層製造技術引入沙烏地阿拉伯王國，為廣泛的工業市場實現關鍵零件製造商的在地化。

As an example, NAMI will use 3D printing systems to produce critical components for the Saudi Electric Company, with the overall objective of building an increasingly resilient supply chain architecture for this critical infrastructure.

例如，NAMI 將使用 3D 列印系統為沙烏地阿拉伯電力公司生產關鍵零件，總體目標是為此關鍵基礎設施建立日益具有彈性的供應鏈架構。

Not only does this example speak to additive's increased role in the energy sector, which is expected to grow to $17 billion by 2032, it also demonstrates the positive effects of localization and accessibility for additive to continue catalyzing innovation.

這個例子不僅說明了積層製造在能源領域的作用日益增強（預計到 2032 年將增長到 170 億美元），而且還證明了增材製造的本地化和可及性對繼續促進創新的積極影響。

The announcement also lends credence to our joint venture with the Saudi Arabian Industrial Investments Company and its pivotal role in realizing Saudi Arabia's Vision 2030, which aims in part to bring additive manufacturing production capability to key industries throughout the kingdom.

該公告還證實了我們與沙烏地阿拉伯工業投資公司的合資企業及其在實現沙烏地阿拉伯 2030 年願景中的關鍵作用，該願景的部分目的是為整個王國的關鍵產業帶來增材製造生產能力。

With that, I'll turn things over to our CFO, Jeff Creech, to step through the financials in more detail.

接下來，我會將事情交給我們的財務長傑夫·克里奇 (Jeff Creech)，以更詳細地介紹財務狀況。

Jeff?

傑夫？

Jeff, thank you, and good evening, everyone.

傑夫，謝謝你，大家晚上好。

I'll begin our revenue summary on slide 9.

我將從幻燈片 9 開始我們的收入摘要。

For the first half revenues of $216 million, we see a decline of 13% from prior year, almost entirely driven by software printer sales with materials largely flat and a partial offset in services growth.

對於 2.16 億美元的上半年收入，我們預計比去年同期下降 13%，這幾乎完全是由軟體印表機銷售推動的，材料基本持平，部分抵消了服務成長。

However, when unpacking the individual quarters of 2024, revenues grew sequentially from Q1 to Q2 by over 10% and across printers, materials, and services, as well as across both healthcare and industrial business.

然而，在分析 2024 年各個季度時，印表機、材料和服務以及醫療保健和工業業務的收入從第一季到第二季度連續增長了 10% 以上。

Within healthcare, total first half revenues of $94 million declined 14% from prior year.

在醫療保健領域，上半年總收入為 9,400 萬美元，比去年同期下降 14%。

While healthcare materials and services performed very well in the first half, this was more than offset by a decline in printer sales, as Jeff referred to previously.

儘管醫療保健材料和服務在上半年表現非常出色，但正如傑夫之前提到的那樣，印表機銷售的下降足以抵消這一影響。

For our industrial markets, first half revenues of $122 million declined 13% from the prior year, driven by declines in both printers and materials, again with a partial offset from services growth.

對於我們的工業市場，上半年收入為 1.22 億美元，較上年下降 13%，原因是印表機和材料的下降，同樣部分抵消了服務成長的影響。

Within industrial submarkets, we saw strong first half growth in key areas such as semiconductors, aerospace, and defense.

在工業子市場中，我們看到半導體、航空航太和國防等關鍵領域上半年強勁成長。

However, this was more than offset by weakness broadly throughout most other major end markets.

然而，這被大多數其他主要終端市場的普遍疲軟所抵消。

Now turning to slide 10, let's speak about gross profit.

現在轉到幻燈片 10，讓我們談談毛利。

Non-GAAP gross margin for the first quarter was 40.1%, improving 110 basis points from the prior year.

第一季非 GAAP 毛利率為 40.1%，較上年同期提高 110 個基點。

Second quarter non-GAAP gross margin of 40.9% improved 200 basis points from the prior year.

第二季非 GAAP 毛利率為 40.9%，較上年同期提高 200 個基點。

Collectively, for the first half, this resulted in margins of 40.5%, a nearly 160 basis point improvement from the first half of last year.

整體而言，上半年利潤率為 40.5%，比去年上半年提高了近 160 個基點。

Margin performance was primarily driven by favorable mix in materials and services and benefits from our in-sourcing activities, but was partially offset by unfavorable absorption given our lower sales volumes.

利潤率表現主要是由材料和服務的有利組合以及我們的內購活動帶來的好處所推動的，但由於銷售量較低，部分被不利的吸收所抵消。

I would also add that gross margin includes the negative impact associated with an increase in inventory obsolescence reserves taken in first quarter of this year, representing approximately $2.8 million.

我還要補充一點，毛利率包括與今年第一季庫存報廢儲備增加相關的負面影響，約 280 萬美元。

On slide 11, you'll find an overview of our operating expense.

在投影片 11 上，您將看到我們營運費用的概覽。

Non-GAAP operating expense for the first quarter was $66.3 million increasing $3.6 million from prior year.

第一季非 GAAP 營運費用為 6,630 萬美元，比去年同期增加 360 萬美元。

For the second quarter, this was $64.2 million, a $2.1 million increase from the prior year.

第二季這一數字為 6,420 萬美元，比上年增加 210 萬美元。

Relative to our initial expectations, external audit fees and outside services related to the 2023 audit were approximately $5 million and $2 million higher, respectively, than originally planned in Q1 and Q2.

與我們最初的預期相比，與 2023 年審計相關的外部審計費用和外部服務分別比第一季和第二季原計劃高出約 500 萬美元和 200 萬美元。

As previously mentioned, while its impact is declining, we also expect the extended audit to create a headwind to operating expenses in the third quarter, albeit to a much smaller extent.

如前所述，雖然其影響正在下降，但我們也預計延長審計將對第三季的營運支出造成不利影響，儘管程度要小得多。

And as Jeff mentioned earlier, we expect fourth quarter OpEx to more meaningfully represent the impacts of our previously announced restructuring initiatives and we're targeting to deliver OpEx below $60 million for Q4.

正如傑夫之前提到的，我們預計第四季度的營運支出將更有意義地反映我們先前宣布的重組計劃的影響，我們的目標是第四季度的營運支出將低於 6000 萬美元。

Now, I'll speak to the P&L on slide 12.

