3D Systems Corp (DDD) 2024 Q4 法說會逐字稿

Greetings, and welcome to the 3D Systems fourth quarter and fiscal year 2024 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 3D Systems 2024 財年第四季和財報電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Mick McCloskey, Vice President, Investor Relations. Mick, please go ahead.

現在我很高興將電話轉給投資人關係副總裁 Mick McCloskey。米克，請說。

Hello, and welcome to 3D Systems fourth quarter and full year 2024 conference call. With me on today's call are Dr. Jeffrey Graves, President and CEO; and Jeff Creech, EVP and CFO. The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone who wish to access the slide portion of this presentation may do so on the Investor Relations section of our website.

您好，歡迎參加 3D Systems 2024 年第四季和全年電話會議。今天與我一起參加電話會議的還有總裁兼執行長 Jeffrey Graves 博士；以及執行副總裁兼財務長 Jeff Creech。本次電話會議的網路直播部分包含幻燈片演示，我們將在通話過程中參考它。透過電話關注並希望存取此簡報的幻燈片部分的人員可透過我們網站的「投資者關係」部分進行存取。

The following discussion and responses to your questions reflect management's views as of today only and will include forward-looking statements as described on this slide. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in our latest press release and our filings with the SEC, included on our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

以下討論和對您的問題的回答僅反映管理層截至今天的觀點，並將包括本投影片所述的前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的其他資訊包含在我們最新的新聞稿和向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和 10-Q 表季度報告中。

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

在本次電話會議中，我們將在新聞稿和本次網路廣播的幻燈片中討論某些非公認會計準則財務指標。您將發現有關這些非 GAAP 指標的額外披露信息，包括與可比較 GAAP 指標的對帳。

Finally, unless otherwise noted, 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針對我們 2023 年可比較期間的結果進行。

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 Jeff Graves 致開場白。

Thank you, Mick, and good morning, everyone. We're pleased to have you with us today to discuss our 2024 results and our view of 2025. While we'll go into more financial detail in a moment, it's important to highlight at the offset that our fourth-quarter results reflected the change in accounting estimates for our Regenerative Medicine program. This change in estimate was driven by the refining of our technical acceptance criteria for the program milestones. This resulted from a change in testing methodology for 3D printed human lungs, which is the focus of this program.

謝謝你，米克，大家早安。我們很高興今天能與您一起討論我們的 2024 年業績和對 2025 年的展望。雖然我們稍後會討論更多財務細節，但必須強調的是，我們的第四季度業績反映了再生醫學計劃會計估計的變化。這項估計變化是由於我們對專案里程碑的技術驗收標準的完善而引起的。這是由於 3D 列印人肺部測試方法的改變所致，而這正是該計劃的重點。

If you followed our -- let me give you a little more color on what that means in layman terms. If you followed our company for the last several years, you'll remember that since 2018, 3D Systems has been in a terrific partnership with United Therapeutics with a goal of developing the world's first 3D-printed biocompatible human lung. The program has made remarkable progress since its inception. And as we now move closer to our goal of manufacturing human lungs for transplantation, the scientific requirements will be actively refined as a result of our advanced research and testing.

如果你理解我們的道理——讓我用簡單易懂的語言向你更詳細地解釋一下這意味著什麼。如果您在過去幾年關注我們公司，您會記得，自 2018 年以來，3D Systems 一直與 United Therapeutics 保持著良好的合作夥伴關係，目標是開發世界上第一個 3D 列印的生物相容性人肺。該計劃自啟動以來取得了顯著進展。隨著我們越來越接近製造用於移植的人體肺臟的目標，我們先進的研究和測試將積極完善科學要求。

This refinement may be in a more challenging technical direction or in some cases, an easier one. But in any case, these milestones will be periodically updated to reflect the experience we gain each day in the development process. In the fourth quarter, a key element of consideration was an update in the testing methodology for the lung. In short, the program now contemplates the incorporation of what's called in vivo human decedent testing, which has recently been successfully demonstrated by our partner, United Therapeutics, for kidney transplants. These new test methods offer invaluable insights into both the performance and biological acceptance of the manufactured organ in a human body. And the earlier this information is available, the sooner this technology can be introduced for the thousands of patients that are in desperate need of lung transplants around the world.

這種改進可能朝著更具挑戰性的技術方向發展，或者在某些情況下朝著更容易的方向發展。但無論如何，這些里程碑都會定期更新，以反映我們在開發過程中每天獲得的經驗。在第四季度，考慮的關鍵因素是肺部檢測方法的更新。簡而言之，該計劃現在考慮納入所謂的人類死者體內測試，我們的合作夥伴聯合治療公司 (United Therapeutics) 最近已成功證明了該技術可用於腎臟移植。這些新的測試方法為了解人造器官在人體中的表現和生物接受度提供了寶貴的見解。這些資訊越早獲得，我們就能越早將這項技術推廣到全世界，造福成千上萬急需肺移植的患者。

From an accounting standpoint, the updated milestone criteria related to this testing methodology required a corresponding change in revenue recognition, which, in this case, resulted in a $9 million reduction to revenue and gross margin in Q4. This revenue will obviously be available to us in the future as updated criteria are achieved. Given this accounting change was not anticipated in our 2024 guidance, I was pleased that our core business still delivered within the full year revenue range that was communicated in our prior forecast and that the end markets showed welcome signs of strengthening in the fourth quarter.

從會計角度來看，與該測試方法相關的更新的里程碑標準要求收入確認做出相應的改變，在這種情況下，導致第四季度收入和毛利率減少 900 萬美元。隨著更新標準的實現，我們顯然將來可以獲得這些收入。鑑於我們的 2024 年指引中沒有預料到這一會計變更，我很高興我們的核心業務仍然實現了我們先前預測的全年收入範圍，並且終端市場在第四季度顯示出令人欣喜的增強跡象。

Thank you for allowing me to start with this highly technical item. For simplicity through the remainder of this morning's call, we'll simply refer to this item as a change in accounting estimate.

感謝您允許我從這個技術性很強的專案開始。為了簡化今天早上電話會議的剩餘內容，我們將此項目簡稱為會計估計變更。

So assuming you're not all exhausted, with that explanation behind us, I'll start today's call with a recap of 2024. I'll then shift focus to some of our key markets and our progress on new products. Finally, I'll finish my remarks by narrowing on specific actions we're taking in the near term to drive improved profitability and enhance shareholder value in 2025. Then our CFO, Jeff Creech, will provide more details on our financials, and we'll then open the line for Q&A.

因此，假設你們還沒有筋疲力盡，在了解了這些解釋之後，我將以 2024 年的回顧開始今天的電話會議。然後，我將把重點轉移到我們的一些主要市場和新產品的進展。最後，我將結束我的發言，簡要介紹我們近期將採取的具體行動，以提高盈利能力並在 2025 年提升股東價值。然後，我們的財務長 Jeff Creech 將提供有關我們財務狀況的更多詳細信息，然後我們將開放問答熱線。

Let's move to slide 5. 2024 as a whole proved to be a challenging year for top-line performance across our industry. While our full-year sales were clearly impacted by the broad weakness in customer CapEx spending, our fourth-quarter performance reflected, for the first time in several quarters, stabilization and even a degree of strengthening in customer demand for new capacity.

讓我們轉到第 5 張投影片。事實證明，2024 年對於我們整個產業的營收表現來說是充滿挑戰的一年。雖然我們的全年銷售明顯受到客戶資本支出普遍疲軟的影響，但我們第四季度的業績在幾個季度以來首次反映出客戶對新產能的需求趨於穩定，甚至有一定程度的增強。

This improvement in sales of new industrial printers, it was an encouraging note to close the year on. While on a full-year basis, new printer sales were pressured, our consumables sales were basically flat with this resilience, reflecting increased utilization rates across our large installed fleet of printers as the year progressed.

新型工業印表機銷售的成長，對於年底來說是一個令人鼓舞的成績。雖然從全年來看，新印表機的銷售面臨壓力，但我們的耗材銷售基本上保持平穩，這反映出隨著時間的推移，我們已安裝的大量印表機的利用率有所提高。

Material sales benefited most from our orthodontics business, which on a stand-alone basis, grew over 30% in 2024. So in short, 2024 was a tough year from a demand standpoint as our customers faced economic and geopolitical uncertainties that caused them to curtail CapEx spending until the future was clear. With a rise in capacity utilization and increased printer sales in Q4, we're hopeful that we've seen the worst, but only time will tell.

材料銷售受益於我們的正畸業務，該業務單獨計算在 2024 年增長了 30% 以上。簡而言之，從需求的角度來看，2024 年是艱難的一年，因為我們的客戶面臨經濟和地緣政治的不確定性，導致他們削減資本支出，直到未來明朗為止。隨著第四季度產能利用率的提高和印表機銷量的增加，我們希望最糟糕的情況已經出現，但只有時間才能證明。

On a more positive note, as the performance, reliability, and economics of 3D printing continuously accelerates, customer interest in production applications continues to rise unabated. In fact, for 3D Systems, the level of customer exploration and engagement in our additive technology has never been higher as reflected in our Application Innovation Group activity, which was up 18% for the year. This increased interest was punctuated by several exciting customer announcements throughout the year as customers incorporated 3D printing into their future fulfillment plans.

從正面的一面來看，隨著 3D 列印的效能、可靠性和經濟性不斷加速，客戶對生產應用的興趣持續上升。事實上，對於 3D Systems 而言，客戶對我們的增材技術的探索和參與程度從未如此高，這反映在我們的應用創新集團活動中，今年成長了 18%。隨著客戶將 3D 列印納入其未來的履行計劃，這種興趣的增加被全年發布的幾份令人興奮的客戶公告所強調。

Examples included our collaboration with Daimler Truck, which described a spare part fulfillment model that integrates digital rights management and regionalized on-demand print capabilities linked together with the Oqton software platform to address an additive automotive market for spare parts expected to reach nearly $8 billion by 2027.

例如，我們與戴姆勒卡車公司的合作，描述了一種備件履行模型，該模型集成了數位版權管理和區域化按需列印功能，並與 Oqton 軟體平台相連，以滿足預計到 2027 年將達到近 80 億美元的汽車備件增材市場的需求。

In another example, our strategic partnership with Precision Resources, advancing metal component manufacturing and high reliability markets like automotive, aerospace, and medical devices. These high reliability markets are of growing importance to our company in an area where we have a strong focus moving forward.

