3D Systems Corp (DDD) 2024 Q3 法說會逐字稿

Greetings, and welcome to the 3D Systems third quarter 2024 earnings conference call and webcast.

您好，歡迎參加 3D Systems 2024 年第三季財報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 turn the call over to Mick McCloskey, Vice President, Investor Relations.

現在我很高興將電話轉給投資人關係副總裁 Mick McCloskey。

Please go ahead, Mick.

請繼續，米克。

Hello, and welcome to 3D Systems third quarter 2024 conference call.

您好，歡迎參加 3D Systems 2024 年第三季電話會議。

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 recent 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最近向 SEC 提交的文件中，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。

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

在本次電話會議中，我們將討論某些非公認會計準則措施。

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

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準則衡量標準的其他揭露，包括與可比較公認會計準則衡量標準的調節。

Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 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。

Thank you, Mick, and good morning, everyone.

謝謝你，米克，大家早安。

Today, I'll begin with an overview of our third-quarter results and then touch on some recent key accomplishments and announcements.

今天，我將首先概述我們第三季的業績，然後談談最近的一些關鍵成就和公告。

I'll then ask our CFO, Jeff Creech, to take us through the Q3 in greater detail before closing the call with comments on our outlook.

然後，我將請我們的財務長傑夫·克里奇（Jeff Creech）向我們詳細介紹第三季度，然後結束電話會議並對我們的前景發表評論。

After which, we're happy to take questions.

之後，我們很樂意回答問題。

So let's start on slide 5.

讓我們從幻燈片 5 開始。

At a high level, our third-quarter revenue largely represents a continuation of the trends that we and the additive industry broadly have been contending with for several quarters now.

從高水準來看，我們第三季的收入在很大程度上代表了我們和添加劑行業幾個季度以來一直在應對的趨勢的延續。

Very simply, macroeconomic and geopolitical uncertainties have caused our customers to reduce CapEx spending for new capacity in their factories, which in turn has created a persistent headwind to hardware system sales.

很簡單，宏觀經濟和地緣政治的不確定性導致我們的客戶減少了工廠新產能的資本支出，這反過來又為硬體系統銷售帶來了持續的阻力。

It's really that simple.

真的就是這麼簡單。

As a consequence, our revenues were essentially flat on a sequential basis.

因此，我們的收入環比基本持平。

This was slightly weaker than we had anticipated as a few key installations of new systems, which were targeted for acceptance late in Q3, slipped into the fourth quarter.

這比我們的預期略弱，因為原定於第三季末驗收的一些關鍵新系統安裝推遲到了第四季度。

However, while the sale of new printing systems is still sluggish, what is changing for the better is the utilization rate of our installed base, as indicated by rising sales of consumables to our customers.

然而，雖然新列印系統的銷售仍然低迷，但我們的已安裝基礎的利用率正在好轉，這從向客戶銷售的耗材的增加就可以看出。

Consumable materials grew approximately 10% from the prior year and demonstrated sustained sequential growth, a trajectory that has consistently improved since the beginning of the year, most recently growing 9% sequentially in the third quarter versus Q2.

消耗材料較上年增長約 10%，並表現出持續的環比增長，這一軌跡自年初以來一直在持續改善，最近第三季度與第二季度相比環比增長 9%。

In a similar vein, interest in new application development has been on a very robust trajectory.

同樣，人們對新應用程式開發的興趣一直處於非常強勁的軌道上。

As many of you know, we have one of the largest and most capable application engineering groups in the world.

正如你們許多人所知，我們擁有世界上最大、最有能力的應用工程團隊之一。

These engineers work directly with our customers on new applications for both metal and polymer 3D printing.

這些工程師直接與我們的客戶合作開發金屬和聚合物 3D 列印的新應用。

Year to date, revenues from our industrial application group are up 26% from last year and continue to rise.

今年迄今為止，我們工業應用部門的收入比去年增長了 26%，並且還在繼續增長。

We monitor this activity level as a directional indicator of growth potential for important new applications.

我們監控這一活動水平，將其作為重要新應用成長潛力的方向指標。

The performance we experienced in Q3 is a strong indicator of continuing growth in customer interest in 3D printing for their production needs.

我們在第三季所經歷的表現有力地表明了客戶對 3D 列印滿足其生產需求的興趣持續增長。

We expect this interest to ultimately translate into more robust sales as the economic environment improves.

我們預計，隨著經濟環境的改善，這種興趣最終將轉化為更強勁的銷售。

To provide a little more color on where this interest is coming from, leading the way are what we refer to as the high-reliability markets, such as energy, oil and gas, semiconductor equipment manufacturing, and aerospace and defense.

為了更清楚地說明這種興趣的來源，領先的是我們所說的高可靠性市場，例如能源、石油和天然氣、半導體設備製造以及航空航太和國防。

All of which have a very high standard for component quality, performance, reliability, and traceability.

所有這些都對組件品質、性能、可靠性和可追溯性具有非常高的標準。

For these customers, which are often subject to strict regulatory requirements, the ability of both our polymer and metal printing solutions to meet their needs and to do so with compelling economics is a cornerstone of our value proposition.

對於這些經常受到嚴格監管要求的客戶來說，我們的聚合物和金屬列印解決方案能夠滿足他們的需求並以令人信服的經濟效益來滿足他們的需求，這是我們價值主張的基石。

As an example of markets that I'm particularly excited about these days are those driven by the trillion-dollar investments being made in AI.

最近我特別興奮的一個市場例子是那些由人工智慧投資數兆美元驅動的市場。

These investments cascade directly into several of our targeted end markets, ranging from semiconductor equipment manufacturing to data centers to the power generation equipment needed to provide electricity critical to their operation.

這些投資直接進入我們的幾個目標終端市場，從半導體設備製造到資料中心，再到對其營運至關重要的電力所需的發電設備。

As just one example, the management of heat is absolutely essential to both the manufacturer of silicon chips as well as their performance and life in the data center environment.

僅舉一個例子，熱量管理對於矽晶片製造商及其在資料中心環境中的性能和壽命來說絕對至關重要。

The nanoscale of advanced microprocessors, combined with the extraordinary number used in a modern data center, creates an extremely challenging environment to keep the processors cool in operation.

先進微處理器的奈米級，加上現代資料中心使用的大量微處理器，創造了一個極具挑戰性的環境，以保持處理器在運行時保持涼爽。

One way to effectively do so is through the use of high-purity copper elements that can be placed in or very near the heart of a GPU.

有效做到這一點的一種方法是使用高純度銅元件，這些元件可以放置在 GPU 的核心中或非常靠近核心的地方。

Combining the inherent capability of 3D printing to manufacture complex, high-surface-area components with our unique capability to print ultra-high purity copper with our advanced metal printing systems gives GPU and data center architects a powerful means of removing heat effectively from the system.

將 3D 列印製造複雜、高表面積組件的固有能力與我們先進的金屬列印系統列印超高純度銅的獨特能力相結合，為 GPU 和資料中心架構師提供了一種有效去除系統熱量的強大方法。

Given that the power consumed by data centers now exceeds that of many small countries, this cooling capability is increasingly valuable.

鑑於資料中心消耗的電力現在超過了許多小國家，這種冷卻能力越來越有價值。

And this is just one example of our increasing focus on the full semiconductor ecosystem that we believe will provide one avenue for meaningful growth for our company in the future.

這只是我們日益關注整個半導體生態系統的一個例子，我們相信這將為我們公司未來有意義的成長提供一種途徑。

Another market we continue to be excited about is high-performance automotive, an example of which is F1 racing.

我們繼續感到興奮的另一個市場是高性能汽車，其中一個例子是 F1 賽車。

As an example, you may have seen our announcement earlier this month with Sabra Motorsports.

例如，您可能已經在本月初看到了我們與 Sabra Motorsports 的公告。

In this case, we updated the entire Sabra production facility as they added 10 of our newest production printer systems to their manufacturing workflow.

在這種情況下，我們更新了整個 Sabra 生產設施，因為他們在其製造工作流程中添加了 10 個我們最新的生產印表機系統。

This included eight of our market-leading, SLA 750 dual laser printers and two of our just released PSLA270 platform, all enabled by a host of industry-leading high-performance materials.

其中包括八台市場領先的 SLA 750 雙雷射印表機和兩台剛發布的 PSLA270 平台，所有這些均由大量行業領先的高性能材料支援。

Sabra will use these systems in large part to validate their aerodynamic designs through rapid fabrication of production components for wind tunnel testing.

Sabra 將在很大程度上使用這些系統，透過快速製造用於風洞測試的生產組件來驗證其空氣動力學設計。

This award builds on a nearly 20-year relationship between our companies, reflecting the trust they have in our technological leadership and outstanding service capabilities, both of which are essential to their success in this challenging industry.

該獎項建立在我們公司之間近20 年的合作關係的基礎上，反映了他們對我們的技術領先地位和卓越服務能力的信任，這兩者對於他們在這個充滿挑戰的行業中取得成功至關重要。

This important win adds a strong new element to our Automotive Foundation, a market which is expected to grow to almost $8 billion in the next few years.

這一重要勝利為我們的汽車基礎增添了強大的新元素，該市場預計在未來幾年內將增長至近 80 億美元。

Since I mentioned it, let me take a moment to focus on our newest photopolymer printing platform, the PSLA270.

既然我提到了這一點，讓我花點時間重點介紹一下我們最新的光聚合物列印平台 PSLA270。

This is the first of what will be a family of new projector over VAT printing systems, combining the superior surface quality associated with our flagship SLA printing platform with the blazing speeds offered by the latest high-resolution projector technology.

這是基於 VAT 列印系統的新型投影機系列中的第一款，它將與我們的旗艦 SLA 列印平台相關的卓越表面品質與最新高解析度投影機技術提供的驚人速度相結合。

This technology is an outgrowth of our work in regenerative medicine which incorporates a very high-resolution projection system.

