3D Systems Corp (DDD) 2025 Q3 法說會逐字稿

3D systems third quarter 2025 earnings conference call and webcast. (Operator Instructions). It's not my pleasure to turn the call over to your host, Monica Gould, Investor Relations for 3D Systems. Please go ahead, Monica.

3D 系統 2025 年第三季財報電話會議及網路直播。（操作說明）我很榮幸將電話轉交給主持人，3D Systems 的投資者關係負責人莫妮卡·古爾德。請繼續，莫妮卡。

Thank you. Hello and welcome to the 3D Systems third quarter 2025 earnings conference call. With me on today's call are Dr. Jeffrey Graves, President and CEO, and Phyllis Nordstrom, Interim CFO. The webcast portion of this call contains a slide presentation that we will refer to during the call.

謝謝。大家好，歡迎參加 3D Systems 2025 年第三季財報電話會議。今天和我一起參加電話會議的有總裁兼執行長傑弗瑞‧格雷夫斯博士，以及臨時財務長菲利斯‧諾德斯特羅姆。本次電話會議的網路直播部分包含一份投影片簡報，我們將在會議期間參考此簡報。

Those following along on the phone who wish to access the slide portion of the presentation may do so on the investor relations section of our website. The following discussion and responses to your questions reflect management's views as of today only. It will include forward-looking statements as described on the slide actual results may differ materially.

透過電話收聽簡報的聽眾，如果想查看簡報的幻燈片部分，可以訪問我們網站的投資者關係部分。以下討論和您問題的答案僅反映管理層截至今日的觀點。其中包含如投影片中所述的前瞻性陳述，實際結果可能與此有重大差異。

Additional information about factors that could potentially impact our financial results is included in our latest press release and our filings with the SEC, including the most recent annual report on Form 10-K and quarterly reports on Form 10-Q. During this call we will discuss certain non-GAAP financial measures in our press release and slides accompanying this webcast.

有關可能影響我們財務業績的因素的更多信息，請參閱我們最新的新聞稿和提交給美國證券交易委員會的文件，包括最新的 10-K 表格年度報告和 10-Q 表格季度報告。在本次電話會議中，我們將討論新聞稿和本次網路直播附帶的幻燈片中提及的某些非GAAP財務指標。

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

您可以找到有關這些非GAAP指標的更多披露信息，包括與可比較GAAP指標的調節表。最後，除非另有說明，本次電話會議中的所有比較都將與我們 2024 年同期的結果進行比較。接下來，我將把電話交給我們的執行長傑夫·格雷夫斯，請他致開幕詞。

Thank you, Monica, and good morning, everyone. I'll start today with a brief recap of our third quarter results. I'll provide some commentary on the overall market and then focus the remainder of my comments on our strategy and growth initiatives. I'll then turn things over to our Interim CFO Phyllis Nordstrom to provide details on the quarter's financials, and we'll then open the call for Q&A.

謝謝你，莫妮卡，大家早安。今天我先簡單回顧一下我們第三季的業績。我先對整體市場做一些評論，然後將剩餘的發言重點放在我們的策略和成長舉措上。接下來，我將把發言權交給我們的臨時財務長菲利斯·諾德斯特羅姆，讓她詳細介紹本季度的財務狀況，然後我們將開始問答環節。

So let's turn to slide five. I'll start by reviewing our third quarter results at a high level, the macroenvironment. For our company and 3D printing OEMs broadly remains challenging. This can be seen in our third quarter revenue of $91.2 million which was down 13.8% year over year, soft but consistent with our normal seasonality trends.

那我們來看第五張投影片。我將首先從宏觀層面回顧我們第三季的業績和宏觀環境。對於我們公司和廣大3D列印OEM廠商而言，這仍然是一個挑戰。從我們第三季 9,120 萬美元的營收可以看出這一點，該營收年減 13.8%，雖然疲軟，但符合我們正常的季節性趨勢。

As has been the case over the last several quarters, this overall softness continues to be driven by our customers' muted cap spending for new production capacity stemming from uncertainty around tariffs. As such, we've taken aggressive actions to adjust our cost structure while maintaining core R&D investments to position the company for long-term growth when market conditions improve.

與過去幾季的情況一樣，這種整體疲軟的局面持續受到客戶對新產能支出控制力度不足的影響，而這又源自於關稅方面的不確定性。因此，我們採取了積極的措施來調整成本結構，同時保持核心研發投資，以便在市場條件改善時為公司的長期成長做好準備。

As part of this effort, we've been rationalizing non-core assets, including the recently announced sale of Octon and 3D expert, which closed at the end of October. As you may know, these software platforms are not proprietary, but were designed to serve the entire industry, and while we will continue to remain very involved with the software.

作為這項工作的一部分，我們一直在對非核心資產進行合理化調整，包括最近宣佈出售 Octon 和 3D expert，該交易已於 10 月底完成。您可能知道，這些軟體平台並非專有軟體，而是為了服務整個產業而設計的，而我們將繼續積極參與這些軟體的開發。

We believe that transitioning these solutions to an independent software developer will help drive them as the industry standard, which will help accelerate OEM adoption of additive manufacturing broadly. We expect the financial impact of this disposition on our fourth quarter results to be approximately $1.2 million in revenue and $1 million on gross margin. This impact is reflected in our guidance for Q4.

我們相信，將這些解決方案移交給獨立的軟體開發人員將有助於推動它們成為行業標準，從而加速 OEM 廣泛採用積層製造技術。我們預計此次資產處置將對我們第四季的業績產生約 120 萬美元的收入和 100 萬美元的毛利影響。這一影響已反映在我們的第四季業績預期中。

Turning to slide six, we remain very focused on our core assets and continue our strategic investments in metal and polymer printing technology, with emphasis on R&D activities that will drive our future growth and profitability. During the quarter, we launched some very important new printer platforms derived in this case from our expertise in photopolymer Jetting technology.

翻到第六張投影片，我們仍然非常專注於我們的核心資產，並繼續對金屬和聚合物印刷技術進行策略性投資，重點是推動我們未來成長和獲利能力的研發活動。本季度，我們推出了一些非常重要的新型印表機平台，這些平台源自於我們在光敏聚合物噴射技術方面的專業知識。

Jetting is a very special 3D printing technology that involves a simultaneous deposition of thousands of fine droplets of photopolymer. These droplets are cured by ultraviolet light as they're deposited onto the build platform.

噴射成型是一種非常特殊的 3D 列印技術，它涉及同時沉積數千個細小的光敏聚合物液滴。這些液滴在沉積到建造平台上時，會透過紫外線固化。

The process can be simultaneous can simultaneously deposit multiple materials in a fast but precise pattern to create a monolithic structure having distinct regions of coloration, geometry, and mechanical performance. It's a preferred approach where speed, precision, surface finish, and multi-materials are required for an application.

該工藝可以同時以快速而精確的模式沉積多種材料，從而形成具有不同顏色、幾何形狀和機械性能的整體結構。對於需要速度、精度、表面光潔度和多種材料的應用來說，這是一種理想的方法。

In the industrial segment, we introduced the MJP 300 W+ at the Istanbul jewelry show in early October. This new generation of Jetting technology prints extremely intricate wax patterns used for casting precious metal jewelry, improving productivity by 30%, and reducing gold, silver, or platinum waste by 20%.

在工業領域，我們在 10 月初的伊斯坦堡珠寶展上推出了 MJP 300 W+。新一代噴射成型技術可列印出用於鑄造貴金屬首飾的極其複雜的蠟模，生產率提高 30%，金、銀或鉑金的浪費減少 20%。

While the global jewelry market is competitive, it's transforming rapidly into a digital manufacturing ecosystem where a designer can embrace custom creativity without sacrificing cost competitiveness in the market.

儘管全球珠寶市場競爭激烈，但它正在迅速轉型為數位化製造生態系統，設計師可以在不犧牲市場成本競爭力的前提下，盡情發揮客製化創意。

Our advantage in this growing market is our recognized expertise in Jetting technology, including both the printer itself and the custom wax materials that are essential for the post-print casting process, as well as our expert channel partners that serve the thousands of local jewelry manufacturers around the world.