現在，我將討論投影片 12 上的損益表。

We reported adjusted EBITDA of negative $20.1 million for the first quarter and negative $12.9 million for the second quarter, declines of $10 million and $6 million, respectively, from the same periods of 2023.

我們報告稱，第一季調整後 EBITDA 為負 2,010 萬美元，第二季調整後 EBITDA 為負 1,290 萬美元，較 2023 年同期分別減少 1,000 萬美元和 600 萬美元。

Declines in adjusted EBITDA primarily reflect lower sales volume and the increases in operating expense just discussed.

調整後 EBITDA 的下降主要反映了銷售量的下降和剛才討論的營運費用的增加。

In line with my commentary on expected OpEx savings and sequential revenue improvement throughout the year, we are expecting a significant improvement in adjusted EBITDA in the second half of the year as it compares to the first, with the expectation for continued sequential improvement moving forward.

根據我對全年預期營運支出節省和環比收入改善的評論，我們預計下半年調整後 EBITDA 與上半年相比將出現顯著改善，並預計未來將持續環比改善。

Factoring in these cost improvements, we should approach breakeven on an adjusted (inaudible) basis.

考慮到這些成本的改善，我們應該在調整（聽不清楚）的基礎上達到損益平衡。

For the first quarter, we reported fully diluted loss per share of $0.12 compared to a loss per share of $0.23 in the prior year.

第一季度，我們報告完全攤薄後每股虧損為 0.12 美元，去年同期每股虧損為 0.23 美元。

Non-GAAP loss per share was $0.17 compared to a loss per share of $0.09 in the prior year.

非 GAAP 每股虧損為 0.17 美元，而前一年每股虧損為 0.09 美元。

For the second quarter, we reported fully diluted loss per share of $0.21 compared to a loss per share of $0.22 in the prior year.

第二季度，我們報告完全攤薄後每股虧損為 0.21 美元，去年同期每股虧損為 0.22 美元。

Non-GAAP loss per share was $0.14 compared to a loss per share of $0.07 in the prior year.

非 GAAP 每股虧損為 0.14 美元，而前一年每股虧損為 0.07 美元。

Now to slide 13 for our balance sheet.

現在轉到投影片 13 的資產負債表。

We closed the quarter with $193 million in cash and cash equivalents compared to $332 million at the end of last year.

本季結束時，我們的現金和現金等價物為 1.93 億美元，而去年年底為 3.32 億美元。

The decline included a roughly $87 million payment for the repurchase of $110 million of our 2026 convertible notes.

這一下降包括為回購 1.1 億美元的 2026 年可轉換票據而支付的約 8,700 萬美元。

In the aggregate, on March '24 and December 2023 note repurchases reduced our debt by over 50%, delivering attractive yields while further derisking our balance sheet.

總的來說，2023 年 3 月和 2023 年 12 月的票據回購使我們的債務減少了 50% 以上，帶來了有吸引力的收益率，同時進一步降低了我們的資產負債表風險。

Those transactions (technical difficulty) position to support critical R&D investments for new product releases that we believe are essential as the market begins to strengthen in the months ahead.

這些交易（技術難度）將支持新產品發布的關鍵研發投資，我們認為隨著市場在未來幾個月開始走強，這些投資至關重要。

Looking forward, we continue to see inventory as a strategic source of cash and expect to drive positive working capital performance over the second half.

展望未來，我們繼續將庫存視為現金的戰略來源，並預計在下半年推動積極的營運資本表現。

Now, Jeff, back to you.

現在，傑夫，回到你身邊。

Thanks very much, Jeff.

非常感謝，傑夫。

So I'll conclude with our remarks on slide 14.

我將以我們在投影片 14 上的發言作為結束語。

While the broader economic climate remains challenging, our businesses started to sequentially recover, and we're encouraged by the view ahead.

雖然更廣泛的經濟環境仍然充滿挑戰，但我們的業務開始逐步復甦，我們對未來的前景感到鼓舞。

Sales pipelines are increasingly robust and the growth in services from our applications in years lays a healthy groundwork for expected new customer growth ahead.

銷售管道日益強勁，多年來我們的應用程式服務的成長為未來預期的新客戶成長奠定了良好的基礎。

We continue to launch new product innovations such as our EXT 800 Titan Pellet Printer in June, with more stage for release in the near future to meet a rising demand.

我們繼續推出新產品創新，例如 6 月的 EXT 800 Titan 顆粒印表機，並將在不久的將來發布更多平台，以滿足不斷增長的需求。

From a cost standpoint, we have a clear path for operating cost reduction going forward and options for significant organizational optimization in the future.

從成本的角度來看，我們有一條明確的未來降低營運成本的路徑，以及未來重大組織優化的選擇。

Within our software portfolio, we are now concentrating our Oqton platform exclusively on the industrial markets that place a high value on quality and assurance of supply, many of which have a regulatory element as well.

在我們的軟體產品組合中，我們現在將 Oqton 平台專門專注於高度重視品質和供應保證的工業市場，其中許多市場還具有監管因素。

We have key commercialization efforts in place such as last year's announced development agreement with Baker Hughes, which is designed to accelerate innovation in the energy sector with the Oqton industrial MOS system.

我們已經開展了關鍵的商業化工作，例如去年宣布與 Baker Hughes 簽署的開發協議，該協議旨在利用 Oqton 工業 MOS 系統加速能源領域的創新。

In our regenerative medicine initiative, we remain tremendously excited about our partnership with United Therapeutics, and specifically our lung development program.

在我們的再生醫學計劃中，我們對與 United Therapeutics 的合作夥伴關係，特別是我們的肺部發育計畫仍然感到非常興奮。

This program not only is opening an entirely new market, but is also spawning incredible technology innovations that will impact our company and the world for years to follow.

該計劃不僅打開了一個全新的市場，而且催生了令人難以置信的技術創新，這些創新將在未來幾年影響我們的公司和世界。

From a 2024 perspective, considering the weak start to the year, there was evidence of strengthening in the second half, we are updating our full year 2024 revenue projections in the range $450 million to $460 million.

從 2024 年的角度來看，考慮到今年開局疲弱，但下半年有證據表明有所加強，我們正在更新 2024 年全年收入預測，範圍為 4.5 億至 4.6 億美元。

With this revenue outlook, we anticipate non-GAAP gross margins of 40% to 42%.

根據這項收入前景，我們預期非 GAAP 毛利率為 40% 至 42%。

Given the effect of our restructuring efforts and declining G&A costs related to the 2023 audit, we now expect full year OpEx to be in the range of $248 million to $253 million, and adjusted EBITDA improving such that Q4 approaches breakeven performance.

