3D Systems Corp (DDD) 2026 Q1 法說會逐字稿

Greetings, and welcome to the 3D Systems first-quarter 2026 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 3D Systems 2026 年第一季財報電話會議與網路直播。（接線員指示）提醒各位，本次會議將被錄音。

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

現在我很榮幸將電話會議交給投資人關係副總裁 Monica Gould。Monica，請開始。

Hello, and welcome to 3D Systems first-quarter 2026 earnings conference call. With me on today's call are Dr. Jeffrey Graves, President and CEO; and Phyllis Nordstrom, Chief Financial Officer. The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone who wish to access the slide portion of this presentation may do so on the Investor Relations section of our website.

各位好，歡迎參加 3D Systems 2026 年第一季財報電話會議。今天與會的有總裁暨執行長 Jeffrey Graves 博士，以及財務長 Phyllis Nordstrom。本次電話會議的網路直播部分包含一份投影片簡報，我們將在會議中引用。僅透過電話收聽且希望查看投影片的聽眾，可至本公司網站的投資人關係（Investor Relations）專區取得本簡報的投影片內容。

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

以下討論以及對各位提問的回覆，僅反映管理團隊截至今日的觀點，並將包含本投影片所述之前瞻性陳述。實際結果可能有重大差異。可能影響我們財務結果之因素的更多資訊，載於我們最新的新聞稿以及向美國證券交易委員會（SEC）提交的文件中，包括最近一期 Form 10-K 年度報告與 Form 10-Q 季度報告。在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。在我們的新聞稿與本次網路直播隨附投影片中，您可找到關於這些非 GAAP 指標的額外揭露資訊，包括與可比 GAAP 指標的調節表。

And with that, I'd like to turn the call over to our President and CEO, Dr. Jeffrey Graves, for opening remarks.

接下來，我想把電話會議交給我們的總裁暨執行長 Jeffrey Graves 博士，請他發表開場致詞。

Thank you, Monica, and good morning, everyone. Building on the momentum we achieved in the fourth quarter of last year, I'm pleased to report a strong first quarter performance for 2026. I'll start today by reviewing a few highlights from our first quarter and provide some comments on overall market conditions. I'll then provide an update on our business strategy and key growth initiatives. After this, I'll turn things over to our CFO, Phyllis Nordstrom, to summarize the quarter's financials. When Phyllis concludes, we'll open up the call for Q&A.

謝謝你，Monica，各位早安。延續我們去年第四季所取得的動能，我很高興報告 2026 年第一季表現強勁。今天我將先回顧第一季的幾項重點，並就整體市場狀況提出一些看法。接著我會更新我們的業務策略與關鍵成長計畫。之後我會把時間交給財務長 Phyllis Nordstrom，為各位總結本季財務表現。Phyllis 結束後，我們將開放問答。

So let's turn to slide 5. The additive manufacturing industry is now beginning to emerge from a multiyear trough driven largely by global economic and geopolitical challenges that led customers to severely curtail capital spending. Our company's targeted investments in research and development, which we sustained in the face of intense cost pressures over this period, are now enabling us to introduce a completely refreshed portfolio of new products, spanning from direct metal printing systems to the five major polymer printing platforms. No company in our industry can match this range of technologies nor the product performance that these systems can deliver.

請看投影片第 5 頁。增材製造產業如今正開始走出一段多年低谷；該低谷主要由全球經濟與地緣政治挑戰所驅動，導致客戶大幅縮減資本支出。在此期間，儘管面臨強烈的成本壓力，我們仍持續進行有針對性的研發投資；如今這些投資正使我們得以推出全面更新的全新產品組合，涵蓋從直接金屬列印系統到五大主要聚合物列印平台。我們產業中沒有任何公司能在技術範圍上與我們匹敵，也無法匹敵這些系統所能提供的產品效能。

While it's been a painful period, the results can now begin to be seen in our performance, and there's much more excitement to come. I want to thank our dedicated employees for their hard work over the last few years in a highly cost-constrained environment.

雖然這段期間相當艱辛，但成果如今已開始反映在我們的表現上，而且接下來還有更多令人振奮的進展。我也要感謝我們敬業的員工，在過去幾年高度受限的成本環境中所付出的努力。

Speaking directly to my colleagues around the world, the success we're now seeing is a direct reflection of your talent and commitment to our company and to our customers. To drive the highest value from R&D investments, we focus them intensely on our three key growth markets, Aerospace & Defense, Med Tech and Dental.

我想直接對全球各地的同仁說：我們現在看到的成功，正是各位的才華與對公司及客戶承諾的直接體現。為了讓研發投資創造最高價值，我們將其高度聚焦於三個關鍵成長市場：航太與國防、醫療科技（Med Tech）以及牙科。

These markets in particularly derive enormous value from 3D printing and are all expected to grow significantly in the years ahead. They are also the most challenging markets to penetrate, given the extreme requirements for quality, precision, reproducibility and regulatory oversight. Fortunately, we have a rich history and strong foundation in each of these markets, which provides the critical infrastructure and expertise needed for success.

這些市場尤其能從 3D 列印中獲得巨大的價值，且預期在未來幾年都將顯著成長。同時，由於對品質、精度、可重複性以及法規監管的要求極為嚴苛，它們也是最難切入的市場。所幸我們在上述每個市場都擁有深厚歷史與堅實基礎，提供成功所需的關鍵基礎設施與專業能力。

On slide 6, our Q1 highlights tell a story. Solid growth in printer sales, increased momentum in parts sales, strong growth in healthcare material sales. These results reflect the impact of our technology and market focus. From a product standpoint, we saw double-digit year-over-year growth in printer and material sales as well as parts manufacturing, particularly in metals. We also saw balanced growth across both of our business units, healthcare and Industrial.

在投影片第 6 頁，我們第一季的重點亮點呈現出一個清楚的故事：印表機銷售穩健成長、零件銷售動能提升、醫療保健材料銷售強勁成長。這些結果反映了我們的技術與市場聚焦所帶來的影響。就產品面而言，我們的印表機與材料銷售以及零件製造均呈現年增雙位數成長，尤其是金屬領域。我們也看到兩大事業單位——醫療保健與工業——皆呈現均衡成長。

Turning to slide 7. In Med Tech, we continue to build on our market-leading position. During the first quarter, we saw strong double-digit year-over-year growth in several key areas, including medical parts manufacturing, printer sales and surgical planning services.

