3D Systems Corp (DDD) 2025 Q2 法說會逐字稿

Greetings, and welcome to the 3D Systems second-quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 3D Systems 2025 年第二季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 your host, Mick McCloskey, Treasurer and Investor Relations. Please go ahead, Mick.

現在我很高興將電話轉給主持人、財務主管兼投資者關係部門 Mick McCloskey。請繼續，米克。

Hello, and welcome to 3D Systems second quarter 2025 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 2025 年第二季電話會議。和我一起參加今天電話會議的還有總裁兼執行長 Jeffrey Graves 博士和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一份幻燈片演示，我們將在通話過程中參考它。透過電話關注並希望訪問此簡報幻燈片部分的人士，可以透過我們網站的「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, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

以下討論和對您的問題的回答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。實際結果可能存在重大差異。有關可能影響我們財務業績的因素的更多信息，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。

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. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable periods of 2024.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。在我們的新聞稿和本次網路廣播的幻燈片中，您將找到有關這些非 GAAP 指標的更多揭露，包括與可比較 GAAP 指標的對帳。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 2024 年可比較期間的結果。

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 致開幕詞。

Thank you, Mick, and good morning, everyone. I'll start today with a brief recap of our second quarter results before reviewing in detail where we're at in our restructuring and efficiency initiatives. While much of our dialogue must center on getting our cost structure right for today's market conditions, given the value creation for our shareholders that's tied to long term growth, it's important to briefly mention the progress we're making against our key growth strategies as well. I'll then turn things over to our CFO, Jeff Creech, to provide details on the quarter's financials. We'll then open the calls for Q&A.

謝謝你，米克，大家早安。今天，我將首先簡要回顧我們的第二季度業績，然後詳細回顧我們的重組和效率舉措的進展。雖然我們的大部分對話必須集中在如何讓我們的成本結構適應當今的市場條件，但考慮到我們為股東創造的價值與長期增長息息相關，簡要提一下我們在關鍵增長戰略方面所取得的進展也很重要。然後，我將把事情交給我們的財務長傑夫·克里奇 (Jeff Creech)，以提供本季度財務狀況的詳細資訊。然後我們將開始問答環節。

So let's turn to slide 5. I'll start by stating the obvious. The macro environment for our company and 3D printing OEMs broadly remains challenging. You can see this very clearly simply by looking at our year-over-year revenue decline of 16%. As I've stated for the last several quarters, this is primarily attributable to a rapid drop in our customers' CapEx spending for new production capacity.

讓我們翻到幻燈片 5。我首先要陳述一個顯而易見的事實。我們公司和 3D 列印 OEM 的宏觀環境總體上仍然充滿挑戰。只要看一下我們同比 16% 的收入下降，您就能清楚地看到這一點。正如我在過去幾個季度中所說的那樣，這主要是由於我們的客戶用於新生產能力的資本支出迅速下降。

This decline is clearly correlated to the uncertainty around tariffs, which has given our large OEM customers pause on where to invest their capital most economically. While we believe this is a transient effect, it's been protracted, and therefore, we're taking aggressive actions to adjust our cost structure to match this current reality.

這種下降顯然與關稅的不確定性有關，這使得我們的大型 OEM 客戶猶豫在哪裡以最經濟的方式投資他們的資本。雖然我們認為這只是暫時的影響，但它已經持續了很長時間，因此，我們正在採取積極措施調整我們的成本結構，以適應當前的現實。

Fortunately, we've had the scale and balance sheet flexibility to navigate this large-scale restructuring while maintaining core R&D investments that are so essential for long-term growth. This is the balance we must continue to strike. While our year-over-year revenue decline was significant, we were pleased to see the stabilization of these pressures in our sequential quarterly results.

幸運的是，我們擁有規模和資產負債表彈性來應對這一大規模重組，同時維持對長期成長至關重要的核心研發投資。這是我們必須繼續保持的平衡。雖然我們的營收年減幅度很大，但我們很高興看到這些壓力在我們的連續季度業績中得到穩定。

In fact, if you take away the impact of the software divestiture that we completed at the beginning of this quarter, which contributed roughly $7 million of revenue in Q1, our continuing operations grew 8% sequentially. While I don't want to overstate its significance, as I do expect continuing revenue volatility quarter-to-quarter until the tariff situation subsides, it was certainly a welcome outcome.

事實上，如果除去我們在本季度初完成的軟體剝離的影響（該剝離為第一季貢獻了約 700 萬美元的收入），我們的持續經營業務環比增長了 8%。雖然我不想誇大其重要性，但我確實預計在關稅情況消退之前，收入將持續逐季度波動，但這無疑是一個受歡迎的結果。

We owe this success to our outstanding employees, who've maintained their focus throughout this tumultuous period, and to the strategic investments we've made over the past years in both in both metal and polymer 3D printing technology for critical markets such as MedTech and Aerospace and Defense.

我們的成功歸功於我們優秀的員工，他們在整個動盪時期都保持了專注，也歸功於我們過去幾年在金屬和聚合物 3D 列印技術方面為醫療技術、航空航天和國防等關鍵市場所做的戰略投資。

As you'll hear from me later, these areas are growing rapidly and specifically for MedTech has now done so over multiple years. Importantly, these are soon to reach a point of critical mass that we believe will drive meaningful revenue growth in the years ahead.

正如您稍後會聽到的那樣，這些領域正在迅速發展，特別是醫療科技領域，已經連續多年實現這一目標。重要的是，這些很快就會達到臨界點，我們相信這將在未來幾年推動有意義的收入成長。

All of this is supplemented by a reinforced balance sheet following our Q2 transactions, which include the sale of our non-core Geomagic software platform, our June debt transaction and share repurchase. Taken in combination with our restructuring actions, we believe this places the company well on the path to sustainable profitability and long-term growth, but we still have much work to do.

所有這些都得到了我們第二季交易之後資產負債表的增強，這些交易包括出售我們的非核心 Geomagic 軟體平台、我們的六月債務交易和股票回購。結合我們的重組行動，我們相信這將使公司走上可持續盈利和長期增長的道路，但我們仍有許多工作要做。

Let's now move to slide 6, and talk about our near-term priority, which we call profitability first. As I've shared before, we've identified actions across the entire organization to be executed through the first half of next year to drastically improve profitability. Our goal is to align our costs with the current market realities.

現在我們來看第 6 張投影片，談談我們的近期優先事項，我們稱之為獲利第一。正如我之前分享的，我們已經確定了整個組織將在明年上半年採取的行動，以大幅提高獲利能力。我們的目標是使我們的成本與當前的市場現實保持一致。

These actions are designed to positively influence gross margins, leveraged by additional efficiencies we gained from our decision to in-source manufacturing two years ago. More significantly, they will unlock a material reduction in OpEx, targeting improvements in every single function and geography we operate in today.

這些措施旨在對毛利率產生積極影響，並利用我們兩年前決定內部製造時獲得的額外效率。更重要的是，它們將大幅降低營運支出，並針對我們目前營運的每個職能部門和地區進行改進。

In the aggregate, we plan to deliver over $85 million in annualized savings by mid-2026. Based on the $50 million wave we announced in March of this year, annualization of the roughly $20 million of in-year savings from incremental actions we began implementing when we spoke in May, following the broad announcements around tariffs.

總體而言，我們計劃在 2026 年中期實現每年超過 8,500 萬美元的年度節省。根據我們今年 3 月宣布的 5,000 萬美元減稅措施，在廣泛宣布降低關稅之後，我們於 5 月開始實施漸進式減稅措施，從而實現了約 2,000 萬美元的年度節省。

While timing is always a risk, particularly when it comes to gross margins where there are so many dependencies, we're determined to move to positive cash flow even in the current market environment by restructuring our business and driving process improvements that translate to efficiency gains.

雖然時機始終是一種風險，特別是在涉及有如此多依賴性的毛利率時，但我們決心即使在當前市場環境下，透過重組業務和推動流程改進（從而提高效率）來實現正現金流。

We have the scale to do this, and it is our top priority. To provide more perspective to items already actioned and those still in scope, the chart on this slide provides relative sizing of the broader market categories for our initiatives.

我們有足夠的規模來做到這一點，這是我們的首要任務。為了對已採取行動的項目和仍在範圍內的項目提供更多視角，此投影片上的圖表提供了我們計劃的更廣泛市場類別的相對規模。

Our organizational capacity alignment entails streamlining of our functions to efficiently match the needs of the business. R&D, for example, has historically operated at about 20% of revenues, a strategic decision we made for the last few years to ensure that our industry-leading portfolio of metal, polymer and regenerative technologies remains at the forefront. This range of technology sets us apart from all others in the industry.

我們的組織能力調整需要精簡我們的職能，以有效滿足業務需求。例如，研發歷來佔營收的 20% 左右，這是我們過去幾年做出的策略決策，以確保我們領先業界的金屬、聚合物和再生技術組合始終處於領先地位。這一系列技術使我們在業界脫穎而出。

As we're now entering the next phase of commercialization of dozens of new products brought to market through this investment, we're positioning to capitalize on these prior investments, allowing us to bring R&D spending to levels that are strong but sustainable.

現在，我們正進入透過這項投資將數十種新產品推向市場的下一商業化階段，我們正準備利用這些先前的投資，使我們能夠將研發支出提高到強勁而可持續的水平。

Similarly, business and legal entity rationalization emphasizes the simplification and concentration of our efforts in core markets that will deliver not only significant value, but on an attractive time line. We're focusing on those that deliver the most compelling ROI that matches our internal mandate to return to profitability.

同樣，業務和法律實體合理化強調簡化和集中我們在核心市場的努力，這不僅將帶來巨大的價值，而且還能在有吸引力的時間內實現。我們專注於那些能夠提供最具吸引力的投資回報率、符合我們恢復盈利的內部要求的企業。

In critically evaluating the returns on our R&D investments, we've taken the hard decision to spin-off or mothball some exciting opportunities that simply had too long or too expensive a runway to fully commercialize.

在嚴格評估我們的研發投資回報時，我們做出了艱難的決定，剝離或擱置一些令人興奮的機會，因為這些機會需要太長時間或太昂貴的時間才能完全商業化。

For example, in July, we made the difficult decision to curtail the level of investment in Systemic Bio, a truly incredible technology that we believe has the potential to ultimately transform the way in which new drugs are developed in the pharmaceutical industry.