另一個例子是，我們與 Precision Resources 建立策略合作夥伴關係，推動金屬零件製造和高可靠性市場的發展，如汽車、航空航太和醫療設備。這些高可靠性市場對於我們公司來說越來越重要，我們未來將專注於這一領域。

Over the course of our quarterly earnings releases through the coming year, we plan to expand on these markets for you, including their size potential and strategy on how we win. In just a few moments, I'll begin this series by diving more into our Dental business for this call. Given the rapid pace of additive technology evolution for both health care and industrial applications, we have great confidence in our longer-term growth prospects. But in the near term, we also acknowledge the need for more aggressive cost actions given the current economic environment. I'll describe these new cost actions in a moment, but it's worth mentioning some of the actions taken previously that will bear fruit in 2025.

在明年發布季度收益的過程中，我們計劃為您擴大這些市場，包括它們的規模潛力和我們獲勝的策略。很快，我將開始本系列的演講，在本次電話會議上更深入地探討我們的牙科業務。鑑於醫療保健和工業應用領域增材技術的快速發展，我們對我們的長期成長前景充滿信心。但在短期內，鑑於當前的經濟環境，我們也承認需要採取更積極的成本行動。我稍後會描述這些新的成本行動，但值得一提的是，先前採取的一些行動將在 2025 年取得成果。

One of the most important changes in the company over the last two years has been the insourcing of our manufacturing operations and supply chain management. This transformation was designed to give us full control over our new product introduction process, our manufacturing costs, delivery schedules, and product quality. I believe these changes are long-term competitive advantages that set us apart from others in this industry. While sales volumes were weak in 2024, this insourcing initiative, which is now largely complete, will pay dividends as our new products introduced and volumes rise in the future.

過去兩年來公司最重要的變化之一就是將製造業務和供應鏈管理轉向內部承包。此次轉型旨在讓我們完全掌控新產品的推出流程、製造成本、交貨時程和產品品質。我相信這些變化是讓我們在產業中脫穎而出的長期競爭優勢。雖然 2024 年的銷售量較低，但這項目前已基本完成的內部採購計畫將隨著我們新產品的推出和未來銷售量的上升而帶來回報。

In addition, 2024 also saw significant investments in our back-office operations in parallel with the change in company auditors, all of which increased our OpEx spend in the short term but will yield continued improvements in our operating efficiency and performance as we expand our global operations moving forward. Fortunately, we were in a position to support these investments in addition to our ongoing R&D activities given the strength of our balance sheet, and we can now build upon these efforts with new actions moving forward.

此外，2024 年，隨著公司審計師的變更，我們也對後台營運進行了大量投資，所有這些都在短期內增加了我們的營運支出，但隨著我們未來全球業務的擴大，我們的營運效率和績效將繼續提高。幸運的是，憑藉我們強勁的資產負債表，我們能夠在正在進行的研發活動之外支持這些投資，而我們現在可以在此基礎上採取新的行動。

Now to slide 6. Our 3D systems were driven by relentless curiosity, and our legacy is the pioneers of 3D printing, delivering the highest value application-driven solutions to empower our customers to innovate without limitations. Our new mantra is transforming manufacturing for a better future.

現在看投影片 6。我們的 3D 系統由不懈的好奇心所驅動，我們的傳統是 3D 列印的先驅，提供最高價值的應用驅動解決方案，使我們的客戶能夠無限制地創新。我們的新口號是改變製造業，創造更美好的未來。

This core objective is why today we offer the broadest range of additive technologies in the entire industry, bringing together metal and polymer hardware platforms and an exceptional materials portfolio with intelligent cloud-based software to deliver application solutions to key customers around the world. It's also why our installed fleet of production printers is responsible for over 1 million custom components per day, more than the rest of this industry combined.

這個核心目標就是為什麼我們今天能夠提供整個行業最廣泛的增材技術，將金屬和聚合物硬體平台、卓越的材料組合與智慧雲端軟體結合在一起，為全球主要客戶提供應用解決方案。這也是為什麼我們安裝的生產印表機每天可生產超過 100 萬個客製化組件，比業內其他廠商的總和還要多。

We're organized into two distinct business segments: Healthcare and Industrial, with a structure that allows us to develop targeted strategies for our core end markets. For 3D Systems, we leverage our unmatched application engineering expertise and depth, breadth of technology, and our global footprint to focus on strategic industries, such as the ones shown on this slide. These range from advanced rocket and satellite systems to rapidly expanding AI infrastructure to personalized human applications for dental and orthopedic patients.

我們分為兩個不同的業務部門：醫療保健和工業，這種結構使我們能夠針對核心終端市場制定有針對性的策略。對於 3D Systems，我們利用我們無與倫比的應用工程專業知識和深度、技術廣度以及我們的全球影響力來專注於戰略行業，例如本幻燈片中所示的行業。這些範圍包括先進的火箭和衛星系統、快速擴展的人工智慧基礎設施，以及針對牙科和骨科患者的個人化人體應用。

Let's turn to slide 7 to delve deeper into the one of the most significant and immediate strategic growth opportunities in front of us today, which is the dental market. For our company, dental applications reside in four key pillars, which we categorize as straighten, protect, repair, and replace. These four areas are all converting to a large extent to 3D printing technology, which lowers cost, improves performance, and shortens lead times for the patient. What you'll see on this slide is our estimates for the first time that we shared publicly for the addressable market size for each of the four areas by 2029.

讓我們翻到第 7 張投影片，深入探討當今我們面臨的最重大、最直接的策略性成長機會之一，即牙科市場。對我們公司而言，牙科應用有四大關鍵支柱，我們將其分為矯正、保護、修復和更換。這四個領域都在大規模轉向 3D 列印技術，從而降低成本、提高效能並縮短患者的交付週期。您將在這張投影片上看到的是我們首次公開分享的 2029 年四個領域各自的可尋址市場規模的估計。

Two important items to note. These figures are specific to 3D printing companies that are active in the broader dental market, and they are only the US opportunity, which represents roughly one-third of the global total. The straightened market comprises products such as indirect aligners today and the potential of indirect printed -- direct printed aligners in the future. While it's the most relevant for current operations, and we are the dominant supplier to these customers today, it's important to note that it's also the smallest of the four opportunities in the longer term with an expected addressable market size of $125 million in the US.

需要注意兩件重要的事情。這些數字是針對活躍於更廣泛的牙科市場的 3D 列印公司而言的，而且它們只是美國的機遇，約佔全球總量的三分之一。矯正市場包括目前的間接矯正器等產品以及未來潛在的間接列印—直接列印矯正器。雖然它與目前的營運最為相關，而且我們目前是這些客戶的主要供應商，但值得注意的是，從長遠來看，它也是四個機會中最小的一個，預計在美國可尋址的市場規模為 1.25 億美元。

Our significant position in the aligner market today gives us a strong foundation to build upon. At one customer alone, we've deployed fleets of production printers totaling over 600 that operate simultaneously across three continents globally each day and have the ability to print over 1 million custom parts per day. Our expertise in this domain was evidenced in the landmark contract we announced last summer with a leader in the clear aligner space, valued at $0.25 billion to support the production of clear aligners over five years.

我們目前在矯正器市場上的重要地位為我們未來的發展奠定了堅實的基礎。僅在一位客戶那裡，我們就部署了總計超過 600 台的生產印表機群，這些印表機每天在全球三大洲同時運行，每天可列印超過 100 萬個客製化零件。我們在該領域的專業知識體現在去年夏天我們與透明矯正器領域的領先企業達成的具有里程碑意義的合約中，該合約價值 2.5 億美元，用於支持五年內透明矯正器的生產。

With the emergence of technology into direct print aligners, we anticipate further expansion of this market in the coming years, and we plan to lead the way. Our protect product strategy will be centered on night guards, which are rapidly expanding in both the dental and sleep apnea applications. While repair encompasses crowns and bridges, a market we participated in through our NextDent materials brand for many, many years. Each of these markets represents an additional opportunity of approximately $150 million in the future. And again, those are US numbers alone.

隨著直接列印對準器技術的出現，我們預計未來幾年該市場將進一步擴大，並且我們計劃引領這一潮流。我們的保育產品策略將以夜間護衛為中心，夜間護衛在牙科和睡眠呼吸中止症應用領域都在迅速擴張。雖然修復包括牙冠和牙橋，但我們透過 NextDent 材料品牌參與市場很多年了。每個市場都代表著未來約 1.5 億美元的額外機會。再次強調，這些只是美國的數字。

Lastly, replace, the largest -- is the largest opportunity by far, estimated at around $600 million in the United States. With recent announcements regarding our monolithic multimaterial jetted dentures and 510(k) clearance from the FDA in hand, I believe we're better positioned than anyone to secure a dominant share of this market in the world ahead. Our combination of product beauty and toughness is simply unmatched, and the operating efficiencies we offer through our new printer platform that is scheduled for release this summer is compelling for both large and small dental labs alike.

最後，迄今為止最大的機會，估計在美國約為 6 億美元。根據我們最近發布的關於整體式多材料噴射假牙的公告以及 FDA 的 510(k) 許可，我相信我們比任何人都更有能力確保未來在全球市場上佔據主導地位。我們的產品美觀度和堅固性結合簡直無與倫比，而且我們透過定於今年夏天發布的新印表機平台提供的營運效率對於大型和小型牙科實驗室都具有吸引力。

Taken together, the dental opportunity we have in front of us is estimated at over $1 billion in the United States alone, and we're targeting as one of the largest company priorities going forward.

總的來說，我們面臨的牙科機會僅在美國就估計超過 10 億美元，我們將其作為未來公司最大的優先事項之一。

So a key question you might ask is, why will we win in this market? From my standpoint, it's very simple. Our legacy and current leadership in the well-established aligner market is undeniable. The reputation for quality, reliability of our next-gen materials further strengthens our brand in the market each day. Across the entirety of our Healthcare segment, we have the experience and proven track record to bring customized patient solutions to the market, and we have a proven ability to navigate complex regulatory markets, having been granted over 100 FDA-cleared and CE-marked devices across our portfolio.

