3D Systems Corp (DDD) 2026 Q2 法說會逐字稿

Greetings and welcome to the 3D Systems Q2 2026 Earnings Webcast.

各位好，歡迎收看 3D Systems 2026 年第二季財報網路直播。

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

(接線員指示) 現在我很高興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 Second 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 年第二季財報電話會議。今天與我一同出席的有總裁暨執行長 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。透過電話收聽且希望查看投影片簡報的聽眾，可至我們網站的投資人關係專區瀏覽。

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

以下討論以及對各位提問的回覆僅反映管理層截至今日的觀點，並將包含本投影片所述之前瞻性陳述。實際結果可能存在重大差異。有關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。

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. With that, I'll turn the call over to our President and CEO, Dr. Jeffrey Graves for opening remarks.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。在本次網路直播隨附的新聞稿與投影片中，您將可找到關於這些非 GAAP 指標的額外揭露資訊，包括與可比 GAAP 指標的調節表。接下來，我將把電話會議交給我們的總裁暨執行長 Jeffrey Graves 博士進行開場致詞。

Thank you, Monica, and good morning, everyone. Today's call is accompanied by two important announcements. Our earnings results and the beginning of a leadership transition plan, both of which I will address this morning.

謝謝你，Monica，各位早安。今天的電話會議同時伴隨兩項重要公告。分別是我們的財報結果，以及一項領導階層交接計畫的啟動；我將在今天上午一併說明。

I will begin by reviewing a few important highlights from our second quarter and first half as well as provide updates on several of our key market focus areas. After that, I'll address this morning's leadership announcement. I'll then turn the call over to Phyllis Nordstrom, our CFO, who will summarize the quarter's financial results and outlook, and we'll then open the call up for Q&A.

我將先回顧第二季與上半年幾項重要亮點，並就我們幾個關鍵市場聚焦領域提供最新進展。之後，我會說明今天上午的領導階層公告。接著我會把電話會議交給我們的財務長 Phyllis Nordstrom，她將總結本季財務結果與展望，然後我們將開放問答。

So, with that, let's turn to Slide 5. A major theme clearly emerging this year is the return of capital spending by our customers in key markets. The timing is excellent, given the intense focus we've placed on refreshing our product portfolio over the last three years. In the second quarter, printer sales increased by more than 45%, led by our best-selling DMP-350 metal printing system. Our new SLA-825 flagship polymer platform, and our multi-jet printing systems that form the cornerstone of our new denture product line. I'll comment on each of these and the context of their market drivers in a few moments.

那麼，讓我們看第 5 張投影片。今年一個明顯浮現的主要主題，是我們客戶在關鍵市場恢復資本支出。在過去三年我們高度聚焦於更新產品組合的背景下，這個時點非常理想。第二季，印表機銷售成長超過 45%，主要由我們最暢銷的 DMP-350 金屬列印系統帶動。同時也包括我們新的 SLA-825 旗艦級高分子平台，以及構成我們新義齒產品線基石的多噴射列印系統。我稍後將就這些產品及其市場驅動因素的背景逐一說明。

From a business unit standpoint, our healthcare business once again delivered solid growth and remained the company's largest segment, driven in particular by strong demand for new printing systems in both MedTech and dental markets.

從事業單位角度來看，我們的醫療保健業務再次實現穩健成長，並仍為公司最大部門，尤其受惠於 MedTech 與牙科市場對新列印系統的強勁需求。

Industrial business revenue was modestly lower year-over-year as older systems in our installed base are now being increasingly replaced by our new printer platforms. Despite this dynamic, our two key industrial focused markets, aerospace and defense and data center infrastructure, both delivered strong double-digit growth again this quarter. I'll share a few highlights on those markets momentarily.

工業業務營收較去年同期小幅下降，原因是我們已安裝基礎中的舊系統正日益被我們新的印表機平台所取代。儘管存在此一動態，我們兩個關鍵的工業聚焦市場——航太與國防，以及資料中心基礎設施——本季仍再次實現強勁的兩位數成長。我稍後將分享這些市場的幾項重點。

Then moving to Slide 6. Our newest generation of 3D printers offer levels of precision, economics and robustness that were only dreamed of a few years ago. These advancements are now proving essential to the widespread adoption of 3D printing in key production environments.

接著看第 6 張投影片。我們最新一代 3D 印表機在精度、經濟性與穩健性方面的水準，是幾年前只能想像的。這些進步如今正被證明對於 3D 列印在關鍵量產環境中的廣泛採用至關重要。

One of the clearest trends is the accelerating use of 3D printing in metal component manufacturing. As we've discussed on previous calls, there are two equally important paths to producing metal parts. Direct metal printing using laser powder bed fusion and metal castings that rely on 3D printed patterns as a critical step in the manufacturing process.