例如，今年 7 月，我們做出了一個艱難的決定，削減對 Systemic Bio 的投資，這是一項真正令人難以置信的技術，我們相信它有可能最終改變製藥業新藥開發的方式。

This technology in which vascularized human tissue is printed on chips, allowing for new drugs to be tested in human relevant models in the lab simply had too long of a commercialization time line given the conservative nature of the pharmaceutical industry and adopting new test methods.

這項將血管化的人體組織印在晶片上的技術，允許在實驗室中對人體相關模型進行新藥測試，但考慮到製藥業的保守性質和採用新的測試方法，其商業化時間表太長了。

So we put this effort on the shelf for now, having developed some unique IP, and we'll return to it in the future if the market dynamics become more favorable. This is the analysis we're undertaking with all of our long-term investments.

因此，我們暫時擱置了這項努力，因為我們已經開發了一些獨特的 IP，如果市場動態變得更加有利，我們將來會重新開始這項努力。這是我們對所有長期投資的分析。

Now since I touched on an adjacent element of our Regenerative Medicine program, I'll take a moment to confirm that our core efforts to deliver the first 3D-printed human lung in close partnership with United Therapeutics continues to progress very well, as evidenced in yesterday's announced technical milestone recognition.

既然我談到了我們的再生醫學計劃的一個相關要素，我想花點時間確認一下，我們與聯合治療公司密切合作，提供第一個 3D 列印人肺的核心努力繼續取得良好進展，正如昨天宣布的技術里程碑認可所證明的那樣。

After updating the testing criteria for the program at the end of last year to incorporate human to seed testing protocols in order to accelerate full-scale testing of printed lungs, our technical milestones are reset to support this objective.

在去年年底更新了該計劃的測試標準以納入人體種子測試協議以加速對列印肺的全面測試之後，我們的技術里程碑被重置以支持這一目標。

Our milestone attainment in the second quarter marks a significant step forward in printing technology that underpins this incredible program, one that promises to change the lives of millions of people who are waiting for a lung transplant. I look forward to keeping you updated as frequently as possible on this exciting journey.

我們在第二季度取得的里程碑式成就標誌著列印技術向前邁出了重要一步，這項令人難以置信的計劃的基礎是這項計劃，它有望改變數百萬等待肺移植的人的生活。我期待盡可能頻繁地向您通報這次激動人心的旅程的最新進展。

So moving back to cost efficiencies. Through actions taken to-date, we've already seen significant cost improvements driven by a reduction in contracted employee costs and professional services, enabled by upskilling the capabilities of our internal workforce. This activity alone represents our third largest opportunity for cost reductions and should drive a reduced OpEx footprint as we move forward.

所以回到成本效率問題。透過迄今為止採取的行動，我們已經看到顯著的成本改善，這得益於合約員工成本和專業服務的降低，以及內部員工能力的提升。僅此一項活動就代表了我們降低成本的第三大機會，並且應該會在我們前進的過程中減少營運支出。

The next step is to introduce more streamlined back-office processes and greater automation to improve both speed and efficiency in our support functions. We expect these efforts, combined with the focusing of our R&D investments to reduce OpEx spending materially in the coming quarters.

下一步是引入更精簡的後台流程和更高的自動化程度，以提高我們的支援功能的速度和效率。我們預計，這些努力加上我們對研發投資的重點將在未來幾季大幅減少營運支出。

In addition to OpEx, our actions are also designed to positively impact gross margin performance. To do this, we'll leverage our prior strategic decision to in-source manufacturing and supply chain management as we consolidate our footprint globally. Starting at roughly 50 locations worldwide when I first joined the company five years ago, we're making solid progress on a path to integrate production and service capabilities to reduce this footprint by over 50% through mid-2026.

除了營運支出之外，我們的行動還旨在對毛利率表現產生正面影響。為了實現這一目標，我們將利用我們先前的策略決策，在鞏固我們全球影響力的同時，進行內部製造和供應鏈管理。五年前我剛加入公司時，公司在全球擁有約 50 個生產基地，目前，我們正在穩步推進生產和服務能力的整合，力爭到 2026 年中期將碳足跡減少 50% 以上。

The benefit from these last two pillars will come from reduced facilities costs, management costs as duplicate teams are consolidated and more efficient supply chain and logistics management. From a working capital standpoint, consolidated operations and distribution centers are already improving inventory control and manufacturing efficiencies through our Lean and Six Sigma implementations.

最後兩個支柱帶來的好處包括降低設施成本、因重複團隊合併而降低管理成本以及提高供應鏈和物流管理的效率。從營運資本的角度來看，合併後的營運和配送中心已經透過精實和六西格瑪實施改善了庫存控制和製造效率。

Notably, this structure also enables a more rapid introduction of new products into manufacturing, significantly improved control over product quality and a heightened level of agility with respect to navigating complex global supply chains that continue to be impacted by rapid tariff changes.

值得注意的是，這種結構還能使新產品更快投入生產，顯著提高對產品品質的控制，並提高在持續受到快速關稅變化影響的複雜全球供應鏈中的靈活性。

In the second quarter, the positive effect of these actions more than offset the rise in component costs from tariffs, and our goal is to continue on this trajectory. As you can see from our Q2 results, we're well on our way to deliver the benefits from our cost reduction plans.

在第二季度，這些措施的正面影響超過了關稅導致的零件成本上漲，我們的目標是繼續保持這一勢頭。從我們的第二季業績可以看出，我們正在順利實現成本削減計畫帶來的好處。

Margins for the quarter were more robust and OpEx was $47 million, a reduction of 27% year-over-year and 24% sequentially. With actions we've taken to-date and those in our plan for the balance of the year, we're targeting to exit Q4 with OpEx in the low $40 million range.

本季利潤率更加強勁，營運支出為 4,700 萬美元，較去年同期下降 27%，較上季下降 24%。透過迄今為止我們採取的行動以及今年剩餘時間的計劃，我們的目標是在第四季度結束時將營運支出控制在 4000 萬美元左右。

So to be very clear, our top priority is to align our costs with the current market conditions in order to move to positive cash flow in 2026. With that said, we must also emerge from this period with a strong portfolio of new products in markets that will drive sustainable growth and profitability in the years ahead.

因此，要明確的是，我們的首要任務是使我們的成本與當前的市場狀況保持一致，以便在 2026 年實現正現金流。話雖如此，我們還必須在這段時期內推出一系列強大的新產品，以推動未來幾年的永續成長和獲利能力。

So let's now shift to talk about some of our most important growth factors on slide 7. I'll start with our healthcare business. For many years, we've spoken glowingly about the progress in our Personalized Health Services or PHS business, as it frequently grows at double-digit rates and did so again in Q2.

現在讓我們來討論第 7 張投影片上的一些最重要的成長因素。我先從我們的醫療保健業務開始。多年來，我們一直對個人化健康服務或 PHS 業務的進展讚不絕口，因為它經常以兩位數的速度成長，並且在第二季度再次實現了這一增長。

However, as our PHS business has continued to expand and mature, our customers are increasingly asking for additional orthopedic-related products and services. These include a further expanded portfolio of FDA-cleared surgical guides and along with them medical implants for patients. In addition, there is an increasing call for point-of-care services in which we provide trained staff and advanced printing technology within the hospital itself.

然而，隨著我們的 PHS 業務不斷擴大和成熟，我們的客戶對更多骨科相關產品和服務的需求日益增加。其中包括經 FDA 批准的進一步擴展的手術指南組合以及患者所需的醫療植入物。此外，對於即時護理服務的需求也日益增長，我們可在醫院內提供訓練有素的工作人員和先進的列印技術。

Offering point-of-care services is unique to our company and offers us exceptional insights as we work shoulder to shoulder with surgeons to rapidly develop new applications for 3D printing. We piloted this program with the [VA], and we've now expanded it to many of the leading research hospitals who are at the forefront of medical breakthroughs.

提供即時護理服務是我們公司獨有的，它為我們提供了獨特的見解，讓我們能夠與外科醫生並肩合作，快速開發 3D 列印的新應用。我們與 [VA] 一起試行了該計劃，現在我們已將其擴展到許多處於醫學突破前沿的領先研究醫院。

Recent examples range from new ways to rapidly address trauma injuries to novel approaches to treat patients with bone cancer. We then use this knowledge to expand these applications to other hospitals that can benefit from the breakthroughs, which in turn drives growth in our business. This flywheel is in its earliest stage, but we can already see its potential.

最近的例子包括快速處理創傷的新方法以及治療骨癌患者的新方法。然後，我們利用這些知識將這些應用擴展到其他可以從這些突破中受益的醫院，從而推動我們業務的成長。這個飛輪還處於早期階段，但我們已經可以看到它的潛力。

Given this expanding business model, moving forward, we will refer to our combined orthopedic activities as our MedTech business, which is separate from our Dental and our Regenerative Medicine businesses, as you can see on slide 8.

鑑於這種不斷擴大的業務模式，展望未來，我們將把合併後的骨科活動稱為醫療技術業務，該業務與我們的牙科和再生醫學業務分開，如您在第 8 張幻燈片上看到的那樣。

These three businesses, which together make up our healthcare business unit, share a common foundation of outstanding quality and regulatory practices and in certain cases, common printing technologies. Supporting over 100 CE marked and FDA cleared devices all over the world, we've today brought relief to millions of patients globally.

這三項業務共同構成了我們的醫療保健業務部門，它們擁有共同的基礎，即卓越的品質和監管實踐，在某些情況下，還擁有共同的印刷技術。我們為全球 100 多種獲得 CE 標誌和 FDA 批准的設備提供支援，如今已為全球數百萬患者帶來了緩解。

For perspective, our MedTech business reached over $80 million in annual revenue last year. And this quarter, on trend grew 13% from prior year and 16% sequentially. Our expertise in MedTech is most prominent for personalized solutions targeted above-the-neck. This area of the human body is our largest contributor to MedTech and has historically been the fastest growing, primarily due to patients' needs for highly customized craniomaxillofacial or CMF implants.

從長遠來看，我們的醫療技術業務去年的年收入超過了 8,000 萬美元。本季度，趨勢比去年同期成長 13%，比上一季成長 16%。我們在醫療技術領域的專業知識最突出的是針對頸部以上的個人化解決方案。人體的這個部位是我們對醫療技術的最大貢獻者，並且歷來是成長最快的部位，這主要是由於患者對高度客製化的顱顎面或 CMF 植入物的需求。

Our printing technology has now reached the point where response times allow it to be increasingly used in trauma circumstances, which is a major focus for us over the next few years. Below-the-neck targets applications for areas such as spines, knees and hips. As you can imagine, there's great expansion potential in these areas with an addressable market size in 2024 of over $40 billion. We'll continue to build upon this excellent foundation in the years ahead.