考慮到我們的重組工作以及與2023 年審計相關的一般管理費用下降的影響，我們現在預計全年營運支出將在2.48 億美元至2.53 億美元之間，調整後的EBITDA 將會改善，從而使第第四季的業績接近損益兩平。

We thank you for joining the call today, and we'll now open the line up for questions.

我們感謝您今天加入電話會議，我們現在將開始提問。

Kevin, if you'd open the line, please?

凱文，請您接通電話好嗎？

Certainly.

當然。

We'll now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Hey, gentlemen.

嘿，先生們。

Thanks for the time.

謝謝你的時間。

I'm excited to talk to you.

我很高興能和你說話。

It's been a while.

已經有一段時間了。

Thanks, Troy.

謝謝，特洛伊。

Hey, so I just want to say, I thought results were decent given kind of what we kind of knew.

嘿，所以我只想說，鑑於我們所知道的情況，我認為結果還不錯。

So congrats on what you could do.

所以恭喜你能做的事。

But quickly, there's challenge a little bit on dental, I guess.

但很快，我想牙科方面就會遇到一些挑戰。

I've heard more questions about the direct printing of aligners and has more to do with the cost of materials, and so how the total cost reflects versus vacuum casting.

我聽到了更多關於直接列印對準器的問題，並且更多地與材料成本有關，以及總成本與真空鑄造相比如何反映。

But thoughts on that.

但對此的想法。

And just kind of rank order in dental, is it dentures or night guards or are these direct printing of aligners that you're most excited about?

就牙科而言，是假牙還是夜間護牙套，還是這些直接列印的矯正器是您最感興趣的？

Yeah, great.

是的，太棒了。

Two great questions, Troy.

兩個很好的問題，特洛伊。

So let me -- I'll talk to both of them in that order.

那麼讓我——我將按順序與他們兩人交談。

So the direct printing method has been challenging, that's why it's taken us a couple of years to develop it.

因此，直接列印方法一直具有挑戰性，這就是為什麼我們花了幾年時間來開發它。

The niche I believe it will carve in the market, Troy, is an ability to move teeth more effectively.

我相信它將在特洛伊市場中佔有一席之地，那就是更有效地移動牙齒的能力。

So basically, it should broaden the market for clear aligners.

所以基本上，它應該要拓寬透明矯正器的市場。

I think working with the leader in the field of clear aligners, we've gotten the cost down to be more attractive year-over-year for a long time.

我認為，透過與透明矯正器領域的領導者合作，我們已經降低了成本，並且在很長一段時間內逐年變得更具吸引力。

So it sets a big hurdle for direct printing method.

這給直接列印方法設置了很大的障礙。

But what we're finding is direct printed aligners can deal with more difficult -- if you will, more difficult cases.

但我們發現直接印刷對準器可以處理更困難的情況——如果你願意的話，可以處理更困難的情況。

And it also opens up multiple channels to market, because with these smaller printers, you could actually disperse them geographically, you could put them in major cities, you could even potentially put them in a dentist office.

它還開闢了多種市場管道，因為使用這些較小的印表機，您實際上可以將它們分散在地理上，您可以將它們放置在主要城市，甚至可以將它們放置在牙醫診所。

So it offers more channels to market, more ways of delivering the product, more quickly to patients.

因此，它提供了更多的市場管道、更多的方式來更快地將產品交付給患者。

And I believe it can -- it has the potential at least to move teeth more effectively.

我相信它可以——它至少有潛力更有效地移動牙齒。

And it's a different -- it's obviously a different cost structure.

這是不同的——顯然是不同的成本結構。

So we're excited about the technology.

所以我們對這項技術感到興奮。

I still -- we're looking for commercialization in late '25.

我仍然——我們正在尋求在 25 年底實現商業化。

It's a high bar to displace the indirect method, but I do believe it will carve a niche in the market.

取代間接方法的門檻很高，但我相信它將在市場上佔有一席之地。

So I wouldn't tell you it's our -- we're envisioning it to be our highest revenue product in dental, but it will have its home and I think we've got very compelling technology to offer.

所以我不會告訴你這是我們的——我們設想它是我們在牙科領域收入最高的產品，但它會有它的家，我認為我們已經提供了非常引人注目的技術。

In terms of what we're most excited about for the denture stuff is fantastic.

就我們最興奮的而言，假牙的東西非常棒。

It's made by a jetting method that's very fast, the aesthetics are beautiful, and the durability of the material we can produce is outstanding.

它採用噴射方法製成，速度非常快，美觀，我們生產的材料的耐用性非常出色。

So if you put yourself in a patient's shoes, you could treat these dentures exactly like you treat traditional dentures.

因此，如果您設身處地為患者著想，您就可以像對待傳統假牙一樣對待這些假牙。

You can drop them, you can fling them across the room, you can do that and they hold together and they're beautiful.

你可以把它們丟掉，你可以把它們扔到房間的另一邊，你可以這樣做，它們會黏在一起，很漂亮。

They're actually quite attractive to look at.

它們實際上看起來很有吸引力。

So -- and I believe they're going to be very cost effective.

所以——我相信它們將非常具有成本效益。

So if you look in, there's roughly 4 million of dentures sold a year in United States, if I remember the number right.

如果你仔細看看的話，如果我沒記錯的話，美國每年大約賣出 400 萬副假牙。

So there is a big market.

所以有很大的市場。

3D printing is a great way to go because it eliminates a lot of difficult manual labor that today honestly is sent -- largely sent overseas for execution.

3D 列印是一個很好的方法，因為它消除了許多困難的體力勞動，而這些體力勞動現在實際上被發送出去——大部分被發送到海外執行。

So you got long lead times.

所以你的交貨時間很長。

You've got a big labor component.

你有很大的勞動成分。

3D printing is an excellent way to make teeth.

3D列印是製造牙齒的絕佳方法。

So I'm truly excited.

所以我真的很興奮。

And working with Glidewell is fantastic.

與 Glidewell 的合作非常棒。

They're technology leader.

他們是技術領導者。

They do a great job.

他們做得很好。

They've got a big distribution network.

他們擁有龐大的分銷網絡。

So we're very excited to have them in partnership with us.

因此，我們非常高興他們與我們合作。

And we'll open up the rest of the market over time.