最明顯的趨勢之一，是 3D 列印在金屬零組件製造中的使用正在加速。如同我們在先前電話會議中討論過的，生產金屬零件有兩條同等重要的路徑。其一是使用雷射粉末床熔融（laser powder bed fusion）的直接金屬列印；其二是金屬鑄造，該流程以 3D 列印的模型（pattern）作為製造過程中的關鍵步驟。

To address each path, we've launched two important systems, our DMP350 triple laser direct metal printer and our SLA825 dual laser polymer printing system designed for high-quality metal casting patterns. Sales of both platforms into our key markets have been very strong, with second quarter growth of roughly 90% and 125% respectively year-over-year.

為了涵蓋這兩條路徑，我們推出了兩套重要系統：DMP350 三雷射直接金屬印表機，以及為高品質金屬鑄造模型而設計的 SLA825 雙雷射高分子列印系統。這兩個平台在我們關鍵市場的銷售表現都非常強勁，第二季年增率分別約為 90% 與 125%。

Given this rapid rise in demand for 3D printed metal parts, we're also significantly expanding our internal metal parts production capacity. This is an important element of our growth strategy, and I'll touch on it in more detail in a few moments.

鑑於 3D 列印金屬零件需求快速攀升，我們也正在大幅擴充內部金屬零件的生產產能。這是我們成長策略的重要一環，我稍後會更詳細說明。

The third breakthrough product we have brought into the market is the Next Dent 300, purpose-built for the production of dentures. This platform is being very well received because of its precision and economics, enabling dental professionals to deliver a high-quality, durable product that improves the patient experience while increasing the productivity of their practices. These technologies will continue to enable our success in key markets for years to come.

我們推向市場的第三項突破性產品是 Next Dent 300，專為義齒生產而打造。此平台因其精度與經濟性而廣受好評，使牙科專業人士能提供高品質、耐用的產品，在提升病患體驗的同時，也提高診所的生產力。這些技術將在未來多年持續支撐我們在關鍵市場的成功。

Now on to Slide 7. As proud as I am of our refreshed product portfolio, it would mean very little if we did not target these systems effectively at markets moving most decisively toward the adoption of additive manufacturing technologies. Four markets fit this profile very clearly: MedTech, dental, aerospace and defense and data center infrastructure. Two of these sits in our healthcare business and two in our industrial business.

接著看第 7 張投影片。儘管我對我們更新後的產品組合感到自豪，但若我們未能有效將這些系統鎖定在最果斷採用積層製造技術的市場，其意義也不大。有四個市場非常符合這個特徵：MedTech、牙科、航太與國防，以及資料中心基礎設施。其中兩個屬於我們的醫療保健業務，另外兩個屬於我們的工業業務。

Customers in these markets derive exceptional value from 3D printing, from enhanced design flexibility that improves both performance and cost to reduce supply chain risk in an increasingly volatile world. With limited time on each quarterly call, I'll focus on a few key use cases that I hope will capture the excitement and momentum these four markets provide.

這些市場的客戶能從 3D 列印中獲得卓越價值，從提升設計彈性以同時改善效能與成本，到在日益動盪的世界中降低供應鏈風險。由於每次季度電話會議時間有限，我將聚焦於幾個關鍵應用案例，希望能呈現這四個市場帶來的興奮感與動能。

Moving to slide 8, I'll start with Aerospace and Defense with a specific focus this quarter on space applications. As everyone is aware, there's been a resurgence of interest in space access with applications ranging from new satellite constellations for communications to large-scale orbital data centers and even interplanetary travel.

接著看第 8 張投影片，我將從航太與國防開始，並在本季特別聚焦於太空應用。眾所周知，太空進入（space access）的興趣再度升溫，應用範圍從用於通訊的新衛星星座，到大型軌道資料中心，甚至星際旅行。

These visions are all enabled by the remarkable advancements achieved in reusable launch vehicles. These enormous rockets have already reduced the cost of access to space by an order of magnitude, and the next generation of fully reusable vehicles is positioned to drive costs down even further, making these large-scale applications in space far more economically viable.

這些願景都得益於可重複使用運載火箭所取得的顯著進展。這些巨型火箭已將進入太空的成本降低了一個數量級，而下一代全可重複使用載具有望進一步壓低成本，使這些大規模太空應用在經濟上更具可行性。

The impact of this breakthrough in rocketry is clearly visible in launch cadence. A rocket to space is now launched roughly every two to two and a half days. In short, what used to be a yearly total for the entire global industry is now being achieved by a single company in a matter of weeks.