我們的列印技術現在已經達到了響應時間允許其越來越多地應用於創傷情況的程度，這是我們未來幾年關注的重點。頸部以下的目標應用包括脊椎、膝蓋和臀部等部位。可以想像，這些領域具有巨大的擴張潛力，2024 年的潛在市場規模將超過 400 億美元。在未來的歲月裡，我們將繼續鞏固這優良基礎。

Now turning to another important growth strategy element on slide 9. An increasingly recognized differentiator for 3D Systems is our ability to help customers not only navigate early-stage process development, but then also scale it to a desired production output with additive manufacturing.

現在轉到投影片 9 上的另一個重要成長策略要素。3D Systems 越來越被認可的差異化優勢在於我們不僅能夠幫助客戶進行早期流程開發，還能透過積層製造將其擴展到所需的生產產出。

In virtually all cases, this now translates to an evolution from process development to limited parts production and finally to the sale of printers for larger volume production. We are uniquely positioned to support each stage of this customer evolution. Very simply, we call this market strategy the 3P's, process, parts, and printers.

在幾乎所有情況下，這都意味著從流程開發到有限零件生產的演變，最終到銷售用於大量生產的印表機。我們擁有獨特的優勢來支持客戶發展的每個階段。很簡單，我們將這種市場策略稱為 3P，即流程、零件和印表機。

We cover the spectrum from end-to-end, starting with initial exploration and ideation of the value proposition that only additive manufacturing can accomplish. Then migrating through the proof-of-concept to production of end-use parts in limited quantities and ultimately, the customers' capital investment in additive equipment and materials for integration into their production workflow.

我們涵蓋了端到端的整個過程，從最初的探索和構思只有積層製造才能實現的價值主張開始。然後透過概念驗證轉向有限數量的最終用途零件的生產，並最終將客戶對添加設備和材料的資本投資整合到他們的生產工作流程中。

Each element has its own unique revenue stream, supported by the widest range of technologies in the industry, spanning both metal and polymer printing platforms and materials. And we can do so across the global manufacturing footprint, which reduces supply chain costs and risk to our customers.

每個元素都有自己獨特的收入來源，並由業內最廣泛的技術支持，涵蓋金屬和聚合物印刷平台和材料。我們可以在全球製造範圍內實現這一目標，從而降低供應鏈成本和客戶風險。

To execute this unique business model, we leverage an industry-leading team of application engineers, which we refer to as our application innovation group, who then translate the desired application, which is the problem the customer wants to solve with additive into a fully functioning workflow or process.

為了執行這個獨特的商業模式，我們利用業界領先的應用工程師團隊（我們稱之為應用創新團隊），他們將所需的應用（即客戶希望透過添加劑解決的問題）轉化為功能齊全的工作流程或流程。

That process can then migrate into either of the following Ps, either parts or printers. And what we see in many cases, particularly relevant in today's economic climate, is a unique ability to serve as a bridge for them, smoothing the transition from low volume to high-volume production capability.

然後，該過程可以遷移到以下任一 P，即零件或印表機。我們在許多情況下看到的是，特別是在當今的經濟環境下，一種獨特的能力可以充當他們的橋樑，平穩地從小批量生產能力過渡到大批量生產能力。

The ability is unique in our industry today, and we increasingly are asked to provide it on a regional basis within the US and within EMEA. The appeal for parts manufacturing is well known to our industry and has long been a focus of our service bureau partners who are themselves some of our best customers.

這種能力在我們今天的行業中是獨一無二的，我們越來越多地被要求在美國和歐洲、中東和非洲地區以區域為基礎提供這種能力。零件製造的吸引力在我們的行業中是眾所周知的，並且長期以來一直是我們服務局合作夥伴的重點，他們本身也是我們最好的客戶之一。

In that respect, let me be very clear to state that by no means do we have a desire to compete with a service bureau and participate in large quantity on-demand part manufacturing. On the contrary, for industries that require the highest level of complexity with limited quantities of parts that are vital to the customer and economically attractive to 3D Systems, we offer this as an added service, with the ultimate goal being the sale and service of printing systems to these customers.

在這方面，我要非常清楚地指出，我們絕對不想與服務機構競爭，也不想參與大量按需零件製造。相反，對於那些需要最高複雜程度且零件數量有限、對客戶至關重要且對 3D Systems 具有經濟吸引力的行業，我們提供此項附加服務，最終目標是向這些客戶銷售和服務列印系統。

In this period of time where tariffs are slowing the decision process in terms of CapEx investment in new production capacity, offering this capability to our customers allows them the time needed to fully assess their future needs. With rising demand, we continue to preferentially invest in our capacity to scale the entirety of this value chain.

在這段時期，關稅減緩了新生產能力資本支出投資的決策過程，向我們的客戶提供這種能力可以讓他們有時間充分評估他們未來的需求。隨著需求的不斷增長，我們將繼續優先投資擴大整個價值鏈的能力。

Turning to slide 10. We provide a relative overview of how this works within some of our most critical industrial markets. This model speaks to much of the success for our Aerospace business, which in Q2 nearly doubled revenues from last year. That performance represents the effectiveness of our 3P strategy applied to a vertical that now contributes over $30 million of revenue annually to the company.

翻到第 10 張投影片。我們對此機制在我們一些最重要的工業市場中如何運作提供了相對概述。這種模式在很大程度上證明了我們航空航太業務的成功，該業務第二季的收入幾乎比去年翻了一番。這項業績反映了我們的 3P 策略在垂直領域應用的有效性，目前該領域每年為公司貢獻超過 3,000 萬美元的收入。

Growth in parts and process succeeded globally, with the US Naval and Air Force wins serviced from our U.S. locations and similar success in EMEA service from our European locations. From a technology standpoint, multiple wins for our SLS 380 polymer and DMP 350 triple laser metal system were the preferred choice for these applications.

零件和工藝的成長在全球範圍內取得了成功，我們在美國為美國海軍和空軍提供服務，我們在歐洲為歐洲、中東和非洲地區提供服務也取得了類似的成功。從技術角度來看，我們的 SLS 380 聚合物和 DMP 350 三重雷射金屬系統多次獲獎，是這些應用的首選。

We'll continue this approach, particularly focusing on the high reliability markets such as aero and defense, AI infrastructure, oil and gas and power generation, where we believe can increasingly drive our growth moving forward.

我們將繼續這種方法，特別關注航空和國防、人工智慧基礎設施、石油和天然氣以及發電等高可靠性市場，我們相信這些市場可以持續推動我們的成長。

Let's now flip to slide 11 to finish my remarks with an update on Dental. 3D printing for dental has been core to this company for decades and will always be embedded in our DNA. Our leadership in orthodontics is well known and cemented by last year's milestone contract, providing a foundation for years to come.

現在讓我們翻到第 11 張幻燈片，以牙科的最新進展結束我的演講。幾十年來，牙科 3D 列印一直是我們公司的核心，並將永遠融入我們的 DNA 中。我們在正畸領域的領導地位是眾所周知的，去年的里程碑合約鞏固了這一地位，為未來幾年奠定了基礎。

In the long term, this provides stability, it has occasionally resulted in year-over-year variations, which are reflected in the results for this year following a strong 2024. Our outlook in this respect is stable on a sequential basis going forward, and we've launched new products expected to drive growth in the quarters ahead.

從長遠來看，這提供了穩定性，但偶爾也會導致同比變化，這反映在 2024 年強勁增長之後今年的業績中。我們在這方面的展望在未來是連續穩定的，並且我們已經推出了預計將推動未來幾季成長的新產品。

Just a few weeks ago, we announced another major milestone in digital dentistry with the full commercial release of our new FDA-cleared NextDent Jetted Denture Solution for the US market. This technology redefines dental prosthetics with revolutionary single-piece multi-material dentures, delivering a distinctive combination of exquisite aesthetics, comfort and outstanding resistance to breakage for an enhanced patient experience.

就在幾週前，我們宣布了數位牙科領域的另一個重要里程碑，即向美國市場全面發布經 FDA 批准的全新 NextDent Jetted Denture Solution。這項技術透過革命性的單件多材料假牙重新定義了牙科修復術，將精緻的美觀、舒適性和出色的抗斷裂性完美結合，從而增強了患者的體驗。

Throughout our beta customer testing, it's been validated with strong endorsements, highlighting effortless usability, unmatched material properties and groundbreaking efficiency improvements of up to 300% versus traditional manufacturing methods.

在我們的整個 beta 客戶測試過程中，它得到了強有力的認可，突出了輕鬆的可用性、無與倫比的材料特性以及與傳統製造方法相比高達 300% 的突破性效率提升。

With our beta testing now complete, we've entered full commercial production for the U.S. market significantly expanding our leading digital dentistry portfolio, which in total addresses straightening, protection, repair, and replacement of teeth. With this specific solution targeting a US replacement addressable market, that we expect to reach $600 million by 2029.

隨著我們的 beta 測試的完成，我們已進入針對美國市場的全面商業化生產，大大擴展了我們領先的數位牙科產品組合，該產品組合全面解決了牙齒矯正、保護、修復和更換等問題。該特定解決方案針對美國替代目標市場，我們預計到 2029 年該市場規模將達到 6 億美元。

In addition to shipping a few samples of these unbreakable and beautiful dentures to our shareholders, who started to appreciate the potential of this milestone for our business, more importantly, we've begun to ramp our production in the back half of this year for POs already received in the last few weeks.

除了向我們的股東運送一些這種堅固而美麗的假牙樣品（他們開始意識到這一里程碑對我們業務的潛力）之外，更重要的是，我們已經開始在今年下半年加大產量，以滿足過去幾週收到的採購訂單。

So with that, I'll turn things over to Jeff Creech, our CFO. Jeff?

因此，我將把事情交給我們的財務長 Jeff Creech。傑夫？

Thank you, Jeff, and good morning, everyone. Before I begin, I would remind you that we divested our Geomagic software business on April 1, 2025. Throughout today's call, in addition to comparisons to prior period results, we will also make specific reference to prior periods to exclude Geomagic operations for an apples-to-apples comparison.