接著看投影片第 7 頁。在醫療科技（Med Tech）方面，我們持續鞏固市場領先地位。第一季期間，我們在多個關鍵領域看到強勁的年增雙位數成長，包括醫療零件製造、印表機銷售以及手術規劃服務。

Medical parts manufacturing demand was driven specifically by titanium spinal implants and both titanium and cobalt chrome joint implants used in replacement procedures. Printer revenue was led by sales of our DMP 350 metal printer to medical device customers who are now entering a refresh and expansion cycle. This growth was partially offset by lower-than-expected sales to one key customer due to a temporary disruption in their internal operations, which was resolved by the end of the quarter. We're already seeing a recovery in their demand and expect a solid rebound in the second quarter.

醫療零件製造需求主要由鈦合金脊椎植入物，以及用於置換手術的鈦合金與鈷鉻合金關節植入物所帶動。印表機營收則主要來自我們 DMP 350 金屬印表機對醫療器材客戶的銷售；這些客戶正進入設備更新與擴充週期。上述成長部分被一位關鍵客戶低於預期的採購所抵銷，原因是其內部營運出現短暫中斷，但已於季末解決。我們已看到其需求回升，並預期第二季將有穩健反彈。

We also saw increased requirements for print know-how transfer by a large global health care customer as they prepare to purchase printers and transition to high-volume parts manufacturing, likely to complete in 2027. This example illustrates the three-phase growth model that we discussed on our Q4 call, namely process development, low to intermediate volume part production and ultimately full system sales.

我們也看到一家大型全球醫療保健客戶對列印技術移轉（print know-how transfer）的需求增加；該客戶正準備採購印表機並轉向高產量零件製造，預計可能在 2027 年完成。此案例說明了我們在第四季電話會議中討論的三階段成長模型：流程開發、低至中等產量零件生產，最終進入完整系統銷售。

As highlighted on slide 8, momentum in Dental is accelerating across the full spectrum of our solutions, which we classify as straighten, repair, replace and protect. We saw strong year-over-year double-digit growth in Dental material sales driven by both an increase in demand for aligners as well as in prosthetic materials for tooth repair, which we sell under our Vertex brand.

如投影片第 8 頁所示，牙科（Dental）方面的動能正於我們解決方案的全光譜加速成長；我們將其分類為矯正（straighten）、修復（repair）、置換（replace）與保護（protect）。我們看到牙科材料銷售年增雙位數的強勁成長，主要由矯正器（aligners）需求增加，以及我們以 Vertex 品牌銷售、用於牙齒修復的義齒材料需求增加所帶動。

Our Vertex Dental materials have been a mainstay in Europe for many years, and we were pleased to gain US regulatory approval late last year following a protracted trademark negotiation. This doubled the size of the market for Vertex and is now beginning to be reflected in our dental revenue performance.

我們的 Vertex 牙科材料多年來一直是歐洲市場的主力產品；在經歷一段漫長的商標協商後，我們很高興於去年年底取得美國法規核准。這使 Vertex 的市場規模倍增，並已開始反映在我們的牙科營收表現上。

Now turning to slide 9. As you know, we've been very excited about our new product launch in the denture market. Two quarters into the sale of these marvelous platforms, I can tell you that the reception by our dental lab customers and dentists alike has been terrific. As an example, yesterday, we announced a major commercial milestone reflecting the enthusiasm of our denture technology is generating.

接著看投影片第 9 頁。如各位所知，我們對於在假牙市場推出的新產品上市一直感到非常振奮。這些出色平台上市銷售兩個季度後，我可以告訴各位，牙科技工所客戶與牙醫對其反應都非常熱烈。舉例來說，昨天我們宣布了一項重要的商業里程碑，反映出我們的假牙技術所激發的高度熱情。

In this case, ROE Dental Laboratory, one of the nation's premier full-service digital dental labs, became the first major US dental lab to deploy an extensive fleet of our NextDent 300 Jetted Denture printing systems across their multiple sites. Following our US launch in the fall of 2025, ROE has expanded their purchases, effectively tripling their manufacturing capacity for high-precision multi-material monolithic dentures.

在此案例中，ROE Dental Laboratory——全美首屈一指的全方位數位牙科技工所之一——成為第一家在美國多個據點部署大量我們 NextDent 300 噴射式假牙列印系統（Jetted Denture printing systems）的主要牙科技工所。自 2025 年秋季我們在美國上市以來，ROE 擴大採購，實質上將其高精度多材料一體成型（monolithic）假牙的製造產能提高至原來的三倍。

As BJ Kowalski, CEO of ROE Dental Labs said, the NextDent 300 has exceeded our expectations in production efficiency, dentist acceptance and patient satisfaction. Adding more systems at this early stage allows us to triple output while maintaining the highest standards of quality and consistency.

正如 ROE Dental Labs 執行長 BJ Kowalski 所說，NextDent 300 在生產效率、牙醫接受度與病患滿意度方面都超出我們的預期。在如此早期階段就增加更多系統，讓我們能在維持最高品質與一致性標準的同時，將產出提高三倍。

From a market standpoint, following our US regulatory approval last year, we recently received the equivalent EU Phase 2a approval for our denture printing solution, two months ahead of schedule. With both US and EU regulatory approvals now in place, we've significantly expanded our addressable market to more than 60 million edentulous patients, roughly one-third of the global market.

從市場角度來看，在去年取得美國法規核准後，我們近期也提前兩個月取得了我們假牙列印解決方案的等同歐盟 Phase 2a 核准。隨著美國與歐盟的法規核准皆已到位，我們已將可服務市場（addressable market）大幅擴展至超過 6,000 萬名無牙（edentulous）病患，約占全球市場的三分之一。

This represents a multibillion-dollar opportunity as Dental Labs around the world transition from traditional labor-intensive methods to scalable high-margin digital workflows. We expect to announce regulatory approvals in additional countries as they are gained throughout the year.

這代表一個數十億美元規模的機會，因為全球牙科技工所正從傳統勞力密集的方法，轉向可擴展且高毛利的數位化工作流程。我們預期在今年內，隨著取得更多國家的法規核准，將陸續對外宣布。

Looking ahead for our denture platform, we've built a solid order backlog moving into our second quarter and are raising our internal production targets for the second half of the year. The NextDent 300 has been the most successful new product launch since my arrival at 3D Systems five years ago, with very few installation issues, rapid integration in lab workflows and acceptance by dentists often upon initial exposure to the product.

展望我們的假牙平台，我們在進入第二季時已建立穩健的訂單積壓（order backlog），並正上調今年下半年內部生產目標。NextDent 300 是我五年前加入 3D Systems 以來最成功的新產品上市，安裝問題極少、能快速整合進技工所工作流程，且牙醫往往在初次接觸產品時就予以接受。

From a patient standpoint, these printed dentures look wonderful, fit perfectly and can be worn with confidence due to their toughness and wear resistance, a winning equation for the lab, the dentist and the patient. I fully expect our portfolio of dental solutions to be a major contributor to our revenue and profitability for many years to come.