這項技術是我們在再生醫學領域工作的成果，它採用了非常高解析度的投影系統。

By replacing a single-point laser with a full field projection system, we attain high precision at much higher print speeds.

透過用全場投影系統取代單點雷射器，我們可以以更高的列印速度獲得高精度。

In fact, the closest competitive solution today would have to run two machines simultaneously to achieve the same output as one PSLA 270.

事實上，當今最具競爭力的解決方案必須同時運行兩台機器才能達到與一台 PSLA 270 相同的輸出。

In addition, this system is designed to use our entire portfolio of advanced polymers originally developed for the Figure 4 system.

此外，該系統旨在使用我們最初為Figure 4 系統開發的整個先進聚合物產品組合。

By offering this exceptional platform as a part of a complete factory workflow, we believe our PSLA platforms will lead the industry forward in photopolymer applications.

透過提供這個卓越的平台作為完整工廠工作流程的一部分，我們相信我們的 PSLA 平台將引領光聚合物應用產業的發展。

From a healthcare standpoint, the third quarter was strong with solid growth on a sequential and year-over-year basis.

從醫療保健的角度來看，第三季表現強勁，季比和年比均穩健成長。

We attribute this growth to a meaningful recovery in dental, up well over 30%; and another impressive performance in personalized healthcare, which was up almost 20%.

我們將這一成長歸因於牙科業務的顯著復甦，增幅遠超 30%；個人化醫療保健領域的表現也令人印象深刻，成長了近 20%。

Given the momentum we have in our healthcare business broadly and our strong pipeline of new products and applications ahead, we remain very excited about the future of this portion of our business.

鑑於我們在醫療保健業務方面的廣泛勢頭以及我們未來強大的新產品和應用管道，我們對這部分業務的未來仍然感到非常興奮。

From a gross margin standpoint, the third quarter was softer than we had anticipated, predominantly driven by an increase in inventory reserves and continued lower factory utilization, both driven by softness in printer volumes.

從毛利率的角度來看，第三季比我們預期的要疲軟，這主要是由於庫存儲備的增加和工廠利用率的持續下降，而這兩者都是由印表機銷售疲軟推動的。

Jeff Creech will take you through the specifics in more detail shortly.

傑夫·克里奇很快就會帶您更詳細地了解細節。

But after normalizing for inventory reserves, our third-quarter operating margins were roughly in line with recent performance.

但在庫存儲備正常化後，我們第三季的營業利潤率與近期表現大致一致。

We continue to target a business model that can deliver mid-40% margins or greater over time once the benefits of our in-sourcing and restructuring initiatives are fully realized with increasing volume.

一旦我們的內包和重組計劃的好處隨著銷量的增加而充分實現，我們將繼續致力於建立一種業務模式，隨著時間的推移，該模式可以實現 40% 左右或更高的利潤率。

Operating expenses for the quarter were consistent with our expectations.

本季的營運費用符合我們的預期。

We're pleased that our restructuring actions have started to more positively influence performance, representing a nearly $3 million sequential improvement.

我們很高興我們的重組行動已經開始對業績產生更積極的影響，連續改善了近 300 萬美元。

And while our overall OpEx expenses are declining, we continue to invest extensively in our R&D activities, which is fueling a historic year of product innovation for our company.

雖然我們的整體營運支出正在下降，但我們繼續對研發活動進行大量投資，這推動了我們公司歷史性的產品創新。

More on this in just a few moments.

稍後將詳細介紹這一點。

While we're encouraged by some of the leading indicators that we're now seeing, we also recognize that the revenue environment we're operating in today demands an even greater degree of operational efficiency to gain sustained profitability, which is our clear goal.

雖然我們對現在看到的一些領先指標感到鼓舞，但我們也意​​識到，我們今天所處的收入環境需要更高程度的營運效率才能獲得持續的獲利能力，這是我們的明確目標。

As such, operating expenses remain a strong focus and a lever largely within our direct control in this environment.

因此，在這種環境下，營運費用仍然是我們的重點和很大程度上是我們直接控制的槓桿。

With that in mind, we maintain our goal of reducing operating expenses to below $6 million for the first quarter with the majority of this improvement coming reductions in G&A.

考慮到這一點，我們維持第一季營運費用降至 600 萬美元以下的目標，其中大部分改善來自於一般管理費用的減少。

Lastly, to our balance sheet, where we've been focused on optimizing working capital as we position ourselves for future growth, we entered 2024 with a goal to deliver inventory reductions as a healthy generator of cash throughout the year.

最後，就我們的資產負債表而言，我們一直專注於優化營運資本，為未來的成長做好準備，進入 2024 年，我們的目標是減少庫存，從而在全年創造健康的現金來源。

Today, we remain on pace to reach our target of a 20% inventory reduction by year-end.

今天，我們仍在努力實現年底前庫存減少 20% 的目標。

Over the course of the third quarter, cash on our balance sheet declined $3 million from the prior quarter, a significant rate improvement from prior quarters.

第三季度，我們資產負債表上的現金比上一季減少了 300 萬美元，比前幾季有了顯著的改善。

This leaves us with one of the strongest cash positions of any company in our industry.

這使我們成為業內現金狀況最強勁的公司之一。

On slide 6, I'd like to take a few moments to reflect on the historic year of progress across our technology roadmap.

在投影片 6 上，我想花一些時間回顧我們技術路線圖這段歷史性的進展。

You've heard this from us many times before, but as the inventor of the technology that birthed the 3D printing industry, our dedication to innovation is a core element of our company culture.

您之前已經多次聽過我們這樣說，但作為 3D 列印產業誕生的技術的發明者，我們對創新的奉獻精神是我們公司文化的核心要素。

Maintaining momentum with mission-critical R&D even through a challenging sales environment is not only fundamentally different than most of our peers, but it's embedded deeply in our DNA.

即使在充滿挑戰的銷售環境中，仍能透過關鍵任務研發保持動力，這不僅與我們大多數同行有根本不同，而且已深深植根於我們的 DNA 中。

This is the primary reason customers turn to 3D Systems first in assessing the capability of 3D printing to meet their metal and polymer production needs.

這是客戶首先轉向 3D Systems 來評估 3D 列印能力以滿足其金屬和聚合物生產需求的主要原因。

Reflecting this commitment, you witnessed an unprecedented pace of innovation from our company over the last 12 months, contributing nearly 40 new materials, software enhancements, and metal and polymer printing platform since Q3 of last year, '25, and this year alone.

為了體現這一承諾，您在過去12 個月中見證了我們公司前所未有的創新步伐，自去年、25 年第三季度以及僅今年以來，貢獻了近40 種新材料、軟體增強功能以及金屬和聚合物列印平台。

And the momentum will continue as we exit this year and move into '25.

隨著我們今年退出並進入 25 年，這種勢頭將繼續下去。

This represents the culmination of three years of focus and investment as we're refreshing our entire portfolio of printing platforms and the materials and software that enable their outstanding production performance.

這代表了三年來的專注和投資的頂峰，因為我們正在更新我們的整個列印平台以及材料和軟體組合，以實現其出色的生產性能。

From a key application standpoint, during the third quarter, we announced QuickCast Air, which is targeted for the investment casting market.

從關鍵應用的角度來看，我們在第三季推出了針對熔模鑄造市場的 QuickCast Air。

This casting method is essential to aircraft and rocket propulsion systems and other high-performance applications.

這種鑄造方法對於飛機和火箭推進系統以及其他高性能應用至關重要。

It's expected to reach nearly $34 billion over the next 10 years.

預計未來 10 年將達到近 340 億美元。

QuickCast Air reliably delivers a large, high-precision investment casting pattern in a fraction of the time and cost of traditional methods, providing up to a 50% reduction in resin usage in some cases, while maintaining the inherent advantage of virtually unlimited geometric complexity of design.

QuickCast Air 能夠可靠地提供大型高精度熔模鑄造模型，其時間和成本僅為傳統方法的一小部分，在某些情況下可減少高達50% 的樹脂使用量，同時保持幾乎無限的幾何複雜性的固有優勢。

The result for our customers is higher performing components at lower cost and in much shorter production cycle times for their most demanding applications.

我們的客戶能夠以更低的成本和更短的生產週期獲得更高效能的元件，滿足其最嚴苛的應用需求。

On the software front, we announced a significant milestone in commercializing our Oqton Industrial MOS platform with our strategic partner, Baker Hughes.

在軟體方面，我們宣布與戰略合作夥伴貝克休斯 (Baker Hughes) 合作實現 Oqton 工業 MOS 平台商業化的重要里程碑。

Our software, which is now utilized in Baker's Houston, Texas, manufacturing facility is enabling on-demand, additive manufacturing to provide full factory floor workflow integration, automation, control, and optimization.

我們的軟體現已在德克薩斯州休斯頓貝克的製造工廠中使用，可實現按需增材製造，以提供完整的工廠車間工作流程整合、自動化、控制和優化。

Its production implementation is providing key proof points such as a 98% reduction in active monitoring engineering time, savings of 136 engineering hours per printer annually, and an 18% reduction in costs associated with scrap due to real-time, actionable alerts during component production.

其生產實施提供了關鍵證據，例如主動監控工程時間減少了98%，每台印表機每年節省136 工程小時，並且由於在組件生產過程中發出實時、可操作的警報，與廢品相關的成本減少了18 % 。

Turning to healthcare.

轉向醫療保健。

Our personalized healthcare business delivered another quarter of meaningful growth.

我們的個人化醫療保健業務又實現了一個季度的有意義的成長。

During the quarter, we were very pleased to announce that we're once again expanding our orthopedic surgical planning portfolio, this time with FDA clearance for our new total ankle patient-matched guides to pair with Smith & Nephew's total ankle replacement solution.

在本季度，我們非常高興地宣布，我們再次擴大了骨科手術計劃產品組合，這次我們的新全踝關節患者匹配指南已獲得FDA 批准，可與Smith & Nephew 的全踝關節置換解決方案搭配使用。

This expands our patient-specific surgical solution capabilities in a market anticipated to grow to over $5 billion in the next few years.