我們在這個不斷增長的市場中的優勢在於我們在噴射成型技術方面公認的專業知識，包括打印機本身和打印後鑄造工藝必不可少的定制蠟材料，以及我們服務於世界各地數千家本地珠寶製造商的專業渠道合作夥伴。

Customer feedback on our new printing systems has been very positive, and we've already begun to accept orders for this new printer platform, which, given the size of this global market, we expect to accelerate rapidly in the quarters ahead.

客戶對我們新列印系統的回饋非常積極，我們已經開始接受這款新列印平台的訂單，鑑於全球市場的規模，我們預計未來幾季訂單量將迅速增長。

While fine jewelry is viewed broadly as a consumer business, it's embedded deeply in the culture of many countries around the world, which drives continuing demand growth, and the uniqueness of our wax materials combined with the high rate of their consumption in the casting process continue to make it an attractive market for our company. Go to slide seven.

雖然高級珠寶被廣泛視為消費品行業，但它深深植根於世界許多國家的文化之中，這推動了需求的持續增長，而我們蠟質材料的獨特性以及它們在鑄造過程中的高消耗率，繼續使其成為我們公司一個有吸引力的市場。請看第七張投影片。

In applying Jetting technology to the dental market in the third quarter, we announced the full commercial release of our next dent jetted denture solution for the US market. Our consistent investment in this revolutionary dental technology has culminated in a truly outstanding denture product with associated excellent economics for dental labs across the Americas, Europe, and even in Asia.

在第三季將噴射技術應用於牙科市場時，我們宣布將在美國市場全面推出下一代牙科噴射義齒解決方案。我們對這項革命性牙科技術的持續投入，最終打造了一款真正傑出的義齒產品，為美洲、歐洲乃至亞洲的牙科實驗室帶來了極佳的經濟效益。

This first to market solution for jetted monolithic dentures utilizes multiple materials in a single printing process to deliver a durable, long wear, aesthetically beautiful prosthetic to patients this results in a faster, more cost effective.

這種首創的噴射式整體義齒解決方案在一次列印過程中使用多種材料，為患者提供耐用、持久、美觀的義齒，從而實現更快、更經濟高效的修復。

And highly scalable alternative to traditional denture manufacturing, enabling both an outstanding patient experience and a strong return on investment for dental labs that provide these products to local dentist dental professionals each day. We've already placed these printers with a dozen of the leading US dental labs that serve the American market, and feedback has been excellent.

這是一種高度可擴展的傳統義齒製造替代方案，既能為患者帶來卓越的體驗，又能為每天向當地牙醫提供這些產品的牙科實驗室帶來豐厚的投資回報。我們已經將這些印表機交付給了十幾家服務於美國市場的美國領先牙科實驗室，反饋非常好。

We're building backlog for the fourth quarter and we're very excited about this market opportunity which we believe will reach a billion dollars in industry revenue across the US and Europe alone over the next several years as the market transitions to 3D printing and away from machining and hand assembly.

我們正在為第四季度累積訂單，我們對這個市場機會感到非常興奮，我們相信，隨著市場從機械加工和手工組裝轉向 3D 列印，未來幾年僅在美國和歐洲，該行業的收入就將達到 10 億美元。

Given the success that we've seen with our US product launch in parallel with the European regulatory approval which we're targeting for mid 2026, we continue to work aggressively through the regulatory process in other markets throughout Central and South America and in Asia, which we expect to follow rapidly.

鑑於我們在美國的產品上市取得了成功，同時我們正努力爭取在 2026 年年中獲得歐洲監管部門的批准，我們將繼續積極推進中南美洲和亞洲其他市場的監管審批流程，我們預計這些市場也將很快跟進。

With the addition of the addition of our denture solution to our industry leading positions in both aligner technology and our next dental materials portfolio, we expect dentistry to be one of our single largest revenue streams in the years ahead, given the custom nature of the applications and the strict regulatory standards.

隨著我們在矯正器技術和下一代牙科材料組合方面保持行業領先地位，並新增了義齒解決方案，鑑於牙科應用的定制化特性和嚴格的監管標準，我們預計牙科將成為未來幾年我們最大的單一收入來源之一。

Turning to slide eight, another core area for core area of focus for us is the MedTech half of our healthcare business. For 3D systems, MedTech comprises our historical personalized health services business, our small but important point of care business. Medical implants and traditional printer and consumable sales to medical OEMs.

翻到第八張投影片，我們關注的另一個核心領域是我們醫療保健業務中的醫療技術部分。對於 3D 系統而言，MedTech 包括我們歷史悠久的個人化健康服務業務，以及我們規模雖小但重要的護理點業務。向醫療OEM廠商銷售醫療植入物、傳統印表機和耗材。

While we're most often prohibited from discussing details of our point of care efforts for long periods of time, these groups live within leading research and specialty hospitals around the world, focusing on new and highly innovative applications of our medical 3D printing technology, which are extraordinary in terms of patient impact and provide the best indicators of where 3D printing can bring the most value to patients.

雖然我們通常被禁止在很長一段時間內討論我們在護理點的工作細節，但這些團隊生活在世界各地領先的研究和專科醫院中，專注於我們醫療 3D 列印技術的全新和高度創新的應用，這些應用在對患者的影響方面非常出色，並提供了 3D 列印技術在哪些方面可以為患者帶來最大價值的最佳指標。

And hospital systems in the future as these applications are successful, we're well positioned to gain any required regulatory approvals and then bring them to the market broadly. While there are quarter to quarter fluctuations in growth rates for MedTech, particularly driven by seasonality of pre-planned orthopedic procedures, this business remains on track to grow at a double-digit rate once again this year.

未來，隨著這些應用取得成功，醫院系統將能夠順利獲得任何必要的監管批准，然後將其廣泛推向市場。儘管醫療科技產業的成長率存在季度波動，特別是受預先規劃的骨科手術季節性因素的影響，但該產業今年仍有望再次實現兩位數的成長。

To drive this consistent strong growth, we can continue to build on our market leading position with new applications, materials, and printing technologies, the vast majority of which ultimately require regulatory approvals. This not only provides a strong pipeline of new patient indications that we can address, but also opens new markets for medical 3D printing, such as trauma.

為了推動這種持續強勁的成長，我們可以繼續鞏固我們在市場上的領先地位，開發新的應用、材料和印刷技術，但其中絕大多數最終都需要獲得監管部門的批准。這不僅為我們提供了大量可以解決的新的患者適應症，而且還為醫療 3D 列印開闢了新的市場，例如創傷治療。

Which is now the fastest growing element of our PHS business. The key area of focus for us in med tech is accelerating the use of our printed medical grade peak materials, that's polyether ether ketone for short. These materials are biocompatible with properties very similar to native human bones, and can be custom printed very quickly and economically.

這目前是我們公共衛生服務業務中成長最快的部分。我們在醫療技術領域的重點是加速使用我們列印的醫用級峰值材料，簡稱聚醚醚酮。這些材料具有生物相容性，其特性與天然人類骨骼非常相似，並且可以快速且經濟地進行客製化列印。

Importantly, they can complement titanium implants, which have similar strength and compatibility, but instead of blocking radiation used for imaging or the treatment of cancer, peak materials are transparent to it, allowing doctors to observe and treat the underlying tissue when required.

重要的是，它們可以與鈦植入物互補，鈦植入物具有類似的強度和兼容性，但峰值材料不會阻擋用於成像或癌症治療的輻射，而是對輻射透明，使醫生能夠在需要時觀察和治療下方的組織。

These printed peak materials are now being used in realli patient applications such as reconstruction of the face and skull from defects or injuries, and even addressing post-cancer related surgical procedures and even trauma cases. An example of printed peak for a spinal application is shown on the right side of slide 8. In this case, we printed a porous peak implant tailored for enhanced bone growth.