從病患角度來看，這些列印假牙外觀非常美觀、貼合度完美，且因其韌性與耐磨性而能安心配戴；這對技工所、牙醫與病患而言是三贏的方程式。我完全預期我們的牙科解決方案產品組合，將在未來多年持續成為營收與獲利能力的重要貢獻來源。

Moving to slide 10. Before shifting our focus to Aerospace & Defense markets in detail, I want to first make clear the way in which 3D printing is used for these critical applications. What many investors do not appreciate is that our company is unique in offering two complementary approaches to the manufacture of high-reliability metal components, both of which are seeing a rapid rise in demand.

接著看第 10 張投影片。在我們把焦點詳細轉向航太與國防市場之前，我想先釐清 3D 列印在這些關鍵應用中的使用方式。許多投資人未能充分理解的是，我們公司獨特之處在於提供兩種互補的方法來製造高可靠度金屬零組件，而這兩種方法的需求都正在快速攀升。

The first is direct metal printing, often called DMP for short of components, which uses high-powered lasers to directly center metal powder under a tightly controlled environment to form fully dense parts. In this process, it's essential that there is no binder or other contaminant in the system as these will degrade the performance of the part. This is the way the very highest performing metal parts are manufactured and it will remain so.

第一種是直接金屬列印，常簡稱為 DMP，用高功率雷射在嚴格控制的環境下直接燒結金屬粉末，以形成完全緻密的零件。在此製程中，系統內必須完全沒有黏結劑或其他污染物，因為這些都會降低零件的性能。這是製造最高性能金屬零件的方式，而且未來也將持續如此。

Those that do not have this technology will simply not be able to participate in this high-value portion of the market. The second path for making metal parts is through the use of high-precision SLA printed patterns for investment casting of specialty metals. This approach gives customers the flexibility on part size, material and design at a cost and performance level that's virtually impossible to achieve with any other approach. Many complex aerospace systems such as those used in rocket and aircraft propulsion systems increasingly make use of both methods for the manufacture of critical flight components.

沒有這項技術的業者，將無法參與這個市場中高價值的部分。第二條金屬零件製造路徑，是使用高精度 SLA 列印的模型（pattern）進行特殊金屬的精密鑄造（investment casting）。此方法讓客戶在零件尺寸、材料與設計上具備彈性，同時在成本與性能上達到幾乎不可能由其他方法實現的水準。許多複雜的航太系統，例如火箭與飛機推進系統所使用者，正日益同時採用這兩種方法來製造關鍵飛行零組件。

Without them, we could not be routinely discussing space exploration, hypersonic flight or many other advanced systems that are an integral part of our country's future. For the last several years, we've targeted leadership in both of these metal technologies, the culmination of which has been our DMP 350 triple laser system and the SLA 825 polymer platform that we've released over the last several months. And that are rapidly gaining traction with key customers around the world.

沒有它們，我們就無法例行性地討論太空探索、極音速飛行或許多其他先進系統，而這些都是我國未來不可或缺的一部分。過去幾年，我們鎖定在這兩項金屬技術上取得領導地位，其成果包括我們在過去幾個月推出的 DMP 350 三雷射系統與 SLA 825 聚合物平台，並且正快速獲得全球關鍵客戶的採用。

As you can see on slide 11, our metal printer portfolio now includes the DMP Flex 200, the DMP 350 Triple, the DMP 500 and our next-generation large-format metal printer system, the development of which has been supported in large part by the US government. This $28 million development program is designed to ensure leadership for US in metal printing for the future. These systems deliver significant performance benefits and lay the foundation for further expansion in capacity, productivity and material flexibility as the 3D printed metal market continues to expand.

如第 11 張投影片所示，我們的金屬列印機產品組合目前包括 DMP Flex 200、DMP 350 Triple、DMP 500，以及我們的下一代大尺寸金屬列印機系統；該系統的研發在很大程度上獲得美國政府支持。這項 2,800 萬美元的研發計畫旨在確保美國在未來金屬列印領域的領導地位。這些系統帶來顯著的性能優勢，並為在 3D 列印金屬市場持續擴張之際，進一步提升產能、生產力與材料彈性奠定基礎。

And finally, turning to slide 12. Aerospace & Defense, which we discussed extensively in our last earnings call, remains the largest and one of the fastest-growing segments within our Industrial Solutions business. Examples of the projects driving growth include titanium antenna brackets for satellite systems that are 25% lighter and can be produced in half the time compared with traditional methods as well as the mass production of turbine blades for jet engines and industrial turbines that improve performance and efficiencies in both flight systems and ground-based energy applications.

最後，來到第 12 張投影片。航太與國防（我們在上次財報電話會議中已深入討論）仍是我們工業解決方案業務中最大的、也是成長最快的區隔之一。推動成長的專案例子包括：用於衛星系統的鈦合金天線支架，重量減輕 25%，且相較傳統方法可在一半時間內生產；以及噴射引擎與工業渦輪的渦輪葉片量產，提升飛行系統與地面能源應用的性能與效率。

Given our unmatched breadth of defense-focused printing technology, we continue to expect over 20% growth in our Aero & Defense markets this year, equating to approximately $35 million in revenue in 2026. This growth will be largely driven by space, naval and aero propulsion applications as well as the expanding use of sophisticated flight and weapon systems in unmanned aerial vehicles and precision munitions.

鑑於我們在國防導向列印技術方面無可匹敵的廣度，我們仍預期今年航太與國防市場將成長超過 20%，相當於 2026 年約 3,500 萬美元的營收。此成長將主要由太空、海軍與航太推進應用所帶動，並受益於無人機與精準彈藥中更先進的飛行與武器系統之使用擴大。

In response to the rapidly growing demand for Aerospace & Defense components, we're investing in a significant expansion to our Littleton, Colorado facility, adding 80,000 square feet of manufacturing space for the production of metal components. The grand opening of our new facility is on track for late summer, and we're excited about these new growth opportunities that this new facility opens for our company.

為回應航太與國防零組件需求的快速成長，我們正對科羅拉多州利特爾頓（Littleton）廠區進行大幅擴建，新增 80,000 平方英尺的製造空間，用於生產金屬零組件。我們新廠的盛大開幕預計在夏末如期進行，我們也對這座新設施為公司帶來的新成長機會感到振奮。

Looking ahead on slide 13. We have the largest installed base of production printing systems in the industry, a refreshed portfolio on both polymers and metals, new printer systems that are gaining traction with customers and rapidly expanding opportunities in high-growth, high-reliability markets. Acceptance of additive manufacturing is accelerating, and we're well positioned to capitalize on it. While the world situation never fails to present new challenges, I am more excited than ever about the future of our company.