謝謝你，傑夫，大家早安。在開始之前，我想提醒您，我們在 2025 年 4 月 1 日剝離了 Geomagic 軟體業務。在今天的電話會議中，除了與前期結果進行比較之外，我們還將特別參考前期結果，排除 Geomagic 操作，以進行同類比較。

With that, I'll begin with our revenue summary on slide 13. Second quarter consolidated revenue was $95 million, down 16% year-over-year or 11% when excluding Geomagic. Sequentially, revenue was up modestly and when adjusting for Geomagic in Q1, we saw 8% growth.

我將從第 13 張投影片開始介紹我們的收入摘要。第二季綜合營收為 9,500 萬美元，年減 16%，若不包括 Geomagic 則下降 11%。與上一季相比，收入略有增長，當調整第一季的 Geomagic 收入時，我們看到了 8% 的成長。

Within our segments, Industrial Solutions revenues of $50 million declined 23% or 13%, excluding Geomagic. This was primarily driven by printer and material softness in consumer-facing end markets. Encouragingly, as Jeff highlighted earlier, this was partially offset by tremendous momentum in Aerospace and Defense, nearly doubling revenues from last year and growing over 50% from the prior quarter.

在我們的各個部門中，工業解決方案收入為 5000 萬美元，下降了 23% 或 13%（不包括 Geomagic）。這主要是由於面向消費者的終端市場的印表機和材料柔軟度所致。令人鼓舞的是，正如傑夫之前所強調的那樣，這一下降被航空航天和國防領域的巨大發展勢頭所部分抵消，其收入幾乎比去年翻了一番，比上一季度增長了 50% 以上。

Healthcare Solutions revenues of $45 million decreased 8% from the previous year, predominantly driven by Dental with 2024 representing a significant year of purchases by a specific customer, as earlier mentioned. Outside of Dental, MedTech delivered impressive growth, up 13% from last year and 16% from last quarter.

醫療保健解決方案收入為 4,500 萬美元，較前一年下降 8%，主要受牙科業務推動，如前所述，2024 年是特定客戶購買的重要一年。除了牙科之外，醫療科技領域也實現了令人矚目的成長，比去年成長了 13%，比上一季成長了 16%。

Now to slide 14. For the second quarter, we reported non-GAAP margin of 39%, which compared to 41% in the prior year and 38% when adjusted to exclude Geomagic. Performance for the second quarter was very strong and also delivered a significant improvement on a sequential basis, primarily attributable to favorable manufacturing variances given higher volume and cost efficiencies. Additionally, gross margins include approximately $2 million of benefit associated with milestone recognition within our Regenerative Medicine business.

現在看投影片 14。第二季度，我們的非 GAAP 利潤率為 39%，而去年同期為 41%，扣除 Geomagic 後為 38%。第二季的業績非常強勁，並且比上一季有了顯著改善，這主要歸因於產量和成本效率提高帶來的有利的製造差異。此外，毛利率還包括與再生醫學業務里程碑認可相關的約 200 萬美元收益。

Now turning to slide 15. In Q2, we delivered strong cost performance with non-GAAP operating expense of $47 million, down 27% year-over-year and 24% sequentially. This improvement reflects the impact of our restructuring actions, which drove meaningful efficiencies across nearly every function and geography, along with significantly reduced spend on external services.

現在翻到第 15 張投影片。在第二季度，我們實現了強勁的成本績效，非公認會計準則營運費用為 4,700 萬美元，年減 27%，較上季下降 24%。這項改善反映了我們重組行動的影響，這些行動推動了幾乎所有職能部門和地區的效率顯著提高，同時顯著減少了外部服務支出。

We also saw a benefit from a onetime compensation adjustment. Looking ahead, we expect continued sequential reductions through the remainder of 2025, targeting OpEx in the low $40 million by year-end with the continued momentum we expect for our reduction initiatives.

我們也看到了一次性薪酬調整帶來的好處。展望未來，我們預計在 2025 年剩餘時間內營運支出將繼續連續減少，目標是到年底將營運支出控制在 4000 萬美元以下，並且我們預計削減舉措將保持持續的勢頭。

Now turning to slide 16 to finish up the P&L. For the second quarter, adjusted EBITDA of negative $5 million significantly improved from the prior year by $8 million and prior quarter by $19 million, a testament to our profitability first execution.

現在轉到投影片 16 來完成損益表。第二季度，調整後的 EBITDA 為負 500 萬美元，較上年同期大幅改善 800 萬美元，較上一季大幅改善 1,900 萬美元，證明了我們首次執行的獲利能力。

As a result of gains related to our Geomagic asset sale and proactive debt repayment at a discount, we reported GAAP net income of $104 million for the quarter. This resulted in GAAP earnings per share of $0.57, up $0.78 per share from prior year. On a non-GAAP basis, loss per share was $0.07, also an improvement compared to $0.14 per share loss in the prior year.

由於我們出售 Geomagic 資產獲得的收益以及主動以折扣價償還債務，我們報告本季的 GAAP 淨收入為 1.04 億美元。這使得每股 GAAP 收益達到 0.57 美元，比前一年增加 0.78 美元。以非公認會計準則計算，每股虧損為 0.07 美元，較上年每股虧損 0.14 美元有所改善。

Turning now to slide 17 for our balance sheet. We closed the quarter with over $116 million in cash and cash equivalents and $17 million in restricted cash, which is predominantly related to the convertible note refinancing executed in June. Our expectation is that the majority of this restricted cash may be used to address about half of the remaining $35 million in debt due November 2026.

現在翻到第 17 張投影片查看我們的資產負債表。本季末，我們擁有超過 1.16 億美元的現金和現金等價物以及 1,700 萬美元的受限現金，這主要與 6 月份執行的可轉換票據再融資有關。我們預計，這些受限現金中的大部分可用於解決 2026 年 11 月到期的剩餘 3,500 萬美元債務中的一半左右。

In the aggregate, cash and cash equivalents and restricted cash on our balance sheet totaled $134 million. This compared to $171 million at the end of last year with the decline in cash driven by $60 million used in operations, $113 million generated by investing activities, largely representing the proceeds from our asset sale and $97 million used in financing activities, which I'll expand on momentarily.

整體而言，我們資產負債表上的現金、現金等價物和受限現金總額為 1.34 億美元。相比之下，去年年底的現金為 1.71 億美元，其中營運活動使用了 6,000 萬美元，投資活動產生了 1.13 億美元，主要代表我們資產出售的收益，融資活動使用了 9,700 萬美元，我稍後會詳細說明。

In late June, we took proactive action to strengthen our balance sheet, permanently retiring $88 million in outstanding debt at a meaningful discount to par, extending the due date on an overwhelming majority of our debt out into 2030 and repurchasing $8 million of our common shares to reduce dilution.

6 月底，我們採取了積極措施來加強我們的資產負債表，以低於票面價值的大幅折扣永久償還了 8800 萬美元的未償債務，將絕大多數債務的到期日延長至 2030 年，並回購了 800 萬美元的普通股以減少稀釋。

The net result provides a very manageable convertible note maturity of approximately $35 million due in November 2026 and $92 million of senior secured convertible notes due 2030. The 2030 notes have a conversion price of approximately $2.24 per share, a 20% premium over our share price of $1.87 at the time of the transaction.

最終結果是，可轉換票據的到期日為 2026 年 11 月，金額約為 3,500 萬美元，非常易於管理，而優先擔保可轉換票據的到期日為 2030 年，金額為 9,200 萬美元。2030 年票據的轉換價格約為每股 2.24 美元，比交易時的每股 1.87 美元溢價 20%。

Looking forward, our improved profitability is already starting to have a positive impact on operations. At the beginning of August, we still held approximately $130 million in global cash and restricted cash and expect a more modest level of cash usage as a result of our cost improvements as we continue to execute against our plans to enable positive cash generation in 2026.

展望未來，我們獲利能力的提高已經開始對營運產生正面影響。截至 8 月初，我們仍持有約 1.3 億美元的全球現金和受限現金，並且由於我們繼續執行計劃以在 2026 年實現正現金產生，預計現金使用水平將因成本改善而更加適中。

So with that, we thank you for your time and continued support of 3D Systems, and we'll now open the line for questions. Operator?

因此，我們感謝您抽出時間和對 3D Systems 的持續支持，現在我們將開放提問熱線。操作員？

(Operator Instructions) Troy Jensen, Cantor Fitzgerald.

（操作員指示）特洛伊·詹森 (Troy Jensen)、康托·菲茨杰拉德 (Cantor Fitzgerald)。

Hey, John, good morning. Congrats on all the improvements here. Jeff, a quick question for you or maybe either Jeff. $80 million you guys said for MedTech, can you just break that out between hardware versus the customized healthcare services that come out of Littleton?

嘿，約翰，早安。祝賀這裡取得的所有進步。傑夫，我想問你或傑夫其中一位朋友一個簡單的問題。你們說要為 MedTech 投資 8000 萬美元，你能把這筆錢分成硬體和利特爾頓客製化醫療服務兩部分嗎？

Yeah. The vast majority of it is the latter, Troy. It's mainly the personalized health services we provide. We do sell printers, but into that market as well. That's been a little bit influenced as well by the tariff situation because those sites are scattered with our customers around the world.

是的。其中絕大多數是後者，特洛伊。我們主要提供的是個人化的健康服務。我們確實銷售印表機，但也進入了那個市場。這也受到了關稅情況的一定影響，因為這些站點分散在世界各地，我們的客戶也都在這裡。

And obviously, we have our own printing capacity in Littleton as well to make parts. So the sale of printers into that market is relatively modest. Most of it is services and parts.

顯然，我們在利特爾頓也有自己的印刷能力來製造零件。因此，該市場的印表機銷量相對較少。其中大部分是服務和零件。

Okay. Perfect. So then healthcare combined is MedTech, plus Dental, plus Lungs. Is that how we think of it going forward?

好的。完美的。那麼醫療保健的綜合體就是醫療技術、牙科和肺科。這就是我們對未來的看法嗎？

Correct. That's the healthcare business, Troy, and we're just trying to -- because MedTech now encompasses more and more things under the orthopedic banner, we're trying to group that separate it from Dental and obviously, Regenerative is a new area. So all of that's embedded in healthcare.

正確的。這就是醫療保健業務，特洛伊，我們只是在嘗試——因為醫療技術現在在骨科領域涵蓋了越來越多的內容，我們試圖將其與牙科區分開來，顯然再生醫學是一個新的領域。所以所有這些都與醫療保健有關。

Okay. All right. Perfect. And then how about just quickly on Dental. I know that's been a vertical you guys have been really excited about with some of these new product launches. So the NextDent 300 is next phase for you guys as far as revenue milestones or products that will start to really help. I just get an update on your Dental progress here.