這些印刷的峰值材料現在正被用於真正的患者應用中，例如面部和顱骨缺陷或損傷的重建，甚至用於癌症後相關的外科手術以及創傷病例。幻燈片 8 右側顯示了脊椎應用的列印峰值範例。在這種情況下，我們列印了一種多孔峰形植入物，旨在促進骨骼生長。

The results of which can easily be seen in the X-rays. In addition to the patient benefits, our technology investments have brought the cost and response time down to the point where bones can be repaired in hours or days instead of weeks, further opening the range of cases that can be addressed from pre-planned complex surgeries to rapid responses needed for trauma cases.

其結果很容易從X光片中看出。除了為患者帶來益處外，我們的技術投資也降低了成本和響應時間，使得骨骼修復可以在幾小時或幾天內完成，而不是幾週，進一步擴大了可以處理的病例範圍，從預先計劃的複雜手術到創傷病例所需的快速響應。

We expect this trend to continue in the years ahead. Now let's turn to slide nine. In addition to new printer and materials technologies, we also recently announced several important milestones in our Saudi Arabian growth initiative. In 2022, we established the National Additive Manufacturing Innovation Company, or NAMIC for short.

我們預計這一趨勢將在未來幾年持續下去。現在我們來看第九張投影片。除了新的印表機和材料技術外，我們最近還宣布了我們在沙烏地阿拉伯發展計畫中的幾個重要里程碑。2022年，我們成立了國家增材製造創新公司，簡稱NAMIC。

Through a partnership with the Saudi Arabian Industrial Investments Company, the goal of this venture was to enable Saudi Arabia's Vision 2030 program. Which aims to create a strong local manufacturing base and enable the kingdom to industrialize more rapidly through the adoption of industrial scale 3D printing.

透過與沙烏地阿拉伯工業投資公司的合作，該合資企業的目標是實現沙烏地阿拉伯的「2030願景」計畫。其目標是打造強大的本地製造業基礎，並透過採用工業規模的 3D 列印技術，使王國能夠更快地實現工業化。

3D Systems is the exclusive provider of printers and materials, both polymers and metals, to the joint venture of NAI providing local application expertise, service, and support for customers. Recently we were proud to announce that the Saudi Electric Company, or SEC for short, the Middle East's largest electricity producer, signed an agreement to make a strategic investment in Miami.

3D Systems 是 NAI 合資企業的獨家印表機和材料（包括聚合物和金屬）供應商，為客戶提供在地應用專業知識、服務和支援。近日，我們很榮幸地宣布，中東最大的電力生產商沙烏地電力公司（簡稱 SEC）簽署了一項協議，將在邁阿密進行策略性投資。

Acquiring a 30% stake in the venture with the goal of reducing costs and lead times for high demand spare parts through the creation of a local manufacturing capability combined with advanced digital warehousing. This partnership strengthens NAMIC while deepening collaboration with SEC to establish new workflows that accelerate the adoption of 3D printing for critical energy infrastructure applications and to develop a skilled national workforce.

收購該合資企業 30% 的股份，目標是透過建立本地製造能力並結合先進的數位倉儲，降低高需求備件的成本和交貨時間。此次合作將加強 NAMIC 的實力，同時深化與 SEC 的合作，以建立新的工作流程，加速 3D 列印技術在關鍵能源基礎設施應用中的普及，並培養一支技能嫻熟的國家勞動力隊伍。

Additionally, the Modern Isotopes Factory, or MIF for short, a Saudi Electric Company, a Saudi company established to support the expanding need for radioactive sources for industrial applications, has signed a framework agreement of $26 million with NAMIC for the manufacture of up to 2000 tungsten core components used in non-destructive testing devices for pipelines and weldment inspection.

此外，現代同位素工廠（簡稱 MIF）是一家沙烏地阿拉伯電力公司，該公司成立的目的是為了滿足工業應用對放射源日益增長的需求。該公司與 NAMIC 簽署了一項價值 2600 萬美元的框架協議，用於製造多達 2000 個鎢芯組件，這些組件將用於管道和焊接件檢測的無損檢測設備。

And in the key market of defense and aerospace, Lockheed Martin recently announced a collaboration with NAMIC to qualify and use additive manufacturing to develop critical military and aerospace components in Saudi Arabia, utilizing 3D systems, direct metal printing technology.

在國防和航空航太這個關鍵市場，洛克希德馬丁公司最近宣布與 NAMIC 合作，利用 3D 系統和直接金屬列印技術，在沙烏地阿拉伯開發關鍵的軍事和航空航太零件，並對其進行認證和使用積層製造技術。

While it has taken time to establish the local capabilities needed to support these customers, we're very excited to see our efforts begin to bear fruit in what we believe will be an increasingly important element of our global growth strategy and high reliability industrial markets in future years.

雖然建立支援這些客戶所需的本地能力需要時間，但我們非常高興地看到，我們的努力開始取得成果，我們相信這將在未來幾年成為我們全球成長策略和高可靠性工業市場中越來越重要的組成部分。

Turning to slide 10, I'll briefly touch on additional critical market opportunities before turning the call over to Phyllis. AI infrastructure is shown on the left-hand side of slide 10, and aerospace and defense highlighted on the right are two of the emerging growth opportunities that I'm most excited about, given the exceptional level of investments now being made in these areas, starting with AI infrastructure.

接下來請看第 10 張投影片，我將簡單介紹一些其他重要的市場機遇，然後把電話交給 Phyllis。第 10 張投影片左側展示了人工智慧基礎設施，右側重點介紹了航空航天和國防，這兩個新興成長機會是我最興奮的兩個領域，因為目前這些領域正在進行大量的投資，首先就是人工智慧基礎設施。

There are three key areas where we participate. These include semiconductor chip manufacturing, where our 3D metal printing capability provides critical componentry for chip fabrication equipment. Data centers where our ability to print 3D print copper-based heat transfer components to help keep these high intensity computational units cool are increasingly valuable.

我們主要參與三個領域的工作。其中包括半導體晶片製造，我們的 3D 金屬列印能力為晶片製造設備提供關鍵組件。在資料中心，我們利用 3D 列印技術製造銅基傳熱組件，幫助維持這些高強度計算單元的冷卻，這項技術的價值日益凸顯。

And for components used in gas turbine engines that are used to create the electricity that powers the data center. These markets are beginning to receive enormous investments around the world, and we've been developing key applications for them for several years in anticipation of increasing demand.

以及用於燃氣渦輪機發動機的部件，這些發動機用於產生為數據中心供電的電力。這些市場正開始獲得來自世界各地的大量投資，為了滿足不斷增長的需求，我們已經開發了關鍵應用多年。

From an aerospace and defense standpoint, as printing technology has scaled and key materials for high temperature and aggressive environment applications have come online. The applications for 3D printing have rapidly expanded. Our latest efforts, which range from rocketry to naval applications and from human systems to drones, have shown great promise.

從航空航太和國防的角度來看，隨著印刷技術的規模發展，以及用於高溫和惡劣環境應用的關鍵材料的出現。3D列印的應用範圍迅速擴大。我們最新的努力，涵蓋火箭技術、海軍應用、人體系統和無人機等領域，都展現了巨大的潛力。

These customers are not only working on a wide range of new applications of our technology, but encouraging us on a selective basis to support them from the developmental phase through initial component fabrication, particularly for low volume, challenging prototypes.

這些客戶不僅致力於我們技術的各種新應用，而且還鼓勵我們有選擇地為他們提供支持，從開發階段到初始組件製造，特別是對於小批量、具有挑戰性的原型。

We select this work very carefully such that we can ultimately bridge the customer from limited parts supply to full scale production either within their factories or the supplier of their choice. This business model is unique and we believe will be highly effective as we work hard to grow this portion of our business both in the US and in Europe from our regional locations in Colorado and in Leuven, Belgium.