展望第 13 張投影片。我們擁有業界最大規模的量產列印系統裝機基礎，在聚合物與金屬兩方面也更新了產品組合；新款列印系統正獲得客戶採用，並在高成長、高可靠度市場中快速擴大機會。增材製造的接受度正在加速提升，而我們已做好把握此趨勢的準備。儘管全球局勢總會帶來新的挑戰，但我對公司未來的期待比以往任何時候都更高。

With that overview, I'll turn to slide 14 and hand the call over to Phyllis to walk through the financial results for Q1 in detail. Phyllis?

以上為概述。接著我將轉到第 14 張投影片，並把電話會議交給 Phyllis，請她詳細說明第一季的財務結果。Phyllis？

Thank you, Jeff, and good morning, everyone. Before I begin reviewing our first quarter results, I'd like to remind you that we completed the divestiture of the Geomagic, 3DXpert and Oqton legacy software businesses in 2025. Throughout today's call, I will reference comparisons on an adjusted basis, excluding these divestitures to provide a clear apples-to-apples comparison of our performance across periods.

謝謝你，Jeff，各位早安。在我開始檢視第一季業績之前，我想提醒各位，我們已於 2025 年完成 Geomagic、3DXpert 與 Oqton 傳統軟體業務的剝離。在今天的電話會議中，我將以調整後基礎進行比較，排除這些剝離影響，以便在各期間之間提供清楚、可比（apples-to-apples）的績效比較。

Turning to our results for the first quarter, beginning on slide 15. First quarter consolidated revenue was $95.5 million, an increase of 11% year-over-year, demonstrating a solid return to revenue growth in the quarter. This meaningful increase was driven across our key growth markets, Med Tech, Dental and Aerospace & Defense, each achieving meaningful double-digit growth in the quarter.

接著看第 15 張投影片，說明第一季的結果。第一季合併營收為 9,550 萬美元，年增 11%，顯示本季營收成長已穩健回歸。這項顯著成長來自我們的主要成長市場：醫療科技（Med Tech）、牙科（Dental）以及航太與國防（Aerospace & Defense），三者在本季皆達成具意義的雙位數成長。

Performance within Aerospace & Defense and Med Tech was supported by higher metal printer sales, along with solid growth across other product categories. In Dental, higher sales were driven by strong material sales within both the aligner and repair markets. In reviewing our core products, printers, materials and parts manufacturing each delivered solid double-digit growth compared to the prior year period.

航太與國防以及醫療科技的表現，受惠於金屬列印機銷售增加，以及其他產品類別的穩健成長。在牙科方面，銷售成長主要由矯正器（aligner）與修復（repair）市場中強勁的材料銷售所帶動。檢視我們的核心產品，列印機、材料與零件製造相較去年同期皆實現穩健的雙位數成長。

Moving to slide 16. Within our segments, Industrial Solutions revenue totaled $45.4 million, an increase of 1.6% year-over-year. Industrial Solutions saw continued strength in our largest end market, Aerospace & Defense, which delivered over 20% year-over-year growth. This was complemented by a return to growth in the automotive and semiconductor markets and partially offset by lower demand in certain regional areas due to the conflict in the Middle East, primarily impacting our jewelry business.

接著看第 16 張投影片。就各事業部而言，工業解決方案（Industrial Solutions）營收為 4,540 萬美元，年增 1.6%。工業解決方案在我們最大的終端市場——航太與國防——持續展現強勁動能，年增超過 20%。此外，汽車與半導體市場也恢復成長；但中東衝突導致部分區域需求下降，主要影響我們的珠寶業務，因而部分抵銷了成長。

Healthcare Solutions revenue of $50.1 million grew 21% year-over-year, surpassing Industrial Solutions as the larger segment this quarter. Growth was driven by strong performance across both Dental and Med Tech. Healthcare revenue included an increase in both printer and material sales and strong demand in health care parts, particularly for orthopedic medical implants.

醫療保健解決方案（Healthcare Solutions）營收為 5,010 萬美元，年增 21%，本季並超越工業解決方案成為較大的事業部。成長來自牙科與醫療科技的強勁表現。醫療保健營收包含列印機與材料銷售的增加，以及醫療保健零件的強勁需求，尤其是骨科醫療植入物。

Now moving to slide 17. In the first quarter, non-GAAP gross margin was 36.1%, up 6 percentage points from the prior year period when adjusting for software divestitures. Non-GAAP gross margin performance reflects improved manufacturing absorption from higher production and sales volume in the quarter, along with a favorable consumables mix, improved printer margins and the benefits of our cost reduction initiatives.

接著看第 17 張投影片。第一季非 GAAP 毛利率為 36.1%；若就軟體剝離進行調整，較去年同期提高 6 個百分點。非 GAAP 毛利率表現反映：本季生產與銷售量提升帶來更佳的製造吸收（manufacturing absorption）、耗材組合有利、列印機毛利改善，以及成本削減措施所帶來的效益。

Moving to slide 18. We continue to demonstrate strong cost management discipline as we move into 2026. Two key areas were the primary contributors to our operating expense performance in the first quarter. First, we continue to realize incremental savings from the cost reduction initiatives executed throughout last year. Through the end of the first quarter, we've delivered more than $55 million in annualized cost savings. We expect to complete our defined cost reduction and efficiency programs by the end of the second quarter, marking the conclusion of a six-quarter focused effort to optimize our cost structure.

接著看第 18 張投影片。邁入 2026 年之際，我們持續展現強勁的成本管理紀律。第一季營業費用表現主要由兩個關鍵領域所驅動。第一，我們持續實現去年全年執行之成本削減措施所帶來的新增節省。至第一季末，我們已達成超過 5,500 萬美元的年化成本節省。我們預期在第二季末完成既定的成本削減與效率提升計畫，這也將標誌著為期六個季度、聚焦於優化成本結構的努力告一段落。

Additionally, the company has made significant investments in R&D over the past several years to both refresh our product portfolio and advance our core technologies across both polymers and metals. The elevated R&D investments as a percentage of sales have led to the successful launch of our new jewelry printer, the MJP 300 Plus, our new denture printer and materials with the NextDent 300 and meaningful upgrades to our mid- and large frame DMP metal printer portfolio.