好的。好的。完美的。那我們來快速了解牙科怎麼樣？我知道這是一個垂直領域，你們對這些新產品的發布感到非常興奮。因此，就收入里程碑或開始真正提供幫助的產品而言，NextDent 300 是你們的下一階段。我剛剛在這裡了解到您的牙齒狀況的最新消息。

Yeah. Troy, we're still putting together the expected penetration rate of that market, but the economics are so favorable when you move to 3D printing of dentures that I think it will happen relatively fast. And we're not the only provider in that area, but obviously, I love our solution and feedback has been great.

是的。特洛伊，我們仍在統計該市場的預期滲透率，但當你轉向 3D 列印假牙時，經濟效益非常有利，所以我認為它會相對較快地實現。我們不是該領域的唯一供應商，但顯然，我喜歡我們的解決方案，而且反饋也很棒。

So we're hoping to have a meaningful share of that market. Today, it's $400 million in the US, rough number and generally equivalent size in Europe, which requires separate certifications, which are well underway for us. But the US market alone is $400 million. The traditional way they make dentures through a lot of manual labor is expensive and slow. And 3D printing is a fantastic approach.

因此我們希望在該市場佔有一定份額。如今，在美國，這一數字大約為 4 億美元，在歐洲，這一數字也大致相當，需要單獨的認證，而我們的認證工作正在順利進行中。但光是美國市場就價值4億美元。他們透過大量手工勞動來製作假牙的傳統方法既昂貴又緩慢。3D 列印是一種奇妙的方法。

The challenge has been what took us long to get there was multiple materials that you're 3D printing at the same time and getting the aesthetics right and the toughness right because, again, the common way these things fail is by people dropping them in the sink or on the floor that balance was tough to achieve, and we got there. So I was very pleased we got there.

我們面臨的挑戰是，花了很長時間才實現這一點，即同時使用多種材料進行 3D 列印，並實現美觀度和韌性，因為這些東西失敗的常見原因是人們將它們掉進水槽或地板上，這種平衡很難實現，而我們做到了。所以我很高興我們到達了那裡。

We got FDA certification for it. And we've gone through this really protracted beta testing to prove both the viability of the product, but also the economics and they're excellent. So we'll start giving more color on that as we go into '26.

我們已獲得 FDA 認證。我們已經進行了非常長時間的 beta 測試，以證明產品的可行性以及經濟效益，而且非常出色。因此，當我們進入 26 年時，我們將開始對此進行更多的闡述。

I can tell you right now, folks have been waiting to place purchase orders and they're starting to come in. So we're ramping production here in the third and fourth quarter. And I would expect next year, it will be a material contributor to the Dental business.

我現在可以告訴你，人們一直在等待下採購訂單，現在他們開始進來了。因此，我們將在第三季和第四季提高產量。我預計明年它將對牙科業務做出重大貢獻。

All right. Perfect. If I can sneak one last one in for Jeff Creech here. Just gross margins ex-the revenue milestone, it looks like it's about 38%. And just can you confirm that and thoughts on gross margins in the next couple of quarters?

好的。完美的。如果我可以在這裡為 Jeff Creech 偷偷地留下最後一個。僅考慮收入里程碑以外的毛利率，看起來約為 38%。您能否確認這一點以及對未來幾季的毛利率有何看法？

So yeah, that's exactly right, Troy. The milestone revenue falls directly to the bottom line. So it does have a very nice lift for us, and it did cause the spike in the margin in the second quarter. What we see for the balance of the year is something that's a little more normalized, something akin to what we started the year off with.

是的，完全正確，特洛伊。里程碑收入直接影響利潤。所以它確實為我們帶來了很好的提升，並且確實導致第二季利潤率飆升。我們看到今年餘下的時間情況更加正常化，與年初的情況類似。

So we're going to continue to pursue the manufacturing efficiencies and hopefully drive as much margin as we possibly can. But yeah, for certain, the lift in the second quarter was significantly attributable to the milestone revenue.

因此，我們將繼續追求製造效率，並希望盡可能提高利潤。但可以肯定的是，第二季的成長很大程度上歸功於里程碑收入。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Hi, thanks. Good morning. So I just want to make sure I'm clear on this. Your Dental business, excluding the aligner business decline was down about 3%?

你好，謝謝。早安.所以我只是想確保我清楚這一點。您的牙科業務（不包括矯正器業務）下降了約 3%？

Yeah. Well, including the drop in aligners, including the drop, which -- and that drop, Jim, to calibrate you, that was 19%, okay? So that was a major headwind. And in spite of that, in total for Dental, we dropped 3%. So we were very pleased with the remainder of the business.

是的。嗯，包括矯正器的下降，包括下降，吉姆，為了校準你，這個下降是 19%，好嗎？所以這是一個巨大的阻力。儘管如此，牙科業務總體而言還是下降了 3%。因此我們對剩餘的業務非常滿意。

And the aligner business, clearly, it's been affected undoubtedly by the economy. Much of that we had anticipated and things that wasn't a surprise to us, but it was a major headwind.

顯然，矯正器業務無疑受到了經濟的影響。我們已經預料到了很多事情，這些事情對我們來說並不意外，但這是一個巨大的阻力。

So Jeff, putting aside the aligner business, where we know what's happening with the large customer, you're seeing this improvement in the broader dental business without the contribution that you're expecting on NextDent 300 looking out to '26?

那麼 Jeff，拋開矯正器業務不談，我們知道大客戶的情況，您是否看到更廣泛的牙科業務有所改善，而您預期的 NextDent 300 在 26 年不會帶來貢獻？

Yes. That's exactly right, Jim. That's why the dental industry in total is great for 3D printing and particularly for our company because we've been in it so long. And that's why I talk about all four elements. The straightening is one element that's been foundational for us, but the protection is new with nightguards.

是的。完全正確，吉姆。這就是為什麼整個牙科行業非常適合 3D 列印，特別是對於我們公司來說，因為我們在這個行業已經很久了。這就是我談論所有四個要素的原因。矯正是我們的基礎要素之一，但夜間護齒的保護功能卻是全新的。

We're moving in that direction. We've got repair with our Vertex and NextDent materials, which we've been in for some time. Those continue to grow. And now we've got a brand-new market in dentures which is growing on top of that. So I'm super excited about dentistry.

我們正朝著這個方向努力。我們使用 Vertex 和 NextDent 材料進行修復，已經使用了一段時間了。這些還在持續增長。現在，我們又擁有了一個全新的假牙市場，而這個市場仍在持續發展中。所以我對牙科非常感興趣。

I think 3D printing in total is going to be great for it and 3D Systems will be at the front of that parade. We're very excited about it. We expect to have the rest of our regulatory approvals around the world done over the next 12 to 18 months, which will, again, multiply the US market by several times.

我認為 3D 列印總體來說將會有很大的發展，而 3D Systems 將走在這場變革的前面。我們對此感到非常興奮。我們預計在未來 12 到 18 個月內完成全球其餘監管審批，這將使美國市場規模再次擴大數倍。

So today, we've got a $400 million new market to go after with compelling economics and a great product. And then you double that with Europe and then you add on the rest of the world, it's an exciting horizon for us in dentistry.

所以今天，我們有一個價值 4 億美元的新市場，具有引人注目的經濟效益和優質的產品。然後將這個數字加上歐洲，再加上世界其他地區，這對我們牙科行業來說是一個令人興奮的前景。

Got it. And When you talk about providing trained staff for point-of-care service for the personalized health portion of the business, is that something that's being done gradually? Do we have to think about that looking out next year, potentially layering in more of that and presumably that's going to be accompanied by revenues?

知道了。當您談到為個人化健康業務部分提供訓練有素的護理點服務人員時，這是正在逐步完成的事情嗎？我們是否必須考慮明年的情況，可能會增加更多，大概會帶來收入？

Yeah. It is a paid for service, Jim. I don't look at it as a significant revenue generator. What I look at is it's an outstanding application developer. You're right at the front of how they want to use 3D printing in a hospital. And often, this is moving very rapidly.

是的。這是一項付費服務，吉姆。我並不認為它能夠帶來顯著的收入。我認為這是一個出色的應用程式開發人員。您正站在他們如何在醫院中使用 3D 列印技術的前沿。而且通常，這個過程進展非常迅速。

So somebody comes in with a trauma case and they say, can we perform the surgery or even do an implant rapidly to help this patient. And it's pulling us into brand-new applications, brand-new areas. We get paid along the way. It's a nice service, but I don't look at it as a meaningful revenue stream.

因此，有人帶著創傷病例進來，他們說，我們能否進行手術，甚至快速進行植入以幫助該患者。它將我們帶入全新的應用、全新的領域。我們一路上都會得到報酬。這是一項不錯的服務，但我並不認為它是一個有意義的收入來源。

I look at it as an application area that will move us into new markets. It's confirmed our move into trauma very significantly. So we see outstanding trauma applications coming from this in obviously, bone repair to the skeletal system. And now, moving into cancer treatment for bones, it not only provides a lot of bone cancer is very tricky in the way the tumors grow into the bones.

我將其視為一個可以帶領我們進入新市場的應用領域。這極大地證實了我們陷入了創傷。因此，我們看到其在創傷治療中的應用非常出色，明顯體現在骨骼修復和骨骼系統方面。現在，進入骨癌治療領域，它不僅提供了大量的骨癌治療，而且腫瘤在骨骼中生長的方式也非常棘手。

So surgical guides, FDA-approved surgical guides are an important element to help the surgeon remove the tumor, but then to help them repair the bone or support the bone in some way through an implant is a great extension for 3D printing technology.

因此，手術指南，FDA 批准的手術指南是幫助外科醫生切除腫瘤的重要元素，但隨後幫助他們修復骨骼或透過植入物以某種方式支撐骨骼是 3D 列印技術的一大延伸。

So we've got the polymer and metal technology to apply. It's the knowledge of where to apply it. And that point-of-care service is the tip of the spear. That's really what leads us in these directions. And we're now embedded in most leading research hospitals.

因此，我們已經掌握了聚合物和金屬技術的應用。這是關於在哪裡應用它的知識。而這種即時護理服務正是先鋒力量。這才是真正引導我們走向這些方向的。現在我們已融入大多數領先的研究醫院。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

Hi. Good morning. Thanks. I'm just curious maybe an update on just the broader macro, whether it's sales cycles, feedback activity, any change over the last three, four months since we got our last update?