我們精心挑選這項工作，以便最終能夠幫助客戶從有限的零件供應過渡到在其工廠或他們選擇的供應商進行大規模生產。這種商業模式獨一無二，我們相信，隨著我們努力從我們在科羅拉多州和比利時魯汶的區域辦事處拓展我們在美國和歐洲的這部分業務，這種商業模式將會非常有效。

So with that, I'd like to introduce Phyllis Nordstrom, our Interim CFO. I've had the pleasure of working with Phyllis in several capacities for many years, and I'm very pleased that she stepped into this important role at such a challenging time for our industry. Phyllis.

那麼，接下來，我想向大家介紹我們的臨時財務長菲利斯·諾德斯特羅姆。多年來，我有幸與 Phyllis 在多個職位上共事，我很高興她能在我們行業面臨如此挑戰的時期承擔起這一重要角色。菲利斯。

Thank you, Jeff. I appreciate everyone joining us today. I began at 3D Systems in 2021, serving as the Chief People Officer and then Chief Administrative Officer. In early September, I stepped into the role of interim Chief Financial Officer.

謝謝你，傑夫。感謝今天所有到場的各位。我於 2021 年加入 3D Systems，先後擔任人力資源長和首席行政官。9月初，我開始擔任臨時財務長一職。

My background is in finance and accounting, and throughout my career I've held a variety of roles within these areas. Most recently, I led audit and risk management teams at NTS Systems and PricewaterhouseCoopers, where I focused on advancing strategic priorities, driving operational excellence, and strengthening discipline around risk and controls.

我的專業背景是金融和會計，在我的職業生涯中，我曾擔任過這些領域的各種職位。最近，我曾在 NTS Systems 和普華永道領導審計和風險管理團隊，專注於推進策略重點、推動卓越營運以及加強風險和控制方面的紀律。

Before I begin a review of the third quarter results, I would like to remind you we completed the divestiture of our Geomagic software business on April 1, of this year. As a result, throughout today's call, we will reference both reported results and adjust the comparisons that exclude our Geomagic business, allowing for an apples-to-apples comparison of our performance across periods.

在開始回顧第三季業績之前，我想提醒各位，我們已在今年 4 月 1 日完成了 Geomagic 軟體業務的剝離。因此，在今天的電話會議中，我們將參考已公佈的業績，並調整比較數據，排除我們的 Geomagic 業務，以便對我們在不同時期的業績進行公平的比較。

With that, let's begin with a summary of our revenue, which you'll find on slide 12. Third quarter consolidated revenue was $91.2 million, down 19% year over year or 14% when excluding Geomagic. Sequentially, revenue declined modestly, primarily reflecting typical third quarter seasonality and the absence of a regenerative medicine milestone that was recognized in the prior quarter.

接下來，讓我們從收入摘要開始，您可以在第 12 頁找到相關資訊。第三季綜合營收為 9,120 萬美元，年減 19%，若不計入 Geomagic，則下降 14%。與上一季相比，收入略有下降，主要反映了典型的第三季季節性因素以及上一季確認的再生醫學里程碑的缺失。

Within our segments, industrial solutions revenue of $48 million declined 16% year over year or 4.5% excluding Geomagic. These declines were primarily driven by softness in our printers and material sales and consumer facing and markets. This was partially offset by continued momentum in aerospace and defense, which grew nearly 50% over the prior year.

在我們各個業務板塊中，工業解決方案收入為 4,800 萬美元，年減 16%，若不計 Geomagic，則下降 4.5%。這些下滑主要是因為我們的印表機和材料銷售以及面向消費者的市場疲軟所致。航空航太和國防領域的持續成長勢頭部分抵消了這一影響，該領域比上一年增長了近 50%。

Healthcare solutions revenue of $43 million decreased 22% from prior year, predominantly driven by lower sales within dental, with 2024 representing higher purchase volumes from a specific customer. Outside of her dental business, Medtech delivered solid growth, up 8% from the prior year and slightly ahead of last quarter.

醫療保健解決方案收入為 4,300 萬美元，比前一年下降 22%，主要原因是牙科領域的銷售額下降，而 2024 年則代表著來自特定客戶的採購量增加。除了牙科業務外，Medtech 業務也實現了穩健成長，比上年增長 8%，略高於上一季。

Additionally, we continue to see momentum in our PHS business with year-to-date growth of 10% through Q3. Now to slide 13. For the third quarter, we reported a non-GAAP margin of 33% compared to 38% in the prior year and 34% when adjusted to exclude Geomagic. The year over year gross margin decline was modest, primarily driven by lower sales volume and reduced material sales.

此外，我們的 PHS 業務繼續保持成長勢頭，截至第三季度，今年迄今已成長 10%。現在來看第13張投影片。第三季度，我們的非GAAP利潤率為33%，而上年同期為38%，若不計入Geomagic的利潤率，則為34%。毛利率年減幅度不大，主要原因是銷售量下降和原物料銷售減少。

These impacts are partially offset by reduced inventory reserves compared to the prior year. Gross margin declined sequentially, reflecting the absence of the prior quarter's regenerative medicine milestone as previously discussed, as well as higher manufacturing variances in the period. Turning to slides 14 and 15.

與前一年相比，庫存儲備減少，部分抵消了這些影響。毛利率環比下降，反映出上一季再生醫學里程碑事件的缺席（如前所述），以及該期間生產差異增加。請翻到第14和15頁幻燈片。

We continue to demonstrate strong cost management in the quarter with non-GAAP operating expenses of $44.7 million, down 24% year over year when adjusted to exclude Geomagic and down 4.5% sequentially. This improvement reflects the impact of our cost reduction initiatives which run through the first half of 2026.

本季我們持續展現強勁的成本管理能力，非GAAP營運支出為4,470萬美元，經調整剔除Geomagic後較去年同期下降24%，季減4.5%。這項改善反映了我們成本削減計畫的影響，這些計畫將持續到 2026 年上半年。

Our cost actions are well underway and continue to focus on optimizing our organizational capacity, streamlining our facilities footprint, and reducing expenses across the business. Looking ahead, we expect continued reductions in expenses through the end of the year and are targeting fourth quarter operating expenses to be marginally below the current quarter.

我們的成本控制措施正在穩步推進，並將繼續專注於優化組織能力、精簡設施佈局以及降低整個業務的支出。展望未來，我們預計到年底前將繼續削減開支，並力爭使第四季的營運開支略低於本季。

To date, we are on track to deliver over $50 million in annualized savings by year end. As we look ahead to the fourth quarter and the first half of next year, our cost savings initiatives will be closely aligned to the company's strategic priorities for 2026, focusing our investments on the products and markets that offer the greatest opportunity both for growth and profitability.

截至目前，我們預計在年底前實現超過 5,000 萬美元的年度節省目標。展望第四季和明年上半年，我們的成本節約計畫將與公司 2026 年的策略重點緊密結合，將投資重點放在最具成長和獲利潛力的產品和市場上。

Turning now to slide 16 to finalize the P&O. Adjusted EBITDA for the third quarter was $10.8 million, an improvement of $3.5 million compared to the prior year. We've reported a GAAP net loss of $18 million for the quarter or a GAAP loss per share of $0.14, a meaningful improvement compared to the $1.35 loss per share in the prior year period.

現在翻到第 16 張投影片，完成 P&O。第三季調整後 EBITDA 為 1,080 萬美元，比上年同期成長 350 萬美元。我們公佈的季度GAAP淨虧損為1800萬美元，即每股GAAP虧損0.14美元，與上年同期每股虧損1.35美元相比，這是一個顯著的改善。

The improvement was primarily related to the absence of prior year asset impairment charges, as well as lower amortization expense and lower operating expenses in the current quarter. In a non-GAAP basis, loss per share was $0.08, an improvement from $0.12 in the prior year period. This progress reflects our focus on cost reductions across the business. Turning now to slide 17 for a review of the balance sheet.

