3D Systems Corp (DDD) 2025 Q4 法說會逐字稿

Greetings and welcome to the 3D system's fourth quarter and full year 2025 earnings conference call. (Operator Instructions) It's now my pleasure to turn the call over to Monica Gould, Vice President of Investor Relations. Please go ahead, Monica.

各位好，歡迎參加 3D 系統 2025 年第四季及全年業績電話會議。（操作員指示）現在我很高興將電話轉交給投資者關係副總裁莫妮卡·古爾德。請繼續，莫妮卡。

Hello and welcome to 3D Systems fourth quarter and full year 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.

大家好，歡迎參加 3D Systems 2025 年第四季及全年財報電話會議。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 this 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 and will include forward-looking statements as described on this slide actual results may differ materially.

透過電話收聽會議的聽眾，如果想查看本次簡報的幻燈片部分，可以訪問我們網站的投資者關係版塊。以下討論和對您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。

Additional information about factors that could potentially impact our financial results is included in our latest press release and our filings with the SEC, including our most recent annual report on Form 10-K. And quarterly reports on Form 10-Q.

有關可能影響我們財務業績的因素的更多信息，請參閱我們最新的新聞稿和向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格年度報告。以及季報（10-Q 表格）。

During this call, we will discuss certain non-GAAP financial measures. In our press release and slides accompanying this webcast. You will find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures.

在本次電話會議中，我們將討論一些非GAAP財務指標。請參閱我們的新聞稿和本次網路直播的幻燈片。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。

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

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。

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

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. Having executed well on both our 2025 savings initiatives and new product launches, I'm pleased to report a stronger finish to 2025 with momentum continuing to build as we move into 2026.

謝謝你，莫妮卡，大家早安。鑑於我們在 2025 年的節約計畫和新產品發布方面都取得了良好的執行效果，我很高興地報告，2025 年的業績將更加強勁地收官，並且隨著我們進入 2026 年，這種勢頭將繼續增強。

I'll start today by reviewing a few highlights from our fourth quarter and provide some comments on overall market conditions as we enter the new year. I'll then focus very specifically on our strategy and key growth initiatives, the early stages of which you can see reflected even now in our operating trends.

今天我將首先回顧我們第四季度的一些亮點，並就我們進入新的一年之際的整體市場狀況發表一些評論。接下來，我將重點介紹我們的策略和關鍵成長舉措，這些舉措的早期階段您甚至可以從我們目前的營運趨勢中看到體現。

After this, I'll turn things over to our interim CFO Phyllis Nordstrom to provide details on the quarter's financials. When Phyllis concludes, we'll open the call for Q&A.

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，由她來詳細介紹本季度的財務狀況。菲利斯發言結束後，我們將開放問答環節。

So let's turn to slide 5. Despite global economic and geopolitical challenges that have translated to restraint in CapEx spending by our customers for some time now, we've been able to balance the need for significant cost reduction with the requirement for continuity in key R&D programs that are essential to long-term growth and value creation for our customers and shareholders alike.

那我們來看第5張投影片。儘管全球經濟和地緣政治挑戰導致我們的客戶在資本支出方面有所克制，但我們仍然能夠在大幅降低成本的需求與關鍵研發項目的持續性之間取得平衡，這些項目對於我們客戶和股東的長期增長和價值創造至關重要。

I'm extremely proud of our employees and their ability to execute this balance day to day over the last two years, and I'm pleased to see the results of their hard work and creativity now entering the market. These efforts are allowing us to refresh our installed base of printers, which is the largest and most diverse in the world and launch exciting new products and applications that provide extraordinary value to our customers.

我為我們的員工感到無比自豪，他們在過去兩年裡每天都能很好地保持這種平衡，我很高興看到他們的辛勤工作和創造力現在正進入市場。這些努力使我們能夠更新我們全球規模最大、種類最豐富的印表機安裝基礎，並推出令人興奮的新產品和應用程序，為我們的客戶提供非凡的價值。

Importantly, during a period in our industry where cost savings are imperative, we've reduced overall operating costs while selectively doubling down on those industries where additive manufacturing is poised to reshape the market and where we have a unique competitive advantage.

重要的是，在我們行業必須節省成本的時期，我們降低了整體營運成本，同時有選擇地加倍投入到那些增材製造有望重塑市場且我們擁有獨特競爭優勢的行業。

I'll provide specific details on these markets in a few moments, and Phyllis will summarize the impact of both our cost actions and growth initiatives on our financial performance and trends.

稍後我將詳細介紹這些市場，菲利斯將總結我們的成本控制措施和成長計畫對財務表現和趨勢的影響。

Slide 6. I'll start by reviewing our highlights from the fourth quarter. Consistent with past years, we had seasonally strong Q4 in our historic markets, but what was unusual this year was the additional top-line benefits specifically related to our three key growth initiatives. Given their importance, I'll cover these key growth areas in some detail in a few moments.

幻燈片 6。我先來回顧一下第四季的亮點。與往年一樣，我們在傳統市場迎來了第四季度的強勁成長，但今年不同尋常的是，與我們的三大關鍵成長計畫相關的額外營收收益。鑑於這些關鍵成長領域的重要性，我稍後將詳細介紹它們。

Overall revenue increased 16% sequentially above our guidance of 8% to 10% growth. From a product standpoint, these results reflect the strengthening of both our printer and material sales driven by key new product launches over the last year in both our industrial and healthcare businesses.

整體營收季增 16%，高於我們先前 8% 至 10% 的成長預期。從產品角度來看，這些業績反映了過去一年我們在工業和醫療保健業務中推出的關鍵新產品推動了印表機和材料銷售的成長。

Now let me give you a little more insight into what drove this strength, beginning with changes in our historic markets. Within our industrial solutions business, we saw sequential double-digit growth in several of our more traditional consumer oriented in markets, including both automotive and jewelry manufacturing.

現在讓我更深入地分析一下這種強勁勢頭背後的原因，首先要從我們歷史市場的變化說起。在我們的工業解決方案業務中，我們在幾個較為傳統的面向消費者的市場（包括汽車和珠寶製造業）實現了兩位數的連續成長。

In automotive, this growth reflected the impact of our newest SLA printing platform, specifically our dual laser SLA 750 that we launched just over a year ago, which is the most precise and productive industrial scale SLA printer in the market today.

在汽車產業，這一成長反映了我們最新的 SLA 列印平台的影響，特別是我們一年多前推出的雙雷射 SLA 750，它是目前市場上最精確、最高效的工業級 SLA 印表機。

It's being adopted preferentially in both motor sports and in consumer automotive OEMs, delivering significant improvements in productivity in their development labs. The strong sequential growth in jewelry was driven by the recent launch of our new wax printer, the MJP 300W Plus, which delivers significantly improved accuracy and surface finish in wax patterns that are central to the casting process.

它正被賽車運動和消費性汽車OEM廠商優先採用，從而顯著提高了其研發實驗室的生產力。珠寶業務的強勁成長得益於我們近期推出的新型蠟模印表機 MJP 300W Plus，該印表機顯著提高了鑄造過程中至關重要的蠟模的精度和表面光潔度。

These factors are very important to manufacturers as they provide dramatic reductions in gold loss during final polishing of the product, particularly at a time when gold prices are at record levels. An interesting note with regard to gold jewelry is the the rate at which the entire industry is now adopting additive manufacturing, which allows for virtually limitless customization of designs without increasing the cost of the product or in some cases even reducing it.

這些因素對製造商來說非常重要，因為它們可以大幅減少產品最終拋光過程中的黃金損耗，尤其是在金價處於歷史高點的時候。關於黃金首飾，一個有趣的現像是整個行業現在都在快速採用增材製造技術，這使得設計可以進行幾乎無限的定制，而不會增加產品的成本，在某些情況下甚至可以降低成本。

Anticipating these inflection points in an industry is essential in order to capitalize on the rapid CapEx investments that follow, disproportionately benefiting those companies that are well positioned to meet this rise in demand from its outset.

預測產業中的這些轉折點至關重要，這樣才能利用隨之而來的快速資本支出投資，而那些從一開始就做好充分準備以滿足需求成長的公司將獲得不成比例的收益。

With our industry leading application engineering team, we're experts at doing just this. Within our healthcare solutions business, we saw sequential growth in dental material sales driven largely by stabilization of demand for aligners.

我們擁有業界領先的應用工程團隊，我們正是這方面的專家。在我們的醫療保健解決方案業務中，牙科材料銷售額實現了環比增長，這主要得益於矯正器需求的穩定。

These are also beginning to see, we're also beginning to see sales from the commercial release of our new Nextgen jetted denture platform, which is being very well received in the market, and I'll offer some more comments in a moment.