這項火箭技術突破對發射頻率的影響清晰可見。目前大約每兩天到兩天半就會有一枚火箭發射升空。簡言之，過去全球整個產業一年的總發射量，如今單一公司在數週內就能達成。

This acceleration is expected to continue as reusability improves and costs decline further. A critical enabler of this progress has been the development of advanced rocket engines designed for high flight rates. These engines use a sophisticated combustion architecture that improves efficiency and durability while reducing maintenance between flights.

隨著可重複使用性提升且成本進一步下降，預期這種加速趨勢將持續。推動此一進展的關鍵促成因素，是為高頻次飛行而設計的先進火箭引擎之研發。這些引擎採用精密的燃燒架構，在降低飛行間維護需求的同時，提升效率與耐久性。

Additive manufacturing has been integral to this evolution, both through direct metal printing of complex geometries and even more so through high-precision investment castings made from 3D printed patterns. Our SLA825 dual laser system launched late last year.

積層製造一直是此一演進不可或缺的一環，既包括直接以金屬列印複雜幾何形狀，更重要的是透過以 3D 列印樣模製作的高精度精密鑄造（失蠟鑄造）。我們的 SLA825 雙雷射系統於去年年底推出。

Is specifically targeted at these advanced casting applications. As evidence of its early success, in the second quarter, we received one of the largest industrial printer orders in our company's history, driven by demand for casting patterns used in next generation reusable rocket engines.

其目標即是鎖定這些先進鑄造應用。作為其早期成功的證明，在第二季，我們收到公司史上最大規模之一的工業印表機訂單，需求主要來自用於下一代可重複使用火箭引擎之鑄造樣模。

Production of these engines is expected to grow by nearly an order of magnitude over the next decade as launch cadence continues to accelerate. These capabilities are helping make fully reusable heavy lift vehicles more practical and are contributing to sharp reduction in the cost of access to space.

隨著發射頻率持續加快，預期未來十年這些引擎的產量將成長近一個數量級。這些能力正協助讓全可重複使用的重型運載火箭更具可行性，並促成進入太空成本的大幅下降。

Moving to Slide 9, let's turn to the healthcare business with an update on our dental market. Of the four dental markets, straighten, protect, repair and replace, 3D printing has already proven its value at scale in tooth straightening Building on that foundation.

切換到第 9 頁，接著我們將聚焦醫療保健業務，更新牙科市場進展。在牙科四大市場——矯正、保護、修復與替換——中，3D 列印已在牙齒矯正領域證明其可規模化的價值，並在此基礎上持續推進。

The next large growth opportunity is converting the historically labor-intensive replace market for dentures into a fully digital 3D printed monolithic denture product, an objective we have been intensely pursuing for the last three years.

下一個大型成長機會，是將歷來高度依賴人工作業的「替換」市場（假牙）轉型為全數位化、以 3D 列印製作的一體成型（單體式）假牙產品；這也是我們過去三年來全力投入的目標。

With more than 30 million denture wearers in the US and nearly 4 million new dentures sold each year and comparable numbers in Europe, the end market opportunity is measured in the billions of dollars.

美國有超過 3,000 萬名假牙配戴者，每年新售出近 400 萬副假牙；歐洲亦有相近規模，因此終端市場機會以數十億美元計。

Based on these estimates, the corresponding revenue potential for our company exceeds $150 million annually in the U.S. In printers and consumables sold to the dental labs that produce dentures with a similar exciting opportunity in Europe.

依據上述估算，我們公司在美國的對應營收潛力每年超過 1.5 億美元，來源包括銷售給製作假牙之牙科技工所的印表機與耗材；歐洲亦有同樣令人振奮的機會。

We launched our Next Dent 300 denture printing system in late 2025 following FDA clearance and secured full EUMDR approval for sale into Europe in the second quarter of this year. Since that time, acceptance by dentists has been strong, driven by the beauty of the product, its durability and the comfort patients experience from the first fitting. These clinical benefits create demand, while the efficiency of the digital production process and shorter lead times translate that demand from dental labs into revenue for 3D systems.

我們在 2025 年底於取得 FDA 核准後推出 Next Dent 300 假牙列印系統，並於今年第二季取得完整的歐盟 EUMDR 核准以在歐洲銷售。自那時起，牙醫端的接受度強勁，主要受產品美觀、耐用性，以及患者自首次試戴起即感受到的舒適度所帶動。這些臨床效益創造需求，而數位化生產流程的效率與更短交期，則將牙科技工所的需求轉化為 3D Systems 的營收。

The result has been a rapid rise in demand each quarter since launch, as shown in the production chart on Slide 9. While the market is highly fragmented with more than 8,000 labs across these regions, revenue is concentrated in the TOP300 to 400 manufacturers. Based on our current outlook, we expect to have printers installed in more than 100 of these dental labs by year-end with a growing number of multi-unit deployments to follow. Importantly, once operational, even these initial printers alone will generate a recurring revenue stream of more than $2 million annually at highly accretive gross margins. While encouraging, these sales represent less than 2% penetration of the overall denture market in the US and Europe, meaning the future growth potential is very strong.