業績改善主要與上年度資產減損費用的取消，以及本季攤銷費用和營運費用的降低有關。以非GAAP準則計算，每股虧損0.08美元，較上年同期的0.12美元有所改善。這項進展反映了我們致力於在整個業務範圍內降低成本的理念。現在翻到第 17 張投影片，回顧一下資產負債表。

To close the quarter with $114 million in total cash, consisting of $95 million in cash and cash equivalents and $19 million in restricted cash. Total debt net of deferred financing costs was $123 million as of the end of the quarter of that total, $35 million is due in the fourth quarter of 2026 with the remaining balance due in 2030.

本季末，公司現金總額為 1.14 億美元，其中包括 9,500 萬美元現金及現金等價物及 1,900 萬美元受限現金。截至本季末，扣除遞延融資成本後的總債務為 1.23 億美元，其中 3,500 萬美元將於 2026 年第四季到期，剩餘餘額將於 2030 年到期。

We have successfully reduced cash usage over the past two quarters and expect continued improvement as we execute on our remaining cost savings actions through the first half of next year. As we enter the fourth quarter, my priorities remain focused on completing our cost reduction initiatives while working closely with the business to prioritize key markets, products, services, and investments.

過去兩個季度，我們已成功降低現金使用量，預計隨著明年上半年剩餘成本節約措施的實施，現金使用量將持續改善。進入第四季度，我的工作重點仍然是完成成本削減計劃，同時與業務部門緊密合作，確定重點市場、產品、服務和投資的優先順序。

These efforts are aimed at delivering meaningful impact both in the near term and throughout 2026. So with that, we thank you for your time and support of 3D Systems. We'll now open the line for questions, operator.

這些努力旨在近期和整個 2026 年都產生有意義的影響。在此，我們感謝您抽出時間並支持 3D Systems。現在我們開通提問專線，接線員。

Thank you. And I'll be conducting a question-and-answer session. (Operator Instructions). Troy Jensen from Lake Street Capital Markets.

謝謝。我也會進行問答環節。（操作說明）來自 Lake Street Capital Markets 的 Troy Jensen。

Hey, good morning, Jeff welcome, Phyllis. Thanks for taking my question here.

嘿，早安，傑夫，歡迎，菲利斯。感謝您接受我的問題。

Morning, Troy.

早上好，特洛伊。

Hey, so, quick, either one of you guys, just gross margins kind of dropped, a lot sequentially here. It looked like it was mainly in products, but, maybe in both, products and services. Can you just touch a little bit on the decline in gross margins.

嘿，你們倆，快說一下，毛利率最近下降了很多，而且是環比下降了很多。看起來主要集中在產品方面，但也可能產品和服務兩方面都有涉及。能否簡單談談毛利率下降的問題？

Thanks Troy I think looking at gross margins quarter over quarter, there's really two main components as I highlighted. RegMed, we recognized a milestone under our lung program in the prior quarter that was about, $22 million of that total revenue that dropped down to the bottom line, we also had some manufacturing variances recognized in the quarter which also had an impact to our margin.

謝謝 Troy，我認為從季度環比來看毛利率，正如我所強調的那樣，主要有兩個組成部分。RegMed，我們在上一季實現了肺部計畫的一個里程碑，該里程碑帶來了約 2,200 萬美元的總收入，這直接影響了我們的利潤。此外，該季度我們也確認了一些生產差異，這也對我們的利潤率產生了影響。

I don't think those will peak going forward, but there was some scrap and some inventory reserves, so there's some slower moving inventory that we had that we cleaned up this quarter. So looking ahead you can see that we said gross margin would be flat quarter over quarter. Again, Jeff will touch on some of that, printer revenue that we're seeing with the new products that'll come in next quarter as well.

我認為這些需求不會在未來達到峰值，但是有一些廢料和一些庫存儲備，所以我們有一些週轉較慢的庫存，我們在本季度清理掉了這些庫存。展望未來，我們曾預測毛利率將與上一季持平。Jeff 也會再次談到這一點，以及隨著下個季度新產品的推出，印表機收入將會增加。

Alright, so Troy, that explains Q3. If you look at going forward, there's offsets, there's offsetting factors. So on the positive side, volume's going up, the launch of our new products, we're selling more product. In, but it is concentrated in printers right now printers faster than materials, so it'll be a mixed effect going forward, offsetting the volume benefit through the factory.

好的，Troy，這就解釋了Q3。展望未來，會發現存在一些抵消因素，一些相互抵消的因素。從正面的方面來看，銷售量正在上升，隨著新產品的推出，我們的產品銷售量也在成長。雖然目前這種趨勢主要集中在印表機上，而印表機的速度比材料消耗的速度快，因此未來會產生好壞參半的影響，抵消工廠產量帶來的好處。

So that's largely it we have a slight drag continuing on tariffs, but it's relatively constant. It's there. It's relatively constant quarter by quarter. That's it. It's pretty simple puts and takes.

所以基本上就是這樣，關稅方面仍然存在一些阻力，但相對穩定。它就在那裡。每個季度都相對穩定。就是這樣。就是簡單的投籃和拿球。

Yes, all right, understood. And then, fill this is for you too on, just on the OpEx. I think I heard you say down slightly sequentially, but, is there more to do on the cost cut efforts? I know you guys had some facility consolidations that were depending on timing. I guess what I'd ultimately like to get to is there a revenue level you think you guys need to hit once all these cost cuts are in place that'll get us to a break even.

好的，明白了。然後，填寫這份表格也是為了你，只是關於營運支出。我好像聽您說要逐步降低成本，但是，在削減成本方面還有其他工作要做嗎？我知道你們有一些設施整合工作，但這些工作需要根據時間安排來完成。我想最終弄清楚的是，在所有這些成本削減措施到位後，你們認為需要達到怎樣的收入水準才能達到收支平衡。

But, I'll start with the first part of your question, and I'll let Jeff handle the second part of your question. The first part of the question, there is still more to go get we pick out a lot of the organizational capacity actions already. There's still a little bit left to do, but the vast majority of that's behind us the facilities take a little longer there's work to do.

不過，我先回答你問題的第一部分，第二部分就交給傑夫來解答吧。問題的第一部分，還有更多需要完成的工作，我們已經挑選了很多組織能力方面的行動。雖然還有一些工作要做，但絕大部分工作已經完成，設施建設還需要一些時間，還有一些工作要做。

We've made, I think, significant strides in getting ourselves into a place where the facilities will be ready to be exited that we've identified. It's a timing issue just with the market and ensuring we can get those things, closed out so that'll happen, I think, in the first part of next year.

我認為，我們在使設施準備就緒方面取得了重大進展，我們已經確定了可以撤離的條件。這只是市場時機的問題，我們需要確保這些事情順利完成，我認為，這將在明年上半年發生。

In terms of OpEx, you're going to see a continued decline through the first half of 2026. It'll be a little bit of puts and takes in terms of timing to achieve our total cost savings objectives here. As far as revenue, I'll let Jeff sort of cover where our OpEx would need to be in terms of revenue outlook. It's something that we're doing right now as part of our 2026 budgeting.

就營運支出而言，到 2026 年上半年，你會看到持續下降的趨勢。要實現我們最終的成本節約目標，在時間安排上需要一些調整和妥協。至於收入方面，我會讓 Jeff 來談談根據收入前景，我們的營運支出需要達到什麼水準。這是我們目前正在進行的2026年預算編制工作的一部分。

And the frustrating part of what Phyllis just said, Troy, is the timing around facilities we've exited five facilities or six facilities and they're on the market now. It's just a matter of timing to get them subleased or have the leases expire. So that'll flow through over the next few quarters we're estimating, but they're all in the market right now.

特洛伊，菲利斯剛才說的令人沮喪的地方在於，我們已經關閉了五、六家工廠，而它們現在都上市了。只是轉租的時間問題，或是租約到期的問題。我們預計，這種情況會在接下來的幾季內逐漸顯現，但它們目前都已投放市場。

Just look, the other question is to me very important is where does OpEx need to be in order to really drive profitability and positive cash flow for the business. It's highly dependent obviously on gross margin that we derive from sales, so it'll be sales volume dependent, gross margin dependent. The good thing right now is we are selling a lot of high materials use printers.