這擴大了我們在未來幾年預計將成長到超過 50 億美元的市場中針對患者的手術解決方案的能力。

Today, we're exceptionally well positioned in the craniomaxifacial and spinal markets.

如今，我們在顱顏面和脊椎市場中處於非常有利的地位。

And new FDA-approved solutions such as this highlight our ability to expand our orthopedic applications much further in the human body.

諸如此類的 FDA 批准的新解決方案凸顯了我們在人體中進一步擴展骨科應用的能力。

We're also leveraging our expertise in surgical solutions into adjacent markets, rolling out expanded capabilities to address the needs of trauma patients in addition.

我們也利用我們在外科解決方案方面的專業知識進入鄰近市場，推出擴展功能來滿足創傷患者的需求。

We see opportunities to expand our personalized health service in Europe and elsewhere and are investing accordingly to ensure regulatory approvals are acquired.

我們看到了在歐洲和其他地方擴展個人化醫療服務的機會，並進行了相應的投資以確保獲得監管部門的批准。

These growth elements reinforce our enthusiasm about our growth in this key area of our company.

這些成長因素增強了我們對公司這一關鍵領域成長的熱情。

For our dental activities, a key growth engine for the future is the multibillion-dollar dentures market.

對於我們的牙科業務而言，未來的一個關鍵成長引擎是價值數十億美元的假牙市場。

In an important milestone, we secured FDA clearance in September for our first-to-market, multi-material, single-piece jetted denture solution.

這是一個重要的里程碑，我們的首款多材料單晶片噴射義齒解決方案於 9 月獲得 FDA 批准。

Our unique denture offering provides unparalleled combination of toughness to ensure long-term reliability with outstanding aesthetics for enhanced patient experience.

我們獨特的義齒產品提供了無與倫比的韌性組合，可確保長期可靠性，同時具有出色的美觀性，可增強患者體驗。

As previously shared, we found an excellent launch partner in Glidewell, one of the world's largest producers of restorative dental devices, who's hit the ground running with implementing jetted dentures into its workflow following our clearance with the FDA.

正如之前所分享的，我們在Glidewell 找到了一個優秀的啟動合作夥伴，Glidewell 是世界上最大的修復牙科設備生產商之一，在我們獲得FDA 批准後，該公司開始在其工作流程中實施噴射義齒。

We're excited to see this product enter the market in the coming months.

我們很高興看到該產品在未來幾個月內進入市場。

To wrap up my introduction, undoubtedly, 2024 has been a difficult sales environment.

總結我的介紹，毫無疑問，2024 年是一個艱難的銷售環境。

But with our strong balance sheet, we've delivered tremendous progress transforming our technology portfolio.

但憑藉我們強大的資產負債表，我們在技術組合轉型方面取得了巨大進展。

Formnext, the largest AM conference of the year that was just held last week, gave us an opportunity to highlight this journey with the announcement of several new product introductions.

上週剛舉行的年度最大的增材製造會議 Formnext 為我們提供了一個機會，宣布了幾款新產品的推出，以強調這一旅程。

In addition to our metal and PSLA polymer platforms, we highlighted our newest Titan extrusion platform, which is our inroad into the industrial extrusion printing market.

除了我們的金屬和 PSLA 聚合物平台之外，我們還重點介紹了我們最新的 Titan 擠出平台，這是我們進軍工業擠出列印市場的舉措。

The EXT family, as we call it, includes the 1270, the 1070, and our newest addition, the 800.

我們稱之為 EXT 系列，包括 1270、1070 和我們最新的產品 800。

It provides novel approach to extrusion technology, offering a hybrid solution that can accommodate pellets, filaments, and traditional CNC machining all in one platform.

它提供了一種新穎的擠出技術方法，提供了一種混合解決方案，可以在一個平台上容納顆粒、長絲和傳統的 CNC 加工。

Delivering speeds of 5 to 10 times faster and having raw material costs roughly 10 times lower than its closest competitor, we see increasing interest from our customers around the world for this family of products.

與最接近的競爭對手相比，交付速度快了 5 至 10 倍，原材料成本大約低 10 倍，我們看到世界各地的客戶對該系列產品的興趣與日俱增。

Rounding things out, we've also announced a plethora of new materials supporting our SLA, MJP, and SLS platforms, further expanding the broadest portfolio of additive solutions in the industry and setting the stage for us to drive increased adoption in the years ahead.

最後，我們也宣布推出大量支援 SLA、MJP 和 SLS 平台的新材料，進一步擴大了業界最廣泛的增材解決方案組合，並為我們在未來幾年推動更多採用奠定了基礎。

So with that, I'll turn things over to our CFO, Jeff Creech, for more on the quarter.

因此，我將把事情交給我們的財務長 Jeff Creech，以了解有關本季度的更多資訊。

Jeff?

傑夫？

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早安。

I'll begin with our revenue summary on Slide 8.

我將從幻燈片 8 上的收入摘要開始。

Third-quarter revenues of $112.9 million declined 9% from prior year, driven primarily by a continuation of macroeconomic pressures impacting hardware system sales, partially offset by growth in materials sales.

第三季營收為 1.129 億美元，較去年同期下降 9%，主要是由於宏觀經濟壓力持續影響硬體系統銷售，但部分被材料銷售的成長所抵銷。

On a sequential basis, revenues were roughly flat and impacted by a few large dollar orders that fell outside of our third quarter close.

從環比來看，收入大致持平，並受到一些大額訂單的影響，這些訂單超出了我們第三季的收盤價。

Within our segments, Industrial revenues were $57.9 million and down about 19%, predominantly driven mostly by a decline in printer sales.

在我們的細分市場中，工業收入為 5,790 萬美元，下降了約 19%，主要是由於印表機銷量下降所致。

In our healthcare segment, revenues were $55.1 million for the quarter and grew 5% from prior year.

在我們的醫療保健領域，本季營收為 5,510 萬美元，比上年成長 5%。

As Jeff just mentioned, growth in the third quarter was primarily driven by a healthy rebound in dental and a personalized healthcare business.

正如傑夫剛才提到的，第三季的成長主要是由牙科和個人化醫療保健業務的健康反彈所推動的。

Now let's turn to slide 9.

現在讓我們轉向投影片 9。

Non-GAAP gross margin for the third quarter was 37.6% and included an increase in inventory obsolescence reserves taken in the quarter, representing approximately $3 million.

第三季非 GAAP 毛利率為 37.6%，其中包括本季庫存報廢準備金的增加，約 300 萬美元。

Normalizing for the impact related to inventory reserves would result in a margin of 40.2% for the third quarter.

與庫存儲備相關的影響正常化後，第三季的利潤率為 40.2%。

Comparing to prior year, margin was 44.8%, which included a significant benefit of regenerative medicine milestone revenue recognition.

與前一年相比，利潤率為 44.8%，其中包括再生醫學里程碑收入確認的重大收益。

Excluding the impacts of inventory reserve increases and the milestone recognition in the current and prior quarters, respectively, gross margins would have been 40.2% and 42.7% with a year-on-year decline primarily driven by unfavorable absorption given lower sales volumes.

剔除本季和上季庫存儲備增加和里程碑確認的影響，毛利率分別為40.2%和42.7%，年減主要是由於銷售下降導致吸收不利。

Now let's move to slide 10 for operating expense.

現在讓我們轉到投影片 10 的營運費用。

Non-GAAP operating expense for the third quarter was $61.4 million, increasing $5.6 million from prior year, but declining $2.7 million consecutively, in line with our expectations.

第三季非 GAAP 營運費用為 6,140 萬美元，比去年同期增加 560 萬美元，但連續下降 270 萬美元，符合我們的預期。

As an important reminder, the prior year quarter comparison benefited from a tailwind associated with lower incentive compensation expense in addition to other benefits that were more one-time in nature.

需要提醒的是，與去年同期相比，除了其他一次性福利之外，還受益於較低的激勵補償費用帶來的有利影響。

Third quarter operating expense benefited from our previously discussed restructuring actions, and we continue to expect an additional sequential reduction, targeting OpEx below $60 million for the fourth quarter.

第三季營運費用受惠於我們先前討論的重組行動，我們繼續預計將繼續減少，第四季營運支出目標低於 6,000 萬美元。

Now to slide 11 to finish up the P&L.

現在轉到投影片 11 來完成損益表。

We reported adjusted EBITDA of negative $14.3 million for the third quarter compared to a gain of $4.7 million for the same quarter last year.

我們報告第三季調整後 EBITDA 為負 1,430 萬美元，去年同期則為 470 萬美元。

Declines in adjusted EBITDA primarily reflect lower sales volumes, margin, and higher operating expenses, as just discussed.

正如剛才所討論的，調整後 EBITDA 的下降主要反映了銷售、利潤率的下降和營運費用的上升。

The prior year profitability performance was also significantly impacted by the milestone revenue recognition from our ResMed business, as I just mentioned.

正如我剛才提到的，我們瑞思邁業務的里程碑式收入確認也對前一年的獲利表現產生了重大影響。

In line with my commentary on expected OpEx savings in the fourth quarter, we would also expect an improvement in adjusted EBITDA sequentially as we continue to move towards our longer-term goal of consistent profitability.

根據我對第四季度預期營運支出節省的評論，隨著我們繼續朝著持續盈利的長期目標邁進，我們還預計調整後的 EBITDA 將連續改善。

For the third quarter, we reported a fully diluted loss per share of $1.35, and this includes non-cash charges of approximately $144 million associated with the impairment of goodwill and other long-lived assets as a result of our interim valuation testing during the third quarter of this year.

第三季度，我們報告的完全攤薄每股虧損為1.35 美元，其中包括與商譽和其他長期資產減損相關的約1.44 億美元非現金費用，這是我們在第三季度進行的中期估值測試的結果。

This compared to a loss per share of $0.09 in the third quarter of prior year.