那麼你可能會問的一個關鍵問題是，我們為什麼會在這個市場上獲勝？從我的角度來看，這非常簡單。我們在成熟的矯正器市場的傳統和當前的領導地位是無可否認的。我們的下一代材料的品質和可靠性的聲譽進一步加強了我們的品牌在市場上的地位。在我們整個醫療保健領域，我們擁有向市場提供客製化患者解決方案的經驗和良好業績記錄，並且我們擁有駕馭複雜監管市場的能力，我們的產品組合已獲得超過 100 種 FDA 批准和 CE 標誌的設備。

Supported by our tenacious approach to innovation, I believe we're best positioned by far to capitalize on this $1 billion market opportunity as dentistry quickly pivots to 3D printing technology for the future.

我相信，在我們堅持不懈的創新方法的支持下，隨著牙科行業未來迅速轉向 3D 列印技術，我們最有能力利用這個 10 億美元的市場機會。

Continuing this theme, let's turn to slide 8. 2024 was a historic year of innovation for our team. Despite challenges in the broader macro, our approach to R&D has been sustained over this period and highly disciplined, yielding dozens of new printers, materials, software, and product enhancements to the market in order to capitalize on increased customer interest and embracing the new technology for production applications.

繼續這個主題，讓我們翻到第 8 張投影片。 2024 年對我們的團隊來說是歷史性的創新年。儘管面臨著宏觀層面的挑戰，但我們在此期間始終堅持研發方法並高度嚴謹，向市場推出了數十種新型印表機、材料、軟體和產品增強功能，以滿足客戶日益增長的興趣並將新技術應用於生產應用。

While our innovation engines are certainly not slowing down, we're also equally focused on commercializing these recent advancements. We cover the full range of polymer and metal printing platforms, the broadest range of technologies in our industry. By way of example, just a few weeks ago, we launched our NextDent 300 printer at a conference called LMT Lab Day in Chicago, which is the largest North American dental trade show each year. The printer is central to both night guard and jetted denture production. On display at Lab Day was not only the beauty but notably the durability of our printed dentures as customers were actually encouraged to drop samples of our dentures into a porcelain sink to show the toughness of the product in a common customer environment. In a flawless demonstration of their strength, our jetted dentures were dropped and even thrown from a distance without a single fracture to their integrity as they landed in the sink. Customer response was strong, and we closed multiple preorders for the NextDent 300 at the show.

雖然我們的創新引擎並沒有放緩，但我們也同樣專注於將這些最新進展商業化。我們涵蓋了全系列的聚合物和金屬印刷平台，這是我們行業中最廣泛的技術。舉個例子，就在幾週前，我們在芝加哥舉行的 LMT Lab Day 會議上推出了我們的 NextDent 300 列印機，這是每年北美最大的牙科貿易展。印表機對於夜間護理和噴射假牙的生產都至關重要。實驗室日上展示的不僅是我們列印假牙的美觀性，更重要的是它的耐用性，因為我們實際上鼓勵顧客將我們的假牙樣品放入瓷水槽中，以在普通顧客環境中展示產品的韌性。我們的噴射假牙完美地展示了其強度，當它們落入水槽時，即使從遠處掉落甚至扔出，其完整性也沒有出現任何斷裂。客戶反應強烈，我們在展會上完成了多個 NextDent 300 的預訂。

At the upcoming RAPID TCT trade show, which is the annual additive manufacturing show, which will be held in Detroit next month, we'll be demonstrating our ability to drastically reduce costs and amplify throughput for customers as we showcase our new Figure 4 135 solution. This immediate focus for printer platform is high-mix, low-volume polymer parts, encompassing a broad range of applications, including importantly, electrical connectors, a market we currently estimated over $90 billion.

在即將於下個月在底特律舉行的 RAPID TCT 貿易展（即年度增材製造展）上，我們將展示全新的 Figure 4 135 解決方案，展示我們大幅降低成本和提高客戶產量的能力。印表機平台的當前重點是高混合、小批量的聚合物零件，涵蓋廣泛的應用，包括重要的電連接器，我們目前估計該市場的規模超過 900 億美元。

3D printing is targeted at the enormous tail of the curve, meaning complex, low-volume, high-mix part types, where injection molding tooling often presents a prohibitive return on investment for the OEMs. To serve these markets, a solution needs to include not only a reliable print platform but also specialty materials and a software solution for the full workflow, which gives us an advantage in meeting these application challenges.

3D列印瞄準的是曲線的巨大尾部，即複雜、低容量、高混合的零件類型，而注塑模具通常會為原始設備製造商帶來高昂的投資回報。為了服務這些市場，解決方案不僅需要包括可靠的印刷平台，還需要包括特殊材料和用於完整工作流程的軟體解決方案，這使我們在應對這些應用挑戰方面具有優勢。

These are just a few examples of the new printers and applications that we're excited about for the coming year, and we'll update you regularly on our progress. However, in order to maintain support for innovation at this pace, we recognize the additional actions we must take to improve overall profitability.

這些只是我們對來年充滿期待的新印表機和應用程式的幾個例子，我們將定期向您通報我們的進展。然而，為了以這種速度保持對創新的支持，我們認識到必須採取額外措施來提高整體獲利能力。

Now turning to slide 9. Last evening, we announced cost reduction and restructuring actions targeted at over $50 million of annualized savings through actions we will take through the middle of 2026. These actions are designed to improve our gross margins through a reduction in cost of goods sold and to reduce operating expenses.

現在翻到第 9 張投影片。昨晚，我們宣布了成本削減和重組措施，目標是透過在 2026 年中期採取的行動，每年節省超過 5,000 萬美元。這些措施旨在透過降低銷售成本和減少營運費用來提高我們的毛利率。

These actions will expand upon the benefits from previous actions that I described earlier and will lead to significant improvements in EBITDA performance and cash flow throughout the year. To support this objective, we've created a dedicated transformation office, the leader of which reports directly to me and is responsible for managing the large number of actions that are underway, tracking their completion and effectiveness and ensuring a clear tie out to our financial results.

這些措施將擴大我先前描述的措施帶來的好處，並將顯著改善全年的 EBITDA 業績和現金流。為了支持這一目標，我們成立了一個專門的轉型辦公室，其負責人直接向我匯報，負責管理正在進行的大量行動，追蹤其完成情況和有效性，並確保與我們的財務結果明確掛鉤。

In the first quarter, we've already executed four site closures and a global head count reduction among other items, which will result in approximately $5 million in annualized savings tied to our plan. From a cash perspective, in addition to the cash on our balance sheet, which totaled over $170 million at the end of last year, we announced the divestiture of our Geomagic software platform for $123 million. This transaction is expected to close shortly, having now received all of the necessary regulatory approvals over recent days.

在第一季度，我們已經關閉了四個工廠，並在全球範圍內裁員，這將帶來與我們的計劃相關的約 500 萬美元的年度節約。從現金角度來看，除了我們資產負債表上的現金（截至去年年底總額超過 1.7 億美元）之外，我們還宣布以 1.23 億美元剝離我們的 Geomagic 軟體平台。該交易已於近日獲得所有必要的監管部門批准，預計很快就會完成。

Given our strong R&D potential that will fuel organic growth, our priority for cash usage is investment in our operational improvements and support to our organic growth initiatives. To be very clear, we have no need for high-risk acquisitions to fuel our growth. With our scale, we simply need to drive ongoing efficiency programs, invest in our technology platforms, and over time, expand our sales and service network to ensure we continue to serve our growing customer base. In other words, our priorities are to focus strongly, execute well, and simply run a good business.

鑑於我們強大的研發潛力將推動有機成長，我們現金使用的重點是投資於我們的營運改善和支持我們的有機成長計畫。需要明確的是，我們不需要高風險的收購來推動我們的成長。憑藉我們的規模，我們只需推動持續的效率計劃，投資我們的技術平台，並隨著時間的推移擴大我們的銷售和服務網絡，以確保我們繼續服務於不斷增長的客戶群。換句話說，我們的首要任務是高度專注、嚴格執行、做好業務。

To give you a little more color on our cost plans, let me offer the following. In real estate, when I arrived at 3D Systems in the summer of 2020, our global footprints stood at roughly 50 locations, as a result of a long history of acquisitions with little consolidation. Between the actions we've taken over the last two years and the ones we'll take in the coming months, we'll reduce this number by over 50%, resulting in millions of dollars in annualized savings. For manufacturing, with our insourcing activities which we complete, we expect to realize incremental benefits from our sourcing initiatives involving raw materials and other expenses. A leaner footprint and operating model will also yield greater efficiencies for logistics, factory utilization, and inventory control through our Lean and Six Sigma implementations, all of which is expected to contribute to gross margin improvement.

為了讓您更詳細地了解我們的成本計劃，請允許我提供以下內容。在房地產領域，當我於 2020 年夏天加入 3D Systems 時，我們的全球業務範圍大約為 50 個地點，這是由於長期的收購歷史而很少進行整合。透過過去兩年我們所採取的行動以及未來幾個月將採取的行動，我們將把這一數字減少 50% 以上，從而每年節省數百萬美元。對於製造業，透過完成內部採購活動，我們期望從涉及原材料和其他費用的採購計劃中獲得增量收益。透過精益和六西格瑪實施，更精益的足跡和營運模式還將提高物流、工廠利用率和庫存控制的效率，所有這些都有望有助於提高毛利率。

Indirect procurement consolidation and overall reduction in vendor spend are expected to yield over $20 million in annual savings driven by the investments made within our teams to replace contractors and other external support with internal talent. From a timing standpoint, we anticipate these actions will materially ramp in the second and third quarters of this year. Alongside this will be the review of our back-office functions, incremental to actions already taken in an effort to streamline costs and efficiency across the organization. With 10% of the $50 million target already implemented in early 2025, we plan to provide regular updates on our progress in the quarters ahead.

間接採購整合和供應商支出的整體減少預計每年將帶來超過 2000 萬美元的節省，這得益於我們團隊內部的投資，以內部人才取代承包商和其他外部支援。從時間角度來看，我們預計這些行動將在今年第二季和第三季大幅增加。除此之外，我們也將對後台職能進行審查，以逐步採取已採取的行動，努力簡化整個組織的成本和效率。2025 年初已實現 5,000 萬美元目標中的 10%，我們計劃在未來幾季定期更新進度。

Now turning to slide 10. I'll ask Jeff to discuss our formal 2025 guidance at the end of this morning's call. Let me start at a high level. Given continued uncertainty in the macroeconomic climate, we're expecting revenues normalize for our planned divestiture of Geomagic in the year-over-year comparisons to range from essentially flat to modest growth. However, with the cost actions I just referenced, we expect a dramatic profitability improvement during 2025, even in a flattish sales environment.