隨著時間的推移，我們將開放其餘市場。

But it's -- I'm really excited.

但我真的很興奮。

And we expect FDA approval of that here in the second half at some point.

我們預計 FDA 會在下半年的某個時候批准這一點。

We're very optimistic about that.

我們對此非常樂觀。

So we're good to go.

那我們就可以出發了。

Okay.

好的。

And if I could slip one more question in, just on the pipeline comments, I've always said, in a downturn, pipeline always looks great, right?

如果我可以再問一個問題，就管道評論而言，我總是說，在經濟低迷時期，管道總是看起來很棒，對嗎？

So you'll deal with [steel in it] and you're adding some new ones, right?

所以你會處理[裡面的鋼]並且你會添加一些新的，對吧？

So pipeline grows, but what's changed in the pipeline?

所以管道在成長，但管道中發生了什麼變化？

And is it defense driven?

是防禦驅動的嗎？

Or any more color on kind of just kind of recent activity would be helpful.

或者對最近的活動進行任何更多的描述都會有幫助。

Yeah, sure, Troy.

是的，當然，特洛伊。

You, obviously, have been following our industry for a long time and ask good questions.

顯然，您長期以來一直關注我們的行業並提出了很好的問題。

The pipeline is -- and we're trying to get better at quantifying it, but I can tell you just qualitatively it's never been bigger in over the last few years, it's running up, and it's because the economics or the value of these parts that we're able to print now out of more and more specialized materials is going up and up.

管道是——我們正在努力更好地量化它，但我可以定性地告訴你，在過去的幾年裡它從未如此大過，它正在運行，這是因為這些部件的經濟或價值我們現在能夠用越來越多的專業材料進行列印的能力正在不斷提高。

We delivered a part for the Navy for naval application not long ago, and it was a part that does well in saltwater, okay.

不久前我們給海軍交付了一個用於海軍應用的零件，這是一個在鹽水中表現良好的零件，好吧。

So it was a unique but accepted material for the US Navy.

因此，它是一種獨特但被美國海軍接受的材料。

And what was the selling point on that component and why they're moving into production is, it gets us out of drydock and back to the ocean quickly.

該組件的賣點是什麼以及它們投入生產的原因是，它可以讓我們快速離開乾船塢並返回海洋。

So the comparison to making that through traditional casting methods, which it could be, it was not an exotic design, but the traditional casting methods would have put that lead time at over 400 days.

因此，與透過傳統鑄造方法製造的產品相比（這可能是），這並不是一種奇異的設計，但傳統鑄造方法的交貨時間將超過 400 天。

We got it turned around, Troy, in four days, we got it back.

我們把它扭轉了，特洛伊，四天之內，我們把它拿回來了。

So it's an example of what can be done.

這是一個可以做什麼的例子。

So I would tell you the pipeline for defense applications is very strong and we're really excited about that.

所以我想告訴你，國防應用的管道非常強大，我們對此感到非常興奮。

The semiconductor industry, we're doing a lot of exploratory work in metals for the semiconductor industry for semiconductor fabrication.

在半導體產業，我們正在針對半導體產業的金屬進行大量探索性工作，用於半導體製造。

So the folks that make that equipment, which is very expensive, complex equipment, they drive great benefits from 3D printing, first of all, in the design of the product, but also in the economics, many of those components are assembled, but you can put together now into assemblies, into one assembly if you will, one large component if you want sort of that

因此，製造該設備的人們，這是非常昂貴、複雜的設備，他們從 3D 列印中獲得了巨大的好處，首先，在產品的設計方面，而且在經濟方面，許多組件都是組裝的，但是你現在可以將其組裝成組件，如果您願意的話，可以組裝成一個組件，如果您想要的話，可以組裝成一個大組件

[dozen].

[打]。

So excited about defense, excited about semiconductor, but there is a lot of polymer applications with our portfolio materials.

對國防、對半導體感到興奮，但我們的組合材料有許多聚合物應用。

You've got now flame-retardant materials that are UL certified that we can go to market with, that opens up a lot of exciting market in electronics for example that have to have flame-retardants.

現在您已經獲得了經過 UL 認證的阻燃材料，我們可以將其推向市場，這為電子產品（例如必須具有阻燃劑的電子產品）開闢了許多令人興奮的市場。

So industrial markets, Troy, I generalized defense and specialty industries like semiconductor is great.

所以工業市場，特洛伊，我概括了國防和半導體等特種產業是偉大的。

But more and more, Troy, we're tackling the industries that have a long tail to their SKUs.

但特洛伊，我們越來越致力於解決 SKU 長尾的行業。

So you've got some real high runners there, their thought of as very high volume industries.

因此，那裡有一些真正的高水準競爭者，他們被認為是產量非常大的行業。

They make a lot of certain components.

他們製造很多特定的組件。

But most of these companies have an annoyingly long to them, annoyingly long tail of components that are measured in hundreds.

但這些公司中的大多數都有令人煩惱的長尾組件，數量達到數百個。

And you can produce those so much more cost effectively with 3D printing once you get the process and material down.

一旦掌握了流程和材料，您就可以透過 3D 列印更加經濟高效地生產這些產品。

So we have a lot of discussion with electronics, a lot of automotive discussion for specialty components, especially in hotter environments.

因此，我們對電子產品進行了很多討論，對特種組件進行了很多汽車討論，特別是在較熱的環境中。

And then, you've got the natural ones in metal, which are aerospace and semiconductor are big ones.

然後，還有金屬中的天然金屬，其中航空航天和半導體是大金屬。

So I might have beat that question to death, but I'm excited about it.

所以我可能已經把這個問題搞砸了，但我對此感到興奮。

The guys -- well honestly, Troy, we're happy to come up with ways to prioritize the work.

夥計們——老實說，特洛伊，我們很高興想出確定工作優先順序的方法。

We've got 80 applications engineers, and they're busy every day of the week, long days, and it's because people look at the economics of 3D printing and say this is going to work.

我們有 80 名應用工程師，他們一周中的每一天都在忙碌，這是因為人們看到了 3D 列印的經濟性並說這會起作用。

Now, they're not buying -- in fairness, they're not buying a lot of machines yet.

現在，他們還沒有購買——公平地說，他們還沒有購買很多機器。

So when the CapEx environment gets better, I think you see a lot of those guys turning and say, okay, sell us printers, sell us materials.

因此，當資本支出環境變得更好時，我想你會看到很多人轉而說，好吧，賣給我們印表機，賣給我們材料。

And it's not there yet, it's a leading indicator, but I am tremendously excited about it.