其結果是自上市以來，每一季需求快速攀升，如第 9 頁的產量圖所示。雖然市場高度分散，這些地區合計超過 8,000 家技工所，但營收主要集中在前 300 至 400 家製造商。依我們目前展望，預期年底前將在超過 100 家此類牙科技工所完成設備安裝，後續多機部署的案例也將持續增加。重要的是，一旦投入運作，即便僅這些初期設備，也將以高度增益的毛利率，每年帶來超過 200 萬美元的經常性營收。儘管令人鼓舞，這些銷售在美國與歐洲整體假牙市場的滲透率仍不到 2%，意味著未來成長潛力非常強勁。

As an example of customer receptiveness to this technology, one of our earliest lab customers purchased their first printer late last year. And has already installed and is running a sixth unit, tripling their historic capacity. We now see others following suit. For early adopters, this creates a clear path to market share gains through lower production costs and faster turnaround times. Looking ahead, with regulatory approvals expected in Mexico, South America and several Asian countries over the next year, combined with the strong acceptance rates we're seeing in the US and Europe. We expect our denture-related revenue to become one of the largest and most profitable streams for the company in the years ahead.

以客戶對此技術的接受度為例，我們最早期的技工所客戶之一於去年年底購買第一台印表機。目前已安裝並運行第六台設備，使其歷史產能提升至三倍。我們也看到其他客戶陸續跟進。對早期採用者而言，這透過更低的生產成本與更快的交付週期，提供了明確的市占率提升路徑。展望未來，預期未來一年將在墨西哥、南美及數個亞洲國家取得法規核准，再加上我們在美國與歐洲看到的高接受率。我們預期與假牙相關的營收將在未來數年成為公司最大且最具獲利性的收入來源之一。

Moving to slide 10, we come to one of the most exciting growth opportunities in our industrial business, second only to aerospace and defense, data center infrastructure, a market we have been building for several years. This market spans several high-value applications. Including semiconductor manufacturing equipment, advanced GPU cooling systems and emerging energy generation technologies, including both nuclear fission and fusion related applications. We participate in these markets in two complementary ways, by supplying precision metal printed parts directly to customers and by providing printers that enable them to manufacture these components themselves.

切換到第 10 頁，我們將談到工業業務中最令人振奮的成長機會之一——僅次於航太與國防——資料中心基礎設施；這是我們已耕耘數年的市場。此市場涵蓋多項高價值應用。包括半導體製造設備、先進 GPU 冷卻系統，以及新興能源發電技術（含核分裂與核融合相關應用）。我們以兩種互補方式參與這些市場：一是直接向客戶供應精密金屬列印零件；二是提供印表機，使客戶能自行製造這些元件。

In the second quarter, our semiconductor and high-performance computing business grew almost 30% year-over-year, building on strong first half momentum. Growth was driven primarily by demand for metal printed parts, while the pipeline for new printer systems also remains healthy. This distinction is very important. While printer sales expand our installed base. The growing volume of parts we manufacture for these customers is a key lever for improving the gross margin profile of our metal printing business over time.

第二季，我們的半導體與高效能運算業務年增近 30%，延續上半年強勁動能。成長主要由金屬列印零件需求帶動，同時新印表機系統的商機管道亦維持健康。這項區分非常重要。印表機銷售擴大我們的裝機基礎。而我們為這些客戶製造零件的產量持續增加，則是隨時間推進、改善金屬列印業務毛利結構的關鍵槓桿。

As production volumes scale and we continue to optimize our manufacturing operations, we expect parts manufacturing to become an increasingly meaningful contributor to both revenue and profitability. Over time, many of these customers are also natural candidates to adopt our metal printing systems as their volumes increase. Looking ahead, the unprecedented level of capital investment flowing into data center infrastructure continues to create strong demand for complex high-performance metal components that are difficult or uneconomical to produce with traditional methods. Direct metal printing opens new design opportunities that will play an important role in future chip manufacturing capability and cost. We believe we are well positioned to capture a growing share of this market through both our parts manufacturing capabilities and our advanced printer platforms.