相比之下，去年第三季每股虧損 0.09 美元。

Non-GAAP loss per share was $0.12 compared to a gain per share of $0.01 in the prior year.

非 GAAP 每股虧損為 0.12 美元，而前一年每股收益為 0.01 美元。

Now to slide 12 for the balance sheet.

現在轉到投影片 12 的資產負債表。

We closed the quarter with $190 million of cash and cash equivalents compared to $193 million at the end of the second quarter of this year.

本季結束時，我們擁有 1.9 億美元的現金和現金等價物，而今年第二季末為 1.93 億美元。

As expected, cash performance represented an improvement in working capital management, particularly as we look to continue driving down inventories as a result of our in-sourcing actions from prior years.

正如預期的那樣，現金績效代表了營運資金管理的改善，特別是因為我們希望透過前幾年的內包行動繼續降低庫存。

As noted on previous calls, we've been highly proactive in repurchasing our debt and have reduced our 0% convertible notes down by over 50% since Q3 of last year, fortifying our position to continue supporting critical R&D investments for the new product releases combined with a keen focus on reducing expenses to drive profitability.

正如先前的電話會議中所指出的，我們一直非常積極地回購債務，自去年第三季以來已將0% 可轉換票據減少了50% 以上，鞏固了我們繼續支持新產品發布的關鍵研發投資的地位專注於減少開支以提高盈利能力。

Looking forward, we continue to view inventory as a source of cash in the fourth quarter.

展望未來，我們繼續將庫存視為第四季的現金來源。

I'll conclude my remarks on slide 13.

我將在投影片 13 上結束我的發言。

As you heard from us this morning, we continue to make strides across our portfolio to emerge stronger from the current economic cycle when pent-up demand for additive solutions returns.

正如您今天早上聽到的那樣，當被壓抑的添加劑解決方案需求回歸時，我們將繼續在我們的產品組合中取得長足進步，以便從當前的經濟週期中變得更加強大。

We've been consistent in fueling our R&D engines through a tougher macro environment, driving an acceleration of applications and new product development to emerge stronger in the years ahead.

在更嚴峻的宏觀環境下，我們始終如一地為我們的研發引擎提供動力，推動應用和新產品開發的加速，在未來幾年變得更加強大。

However, we are adjusting our guidance expectations for the full year 2024 as follows.

不過，我們將對 2024 年全年的指導預期進行如下調整。

We expect full year revenues between the range of $440 million to $450 million, which implies a mid- to high single-digit percentage sequential recovery in the second half revenues from the first half of this year.

我們預計全年收入在 4.4 億美元至 4.5 億美元之間，這意味著下半年收入較上半年將出現中高個位數百分比的環比復甦。

While the fourth quarter has historically reflected a higher degree of year-end capital budget spending, given current uncertainty in the near term as well as indications of timing adjustments related to inventory management among a few customers, we expect the benefits to be more modest ending the year.

雖然第四季度歷來反映了較高程度的年終資本預算支出，但考慮到當前短期內的不確定性以及少數客戶與庫存管理相關的時間調整的跡象，我們預計最終收益將更為溫和那一年。

Full year gross margins are expected to be in the range of 38% to 40%, given the impact of short-term inventory reserve adjustments as we continue to integrate our in-sourcing capabilities that we believe, longer term, will improve gross margins to the mid-40% range as volumes recover, and we are able to reap the full benefits of our in-sourcing and restructuring actions.

考慮到短期庫存儲備調整的影響，預計全年毛利率將在 38% 至 40% 之間，隨著我們繼續整合我們的內購能力，我們相信從長遠來看，這將提高毛利率至隨著銷售恢復，我們能夠從內包和重組行動中獲得全部收益。

We are maintaining our expectations to deliver OpEx at or below $60 million for the fourth quarter, continuing its trend of sequential improvement and reflecting the benefits of our previous restructuring.

我們維持第四季度營運支出不超過 6,000 萬美元的預期，延續連續改善的趨勢，並反映了我們先前重組的好處。

As a result, adjusted EBITDA is expected to improve on a sequential basis, primarily driven by the reduction in operating expense.

因此，調整後的 EBITDA 預計將環比改善，這主要是由於營運費用的減少。

Jeff, I'll hand it back to you.

傑夫，我會把它還給你。

Thanks, Jeff.

謝謝，傑夫。

So we believe that the broader macro trends negatively impacting our industry to the greatest extent are beginning now to move behind us.

因此，我們相信，對我們行業產生最大程度負面影響的更廣泛的宏觀趨勢現在已經開始消失。

With our strong cash position, we've been able to maintain our core investments for the future while consistently restructuring our company to maximize operating efficiencies.

憑藉強大的現金狀況，我們能夠維持未來的核心投資，同時不斷重整公司以最大限度地提高營運效率。

Our determination to support key R&D investments are fundamentally different from many others in the industry and we believe position us well for accelerated growth and profitability as our end markets inevitably strengthen.

我們支持關鍵研發投資的決心與業內許多其他公司根本不同，我們相信，隨著我們的終端市場不可避免地加強，我們將處於加速成長和獲利能力的有利位置。

While we will not be providing explicit comments on 2025 yet, looking beyond this year, as much of our critical R&D work is behind us, we will continue to evaluate incremental actions that can strategically remove costs from our business and drive sustainable profitability.

雖然我們不會對 2025 年做出明確評論，但展望今年之後，由於我們的大部分關鍵研發工作已經過去，我們將繼續評估可以策略性地降低業務成本並推動可持續盈利的漸進行動。

In doing so, I believe we'll deliver meaningful value to all of our stakeholders.

透過這樣做，我相信我們將為所有利害關係人提供有意義的價值。

So with that, we'll now open the line for questions.

因此，我們現在將開放提問熱線。

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

凱文，請幫我們接電話好嗎？

(Operator Instructions) Jim Ricchiuti, Needham & Company.

（操作員說明）Jim Ricchiuti，Needham & Company。

So looking at your implied revenue guidance for Q4, it's a little surprising with only a month left in the quarter that there's a relatively wide range of scenarios.

因此，看看第四季度的隱含收入指引，在該季度僅剩一個月的時間裡出現相對廣泛的情景，這有點令人驚訝。

I'm hoping you could help us understand what's driving that?

我希望你能幫助我們理解是什麼推動了這一點？

I mean it sounds like potentially some of your customers maybe working through inventories and maybe that's on the material side.

我的意思是，聽起來您的一些客戶可能正在處理庫存，也許這是在材料方面。

But maybe if you could help us understand that a little?

但也許你能幫助我們理解一點嗎？

And then I have a quick follow-up.

然後我會進行快速跟進。

Yeah, Jim.

是的，吉姆。

I think there's two factors.

我認為有兩個因素。

One of it clearly is inventory management from our customers.

其中之一顯然是我們客戶的庫存管理。

They're in good shape, but they want to make sure they don't get out over their skis with the all the changes coming in '25 with the -- in the political environment and the geopolitical issue.

他們狀態良好，但他們希望確保自己不會因為25年政治環境和地緣政治問題而發生的所有變化而陷入困境。

I think nobody wants to be overly exposed on inventories.

我認為沒有人願意過度暴露庫存。

So I don't think it's a massive problem, but certainly, they'll be managing them customer by customer.

所以我不認為這是一個大問題，但當然，他們會逐一進行管理。

The big unknown Jim is really how much CapEx they'll be willing to spend in the fourth quarter and at what rate.

最大的未知吉姆實際上是他們願意在第四季度花費多少資本支出以及以什麼速度支出。

Even if they lose CapEx late in the quarter as we saw in Q3, some of those installations haven't been completed until the following quarter, which delays revenue recognition on many of them.

即使他們在本季度末損失了資本支出，正如我們在第三季度看到的那樣，其中一些安裝直到下個季度才完成，這延遲了許多公司的收入確認。

So there can be a timing issue on their capital spend.

因此，他們的資本支出可能存在時間問題。

In normal times, they try to -- a lot of them would try to spend their capital up in the fourth quarter and get it done as early as possible for planning.

在正常情況下，他們中的許多人會嘗試在第四季度花掉資金，並儘早完成計劃。

Right now, what we're seeing is a bit of trepidation, a bit of slowness in issuing POs.

現在，我們看到的是有點惶恐不安，發布採購訂單的速度有點緩慢。

I expect this quarter to certainly be up and -- if I had to guess, Jim, not quite in line with historical norms.

我預計本季肯定會上漲，而且——如果我不得不猜測的話，吉姆，不太符合歷史標準。

But there is some upside for us versus our midpoint.

但與我們的中點相比，我們還有一些上行空間。

But given that Q3, there was some slippage at the end of the quarter into the following quarter.

但考慮到第三季度，本季末出現了一些下滑，進入了下一個季度。

I just don't want us to get out ahead of ourselves.

我只是不想讓我們超越自己。

So that's why you'd see a little bit of a wider range and a little bit more modesty, if you will, on the growth rate in Q4.

因此，如果您願意的話，您會看到第四季度的成長率範圍更大一些，也更溫和一些。

So we believe it will be up and up nicely for the quarter.

因此，我們相信本季的業績將會不斷上漲。

But CapEx, inventory management are just unknowns; and we want a buffer for those.

但資本支出、庫存管理都是未知數；我們希望為這些提供一個緩衝。

Does that makes sense.

這樣有道理嗎？

It's helpful.

這很有幫助。

And maybe we could just turn to gross margins because the guidance for the year, I guess, 38%, 40%.

也許我們可以轉向毛利率，因為我猜今年的指引是 38%、40%。

Again, a little surprising given that your nine-month gross margin was 39.5%.

考慮到你們 9 個月的毛利率為 39.5%，這又有點令人驚訝。

Is this all a case of unfavorable absorption if the Q4 revenues come in at the low end of your implied guidance?

如果第四季收入處於您隱含指導的低端，這是否都是不利吸收的情況？

Yeah, there's two factors, Jim.

是的，有兩個因素，吉姆。

One of them is that, one of them is factory absorption.