我們也開始看到，我們新推出的 Nextgen 噴射式義齒平台已經上市銷售，市場反應非常好，我稍後會再做一些評論。

Looking beyond these trends in our traditional markets, I'd like to now spend a few minutes on what I believe are the three most exciting growth markets that are opening before us.

拋開傳統市場的這些趨勢，我想花幾分鐘時間談談我認為擺在我們面前的三個最令人興奮的成長市場。

These are aerospace and defense, personalized health services, and dental. Applications within these markets greatly benefit from additive manufacturing in that their performance is greatly enhanced by mass customization of design. And with the latest evolution of our printing technologies, the manufacturing cost has declined to a point to support rapid adoption.

這些領域包括航空航太與國防、個人化醫療服務和牙科。這些市場中的應用從積層製造中獲益匪淺，因為大規模客製化設計極大地提高了它們的性能。隨著印刷技術的最新發展，製造成本已經下降到足以支持快速普及的程度。

Turning into slide 7. One of our key growth markets is aerospace and defense, which has become the largest and one of the fastest growing segments within our industrial solutions business.

切換到第7張投影片。航空航太和國防是我們的主要成長市場之一，它已成為我們工業解決方案業務中規模最大、成長最快的細分市場之一。

On a full year basis, our aerospace and defense revenue, which includes production printing systems, consumable materials, and custom metal parts, achieved 16% growth, and we continue to expect over 20% growth for 2026.

從全年來看，我們的航空航太和國防收入（包括生產列印系統、耗材和客製化金屬零件）實現了 16% 的成長，我們繼續預計 2026 年將實現超過 20% 的成長。

So what technologies are required to deliver sustainable revenue growth in aerospace and defense? Well, the fastest growing and highest value portion of this market, which is where we're focused, comes from the manufacture of metal parts. These parts can be made in one of two ways, either by metal casting or by direct metal printing.

那麼，航空航太和國防領域需要哪些技術才能實現永續的收入成長？嗯，這個市場中成長最快、價值最高的部分，也是我們關注的重點，來自金屬零件的製造。這些零件可以透過兩種方式製造：金屬鑄造或直接金屬列印。

We've invested heavily in both of these technologies, and they're playing a vital role in the growth we're now experiencing in this market. In the casting process, our market leading photo polymer printing technology is used to manufacture complex cores and shells for high performance cast metal components.

我們已對這兩項技術進行了大量投資，它們在我們目前在這個市場中所經歷的成長中發揮著至關重要的作用。在鑄造過程中，我們採用市場領先的光敏聚合物印刷技術來製造高性能鑄造金屬零件所需的複雜型芯和殼體。

While our direct metal printing systems, which are known for outstanding environmental control and precision, are used to manufacture high value metal parts directly from powder using materials such as titanium and nickel-based superalloys.

我們的直接金屬列印系統以出色的環境控制和精度而聞名，可直接使用鈦和鎳基高溫合金等材料，從粉末中製造高價值金屬零件。

Indeed, an increasing range of advanced aerospace and defense applications can only be made by direct metal printing due to the complexity of the designs needed for today's applications. This is why we have maintained our R&D investments in this area even through these challenging periods.

事實上，由於當今應用所需的設計非常複雜，越來越多的先進航空航天和國防應用只能透過直接金屬列印來製造。正因如此，即使在這些充滿挑戰的時期，我們也一直保持在該領域的研發投入。

Without this suite of technologies, a company simply cannot participate in the high value end of the market. From a customer standpoint in aerospace and defense, we define three phases of growth.

如果沒有這套技術，公司根本無法參與高端市場競爭。從航空航太和國防客戶的角度來看，我們定義了三個成長階段。

First is the development of a specific process to manufacture a customer's key components. Second is an offer of metal part production at a low to intermediate volume that allows the customer to directly scale from the initial test and manufacture the system to full scale production.

首先是開發專門用於製造客戶關鍵部件的製程。其次，我們提供中小批量金屬零件生產服務，使客戶能夠直接從初始測試和系統製造擴展到全面生產。

And then the third, the sale of the complete printing systems that allowed a customer to further scale manufacturing to high volumes. This approach to aerospace and defense, which has been under intense development for the last three years, is proving to be very attractive to our customers and is a key in sustaining the growth we're now enjoying.

第三，出售了完整的列印系統，使客戶能夠進一步擴大生產規模，實現大量生產。在過去三年裡，我們對航空航太和國防領域的這種發展方向進行了深入研究，結果表明，這種方向對我們的客戶非常有吸引力，也是我們目前保持成長的關鍵。

From a geographic standpoint, we're taking this approach through our operations in [Littleton], Colorado for the US market, in Leuven, Belgium for our European market, and through our Saudi Arabian joint venture, NAMIC for our growing demand in the Middle East.

從地理角度來看，我們正透過位於科羅拉多州利特爾頓的營運機構（面向美國市場）、位於比利時魯汶的營運機構（面向歐洲市場）以及透過我們在沙烏地阿拉伯的合資企業 NAMIC（面向中東地區不斷增長的需求）來採取這種策略。

Each of these has very similar capabilities to serve their regional customer base. And as a final comment, this 3 phase customer approach is the same one we've used very successfully in our healthcare business for many years, which has given us the operating model and the quality infrastructure to make it work at scale in this adjacent market.

它們各自都具備非常相似的能力來服務其區域客戶群。最後，我想說，這種三階段客戶方法與我們多年來在醫療保健業務中非常成功使用的方法相同，它為我們提供了營運模式和品質基礎設施，使其能夠在相鄰市場中大規模運作。

So because aerospace and defense is a very broad market, many folks are asking what are the key focal areas for us. The ones we're gaining the most traction and look to be the most sustainable in the years ahead include satellites, naval and marine applications, aircraft and rockets, and flight systems.

由於航空航太和國防是一個非常廣泛的市場，許多人都在問，我們的主要關注領域是什麼。我們正在獲得最大進展，並且在未來幾年內最有可能可持續發展的領域包括衛星、海軍和海洋應用、飛機和火箭以及飛行系統。

More specifically, in satellite systems, our technology is being used to provide antenna arrays, waveguides, and filters, as well as numerous lightwave structural brackets. This is a rapidly expanding market as satellite communication is proving essential in many areas of the world.

更具體地說，在衛星系統中，我們的技術正被用來提供天線陣列、波導和濾波器，以及大量的光波結構支架。這是一個快速擴張的市場，因為衛星通訊在世界許多地區都發揮著至關重要的作用。

For naval applications, submarines are often leading the way as our printing technology provides high reliability hydraulic fittings, piping, and valves, as well as advanced turbo machinery and pumps, all manufactured from very special materials that are resistant to the extreme environments that these boats encounter.

在海軍應用方面，潛艇往往走在前列，因為我們的印刷技術能夠提供高可靠性的液壓接頭、管道和閥門，以及先進的渦輪機械和泵，所有這些都採用非常特殊的材料製造，能夠抵抗這些船隻遇到的極端環境。

For aircraft and drone applications, our printing systems are most often used for critical aerodynamic parts such as winglets, fairings, and ducts, structural elements and airframes, rotor blades and stabilizers and air propulsion components, including complex turbine components.

對於飛機和無人機應用，我們的列印系統最常用於關鍵的空氣動力學部件，例如翼梢小翼、整流罩和管道、結構元件和機身、旋翼葉片和穩定器以及空氣推進部件，包括複雜的渦輪部件。

In addition to the printing system themselves, recurring revenue in aerospace and defense comes from material pull through, which in this case includes both polymer resins used in casting workflows, as well as finished parts consumed by customers at the early stages of full scale manufacturing.

除了列印系統本身，航空航太和國防領域的經常性收入也來自材料拉動，在這種情況下，材料拉動包括鑄造工作流程中使用的聚合物樹脂，以及客戶在全面製造的早期階段使用的成品零件。

Casting processes in aerospace and defense have been critical for decades, but they've assumed a new and even higher level of importance in the most advanced rocket and aero propulsion systems being introduced today.

幾十年來，鑄造工藝在航空航太和國防領域一直至關重要，但在當今推出的最先進的火箭和航空推進系統中，鑄造工藝的重要性更是達到了新的高度。

Interestingly, this acceleration has been driven not only by enhanced component performance requirements, but also in simplifying complex assemblies to reduce part count and therefore the cost of new propulsion systems.

有趣的是，這種加速發展不僅是由提高零件性能要求所驅動的，也是由簡化複雜組件以減少零件數量從而降低新型推進系統成本所驅動的。

As a leader in this field, we've benefited from this expansion in 2025 and expect this momentum to continue, particularly as the number of rocket launches increased substantially in the years ahead.

作為該領域的領導者，我們已從 2025 年的這一擴張中受益，並預計這一勢頭將繼續下去，尤其是在未來幾年火箭發射數量大幅增加的情況下。

Slide 8. As I mentioned earlier, expansion in naval and marine applications is very exciting.