你好。早安.謝謝。我只是好奇，也許只是關於更廣泛的宏觀的更新，無論是銷售週期，反饋活動，還是自我們上次更新以來過去三、四個月有什麼變化？

As I look back, Greg, I mean, clearly, before April, things were sluggish because people were worried about where interest rates were going to go. I mean I'm generalizing, but if I can speak for our customers, they were worried about interest rates, what it would do to the end demand and all that stuff. So there was already a drag on CapEx spending.

格雷格，回想起來，很明顯，在四月之前，情況很低迷，因為人們擔心利率會走向何方。我的意思是，我只是泛泛而談，但如果我可以代表我們的客戶說話，他們擔心的是利率，擔心它會對最終需求產生什麼影響，以及諸如此類的事情。因此，資本支出已經被拖累了。

After April and just the incredibly volatile tariff environment that emerged quickly and continues, customers just started really dragging their feet on CapEx saying they don't know where to put their new production capacity. And it's not that their end demand has been dramatically affected because they don't know where to make the product.

四月之後，隨著關稅環境的急劇波動，客戶開始真正拖延資本支出，說他們不知道將新的生產能力投入到哪裡。並不是因為他們不知道在哪裡生產產品，所以他們的最終需求受到了巨大影響。

And most of these folks have plants all over the world. So we're working with them. That's frustrating. But on the bright side, if there is a bright side to this, we see an increasing demand for short-term parts supply, limited quantity part production. And again, we're not going to move into the business of being a service bureau.

這些人中的大多數在世界各地都有植物。所以我們正在與他們合作。這真令人沮喪。但從好的方面來看，如果這件事有好的一面，我們會看到對短期零件供應、有限數量的零件生產需求不斷增加。再次強調，我們不會涉足服務機構業務。

But in terms of responding to a customer where they've proven the process, and this I could give you 100 examples of, especially in the metal arena, for these high-reliability markets, they say, look, we love 3D printing for this application. It's going to work. We don't know where to put our printers. So can you sell us 100 parts? Can you do something to bridge the period?

但在回應已經驗證了流程的客戶時，我可以給出 100 個例子，特別是在金屬領域，對於這些高可靠性市場，他們說，看，我們喜歡將 3D 列印用於這種應用。它會起作用的。我們不知道將印表機放在哪裡。那你能賣給我們 100 個零件嗎？你能做些什麼來彌補這段時期嗎？

And that's this gap that's opening up right now. I think it's sustainable. I think we're in a great position to bridge people from process development through limited parts production into putting capacity in their plant with selling them 3D printers.

這就是現在正在出現的差距。我認為這是可持續的。我認為我們處於一個非常有利的位置，可以幫助人們從流程開發到有限的零件生產，再到透過向他們銷售 3D 列印機來提高工廠的產能。

So it's ongoing, Greg. It's not getting better or worse right now. It's pretty stable. I think everybody is just in a wait-and-see mode about where things really shake out in terms of tariffs. In the meantime, we have a new growth area for us in manufacturing parts, and we're going to take advantage of that.

所以它還在繼續，格雷格。目前情況沒有變好也沒有變壞。它非常穩定。我認為每個人都在觀望關稅方面的真正動向。同時，我們在零件製造方面有了新的成長領域，我們將充分利用這一點。

Yeah. That's good color. In terms of the dental opportunity, are you planning -- like is this mostly going to be a CapEx sale? Or are you planning on offering some sort of service just because where I'm going with this question is the same dynamics that have impacted the core business, macro, lack of CapEx, like what makes you confident that those same items aren't going to impact the dental opportunity if you're thinking this is going to be a significant contributor next year?

是的。這顏色真好。就牙科機會而言，您是否計劃——這主要會是資本支出銷售？或者您是否計劃提供某種服務，只是因為我提出這個問題的目的是同樣的動態影響了核心業務，宏觀，缺乏資本支出，比如，如果您認為這將是明年的重要貢獻者，那麼是什麼讓您有信心這些相同的項目不會影響牙科機會？

There's two reasons, Greg. Number one, people need teeth. So in terms of a predictable demand, it's highly sustainable in my opinion. So there's not much of an option. The question is how do they get them.

有兩個原因，格雷格。首先，人們需要牙齒。因此，就可預測的需求而言，我認為它是高度永續的。所以沒有太多選擇。問題是他們如何獲得它們。

And it's a completely different CapEx consideration here because these printers are relatively inexpensive. They're affordable by regional labs. I mean even a dentist office could get in the business if they really tried. So it is the overused word of democratization.

這是一個完全不同的資本支出考慮因素，因為這些印表機相對便宜。區域實驗室可以負擔得起這些費用。我的意思是，只要他們真心嘗試，即使是牙醫診所也可以進入這個行業。所以這是被過度使用的「民主化」一詞。

It moves dentures from being a very difficult process that often involves overseas labor and all of that stuff to something that can be done locally, regionally, and it could be done nationally as well with preferred economics. But it is so much less expensive.

它使假牙製作不再是一個非常困難的過程，通常需要海外勞動力和所有相關的東西，而變成了可以在當地、區域內完成的事情，甚至可以在全國範圍內以優惠的經濟條件完成。但價格卻便宜得多。

The return on capital, first off, the CapEx spend is much lower than these big metal printers or something that we're talking about for industrial applications. It's much lower. These are much more affordable, and I don't think it's a major impediment for any dental lab of size in the country to buy. One of the parts of your question was, is it more of the traditional model that we followed, it is.

首先，資本回報率，資本支出遠低於這些大型金屬印表機或我們正在談論的工業應用。它低得多。這些產品更實惠，而且我認為這對國內任何規模的牙科實驗室來說都不是一個購買的主要障礙。您的問題之一是，這是否更接近我們遵循的傳統模式？是的。

We sell a printer, we sell consumables, we provide services to the printer. That's the model for us. And I'm convinced demand is out there and very sustainable. The price of entry for our customers is relatively low and most often probably do this regionally in laboratories. And the economics are so preferential that the return for them on the capital investment is extremely manageable.

我們銷售印表機，我們銷售耗材，我們為印表機提供服務。這就是我們的榜樣。我確信需求是存在的，而且非常永續。我們客戶的入門價格相對較低，大多數情況下可能在區域實驗室內進行。而且經濟條件如此優越，以至於他們的資本投資回報極為容易管理。

You're talking one-year or less return on capital investment for the printer itself and the post-print processing. So the economics and the quality of the product, Greg, combined, I think it's going to be just an outstanding business. And not only for 3D Systems. I mean, I think it will be a great business for 3D printing in general, and I want to be at the front of that parade with our product.

您談論的是印表機本身和印後處理的資本投資回報期為一年或更短。所以，格雷格，綜合考慮經濟效益和產品質量，我認為這將會是一項傑出的業務。並且不僅適用於 3D Systems。我的意思是，我認為對於 3D 列印來說這將是一個偉大的產業，我希望我們的產品能夠走在行業的前列。

Yeah. It makes sense. And then just last one on the cost reduction program. It felt like maybe you're running a little bit ahead of where you thought you were. So maybe you can just give us a little bit more color on where exactly we are.

是的。這是有道理的。最後再談談成本削減計劃。感覺你可能比你想像的跑得更快了一點。所以也許您可以向我們詳細介紹一下我們目前的具體情況。

And just to confirm, I think last quarter, you were talking about being able to reach EBITDA profitability at the sort of mid-90s revenue level. When you're fully done, are you still as comfortable with that target, more comfortable, less comfortable? What's your thought there?

只是為了確認一下，我想上個季度，您談到能夠達到 90 年代中期收入水平的 EBITDA 盈利能力。當你完全完成時，你對這個目標是否還感到滿意，更滿意，還是不太滿意？您怎麼想的？

Yeah. Greg, we're executing to plan. We're ahead of plan in some areas. We're executing to plan though. So yes, in terms of the ultimate targets, where we're going, absolutely. At this scale, we can be profitable and we can generate positive cash. We have the scale to do that. We've got the mass to basically restructure to do that at this revenue level. So I'm very comfortable with where we're going to get to.

是的。格雷格，我們正在按計劃執行。在某些領域我們已經領先於計劃。我們正在按計劃執行。是的，就最終目標而言，我們絕對會實現。在這種規模下，我們可以獲利，並且可以產生正現金。我們有足夠的規模來做到這一點。我們必須進行大規模重組才能在這樣的收入水準上實現這一目標。所以我對於我們即將達到的目標感到非常有信心。

The problem is predicting timing. A lot of the headcount changes, if you will, we've done. Those are relatively fast to do, depending on geography, relatively fast. The trickier part is exiting complete facilities and worrying about subleases. Those things can take some time. So that means I have to be a little squishy about the ultimate timing because it depends on somebody subleasing and building in many cases.

問題在於預測時間。如果你願意的話，我們已經進行了很多員工人數調整。這些都做得相對較快，取決於地理位置，也相對較快。比較棘手的部分是退出完整的設施並擔心轉租。這些事情可能需要一些時間。所以這意味著我必須對最終時機有點猶豫，因為在許多情況下這取決於某人的轉租和建造。

And those are big dollars for us. We've got a lot of upside for reducing our footprint. In addition to efficiencies, just getting out of facilities and shedding fixed costs of leases and utilities and that stuff, but it requires somebody to sign a sublease. So, we're trying to help them as much as we can and where it makes sense and get it done, but it just takes time.

對我們來說，這些錢是一大筆。減少我們的碳足跡會為我們帶來很多好處。除了提高效率之外，還可以擺脫設施並減少租賃和公用事業等固定成本，但這需要有人簽署轉租協議。因此，我們正在盡力幫助他們，並在合理的範圍內完成任務，但這需要時間。

So to answer your question, I'm very comfortable with where we're going. The exact timing on getting there, I'm pleased to date that we're basically running on our plan. Things are going well. We've got some of the tougher things at the end with these facility subleases and stuff we've got to get done as well.

所以回答你的問題，我對我們的發展方向感到非常滿意。關於到達那裡的確切時間，我很高興到目前為止我們基本上都在按照計劃進行。一切進展順利。最後，我們也遇到了一些比較棘手的事情，像是設施轉租和其他一些我們必須完成的事情。

Trevor Sahr, William Blair.

特雷弗薩爾、威廉布萊爾。

Hey, everyone. This is Trevor on for Brian this morning. Thanks for taking the question. I just wanted to ask you guys a little bit about as it relates to the second half, some of the other markets like aerospace and defense and AI infrastructure. You guys have given a lot of great detail on Dental, but wondering if you could spend a minute on some of the other markets that are exciting to you right now?