現在翻到第 10 張投影片。我將在今天上午的電話會議結束時請傑夫討論我們 2025 年的正式指導。讓我從較高的層次開始。鑑於宏觀經濟環境的持續不確定性，我們預計，與去年同期相比，我們計劃剝離 Geomagic 的收入將恢復正常，範圍從基本持平到適度增長。然而，透過我剛才提到的成本行動，即使在銷售環境平淡的情況下，我們預計 2025 年的獲利能力也將大幅提高。

This translates to three things: expansion of gross margins despite the loss of an accretive Geomagic business, which was included in our 2024 results; year-over-year operating expense improvement in every quarter with the most significant impacts being -- beginning in the second half of the year; meaningful adjusted EBITDA improvements in every quarter, culminating with breakeven or better EBITDA by the end of the year. We believe these improvements taken in combination with a significantly enhanced balance sheet following our asset divestiture place the company on an exceptional footing for meaningful shareholder value creation going forward.

這意味著三件事：儘管失去了增值的 Geomagic 業務（已包含在我們的 2024 年業績中），但毛利率仍有所擴大；每個季度的營業費用同比都有所改善，最顯著的影響是從下半年開始的；每個季度調整後的 EBITDA 都會有顯著改善，最終在年底實現虧損平衡或更好的 EBITDA。我們相信，這些改進，加上資產剝離後顯著增強的資產負債表，將為公司未來創造有意義的股東價值奠定良好的基礎。

And with that, I'll now turn things over to Jeff Creech. Jeff?

現在我將把發言權交給 Jeff Creech。傑夫？

Jeff, thank you, and good morning, everyone. I'll begin with our revenue summary on slide 12. For the fourth quarter, we reported consolidated revenues of $111 million, declining 3% from prior year. This was primarily driven by a $9 million decrease associated with the change in accounting estimate but somewhat offset by strong services revenues across the company and a healthy finish to the year with respect to industrial printers. Within our segments, Industrial Solutions grew 11% in the fourth quarter with revenues of $71 million, primarily related to strengthened printer systems sales and services.

傑夫，謝謝你，大家早安。我將從第 12 張投影片上的收入摘要開始。第四季度，我們報告的綜合收入為 1.11 億美元，較上年下降 3%。這主要是由於會計估計變更導致的 900 萬美元的減少，但被公司強勁的服務收入和工業印表機年度健康的業績所一定程度抵消。在我們的各個部門中，工業解決方案在第四季度增長了 11%，營收為 7,100 萬美元，這主要得益於印表機系統銷售和服務的加強。

Revenues for the quarter were up across nearly all major industrial end markets with the most significant contribution from Aerospace and Defense. Healthcare Solutions reported fourth-quarter revenues of $40 million, down 21% from prior year. This includes the $9 million impact from our change in accounting estimate in addition to softness in printers and year-end inventory management across dental customers with respect to materials.

本季幾乎所有主要工業終端市場的收入都有所成長，其中以航空航太和國防的貢獻最為顯著。醫療保健解決方案部門公佈第四季營收為 4,000 萬美元，較上年下降 21%。這包括我們會計估計變更造成的 900 萬美元的影響，以及印表機的疲軟以及牙科客戶在材料方面的年終庫存管理。

Shifting to the full year on slide 13. We reported consolidated revenues of $440 million, down 10% from the prior year, primarily impacted by broader macro pressure on printer sales. As Jeff mentioned earlier, revenues ended within our full-year guidance range, even when considering the $9 million unexpected headwind related to a change in accounting estimate that was not originally contemplated in our expectations. Revenues for Industrial Solutions of $250 million declined 9% from prior year.

轉到第 13 張投影片上的全年資料。我們報告的綜合收入為 4.4 億美元，比上年下降 10%，主要受到印表機銷售面臨的宏觀壓力的影響。正如傑夫之前提到的，即使考慮到與我們最初預期中未考慮到的會計估計變更相關的 900 萬美元意外逆風，收入仍然處於我們的全年指導範圍內。工業解決方案收入為 2.5 億美元，較上年下降 9%。

Within their end markets, growth in critical focus areas such as aerospace and defense, energy and AI infrastructure were offset by weaknesses in most other industrial markets. Healthcare Solutions delivered a full year revenue of $190 million and declined by approximately 11%, primarily related to printer sales and our change in accounting estimate but were partially offset by double-digit growth in dental materials. In addition, full-year revenues for our personalized Healthcare business grew nearly 12% from prior year, which represents yet another full year of impressive double-digit growth.

在終端市場中，航空航太和國防、能源和人工智慧基礎設施等關鍵重點領域的成長被大多數其他工業市場的疲軟所抵消。醫療保健解決方案全年營收為 1.9 億美元，下降約 11%，主要與印表機銷售和我們的會計估計變更有關，但被牙科材料的兩位數成長部分抵消。此外，我們的個人化醫療業務全年收入較上年增長近 12%，這又是一個令人印象深刻的兩位數增長的全年。

Now to gross margins on slide 14. Specific to the fourth quarter, non-GAAP gross margin was 31.3%, down from 39.8% for the prior year period, primarily driven by our change in accounting estimates. For the full year '24, we reported non-GAAP gross profit margin of 37.4% compared to 40.6% in the prior year. The decline from prior year was primarily driven by our end-of-year change in accounting estimate and increase in inventory reserves and lower volumes. Excluding the impact of the referenced accounting change, non-GAAP gross profit margins were 36.3% for Q4 and 38.7% for the full year '24, offering a perspective on our core Healthcare and Industrial business performance.

現在來看第 14 頁的毛利率。具體到第四季度，非公認會計準則毛利率為 31.3%，低於去年同期的 39.8%，主要由於我們的會計估計變更。24年全年，我們報告的非公認會計準則毛利率為37.4%，而上年度為40.6%。與上年相比，下降主要是由於我們年底會計估計變更以及庫存儲備增加和銷售下降。不包括所引用的會計變更的影響，第四季度非 GAAP 毛利率為 36.3%，24 年全年非 GAAP 毛利率為 38.7%，這為我們的核心醫療保健和工業業務表現提供了一個視角。

Turning to slide 15 for operating expense. Non-GAAP operating expense for the fourth quarter was $58.4 million, in line with our expectations, representing both sequential and year-over-year improvements. When viewed at their peak, in the first quarter of 2024, our most recent quarter represents an $8 million run rate improvement. Operating expenses benefited from our previously announced cost reduction initiatives. And as just mentioned, present a significant opportunity for further reduction in the quarters ahead.

翻到第 15 張投影片了解營運費用。第四季非公認會計準則營業費用為 5,840 萬美元，符合我們的預期，比上一季和去年同期都有所改善。從 2024 年第一季的高峰來看，我們最近一個季度的運行率提高了 800 萬美元。營運費用受惠於我們先前宣布的成本削減措施。正如剛才所提到的，這為未來幾季的進一步減排提供了重要機會。

On a full-year basis, operating expense was $250 million compared to $246 million in the prior year. The increase was mostly driven by professional services spend and partially offset by our cost initiatives during the year.

全年營業費用為 2.5 億美元，上年為 2.46 億美元。這項成長主要得益於專業服務支出，並被我們年內的成本措施部分抵銷。

Turning now to slide 16 to finish up the P&L. For the fourth quarter, adjusted EBITDA is negative $19.1 million, declined from the prior year by $5 million, primarily driven by lower revenues and gross margin. For the fourth quarter, we reported fully diluted loss per share of $0.25 compared to $2.25 in the prior year.

現在轉到第 16 張投影片來完成損益表。第四季度，調整後的 EBITDA 為負 1,910 萬美元，較上年下降 500 萬美元，主要由於收入和毛利率下降。第四季度，我們報告每股攤薄虧損 0.25 美元，去年同期為 2.25 美元。

Non-GAAP loss per share was $0.19 compared to a loss per share of $0.13. For the full year 2024, adjusted EBITDA of negative $66.4 million declined from the prior year by $40 million, driven by headwinds just discussed for revenue, margin, and operating expense. For earnings per share, full year 2024 resulted in a fully diluted loss per share of $1.94 compared to a loss per share of $2.79 for 2023 and non-GAAP loss per share of $0.62 compared to $0.28 for the prior year.

非公認會計準則每股虧損為 0.19 美元，去年同期每股虧損為 0.13 美元。就 2024 年全年而言，調整後的 EBITDA 為負 6,640 萬美元，較上年下降 4,000 萬美元，原因是剛剛討論的收入、利潤和營運費用面臨不利因素。就每股收益而言，2024 年全年每股全面攤薄虧損為 1.94 美元，而 2023 年每股虧損為 2.79 美元，非 GAAP 每股虧損為 0.62 美元，而前一年為 0.28 美元。

Turning now to slide 17 for our balance sheet. We closed the year with $171 million of cash and cash equivalents on our balance sheet compared to $332 million at the end of the prior year. The largest use of cash during the year was $87 million used to repurchase $111 million of debt in March. This repurchase in combination with the previous repurchase of $135 million in debt in late '23, opportunistically reduced our original November 2026 convertible note maturities outstanding balance by more than 50%. Both transactions were also executed at a highly attractive discount in comparison to the current market value, which is now trading significantly closer to par.

現在翻到第 17 張投影片來查看我們的資產負債表。今年年底，我們的資產負債表上的現金和現金等價物為 1.71 億美元，而去年年底為 3.32 億美元。今年最大的一筆現金使用量是3月回購1.11億美元債務的8,700萬美元。此次回購與 23 年末回購的 1.35 億美元債務相結合，機會性地將我們原有的 2026 年 11 月到期可轉換票據的未償還餘額減少了 50% 以上。與當前市場價值相比，這兩筆交易的折扣非常誘人，目前的市場價值已明顯接近票面價值。

As a result of these prudent liability management exercises upon the expected closing of our Geomagic divestiture in the near future, which we expect to bring back approximately $100 million of cash to our balance sheet after taxes, the company will be in an overall net cash positive position. Cash used in operations during the year was roughly $45 million, representing nearly $36 million of improvement when compared to the prior year. Much of this improvement is attributed to a reduction in working capital, with the largest driver being a reduction in inventories to more normalized levels now that our insourcing actions are complete.