第8張幻燈片。正如我之前提到的，海軍和海洋應用領域的拓展令人非常興奮。

It is in part why we're expanding our manufacturing efforts tied to design and qualification of naval components for our US customers. For example, in shipbuilding, we're collaborating with Huntington Ingalls to enable the first to market direct printed copper nickel alloy solutions for naval components, dramatically shortening production times, often from months to days.

這也是我們擴大與為美國客戶設計和認證海軍零件相關的製造工作的部分原因。例如，在造船領域，我們正與亨廷頓·英格爾斯公司合作，推出首個用於海軍部件的直接印刷銅鎳合金解決方案，從而大幅縮短生產時間，通常從數月縮短到數天。

In addition to providing design flexibility for enhanced performance, these materials are critical to performance in seawater environments, but like so many specialized alloys, they're very difficult to manufacture using traditional methods. Direct metal printing from powder solves this problem and provides system designers flexibility in next generation componentry.

除了為提高性能提供設計靈活性外，這些材料對於海水環境中的性能至關重要，但與許多特殊合金一樣，它們很難用傳統方法製造。直接使用粉末進行金屬列印可以解決這個問題，並為下一代組件的系統設計人員提供靈活性。

This early success has resulted in increased volumes within our parts manufacturing as we design and qualify parts, as well as the transfer of that technology to tier one suppliers for the US Navy through the sale of our metal printing systems.

早期的成功使我們在零件製造方面取得了更大的成就，因為我們能夠設計和驗證零件，並透過向美國海軍一級供應商出售金屬列印系統，將該技術轉移給他們。

Slide 9. As we look toward the future, we also expect recent provisions in the National Defense Authorization Act or NDAA, which restrict foreign sourced 3D printing systems for the Department of Defense programs, will create additional tailwinds for our business as demand shifts to domestic suppliers.

幻燈片 9。展望未來，我們也預計《國防授權法案》（NDAA）中最近的條款將限制國防部專案使用外國來源的 3D 列印系統，這將為我們的業務帶來更多利好，因為需求將轉向國內供應商。

Having positioned ourselves well through sustained investments in metal-related technologies for aerospace and defense markets over the last several years, we remain confident in our ability to deliver on our 20% growth target in this segment in 2026.

過去幾年，我們透過對航空航太和國防市場金屬相關技術的持續投資，為自己奠定了良好的基礎，因此我們仍然有信心在 2026 年實現該領域 20% 的成長目標。

Strategically, we have very little exposure to lower-end applications such as jigs and fixtures used in factories, an area we believe will be under increased pricing pressure from non-US suppliers in the years ahead.

從戰略角度來看，我們對工廠使用的夾具和工裝等低端應用領域的涉足非常少，我們認為未來幾年，這一領域將面臨來自非美國供應商越來越大的價格壓力。

Instead, our growth will be led by expansion in the use of 3D printing for metal components manufactured by either casting or printer sales and material consumption drives revenue and profit margins, or by direct metal printing where parts sales followed by printer sales and service provide similar financial benefits.

相反，我們的成長將由 3D 列印技術在金屬零件製造領域的應用擴張所引領，無論是鑄造還是印表機製造，銷售和材料消耗都將推動收入和利潤率的成長；或者透過直接金屬列印，零件銷售，然後是印表機銷售和服務，從而帶來類似的財務收益。

In terms of key applications, they will lie within satellite, naval, aero propulsion systems, as well as the expanding use of sophisticated flight and weapons systems in unmanned aerial vehicles or drones as they're commonly referred to.

就關鍵應用而言，它們將應用於衛星、海軍、航空推進系統，以及無人機（通常稱為無人飛行器）中日益普及的複雜飛行和武器系統。

To address our anticipated growth in aerospace and defense, we recently announced a major expansion of our US facility in Littleton, Colorado. We're adding up to 80,000 square feet to increase our application development, process qualification, validation, and production scale manufacturing capacity.

為了因應我們在航空航太和國防領域的預期成長，我們最近宣布了對位於科羅拉多州利特爾頓的美國工廠進行重大擴建。我們正在擴建至多 80,000 平方英尺，以提高我們的應用開發、製程鑑定、驗證和生產規模製造能力。

This positions us to capitalize on the growing demand for secure US based manufacturing, for national security and space applications, and effectively leverages our quality and manufacturing infrastructure but also support our healthcare business.

這使我們能夠充分利用美國本土安全製造日益增長的需求，滿足國家安全和太空應用的需求，並有效利用我們的品質和製造基礎設施，同時也支持我們的醫療保健業務。

Moving next to slide 10. Our second key focal area is personalized health services or PHS, which realized double-digit growth once again in 2025, becoming our largest healthcare segment, and we continue to build on our market leading position with new personalized applications, materials, and printing technologies.

接下來是第10張投影片。我們的第二個重點領域是個人化健康服務（PHS），該領域在 2025 年再次實現了兩位數的成長，成為我們最大的醫療保健部門，我們將繼續透過新的個人化應用、材料和印刷技術來鞏固我們的市場領先地位。

In 2025, we reached new levels of care by providing more than 18,000 personalized planning cases, boosting our total to over 400,000 patients. We provided over 260,000 customized inpatient patient implants, all of which required regulatory approval and a meeting of strict quality standards, and we raised our total FDA and CE mark device count to over 100.

2025 年，我們透過提供超過 18,000 個個人化規劃案例，將護理水準提升到了新的高度，使我們的患者總數超過了 40 萬人。我們提供了超過 26 萬個客製化的住院病人植入物，所有這些植入物都需要獲得監管部門的批准並符合嚴格的品質標準，我們的 FDA 和 CE 標誌設備總數已超過 100 個。

We're very proud of this business and the impact it has on patients' quality of life each day. Our sustained growth in this segment is driven by our innovation and cost-effective personalization in cranial maxillofacial or CMF procedures through our partnership with Stryker.

我們為這項事業感到非常自豪，也為它每天對患者生活品質產生的影響而感到自豪。我們在該領域的持續成長得益於我們與 Stryker 的合作，在顱顏面 (CMF) 手術方面實現了創新和具有成本效益的個人化。

Typical applications here include jaw and cranial procedures, as well as reconstruction in the head and neck regions utilizing our FDA cleared titanium metal implants, as well as our medical grade peak material and implants.

典型的應用包括下顎和顱骨手術，以及使用我們獲得 FDA 批准的鈦金屬植入物和醫用級峰值材料及植入物進行頭頸部重建。

The latter innovation has opened an entire new set of applications due to Peach's unique capability to offer bone-like properties, excellent biocompatibility, and transparency to radiation, such as those needed for X-rays and for oncology treatment protocols.

後一項創新開啟了一系列全新的應用，因為 Peach 具有獨特的骨骼特性、優異的生物相容性和對輻射的透明性，例如 X 射線和腫瘤治療方案所需的特性。

Our ability to work directly with surgeons on all stages of treatment, from planning and modeling of a surgical procedure to providing custom surgical guides, to improved precision and speed of an operation. To printing customized replacement segments of bone for long-term use in a patient's body has built an exceptional foundation for our expanding orthopedic business.

我們能夠與外科醫生直接合作，參與治療的各個階段，從手術方案的規劃和建模，到提供客製化的手術導板，再到提高手術的精確度和速度。為患者體內長期使用而列印客製化的骨骼替代片段，為我們不斷發展的骨科業務奠定了卓越的基礎。

We've evolved not only our printing technologies, but also our operational capabilities needed to expand our markets, which now include not only preplanned surgical procedures, but also rapid response trauma cases and highly complex oncology cases involving bone cancer and at times a related need to treat the surrounding tissue.

我們不僅改進了印刷技術，還改進了營運能力，以拓展市場。現在，我們的市場不僅包括預先規劃的外科手術，還包括快速反應的創傷病例和高度複雜的腫瘤病例，例如骨癌，有時還需要治療周圍的組織。

To keep our focus on the leading edge of patient treatment, we've developed unique point of care embedded collaboration teams at numerous medical research hospitals in the US and Europe.

為了始終專注於病患治療的前沿領域，我們在美國和歐洲的許多醫學研究醫院建立了獨特的現場護理嵌入式協作團隊。

These teams are bringing our most advanced medical technology directly to surgeons for their integration in the most challenging new cases. This gives us direct insight into the value that our metal and polymer printing solutions can bring to future patient treatment and services that are needed to guide our future investments. We expect our strong pipeline of new applications and shortened response times to fuel continued growth in PHS in 2026 and beyond.

這些團隊將我們最先進的醫療技術直接帶給外科醫生，以便他們將其應用於最具挑戰性的新病例中。這讓我們能夠直接了解我們的金屬和聚合物列印解決方案可以為未來的患者治療和服務帶來的價值，從而指導我們未來的投資。我們預計，強大的新應用儲備和更短的回應時間將推動 PHS 在 2026 年及以後持續成長。

As one example, we believe that our recently received FDA clearance for our VSP solutions for skeletally mature adolescents will help accelerate adoption in what was previously a case by case compassionate use protocol.