此外，公司在過去幾年於研發（R&D）方面投入顯著資源，以更新產品組合並推進聚合物與金屬兩大領域的核心技術。研發投入占銷售比重的提高，促成我們成功推出新款珠寶列印機 MJP 300 Plus、新款義齒列印機與 NextDent 300 的材料，以及對我們中型與大型機架 DMP 金屬列印機產品組合的重大升級。

As these launches are now substantially complete, we expect to transition to a more balanced level of R&D spending with a focus on targeted enhancements to further advance our portfolio innovation. Reflecting on these actions, first quarter non-GAAP operating expenses were $36.6 million, down 35% or $20.1 million from the prior year period when adjusting for the software divestitures. On a sequential basis, non-GAAP operating expenses declined 11% or $4.3 million. Looking ahead, we expect operating expenses to remain largely stable through the remainder of the year with normal seasonal fluctuations across quarters.

隨著這些產品上市目前已大致完成，我們預期研發支出將轉向更為均衡的水準，並聚焦於具針對性的強化，以進一步推動產品組合創新。反映上述行動，第一季非 GAAP 營業費用為 3,660 萬美元；若就軟體剝離進行調整，較去年同期下降 35%，或減少 2,010 萬美元。以季比來看，非 GAAP 營業費用下降 11%，或減少 430 萬美元。展望未來，我們預期今年剩餘期間的營業費用將大致維持穩定，僅在各季度間呈現正常的季節性波動。

Now turning to slide 19 to finalize the P&L. First quarter adjusted EBITDA was positive $2.1 million. This represents an improvement of $26 million year-over-year or $28.2 million when adjusted for divestitures. This increase was driven by higher sales volumes, favorable product mix and the timing of seasonal costs, with the majority of improvement coming from operating expense reductions from cost savings initiatives.

現在轉到第19頁來完成損益表。第一季調整後EBITDA為正2.1百萬美元。這代表年增改善2,600萬美元，或在調整資產剝離影響後改善2,820萬美元。此增長主要由較高的銷售量、有利的產品組合以及季節性成本發生時點所帶動，其中大部分改善來自成本節省計畫帶動的營運費用降低。

There were several offsetting factors that were reflected in overall adjusted EBITDA performance, including supply chain disruptions related to the conflict impacting the Middle East, an isolated business disruption affecting a key customer that has since been resolved and modest FX and tariff impacts to our bottom line. In aggregate, these headwinds and tailwinds were largely offsetting, resulting in minimal impact to our adjusted EBITDA for the quarter. Moving to earnings per share. First quarter non-GAAP loss per share was $0.01, an improvement from a loss of $0.21 in the prior year period.

整體調整後EBITDA表現中也反映了數項相互抵銷的因素，包括與衝突影響中東相關的供應鏈中斷、影響一位關鍵客戶的單一業務中斷（目前已解決），以及外匯與關稅對我們獲利的輕微影響。整體而言，這些逆風與順風大致互相抵銷，使其對本季調整後EBITDA的影響有限。接著看每股盈餘。第一季非GAAP每股虧損為0.01美元，較去年同期每股虧損0.21美元有所改善。

Now turning to slide 20 for a review of the balance sheet. We ended the quarter with $86.5 million in total cash, including $85.1 million in cash and cash equivalents and $1.4 million in restricted cash. We have $3.9 million of debt coming due in the fourth quarter of 2026, with the remaining $92 million maturing in 2030. As we move into the second quarter, our focus is on maintaining a disciplined and efficient cost structure while remaining flexible to support strategic investments within the business and key growth markets. This positions us well to capitalize on accelerating growth opportunities ahead.

現在轉到第20頁回顧資產負債表。本季末我們的現金總額為8,650萬美元，其中包括8,510萬美元的現金及約當現金，以及140萬美元的受限制現金。我們有390萬美元的債務將於2026年第四季到期，其餘9,200萬美元將於2030年到期。進入第二季後，我們的重點是在維持嚴謹且高效率的成本結構之同時，保持彈性以支持公司內部及關鍵成長市場的策略性投資。這使我們能夠把握未來加速的成長機會。

Lastly, I'll turn to slide 21 for an update on the company's Q2 outlook. Following a strong first quarter, we expect demand to remain healthy through the balance of the year with customary seasonality in the second quarter. In line with these trends and given our current macroeconomic environment, we are taking a measured approach to our outlook and guiding second quarter revenue to a range of $93 million to $95 million with an adjusted EBITDA loss in the range of $2 million to $4 million.

最後，我將轉到第21頁，更新公司對第二季的展望。在第一季表現強勁之後，我們預期需求在今年剩餘期間仍將維持健康，第二季則呈現慣常的季節性。依循這些趨勢並考量目前的總體經濟環境，我們對展望採取審慎作法，預估第二季營收介於9,300萬至9,500萬美元，調整後EBITDA虧損介於200萬至400萬美元。

With the completion of the review of our first quarter financials, I will now turn the call back over to Jeff for closing remarks.

在完成第一季財務回顧後，我現在把電話交回給Jeff做結語。

Thank you, Phyllis. In summary, we had a strong first quarter performance across our key growth markets, driven by our leading direct metal printing capabilities across printer sales, parts production and materials. Additionally, we had one of our most successful new product launches with our NextDent Jetted Denture Solution, which is now being rolled out in Europe two months ahead of plan. Our manufacturing capacity expansion in Littleton remains on track and will help support the growth of our Aerospace & Defense business. We expect to build on our top-line growth momentum in key markets over the coming quarters while maintaining strong cost discipline to achieve breakeven adjusted EBITDA or better for the full year.

謝謝你，Phyllis。總結來說，我們在關鍵成長市場第一季表現強勁，主要受惠於我們在直接金屬列印方面的領先能力，涵蓋印表機銷售、零件生產與材料。此外，我們推出NextDent Jetted Denture Solution，這是我們最成功的新產品上市之一，目前在歐洲的推廣進度較原計畫提前兩個月。我們在Littleton的製造產能擴充仍按計畫進行，將有助於支援我們航太與國防業務的成長。我們預期在未來幾季延續關鍵市場的營收成長動能，同時維持嚴格的成本紀律，以達成全年調整後EBITDA損益兩平或更佳。

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

感謝各位撥冗以及持續支持3D Systems。我們現在開放提問。接線員？

(Operator Instructions)

（接線員指示）

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Yeah, thanks. Good morning, everybody. Jeff, you -- I don't want to put words in your mouth, but you struck me as at least your tone was a little bit more positive than it has been in recent years. So I'm just kind of curious, as you're sitting there looking at your own portfolio and what you've done and just some of the industry green shoots that are emerging, what kind of strikes you as most important as kind of the lever to reaccelerate the growth profile here?