由於我們在不久的將來預計將完成對 Geomagic 的剝離，並採取了審慎的債務管理措施，我們預計這將為我們的資產負債表帶來約 1 億美元的稅後現金，公司整體將處於淨現金正狀況。本年度營運所用現金約為 4,500 萬美元，與前一年相比增加了近 3,600 萬美元。這種改善很大程度上歸因於營運資本的減少，其中最大的驅動力是，由於我們的內部採購行動已經完成，庫存減少到了更正常的水平。

Looking forward, in tandem with broader profitability improvement plans for the new year, we would also expect an overall improvement in cash usage for the company. However, I would point out that the calendarization of this will be most significant in the second half of the year.

展望未來，隨著新年更廣泛的盈利能力改善計劃的實施，我們也預計公司現金使用將全面改善。不過，我想指出的是，這個日曆化現像在下半年將最為顯著。

Finishing on slide 18. Assuming no material change in current macroeconomic conditions and the expected divestiture of the Geomagic business to occur during Q2 '25, we are providing the following full year 2025 outlook. Revenue within the range of $420 million to $435 million, representing essentially flat to modest growth after excluding Geomagic revenue in Q2 through Q4 of 2024. We expect revenues to be flattish from prior year for the first quarter, with a modest increase in the second and third quarters, resulting in a most significant growth in the fourth quarter as more of our recent innovations in the market ramp up over time. Additionally, I would also note that our Dental Orthodontics business was particularly strong in 2024.

完成幻燈片 18。假設當前宏觀經濟條件沒有重大變化，並且預計 Geomagic 業務將在 2025 年第二季剝離，我們將提供以下 2025 年全年展望。營收在 4.2 億美元至 4.35 億美元之間，在 2024 年第二季至第四季不包括 Geomagic 營收後，基本上持平或溫和成長。我們預計第一季的營收將與去年持平，第二季和第三季將略有成長，而隨著我們近期在市場上的更多創新隨著時間的推移而不斷增加，第四季的營收將實現最顯著的成長。此外，我還要指出，我們的牙科矯正業務在 2024 年表現尤為強勁。

While our long-term purchase commitment provides for a strong foundation for share leadership, e also acknowledge that year-over-year inventory management of consumables by our customer may create short-term volatility. Non-GAAP gross profit margin was in the range of 37% to 39% and non-GAAP operating expense with the range of $200 million to $220 million, both of which will have a significant contribution from this morning's cost reduction plans but will also be expected to benefit further in 2026 as the remainder of our planned actions are concluded.

雖然我們的長期採購承諾為市場佔有率領先地位奠定了堅實的基礎，但我們也承認，客戶對消耗品的逐年庫存管理可能會造成短期波動。非公認會計準則毛利率在 37% 至 39% 之間，非公認會計準則營業費用在 2 億至 2.2 億美元之間，這兩項費用都將從今天上午的成本削減計劃中獲得重大貢獻，但隨著我們計劃的其餘行動的完成，預計也將在 2026 年進一步受益。

Finally, as a result of these items, we would expect an improvement to adjusted EBITDA in every single quarter of 2025, and the degree of annual improvement should continue to grow throughout the year with the expectation that we will achieve breakeven or better adjusted EBITDA by the fourth quarter.

最後，由於這些因素的影響，我們預計 2025 年每季的調整後 EBITDA 都會有所改善，並且年度改善程度應該會在全年持續增長，預計我們將在第四季度實現收支平衡或更好的調整後 EBITDA。

We thank you for your time and continued support of 3D Systems. And we'll now open the line for questions. Operator?

我們感謝您的時間和對 3D Systems 的持續支持。我們現在開始回答提問。操作員？

(Operator Instructions) Jim Ricchiuti, Needham & Company.

（操作員指示）Jim Ricchiuti，Needham & Company。

Question just on the Industrial vertical. The improvement that you saw in revenue, it sounds like that was more on the system side. You alluded to the strength in the aerospace and defense market being one of the drivers. Just wondering what you can say about that vertical in Q1. I know it's a seasonally weaker quarter, but maybe just some color on a year-over-year basis, how we should think about that?

問題僅涉及工業垂直領域。您看到的收入改善，聽起來更多的是在系統方面。您提到航空航太和國防市場的強勁成長是驅動因素之一。只是想知道您對第一季的垂直行業有何看法。我知道這是一個季節性較弱的季度，但也許只是與去年同期相比有一些不同，我們應該如何看待這一點？

Jim, it was really encouraging in Q4 to see the uptick in new printer sales into industrial market. And as I believe we mentioned it, it was driven by those high reliability markets, rocketry, space, satellites, a little bit of automotive, especially some of the more luxury automotive. And I would expect -- again, Q1 is normally a little bit weaker.

吉姆，第四季新印表機在工業市場的銷售上升確實令人鼓舞。我相信我們提到過，它是由那些高可靠性市場、火箭、太空、衛星、一點點汽車，特別是一些比較豪華的汽車所推動的。而且我預計，第一季通常會稍微弱一些。

But I think the big overhang, Jim, is just these -- the tariff situation. And our customers clearly are struggling to figure out where they should be spending their CapEx. Their demand profile is growing. They see more customer demand out there right now, even in an uncertain market.

但我認為，吉姆，最大的問題就是關稅狀況。我們的客戶顯然​​正在努力弄清楚應該把資本支出花在哪裡。他們的需求狀況正在不斷增加。即使在不確定的市場中，他們也看到現在有更多的客戶需求。

The question is, if you're -- for example, automotive is probably the best example, if you're a big automotive company. You have factories all over the world. Where do you put your new capacity? Where do you put it? When they put that capacity in, I think 3D printing will play a nice role. And so certainly, industries that are completely contained within the United States where it's big growth, like we love rocketry, we love satellites, defense and aerospace, that's good because it's within the country. Those guys have more stable plans, if you will. It's the multi-continent global players that are just hesitant to spend a lot of CapEx.

問題是，如果你——例如，汽車可能是最好的例子，如果你是一家大型汽車公司。你們在世界各地都有工廠。您將把新的產能放在哪裡？你把它放哪裡了？當他們投入這種能力時，我認為 3D 列印將發揮良好的作用。因此可以肯定的是，那些完全在美國境內發展的產業，例如我們喜歡的火箭、衛星、國防和航空航天，這很好，因為它們都在國內。如果你願意的話，那些人有更穩定的計畫。跨洲的全球參與者只是不願意投入大量的資本支出。

So if you add all that up, Jim, I think we'll probably follow a more normal seasonality pattern this year is my best guess quarter-to-quarter. But as we said in our guidance, I think it will be -- everything else being equal, I see no reason why it just wouldn't be a flattish to slightly positive year. I think overall capacity utilization is up. So they're going to need some more printers and their plans include -- for capacity, include 3D printing, which is terrific. We just want to see that CapEx unleashed.

因此，吉姆，如果將所有這些加起來，我認為今年我們可能會遵循更正常的季節性模式，這是我對季度變化的最佳猜測。但正如我們在指導中所說的那樣，我認為——在其他所有條件相同的情況下，我認為沒有理由今年不會是持平到略微積極的一年。我認為整體產能利用率上升了。所以他們需要更多的印表機，他們的計劃包括——就容量而言，包括 3D 列印，這非常棒。我們只是想看到資本支出被釋放。

They all have strong balance sheets, I'd say all -- virtually all of the majors have strong balance sheets and are ready to invest. The question is where do they invest for growth. I mean, clearly, with most of our operations and focus being in the United States, the more they bring that into the US and expand here, the better it is for us. We have a better cost position.

它們都擁有強勁的資產負債表，我想說幾乎所有——幾乎所有主要公司都擁有強勁的資產負債表並準備好投資。問題是他們在哪裡投資以實現成長。我的意思是，顯然，我們的大部分業務和重點都在美國，他們越是將業務引入美國並在這裡擴張，對我們就越有利。我們擁有更有利的成本優勢。

Obviously, it's US-based technology that we design and manufacture here. With our insourcing complete, that's really magnified. So we're in a position to benefit from that. But I think it's just such a darn volatile environment right now that they're struggling in order to spend money. So I net that out, Jim, to say it's probably going to follow a normal seasonality pattern this year, and the overall trend is going to be flat to slightly up.

顯然，我們在這裡設計和製造的是美國的技術。隨著我們的內部採購完成，這真的被放大了。因此我們可以從中受益。但我認為，目前的環境太不穩定了，他們在花錢方面很吃力。因此，吉姆，我認為今年它可能遵循正常的季節性模式，整體趨勢將持平或略有上升。

And I could be right -- I hope I'm wrong and that this capacity utilization leads to a higher CapEx spend. I hope I'm wrong in that direction. But we're really -- that's why we're really making sure we focus on our cost and execution plan, and we'll let the macro work its way through.

我可能是對的——我希望我是錯的，而這種產能利用率會導致更高的資本支出。我希望我在這個方向上是錯的。但我們確實——這就是為什麼我們真正確保我們專注於我們的成本和執行計劃，並且我們將讓宏觀發揮作用。

Got it. Just a quick question just on Dental. Is it fair to say the bulk of Dental in '25 continues to be more on the aligner side of the business? I guess, what I'm trying to get to is, the other three segments, which certainly look attractive from a growth standpoint longer term, do you see meaningful revenues for that more toward '26?

知道了。這只是關於牙科的一個簡單問題。是否可以說 25 年牙科業務的大部分仍集中在牙齒矯正方面？我想說的是，其他三個部分從長期成長的角度來看肯定很有吸引力，您是否認為到 26 年它們的收入會更有意義？

Yes, I'd be realistically, Jim. I think it will be a '26 ramp-up. But a lot of the investments will start being made here in '25. And especially, I think the denture -- it's all flipping to -- certainly, it's all flipping to digital. A lot of the new capacity is flipping to actual 3D printing.

是的，我會實事求是的，吉姆。我認為這將是‘26’的一次提升。但許多投資將於25年開始在這裡進行。尤其是，我認為假牙——一切都在向——當然，一切都在轉向數位化。許多新產能正轉向實際的 3D 列印。

And as I mentioned, I think we're well positioned for that. In terms of sequencing, aligners has already gone there. Clearly, the indirect printing method for aligners is focused on 3D printing for years now, and we're a very big player there. The direct printing of aligners is probably going to ramp over the next couple of years. It's probably two years out.