隨著產量規模擴大且我們持續優化製造營運，我們預期零件製造將對營收與獲利能力做出愈來愈顯著的貢獻。長期而言，當這些客戶的需求量提升時，其中許多也自然會成為採用我們金屬列印系統的潛在對象。展望未來，流入資料中心基礎設施的資本支出達到前所未有的水準，持續推升對複雜、高效能金屬元件的強勁需求；這些元件以傳統方法製造往往困難或不具經濟性。直接金屬列印開啟新的設計機會，將在未來晶片製造能力與成本方面扮演重要角色。我們相信，憑藉零件製造能力與先進印表機平台，我們具備良好條件以取得此市場日益成長的份額。

From an energy perspective, we're already seeing demand related to large land-based turbine manufacturing, which benefits from both our polymer systems used in investment casting and our direct metal printing systems. Given the significant electrical demands for data centers and the growing need for hyperscale's to secure their own power, there is increasing interest in metal 3D printing for next-generation nuclear applications, including small data center focused designs as well as fusion-related components that require materials capable of withstanding extreme temperatures and radiation. These are areas where traditional manufacturing is often difficult and very costly.

從能源角度來看，我們已看到與大型陸上渦輪機製造相關的需求，這同時受惠於我們用於精密鑄造的聚合物系統，以及我們的直接金屬列印系統。鑑於資料中心龐大的用電需求，以及超大規模業者（hyperscale）日益需要確保自有電力供應，市場對用於下一代核能應用的金屬 3D 列印興趣升溫；其中包括以資料中心為導向的小型設計，以及需要能承受極端高溫與輻射之材料的核融合相關元件。這些領域中，傳統製造往往困難且成本極高。

Turning to slide 11, I want to highlight the resources we're drawing upon to expand our energy-related activities. As many of 3D Systems is headquartered in South Carolina, and we're fortunate to have one of the leading organizations in nuclear research as our neighbor, Savannah River National Laboratory, or SRNL as it's known. For decades, SRNL has conducted critical research and development in support of nuclear energy, spanning nuclear materials and component processing to system applications relevant to both national security and commercial power generation. I'm pleased to announce that we've executed a Cooperative Research and Development Agreement, or CRADA as they're known, with SRNL. This partnership will enable our organizations to collaborate on the development of new materials for the extreme environments of nuclear fission and fusion reactors, on component design and manufacturing, and on the use of AI to optimize processing and performance.

切換到第 11 頁，我想強調我們為擴展能源相關活動所運用的資源。由於 3D Systems 總部位於南卡羅來納州，我們很幸運能與核能研究領域的領先機構為鄰——薩凡納河國家實驗室（Savannah River National Laboratory，簡稱 SRNL）。數十年來，SRNL 一直進行支援核能的關鍵研發，範圍涵蓋核材料與元件製程到與國家安全及商業發電相關的系統應用。我很高興宣布，我們已與 SRNL 簽署合作研究與開發協議（Cooperative Research and Development Agreement，簡稱 CRADA）。此合作將使雙方能共同開發適用於核分裂與核融合反應爐極端環境的新材料、元件設計與製造，並運用 AI 以最佳化製程與效能。

We believe direct metal 3D printing will play an essential role in developing and scaling these technologies. Of particular note, this collaboration will leverage the Advanced Manufacturing Collaborative. A 63,000 square foot research and innovation center operated by SRNL on the University of South Carolina Aiken campus, which opened in 2025. As the only Department of Energy facility of its kind located on a university campus in South Carolina, the AMC is uniquely positioned to support both R&D and the training of engineers in advanced manufacturing processes, including metal 3D printing. In short, this partnership provides a clear pathway from collaborative research on nuclear energy applications to commercial-scale industrial opportunities in the United States.

我們相信，直接金屬3D列印將在這些技術的開發與規模化過程中扮演不可或缺的角色。特別值得一提的是，此次合作將運用先進製造協作體（Advanced Manufacturing Collaborative）。該協作體是一座由SRNL在南卡羅來納大學艾肯校區營運、面積達63,000平方英尺的研究與創新中心，並於2025年啟用。作為南卡羅來納州唯一一座設於大學校園內、同類型的美國能源部設施，AMC具備獨特優勢，可同時支援研發（R&D）以及工程師在先進製造流程（包括金屬3D列印）方面的培訓。簡而言之，這項夥伴關係為從核能應用的協同研究走向美國商業規模的產業機會提供了清晰的路徑。

We view it as an important element of our longer-term growth strategy in advanced energy markets. Moving to Slide 12, I'd like to take a few minutes to describe how our direct metal printing technology is differentiated, an area that represents a major growth vector for the company. Our metal printing systems were originally developed to manufacture critical components from highly reactive materials used for medical applications. These systems were designed to meet the highest quality standards required by the FDA and European regulatory bodies. Central to that capability is exceptional environmental control during the printing process, which minimizes reaction with oxygen. As a result, our systems rank among the best in the world at printing titanium. A lightweight, strong, temperature-resistant and biocompatible material, as well as cobalt chrome alloys used in joint replacement.