雖然它還沒有實現，但它是一個領先指標，但我對此感到非常興奮。

Okay, awesome guys.

好吧，太棒了，夥計們。

I wish you the best.

我祝你一切順利。

Good luck.

祝你好運。

Thanks, Troy.

謝謝，特洛伊。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格·哈勒姆。

Thanks.

謝謝。

This is Danny Eggerichs on for Greg today.

我是丹尼·埃格里克斯，今天為格雷格發言。

Appreciate the comments on kind of the pipeline and just being that the pipeline has strengthened and it sounds like momentum kind of built in Q2 and is expected to -- for the second half as well.

感謝對管道類型的評論，管道已經加強，聽起來像是第二季度建立的勢頭，預計下半年也會如此。

Just kind of curious if you feel like visibility has improved as well or just for pipeline conversion or just being cognizant of overall macro, do you feel like maybe it's still kind of too early and you're glad that interest is coming back, but it's still kind of a wait-and-see game?

只是有點好奇，如果您覺得可見性也得到了改善，或者只是為了管道轉換，或者只是了解整體宏觀，您是否覺得現在可能還為時過早，您很高興興趣又回來了，但它是還是觀望遊戲？

Yeah, Danny, first of all, it's good to hear your voice as well.

是的，丹尼，首先，很高興聽到你的聲音。

Thanks for the question.

謝謝你的提問。

It's probably more of a latter, Danny.

丹尼，可能更多的是後者。

I mean, I'm really encouraged that customers are bringing it out and modeling the economics, looking at the part -- quality of the parts, all of that.

我的意思是，我真的很高興客戶將其推出並進行經濟建模，查看零件 - 零件的質量，所有這些。

The proof in the pudding will be then placing orders for equipment which requires them to up their CapEx budget.

布丁中的證據將是訂購需要他們增加資本支出預算的設備。

So I wouldn't get exuberant about it.

所以我不會對此感到興奮。

I mean, we're projecting, as we said, continued growth from Q2 to Q3 to Q4, and we put that kind of the mid-single-digit levels, which we're happy to see the trend.

我的意思是，正如我們所說，我們預計從第二季度到第三季度再到第四季度將持續增長，我們將這種增長定為中等個位數水平，我們很高興看到這一趨勢。

Maybe we'll do better than that, but it largely depends on the outlook our customers have for end demand.

也許我們會做得更好，但這很大程度取決於我們的客戶對最終需求的看法。

So hopefully, the world will see continued the inflation coming down.

因此，希望世界能夠看到通膨持續下降。

And then, I've been encouraged by the Fed's comments about lower interest rates.

然後，聯準會關於降低利率的評論令我感到鼓舞。

I think that will be a strong push for more demand for our customers, more CapEx spending in their plants.

我認為這將有力地推動我們的客戶增加需求，增加他們工廠的資本支出。

When that happens, you should see a direct flow through to our business.

當這種情況發生時，您應該會看到直接流向我們的業務。

So that's what we're waiting on.

這就是我們正在等待的。

You see the same public metrics that I do.

您會看到與我相同的公共指標。

So you kind of get to hold your breath.

所以你有點屏住呼吸。

And then, we're coming into an election and we're in a volatile world.

然後，我們即將進入選舉，我們正處於一個動盪的世界。

So all those caveats, but I'm encouraged with the trend.

儘管有這些警告，但我對這一趨勢感到鼓舞。

It is a big pick up in interest from Q1 to Q2, but very pleased with that.

從第一季到第二季度，人們的興趣大幅增加，但對此感到非常滿意。

And we'll see where Q3 and Q4 go, but right now it looks positive.

我們將看到第三季和第四季的走勢，但現在看起來很積極。

Okay, understood.

好的，明白了。

Then maybe on dental and maybe more specifically this large aligner contract, the simple math implies kind of like a $50 million average annual value.

然後，也許在牙科方面，也許更具體地說是這個大型矯正器合同，簡單的數學意味著年平均價值約為 5000 萬美元。

Is that the right way to think about it, or is there a way to think about maybe the cadence of that throughout its lifetime and then just being that average annual value is quite a bit lower than maybe that business has historically done?

這是思考這個問題的正確方法嗎？

Is it safe to say all the things you're doing elsewhere in dental are kind of aimed at filling that hole?

可以肯定地說，您在牙科其他地方所做的所有事情都是為了填補這個漏洞嗎？

Yeah, I might phrase that a little bit differently, but yes, I mean we're excited about -fundamentally, Danny, the dental industry is converting to 3D printing broadly.

是的，我的說法可能有點不同，但是，是的，我的意思是我們對從根本上說，丹尼，牙科行業正在廣泛轉向 3D 列印感到興奮。

And that's why we rolled out our strategy about participating in all four elements, basic elements of the market.

這就是為什麼我們推出了參與所有四個要素、市場基本要素的策略。

So in terms of modeling that contract, it's very hard to predict year-to-year noise, but the overall value of the contract was our best shot at saying what it's going to be.

因此，就合約建模而言，很難預測逐年的噪音，但合約的整體價值是我們預測未來的最佳機會。

And if you knew nothing, you draw a line through the points and say that's where it's going.

如果你一無所知，你就會在這些點上畫一條線，然後說那就是它要去的地方。

I guarantee you that won't be right.

我向你保證那是不對的。

It will be -- it will fluctuate from that.

它將是——它將由此而波動。

So you can listen to the public players that talk about end demand and you can get a sense for how that demand flows through to us.

因此，您可以聆聽公共參與者談論最終需求，並且可以了解該需求如何流向我們。

It's hard to be precise in model, we haven't attempted that.

模型很難精確，我們還沒有嘗試過。

We've just set a cumulative value over the five years.

我們剛剛設定了五年的累計值。

And we have no real further insight than that.

我們沒有比這更深入的見解了。

I think it's a safe bet, it'll be in that total range, but the timing will depend on the end demand.

我認為這是一個安全的賭注，它將在這個總範圍內，但時間將取決於最終需求。

And that's driven in part, Danny, by the inflation pressures consumers are feeling.

丹尼，這在某種程度上是由消費者感受到的通膨壓力所推動的。

They don't tend to buy as many aligners when food is expensive and gas is up.

當食物價格昂貴且汽油價格上漲時，他們往往不會購買那麼多的矯正器。

So hopefully, that's all coming down and you see that rise.