正如我所提到的，我認為我們已做好準備。在測序方面，對齊器已經達到了這一水平。顯然，多年來，矯正器的間接列印方法一直專注於 3D 列印，而我們在該領域佔有重要地位。未來幾年內，矯正器的直接列印可能會逐漸增加。可能還要等兩年。

The night guard production is near term as is the denture production. And dentures by far, it's 3 to 4 times the size of the other markets individually, and I'm super excited about that. I think once you see momentum building there, that a lot of the new spend will be in that area for printers and then consumables as they ramp up, which is why it's right at the front of our parade right now.

夜間護齒器的生產和假牙的生產都即將開始。到目前為止，假牙的規模是其他市場的 3 到 4 倍，我對此感到非常興奮。我認為，一旦你看到那裡的勢頭增強，很多新的支出將會集中在印表機和耗材領域，這就是為什麼它現在處於我們的遊行最前面。

So some of it I guess -- to be clear, Jim, some of it will hit in '25. I think the bigger impact obviously will be in '26 and beyond.

所以我猜想其中的一些—要清楚，吉姆，其中的一些將會在25年實現。我認為更大的影響顯然會在26年及以後。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Jeff, maybe to start with you, I'd love to get an update on the cost cut side of it. And I always think about bioprinting. I think about system-on-a-chip. I think about segments for you guys that aren't generating revenues, but I know they're huge growth opportunities. So can you just talk about where you are now in the spending for those kind of categories and if that's (inaudible) all of the cost cuts?

傑夫，也許我應該先從你開始，我很想了解有關成本削減的最新情況。我一直在思考生物列印。我考慮的是系統單晶片。我認為你們的某些領域沒有創造收入，但我知道它們蘊藏著巨大的成長機會。那麼，您能否談談目前這些類別的支出情況，以及這是否是（聽不清楚）所有的成本削減？

Sure, sure. Yes. No, you got it. It's a very thoughtful question. I hope the weather is improving in Minneapolis. So very thoughtful question.

當然，當然。是的。不，你明白了。這是一個非常值得深思的問題。我希望明尼阿波利斯的天氣會好轉。這個問題問得非常深刻。

If I go back -- if I put it in a historical context, we had developed so much new technology in bioprinting over the last several years. But certainly, about two years ago, it really started becoming clear. We had something novel there. So we went through a heavy exploration phase in the last couple of years through organs on a chip and the printing of human tissue for wound repair and breast reconstruction for mastectomies.

如果我回顧歷史，過去幾年我們在生物列印領域開發了許多新技術。但可以肯定的是，大約兩年前，情況才開始變得清晰。我們在那裡有一些新奇的東西。因此，我們在過去幾年中經歷了深入的探索階段，研究晶片上的器官以及列印人體組織用於傷口修復和乳房切除術中的乳房重建。

We did a lot of exploratory work to see what the potential is for that technology. And what we were able to do, Troy, is kind of put timelines on it. It's all really interesting. And I'm sure it will all come to pass at some point in the future.

我們做了大量探索性工作來了解該技術的潛力。特洛伊，我們能做的就是為此設定時間表。這一切都真的很有趣。我相信這一切都將在未來的某個時刻實現。

The question becomes for a company our size, how long can we carry that development? How far should we carry it? We have a good IP position. We have done a lot of pioneering work there. The question then becomes in a down market like we have right now in a macro sense last year. So how long can we carry the R&D spend for that? And so the natural thing is we look for, okay, how do we focus it? What should we be doing versus others? Should we bring in partners in that area? Or should we just pause in some of the areas and let time go on until the rest of the market comes back?

問題是，對於我們這樣規模的公司來說，我們能維持這種發展多久？我們應該把它帶多遠？我們擁有良好的知識產權地位。我們在那裡做了很多開創性的工作。問題變成了，像去年我們現在宏觀意義上所經歷的低潮市場。那我們可以維持研發支出多久呢？因此，很自然的我們會去尋找，好吧，我們如何集中註意力？與其他人相比，我們應該做什麼？我們是否應該在該地區引入合作夥伴？或者我們應該在某些領域暫停一下，讓時間流逝直到其餘市場復甦？

So if you add all that up, Troy, what I would say is we are looking really hard at how much we spend on bioprinting right now outside of the human lung. The human lung clearly is an enormous activity for us. It's supported with this partnership we have in United Therapeutics. It's magnificent. And it spins off a lot of technology that we can use in these other areas.

所以，特洛伊，如果你把所有這些加起來，我想說的是，我們正在認真考慮目前除了人肺之外我們在生物打印上花了多少錢。顯然，人類的肺對我們來說是一項巨大的活動。它得到了我們與 United Therapeutics 的合作夥伴關係的支持。太壯觀了。而且它衍生出了很多我們可以在其他領域使用的技術。

We realistically, Troy, we will slow some of them down. Some we may halt for a while and put on the shelf. And in other cases, we may look for partners to pick them up that are better positioned to, number one, support the R&D, but also take the product to market. We always knew we need some partners to go to market with that. So we may just accelerate that. So we're -- you can put all that in the heavy focusing area, make sure we get cost out of that because some of the longer-term activities, we're just going to have to slow down or curtail.

特洛伊，現實地說，我們會減緩他們的一些速度。有些我們可能會暫停一段時間，並將其擱置。在其他情況下，我們可能會尋找更有能力的合作夥伴來接手產品，首先，支持研發，同時也將產品推向市場。我們一直都知道我們需要一些合作夥伴來進入市場。因此我們或許只能加速這一進程。因此，我們可以把所有這些都放在重點關注的領域，確保我們從中獲得成本，因為對於一些長期活動，我們將不得不放慢或減少速度。

All right. Perfect. And now may be a question for Jeff Creech here. Can you just talk a little bit about Q1 seasonality? I mean we're kind of deep into the quarter here. So I'm pretty sure you got good visibility. But couple that with -- I'm assuming you're going to get one quarter of Geomagic sales and then Geo probably falls off in Q2. So just kind of help us with the first half kind of revenue thoughts.

好的。完美的。現在也許要問 Jeff Creech 一個問題。能稍微談談第一季的季節性嗎？我的意思是，我們已經深入到這個季度了。因此我很確定你的能見度很好。但結合這一點——我假設你將獲得 Geomagic 四分之一的銷售額，然後 Geo 可能會在第二季度下滑。所以這只是幫助我們了解上半年的收入狀況。

Sure. You've got it exactly right, Troy. So what our modeling indicates and frankly, what our actions will result in is that after the first quarter of this year, revenues associated with Geomagic fall off. Our expectations for the year, which I just mentioned a few minutes ago, contemplate that fact, right?

當然。你說得完全正確，特洛伊。所以我們的模型表明，坦白說，我們的行動將導致今年第一季之後與 Geomagic 相關的收入下降。我幾分鐘前提到的我們對今年的期望就考慮到了這個事實，對嗎？

And so what we'll see as we move through the balance of the year is a revenue number that, of course, excludes those Geomagic revenues and really provides what you might describe as more of a core look at our business for Industrial and Healthcare. All of these comparisons have been essentially taken out of our forecast that we're going to be able to present to the street and to all of you guys going forward, a picture that essentially excludes Geomagic, both from the numbers and from the conversation.

因此，隨著我們度過今年的剩餘時間，我們將看到一個收入數字，當然，這個數字不包括 Geomagic 的收入，並且真正提供了您可能描述的對我們工業和醫療保健業務的更核心的了解。所有這些比較基本上都是從我們的預測中剔除的，我們將能夠向公眾和你們所有人展示未來的前景，而這一前景基本上將 Geomagic 排除在外，無論是從數字上還是從對話中。

Okay. So the $420 million to $435 million, this is kind of all organic ex-Geo, but you may get some revenues here in Q1 from that.

好的。因此，4.2 億美元到 4.35 億美元，這都是除 Geo 之外的有機收入，但您可能會在第一季從中獲得一些收入。

That's exactly right.

完全正確。

And then just a quick comment, gross margins at that -- I was impressed. I guess, I thought it was going to be worse, given you're selling the Geo business because if I remember last year, I think you guys guided for 38% to 40% gross margins, and now you're taking out the software components. So is that just all cost cuts that have driven kind of almost stability in gross margins despite the exclusion of that Geo?

然後我簡單評論一下，毛利率——我印象深刻。我想，考慮到你們正在出售 Geo 業務，我認為情況會更糟，因為如果我沒記錯的話，去年你們預計的毛利率為 38％ 至 40％，而現在你們卻要出售軟體組件。那麼，儘管排除了地理因素，是不是所有的成本削減才使得毛利率幾乎保持穩定？

Yes. It's a bit of cost cuts, Troy, and it's much more the efficiency gains from the insourcing activity. It's -- so you're starting to see that show up now in our gross margins. Even if these reduced volumes, we've got an excellent geographic position down here in South Carolina with a great workforce. They're able to drive productivity. We took responsibility for supply chain management, all of that for the last couple of years.

是的。特洛伊，這在一定程度上削減了成本，但更重要的是透過內部採購活動提高了效率。是的—所以您現在開始看到這一點體現在我們的毛利率中。即使產量減少了，我們在南卡羅來納州擁有優越的地理位置和優秀的勞動力。他們能夠提高生產力。過去幾年來，我們一直負責供應鏈管理。

So we run a better supply chain. We do a more efficient assembly operation in our plants, and I'm thrilled with the prospects. And I think you'll really see that as volumes tick up in the future. But even see a bit of that coming into the year-end results, as you pointed out. So I'm really happy with that lift. And most of that is really through that insourcing initiative.

因此我們擁有更好的供應鏈。我們的工廠實現了更有效率的組裝操作，我對這一前景感到非常興奮。而且我認為，隨著未來交易量的上升，您就會真正看到這一點。但正如您所指出的，甚至在年終業績中也能看到一些這樣的變化。所以我對這次升遷感到非常高興。其中大部分實際上是透過內部採購計劃實現的。

Greg Palm, Craig-Hallum Capital Group.