嘿，大家好。今天早上，特雷弗 (Trevor) 為布萊恩 (Brian) 主持節目。感謝您回答這個問題。我只是想問你們一些關於下半年其他市場的問題，像是航空航太、國防和人工智慧基礎設施。你們已經詳細介紹了牙科領域，但您是否可以花一點時間介紹一下目前令您感興趣的其他一些市場？

Yeah. Aerospace and Defense will continue to be an exciting market for us. The only frustration, and it cuts both ways, is it is a slow market to move into. You got to really pay your dues. We've been working at it now for the last couple of years. We've targeted some of our metal printing technology at some nice applications in aerospace and defense around like naval applications.

是的。航空航太和國防仍將是我們的一個令人興奮的市場。唯一的遺憾是，這是一把雙面刃，那就是市場進入速度太慢。你必須真正付出代價。過去幾年我們一直在努力實現這一目標。我們將金屬列印技術的一些應用目標鎖定在航空航太和國防領域，例如海軍應用。

And obviously, there's a lot of flight systems, rockets, drones, things like that. We've targeted our metal printing technology to a lot of those. They take a lot of time, Trevor, to get into, which is why it's been a slower growth. But I'm not sure that anybody realized how far we've come.

顯然，有很多飛行系統、火箭、無人機等等。我們的金屬印刷技術已瞄準其中許多領域。特雷弗，他們需要花費很多時間才能進入，這就是為什麼成長速度較慢的原因。但我不確定是否有人意識到我們已經走了多遠。

We're at about a $30 million trailing 12 months now, a little over $30 million of revenue on an annual basis. So it's starting to get up there to be one of our more significant markets. And on the bright side, it's a very sticky market. I mean, once you're a reliable supplier to that market, it tends to be very sticky. You get qualified on an application and you've got a good position as long as you execute well, which we will.

過去 12 個月我們的收入約為 3,000 萬美元，年收入略高於 3,000 萬美元。因此，它開始成為我們最重要的市場之一。從好的方面來看，這是一個非常黏性的市場。我的意思是，一旦你成為該市場的可靠供應商，它就會變得非常牢固。只要您表現良好，您的申請就會獲得資格，並且您將獲得一個好職位，我們會這樣做。

So I love that market. AI infrastructure is obviously, that is just changing so rapidly. We've been working with the chip equipment manufacturers for some time now. And there's a lot of very good 3D printing applications in that manufacturing, particularly as it relates to heat management, thermal management of those systems is so critical.

所以我喜歡那個市場。顯然，人工智慧基礎設施正在迅速變化。我們已經與晶片設備製造商合作了一段時間。並且在該製造業中有很多非常好的 3D 列印應用，特別是與熱管理相關的應用，這些系統的熱管理非常關鍵。

And you can do things with 3D printing in terms of the component geometry that you can't do any other way. And so, it's a wonderful market. Those are very expensive machines. So from our standpoint, they're high-value components, that's good. But in terms of volume, there isn't as many of them because they're very expensive, high productivity machines.

就組件幾何而言，您可以使用 3D 列印來完成其他方式無法完成的事情。所以，這是一個很棒的市場。這些都是非常昂貴的機器。因此從我們的角度來看，它們是高價值組件，這很好。但就產量而言，它們的數量並不多，因為它們非常昂貴，而且生產效率很高。

Now the growth in chip usage is great for that business. So I love the position we've established. It's taken us well over three years to earn that position with some of the semiconductor chip equipment manufacturers. So I like that.

現在晶片使用量的成長對該業務有很大幫助。所以我很喜歡我們建立的這個地位。我們花了三年多的時間才在一些半導體晶片設備製造商中贏得這一地位。所以我喜歡這個。

What we're really looking at hard now is thermal management of data centers, and that's primarily around the printing of copper and other high conductivity materials to get heat out of GPUs. How do you best extract heat from a GPU because heat is a killer in terms of degrading chip performance and life.

我們現在真正關注的是資料中心的熱管理，主要是圍繞銅和其他高導熱性材料的印刷，以散發 GPU 中的熱量。如何最好地從 GPU 中提取熱量，因為熱量會降低晶片效能和壽命。

So when you hear people talk about power generation for data centers, a lot of that's around HVAC. A lot of it is around keeping the data center cool and the equipment inside cool. It's not so much around running the chips, which consume very little energy in total. It's around keeping the place cool. Well, if we can help extract heat better from GPUs, we can help make that cooling more efficient.

因此，當您聽到人們談論資料中心的發電時，很多都是與 HVAC 有關的。其中很大一部分是為了保持資料中心和內部設備的涼爽。這與運行晶片無關，因為晶片總體上消耗的能量非常少。這是為了讓房間保持涼爽。好吧，如果我們能夠更好地從 GPU 中提取熱量，我們就能幫助提高冷卻效率。

So that's an area we're exploring very heavily right now. And you can see from the chart, we've got a revenue stream developing there. It's still smaller, but it's exciting. So data center build-out, I think, is very good for us. And then obviously, aerospace and defense, which tends to be a regional business.

這是我們目前正在深入探索的領域。從圖表中您可以看到，我們的收入來源正在不斷增長。雖然規模仍然較小，但令人興奮。因此我認為資料中心的建設對我們來說非常有利。顯然，航空航太和國防往往是區域性業務。

So we've got the US OEMs that we've gotten the most traction with. We've also gotten customers developed in Europe that we service out of our Belgium facility for applications in aerospace and defense, which ranges from flight systems to ground and water systems to rocketry. So that's a little bit more color on those. Those are what I would say are the two most exciting markets right now.

因此，我們與美國原始設備製造商 (OEM) 的合作最為密切。我們也在歐洲開發了客戶，並透過比利時工廠為他們提供航空航太和國防領域的應用服務，範圍涵蓋飛行系統、地面和水上系統以及火箭。這樣這些就更加豐富多彩了。我想說，這兩個是目前最令人興奮的市場。

Oil and gas, obviously, is up there, and it's going to continue. There's an emerging demand for customers in those types of industries to reduce working capital. So they want to reduce this billions of dollars of parts they have in warehouses to keep things like refineries and oil and gas pipelines running.

顯然，石油和天然氣佔據了主導地位，而且這種趨勢還會持續下去。這些產業的客戶對減少營運資本的需求正在興起。因此，他們希望減少倉庫中價值數十億美元的零件，以確保煉油廠和石油天然氣管道等設施的正常運作。

So that inventory management is helped by on-demand 3D printing and metal components. We won't be in the business of making those components, but we will be in the business of providing printers to people that want to be in that business and making metal components to get that inventory down.

因此，按需 3D 列印和金屬零件有助於庫存管理。我們不會從事製造這些零件的業務，但我們會向想要從事該業務的人提供印表機，並製造金屬零件以減少庫存。

So a lot of our work in Saudi Arabia around their electrical system and around the oil and gas infrastructure there is geared towards that goal of helping them better manage working capital and improving their ability to respond to urgent needs in their infrastructure.

因此，我們在沙烏地阿拉伯圍繞其電力系統以及石油和天然氣基礎設施所進行的大量工作都是為了幫助他們更好地管理營運資金並提高其應對基礎設施緊急需求的能力。

So those are the types of markets we're going after. They have in common are high reliability, high-value components. And again, our approach is develop a process with the customer, do some limited part production as they ask and then as quickly as possible, sell them printers so they can build out their infrastructure to manufacture parts.

這些就是我們要追求的市場類型。它們的共同點是高可靠性、高價值的組件。再次強調，我們的方法是與客戶一起制定流程，根據他們的要求進行一些有限的零件生產，然後儘快向他們出售印表機，以便他們能夠建造製造零件的基礎設施。

Yeah. That's great detail, Jeff. Thank you for that. And just one more for me, that was a clarification question. Sorry if I misunderstood this, but when you were talking earlier in the call about R&D spend, did you say that you were intending on getting R&D spend down to a more manageable long term level? I interpreted that as we should expect that R&D spend might come down in the following quarters or next year.

是的。非常詳細的信息，傑夫。謝謝你。對我來說還有一個問題，這是一個澄清問題。抱歉，如果我誤解了這一點，但是當您早些時候在電話中談到研發支出時，您是否說過您打算將研發支出降低到更易於長期管理的水平？我的理解是，我們應該預期研發支出在接下來的幾季或明年可能會下降。

Yeah. I would tell you, Trevor, if you turn the clock back three years -- three to four years, my perception was our portfolio, we had the ability, if we invested heavily in R&D to have the most exciting portfolio of 3D printing products in the world. It was polymer and metal, okay, both.

是的。特雷弗，我想告訴你，如果時光倒流三年——三到四年，我的看法是，如果我們在研發上投入巨資，我們就有能力擁有世界上最令人興奮的 3D 列印產品組合。它是聚合物和金屬，好吧，兩者都有。

So we set out on that trend over three years ago. We took R&D spending to 20% of sales, which is a big number, a big number. And we did it purposefully. We said, look, we're going to refresh our entire product line, metals and polymers. We can do so largely organically. We have all the seeds to do it from. We got to do that. So we invested.

所以我們在三年前就開始了這個趨勢。我們將研發支出佔銷售額的 20％，這是一個很大的數字。我們是故意這麼做的。我們說，看，我們要更新我們的整個產品線，包括金屬和聚合物。我們基本上可以有機地做到這一點。我們擁有實現這一目標所需的所有種子。我們必須這麼做。所以我們進行了投資。

And it takes in this industry about two to three years to get a new printer out and then supporting materials, year-long cycle times on materials, FDA approvals take another year. So we ramped up, and that includes application development, 20% of sales application development. But we ramped up our own spending to 20% of sales for three years.

在這個行業中，推出一台新印表機大約需要兩到三年的時間，然後是支援材料，材料的周期長達一年，FDA 批准又需要一年的時間。因此我們加大了投入，其中包括應用程式開發，20% 的銷售額用於應用程式開發。但三年來，我們將自己的支出增加到了銷售額的 20%。

And I would tell you, the last year, that was hard because our sales were under pressure from inflation, rising interest rates, tariffs. So I think it's a testament to alignment around our strategy that myself, the management team and our Board of Directors had around making sure we have market-leading products, we do.

我想告訴你，去年的情況很艱難，因為我們的銷售面臨通貨膨脹、利率上升和關稅的壓力。所以我認為這證明了我們本人、管理團隊和董事會圍繞著確保我們擁有市場領先產品的策略的一致性。

And those are entering commercialization now. And I want to be clear about this. We can afford now to take our R&D spend to mid-teens and bring down that extra spending we were doing for three years to get into totally fresh. Now we have to maintain and refresh on a periodic basis our products.