例如，我們相信，我們最近獲得的 FDA 批准的針對骨骼發育成熟的青少年的 VSP 解決方案將有助於加速推廣，而此前該方案是逐案進行同情使用。

So now turning to slide 11. In our dental business, we began shipments of our commercial NextDent denture platform solution for the US market in the fourth quarter. Our unique multi-material monolithic denture is not only a beautiful product, distinctive in its durability and wear resistant, but is increasingly praised by patients for its comfort and fit.

現在請看第11張投影片。在我們的牙科業務中，我們從第四季度開始向美國市場發貨我們的商用 NextDent 義齒平台解決方案。我們獨特的多材質整體式義齒不僅外觀精美，而且經久耐用、耐磨損，更因其舒適性和貼合度而日益受到患者的讚譽。

This not only improves the patient's quality of life, but also reduces chair time for the dentist and often a need for repeated visits to adjust the fit over time. Expanding upon our initial offering and just in February, we announced a broad range of available gum shades to more accurately match the diversity of patients' natural gum colors in the US population.

這不僅可以提高患者的生活質量，還可以減少牙醫在診椅上的時間，並且通常可以減少患者反覆就診以調整牙套尺寸的需求。在最初產品的基礎上，我們在 2 月宣布推出一系列可供選擇的牙齦顏色，以更準確地匹配美國人口中患者天然牙齦顏色的多樣性。

Looking to the addressable market, in addition to FDA approval in the United States, we now have clearance in New Zealand, Colombia, and Chile. We expect to achieve full European clearance this summer, with additional South American markets coming online in the second half of the year and most of our target markets in Asia next year.

展望目標市場，除了在美國獲得 FDA 批准外，我們現在還在新西蘭、哥倫比亞和智利獲得了許可。我們預計今年夏天將獲得歐洲市場的全面批准，下半年將進入南美洲市場，明年將進入亞洲的大部分目標市場。

Many investors have asked about the size of this dental opportunity, so let me take a moment to speak to it. In the United States, approximately 32 million people wear dentures. That's about 10% of our population. And roughly 12% get new dentures each year.

許多投資人都詢問過牙科領域的投資機會規模，所以讓我花點時間來談談這個問題。在美國，約有3200萬人佩戴假牙。那大約占我們人口的10%。每年約有 12% 的人更換新假牙。

Globally, more than 180 million people wear dentures, and approximately 13.7 million denture sets are produced each year to address this market. Due to aging populations worldwide, this number is growing rapidly.

全球有超過 1.8 億人配戴假牙，每年約生產 1,370 萬副假牙以滿足此市場需求。由於全球人口老化，這一數字正在迅速增長。

The vast majority of these dentures are custom made with slow analog processes and in large part by hand craftsmanship. With the advent of digital workflows and with our new jetting technology and ability to make beautiful, comfortable custom single piece dentures in a cost effective manner close to the dentists and their patients, we believe over time we'll convert the large majority of this manufacturing to 3D printing just as it has with clear aligners today.

這些假牙絕大多數都是採用緩慢的模擬工藝定製成，並且在很大程度上依靠手工製作。隨著數位化工作流程的出現，以及我們新的噴射成型技術，我們能夠以經濟高效的方式在牙醫和患者附近製作美觀舒適的定制單件式義齒，我們相信，隨著時間的推移，我們將把大部分義齒製造工作轉移到 3D 列印領域，就像如今隱形矯正器的生產一樣。

We also believe that this will result in an annual recurring revenue opportunity of over $400 million globally for simply materials alone. From a competitive standpoint, our solution delivers an exceptional ROI for our customers, enabling faster production, a reduction in manual labor on the order of 40% to 70%, and one day turnaround compared to five days for traditional methods.

我們也相信，僅材料一項，這將在全球範圍內帶來每年超過 4 億美元的經常性收入機會。從競爭角度來看，我們的解決方案為客戶帶來了卓越的投資回報率，能夠加快生產速度，減少 40% 到 70% 的人工勞動，並將週轉時間從傳統方法的五天縮短到一天。

This results in a faster, more cost effective and highly scalable alternative to traditional denture fabrication, enabling both an outstanding patient experience and a strong return on investment for dental labs that provide these products to dental professionals each day.

這使得傳統義齒製作方法更快、成本更低、可擴展性更強，既能為患者帶來卓越的體驗，又能為每天向牙科專業人士提供這些產品的牙科實驗室帶來豐厚的回報。

While still in its earliest stage, given the pace of adoption that's possible in the dental industry, I predict this will become one of the largest revenue streams in our company in the years ahead. It's simply a matter of adoption rate at this point.

雖然這項技術仍處於早期階段，但考慮到牙科行業的普及速度，我預測它將在未來幾年成為我們公司最大的收入來源之一。現在這只是一個普及率的問題。

Moving to the next slide 12. In closing, the stabilization of our core markets combined with our cost reduction efforts is enabling us to invest in new growth opportunities that are now opening before us, leaving us more excited about the year ahead than we have been in some time.

進入下一張投影片，第12張。最後，核心市場的穩定以及我們降低成本的努力，使我們能夠投資於擺在我們面前的新成長機會，這讓我們對未來一年的前景比以往任何時候都更加充滿信心。

Moving to slide 13. Before I turn it over to Phyllis for a recap of our financials, I want to take a moment to acknowledge our founder and Chief Technology Officer, Chuck Hall, who was recently named by Forbes magazine as one of America's TOP250 greatest innovators.

切換到第13張投影片。在將財務回顧交給菲利斯之前，我想花一點時間感謝我們的創始人兼首席技術長查克·霍爾，他最近被《福布斯》雜誌評為美國 TOP250 最偉大的創新者之一。

Chuck's been honored by countries and organizations around the world for his past accomplishments, and yet I believe his greatest achievements are still yet to come as he works closely with the visionary Doctor Martine Rothblatt of United Therapeutics to develop the world's first 3D printed human lung.

查克因其過去的成就而受到世界各國和組織的表彰，但我相信他最大的成就尚未到來，因為他正與富有遠見的聯合治療公司 Martine Rothblatt 博士密切合作，開發世界上第一個 3D 列印的人類肺。

Two weeks ago, I had the honor of accompanying Chuck to the Lake Nona Impact Forum where he and Martin addressed a standing room only crowd on the lung program. I, along with the rest of the audience, stood in admiration of the progress that's been made and the impact on the world that is anticipated when this is ultimately successful.

兩週前，我有幸陪同 Chuck 參加了 Lake Nona Impact Forum，他和 Martin 在會議上向擠滿會場的聽眾介紹了肺部疾病防治計畫。我和其他觀眾一樣，對已經取得的進展以及最終成功後預計將對世界產生的影響表示欽佩。

On behalf of all of my colleagues at 3D Systems and those millions of people around the world that have been and will be impacted by Chuck's innovations, I want to say a heartfelt thank you to him for his dedication and his contributions to all mankind.

我謹代表 3D Systems 的所有同事，以及全世界數百萬已經和將會受到 Chuck 的創新影響的人們，向他致以衷心的感謝，感謝他對全人類的奉獻和貢獻。

I look forward to the documentary on Chuck's life that'll be selectively aired this summer and extended audiences everywhere in early 2027.

我期待著這部關於查克生平的紀錄片，它將在今年夏天進行選擇性播出，並於 2027 年初在世界各地面向更廣泛的觀眾播出。

So with that, I'll now turn it over to Phyllis.

那麼，接下來就交給菲利斯了。

Thank you, Jeff, and good morning, everyone. Before I begin reviewing our fourth quarter results, I'd like to remind you that we completed the divestiture of our Geomagic software business on April 1, 2025. Throughout today's call, I will reference both reported results and adjustment comparisons that exclude Geomagic to provide a clear apples to apples comparison of our performance across periods.

謝謝你，傑夫，大家早安。在開始回顧我們第四季業績之前，我想提醒各位，我們已於 2025 年 4 月 1 日完成了 Geomagic 軟體業務的剝離。在今天的電話會議中，我將參考已公佈的業績和剔除 Geomagic 後的調整比較，以便對我們各個時期的表現進行清晰的、公平的比較。

Additionally, in the fourth quarter of 2024, we recorded a one-time regenerative medicine accounting adjustment that reduced revenue by $8.7 million due to a change in estimate. I will reference this accounting adjustment when discussing certain prior year comparisons.