帕爾姆（Greg Palm），Craig-Hallum 資本集團。

It sounds like you were -- ex this accounting change that impacted the revenue profile in Q4, it sounds like you were maybe pleased with just how the year ended. I'm curious, outside of kind of normal seasonality, what is the tone from the customer base as we sit here almost done with Q1? Has it changed at all versus kind of what you saw at year-end?

聽起來你——例如這個影響了第四季度收入狀況的會計變更，聽起來你可能對今年的結束方式感到滿意。我很好奇，除了正常的季節性因素之外，當我們第一季即將結束時，客戶群的基調是什麼樣的？與您去年年底看到的情況相比，有什麼變化嗎？

So here's the question, Troy. We've been trudging through the desert as an industry in the last four to six quarters from a sales standpoint. We hit a bit of an oasis in Q4. It was great. We were able to take a drink of water and say, this feels good.

問題就是這樣的，特洛伊。從銷售角度來看，過去四到六個季度裡，我們這個產業一直在艱難前進。我們在第四季遇到了一些困難。非常棒。我們可以喝一口水並說，感覺很好。

The question is, is it an isolated oasis or is there -- are we land on the other side of the desert here? Customers are really excited about where 3D printing has come in the last couple of years for production environments. And I say that broadly, it's not just for 3D Systems. I complement to our -- some of our competitors. I think the industry has gotten cost down and reliability up and the throughput up and the parts you can make are amazing, obviously.

問題是，它是一片孤立的綠洲，還是──我們是位於沙漠另一邊的土地？客戶對於過去幾年3D列印在生產環境中的應用感到非常興奮。我從廣義上講，這不僅適用於 3D Systems。我對我們的一些競爭對手進行補充。我認為該行業的成本已經降低、可靠性已經提高、產量已經上升，而且顯然所能生產的零件數量是驚人的。

So there's a growing backlog of people that are interested in investing in the technology for their plants. What's holding them back right now, Greg, and you get a real sense of this here in the new year is what's happening in the macro environment. The geopolitical situation is still volatile. Maybe it's coming a little bit, still volatile. The macroeconomic environment with tariffs is still wildly fluctuating.

越來越多的人對投資工廠技術感興趣。格雷格，現在阻礙他們前進的是什麼，新的一年你會真正感受到宏觀環境中正在發生的事情。地緣政治情勢依然動盪。或許它來得有點快，仍然不穩定。關稅帶來的宏觀經濟環境仍然劇烈波動。

And I think customers need to think through where they're going to spend their CapEx. How much is here in the States? How much is elsewhere? Because a lot of our customers are global players. They've got plants in every -- on every continent -- in every major continent where they do business. And they got to decide where they spend their money. So we definitely see a hesitation on their side saying, do we really need to place the purchase order in this quarter? Can it wait a quarter?

我認為客戶需要仔細考慮他們的資本支出應該花在何處。在美國這邊多少錢？其他地方多少錢？因為我們的客戶很多都是全球性企業。他們在每一個開展業務的主要大陸都設有工廠。他們必須決定把錢花在哪裡。因此，我們確實看到他們有些猶豫，他們說，我們真的需要在這個季度下採購訂單嗎？可以等一個季度嗎？

Demand is building. So it's good to see that. So I feel good about that. Our applications here are very busy.

需求正在增加。我很高興看到這一點。所以我對此感覺很好。我們這裡的申請非常繁忙。

The question is timing, and I wish I could help you more. I really believe, everything else being equal -- and again, you saw it in the press this morning, the situation is very volatile. But everything else being equal if it just maintains this level of volatility or maybe ratchets down a little bit, then in the tariff and macroeconomics scene, I think you'll see demand starting to rise. But as it sits right now today, we're saying, let's plan for a flattish environment. Let's focus on cost, get cost out of our business, improve gross margins, improve our OpEx position, which we're in a position to do. And then the top line will take care of itself.

問題在於時機，我希望我能為您提供更多幫助。我確實相信，在其他所有條件相同的情況下 — — 正如你們今天早上在媒體上看到的，局勢非常不穩定。但在其他條件相同的情況下，如果它只是維持這種波動水平，或者可能稍微下降一點，那麼在關稅和宏觀經濟領域，我認為你會看到需求開始上升。但就目前情況而言，我們說，讓我們規劃一個較為平坦的環境。讓我們專注於成本，降低業務成本，提高毛利率，改善我們的營運支出狀況，這是我們能夠做到的。然後收入水平就會自然提高。

If we get stronger growth, great. If it's flattish or even if there were some additional headwinds, we are well positioned with our new product pipeline. We can focus on costs now and just get more efficiency in the business. So I don't -- I can't tell you if it's going to be a protracted rebound or not. The volatility still exists out there.

如果我們實現更強勁的成長，那就太好了。如果它持平或甚至有一些額外的阻力，我們的新產品線仍處於有利地位。我們現在可以專注於成本並提高業務效率。所以我無法告訴你這是否會是一場長期的反彈。波動性仍然存在。

Yes. Okay. That's helpful. As it relates to the cost cuts that you announced here, what is the expected or potential revenue impact of those, whether it's, I don't know, discontinuing certain initiatives, halting? And I'm just curious, of the $50 million that you talked about, how much of that is permanent? I guess, it's a little bit unclear on how much is you're permanently halting versus some of the stuff you're pausing and might start back up at some point.

是的。好的。這很有幫助。就您在此宣布的成本削減而言，這些舉措的預期或潛在收入影響是什麼，無論是停止某些舉措還是暫停某些計劃？我只是好奇，您說到的 5000 萬美元中有多少是永久性的？我想，目前還不太清楚你永久停止了多少事情，以及有些事情你暫停了多少，但可能在某個時候重新開始。

Greg, the vast majority is permanent. There's -- yes, there's -- and I expect very little revenue impact from the cuts we're making. It's really focused on efficiency improvements. And when we layer those in, and it's things like site consolidation, things like that that are permanent changes as we change our footprint and introduce more efficiency initiatives. Those are permanent changes. And so I won't say there's zero impact on revenue, but extremely small, very immaterial.

格雷格，絕大多數都是永久性的。是的，我預計我們的削減對收入的影響很小。它真正注重的是提高效率。當我們將這些因素分層時，就會出現諸如場地整合之類的事情，隨著我們改變足跡並引入更多效率舉措，這些事情就會發生永久性的變化。這些都是永久性的變化。因此，我不會說對收入沒有影響，但影響極小，無關緊要。

It's much more -- and again, because we've gotten a lot of new products out, and there's a lot based on the funding that we've maintained over the last couple of years, a lot coming still, we can really focus down on efficiency and leverage the insourcing, focus on a lot of our back-office operations that still need improvements or can benefit from improvements in efficiency through -- basically through integrating acquisitions that were done years ago and getting cost out of the business.

還有更多——再說一次，因為我們已經推出了很多新產品，而且很多都是基於我們在過去幾年維持的資金，還有很多即將推出，我們可以真正專注於效率，利用內部採購，專注於許多仍然需要改進的後台運營，或者可以通過整合幾年前完成的收購並從業務中降低成本來提高效率。

And I put that in the permanent category, Greg. I don't think many of these things are just volume driven, and you'll see costs popping back. Okay.

我把它歸類在永久類別，格雷格。我認為這些事情很多都不僅僅是由數量驅動的，你會看到成本回升。好的。

Yes. Okay. And then lastly, just on cash flow expectations for kind of the year. And then as we look to sort of that bridge from EBITDA breakeven, I'm just curious if you've got a specific quarter in mind likely in fiscal '26 when cash flow turns positive based on what you know today?

是的。好的。最後，我們來談談今年的現金流預期。然後，當我們期待從 EBITDA 盈虧平衡過渡到這個階段時，我很好奇，根據您目前所了解的情況，您是否已經想到了 26 財年的某個特定季度，屆時現金流可能會轉為正值？

Greg, I wish I had an ability to predict that really accurately. Clearly, that's our goal. We're driving to be EBITDA positive late this year. We want to continue that trend in '26 because some of our cost savings are back-end loaded. So we -- clearly, we expect that to flip positive for the year next year and continue to improve with that, obviously, comes cash flow.

格雷格，我希望我有能力真正準確地預測這一點。顯然，這就是我們的目標。我們的目標是在今年年底實現 EBITDA 為正。我們希望在26年繼續保持這一趨勢，因為我們的部分成本節省都是後端加載的。因此，我們顯然預計明年這一數字將轉為正值，並且會繼續改善，顯然，這會帶來現金流。

I don't think we have any extraordinary CapEx spending plan. So hopefully, we'll get into quickly and operating cash flow positive situation. And then beyond that, a free cash flow positive situation. Will it happen in '26 or beyond is somewhat demand dependent. And also, the timing on some of those cost takeouts we have that we'll do late in the year and in early '26.

我認為我們沒有任何特別的資本支出計劃。因此希望我們能夠迅速進入經營現金流為正的局面。除此之外，自由現金流呈現正向狀況。它是否會在26年或以後發生，在一定程度上取決於需求。另外，我們將在今年年底和 26 年初確定一些成本削減的時間。

And those would relate to some of the more complex consolidations and deeper changes in our back-office systems, if you will. Those will be back-end loaded, and that will all affect the timing in '26. So I just can't give you -- I can't give you an outlook. But I think the trend is certainly very clear. And our goal, I can say very clearly, our goal is to flip to operating cash flow positivity and then free cash flow positivity in '26.

如果你願意的話，這些將與我們後台系統中一些更複雜的合併和更深層的變化有關。這些將在後端加載，並且都會影響'26 年的時間安排。所以我無法給你──我無法給你一個觀點。但我認為趨勢肯定非常明顯。我可以非常清楚地說，我們的目標是在 26 年實現營運現金流轉正，然後實現自由現金流轉正。

That's our goal. Now we'll see how the timing is on the cost takeouts and all of that and what happens to volume, what happens to demand. Those will certainly impact the timing of that. Jeff, is that a correct summary?

這就是我們的目標。現在我們將看看成本削減的時機如何，以及產量和需求會發生什麼變化。這些肯定會影響時間。傑夫，這是正確的總結嗎？

Entirely consistent with our expectation, guys. I couldn't have said it better myself. Our expectation, our goal is for '26 positivity in free cash flow as well as operating cash flow, but a lot of it will be dependent on how well we execute our cost takeouts and as Jeff said previously, on demand. So we've got a very focused perspective on the issue.