你看，對我來說另一個非常重要的問題是，營運支出需要達到什麼水準才能真正推動企業獲利和實現正現金流。顯然，這很大程度上取決於我們從銷售中獲得的毛利率，因此它將取決於銷售量和毛利率。目前的好消息是我們賣出了許多高耗材印表機。

Our new products are largely focused on those. It's this, these jetting solutions consume a lot of materials in the markets they serve. The new SLA printers we have the large SLA printers, the large SLA printer. That we go to market with those consume a lot of materials, so, you'll continue to see us innovating on SLA and impacting all those product lines they pull through a lot of materials.

我們的新產品主要針對這些方面。問題在於，這些噴射解決方案在其服務的市場中消耗了大量材料。我們新引進的SLA印表機是大型SLA印表機，大型SLA印表機。我們推向市場的這些產品會消耗大量材料，因此，你會看到我們不斷在 SLA 方面進行創新，並影響所有消耗大量材料的產品線。

So there's a lag when you first sell the printer on gross margin, but we should see some nice continuous gross margin lift as they pull through materials. So that the OpEx, you could argue it to a couple of different levels depending on sales volume for factory efficiencies and the gross margin we derive from those sales. So I'm not giving you a crisp answer. Our original target of $70 million for these rounds of cost takeoff.

因此，印表機剛開始銷售時毛利率會有所下降，但隨著材料消耗，我們應該會看到毛利率持續穩定提升。因此，營運支出可以根據工廠效率的銷售量和我們從這些銷售中獲得的毛利率，從幾個不同的層面來討論。所以我無法給你一個明確的答案。我們最初為這些輪次的成本削減設定的目標是 7000 萬美元。

We believe in a little bit more normalized environment but not great environment but a little bit more normalized environment through our gross margin estimates we believe that would get us to positive cash flow and profitability. I still believe that it all is dependent on the volume and mix that that comes with increased sales. Good news is sales are picking up at Q4 as we've guided to and we're all fingers crossed for 2026 that the world continues to improve.

我們相信，稍微正常化的環境（而不是非常好的環境）能夠幫助我們實現正現金流和獲利。根據我們的毛利率預測，我們認為稍微正常化的環境能夠幫助我們實現正現金流和獲利。我仍然認為，這一切都取決於銷售成長帶來的銷售和產品組合。好消息是，正如我們預期的那樣，第四季的銷售額正在回升，我們都衷心希望2026年世界情勢能夠繼續好轉。

All right well, thank you. Good luck going forward.

好的，謝謝。祝你未來一切順利。

Yeah, thanks, Troy.

謝謝你，特洛伊。

Greg Palm from Craig-Hallum.

來自 Craig-Hallum 的 Greg Palm。

Hi, good morning. Can you hear me?

您好，早安。你聽得到我嗎？

Yes, good morning.

是的，早安。

Perfect this is Jackson Schroeder on for Greg Palm. Just kind of wanted to talk a little bit more about what was press released last week, with some of the new partnerships to talk about with Lockheed Martin, some of the stuff out in the Middle East.

完美，傑克遜·施羅德替補格雷格·帕爾姆上場。我只是想再多談談上週發布的新聞稿，包括與洛克希德馬丁公司的一些新合作關係，以及在中東的一些項目。

Can you talk a little bit more about that, give some detail, and maybe, I mean, obviously the end market and A&D, but also kind of the products and what you're working on with them.

能再詳細談談這方面嗎？能不能提供一些細節？我的意思是，顯然包括最終市場和航空航天與國防領域，但也包括產品以及您正在用它們進行的研究。

Sure, yeah, absolutely. It's so we work with Lockheed Martin around the world and obviously in the US it's they're a very big defense contractor, so very excited about this in the US. The unique thing about our Saudi initiative is when the Saudi is a big consumer of American defense products, obviously, and with that consumption goes a commitment from OEMs generally to spend money in the kingdom.

當然，沒錯，絕對沒問題。正因如此，我們與洛克希德·馬丁公司在全球範圍內開展合作，顯然，在美國，他們是一家非常大的國防承包商，所以我們對在美國的這項合作感到非常興奮。我們沙烏地阿拉伯計畫的獨特之處在於，沙烏地阿拉伯顯然是美國國防產品的主要消費國，而隨著這種消費，原始設備製造商通常會承諾在沙烏地阿拉伯王國消費。

And so it drives them to look for innovation and local manufacturing of products. So that is very consistent with why we set up our joint venture there in the first place. A lot of the JB is directed at the local Saudi infrastructure like oil and gas and electricity, but defense does benefit it substantially because of the requirement of the of the of the global defense OEMs to spend money in the kingdom.

因此，這促使他們尋求創新和在地化產品生產。所以這與我們當初在那裡設立合資企業的初衷非常吻合。聯合建設的大部分資金都用於沙烏地阿拉伯當地的基礎設施，如石油、天然氣和電力，但國防也從中受益匪淺，因為全球國防原始設備製造商需要在沙烏地王國投資。

So it's very good for us. It helps build things and the part types that they're interested in are very specific to what they sell in that part of the world, and I can't comment on those. So, but it's all the normal systems you would associate Lockheed with both aircraft and missile systems that you'd associate them with their activity is very focused and aggressive because they have these local sourcing requirements.

所以這對我們來說非常好。它有助於製造產品，但他們感興趣的零件類型與他們在該地區的銷售產品非常相關，對此我無法置評。所以，但所有你通常會把洛克希德與飛機和導彈系統聯繫起來的系統，他們的活動都非常專注和積極，因為他們有本地採購的要求。

So it's a great in with a terrific customer, and we're uniquely positioned to serve that. Obviously in the US there's other folks that can serve them as well, but these relationships take a while to develop and the technology takes a while to prove. So whether we prove it in the US, we prove it in Europe, or we prove it in Saudi Arabia, it all goes to the same endpoint.

所以，我們與一位非常棒的客戶建立了良好的合作關係，並且我們擁有獨特的優勢來服務這位客戶。顯然，在美國也有其他人可以為他們提供服務，但這些關係需要一段時間才能建立，這項技術也需要一段時間才能得到驗證。所以，無論我們在美國證明它，在歐洲證明它，還是在沙烏地阿拉伯證明它，最終結果都是一樣的。

And in terms of the systems and applications again I shouldn't talk about that for any customer, but in that case it's all the normal kind of flight systems you would expect and the things that propel those flight systems, engines and rocket motors, things like that are all fair game.

至於系統和應用方面，我不應該為任何客戶談論這些，但就此而言，所有你期望的正常飛行系統以及推動這些飛行系統的部件，例如發動機和火箭發動機等等，都是可以討論的。

Got it. And then as an off topic follow-up, maybe I missed this talking about cash generations next year, could you touch more on CapEx expectations for that?

知道了。另外，我想問一個與主題無關的問題，也許我錯過了關於明年現金流的討論，您能否詳細介紹一下明年的資本支出預期？

Yeah, our CapEx, we've, we are now able to throttle back on CapEx pretty nicely because, we've made some significant investments in past years, and our infrastructure needs don't evolve that quickly. We generally assemble products, we mix materials. They're not highly CapEx, intensive manufacturing processes, so that works in our favor.

是的，我們現在能夠很好地控制資本支出，因為我們在過去幾年裡進行了一些重大投資，而且我們的基礎設施需求變化並不快。我們通常組裝產品，混合材料。它們並非高資本支出、高生產密集的製造工藝，這對我們有利。

We have traditionally, if you drew a line through the past said 4% of sales on CapEx is a good long-term average. But I would tell you over the next couple of years the number can be meaningfully below that because we've spent pretty heavily in the last several years on building out what we needed in terms of building infrastructure, stuff like that. So 4% is a historic benchmark in a perfect world.