此外，在 2024 年第四季度，我們記錄了一次性再生醫學會計調整，由於估計值的變化，導致收入減少了 870 萬美元。在討論某些上年同期比較數據時，我會參考這項會計調整。

I would like to start off by highlighting a few of our key accomplishments in 2025. We have been strongly focused on driving expense reductions while also supporting new product launches, strengthening our balance sheet by reducing debt. And improving operational excellence and cost discipline.

首先，我想重點介紹一下我們在 2025 年取得的一些主要成就。我們一直致力於降低成本，同時支持新產品的推出，並透過減少債務來增強我們的資產負債表。並提高營運效率和成本控制水準。

These actions have enhanced the strength of our core business while allowing us to invest in new growth opportunities that are now beginning to deliver results.

這些舉措增強了我們核心業務的實力，同時使我們能夠投資於新的成長機會，而這些機會現在已開始產生效果。

I will begin with revenue for the quarter, turning to slide 15. Fourth quarter consolidated revenue was $106.3 million an increase of 3% year over year, adjusting for Geomagic. When further adjusting for the regenerative medicine adjustment impacting prior year quarter, consolidated revenue declined 5%.

我將從本季的收入情況開始，請翻到第 15 張投影片。第四季綜合營收為 1.063 億美元，年增 3%（已扣除 Geomagic 的影響）。在進一步調整上一季再生醫學調整的影響後，合併收入下降了 5%。

The year over year decrease was primarily driven by softness in industrial printer and materials demand, which is partially offset by double-digit growth across our priority markets, including both PHS and aerospace and defense.

年比下降主要是由於工業印表機和材料需求疲軟，但部分被我們重點市場（包括 PHS 和航空航天與國防）的兩位數增長所抵消。

Slide16. As we managed revenue headwinds in the first three quarters of the year, we saw solid strengthening in the fourth quarter, reflecting not only normal seasonality, but also what we believe to be a return to growth as we exit 2025 and begin 2026.

第16頁幻燈片。今年前三個季度我們克服了營收逆風，第四季營收穩定成長，這不僅反映了正常的季節性因素，也反映了我們認為在 2025 年結束、2026 年開始之際，經濟將恢復成長。

We believe the sequential improvement is driven by returning customer demand and our focus on priority markets that continue to accelerate the adoption of additive manufacturing. With that summary, I will now walk through our sequential revenue growth for the quarter.

我們認為，持續改進是由客戶需求的持續成長以及我們對重點市場的關注所驅動的，這些重點市場將繼續加速積層製造的普及。總結完以上內容後，接下來我將詳細介紹本季的環比營收成長。

Fourth quarter consolidated revenue increased 16% sequentially from the third quarter, driven by growth in new printer system sales and increased materials consumption. Within our segments, industrial solutions revenue was $55.8 million, an increase of 15% sequentially.

第四季綜合營收季增 16%，主要得益於新印表機系統銷售成長和材料消耗增加。在我們各個業務板塊中，工業解決方案收入為 5,580 萬美元，較上季成長 15%。

This growth was driven by continued strength in aerospace and defense, as well as higher new printer sales within our consumer and markets, including increasing demand for our new NGP printer for jewelry applications.

這一增長得益於航空航太和國防領域的持續強勁表現，以及我們在消費者和市場中新印表機銷售的增加，包括對我們用於珠寶應用的新型 NGP 印表機的需求不斷增長。

Healthcare Solutions revenue of $50.5 million grew 18% sequentially. This increase was primarily driven by the strengthening of dental material sales within the quarter and the continued positive performance of our PHS business.

醫療保健解決方案收入為 5,050 萬美元，季增 18%。這一成長主要得益於本季牙科材料銷售的走強以及我們 PHS 業務的持續良好表現。

Now moving to slide 17. In reviewing 2025 performance, the additive manufacturing industry faced strong macroeconomic headwinds impacting customer spending. As a result, we realized the decline in our year over year revenue.

現在轉到第17張投影片。在展望 2025 年業績時，積層製造業面臨影響客戶支出的強勁宏觀經濟逆風。因此，我們發現公司年收入有所下降。

For the full year 2025, consolidated revenue was $387 million. When adjusting for the divestiture of Geomagic, revenue declined 7% year over year, or 9% when adjusting for both Geomagic and the prior year regenerative medicine adjustment.

2025 年全年合併收入為 3.87 億美元。如果將 Geomagic 的剝離納入考量，收入年減 7%；如果同時考慮 Geomagic 和上一年的再生醫學調整，收入將年減 9%。

Turning to slide 18, for the fourth quarter, non-GAAP gross margin was 31%, up 3% when adjusting for Geomagic, and down 2% when adjusting for both Geomagic and regenerative medicine. For full year 2025, non-GAAP gross margin was 34.3%, from 70 basis points when adjusting for Geomagic and down 2% points when adjusting for both Geomagic and regenerative medicine.

翻到第 18 張投影片，第四季非 GAAP 毛利率為 31%，若計入 Geomagic 則成長 3%，若同時計入 Geomagic 和再生醫學則下降 2%。2025 年全年，非 GAAP 毛利率為 34.3%，若計入 Geomagic 的影響，則為 70 個基點；若同時計入 Geomagic 和再生醫學的影響，則為 2 個基點。

Non-GAAP gross margin decline over the prior periods was primarily driven by lower sales volume and less favorable product mix in the current quarter.

與前期相比，非GAAP毛利率下降的主要原因是本季銷售下降和產品組合不太理想。

Move to slides 19 and 20. We continue to see the positive impact of our cost reduction initiative both in the fourth quarter and for the full year 2025. In the fourth quarter, non-GAAP operating expenses were $43 million down 23% or $13 million from the prior year period when adjusting for Geomagic.

請移至第 19 張和第 20 張投影片。我們看到，無論是在第四季還是 2025 年全年，我們的成本削減計畫都持續產生正面影響。第四季度，非GAAP營運支出為4,300萬美元，較上年同期下降23%或1,300萬美元（已扣除Geomagic的影響）。

For the full year, non-GAAP operating expenses were $196 million a reduction of 19%, or $46 million year over year when adjusting for Geomagic.

全年非GAAP營運費用為1.96億美元，年減19%，即扣除Geomagic的影響後減少了4,600萬美元。

We remain keenly focused on executing the cost reduction initiatives we have previously outlined. Actions already underway and that will be complete by the first half of 2026 include optimizing our organizational capacity, streamlining our facility's footprint, and reducing expenses across our business.

我們將繼續全力以赴執行先前製定的成本削減計劃。目前正在進行並將於 2026 年上半年完成的行動包括優化我們的組織能力、精簡我們的設施佈局以及降低我們業務的各項開支。

To date, our cost reduction and efficiency programs have delivered approximately $55 million in annualized savings completed in 2025, exceeding our target of $50 million. Looking ahead to the first half of 2026, our cost savings initiatives will remain closely aligned with the company's 2026 priorities, ensuring we focus on investments, on the products and markets with the strongest opportunity for both growth and profitability.

迄今為止，我們的成本削減和效率提升計畫已在 2025 年實現了約 5,500 萬美元的年度節約，超過了我們 5,000 萬美元的目標。展望 2026 年上半年，我們的成本節約措施將繼續與公司 2026 年的優先事項緊密結合，確保我們專注於投資，專注於成長和盈利能力最強的產品和市場。

Moving to slide 21 to finalize the P&L. Adjusted EBITDA for the fourth quarter was $5.3 million, an improvement of $17 million compared to the prior year when adjusting for Geomagic. For the full year 2025, adjusted at EBITDA -- adjusted EBITDA was $45.4 million, an improvement of $31 million when adjusting for Geomagic.

接下來轉到第 21 頁，完成損益表。經調整後的第四季 EBITDA 為 530 萬美元，與去年同期相比，扣除 Geomagic 的影響後，成長了 1,700 萬美元。2025 年全年，經 EBITDA 調整後－經調整後的 EBITDA 為 4,540 萬美元，扣除 Geomagic 的影響後，成長了 3,100 萬美元。

Adjusted EBITDA improvements were primarily driven by the company's cost reduction initiatives, which delivered meaningful expense reductions throughout 2025. Full year 2025, non-GAAP loss per share was $0.37, an improvement from a loss of $0.62 in the prior year period.

調整後 EBITDA 的改善主要得益於公司的成本削減計劃，這些計劃在 2025 年實現了顯著的費用削減。2025 年全年，非 GAAP 每股虧損為 0.37 美元，較去年同期虧損 0.62 美元有所改善。

Now moving to slide 22 for a review of the balance sheet. We ended the quarter with $97.1 million in total cash, consisting of $95.6 million in cash and cash equivalents and $1.5 million in restricted cash. During the quarter, we executed an equitization transaction to retire the majority of our debts scheduled to mature in the fourth quarter of 2026.