夥計們，這完全符合我們的預期。我自己也說不出比這更好的話了。我們的預期和目標是，26 年自由現金流和營運現金流都為正值，但這在很大程度上取決於我們如何執行成本削減，以及正如 Jeff 之前所說的，取決於需求。因此，我們對這個問題有非常集中的看法。

Trevor Sahr, William Blair.

特雷弗薩爾、威廉布萊爾。

This is Trevor on for Brian Drab this morning. Just one for me. It was great to see some of the detail you provided in the slide on the Dental growth strategy. I guess, just from a high level, could you help us understand a little bit more both in the US market kind of how penetrated you are specifically on the replace, the larger side of that, the dentures market, what the opportunity is here in the near term in 2025?

這是今天早上 Trevor 為 Brian Drab 主持的節目。對我來說只有一個。很高興看到您在牙科成長策略的幻燈片中提供的一些細節。我想，從高層次來看，您能否幫助我們更多地了解美國市場，特別是在替代品方面的滲透率，以及更大的方面，即假牙市場，在 2025 年的短期內有哪些機會？

And then also internationally, kind of the larger opportunity set internationally, how you expect to penetrate that market and maybe a timeline if it's near term or if it's over the next couple of years?

然後從國際上看，國際上存在更大的機遇，您預計如何打入該市場，以及時間表是短期內還是未來幾年內？

Yes. Trevor, all good questions. So in terms of the penetration profile in those different verticals, clearly, aligners are entire -- virtually entirely dependent today on 3D printing. So those are great. The indirect printing of aligners and we're a big supplier into that market.

是的。特雷弗，這些都是很好的問題。因此，就這些不同垂直領域的滲透情況而言，顯然，矯正器是完整的——如今幾乎完全依賴 3D 列印。這些都很棒。間接印刷矯正器，我們是該市場的主要供應商。

The direct printing will come along in a couple of years. And I don't -- I mean personal -- my personal opinion is I don't believe it will supplant the indirect method. I think it will add to it. I think it will be incremental, and you'll see some upside there on overall market. But that's just Jeff Grave's view of life.

直接印刷將會在幾年內出現。而我——我是說個人觀點——我不相信它會取代間接方法。我認為它會有所增加。我認為這將是漸進的，你會看到整個市場有一些上行空間。但這只是傑夫·格雷夫的人生觀。

I think the direct printing opens up many options for more aggressive teeth repositioning. And you'll see that continue to grow versus the traditional wire braces for people. But that -- we'll see how that technology works out. It's still a couple of years out.

我認為直接列印為更積極的牙齒重新定位開闢了許多選擇。您會發現，與傳統的金屬牙套相比，這種牙套的使用率仍在持續增加。但那——我們將看看該技術如何發揮作用。還需要幾年的時間。

Indirect print aligners I think, are here. They're taking off. They're taking off in the US, Europe, and in Asia. And the biggest player in that market is well positioned for it. The others are following suit. So overall, that will be a growth market worldwide, the indirect printing of aligners worldwide.

我認為間接印刷對準器就在這裡。他們正在起飛。它們在美國、歐洲和亞洲蓬勃發展。而該市場的最大參與者已經佔據了有利地位。其他人也紛紛效法。總體而言，這將是一個全球成長的市場，即全球矯正器的間接列印市場。

In terms of the other market verticals, dentures, I really believe, Trevor, are going to flip pretty fast. Now will that translate to a lot of revenue in '25? Probably not because people have to buy machines, get them installed, and prove them out. We've got an FDA approval in the United States for our denture product. So that's in hand. What is needed in Europe, which nobody has, is the approval for prolonged use in the human body for dentures.

就其他垂直市場而言，特雷弗，我真的相信假牙將會很快轉變。那麼這是否會轉化為25年的大量收入？可能不是，因為人們必須購買機器、安裝機器並驗證機器的性能。我們的假牙產品已獲得美國 FDA 的批准。一切就緒。歐洲所需要的是假牙在人體內長期使用的批准，但目前還沒有人批准。

It's very similar to the FDA approval process, it just takes longer. Nobody is there yet. We're well on our way, and we would expect approval over the coming year, but the rate at which things are approved in Europe right now for those -- for medical devices, which this is. And I'm not talking about the level of approval where you can put them in for 30 minutes or something. I'm talking about the full approval equivalent to an FDA equivalent 510(k ).

它與 FDA 批准流程非常相似，只是耗時更長。還沒有人到那裡。我們正在順利進行中，預計明年將獲得批准，但目前歐洲對這些醫療器材的批准速度是這樣的。我說的批准級別並不是指你可以讓他們參加 30 分鐘左右的活動。我說的是與 FDA 510(k) 相當的完全批准。

That approval, that takes an extended period of time. When that happens, which will be late this year, I believe, Trevor, to be clear, I think then you'll see Europe following in the footsteps of the US, and it will double that market size. So remember, that $600 million for dentures is what we think 3D printing can address today in the United States, okay? That market is opening up with our FDA approvals, okay? And we launched the printer for that this summer.

這項批准需要一段較長的時間。當這種情況發生時，我相信將在今年年底，特雷弗，更明確地說，我認為你會看到歐洲追隨美國的腳步，其市場規模將翻倍。所以請記住，我們認為 3D 列印目前可以解決美國 6 億美元假牙費用的問題，好嗎？隨著我們獲得 FDA 批准，該市場正在開放，好嗎？今年夏天，我們推出了這台印表機。

Europe, it is, thumb in the air, it's about the same size, with the same needs for people that are all -- are aging like the United States and the demand is there. Once that European approval is granted, I think that whole market opens up and the market doubles. So you'll see an uptick. And you'll see the beginnings of purchases for this year, you'll see more aggressive purposes and the introduction of production in '26. And then I think Europe will just lag up that nominally 12 months, okay? So you'll see an uptick in investment in '26. You'll see a ramp in revenue in '27.

歐洲，是的，豎起大拇指，它的規模大致相同，對人口的需求也相同——都像美國一樣老化，而且需求就在那裡。一旦獲得歐洲批准，我認為整個市場將會開放，市場規模將會翻倍。因此，你會看到上升趨勢。您將看到今年的採購開始，您將看到更積極的目標和'26年的生產的引入。然後我認為歐洲將會落後名義上的 12 個月，好嗎？因此你會看到26年投資出現上升趨勢。你會看到27年收入會增加。

So I think dentures are strongly on that path. When you look at how they're manufactured today, Trevor, by any measure. And I know you guys at William Blair have done a nice job of doing background work in this market. It's archaic.

所以我認為假牙在這方面有很強的潛力。特雷弗，無論以何種標準衡量，當你觀察它們如今是如何製造的時，你就會發現。我知道你們 William Blair 團隊在這個市場的背景工作做得很好。它已經過時了。

I mean by modern manufacturing methods, 3D printing brings it into the -- right up to the cutting edge of technology. It's fast. It's inexpensive. The turnaround times are magnificent. So I think the patient benefit is clear. The demand is out there. We just need to get the technology to market.

我的意思是，透過現代製造方法，3D 列印將其帶入了技術的最前沿。速度很快。它很便宜。週轉時間非常短。所以我認為病人的利益是顯而易見的。需求就在那裡。我們只需要將這項技術推向市場。

So a long-winded way to say, I think in the US, it will start happening this year. I'm not overadvertising the revenue benefit. It will trend in the right direction. '26, I think it will be a much stronger year for dentures in the United States. And I think Europe will be about a year behind that.

長話短說，我認為在美國，這將在今年開始發生。我沒有過度宣傳收入效益。它會朝著正確的方向發展。'26，我認為這將是美國假牙市場更加強勁的一年。我認為歐洲將會落後約一年。

Night guards are really interesting because night guards in the past have been viewed as a pretty inexpensive protection media for the mouth. With 3D printing, as we've talked about before with you guys, the ability for us to use dual materials, soft around the gums, hard on the service of the teeth. So the more flexible materials compositions, the ability in the future to even embed instrumentation to monitor the health of somebody wearing them has outstanding potential.

夜間護齒器確實很有趣，因為過去夜間護齒器一直被視為非常便宜的口腔保護裝置。利用 3D 列印，正如我們之前與你們討論過的，我們能夠使用雙重材料，在牙齦周圍使用柔軟的材料，在牙齒上使用堅硬的材料。因此，材料組成越靈活，未來甚至可以嵌入儀器來監測佩戴者的健康狀況，這項能力具有巨大的潛力。

So I really like the night guard market. And I'm hoping we can add to and even displace some of the technology today over the next 12 months. It's also interesting that doctors are looking at it more and more for sleep apnea applications. If you're wearing a night guard for teeth protection, can it help for sleep apnea. So I love those dynamics. And I think, again, 3D printing is excellent for that broadly. And I think we're well positioned to capture part of that market.

所以我非常喜歡夜守市場。我希望我們能夠在未來 12 個月內添加甚至取代現有的一些技術。有趣的是，醫生越來越多地關注它對於睡眠呼吸中止症的應用。如果您戴著夜間護齒器保護牙齒，它能幫助緩解睡眠呼吸中止症嗎？所以我喜歡這些動態。我認為，3D 列印在這方面具有廣泛的優勢。我認為我們有能力佔領部分市場。

So needless to say, I'm bullish on the market. I love the four pillars that we're going after, and it is a very high priority for this company.

所以不用說，我對市場充滿信心。我喜歡我們追求的四大支柱，這對公司來說是一個非常重要的優先事項。

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

我們的問答環節已經結束。我想將發言權交還給大家，以便大家發表進一步的結論。

Thanks, Kevin. And just to thanks to the audience for tuning in today for going with us on our year-end wrap-up. We'll look forward to updating you again in short order here on Q1 and then the following quarters. We'll try to provide color on these end markets that help you understand where 3D printing is going and where our company is headed as well as updating you on progress on our cost of reduction and efficiency programs.

謝謝，凱文。非常感謝觀眾今天的收看，與我們一起進行年終總結。我們期待在第一季以及接下來的幾季盡快再次向您通報最新情況。我們將盡力介紹這些終端市場，幫助您了解 3D 列印的發展方向和我們公司的發展目標，並向您通報我們降低成本和提高效率計畫的進展。

Thank you again for joining us. We look forward to talking to you again soon.

再次感謝您的加入我們。我們期待很快再次與您交談。

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

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。