我們將其視為我們在先進能源市場長期成長策略中的重要要素。接著到第12頁投影片，我想花幾分鐘說明我們的直接金屬列印技術如何實現差異化；這也是公司一個主要的成長動能。我們的金屬列印系統最初是為了製造醫療應用所需、由高反應性材料製成的關鍵零組件而開發。這些系統的設計旨在符合FDA與歐洲監管機構所要求的最高品質標準。其核心能力在於列印過程中卓越的環境控制，可將與氧氣的反應降至最低。因此，我們的系統在鈦金屬列印方面名列全球頂尖。鈦是一種輕量、高強度、耐溫且具生物相容性的材料；此外也包括用於關節置換的鈷鉻合金。

Today, we maintain a large active installed base of metal printers with leading medical device OEMs and their contract manufacturers, along with our own fleet of metal printers in the US and Europe, producing parts daily for implantable applications. Building on this foundation, over the last several years, we've expanded our metal focus into aerospace and defense, data center infrastructure and advanced energy applications.

目前，我們在領先的醫療器材OEM及其代工製造商中擁有龐大且活躍的金屬列印機裝機基礎，同時我們在美國與歐洲也自有一支金屬列印機隊伍，每天為植入式應用生產零件。在此基礎上，過去幾年我們已將金屬業務重點擴展至航太與國防、資料中心基礎設施以及先進能源應用。

As demand has grown for components made from nickel-based superalloys and refractory metals such as tungsten, molybdenum, niobium, materials used in extreme temperature and stress environments, we've engaged with leading OEMs on these applications. These high-performance materials are extremely difficult to fabricate with traditional methods. Direct metal printing not only enables conventional designs to be manufactured economically but also opens the door to new configurations that can improve system performance and reduce cost. The commercial results are now clear. Sales of our metal printers are growing at record rates. In fact, we sold more metal printers in the first half of this year than in all of 2025 and demand continues to rise.

隨著市場對以鎳基超合金與鎢、鉬、鈮等難熔金屬製成之零組件的需求增加——這些材料用於極端高溫與高應力環境——我們已與領先的OEM就這些應用展開合作。這些高性能材料以傳統方法製造極為困難。直接金屬列印不僅能以具經濟效益的方式製造傳統設計，亦為可提升系統性能並降低成本的新型結構配置打開大門。商業成果如今已相當明確。我們的金屬列印機銷售正以創紀錄的速度成長。事實上，我們在今年上半年售出的金屬列印機數量已超過2025年全年，且需求仍持續攀升。

Looking ahead, with the support of the US government, we're building on this strong foundation through the development of a large-scale metal printing system capable of manufacturing components over 1 meter in size at quality levels and production rates that we expect to leave the industry. Importantly, this system is being designed and will be manufactured entirely in the United States, including the critical application development work required for targeted markets.

展望未來，在美國政府的支持下，我們將在這一堅實基礎上，開發一套大型金屬列印系統，可製造尺寸超過1公尺的零組件，並在品質水準與產能（生產速率）方面達到我們預期將領先業界的表現。重要的是，該系統將完全在美國境內設計並製造，包括針對目標市場所需的關鍵應用開發工作。

Finally, let's turn to Slide 13 and I'll conclude my comments on the quarter with a brief summary of our metal parts expansion plans. Demand for direct metal printed parts is rising rapidly. This is not only driving sales of our printer systems, but increasingly our customers are asking us to supply finished metal parts.

最後，讓我們看第13頁投影片，我將以簡要摘要來結束本季的說明，概述我們金屬零件擴張計畫。對直接金屬列印零件的需求正快速上升。這不僅帶動我們列印機系統的銷售，且愈來愈多客戶也要求我們供應成品金屬零件。

These are typically very challenging production parts that combine extreme performance requirements with highly advanced materials and therefore generally command a higher ASP. Given our application development work with OEMs and our ability to ultimately provide printers for their own use. This is a natural request by our customers. By fulfilling it, we can effectively bridge a customer from concept demonstration to full-scale production without the need to qualify new print processes or suppliers along the way. Depending on the demand profile, this bridge period can last for months to years.