我們歷來認為，如果回顧過去，資本支出佔銷售額的 4% 是一個良好的長期平均值。但我可以告訴你，在接下來的幾年裡，這個數字可能會顯著低於這個數字，因為在過去幾年裡，我們在基礎建設等方面投入了相當多的資金。因此，4% 是一個理想情況下的歷史性里程碑。

And everything's growing, that's probably the level to model us at. But for the next couple of years I would tell you we can get by with substantially less than that, probably less than half of that. When we're still putting things together for 2026, but we can get by with substantially less than that because again the nature of our manufacturing operations, not very capital intensive.

一切都在發展，這或許就是我們該效法的層次。但就未來幾年而言，我可以告訴你，我們可以用遠低於這個數字的錢維持生活，可能不到這個數字的一半。我們仍在為 2026 年做準備，但實際上我們可以用比這少得多的錢，因為我們的製造業營運性質決定了它不是資本密集產業。

Perfect appreciate the call, leave it at that.

好的，謝謝你的來電，就到此為止。

Okay, thanks for the question.

好的，謝謝你的提問。

(Operator Instructions). Alek Valero from Loop Capital Markets.

（操作說明）來自 Loop Capital Markets 的 Alek Valero。

Hey guys, thanks for taking my question. So my first question is, I saw on the press release that you mentioned that the dental business is seeing more stability. I wanted to ask what is driving the dental business to stabilize, and I also wanted to ask on monolithic dentures. I want to see if you could speak to opportunity there and when we can, possibly see it become a meaningful part of revenue.

各位好，感謝你們回答我的問題。我的第一個問題是，我在新聞稿中看到您提到牙科行業正在變得更加穩定。我想了解是什麼因素促使牙科產業趨於穩定，我也想了解整體式義齒的情況。我想看看您能否談談這方面的機遇，以及我們何時能夠看到它成為收入的重要組成部分。

Yes, the two good questions. So on the first one in terms of stabilization, obviously, there's several, we have several revenue streams today in dentistry. One is our historic stream in materials to repair teeth, if you will, which is Nextgen and Vertex.

是的，這兩個問題問得很好。所以，就穩定性而言，顯然，目前牙科領域有幾種收入來源。一是我們用來修復牙齒的傳統材料，即 Nextgen 和 Vertex。

That market. Is consistent, okay, it runs pretty consistently, and we've got approvals in the US and Europe for a long time, so that's a pretty consistent performer. The volatility, revenue stream, which is great, we love it, but it's more volatile, is the liner, revenue stream. So that really, you can follow that through public statements by the customers that we serve.

那個市場。表現穩定，嗯，運行相當穩定，而且我們在美國和歐洲都獲得了很長時間的批准，所以它的表現相當穩定。波動性，收入來源，這很好，我們喜歡它，但它波動性更大，是班輪收入來源。所以，你可以透過我們服務的客戶的公開聲明來了解這一點。

That market fluctuates because in tougher economic times, some people, consumers view those as luxury items, and they don't spend as much money on them. There's also, a number of different age groups that those, OEMs try to serve from younger folks to, middle aged and older folks with the growth in video conferencing and stuff, straight teeth have become very popular.

這個市場會波動，因為在經濟不景氣的時候，有些消費者會把這些商品視為奢侈品，不會再花那麼多錢買它們。此外，隨著視訊會議等技術的發展，從年輕人到中年人和老年人，許多不同的年齡層的人群也希望擁有整齊的牙齒，而這些原始設備製造商（OEM）也試圖服務這些人群。

And it also varies by geography, so US, Europe, Asia, so we serve, we're a big provider in that market. I think we're the leader in providing, printing technology and materials in that market by far, and we kind of go, we kind of live with the volatility that encounters. So if you want to understand the driver of that, you can easily, the public companies, you can e easily tie into their earnings calls.

而不同地區的市場情況也不盡相同，例如美國、歐洲、亞洲，我們在這些市場都是一家大型供應商。我認為我們在該市場提供印刷技術和材料方面遙遙領先，我們也一直在努力適應由此帶來的波動。所以，如果你想了解背後的驅動因素，你可以很容易地透過上市公司的財報電話會議來了解。

And I think what you would hear right now is that market has declined in the last couple of quarters but is now stabilizing, for them in terms of end product sales. So if you work back through the supply chain, you would, you, it's consistent with our commentary on we see revenue stabilizing in that market and, it's, it continues to be a great business. It's stable now.

我認為你現在會聽到這樣的說法：就最終產品銷售而言，市場在過去幾季有所下滑，但現在正在趨於穩定。所以，如果你沿著供應鏈往回追溯，你會發現，這與我們先前的評論一致，即我們看到該市場的收入趨於穩定，而且它仍然是一項很棒的業務。現在穩定了。

Love to see it return to faster growth, but we're, it, we kind of live with that volatility of consumer spending. The denture part of your question is very interesting. Dentures today are, largely handmade products. I'm sure that patients and the consumers of those products don't appreciate the labor content that goes into a denture historically.

我們當然希望看到它恢復更快的成長，但是，我們，我們，某種程度上也只能接受消費支出的這種波動性。你問題中關於假牙的部分很有意思。現今的假牙大多是手工製作的產品。我相信病人和這些產品的消費者並不了解製作一副假牙在歷史上所耗費的人力成本。

So you, whether you, make teeth by machining, which is the common way to do it, or you print, you try to print them, the assembly of the product has historically, up until now, been very much a hand operation. If you walk through a dental lab, which is where these products are made, they're made regionally in the US and Europe, and they serve all the dentists around the city.

所以，無論你是用機械加工（這是常見的方法）來製造牙齒，還是嘗試列印牙齒，產品的組裝在歷史上，直到現在，都很大程度上是手工操作。如果你走進牙科實驗室（這些產品就是在那裡生產的），你會發現它們是在美國和歐洲各地生產的，服務全市所有牙醫。

If you walked into that lab, you would see a lot of people that are involved in some way in making and finishing dentures, okay? Because it's labor intensive, some labs have chosen to ship the assembly operation to Asia to access lower cost labor, but that's the way it's gone. That is all going to change now, with digital dentistry.

如果你走進那個實驗室，你會看到很多人以某種方式參與義齒的製作和加工，懂嗎？由於組裝工作需要大量勞動力，一些實驗室選擇將組裝業務轉移到亞洲以獲得更低成本的勞動力，但這就是現狀。隨著數位化牙科的出現，這一切都將改變。

The scanners that dentists employ now are excellent, so you can get a good scan of someone's, teeth or their knees from their jaw, in construction. You can send that image to a lab, but now instead of being made by hand, you can 3D print a denture. And you can print it in minutes and hours, not days, okay? and finish it.

現在牙醫使用的掃描器非常出色，因此可以很好地掃描某人的牙齒、膝蓋、下顎骨以及進行建築施工等。你可以把那張圖片傳給實驗室，但現在不用手作，而是可以3D列印假牙了。而且你可以在幾分鐘或幾小時內列印出來，而不是幾天，好嗎？然後完成它。

It is beautiful it is durable, it, in many cases matches or exceeds current product standards, and within a year or two, it'll be the full spectrum of colors, performance, everything that people expect today will be embodied in these dentures. So I'm thrilled with the product. I love the process because it takes enormous time and cost.

它美觀耐用，在許多方面都達到或超過了當前的產品標準，而且在一兩年內，它將擁有全系列的顏色、性能，人們今天所期望的一切都將體現在這些假牙中。我對這款產品非常滿意。我喜歡這個過程，因為它需要耗費大量的時間和金錢。

Out of manufacturing and what the patient experiences at the end when they buy the denture is excellent, so it wins on every front and the economics are absolutely compelling. So what it's paced by, and this is, where the rubber hits the road for investors is okay, you talk about a billion dollar market. What has to happen to make that happen?