其中之一就是，其中之一就是工廠吸收。

The other one really is mix because -- and I'm keeping my fingers crossed here.

另一個確實是混合，因為——我在這裡祈禱。

We should see an uptick in printer sales, and that's good for the long term from a materials utilization standpoint.

我們應該會看到印表機銷售的上升，從材料利用率的角度來看，這對長期有利。

I'm a little concerned that customers will be managing inventory on materials, and it's an unknown.

我有點擔心客戶會管理材料庫存，這是未知數。

So you could see a mix effect, and you certainly will still see a factory utilization effect.

所以你可以看到混合效應，而且你肯定仍然會看到工廠利用效應。

So I'd say there's two factors in that, and both of them lead to a little modestly on the gross margin for the quarter.

所以我想說這有兩個因素，這兩個因素都會導致本季的毛利率略有下降。

Nicely, the in-sourcing work we've done, I think, will pay real dividends for us from a printer manufacturing standpoint as volumes rise again, hopefully, in '25.

很好，我認為，從印表機製造的角度來看，我們所做的內購工作將為我們帶來真正的紅利，因為數量預計將在 25 年再次上升。

But for right now, it's -- any uptick in printer sales in Q4 would be a drag on gross margins.

但就目前而言，第四季印表機銷量的任何成長都會拖累毛利率。

Greg Palm, Craig Hallum.

格雷格·帕爾姆，克雷格·哈勒姆。

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。

I know you said you're not going to touch on '25 yet, but just thinking about maybe profitability.

我知道你說過你不會觸及 25 年，但只是考慮獲利能力。

I know in the release, maybe some commentary, it was like trajectory towards profitability in quarters ahead.

我知道在新聞稿中，也許有一些評論，這就像未來幾季獲利的軌跡。

Are we thinking about it as something that can be a '25 event?

我們是否將其視為 25 年的活動？

Or is it just too early to tell?

還是現在說還太早？

How should we be thinking about breakeven into profitability?

我們該如何考慮獲利損益平衡？

Yeah, Danny, it's the art of prediction.

是的，丹尼，這就是預測的藝術。

So I'm very encouraged by the number of new application customers are talking about.

因此，我對客戶談論的新應用程式的數量感到非常鼓舞。

If they put real capital behind that, we could see a nice lift in revenues in '25.

如果他們投入真正的資本，我們可以看到 25 年收入的大幅提升。

It's a question of how quickly will they spend the money for it.

問題是他們花多快的錢。

Nicely, I have no doubt these applications are things they really want to put in their factories.

好吧，我毫不懷疑這些應用程式是他們真正想要放入工廠的東西。

That's a good thing.

這是一件好事。

It's a timing issue.

這是一個時間問題。

So we're hopeful revenues will be rising in '25, which will be helpful.

因此，我們希望 25 年收入會有所成長，這會有所幫助。

Factory utilizations then improve.

工廠利用率隨之提高。

The inventory reduction plan we have will be great for cash.

我們的庫存削減計劃對於現金來說非常有利。

So those are all positive factors.

所以這些都是正面因素。

And we have -- I'll be candid with you.

我們有－我會坦誠地告訴你。

We have real opportunities for cost management, which I think will really help in '25.

我們有真正的成本管理機會，我認為這將在 25 年真正有所幫助。

So I can't give you a number, but I think you'll see significant movement in '25.

所以我無法給你一個數字，但我認為你會在 25 年看到重大變化。

If those things come to pass, you'll see significant movement in toward profitability.

如果這些事情成為現實，您將看到獲利能力發生重大變化。

And hopefully, at some point during the year, you'd see a swing to positive EBITDA and growth from there.

希望在一年中的某個時候，您會看到 EBITDA 轉為正值並從此開始增長。

So it's just too early to tell, and we won't put out guidance until we get to our fourth quarter results.

因此，現在下結論還為時過早，在獲得第四季度業績之前，我們不會發布指導。

But I'm encouraged by the trends, and we'll see if they continue.

但我對這些趨勢感到鼓舞，我們將看看它們是否會持續下去。

Yeah, that makes total sense.

是的，這完全有道理。

Maybe if we can just touch on the AIG, the application innovation group.

也許我們可以談談 AIG，即應用創新小組。

Sounds like it was really strong in the quarter.

聽起來這個季度真的很強勁。

Just maybe trying to size up that opportunity, maybe where contribution currently is and when the cycle eventually turns, how should we be thinking about that opportunity going forward?

也許只是試圖評估這個機會，也許目前的貢獻在哪裡，當週期最終轉向時，我們應該如何考慮未來的機會？

And Danny, I would tell you the revenue we generate from AIG -- so these are obviously -- they're applications customers are paying for us to develop with them.

丹尼，我會告訴你我們從 AIG 獲得的收入 - 所以這些很明顯 - 他們是客戶付費讓我們與他們一起開發的應用程式。

So there is a revenue stream there.

所以那裡有收入來源。

The important thing about that is the trend of the revenue stream.

重要的是收入流的趨勢。

So if it's growing, it's not -- it may not be a material -- actually, it may not be a material number on the overall P&L.

因此，如果它正在成長，它就不是——它可能不是一個材料——實際上，它可能不是整體損益表上的一個材料數字。

But if it's growing, and customers are demanding more and more of our time to develop new applications.

但如果它正在成長，客戶就會要求我們花越來越多的時間來開發新的應用程式。

And we're picking and choosing those very carefully to make sure they're the highest volume, highest value components that we can help them develop for their factories.

我們非常仔細地挑選這些組件，以確保它們是我們可以幫助他們為工廠開發的產量最大、價值最高的組件。

So I would tell you the magnitude of revenue is not really important as the direction that it's headed.

所以我想告訴你，收入的大小並不重要，重要的是它的發展方向。

And that [26] -- I think we quoted a 26% rise -- is fabulous.

[26]——我認為我們引用了 26% 的增長——真是太棒了。

I mean, our guys are swamped.

我的意思是，我們的人都被淹沒了。

And we have 80-plus applications here.

我們這裡有 80 多份申請。

It's the biggest -- I believe it's the biggest in the industry.

這是最大的——我相信它是業內最大的。

And certainly, I'm very proud of -- I think they're the best in the industry.

當然，我感到非常自豪——我認為他們是業內最好的。

And these new applications they're working on are tremendous.

他們正在開發的這些新應用程式是巨大的。

The amount of interest we have related to semiconductors broadly and data centers and things, all driven by, I believe, this overall AI investment in the use of AI.

我們對半導體、資料中心和其他事物的廣泛興趣，我相信，都是由人工智慧使用中的整體人工智慧投資所驅動的。

That, I think, is going to be a nice way for us and for anybody in this industry that's positioned for primarily in the metal side of the business.

我認為，這對我們和這個行業中主要定位於金屬業務的任何人來說將是一個很好的方式。

I think the ability to print basically heat sinks, heat conduction capability is very, very positive.

我認為列印能力基本上是散熱片，導熱能力是非常非常積極的。

So you could see some large applications flowing through in the future for those.

因此，您可能會在未來看到一些大型應用程式通過這些應用程式。

And that goes all the way down to semiconductor equipment manufacturing.

這一直延伸到半導體設備製造。

We can consolidate the number of parts in the machine.

我們可以整合機器中的零件數量。

These are extremely expensive machines, as you might know.

您可能知道，這些都是極為昂貴的機器。

We can consolidate a number of parts.

我們可以整合多個部分。

We can make them higher performing parts all by 3D printing them.

我們可以透過 3D 列印將它們製成性能更高的零件。

And so we've got all of the major semiconductor equipment manufacturers working with us.

因此，所有主要的半導體設備製造商都與我們合作。

We have people that are using GPUs and data centers working with us.

我們有使用 GPU 和資料中心的人員與我們合作。

In fact, at Formnext, I wish I'd put this on a slide.

事實上，在 Formnext，我希望將其放在幻燈片上。

You would have seen a copper heat sink that was incredibly interesting.

您可能會看到非常有趣的銅散熱器。

It's out on the website, I believe.

我相信它已經在網站上發布了。

But it was designed using AI, quite frankly, and it can conduct heat away 3x more efficiently than any other high-purity copper heat sink in the world.

但坦白說，它是使用人工智慧設計的，它的導熱效率是世界上任何其他高純度銅散熱器的三倍。

And so we're tremendously excited about markets like that because they are very valuable, high payoff components which will help the whole supply chain.

因此，我們對這樣的市場感到非常興奮，因為它們是非常有價值、高回報的組成部分，將有助於整個供應鏈。

So I quoted the AIG rise not because it's material impactful on the P&L, but because the trend is really positive in terms of customer interest in 3D printing.

因此，我引用 AIG 的上漲並不是因為它對損益表有重大影響，而是因為就客戶對 3D 列印的興趣而言，這一趨勢確實是積極的。

So I can't really help you from a timing standpoint on revenue specifically, but the trend is very positive.

因此，從具體收入的時間角度來看，我無法真正為您提供幫助，但趨勢非常積極。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

I guess, Jeff, one thing I picked up at Formnext that I thought was new was a lot of positive talk about Oqton.

Jeff，我想我在 Formnext 發現的一件我認為很新的事情是關於 Oqton 的許多積極的談論。

You did mention it in your pre remarks, but could you just talk -- give us an update on software in general and

您確實在前言中提到過這一點，但是您能否談談 - 給我們提供有關軟體的總體更新以及

(inaudible)

（聽不清楚）

Yeah.

是的。

Sure, Troy.

當然，特洛伊。

And thanks for the call, and thanks for the interest at Formnext, too.

感謝您的來電，也感謝您對 Formnext 的關注。

Yeah, you asked about two things there, and I'd throw in a third.

是的，你問了兩件事，我會提出第三件事。

So our 3D Sprint software, which drives our polymer machines and 3D expert on the metal side, tremendously valuable tools for people that want to apply 3D printing.