現在轉到第 22 張投影片，回顧一下資產負債表。本季末，我們持有的現金總額為 9,710 萬美元，其中包括 9,560 萬美元的現金及現金等價物和 150 萬美元的受限現金。本季度，我們執行了一項股權化交易，以償還我們大部分將於 2026 年第四季到期的債務。

As a result, only $3.9 million of that debt now remains outstanding, with the remaining $92 million scheduled to mature in 2030. As we move to 2026, my priorities remain focused on continuing to optimize our cost structure while working closely with the business to prioritize the key growth markets.

因此，目前僅剩 390 萬美元債務未償還，剩餘的 9,200 萬美元將於 2030 年到期。展望 2026 年，我的工作重點仍是繼續優化成本結構，同時與業務部門緊密合作，優先發展關鍵成長市場。

Lastly, I'll turn to slide 23 for an update on the company's 2026 outlook. Given the current geopolitical environment and its potential impact on near-term macroeconomic conditions, we believe at this time it is appropriate to limit financial guidance to the first quarter of 2026.

最後，我將翻到第 23 張投影片，介紹公司 2026 年的展望。鑑於當前的地緣政治環境及其對近期宏觀經濟狀況的潛在影響，我們認為目前將財務指引限制在 2026 年第一季是合適的。

We expect revenue to be in the range of $91 million to$ 94 million and adjusted EBITDA to be within the range of a loss of $5 million to a loss of $3 million for the quarter. Key contributors to our first quarter performance include, continued cost management discipline, consistent execution of our core business, strong performance in our priority markets, and positive momentum in product sales driven by recent printer launches.

我們預計本季營收將在 9,100 萬美元至 9,400 萬美元之間，調整後 EBITDA 將在虧損 500 萬美元至虧損 300 萬美元之間。第一季業績的主要貢獻因素包括：持續的成本管理紀律、核心業務的穩定執行、重點市場的強勁表現，以及近期印表機上市帶來的產品銷售正面動能。

We thank you for your time and continued support in 3D systems. We will now open the line for questions. Operator.

感謝您抽出時間並一直以來對 3D 系統的支持。現在我們將開放提問通道。操作員。

(Operator Instructions)

（操作說明）

James Ricciuti from Needham and Company.

來自 Needham and Company 的 James Ricciuti。

Hi, good morning, Phyllis. I may have missed it. I apologize, but did you give any color as to how we should be thinking about operating expense at the, seasonally weaker Q1 just versus Q4?

你好，早安，菲利斯。我可能錯過了。很抱歉，您有沒有具體說明我們應該如何看待季節性較弱的第一季與第四季相比的營運費用？

Yeah, I think operating expenses, remember Q1 is seasonably more, higher for us in terms of spend. So when you look for 2026, I'd say look for slight increases in Q1 and Q2 with a pretty steep drop off as we get into Q3 and Q4 to normalize a little bit less year over year than what we had in 2025.

是的，我認為營運費用，記住第一季通常是季節性的，我們的支出會更高。所以，展望 2026 年，我認為第一季和第二季會有小幅成長，但到了第三季和第四季，成長速度會急劇下降，年增速會比 2025 年略低。

I appreciate that. And just how much of that industrial business is currently being derived from [A&D] and Jeff, you highlighted several drivers in that A&D business. How balanced are these revenue streams in A&B, or is it more concentrated in any one area?

我很感激。而目前有多少工業業務源自於[航太與國防]？傑夫，你重點介紹了航空航太與國防業務的幾個驅動因素。A&B 的這些收入來源是否均衡，還是更集中在某個領域？

So on your last question there, Jim, it's pretty diverse. I, it, the four areas I outlined, and I know they're still very broad areas, so I try to give some more concrete examples, but those four areas are all strong, and I, A&D is such a broad area you could find other areas to focus on too.

吉姆，關於你最後一個問題，答案相當多元。我，它，我概述的這四個領域，我知道它們仍然非常寬泛，所以我盡量舉一些更具體的例子，但這四個領域都很強大，而且，A&D 是一個非常廣泛的領域，你也可以找到其他可以關注的領域。

For us, the four areas I mentioned are, we know we haven't, we have a good technology base, we have a good runway in, and we're doing well and so. I really like the naval applications. They very well. The printing these more exotic materials that are resistant to seawater is great.

對我們來說，我提到的這四個面向是：我們知道我們還沒有，我們擁有良好的技術基礎，我們有良好的發展前景，我們做得很好等等。我非常喜歡它在海軍領域的應用。他們很好。用這些耐海水腐蝕的特殊材料進行印刷效果非常好。

Some of the lightweight structures for rockets and planes, terrific stuff, titanium, the more exotic aluminum alloys, things like that that are required for those are super. The propulsion systems themselves for rockets particularly interesting, and then also a propulsion for engines.

火箭和飛機的一些輕量結構，像是鈦合金、更特殊的鋁合金等等，都是非常棒的材質。火箭的推進系統本身就非常有趣，引擎的推進系統也很有趣。

So those are all really exciting areas in terms of total revenue. I don't have we broken that out. We have--

所以從總收入來看，這些都是非常令人興奮的領域。我沒有，我們已經把它分開了。我們有——

Not, but it is one of our top industrial segments. It's on track to be our largest industrial segment or. Market within the 2026 fiscal year, so it continues to produce sizable and meaningful revenue both on the top and bottom line for industrial.

不，但它是我們最重要的工業領域之一。它有望成為我們最大的工業部門。預計在 2026 財年內，該產品將繼續為工業領域帶來可觀且有意義的收入，無論是在營收或利潤方面。

Its growth is about 16% year over year, from '24 to '25 with really heavy sales coming from both printers and parts in 2025.

從 2024 年到 2025 年，其年增長率約為 16%，預計 2025 年印表機和零件的銷售額將大幅成長。

And Jim, certainly the added capacity we're we're putting in in Littleton right now should be done by early summer, and we'll be phasing that in the second half of the year, but it reflects the growing demand we see from broadly from DOD-driven applications that are working really with their tier one suppliers to those to those defense systems.

吉姆，我們目前正在利特爾頓增加的產能應該會在初夏完成，我們將在今年下半年分階段投入使用，但這反映了我們看到的來自國防部主導的應用領域日益增長的需求，這些應用領域正在與他們的一級供應商合作，為這些國防系統提供支持。

Greg Palm and Craig Hallum.

格雷格·帕爾姆和克雷格·哈勒姆。

Hey, good morning, thanks, for taking the questions. Going back to Q4, just a couple of questions on the results in terms of the upside on revenue, I guess what outperformed relative to expectations back in I guess November and on gross margin specifically, can you just, maybe unpack that a little bit more? I think it was negative mix, but that was, down sequentially on much higher revenues, so maybe just a little bit more color there.

嘿，早上好，謝謝你回答這些問題。回到第四季度，關於業績方面，我有幾個問題，主要是營收成長方面，我想問的是，相對於去年11月的預期，哪些方面表現超出了預期？還有毛利率方面，能否再詳細解釋一下？我認為這是一個負面的業績組合，但這是環比下降，而營收卻大幅成長，所以可能還有一些其他因素需要考慮。

Sure, so just looking at Q4, I think we over indexed really in in aerospace and defense, the mix for aerospace and defense both on the margin side, but then a little bit of upside on the top-line revenue was strong.

當然，單看第四季度，我認為我們在航空航太和國防領域的投入確實過高，航空航太和國防業務的利潤率都偏高，但營收方面略有增長，表現強勁。

DHS, and our liner materials were strong for the quarter. We also had an upswing in our healthcare parts for the quarter as well, which helped contribute to the excess, revenue that we had, anticipated when we first set guidance. So I think we were pretty.

DHS，而且我們的襯墊材質在本季表現良好。本季我們的醫療保健業務也有所成長，這有助於實現我們最初制定業績指引時所預期的超額收入。所以我覺得我們當時很漂亮。

On on the margin side, we heavily were weighted towards printers in Q4. We had several new printer launches in the back half of the year. Printers just carry a lower margin, so I wasn't too surprised in seeing that. But the overall just decline in revenue year over year holistically was what we'll address next year as we start to look at margin pull through from some of the new printer launches and just the increase in volume overall for the year.

從利潤方面來看，我們在第四季度大量投資了印刷設備。今年下半年我們推出了幾款新型印表機。印刷廠的利潤空間本來就比較小，所以看到這種情況我並不感到驚訝。但整體而言，營收年減是我們明年需要解決的問題，因為我們將開始關註一些新印表機的推出帶來的利潤成長以及全年整體銷量的成長。

Okay, and just thinking about Q1 specifically -- I just want to make sure I'm understanding this right. So you're guiding revenue down quite a bit sequentially. You're guiding OpEx up a little bit and improved EBITDA. This is all sequentially, so that implies, I mean, a massive boost in gross margin from Q4 to Q1. I just want to make sure that's what the guide implies.