這些通常是極具挑戰性的量產零件，兼具極端性能要求與高度先進材料，因此一般可取得較高的平均售價（ASP）。鑑於我們與OEM共同進行的應用開發工作，以及我們最終能為其自用提供列印機的能力，這是客戶自然而然會提出的需求。透過滿足此需求，我們能有效協助客戶從概念驗證銜接到全面量產，而無需在過程中重新認證新的列印製程或更換供應商。依需求型態而定，這段銜接期可能持續數個月到數年。

In response to this growing demand, we're expanding our part production facilities in both Leuven, Belgium and Littleton, Colorado. Lubin primarily supports European customers, while Littleton, a suburb of Denver, focuses largely on US customers and has the capability to support US defense work.

為回應這項日益成長的需求，我們正擴充位於比利時魯汶（Leuven）與科羅拉多州利特爾頓（Littleton）的零件生產設施。魯汶主要支援歐洲客戶；而利特爾頓位於丹佛郊區，主要聚焦美國客戶，並具備支援美國國防業務的能力。

To put numbers to this expansion, today we have roughly 220,000 square feet of space dedicated to metal printing, covering design, manufacture, application development and support. We're adding approximately 50,000 square feet of parts production capacity in Littleton. Bringing our total to over 270,000 square feet with the grand opening of this expansion targeted for the fall.

以數字來說明這次擴張：目前我們約有220,000平方英尺的空間專用於金屬列印，涵蓋設計、製造、應用開發與支援。我們將在利特爾頓新增約50,000平方英尺的零件生產產能。隨著此擴建預計於秋季盛大啟用，我們的總面積將提升至超過270,000平方英尺。

From a printer standpoint, we currently have 77 metal printers in production and an additional 42 polymer printers used primarily in support of our MedTech business. This expansion of both our US and European metal parts production allows us to leverage the rigorous quality infrastructure that is essential to our medical business.

就列印機配置而言，我們目前有77台金屬列印機投入生產，另有42台聚合物列印機主要用於支援我們的醫療科技（MedTech）業務。此次美國與歐洲金屬零件產能的擴張，使我們能充分運用對醫療業務至關重要的嚴謹品質基礎設施。

The ability to print metal parts at the highest quality levels is at the heart of our growing metal part business. You will hear more about this expansion in the months ahead. Before I turn the call over to Phyllis, I want to briefly address the announcement we made this morning regarding my planned transition. Today's quarterly earnings call is roughly my 100th as a public company's CEO.

以最高品質水準列印金屬零件的能力，是我們持續成長的金屬零件業務核心。未來幾個月，您將聽到更多關於這項擴張的消息。在我把電話會議交給Phyllis之前，我想簡要說明我們今天早上發布、關於我計畫交棒的公告。今天這場季度財報電話會議，大約是我以上市公司CEO身分主持的第100次。

After more than six years leading 3D Systems, I've developed a deep appreciation for this company, for my colleagues, for our mission and for the customers that we serve. I'm also grateful for the unwavering support of our shareholders, particularly through the challenging industry conditions we've experienced over the last two years. While the succession process is just getting underway, in the months ahead, I'll be concluding my service as CEO. I remain fully committed to supporting a smooth transition and will stay closely engaged with the Board and leadership team during this period to ensure we stay on track with the positive momentum that we're experiencing.

在領導3D Systems超過六年後，我對這家公司、我的同事、我們的使命以及我們所服務的客戶，產生了深厚的敬意與感謝。我也感謝股東們始終如一的支持，尤其是在過去兩年我們所經歷的艱困產業環境中。雖然接班程序才剛開始啟動，但在接下來幾個月，我將結束我擔任CEO的職務。我仍將全力投入，支持順利交接，並在此期間與董事會及領導團隊保持密切合作，以確保我們能延續目前所展現的正向動能並持續前進。

The strategic priorities we've discussed today. On our four key markets, expanding our metal printing and parts capabilities and driving profitable growth remain the right path forward for this company. I'm confident in the strong foundation we've now built and pleased with the progress we're making as we emerge from the industry recession. I believe there are bright days ahead.

我們今天所討論的策略重點。在我們四個關鍵市場上，擴大金屬列印與零件能力並推動獲利性成長，仍是這家公司正確的前進方向。我對我們如今建立的堅實基礎充滿信心，也對我們在走出產業衰退之際所取得的進展感到欣慰。我相信未來將有更光明的日子。

So, with that, I'll turn the call over to Phyllis for a more detailed review of our second quarter and first half financial results. Phyllis.

那麼，接下來我把電話會議交給Phyllis，請她更詳細地回顧我們第二季以及上半年財務結果。Phyllis。

Thank you, Jeff, and good morning, everyone. Before I begin, Jeff, I want to thank you for your leadership over the past six years. Through a period of industry challenges and considerable change, the company made notable progress in strengthening its operational foundation and streamlining its cost structure while also refreshing the product portfolio and sharpening our focus on four important growth markets. These efforts have established a solid foundation enabling us to build in our strategy moving forward. We are grateful for your continued service to the company during the transition. Thank you very much, Jeff.