這些現在正進入商業化階段。我想明確這一點。現在，我們可以將研發支出降低到十五六成，並減少三年來為進入全新領域而進行的額外支出。現在我們必須定期維護和更新我們的產品。

So in total, we spend less money. The other thing we're doing, Trevor, very deliberately is looking at our return on investment for R&D. I mentioned some of the offshoots of Regenerative Medicine. The technology we're developing for printing human tissue is phenomenal.

所以總的來說，我們花的錢更少了。特雷弗，我們正在做的另一件事是認真關注研發投資的回報。我提到了再生醫學的一些分支。我們正在開發的列印人體組織的技術是驚人的。

The Lung Program for us with United Therapeutics is core. We're going to continue investing in that. It's an outstanding program. The side benefit of it is it spins off a lot of really interesting regenerative technology for printing human tissue. We ran for two years on that with Systemic Bio to try to print human tissue for testing drugs.

對我們和聯合治療公司來說，肺部計畫是核心。我們將繼續對此進行投資。這是一個出色的項目。它的附帶好處是它衍生出許多用於列印人體組織的真正有趣的再生技術。我們與 Systemic Bio 合作進行了兩年的研究，嘗試列印人體組織進行藥物測試。

We believe, and I believe it's absolutely true, you could test a drug faster and better and eliminate a high degree of animal testing by testing human tissue in the lab, the effect of new drugs. The reality in that industry is they're slow adopters of new testing technology. And I think for good reason. Look, there are human lives at risk there. So they're very conservative.

我們相信，而且我相信這是絕對正確的，透過在實驗室中測試人體組織可以更快更好地測試藥物，並消除大量動物測試，從而確定新藥的效果。該行業的現實情況是，他們採用新測試技術的速度很慢。我認為這是合理的。瞧，那裡有人的生命處於危險之中。所以他們非常保守。

And reality was for a company our size, that time line just got too long. So we curtailed the effort. We may resurrect it someday, but we curtailed the effort. We put the IP on the shelf for now. But reality is we have the best printing technology for printing human tissue on chips of anybody in the world.

而現實情況是，對於我們這樣規模的公司來說，這個時間線實在太長了。因此我們減少了努力。也許有一天我們會讓它復活，但我們已經減少了努力。我們暫時擱置了該 IP。但事實是，我們擁有世界上最好的在晶片上列印人體組織的列印技術。

It's just the market for that is too long for us right now. Those areas of R&D, we are curtailing. The ones where we have clear line of sight and it's short enough to strong markets and we get a good ROI, we're investing in. And I'm confident we can stay ahead of that curve at a level of spending that's mid-teens, okay? So a long-winded answer to your question, but I think it's an important one. So thanks for asking, Trevor.

只是對我們來說，這個市場現在太長了。我們正在削減這些研發領域。我們正在投資那些我們有清晰的視線、距離強勁市場足夠近並且能獲得良好投資回報率的項目。我相信我們可以在十五六年級的支出水準上保持領先地位，好嗎？所以對於你的問題，我的回答很冗長，但我認為這很重要。謝謝你的提問，特雷弗。

Alek Valero, Loop Capital Markets.

Alek Valero，Loop Capital Markets。

Hey guys, thank you for taking my question. This is Alek on for Fernanda. So you guys mentioned that tariffs are going to impact OpEx through the second half of the year. And I know you've also mentioned your efforts to fully in-source manufacturing and your supply chain operations. So my first question is, how is the progress going on the in-sourcing? And to what extent are those efforts curtailing further tariff impact?

嘿夥計們，謝謝你們回答我的問題。這是阿列克 (Alek) 代替費爾南達 (Fernanda) 上場。所以你們提到關稅將會影響下半年的營運支出。我知道您也提到了全面實現製造和供應鏈營運內部化的努力。所以我的第一個問題是，內部採購的進度如何？這些努力在多大程度上能夠進一步抑制關稅的影響？

So good question, Alek. Let me be very clear on this. So we in-sourced manufacturing and supply chain over the last two years. That's virtually complete. We've got a few odds and ends that we're still insourcing, but it's firstly done. We did that for two reasons.

這個問題問得好，阿列克。讓我明確地說明這一點。因此，我們在過去兩年中將製造和供應鏈納入了內部。這實際上已經完成了。我們還有一些零碎的事情需要內部處理，但一切都完成了。我們這樣做有兩個原因。

Number one, and first and foremost, control the quality of the product for the customer. Our products are moving into production facilities around the world. Customers cannot have quality issues. And we found contract manufacturing just we couldn't command enough attention to ensure quality of our products. So we in-source it all. We have complete control, and I'm really pleased with what we can ship today. It had the added benefit of being more efficient.

第一，也是最重要的，為客戶控制產品品質。我們的產品正在進入世界各地的生產設施。客戶不能有品質問題。我們發現合約製造無法引起足夠的重視以確保我們產品的品質。因此我們將所有業務都外包出去。我們擁有完全的控制權，我對我們今天能夠發貨的產品感到非常滿意。它還有一個額外的好處，就是效率更高。

So first of all, you're not paying somebody else's profit margin for outsourcing. And secondly, you can drive Six Sigma and Lean programs to get your own cost down. Those benefit COGS. That benefits COGS and it contributes to gross margin, not so much OpEx. It's COGS and gross margin. So we are pushing hard on those efficiencies to offset tariff impacts on the cost of certain components that we still buy overseas.

首先，您不需要為外包支付別人的利潤率。其次，您可以推動六西格瑪和精益計劃來降低成本。這些有利於 COGS。這有利於銷售成本 (COGS) 並有助於提高毛利率，但對營運支出 (OpEx) 的影響不大。這是銷貨成本和毛利率。因此，我們正在努力提高效率，以抵消關稅對我們仍在海外購買的某些零件成本的影響。

And obviously, we're trying to qualify onshore suppliers here and in Europe as much as possible. And we can actively work that because we control our own supply chain. So all of those things contribute to COGS and are an offset to tariffs.

顯然，我們正在盡可能地提高本地和歐洲供應商的資格。我們可以積極地進行這項工作，因為我們控制著自己的供應鏈。因此，所有這些都會增加銷貨成本並抵消關稅。

On the OpEx side, it's much more around back-office efficiency. So automation of back-office operations, in-sourcing of things that were very expensive professional services that we had outsourced. We're in-sourcing those now to -- we build up our own expertise internally and it's lower cost. And so, as we introduce automation, we'll take some of that cost out over the next few years.

在營運支出方面，它更多地與後台效率有關。因此，後台操作實現了自動化，將我們外包的非常昂貴的專業服務轉為內部採購。我們現在將這些內容內部化——我們在內部建立自己的專業知識，而且成本較低。因此，隨著我們引入自動化，我們將在未來幾年內消除部分成本。

Those are all OpEx related. And then obviously, the R&D spending contributes to OpEx as well. So those are the different elements of our cost reduction. Facilities closures and subleases largely contribute on the COGS side of the equation as we consolidate those fixed costs more in the business.

這些都與 OpEx 有關。顯然，研發支出也會增加營運支出。這些就是我們降低成本的不同要素。由於我們將這些固定成本更多地整合到業務中，設施關閉和轉租在很大程度上影響了 COGS 方面。

Okay. Thank you for the call there. Just a quick other question. Guys, any discussion with your customers around like buying your systems as a way to mitigate tariffs on their part?

好的。謝謝您的來電。這只是一個簡單的其他問題。夥計們，你們是否與客戶討論過購買你們的系統以減輕他們的關稅？

Yeah. It's a great thought. And they certainly are having that discussion with us more and more. The problem is where do they put it? So it can mitigate tariffs if you know where tariffs are going to be. The problem they face is the tariff landscape is a moving target.

是的。這是一個很棒的想法。他們確實越來越多地與我們進行這樣的討論。問題是他們把它放在哪裡？因此，如果你知道關稅將在哪裡，它就可以減輕關稅。他們面臨的問題是關稅格局是一個不斷變化的目標。

And so, they don't know whether they need to do it in the States or overseas. Many of these customers have factories overseas that they're buying for, and they want to know where to put the capital. So you are absolutely correct in saying that they want to have the discussion.

因此，他們不知道是否需要在美國還是在海外進行此事。許多客戶在海外都有工廠，他們想知道資金應該投向哪裡。所以你說他們想進行討論是完全正確的。

The frustration I think they have is -- not to speak, but the frustration they have is where do they put it? Where are tariffs not going to impact their production. So if they're here in the states, like aerospace and defense, it's a pretty easy discussion. It's bring it onshore, do it here in the States as much as you can.

我認為他們感到沮喪的是——不是說出來，而是他們感到沮喪的是他們該把這種沮喪放在哪裡？關稅不會影響他們的生產。因此，如果他們在美國，例如航空航天和國防領域，那麼討論起來就相當容易。把它帶到美國，盡可能在美國做。

If they have factories around the world, it's a little bit more complicated for them to know where to put it. So that's the drag we're seeing on POs is them deciding where to put their capacity. And in the meantime, if they -- like in aerospace and defense and other high reliability markets, if they say, look, we see the advantage of 3D printing, sell us a few parts, sell us some parts. That's why we talk about the 3P's, process parts and printers is there is a bridge there we can supply until they make that CapEx decision. So that's what we're working on right now.

如果他們在世界各地都有工廠，那麼他們就很難知道要把工廠設在哪裡。所以，我們看到採購訂單面臨的阻礙是他們決定將產能放在哪裡。同時，如果他們——例如在航空航天、國防和其他高可靠性市場，如果他們說，看，我們看到了 3D 列印的優勢，向我們出售一些零件，向我們出售一些零件。這就是我們談論 3P、製程零件和印表機的原因，因為在他們做出資本支出決定之前，我們可以為他們提供橋樑。這就是我們現在正在做的事情。

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

謝謝。我們的問答環節已經結束。我想將發言權交還給傑夫，請他發表進一步的評論或結束評論。

Thanks, Kevin, as always. And for everyone calling in, thank you for joining us today. We'll update you again in future quarters. We look forward to the discussion. Have a good day.

一如既往，謝謝你，凱文。對於所有打電話過來的人，感謝你們今天加入我們。我們將在未來幾季再次向您更新最新情況。我們期待討論。祝你有美好的一天。

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。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。