好的，具體來說，關於問題 1——我只是想確認我的理解是否正確。所以你們預計營收將季比大幅下降。你稍微提高了營運支出，並改善了息稅折舊攤提前利潤。這一切都是按順序發生的，這意味著，我的意思是，毛利率從第四季到第一季大幅提升。我只是想確認一下指南的意思是否如此。

So I, I'll correct one item. We are pretty consistent with the prior year if you exclude Geomagic. So GeomMagic had, high revenue in Q1 of 2025. That was the last quarter in which we had Geomagic. So we've replaced that revenue with other sources for. Q1 of 2026 and we have very strong operational expense savings that are going to be coming through Q1 as well.

所以，我來糾正一處錯誤。如果排除 Geomagic，我們的業績與上一年基本持平。因此，GeomMagic在2025年第一季獲得了高收入。那是我們與 Geomagic 合作的最後一個季度。所以我們用其他收入來源取代了這部分收入。預計到 2026 年第一季度，我們將實現非常可觀的營運費用節約，這些節約也將在第一季實現。

So as I said, it's a seasonally higher spending, our overall reductions are going to see meaningful results as we report results for Q1. On the margin side, I think we're doing things to protect the margin in terms of just additional cost savings activities as well as anticipated better pricing, in Q1. So both of those things, I think, should help to the overall adjusted EBITDA improvement you're seeing.

正如我所說，這是季節性支出增加，隨著我們公佈第一季業績，我們的整體削減措施將會看到顯著成效。在利潤率方面，我認為我們正在採取措施保護利潤率，包括額外的成本節約活動以及預計第一季更好的定價。所以我認為這兩件事都應該有助於你看到的調整後 EBITDA 的整體改善。

Okay, but I guess I'm looking from Q4 to Q1, and I just want to make sure it based on whatever what you've said, it implies gross margin is going to improve, I mean, meaningfully quarter over quarter. I just want to make sure that's what the guide implies.

好的，但我指的是從第四季度到第一季度，我只是想根據你剛才所說的來確認一下，這是否意味著毛利率會提高，我的意思是，季度環比顯著提高。我只是想確認一下指南的意思是否如此。

Yeah, again, I'd say you have to look at it. We certainly are anticipating gross margin improvement in Q1, but we're also anticipating, continued execution of our operational cost reductions in the quarter. The mix of both of those will drive the adjusted EBITDA improvement.

是的，我還是覺得你應該去看看。我們當然預期第一季毛利率會有所改善，但我們也預期本季將繼續執行營運成本削減措施。這兩者的結合將推動調整後 EBITDA 的改善。

So we didn't give specific guidance those two is again product mix as we close out the quarter, we'll really sort of align on that but overall, we anticipate gross margin improvement for sure.

因此，我們沒有給出具體的指導意見，這兩者與產品組合有關，隨著季度末的臨近，我們會對此進行調整，但總體而言，我們預計毛利率肯定會有所提高。

Okay, thanks. And then just cognizant of the fact that you're only given one quarter guidance at this point. I mean if we just think about, some of the segment, Andy, you've talked about 20% growth this year, personalized health, that's growing strongly, it seems like dental's improving. You're still guiding the Q1 revenue declines on a year to year basis just modestly, at the midpoint.

好的，謝謝。而且也要意識到，目前你只能得到一個季度的業績指引。我的意思是，如果我們想想某些細分領域，安迪，你提到今年成長了 20%，個人化醫療領域成長強勁，牙科領域似乎也在改善。您仍然對第一季營收年減的預期較為溫和，預計降幅在中間值。

I mean, is that just a weak spot, for the year? I'm just trying to sort of reconcile a lot of these sort of growth areas to the Q1 guide which still suggest, a revenue decline on a year to year basis.

我的意思是，這只是今年的一個弱點嗎？我只是想把這些成長領域與第一季的業績指引進行某種程度的協調，因為第一季的業績指引仍然表明，營收將同比下降。

Yeah, Greg, it's, it gets very hard to call the actual inflection points. So we're just trying to, I love the direction that it's going. It feels good after a couple of tough years. Things are moving in the right direction. We're just trying not to get too far ahead of ourselves.

是的，格雷格，確實，很難預測真正的轉折點。所以我們只是在努力，我很喜歡它目前的發展方向。經歷了幾年艱難的日子後，感覺真好。事情正朝著正確的方向發展。我們只是想避免操之過急。

So yeah, it's, there's no particular weakness or something that, we expect in Q1 to swamp results or anything. It's continuing the trend. So A and. Should grow consistently. The rest of industrial is always a wild card, to be frank with you. It's much more dependent upon how people feel about the world, and as you, as it's a bit crazy out there right now. Oil's way up and stuff. So, when it comes to discretionary spending on the part of consumers, that's always a concern for me when it comes to, our more.

所以，是的，第一季並沒有什麼特別的弱點或問題會嚴重影響業績。它延續了這一趨勢。所以 A 和。應該持續增長。坦白說，工業領域的其他方面總是充滿變數。這很大程度上取決於人們對世界的感受，就像你一樣，因為現在外面的世界有點瘋狂。油價一路飆升。所以，就消費者可自由支配的支出而言，這始終是我關注的問題，因為我們需要更多。

Consumer oriented business, with that said, we, it looked really good in Q4. It looks like it's coming back. We're launching some great new products there. It's just a more volatile, the consumer stuff's a bit more volatile.

就消費者而言，第四季我們的業績看起來非常好。看來它要回來了。我們將在那裡推出一些很棒的新產品。只是波動性更大一些，消費品波動性更大一些。

So I love [A&D]. I've got high confidence there. We're going to continue the trend. Healthcare, very stable because most of that stuff's not optional with the exception of aligners. Some people put off aligner purchases when things get harder.

所以我愛[廣告]。我對此非常有信心。我們將繼續保持這一趨勢。醫療保健產業非常穩定，因為除了牙套之外，大部分醫療服務都不是可有可無的。有些人會在遇到困難時推遲購買牙套。

But our increased exposure to dentures is a good thing. That's going to continue throughout the year to grow, and certainly PHS is a very good thing because a lot of those procedures are really not optional procedures for orthopedics.

但我們接觸假牙的機會增加是件好事。這種情況將在今年持續成長，而且 PHS 肯定是一件非常好的事情，因為對於骨科來說，許多這類手術實際上都不是可有可無的。

So, we're just trying, we're reintroducing some guidance. We're trying to be prudent about it. I, I'm not going to say it's conservative, I'm just trying to be prudent about how far out of our skis we get in terms of the future.

所以，我們只是在嘗試，我們正在重新引入一些指導方針。我們盡量謹慎行事。我不會說這是保守的做法，我只是想謹慎地考慮一下，從長遠來看，我們究竟能走多遠。

(Operator Instructions)

（操作說明）

[Kyra McCabe] [Canter Pas show].

[Kyra McCabe] [Canter Pas 表演]。

Hi, it's Karen on for Troy. I just had, a couple of questions. I guess the first is, you had in the past a lot of R&D spend to refresh the product line and bring out a lot of new products that are now, showing up in the results, especially in this quarter, given kind of your focus areas of A&D and personal healthcare products, the personal healthcare area, sort of what you're in retaining some investments kind of based upon 4Q R&D, kind of what's your outlook for R&D going forward.

大家好，我是凱倫，替我給特洛伊報上。我剛才有幾個問題。我想首先，你們過去投入了大量研發資金來更新產品線，並推出許多新產品，這些產品現在都體現在業績中，尤其是在本季度，考慮到你們在航空航天和個人保健產品領域的重點，以及你們在個人保健領域保留了一些投資，而這些投資是基於第四季度的研發投入，那麼你們對未來的研發前景有何展望？

Well, it's in the OpEx number here. We don't really break it out. We've been able, so we had very strong spending. If you look at R&D spending, we had very strong spending for about three years to refresh our product lines, and what you're seeing now enter the market is reflective of that investment, and I, it's, it was a difficult time with sales being off to maintain that continuity, but it was critically important to us because when these markets turn, you've got to have a fresh portfolio ready to go, and we do.

嗯，這都體現在營運支出（OpEx）的數字裡了。我們其實不會把它分開開來。我們有能力做到這一點，所以我們的支出非常強勁。如果你看看研發支出，我們會發現我們在過去三年投入了大量資金來更新我們的產品線，而你現在看到的進入市場的產品正是這些投資的體現。我知道，在銷售低迷的時期，保持產品的連續性很困難，但這對我們來說至關重要，因為當市場轉向時，你必須準備好全新的產品組合，而我們做到了。

So we've been able to throttle back on R&D spending to some extent as we launch those new products because the next platform will be out, anywhere from one year to three years. So depending on the market, so you're able to throttle back a little bit on R&D spending. It's a kind of a natural cycle a company goes through and we went through heavy periods.