所以希望這一切都在下降，你會看到它的上升。

The other markets for dental, you can view it as kind of filling the gap, but in their own right they're very exciting.

對於其他牙科市場，您可以將其視為填補空白，但就其本身而言，它們非常令人興奮。

I mean dentures have been made by hand to-date, so largely by hand.

我的意思是，迄今為止，假牙都是手工製作的，而且很大程度上是手工製作的。

And you'll see a complete conversion to 3D printing in the -- over the next several years.

在接下來的幾年裡，您將看到 3D 列印的完全轉變。

And it's a big market, not only in US, but in Europe and even parts of Asia.

這是一個很大的市場，不僅在美國，而且在歐洲甚至亞洲部分地區。

So we're thrilled to be in it.

所以我們很高興能參與其中。

We're committed to it.

我們致力於此。

It looks great.

看起來很棒。

Night guard, we were still gauging the size of that market.

夜班警衛，我們還在衡量那個市場的規模。

The performance requirements are little less than having to straighten teeth, but there's some interesting work going on to improve the intelligence, if you will, of aligners or night guards to help with sleep apnea and help other -- with other issues.

性能要求與矯正牙齒差不多，但如果你願意的話，還有一些有趣的工作可以提高矯正器或夜間護牙器的智能，以幫助治療睡眠呼吸中止症並幫助其他人解決其他問題。

So I don't know where that will take the market, but certainly it lends itself to 3D printing.

所以我不知道這將把市場帶到何方，但它肯定適合 3D 列印。

And then finally, you have tooth repair, the standard tooth repair that we've been in that business for a long time.

最後，還有牙齒修復，這是我們長期以來從事這項業務的標準牙齒修復。

So those are four big pieces of dental, and we're heavy player in all of them today, probably the biggest, and we look forward to getting even bigger overtime as the market converts to 3D print.

這些是牙科領域的四大領域，今天我們在所有領域都扮演著重要角色，可能是最大的領域，隨著市場轉向 3D 列印，我們期待更大的加班。

Okay, great.

好的，太好了。

Excited to see all that take hold.

很高興看到這一切都發生了。

I will leave it there.

我會把它留在那裡。

Thanks.

謝謝。

Thanks so much, Danny.

非常感謝，丹尼。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Hi, thanks.

你好，謝謝。

Good afternoon.

午安.

So

所以

--

--

Hey, Jim.

嘿，吉姆。

Hello.

你好。

Sequential growth, you're anticipating Q3, Q4.

連續成長，您預計第三季、第四季。

Is that -- talk to us a little bit about how you might see that playing out in both healthcare and industrial?

是不是 - 和我們談談您如何看待這種情況在醫療保健和工業領域的發展？

Are you anticipating growth in both those sectors sequentially in the second half?

您預計下半年這兩個行業將持續成長嗎？

Yes, we are Jim.

是的，我們是吉姆。

We should see growth in both of them.

我們應該看到他們兩個的成長。

The sustainability of growth in healthcare looks very high, and so I'm very pleased about that.

醫療保健成長的可持續性看起來非常高，因此我對此感到非常高興。

Again, there was a drop off in printer sales in healthcare, where we're selling printers to like contract manufacturers that are making implants, things like that, that was soft, again driven by CapEx.

同樣，醫療保健領域的印表機銷量有所下降，我們將印表機銷售給製造植入物之類的合約製造商，這種情況很軟，再次受到資本支出的推動。

But the rest of healthcare was, if you will [forget] very healthy.

但如果你[忘記]的話，其他的醫療保健是非常健康的。

So we saw growth there, expect that to continue.

所以我們看到了那裡的成長，預計這種情況會持續下去。

We expect to see some rebound on the industrial side, primarily from recovery of printers with CapEx spending become boosting up over the rest of the year.

我們預計工業方面將出現一些反彈，主要來自印表機的復甦，資本支出支出將在今年剩餘時間內增加。

So those are the basic drivers, Jim.

這些是基本的驅動因素，吉姆。

Okay.

好的。

And that ties into the next question, Jeff, just in terms of how we're thinking about Q3, Q4, is it going to be driven the sequential growth?

這與下一個問題有關，傑夫，就我們如何看待第三季、第四季而言，這是否會推動連續成長？

How much of a recovery are you anticipating in systems, or is this materials and services that's driving some of this improvement?

您預計系統會恢復多少，或者這些材料和服務是否會推動部分改善？

Yeah, I would expect both, but the biggest recovery, Jim, are probably in printers.

是的，我希望兩者都有，但吉姆，最大的復甦可能是印表機。

Again, that's really what's held us back.

再說一遍，這確實是阻礙我們前進的原因。

That's what bottomed out in Q1.

這就是第一季觸底的情況。

And Q1 was a really tough quarter and Q2 was up 10%.

第一季是一個非常艱難的季度，第二季度成長了 10%。

Most of that was driven by improving printer sales.

其中大部分是由印表機銷量的成長所推動的。

And I would expect the rest of the year will be that, too.

我預計今年剩餘時間也會如此。

But the installed capacity, it's being worked pretty hard.

但就裝機容量而言，它正在努力工作。

So material pull-through in services should be good.

因此，服務業的物質拉動應該是好的。

And remember, part of services are our application engineers that are doing new product development with customers as a part of our sales process.

請記住，我們的應用工程師是服務的一部分，他們與客戶一起開發新產品，作為我們銷售流程的一部分。

So those 80 engineers are very busy.

所以那80個工程師非常忙碌。

We include that in the services number and I would expect it to continue to grow.

我們將其納入服務數量中，我預計它將繼續增長。

Got it.

知道了。

Thanks a lot.

多謝。

Thanks, Jim.

謝謝，吉姆。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hey, thanks for taking my questions.

嘿，謝謝你回答我的問題。

This is Tyler on for Brian.

這是泰勒替布萊恩發言。

I was just wondering if you could give some direction on how dental sales performed in the first and second quarter?

我只是想知道您能否就第一季和第二季的牙科銷售表現提供一些指導？

And then, I'll have a follow-up.

然後，我將進行後續跟進。

So overall, dental sales -- certainly materials for dental sales were strengthened throughout the quarter, materials utilization.

總體而言，整個季度牙科銷售（當然是牙科材料的銷售）和材料利用率都得到加強。

And again remember the aligner market is a big one for us.

再次記住，矯正器市場對我們來說是一個很大的市場。

So we saw strengthening there.