因此，我們的 3D Sprint 軟體可驅動我們的聚合物機器和金屬的 3D 專家，對於想要應用 3D 列印的人來說是非常有價值的工具。

And what we've done now with Oqton is basically integrate 3D expert into the Oqton workflow.

我們現在對 Oqton 所做的基本上是將 3D Expert 整合到 Oqton 工作流程中。

And we've really targeted and focused Oqton on the high reliability markets like oil and gas we're doing with Baker Hughes and others.

我們確實將 Oqton 瞄準並專注於高可靠性市場，例如我們正在與 Baker Hughes 等公司合作的石油和天然氣市場。

But that software platform, Troy, will allow us to monitor the entire workflow -- not us, but customers that like the entire workflow from raw materials to finished parts.

但 Troy 這個軟體平台將允許我們監控整個工作流程——不是我們，而是喜歡從原材料到成品零件整個工作流程的客戶。

And what we're seeing in the Baker Hughes production lines right now is a tremendous improvement in the productivity and quality of parts they can get out, the real-time monitoring, the feedback control, the traceability required.

我們現在在貝克休斯生產線中看到的是他們所生產的零件的生產率和品質、即時監控、反饋控制和所需的可追溯性方面的巨大改進。

So it impacts everything from setup time to the time a part is produced, and it gives you full traceability to the part when it's finished.

因此，它會影響從設定時間到零件生產時間的所有事情，並且在零件完成後讓您能夠完全追溯零件。

So you make -- we're making 3D printing a true production process with this.

所以你——我們正在用這個讓 3D 列印成為一個真正的生產過程。

Interesting feedback from Baker Hughes as also a customer of the software was this industry is now starting to really think about how to use 3D printing in production, whereas before it mainly went into laboratories for prototyping and even demo parts.

Baker Hughes（也是該軟體的客戶）提供的有趣回饋是，該行業現在開始真正考慮如何在生產中使用 3D 列印，而之前主要進入實驗室進行原型設計甚至演示零件。

Now it's being used in -- on the factory floor.

現在它正在工廠車間使用。

Those requirements are so different and so much more rigorous in terms of monitoring the job, monitoring the actual production of the part.

這些要求是如此不同，並且在監控工作、監控零件的實際生產方面更加嚴格。

So I'm really pleased with Oqton's progress.

所以我對 Oqton 的進步感到非常滿意。

I think we'll demo very nicely with Baker Hughes, and then we're rolling it out broadly to other primarily industrial applications that have to make high reliability parts.

我認為我們將與貝克休斯一起很好地進行演示，然後我們將其廣泛推廣到必須製造高可靠性零件的其他主要工業應用。

So energy, aero, certainly the medical markets, anybody that has to make a high reliability parts at high productivity.

因此，能源、航空、當然還有醫療市場，以及任何必須以高生產率製造高可靠性零件的領域。

Okay.

好的。

I've got two other questions here.

我這裡還有兩個問題。

Did you have a 10% customer in the quarter?

本季您有 10% 的客戶嗎？

We do.

我們做到了。

Jeff, I have to -- yeah, I'm sure -- I don't have the number in front of me, Troy, but it would be in our queue, I believe, Jeff, right?

傑夫，我必須——是的，我確信——我面前沒有號碼，特洛伊，但我相信它會在我們的隊列中，傑夫，對嗎？

So it's in our queue and certainly, it will be related to dental, Troy, as it has been historically true.

所以它在我們的隊列中，當然，它將與牙科、特洛伊有關，正如歷史上真實的那樣。

So that's -- that relationship remains very strong.

所以說，這種關係仍然非常牢固。

The indirect printing aligners is a great way to make them, and we continue to be a key supplier in that market.

間接印刷對準器是製造它們的好方法，我們仍然是該市場的主要供應商。

So yes, I mean -- and I don't have a number of Troy, but it's in the queue, and we can certainly get back to you.

所以，是的，我的意思是——我沒有特洛伊的號碼，但它在隊列中，我們當然可以回复您。

Yeah.

是的。

I'm just glad to hear that.

我很高興聽到這個消息。

And then just last question, regenerative business.

最後一個問題是再生業務。

Can you just talk about when you expect to hit the next milestones?

您能談談您預計何時達到下一個里程碑嗎？

Yeah, Troy.

是的，特洛伊。

I think we'll see some additional milestones in '25.

我認為我們會在 25 年看到一些額外的里程碑。

I wish we could talk more about the -- both the precision and the speed at which we can print extremely fine structure now is amazing.

我希望我們能更多地討論一下——我們現在打印極其精細的結構的精度和速度都是驚人的。

We have multiple paths to the design of those printers for production applications for organs in the human body, specifically lungs.

我們有多種途徑來設計這些印表機，用於人體器官（特別是肺部）的生產應用。

So I am really pleased with progress on the technology and the implementation of that for lung manufacturing.

因此，我對肺部製造技術的進步和實施感到非常高興。

So you can expect we'll be talking about milestones in 2025 that we're hitting.

因此，您可以期待我們將討論 2025 年我們將達到的里程碑。

And I continue to believe we're on track to be in a position to get the human demonstration on a reasonable timeline.

我仍然相信我們有望在合理的時間內進行人類演示。

United Therapeutics, our partner in this, will have to speak to that milestone.

我們在這方面的合作夥伴 United Therapeutics 將不得不談論這一里程碑。

But in terms of the printing technology and things and the materials that go with it, extremely pleased with progress.

但就印刷技術以及與之相關的事物和材料而言，我們對進步感到非常滿意。

And Troy, just one more advertisement for that.

還有特洛伊，這只是另一則廣告。

It's really cool applications that are going to bring a lot of benefit to humanity.

這是非常酷的應用程序，將為人類帶來很多好處。

It's also generating some great technology that we can transition into our industrial printers.

它還產生了一些偉大的技術，我們可以將其轉化為工業印表機。

For example, the PSLA with this high-precision projection system over VAT, that's a direct outgrowth of our work on regenerative.

例如，具有高精度投影系統的 PSLA 超過了增值稅，這是我們再生工作的直接成果。

So if you take a hardened projector that's used for industrial applications for workflow, it's a direct transfer and a drop-in.

因此，如果您採用用於工業應用的強化投影機進行工作流程，那麼它就是直接傳輸和插入。

So you'll see some real technology synergy coming out of our work on regenerative into our industrial markets.

因此，您會看到我們的工業市場再生工作產生了一些真正的技術協同效應。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

I guess a couple, if I could.

如果可以的話，我想有一對。

The first is on just the core healthcare business and industrial solutions, taking the backwards -- the softer sellout notwithstanding, you guys do seem like the last three quarters, you baseline at this high 50s, low 60s run rate.

第一個是核心醫療保健業務和工業解決方案，倒退一下——儘管銷售疲軟，但你們看起來確實像過去三個季度一樣，你們的基線在 50 年代高、60 年代低的運行率。

And in healthcare, you've picked up both because of the dental business and then also -- here's the question.

在醫療保健領域，您不僅因為牙科業務而學習，而且還因為—這就是問題。

Is there anything in personalized healthcare as the state from dental that we should be aware of?

在個人化醫療保健方面，作為牙科國家，我們應該注意什麼？

And so really, with that as a backdrop and the supplies business continuing to grow, what does the baseline business look like into '25, understanding, yes, you're not giving guidance yet.

事實上，在這種背景下，供應業務持續成長，25 年的基準業務是什麼樣子，理解，是的，你還沒有給予指導。

But in industrial solutions as baseline right now and as you're seeing a pickup in healthcare, and if you're also seeing a pick up in ongoing growth in supplies, what does that say structurally about going to '25.

但以工業解決方案作為目前的基準，當你看到醫療保健領域有所回升時，如果你也看到供應持續成長的回升，那麼從結構上講，這對「25」意味著什麼。

Yeah.

是的。

So on that, I'll start with the last point and -- yeah, all of that would lead you to say, look, '25 should be a better year.

因此，我將從最後一點開始——是的，所有這些都會讓你說，看，『25 應該是更好的一年。

As long as -- I think the whole world feels a bit snakebit.

只要──我認為整個世界都感覺有點被蛇咬了。

As long as the geopolitical climate calms down and the economies continue moving in the direction they are -- the unknown is that we have a change in administrations not only in the US, but potentially other countries and these wars tend to flare up periodically.

只要地緣政治氣候平靜下來，經濟繼續朝著既定的方向發展，未知的是，我們不僅會在美國，而且可能在其他國家發生政府更迭，而這些戰爭往往會定期爆發。

So all of that said, which are unknowns, the trends are moving in the right direction in terms of both printer platform sales and consumable sales over the future.

因此，所有這些都是未知數，但未來印表機平台銷售和耗材銷售的趨勢正在朝著正確的方向發展。

So hopefully, we'll be sitting here when we announce Q4 results, and we'll talk about a stronger '25.

因此，希望當我們宣布第四季度業績時，我們會坐在這裡，我們將討論一個更強大的 25 年。

And also, I think we've got some real cost opportunities, quite frankly.

而且，坦白說，我認為我們有一些真正的成本機會。

So we've made -- we've been consistent in our investments in R&D.

因此，我們在研發方面的投資一直保持一致。

Those are paying dividends now.

這些現在正在支付紅利。

And we've got some flexibility going into '25 to really manage our cost structure in a more optimum way.

進入 25 年，我們有一定的靈活性，可以以更優化的方式真正管理我們的成本結構。

So I think there's some real opportunities within the four walls and then also in the external environment.

所以我認為四面牆內以及外部環境中都存在著一些真正的機會。

In terms of healthcare, it's a great business.

就醫療保健而言，這是一項偉大的業務。

The orthopedic business, as I call it, the work we do for surgical planning on bone repair and surgeries, is terrific.

我所說的骨科業務，即我們在骨修復和手術方面的外科規劃工作，是非常出色的。

We continue to gain FDA approvals for other areas of the body.

我們繼續獲得 FDA 對身體其他領域的批准。

We're very strong in everything above the neck fundamentally and on the spine.