因此，隨著新產品的推出，我們在一定程度上縮減了研發支出，因為下一個平台將在1到3年內推出。所以，根據市場情況，你可以稍微減少研發支出。這是公司發展過程中自然而然會經歷的週期，我們也經歷過一段艱難時期。

So heavy period at a difficult time of sales, which is why OpEx was a drag for us. It was certainly reflected in the bottom line financials and and our cash position. We invested a lot for the future. I'm really pleased now that we're on the backside of that we did it, and it's, we're well positioned as the markets rebound.

因此，在銷售困難時期，營運成本大幅上升，這也是營運支出拖累我們的原因。這無疑反映在了公司的財務報表和現金狀況上。我們為未來投入了很多。現在我們已經度過了難關，我真的很高興，而且隨著市場反彈，我們已經做好了充分的準備。

It's just the world's a little bit crazy right now still, so we just want to be cautious about sales, make sure we don't get out in front of the market on it, but I feel like we're very well positioned, so R&D spending for us should be a part as a part of OpEx will be coming down, to some extent.

目前世界局勢仍然有些混亂，所以我們想謹慎對待銷售，確保我們不會搶佔市場先機。但我感覺我們已經做好了充分的準備，因此我們的研發支出應該會作為營運支出的一部分，在一定程度上下降。

But also, Karen, one thing to remember is we have the broadest technology portfolio in the entire industry, okay? We have metals and polymers, and in polymers we have five significant platforms. That's wonderful from a customer standpoint. We can service that and we can grow. It's a burden from an R&D standpoint.

但是，凱倫，你也要記住，我們擁有整個產業最廣泛的技術組合，好嗎？我們有金屬和聚合物，在聚合物方面，我們有五個重要平台。從顧客的角度來看，這真是太好了。我們可以滿足這些需求，而且我們還能發展壯大。從研發角度來看，這是一種負擔。

So when you look at our our R&D burden fundamentally it's heavier than most because of the breadth of our technology, but in a growth environment it positions you very well to serve the customer. So I, you, I feel very good about our position.

因此，從根本上來說，由於我們技術的廣度，我們的研發負擔比大多數公司都要重，但在成長的環境中，這使我們能夠更好地服務客戶。所以，我，你，我對我們目前的處境感到非常滿意。

We are able to throttle back a little bit now because we were doing. Every refresh in parallel for three years now it's coming down to, one here and one there, and we can get more in the rhythm of it. So it helps us with our OpEx management here in '26.

我們現在可以稍微放慢速度了，因為我們之前一直在這樣做。在過去三年裡，我們一直同步進行每次更新，現在逐漸簡化為這裡更新一次，那裡更新一次，我們可以更好地適應這種節奏。所以它有助於我們在 2026 年進行營運支出管理。

But I would say we have not excessively cut R&D. We certainly have pared it back. We have a sizable R&D budget for 2026 that's in the overall OpEx budget. It's right size to the current portfolio that we have in the product. Investment priorities that we have, you'll definitely see that come in. It's still double-digits. It's lower double-digits than what it has been, but I think fits the product roadmap, the new product launches we have for next year.

但我認為我們並沒有過度削減研發投入。我們確實已經大幅縮減了規模。我們為 2026 年設立了相當可觀的研發預算，該預算包含在整體營運支出預算中。它的大小與我們目前的產品組合非常吻合。我們的投資重​​點，你一定會看到體現出來。仍然是兩位數。雖然比之前的兩位數要低，但我認為這符合我們的產品路線圖，也符合我們明年即將推出的新產品計畫。

And Karen, a great example of the strength of that approach is when you look at metal parts for aerospace defense, there's two ways that they're fundamentally made broadly. One's casting, where they use our 3D. Polymer printers for as an integral part of and one is and one is direct metal printing for the more difficult alloys or the higher performing components.

凱倫，這種方法的優勢的一個很好的例子是，當你觀察航空航天防禦的金屬零件時，你會發現它們從根本上有兩種廣泛的製造方式。其中一種是鑄造，他們使用我們的 3D。聚合物印表機是整體的一部分，其中一種是直接金屬列印，用於列印更難列印的合金或性能更高的部件。

Both of those are in demand in the aerospace defense market and in both cases, we have launched new product upgrades over the last 12 months that are fabulous, and that's why we're growing in aerospace and defense and it's the high value end of the market that's where you want to be.

這兩款產品在航空航太國防市場都有需求，而且在過去的 12 個月裡，我們都推出了非常棒的新產品升級版，這就是為什麼我們在航空航太和國防領域不斷發展壯大的原因，而高端市場才是我們應該關注的地方。

Right, and I guess--

對，我想——

Take care of it here.

請在這裡處理。

Yeah, and my other question was just on, speaking of aerospace and defense, everybody kind of is, looking at airspace defenses as a growth area because, geopolitical and, kind of the assumption that, there'll be increased, spending in that area.

是的，我的另一個問題是關於航空航天和國防的，大家都把空域防禦視為一個成長領域，因為地緣政治因素，以及人們普遍認為該領域的支出將會增加。

But even with aerospace and defense, how much of it is really kind of the companies and the government wanting to be more efficient and using additive to maybe change the method of producing the parts, so you may not need a new program, but maybe, and not be tied to that procurement budget, really kind of saying, well we have this budget and we have to be smarter about it and may not expect the growth or politics to get the growth eventually.

但即使在航空航太和國防領域，有多少真正取決於企業和政府是否希望提高效率，並利用增材製造技術來改變零件的生產方式，因此可能不需要新的項目，但也許，並且不受採購預算的限制，實際上是在說，我們有這個預算，我們必須更明智地使用它，並且可能不指望增長或政治最終會帶來增長。

How much of it, is sort of really kind of rethinking and being more efficient and reducing times and things like that and really using assets to do that.

其中有多少是真正意義上的重新思考，提高效率，減少時間等等，並真正利用資源來實現這些目標。

You touched on a good point, Karen. So part of the demand in aerospace and defense is for the, just new weaponry coming out and new vehicles to deliver that weaponry. So you've got the advent of drones, you've got new generations of naval ships.

凱倫，你說的很有道理。因此，航空航太和國防領域的部分需求是，不斷湧現的新武器以及運送這些武器的新車輛。所以，無人機出現了，新一代海軍艦艇也出現了。

So part of it is the is the natural evolution of technology that's drawing in because Additive is really good at those things. The other part of it, I'd say there's two pieces. one cost savings. By moving to from an assembly of many pieces to a casting that's a single piece casting, you can simplify the system and get cost out of the manufacturing process, out of the finished product.

部分原因是技術的自然發展，因為積層製造非常擅長這些方面，所以它正在被吸引過來。另一方面，我認為它包含兩方面。第一方面是節省成本。透過將多部件組裝改為單件鑄造，可以簡化系統，降低製造過程和成品的成本。

That's significant. When you look at a modern rocket engine compared to three years ago. And just look at the amount of complexity in the engine then versus now. It's amazing simplification and at the same time they're taking performance up.

這意義重大。當你把現代火箭引擎和三年前的火箭引擎進行比較。看看當時的引擎和現在的引擎相比，複雜程度簡直是天壤之別。它實現了驚人的簡化，同時性能也得到了提升。

So that's available through 3D printed cores and shelves for castings and then on direct metal applications you've got the added benefit of a dramatically reduced cycle time for manufacturing and safer supply chains, more localized, more close to home, and the respond much more quickly.

因此，可以透過 3D 列印的鑄芯和支架來實現鑄造，而在直接金屬應用中，還可以獲得製造週期大幅縮短、供應鏈更安全、更本地化、更貼近本地、響應速度更快等額外好處。

The example I put in the opening statements about the reduction for the for some of these naval components going from 12 months to 15 months production time with traditional manufacturing to literally a couple of weeks to produce the same component out of the same materials.

我在開篇陳述中舉的例子是，某些海軍零件的生產時間從傳統製造方式的 12 個月到 15 個月縮短到使用相同材料製造的相同零件只需幾週時間。

So you've got higher performance, you've got cost savings that are coming together in aerospace and defense that's really transforming the industry. So yes, overall volumes are up, demand is up, but you've got some key drivers that are highly sustainable in the kinds of parts we're working on. Okay.

因此，更高的性能和成本節約正在航空航天和國防領域結合起來，真正改變了這個行業。所以，是的，整體銷量上升了，需求也上升了，但我們正在研發的零件中，有一些關鍵驅動因素是高度永續的。好的。

Thank you. We reached end of our question-and-answer session. I'd like to turn the floor back over 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各位，請大家再做總結發言。

Thanks, Kevin. So I'd like to thank you all for participating in the call today. We look forward to updating you on our progress once again after the close of the first quarter. Have a great day.

謝謝你，凱文。所以，我要感謝各位今天參加電話會議。我們期待在第一季結束後再次向您報告我們的進展。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。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。