從製造工藝到患者最終購買假牙時的體驗都非常棒，因此它在各個方面都勝出，而且經濟效益也絕對令人信服。所以，真正考驗投資人的是，這是一個價值十億美元的市場。要實現這一點，需要發生什麼？

We need to, we've got full regulatory approval in the United States. We need now to mimic that in Europe and we're working our way through. That'll happen in '26. We need then to have these dental labs, try the manufacturing process and accept it and phase it in and that's, I wish that process was faster, but it is, it's becoming a very sticky product.

我們需要這樣做，我們已經獲得了美國的全面監管批准。現在我們需要在歐洲複製這種模式，我們正在努力實現這一目標。那件事將在2026年發生。因此，我們需要這些牙科實驗室來嘗試生產工藝，接受它，並逐步推廣。我希望這個過程能更快一些，但事實並非如此，它正變得越來越難以推廣。

They like the product they're going to wring it out and try and make sure their economics work. I'm very confident they do, and then I then we'll be selling a lot more machines. So our production rates are ramping. We've brought an inventory to make the product and the materials are fantastic.

他們喜歡這個產品，他們會竭盡全力榨取它的剩餘價值，並努力確保他們的經濟效益能夠實現。我非常有信心他們會這樣做，那樣的話我們就能賣出更多的機器了。因此，我們的生產速度正在提升。我們已經採購了生產該產品所需的材料，這些材料非常棒。

So I expect revenues to continue to grow in that market, that we want to access as much of that billion dollars market, billion dollar market as we can because I think this beats any manufacturing process out there. We are also.

所以我預計該市場的收入將繼續成長，我們希望盡可能進入這個價值數十億美元的市場，因為我認為這比任何製造流程都更勝一籌。我們也是。

But because of requests now seeking regulatory approval in Central and South America, several countries there would like to to adopt the technology as well. Some of them use US standards, some use European, some use a blend. Every country is different. It takes some time to get through those, but I have yet to see us ship a product to a lab and then say, wow, this does not work for me, okay?

但由於目前中南美洲正在尋求監管部門的批准，一些中南美洲國家也希望採用這項技術。有些採用美國標準，有些採用歐洲標準，有些則採用兩者的混合標準。每個國家都不一樣。完成這些工作需要一些時間，但我還沒有見過我們把產品送到實驗室後說：“哇，這對我來說行不通，好嗎？”

Everybody that tries it loves the output of it right now, right? And if if there's any hesitations, it gets down to the details of the market they serve in terms of coloration, gums and teeth, it varies by demographics, region of the world, all of that. So there's a little more work to do on some areas of the market, but fantastic acceptance. We're excited about the growth, and now it's just working through there.

目前所有嘗試過的人都對它的效果讚不絕口，對吧？如果還有任何猶豫，那就取決於他們所服務的市場的具體細節，例如牙齒的顏色、牙齦和牙齒狀況，這會因人口統計、世界地區等因素而有所不同。所以，在某些市場領域還有一些工作要做，但市場接受度非常高。我們對這種成長感到興奮，現在只是在努力實現它。

So all in all, dentistry for us, I think it's going to be a great business. It already is. The repair materials will always be needed for caps and crowns and all of that. The aligner product is very well accepted. It may become a little bit more of a volatile market with consumer spending in some parts of the world, but it's a, it's great. It'll continue to consume, a lot of material and printer investment.

總而言之，我認為牙科對我們來說將會是一個很棒的行業。已經是這樣了。修復材料，例如牙冠和牙套等，總是需要的。這款矯正器產品非常受歡迎。世界某些地區的消費支出可能會使市場波動更大，但這仍然很棒。它將繼續消耗大量材料和印表機投資。

It is the most, it's the largest application for 3D printing today. Well, over a million of those are made per day. Through 3D printing because they're all unique to each person's, teeth, so materials will be strong, aligners will be strong for us we're doing some really good work on, night guards as well, and obviously the and I would say direct printing of aligners to change both the markets they serve.

這是目前3D列印技術最廣泛、規模最大的應用。嗯，每天生產的這類產品超過一百萬個。由於每個人的牙齒都是獨一無二的，所以透過 3D 列印，材料會很堅固，矯正器也會很堅固。我們正在對夜間護齒器進行一些非常好的研究，顯然，我認為直接列印矯正器將改變它們所服務的市場。

And the way the product's manufactured. We're doing some good work there and then of course Dentures is our biggest new growth initiative. So thank you for the question. I'm super excited about the product and the process, the acceptance. Look forward to updating you more in the future.

以及產品的生產方式。我們在那方面做得很好，當然，義齒是我們最大的新增長計劃。謝謝你的提問。我對產品、製作過程以及市場接受度都感到非常興奮。期待未來能與您分享更多資訊。

Got it. I have a quick follow-up if that's okay.

知道了。如果可以的話，我還有一個後續問題。

Sure.

當然。

Yeah, no, I was

是啊，不，我當時

I was. (Multiple speakers) (Inaudible)

我是。（多人說話）（聽不清楚）

Thank you. No, I was just going to ask on the denture opportunity, just digging a little deeper. So denture seems to be kind of like a more non-discretionary product with that, but that if and when that that initiative, start turns into revenue, would that become kind of like a more stable part of the dental revenue?

謝謝。不，我只是想問假牙的機會，想更深入地了解一下。所以，假牙似乎是一種非必需品，但如果這項措施能夠轉化為收入，它是否會成為牙科收入中更穩定的一部分呢？

Oh yeah, absolutely, and that's a very good question, absolutely. If you look at aligners, they truly for many people that buy them, they are, they are discretionary. I mean, a lot of people have very good teeth, they're discretionary objects, although I would tell you the applications are expanding for aligners into. To folks that need more manipulation of teeth, and beyond cosmetics.

哦，當然，這確實是個好問題。如果你仔細觀察牙套，你會發現對許多買牙套的人來說，牙套確實是可有可無的。我的意思是，很多人牙齒都很好，牙齒是可有可無的，不過我必須說，矯正器的應用範圍正在不斷擴大。適用於那些需要更多牙齒矯正，而不僅僅是出於美容目的的人。

So for actual functionality of chewing stuff. So that's, so that market is continuing to expand. Dentures are exactly what you said. They are, in my mind, an essential item to people, particularly in the developed countries and even in the non-developed countries, it's one of the first things people want.

所以，就咀嚼的實際功能而言。所以，這個市場正在持續擴張。假牙正如你所說。在我看來，它們是人們的必需品，尤其是在已開發國家，即使在開發中國家，它們也是人們最先想要的東西之一。

And life expectancies continue to expand, so you have an aging population, there's more demand, if you will, for teeth replacement, and this product wins both aesthetically and economically in addressing that need. So it should be a more stable revenue stream, a growing revenue stream as the manufacturing is converted.

隨著預期壽命的不斷延長，人口老化加劇，對牙齒修復的需求也隨之增加，而這款產品在美觀和經濟方面都滿足了這項需求。因此，隨著製造業的轉型，收入來源應該會更加穩定，並且不斷成長。

And because of the aging population and growing demand profile, so we're thrilled by it's a great, I think it'll be a great business for us, and I think you'll see dentistry for us be neck and neck with our, the balance of our healthcare business on orthopedics be two of our largest and most valuable revenue streams in the future.

由於人口老化和需求不斷增長，我們對此感到非常興奮，我認為這對我們來說將是一項偉大的業務，而且我認為你會看到，未來牙科業務將與我們醫療保健業務中的骨科業務並駕齊驅，成為我們最大、最有價值的兩個收入來源。

Very helpful. Thank you.

很有幫助。謝謝。

Sure, thanks for the questions.

當然，謝謝你的提問。

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

謝謝。我們的問答環節到此結束。我想把發言權交還給傑夫，讓他做最後的總結發言。

So thank you all for calling this morning. We look forward to updating you again, as we wrap up the year and, report Q4 and full year results in the springtime. Thanks very much for the call.

感謝大家今天早上來電。我們期待在春季結束之際再次向您報告最新情況，屆時我們將公佈第四季度和全年業績。非常感謝您的來電。

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。現在您可以掛斷電話了，祝您有美好的一天，感謝您今天的參與。