好的，謝謝。各位早安。Jeff，你——我不想把話塞到你嘴裡，但你給我的感覺是，至少你的語氣比近幾年更正面一些。所以我有點好奇，當你坐在那裡看著你們自己的產品組合、你們所做的事情，以及產業中正在浮現的一些復甦跡象時，什麼是你認為最重要、能夠重新加速這裡成長曲線的關鍵槓桿？

Yeah, Greg. So in terms of tone, you're absolutely correct. It was a bet a few years back that we should hang on to our R&D spend and refresh our portfolio. And it turned out it was a good bet. We refreshed our entire product line, in time for 3D printing to start regaining traction in the market. So I'm really pleased about that. Now look, it is -- you described it right. It's green shoots. It's early days, but what gives me comfort is it's broad. It's broad across the markets that are really embracing 3D printing.

是的，Greg。就語氣而言，你說得完全正確。幾年前我們押注應該維持研發支出並更新產品組合，結果證明這是個好賭注。我們在3D列印開始重新在市場上獲得動能之際，及時完成了整條產品線的更新。所以我對此非常滿意。現在你看——你形容得沒錯，這是復甦跡象，還在早期，但讓我安心的是它很廣泛，涵蓋了真正正在擁抱3D列印的各個市場。

And for us, I think for everyone, Dental is a big driver. It's going custom, it's going 3D printing. Med Tech is really expanding nicely, especially in the orthopedic space. And then you've got Aerospace & Defense, which is really benefits from 3D printing. So I look at that and say it spans Healthcare and Industrial, primarily on the high reliability markets.

對我們而言，我想對所有人也是一樣，牙科是一個很大的驅動力。它正在走向客製化、走向3D列印。醫療科技也在擴張得很不錯，尤其是在骨科領域。接著還有航太與國防，這些領域確實能從3D列印中受益。所以我看這些趨勢，會說它橫跨醫療與工業，主要集中在高可靠度市場。

3D printing is really starting to take off. And look, the world is still a scary place. There's a lot of stuff going on, but I feel better than I felt, Greg, in two or three years, and it's just in time for our new products to be hitting the market. So I like that. We need to see continued traction.

3D列印真的開始起飛了。而且你看，世界仍然是個令人不安的地方，很多事情正在發生，但我感覺比過去兩三年都更好，Greg，而且正好趕上我們的新產品開始進入市場。我喜歡這樣的時點。我們需要看到動能持續。

I think health care, really much more predictable because a lot of these are non-optional or high-impact procedures that impact the quality of people's lives. So I wasn't surprised to see that become our largest segment in the quarter. I think it will be neck and neck now with Industrial because of Aerospace & Defense. Aerospace & Defense broadly across many markets in that sector is really, really now understanding the benefits of 3D printing. They can make parts out of very exotic materials that have been difficult to fabricate, very expensive parts to fabricate.

我認為醫療保健其實更可預測，因為其中很多是非選擇性或高影響的療程，會影響人們的生活品質。所以我不意外看到它在本季成為我們最大的部門。我認為它現在會和工業部門勢均力敵，因為航太與國防的關係。航太與國防在該領域的許多市場中，現在真的、真的開始理解3D列印的好處。他們可以用非常特殊的材料製作零件——這些材料過去很難加工，且加工成本非常高。

They can print them at high efficiency. The technology has gotten to the point where it's not only easy to use, but it's cost effective, and they're really figuring out how to do it. Now the leaders in that space figured it out a few years back, okay? So you look at like Rocketry, you look at rockets that are going in the space, those guys are heavy users of this now. They were right at the leading edge.

他們可以用很高的效率把它們列印出來。技術已經進步到不僅容易使用，而且具成本效益，他們也真的在摸索出如何做到。現在，該領域的領先者幾年前就已經搞懂了，好嗎？所以你看像火箭推進（Rocketry），你看那些進入太空的火箭，那些公司現在大量使用這項技術。他們站在最前沿。

Now it's catching on across all of Aerospace & Defense, funded by big budgets as well as that sector expands. So yes, I feel good about things for the first time in a few years. It is wonderful to see new products hitting the market right at the right moment. And I pray that the world continues to be at least stable, hopefully improve. And with that, in any scenario, our Healthcare business should continue to grow nicely and our industrial business should continue to gain strength. So I feel good about that across the board, Greg.

現在它正在整個航太與國防領域擴散，加上該產業擴張帶來的大型預算挹注。所以是的，幾年來第一次，我對情勢感到樂觀。看到新產品在恰到好處的時刻進入市場，真的很棒。我也祈禱世界能至少保持穩定，最好能有所改善。而在任何情境下，我們的醫療保健業務都應該能持續良好成長，我們的工業業務也應該能持續增強。所以整體而言，我對此很有信心，Greg。

Okay. And just in terms of the Q2 revenue outlook specifically, normal seasonal trends would suggest a sequential increase. It sounds like you actually had one of your bigger customers that was maybe a little bit of a shortfall in Q1. So I guess you should presumably see improvement. Anything that was, I don't know, pulled forward or anything to note?

好的。那就第二季營收展望本身來說，正常的季節性趨勢通常意味著會季增。聽起來你們其實有一位較大的客戶在第一季可能有些落差。所以我想你們理論上應該會看到改善。有沒有什麼是——我不知道——被提前拉貨，或有什麼需要注意的？

Or should we maybe focus more on your comment of taking a measured approach to the guide at this point?

或者我們是不是應該更聚焦在你提到的：此刻對指引採取審慎作法？

No, it's the latter. Yes. We didn't pull things forward, Greg. There were no pull forwards. Now there was an uptick in demand in certain sectors in Q1 above what we had forecast. And that's really what drove the overachievement on revenue versus guidance because it was just a legitimate uptick in demand. There were no pull forward.

不，是後者。是的。我們沒有提前拉貨，Greg。沒有任何拉貨。第一季確實在某些產業的需求高於我們原先預測，出現了上升，而這才是營收超越指引的原因——因為那就是實際的需求上升。沒有拉貨。

So the seasonality aspect in our business as dental particularly gets bigger and orthopedics what you find is people don't start procedures in the spring because generally, they're planning to go on vacation and nobody -- when they get out of school or they're anticipating family vacations, you see a distinct drop-off in anything that's optional.

所以在我們的業務中，隨著牙科尤其變得更大、骨科也更大，你會發現人們在春季不太會開始療程，因為通常他們在規劃度假，而且沒有人——當孩子放學或他們預期家庭旅行時，你會看到任何屬於可選擇性的項目都會明顯下滑。

So whether it's straightening your teeth or it's having an optional surgery, you tend to live with it because like orthopedic surgeries, people are often laid up for months, and they don't want to do that in a nice weather period. So Q2 is becoming a little bit more of a seasonal dip for us because of the size of our Healthcare business. Other than that, nothing unexpected.