所以我們看到了那裡的加強。

The rest of the market was [so] I mean it basically mirrored a lot of the performance of the rest in terms of printer demand.

市場的其他部分[所以]我的意思是它基本上反映了其他部分在印表機需求方面的表現。

So you saw Q1 was a weak quarter, Q2 improved kind of along with the broad market and we would expect that trend to continue.

所以你看到第一季是一個疲軟的季度，第二季度隨著大盤的發展而有所改善，我們預計這種趨勢將持續下去。

So again, materials pull-through should remain pretty healthy for the rest of the year and grow.

因此，在今年剩餘時間裡，材料的拉動應該會保持相當健康的狀態並且成長。

And then you've got increasing printer sales.

然後印表機的銷量就會增加。

So those are things that should drive the rest of the year in dental.

因此，這些事情應該會推動今年剩餘時間的牙科產業發展。

Okay.

好的。

Thanks, Jeff.

謝謝，傑夫。

And just kind of wanted to touch on the night guard situation a little more.

只是想多談談夜間警衛的狀況。

I think you mentioned that this will be a direct print.

我想你提到這將是直接列印。

Was it made by hand before or was it kind of made with a mold that you could 3D print as well?

它是以前手工製作的還是用可以 3D 列印的模具製作的？

Just kind of like the opportunity there.

就像那裡的機會一樣。

I know you said you guys are kind of observing what the op may be and I've also heard about it a lot, too.

我知道你說過你們正在觀察操作可能是什麼，我也聽過很多。

It just assists with sleep apnea, et cetera.

它只是有助於治療睡眠呼吸中止症等。

So it's pretty interesting device to get into.

所以這是一個非常有趣的設備。

So just any more details you have there?

那麼您還有更多詳細資訊嗎？

Yeah, Tyler, there is two advantages to 3D printing them.

是的，Tyler，3D 列印它們有兩個優點。

Today, they are formal form, okay over a dye.

今天，它們是正式的形式，可以透過染色。

And because you don't -- you're not trying to move teeth at night, you're just trying to protect it, the price points can be pretty low for standard protectors in your mouth.

而且因為你不這樣做——你不是想在晚上移動牙齒，你只是想保護它，所以口腔中的標準保護器的價格可能相當低。

What 3D printing allows you to do is number one, obviously, create more complex aligner if you wanted to do other things like participate in straightening or address sleep apnea and things like that, you have more design flexibility.

顯然，3D 列印可以讓您做的第一件事是，如果您想做其他事情，例如參與拉直或解決睡眠呼吸中止之類的事情，則可以創建更複雜的對準器，您可以擁有更多的設計彈性。

The other thing though, which I think will be really interesting to see play out is, you use dual materials.

另一件我認為非常有趣的事情是，你使用了雙重材料。

So you can have a hard surface where the protectors mate with teeth, you have a soft surface around your gum for comfort.

因此，保護器與牙齒的貼合處可以有一個堅硬的表面，牙齦周圍有一個柔軟的表面，以提高舒適度。

So I think the ability of 3D printing to make dual materials, which is unique is a real attribute.

所以我認為3D列印製造雙材料的能力是獨一無二的，這是一個真正的屬性。

And then, for consumers that are concerned about a better night sleep and they don't want to wear the traditional night guards, I think it's a really interesting extension of that market.

然後，對於那些關心更好的夜間睡眠並且不想佩戴傳統夜間護罩的消費者來說，我認為這是市場的一個非常有趣的延伸。

We are -- that is our newest segment, if you will, in the dental market.

如果你願意的話，我們是——這是我們在牙科市場的最新細分市場。

And we're still kind of feeling our way along with Glidewell in terms of the market potential, but I can tell you we have an excited partner and we'll see how fast we can move.

就市場潛力而言，我們仍在與 Glidewell 一起摸索，但我可以告訴你，我們有一個興奮的合作夥伴，我們將看看我們能採取多快的行動。

Certainly, the technology is there and we've got to make sure that the cost effectiveness works as well, okay?

當然，技術已經存在，我們必須確保成本效益也有效，好嗎？

Yeah, just kind of following up really quick on that, is that kind of -- does that fall into like the discretionary bucket just like aligners would or is this more of a need for patients?

是的，只是快速跟進這一點，是否像矯正器一樣屬於可自由支配的範圍，或者這更像是病人的需要？

Tyler, I laugh, because if you go back 20 years, who would have thought aligners were critical to life, but they became critical to people and people view it very high on their priority list to have really straight teeth.

泰勒，我笑了，因為如果你回到20 年前，誰會想到矯正器對生活至關重要，但它們對人們來說變得至關重要，人們把擁有真正整齊的牙齒放在優先考慮的位置。

And so it's really moved up the list.

所以它確實在名單上上升了。

Night guards are kind of similar.

夜間守衛有點相似。

I mean, a lot of people grind their teeth at night and I know many, many people, next time -- I challenge next time, you're at your dentist, ask him how many night guards they're selling to people, very high percentage of people buying night guards these days.

我的意思是，很多人在晚上磨牙，我認識很多很多人，下次 - 我下次挑戰，你去看牙醫，問他他們向人們出售了多少夜間防護罩，非常如今，購買夜間防護服的人比例很高。

The overall consumption is certainly larger than dentures and have to replace their teeth and it's because people are living longer, their teeth wear down at night because they grind and they're wearing these aligners.

整體消耗量肯定比假牙大，並且必須更換牙齒，這是因為人們的壽命更長，他們的牙齒在夜間磨損，因為他們磨牙並且佩戴這些矯正器。

So as those advanced now with 3D printing, we can look at doing it basically a better aligner if you will, more -- one that conforms to your mouth better, that's more comfortable and potentially even later on in life put instrumentation in there to monitor sleep, to monitor stresses, things like that are all on the drawing board.

因此，隨著現在3D 列印技術的進步，我們可以考慮做一個更好的矯正器，如果你願意的話，更多- 一個更適合你的嘴，更舒適，甚至可能在以後的生活中放置儀器來監測睡眠、監測壓力，諸如此類的事情都在繪圖板上。

But 3D printing helps up the option for all of that.

但 3D 列印有助於實現這一切。

Great.

偉大的。

I appreciate answering my questions.

我很高興回答我的問題。

I'll pass it along.

我會把它傳遞下去。

Okay.

好的。

Thanks, Tyler.

謝謝，泰勒。

Take care.

小心。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

Yeah, guys.