從根本上來說，我們在頸部以上和脊椎上的各個方面都非常強大。

We're continuing to grow throughout the body elsewhere, and it's a clear strategy.

我們在其他地方繼續發展，這是一個明確的策略。

We're going to expand those applications below the neck just as quickly as we can develop them because all the same basic tools apply.

我們將盡可能快速地將這些應用程式擴展到頸部以下，因為所有相同的基本工具都適用。

So I can -- I expect to continue to see growth or may be noise quarter-to-quarter.

所以我可以——我預計會繼續看到成長，或者可能每個季度都會出現噪音。

We continue to see growth in that business, and it's a very good business.

我們繼續看到該業務的成長，這是一項非常好的業務。

Very hard for others to get into unless it takes time.

其他人很難進入，除非需要時間。

So I think that's a great business.

所以我認為這是一項很棒的生意。

The dental business -- we've got a good foundation with indirect aligners.

牙科業務－我們在間接矯正器方面擁有良好的基礎。

And I think you'll see a lot of new products hit the market.

我想你會看到很多新產品推出市場。

And I mentioned dentures on the call, great business.

我在電話中提到了假牙，生意很好。

I think 3D printing is a natural for those, and we have a great offering.

我認為 3D 列印對這些人來說是理所當然的，而且我們有很棒的產品。

So I'm excited about '25 for dentures, funny as that sounds.

所以我對 25 年的假牙感到很興奮，儘管聽起來很有趣。

And then you've got other dental applications, night guards and others.

然後還有其他牙科應用、夜間防護等。

So I love the healthcare business.

所以我熱愛醫療保健產業。

It continues to be a core focus of the company.

它仍然是公司的核心焦點。

On the industrial side, these high reliability markets, we're swamped with interest on new applications from customers.

在工業方面，這些高可靠性市場，我們對客戶的新應用充滿興趣。

And I would hope '25 would see them start spending some real capital money in those directions because the payoff is clear.

我希望 25 世紀他們能夠開始在這些方向上投入一些真正的資本，因為回報是顯而易見的。

So -- and that gets back to the world economy and their factory utilization.

那麼——這又回到了世界經濟及其工廠利用率。

So hopefully, in all of that, I answered your questions.

所以希望我能回答你的問題。

If I can clarify anything, I'm happy to do it, Ananda.

如果我能澄清任何事情，我很樂意這樣做，阿南達。

No, that's really great.

不，那真的很棒。

And just a quick follow-up on tariffs.

以及關於關稅的快速跟進。

Anything to be aware of in the tariffs that have been announced so far or

迄今為止已宣布的關稅中需要注意的任何事項或

(inaudible).

（聽不清楚）。

Yeah, it's very interesting, and this is all public.

是的，這很有趣，而且都是公開的。

If you look at the tariffs that have been talked about and particularly with respect to China, the Chinese metal printing companies have sprung up over the years and I think, aimed toward Chinese markets and others.

如果你看看人們所討論的關稅，特別是針對中國的關稅，你會發現中國金屬印刷公司多年來如雨後春筍般湧現，我認為它們的目標是中國市場和其他市場。

They're increasingly looking to export those products into the US.

他們越來越希望將這些產品出口到美國。

And a lot of the US applications are defense oriented.

美國的許多應用程式都是面向國防的。

So I think both the tariff situation and the focus on defense will help us as a US company.

因此，我認為關稅情勢和對國防的關注都會對我們作為一家美國公司有所幫助。

I think that's -- it's a great thing because the influx of those printers -- and I've shared this information, it's all publicly available -- has been high.

我認為這是一件好事，因為這些印表機的湧入量很大，而且我已經分享了這些信息，這些信息都是公開的。

And I would hope as onshoring and supply chain shortening effects take hold, if we do see tariffs coming in and certainly the growth in defense and aerospace, those are all positives for us as a US company.

我希望，隨著在岸外包和供應鏈縮短效應的顯現，如果我們確實看到關稅的到來，當然還有國防和航空航太領域的成長，這些對我們作為一家美國公司來說都是正面的。

(Operator Instructions) Brian Drab, William Blair.

（操作員說明）Brian Drab、William Blair。

Tyler here filling in for Brian.

泰勒代替布萊恩。

It was great color on the data center equipment.

資料中心設備上的顏色很棒。

It sounds like additive would be great for the coal plates that go on GPUs and the other data center infrastructure.

聽起來添加劑對於 GPU 和其他資料中心基礎設施上的煤板非常有用。

But I only have two questions today.

但我今天只有兩個問題。

First, what are your plans for convertible debt coming due in 2026?

首先，您對 2026 年到期的可轉換債務有何計劃？

And then second, you mentioned a target of mid-40s gross margin.

其次，您提到了 40 多歲左右毛利率的目標。

What revenue rate would need to be to support those levels, assuming that on historically similar revenue levels going forward, you'd probably do higher margin just driven by the in-sourcing efforts, if you could just elaborate on that situation?

假設在歷史上類似的收入水平上，您可能會透過內包努力獲得更高的利潤，那麼需要多少收入率才能支持這些水平，如果您能詳細說明這種情況嗎？

I appreciate the time and Happy Thanksgiving.

我很珍惜這段時光，祝感恩節快樂。

Thanks so much for the question, and Happy Thanksgiving to you as well.

非常感謝你的提問，也祝你感恩節快樂。

So you touched on the key points.

所以你觸及了關鍵點。

It's -- the factory, basically, our gross margins, if you look at COGS, our factory -- that's going to be a direct outgrowth of factory volumes and the increased benefit from in-sourcing.

基本上，工廠的毛利率，如果你看看我們工廠的銷貨成本，這將是工廠產量的直接成長以及內包帶來的收益增加。

So clearly, as volumes rise, it's a good thing for factory utilization rates.

顯然，隨著產量的增加，這對工廠利用率來說是件好事。

And the other benefit that brings us is a lower propensity to write down inventory.

為我們帶來的另一個好處是減記庫存的傾向較低。

We absorbed the reality as we absorbed a lot of inventory when we in-source manufacturing aggressively over the last two years.

我們吸收了現實，因為在過去兩年中我們積極進行內源製造，吸收了大量庫存。

And I would tell you, for everybody listening this call, I think it's a tremendous move for a low-volume, high-mix company like ours in this industry.

我想告訴你們，對於每個聽到這個電話的人來說，我認為對於像我們這樣的行業中的小批量、高混合公司來說，這是一個巨大的舉措。

Taking full control over your product from the start-up design to the time you ship and install to a customer is critically important in controlling the pace of new product introduction and the quality of the product you ship.

從啟動設計到運輸和安裝給客戶的整個過程中，完全控制您的產品對於控制新產品推出的速度和運輸產品的品質至關重要。

I firmly believe that.

我堅信這一點。

So we spent great effort in sourcing.

所以我們在採購上花​​了很大的功夫。

And unfortunately, with that, we had to absorb a lot of inventory from our contract manufacturing partners that they had purchased, and we're working that inventory down.

不幸的是，我們不得不從合約製造合作夥伴那裡吸收他們購買的大量庫存，我們正在努力減少庫存。

We'll bring it down 20% this year.

今年我們將把它降低 20%。

From a starting point, we'll continue to do that.

從起點開始，我們將繼續這樣做。

Unfortunately, if volumes stay low in the plant, you're more exposed to inventory write-offs due to just aging of the parks.

不幸的是，如果工廠的產量保持在較低水平，那麼由於園區老化，您將面臨更大的庫存沖銷風險。

They don't go bad, but they age out according to your policy.

它們不會變質，但會根據您的政策老化。

So we have some headwinds on the last two quarters from that.

因此，我們在過去兩個季度遇到了一些阻力。

Hopefully, as volumes pick up, that effect, that over-the-top effect, will go away, and you'll see improvements in factory utilization.

希望隨著產量的增加，這種效應，那種過度效應將會消失，你會看到工廠利用率的提高。

So both of those will really help gross margin significantly.

因此，這兩者都將真正顯著提高毛利率。

And then on top of that, we're rolling out new materials all the time, so new consumables.

除此之外，我們一直在推出新材料、新消耗品。

We're also really driving services because the customers that have factories want great service.

我們也真正推動服務，因為擁有工廠的客戶需要優質的服務。

So the increase in services revenue, the increase in materials revenue, will all support higher gross margins.

因此，服務收入的增加、材料收入的增加，都將支持更高的毛利率。

So fundamentally, those are the levers.

從根本上來說，這些就是槓桿。

And I have no doubt we can get to mid-40s.

我毫不懷疑我們能活到 40 多歲。

That's our near-term goal.

這是我們的近期目標。

We have a long-term goal of getting over 50%, which given the growth in metals in the world right now and the relatively lower materials pull-through on metals, that's a challenge.

我們的長期目標是超過 50%，考慮到目前全球金屬的成長以及金屬材料的拉動率相對較低，這是一個挑戰。

And -- but we're getting there.

而且——但我們正在實現這一點。

We're headed that direction.

我們正在朝那個方向前進。

And I have confidence over the long term, we will get there.

從長遠來看，我有信心我們會實現這一目標。

And then eventually, metals -- some of the metal materials will probably evolve to match 3D printing as well.

最終，金屬——一些金屬材料可能也會發展到與 3D 列印相匹配。

But for now, there's not a lot of materials pull-through from our standpoint on the metal side.

但就目前而言，從我們的角度來看，金屬方面還沒有太多材料可供選擇。

So it is a drag on the overall gross margin.

因此，這拖累了整體毛利率。

But we're getting there.

但我們正在實現這一點。

It's improving.

它正在改善。

And I'm thrilled to have both metals and polymers in our portfolio.

我很高興我們的產品組合中同時包含金屬和聚合物。

Some of the most exciting applications we're seeing on the industrial side are hardcore metal applications with difficult materials like copper which are hard to print.

我們在工業方面看到的一些最令人興奮的應用是硬核金屬應用，其中使用了難以印刷的銅等困難材料。

So long-winded way of saying those are the elements that get us to mid-40s and then up to 50%, which is our ultimate goal.