所以不論是矯正牙齒，或是做一個可選擇性的手術，你往往會先忍著，因為像骨科手術，病人常常需要休養好幾個月，而他們不想在天氣好的時候做這件事。因此，因為我們醫療保健業務的規模，第二季對我們而言正逐漸成為一個較明顯的季節性下滑。除此之外，沒有任何意外。

We're also, I would tell you, Greg, trying to not get out over our skis in terms of excitement. We just want to stay measured because, again, the world is just so (inaudible) volatile. This issue in the Middle East it's probably continues to drive increased defense and aerospace spending, but it's made logistics a nightmare in many cases, just getting printers and parts and materials to customers.

另外我也想告訴你，Greg，我們也在努力不要在興奮之下過度樂觀。我們只想保持審慎，因為再說一次，世界實在太（聽不清）動盪。中東的這個問題可能會持續推升國防與航太支出，但也在許多情況下讓物流變成一場惡夢——只是要把印表機、零件和材料送到客戶手上就很困難。

Certainly, if those customers are in the Middle East, which we have some customers there, it's been a real problem. But it screwed up logistics around the world in part. So we just want to be cautious and say, look, the world is getting better. Let's not get out in front of ourselves and let's keep the guidance realistic.

當然，如果那些客戶在中東——我們在那裡確實有一些客戶——那一直是個真正的問題。但它也在某種程度上擾亂了全球的物流。所以我們只是想保持謹慎，並說，你看，世界正在變得更好。讓我們不要操之過急，並讓指引保持務實。

Yes, okay. And last one, clearly, the bright spot was getting back to EBITDA profitability in the quarter. So congrats on that. Phyllis, I think what I heard was stable OpEx, which presumably means maybe OpEx is in towards this level that you reported in Q1, which was quite a bit lower sequentially and at least what I think we thought it would be. But it kind of implies EBITDA kind of breakeven-ish based on the Q2 guide for the second half -- for the first half.

是的，好的。最後一個問題，很明顯，本季的亮點是 EBITDA 回到獲利水準。所以恭喜。Phyllis，我想我聽到的是營運費用（OpEx）穩定，這大概意味著 OpEx 可能會維持在你們第一季所報告的這個水準附近；這個水準相較前一季低了不少，也至少比我們原先預期的還低。但依據第二季指引來看，這似乎暗示上半年——就上半年而言——EBITDA 大概接近損益兩平。

I'm having a hard time thinking or figuring out how you won't be nicely EBITDA positive for the year just given normal seasonality trends in the second half. So kind of the same question as the revenue, but was there anything that maybe positively impacted Q1 because obviously, that came in quite a bit better than expectations.

我有點難以理解或推算，考量到下半年正常的季節性趨勢，你們今年怎麼會無法達到相當不錯的 EBITDA 正值。因此這有點像收入那題，但第一季是否有任何因素正向影響了表現？因為很明顯，第一季結果比預期好不少。

Yeah. I mean for us, Greg, I think what you really have to focus on is product mix too in the quarter. I did mention in the script about our expenses being a little bit lower than you'll typically see as you look out the rest of the year. We had some timing just of expenses that were in our favor for the quarter. It wasn't significant, but it was noteworthy, and we took that into effect as we go into Q2 and Q3.

是的。我的意思是，對我們來說，Greg，我認為你真正需要關注的還有本季的產品組合。我確實在講稿中提到，我們的費用比你在今年其餘時間往前看時通常會看到的略低。我們有一些費用認列時點的因素對本季有利。影響不算重大，但值得注意；而我們在進入第二季與第三季時也把這點納入考量。

On the mix side, again, just looking at consumables, we have heavy printer sales that are coming in. Jeff talked about the increase in our metal printer sales. Those mixes will really drive sort of margin and overall performance. So you'll see us pretty consistent throughout the year as we aim towards that goal of adjusted EBITDA breakeven, but look at, again, more stabilization of that OpEx and product mix quarter-over-quarter will really drive that end result.

在組合方面，再次看耗材，我們有大量的印表機銷售進來。Jeff 也談到金屬印表機銷售的增加。這些組合將真正驅動毛利與整體表現。因此，當我們朝調整後 EBITDA 損益兩平的目標前進時，你會看到我們全年表現相當一致；但同樣地，營運費用的進一步穩定，以及每季產品組合的變化，將真正決定最終結果。

Okay, fair enough. Appreciate the time, thanks.

好的，合理。感謝撥冗，謝謝。

(Operator Instructions)

（接線員指示）

Troy Jensen, Cantor Fitzgerald.

Troy Jensen，Cantor Fitzgerald。

Hey. Thanks for letting me in. Sorry, I jumped in a little late. Maybe so I apologize if I'm asking stuff that's been addressed here. Jeff, for you, can you just give me an update on the Healthcare business, personalized health care versus dental on the year-over-year growth, was that primarily personalized health care? Or is it big dental kind of driving that also?

嗨，謝謝讓我加入。抱歉我稍微晚了一點進來。如果我問到已經被回答過的內容，先跟各位致歉。Jeff，想請你更新一下醫療保健（Healthcare）業務：個人化醫療保健相對於牙科，在年對年成長上，主要是個人化醫療保健帶動的嗎？還是牙科也有很大貢獻？

So Troy, I'll let Phyllis put some numbers to it, but I can say both were strong. The personalized health care, and that really, we call it now Med Tech. It encompasses all of the surgical planning work we do with surgeons, surgical guide production and implants, okay, implants into the body. So spinal and other bone or orthopedic implants. It covers all of that.

Troy，我讓 Phyllis 補充一些數字，但我可以說兩者都很強。個人化醫療保健——我們現在其實稱之為醫療科技（Med Tech）——涵蓋我們與外科醫師合作所做的所有手術規劃工作、手術導板製作以及植入物，也就是植入人體的植入物。像是脊椎以及其他骨骼或骨科植入物，全部都包含在內。

That was a good business this quarter. There was disruption in one customer, which cost us a little bit. And we expect that to kind of rebound now that that's behind them. But it was a very good business. It continues to be, I expect a double-digit grower year-on-year organically.