是的，夥計們。

Welcome back.

歡迎回來。

Good to see you back online with you guys again.

很高興再次見到你們和你們一起上網。

Yeah, good to hear your voice, Ananda.

是的，很高興聽到你的聲音，阿南達。

Thank you.

謝謝。

Yeah, no doubt.

是的，毫無疑問。

I guess, apologies if you went through this.

我想，如果你經歷過這件事，我很抱歉。

I jumped on when the Q&A started, because there's a couple of calls going on tonight.

當問答開始時，我立即加入，因為今晚有幾個電話。

But did you -- Jeff, did you talk about where across the portfolio the pipeline you are seeing pipeline improvement?

但是你——傑夫，你有沒有談到在整個產品組合的管道中，你看到了管道的哪些改進？

Yeah, it's -- Ananda, it was first and foremost in the market, I don't know if this makes sense, that absolutely need 3D printing.

是的，它是——Ananda，它首先出現在市場上，我不知道這是否有意義，它絕對需要 3D 列印。

So military and defense, aerospace, those are strong, okay?

所以軍事、國防、航空航太這些都很強大，好嗎？

The specialty markets like semiconductor equipment, we've been working at semiconductor equipment for years and it's finally paying off for us.

像半導體設備這樣的專業市場，我們在半導體設備領域工作了很多年，終於為我們帶來了回報。

We've got enormous amount of interest in metal parts for the semiconductor equipment industry.

我們對半導體設備產業的金屬零件非常感興趣。

And if you think of the CHIPS Act and all the manufacturing coming down the pipe on that, we're really excited about that, because we can save them a lot of money by consolidating assemblies into fewer numbers of parts, and you can have a much higher performing part in some of the critical components in those systems.

如果您想到《晶片法案》以及所有由此進行的製造，我們對此感到非常興奮，因為我們可以通過將組件整合為更少數量的零件來為他們節省大量資金，並且您可以擁有這些系統中的一些關鍵組件的性能要高得多。

And some of them -- if you've ever been close to a manufacturer of semiconductor equipment, some of them are incredibly difficult applications to survive in.

其中一些 - 如果您曾經接近半導體設備製造商，您會發現其中一些是難以生存的應用。

And so you can do that with 3D printing a lot better than anything else.

因此，使用 3D 列印可以比其他任何方法更好地做到這一點。

So there's been a big demand in those kind of areas, especially equipment things.

因此，這些領域的需求很大，尤其是設備方面。

So we put all that in the industrial category.

所以我們把這些都歸入工業類別。

On the medical side, orthopedics is really doing well.

在醫療方面，骨科確實做得很好。

Our personalized self-service doing very well.

我們的個人化自助服務做得非常好。

We're bringing the cost down at good reliability for -- a very good reliability and obviously quality in a regulated situation for patients.

我們以良好的可靠性降低了成本——在受監管的情況下為患者提供非常好的可靠性和明顯的品質。

And so people basically going through bone repairs for either cancer treatments or damage to bones.

因此，人們基本上會透過骨骼修復來治療癌症或骨骼損傷。

It's becoming very economically viable to make those kind of implants now with 3D printing.

現在透過 3D 列印製造此類植入物在經濟上變得非常可行。

So we've been in that market for a long time with modeling first years ago, the making aids for surgery and now the implants, all of those are now growing nicely for us.

因此，我們已經在這個市場上待了很長時間，幾年前首先是建模，製作手術輔助工具，現在是植入物，所有這些現在對我們來說都發展得很好。

So very pleased with that.

對此非常滿意。

And then, dental, it was off to a slow start at the beginning of the year, but is increasingly interesting to people.

然後，牙科在今年年初起步緩慢，但人們越來越感興趣。

We're doing a lot of trials with new materials things like that.

我們正在對類似的新材料進行大量試驗。

So we're broad based both industrial and healthcare.

因此，我們在工業和醫療保健領域都有廣泛的基礎。

Okay, cool.

好吧，酷。

That's super helpful.

這非常有幫助。

I appreciate the context.

我很欣賞這個背景。

And a quick follow-up.

並快速跟進。

Do you by any chance have any sense for kind of like what the apples-to-apples installed base is, or maybe the apples-to-apples incremental kind of rev dollar looks like relative to 2020 when the revenue bottomed out?

您是否有機會了解類似的安裝基數，或相對於 2020 年收入觸底時的增量增量收益？

I'm just trying to get a sense of where it is today relative to that, if there is any useful context you guys have?

我只是想了解今天的狀況，你們有什麼有用的背景嗎？

Sure.

當然。

No, Ananda, I apologize.

不，阿難，我道歉。

I don't have any numbers at hand, but it's a great question.

我手邊沒有任何數字，但這是一個很好的問題。

I'm sure the installed base has grown.

我確信安裝基礎已經成長。

I know, for us, it's grown meaningfully.

我知道，對我們來說，它的成長意義重大。

And I would expect that's true for the whole industry.

我希望整個行業都是如此。

So that's a good point.

所以這是一個很好的觀點。

We'll see if we can come back with some numbers for you.

我們會看看能否為您提供一些數據。

I don't have them sitting here today, but I'm sure it is up, and obviously, I'm optimistic for the future, and it will continue to rise.

今天我沒有讓他們坐在這裡，但我確信它正在上漲，而且顯然，我對未來持樂觀態度，它將繼續上漲。

All right.

好的。

That's helpful.

這很有幫助。

Thanks, Jeff.

謝謝，傑夫。

Good to connect with you.

很高興與您聯繫。

All right, Ananda.

好吧，阿難。

Yeah, good to hear your voice, buddy.

是的，很高興聽到你的聲音，夥計。

Take care.

小心。

Thank you.

謝謝。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over for any further or closing comments.

我想重新發言以徵求進一步的意見或結束意見。

Thanks, Kevin.

謝謝，凱文。

And listen, thanks to everybody on the call and webcast.

聽著，感謝電話和網路廣播中的每個人。

I appreciate your time and interest.

我感謝您的時間和興趣。

We look forward to updating you on schedule after our third quarter earnings release, and we'll give you a feel for both the market and our performance.

我們期待在第三季收益發布後按計劃向您通報最新情況，我們將讓您了解市場和我們的業績。

Thanks so much.

非常感謝。

Take care.

小心。

Thank you.

謝謝。

That does conclude today's webcast.

今天的網路廣播到此結束。

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

此時您可以斷開線路，度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。