這麼囉嗦的說法是，這些因素讓我們達到 40 歲左右，然後達到 50%，這是我們的最終目標。

Jeff.

傑夫.

That's great color.

那顏色真棒。

I just wanted to follow up.

我只是想跟進。

Do you have on the plans for the convertible debt coming due in 2026?

您對 2026 年到期的可轉換債務有計劃嗎？

Just any color you can provide there.

您可以在那裡提供任何顏色。

Yeah, it's certainly a work in progress, I would tell you right now.

是的，這肯定是一項正在進行的工作，我現在就告訴你。

I mean, that's been a lovely debt instrument for us.

我的意思是，這對我們來說是一個可愛的債務工具。

We obviously went to market at a great time, and it's a zero coupon piece of paper.

顯然，我們在一個很好的時機進入了市場，而且這是一張零優惠券的紙。

It's been terrific for us.

這對我們來說太棒了。

It will come to at some point; we've got to deal with that.

它會在某個時刻到來；我們必須處理這個問題。

And so we're looking at -- how do we do that with the most traditional methods we can, okay?

所以我們正在考慮如何用最傳統的方法來做到這一點，好嗎？

So we're looking at how we can really reduce that debt.

因此，我們正在研究如何才能真正減少債務。

I'm not in a position to talk about it today.

今天我沒有資格談論這件事。

But clearly, we want to deal with it as early as possible and not get into -- get toward maturity dates.

但顯然，我們希望儘早處理它，而不是陷入到期日。

So you'll hear a lot more about that in '25, okay?

所以你會在 25 年聽到更多關於這方面的信息，好嗎？

Jacob Stephan, Ladstreet Capital Markets.

雅各布·斯蒂芬 (Jacob Stephan)，Ladstreet 資本市場。

Just curious on the healthcare business.

只是對醫療保健業務感到好奇。

Obviously, nice to see that return to growth this quarter.

顯然，很高興看到本季恢復成長。

But maybe just give us a sense on the order patterns now that we're two-thirds of the way through Q4.

但也許只是讓我們了解訂單模式，因為我們已經完成了第四季的三分之二。

I mean, do you feel like kind of the revenue level where you guys were at in Q3 years good, I guess, a place to build off of?

我的意思是，我想，你們覺得你們第三季的收入水準是否良好，是一個可以繼續發展的地方？

Or do you expect to see stability here?

或者你期望這裡看到穩定嗎？

Yeah.

是的。

Yes, I think that's -- this is the foundation to build from.

是的，我認為這是——這是構建的基礎。

It's -- healthcare is -- on the orthopedic side of our business, of the healthcare business, it's a good, steady business.

醫療保健是－在我們業務的骨科方面，在醫療保健業務方面，這是一項良好、穩定的業務。

And the nice thing for us, we're doing two things to grow that business.

對我們來說，一件好事是，我們正在做兩件事來發展這項業務。

Number one is developing more applications below the neck, for the skeleton below the neck, and it's really a great business.

第一是開發更多頸部以下的應用，針對頸部以下的骨骼，這確實是一項偉大的業務。

It continues to grow nicely, steadily over time.

隨著時間的推移，它繼續良好、穩定地成長。

We work closely with the FDA to get certifications on those, and it's a great business.

我們與 FDA 密切合作以獲得這些認證，這是一項很棒的業務。

We are moving with our partners, our channel partners, into the trauma field in that, which I'm really excited about.

我們正在與我們的合作夥伴、我們的通路夥伴一起進入創傷領域，對此我感到非常興奮。

Obviously, it's tragic when someone comes to an emergency physician with trauma into the skeleton.

顯然，當有人因骨骼受傷而去看急診醫生時，這是一場悲劇。

And our technology can apply there.

我們的技術可以應用在那裡。

It challenges us on speed because those people need very fast treatment.

它對我們的速度提出了挑戰，因為這些人需要非常快速的治療。

But it's a lovely growth area for our business, so I like that.

但這對我們的業務來說是一個可愛的成長領域，所以我喜歡這一點。

And we've been stronger in the US than Europe on -- in that personalized health service.

在個人化醫療服務方面，美國比歐洲更強大。

So Europe remains a strong focus as well and in fact, some other parts of the world.

因此，歐洲仍然是一個重點關注的焦點，事實上，世界上的其他一些地區也是如此。

But -- so I look at all the growth factors.

但是——所以我會考慮所有的成長因素。

I like the foundation of the business today.

我喜歡今天的業務基礎。

It's a terrific business, a strong brand, very happy.

這是一門了不起的生意，一個強大的品牌，非常令人高興。

I see it growing from here.

我看到它從這裡開始增長。

The dental business, obviously, a little bit more volatile.

顯然，牙科業務的波動性更大一些。

We've been very primary in indirect printing aligners, and we're diversifying that portfolio now as we move into dentures and elsewhere.

我們在間接列印對準器領域一直非常領先，隨著我們進入假牙和其他領域，我們現在正在使該產品組合多樣化。

So a little bit more volatility as those markets rise and fall.

因此，隨著這些市場的上漲和下跌，波動性會更大一些。

But the diversification of the portfolio will really help in dental over time, and you'll see that over the next two years.

但隨著時間的推移，產品組合的多元化將真正有助於牙科行業，您將在未來兩年內看到這一點。

So again, expect quarter-to-quarter noise like any business.

同樣，像任何企業一樣，預計季度間的噪音。

But by and large, that healthcare business in total is going to continue to grow for us, and we're thrilled with it.

但總的來說，我們的醫療保健業務整體將繼續成長，我們對此感到興奮。

It's a terrific business to be in.

這是一個很棒的行業。

Got it.

知道了。

And then maybe just on the, I guess, in-sourcing initiative requiring more inventory to be repurchased back from your contract manufacturers.

然後，我想，也許只是內購計劃要求從合約製造商那裡回購更多庫存。

I'm just curious, I guess, what percentage of that kind of inventory surplus was repurchased from the contract manufacturers and

我只是好奇，我猜，這種庫存剩餘中，有多少比例是從合約製造商那裡回購的？

(inaudible)

（聽不清楚）

Yeah, Jacob.

是的，雅各。

We had to buy -- and I don't have a real number for you.

我們必須購買——但我沒有給你一個真實的數字。

But we had to buy, I think, Jeff, well over $100 million of inventory.

但傑夫，我認為我們必須購買價值超過 1 億美元的庫存。

We had to bring back in-house.

我們不得不帶回內部。

I wasn't -- I'll be frank with you, Jacob.

坦白說，我不是──雅各。

I was not pleased, and I'm not blaming them.

我不高興，也沒有責怪他們。

We were a small customer to these very large contrary manufacturers.

我們是這些非常大的相反製造商的小客戶。

I was not pleased with their inventory management, their supply chain management, and the quality of the product they were shipping on our behalf and the speed at which you could introduce a new product.

我對他們的庫存管理、供應鏈管理、他們代表我們運輸的產品品質以及推出新產品的速度不滿意。

So those four things drove us to insource, okay?

所以這四件事促使我們進行內包，好嗎？

And we're headquartered in South Carolina, it's a lovely place to build product.

我們的總部位於南卡羅來納州，這是一個製造產品的好地方。

We've in-sourced 80%, 90% of our business now largely in South Carolina.

我們已經內購了 80%、90% 的業務，現在主要在南卡羅來納州。

We do some manufacturing in Europe as well.

我們也在歐洲進行一些製造。

But as a part of that whole taking it back in, we needed to buy the good inventory that they had purchased on our behalf.

但作為整個收回的一部分，我們需要購買他們代表我們購買的優質庫存。

So it created a small mountain -- not Mount Everest, but a small mountain of inventory that we've been burning down.

所以它創造了一座小山——不是珠穆朗瑪峰，而是一座我們一直在燒毀的庫存小山。

So we'll continue to work away at that.

所以我們將繼續努力。

It's all good stuff, but -- in good parts, but we just got to continue to work it down.

這都是好東西，但是——在好的部分，但我們必須繼續努力。

And it's been difficult in a low sales environment.

在銷售低迷的環境下，這很困難。

That's been challenging.

這很有挑戰性。

So I'm proud of the 20% reduction we'll attain by the end of the year, but we've got more to go.

因此，我對今年年底我們將實現 20% 的減排目標感到自豪，但我們還有更多工作要做。

And on the bright side, when you do it, it's a good source of cash.

從好的方面來看，當你這樣做時，它是一個很好的現金來源。

It frees up cash.

它釋放了現金。

But it has -- we've been able to make the investment because we had a lot of cash on the balance sheet.

但我們之所以能夠進行投資，是因為我們的資產負債表上有大量現金。

So we did that at a time where we could afford it.

所以我們在我們有能力的時候這樣做了。

And as we work it down, we'll realize the benefit from a cash and from a gross margin standpoint on COGS.

當我們深入研究時，我們將意識到現金和銷貨成本毛利率的好處。

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

我們的問答環節已經結束。

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

我想將發言權交還給傑夫，以徵求更多的結論。

Kevin, first of all, I want to wish you a very happy Thanksgiving as well.

凱文，首先，我也祝你感恩節快樂。

You've been terrific at moderating our calls for many, many quarters now.

多年來，您在主持我們的電話會議方面表現出色。

So thank you for that.

所以謝謝你。

And for everybody else that's tuned in, I want to thank you all for joining our call today.

對於所有收聽的人，我要感謝你們今天加入我們的電話會議。

For those in the US, I wish you all a happy and safe Thanksgiving holiday with your families.

對於在美國的人們，我祝福你們與家人度過一個快樂、安全的感恩節假期。

For those outside of the US, I wish you a very happy holiday season coming up.

對於美國以外的人們，我祝福你們假期愉快。

We'll look forward to talking to you again at least in the New Year.

我們期待至少在新年再次與您交談。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

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

此時您可以斷開線路，度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。