這一季那是一個表現不錯的業務。有一位客戶出現中斷，讓我們受到一些影響。我們預期在他們那邊狀況過去之後，業務會回升。但整體而言這是一個非常好的業務。我預期它在有機年對年成長上會持續維持雙位數成長。

And what's driving that, Troy, is we've gotten the response time to surgical requests down now to the point and the cost down to the point where we can turn things around fast enough to participate in trauma. So folks that are in car accidents and other emergent issues, we can respond to these folks within a matter of a couple of days now and really come to their age. So that's expanding the market for us.

而推動這點的原因，Troy，是我們已把對手術需求的回應時間降到一個程度，同時也把成本降到一個程度，使我們能夠足夠快速地周轉，進而參與創傷（trauma）案例。也就是車禍與其他緊急狀況的病患，我們現在可以在幾天內回應，真正及時提供協助。這正在擴大我們的市場。

The other real growth driver in that in the Med Tech part of it, Troy, is oncology. So the treatment of bone cancer. So planning these complex surgeries to remove the tumor and now to replace the bone using our printed PEEK implants, that's going to be a real growth aspect of our business. So on the Med Tech side of health care, nice consistent double-digit grower. We continue to invest nicely for new applications there. We have some great new technology for bone implants that I think is really taking root fast. On the Dental side, we've got our traditional markets in alignment and repair.

在醫療科技（Med Tech）這一塊，另一個真正的成長驅動因素，Troy，是腫瘤科（oncology），也就是骨癌的治療。針對這些複雜手術進行規劃以切除腫瘤，並且現在使用我們列印的 PEEK 植入物來替換骨骼，這將成為我們業務非常重要的成長面向。因此在醫療保健的 Med Tech 端，是穩健且一致的雙位數成長。我們也持續投入資源以開發新的應用。我們在骨植入物方面有一些很棒的新技術，我認為正在快速落地。至於牙科端，我們在傳統市場——矯正與修復——都有布局。

And on the repair side of that, the great news for us late last year is we got trademark approval finally in the United States, that Vertex material has been approved in Europe for a long, long time, and the trademark has been fine. In the US, there was a trademark dispute. So it wasn't a technical issue. It was a trademark issue. We got that resolved in the fourth quarter, and now you see that material stream coming online for repairing teeth.

而在修復端，對我們來說去年年底的好消息是，我們終於在美國取得商標核准。Vertex 材料在歐洲早已核准使用很久了，商標也一直沒問題。在美國則有商標爭議，所以不是技術問題，而是商標問題。我們在第四季解決了這件事，現在你看到那條用於牙齒修復的材料營收流開始上線。

And then, of course, the straightening of teeth is always a good business. Last year was pretty tough for them in the first half. So we see a nice stabilization of that business and a return to some modest growth. So I feel good about all parts of our Healthcare business. And it's because of the regulatory nature, Troy, as you know, it's hard to get in. And once you're in, it's -- there's a limited number of people that can fulfill those requests. So we love that business, and we continue to invest in it.

當然，牙齒矯正一直都是一門好生意。去年上半年對他們來說相當艱難。因此我們看到該業務良好地趨於穩定，並回到一些溫和成長。所以我對我們醫療保健業務的各個部分都感到樂觀。原因在於其監管特性，Troy，如你所知，這個領域很難進入；一旦進入之後——能夠滿足這些需求的供應商數量有限。所以我們很喜歡這門業務，也會持續投資。

Great. And then just another question here, specific to like metal additive parts. Where are you guys kind of expanding in that category? I believe you're looking to expand the footprint in Littleton or something, but touch on it if you could.

很好。再問一個問題，關於金屬增材零件（metal additive parts）這一塊，你們目前在這個類別的擴張方向是什麼？我記得你們打算在 Littleton 之類的地方擴大據點，如果可以的話請談一下。

Yes. Right, Troy. We're adding another 80,000 square feet on out there to a building adjacent to the one we have. The building we have today has been largely -- historically, it was health care, including health care parts manufacturing. As over time, there's been pressure to add industrial manufacturing there, too.

是的，沒錯，Troy。我們會在那邊、緊鄰現有廠房的另一棟建築再增加 80,000 平方英尺。今天我們的那棟建築在很大程度上——歷史上——主要用於醫療保健，包括醫療保健零件製造。隨著時間推移，也有壓力要在那裡增加工業製造。

And so we said we kind of hit that pivot point and said, let's get the building next door, and we'll turn it into an industrial part making facility. It leverages the quality systems we already have in health care, and it's coming along nicely. So we'll have a grand opening of that building anticipated at the end of July, beginning of August, sometime late summer. We'll have a grand opening of the building. That will be dedicated to part manufacturing and what we expect right now is that will be aerospace.

因此我們說我們已經到了一個轉折點，決定把隔壁那棟樓也拿下，並把它改造成工業零件製造設施。它能沿用我們在醫療保健領域既有的品質系統，目前進展順利。我們預計在七月底、八月初、也就是夏末某個時間，為那棟樓舉行盛大開幕。那將專注於零件製造；而我們目前的預期是，主要會是航太（aerospace）。

The parts we're focused on, Troy, are these very high-end difficult materials that our printers are really good for. So they're titanium, zirconium, nickel-based materials and copper nickel alloys for the Navy. So the nickel-based alloys are primarily for propulsion, so for aircraft and rocket propulsion, the coppers for the Navy. And you've got titanium and other lightweight materials for satellites and other flight systems for drones and things. So there's more demand than we can handle in our current facility. We're expanding that, and we'll be adding printers to that facility over time as we move through the second half of the year.

我們聚焦的零件，Troy，是這些非常高階、材料難度高的項目，而我們的印表機特別擅長。包括鈦、鋯、鎳基材料，以及供海軍使用的銅鎳合金。鎳基合金主要用於推進系統，也就是飛機與火箭推進；銅材則用於海軍。鈦與其他輕量材料則用於衛星以及無人機等其他飛行系統。因此需求量超過我們目前設施的產能。我們正在擴建，並且會在下半年推進過程中，逐步為該設施新增印表機。

Awesome. Thanks and keep up the good work.

太棒了。謝謝，也請繼續保持好表現。

(Operator Instructions) We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments to Dr. Jeff Graves.

（接線員指示）我們的問答環節到此結束。我想把時間交回給 Jeff Graves 博士，請他做進一步的結語。

Thanks, Kevin. And listen, thanks, everyone, for joining the call today. I appreciate the time, and we'll look very forward to updating you again next quarter. Have a great day and a great start to the summer.

謝謝你，Kevin。也謝謝各位今天加入電話會議。我很感謝大家的時間，也非常期待在下個季度再次向各位更新。祝各位有美好的一天，也祝大家有個美好的夏季開端。

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。今天的電話會議與網路直播到此結束。您現在可以中斷連線，祝您有美好的一天。我們感謝您今天的參與。