謝謝你，Jeff，各位早安。在我開始之前，Jeff，我想感謝你過去六年的領導。在產業挑戰與重大變革的期間，公司在強化營運基礎與精簡成本結構方面取得顯著進展，同時也更新產品組合，並更聚焦於四個重要的成長市場。這些努力已建立穩固基礎，使我們得以在未來持續推進策略。我們感謝你在交接期間持續為公司服務。非常感謝你，Jeff。

With that, let's now turn to our financial presentation. Before beginning our review, I'd like to remind you that we completed the divestiture of our legacy software businesses during 2025. As such, the comparisons I will reference today are presented on an adjusted basis. The impact of these divestitures to provide a more meaningful apples-to-apples view of our operating performance across periods.

接下來，讓我們進入財務簡報。在開始回顧之前，我想提醒各位，我們已於 2025 年完成對既有軟體業務的剝離。因此，我今天所引用的比較數據皆以調整後基礎呈現。此舉旨在反映這些剝離的影響，以便在各期間之間提供更具意義的同類比較視角，呈現我們的營運表現。

With that, let's now begin on Slide 17. As highlighted earlier on the call, our second quarter results reflect continued progress against our strategic priorities. Before I walk through the financial results in more detail, let me start with some highlights from the quarter. Second quarter revenue increased year-over-year, driven by strong demand across our target markets and increasing sales of our new polymer and metal printer platforms. Adjusted EBITDA also improved notably from the prior year period as a result of higher revenue, disciplined cost management and ongoing operational efficiencies. Turning to our second quarter revenue performance, revenue was $94.6 million, an increase of 1.4% year-over-year. This increase was driven by continued momentum in hardware printer sales, which grew over 40% from the prior year period and more than 20% sequentially as demand across several of our printer platforms continued to strengthen.

那麼，現在讓我們從第 17 頁投影片開始。如同先前在電話會議中強調的，我們第二季的結果反映出在策略優先事項上持續取得進展。在我更詳細說明財務結果之前，先分享本季的一些重點。第二季營收較去年同期成長，主要受惠於我們目標市場的強勁需求，以及新款聚合物與金屬印表機平台銷售增加。調整後 EBITDA 亦較去年同期顯著改善，原因包括營收提升、嚴謹的成本管理與持續的營運效率提升。就第二季營收表現而言，營收為 9,460 萬美元，年增 1.4%。此增幅主要來自硬體印表機銷售動能延續，較去年同期成長逾 40%，且較前一季成長逾 20%，因我們多個印表機平台的需求持續增強。

Performance across our key strategic markets remained strong in the quarter as MedTech, aerospace and defense and data center infrastructure each delivered double-digit year-over-year growth. Within the med tech and aerospace and defense markets, we had strong demand for our DMP-350 metal printers, along with healthy sales of our SLA-825 polymer printer. Both of these platforms meaningfully contributed to revenue performance during the quarter. In data center infrastructure, revenue grew more than 20% year-over-year as a result of increasing demand for metal parts used in critical airflow and thermal management components for semiconductor manufacturing equipment.

本季我們的關鍵策略市場表現依然強勁，醫療科技、航太與國防，以及資料中心基礎設施皆繳出年增雙位數的成長。在醫療科技與航太與國防市場中，我們的 DMP-350 金屬印表機需求強勁，同時 SLA-825 聚合物印表機的銷售也維持健康。這兩個平台在本季營收表現上皆做出顯著貢獻。在資料中心基礎設施方面，營收年增超過 20%，主要因半導體製造設備中關鍵氣流與熱管理元件所使用的金屬零件需求增加。

Moving now to Slide 18 to cover our business segments. Healthcare Solutions remained our larger segment in the quarter with revenue of $48.1 million, up 6.8% from the prior year period. Healthcare growth was driven by continued strength in our MedTech market. Demand for metal printers used by OEMs to produce orthopedic medical implants meaningfully increased during the quarter, and personalized healthcare solutions, our PHS business, benefited from growth in surgical planning and trauma applications.

接著看第 18 頁投影片，說明我們的業務分部。本季醫療保健解決方案仍為較大的分部，營收為 4,810 萬美元，較去年同期成長 6.8%。醫療保健的成長主要由醫療科技市場的持續強勁帶動。本季 OEM 用於生產骨科醫療植入物的金屬印表機需求顯著增加；同時，個人化醫療解決方案（PHS）業務亦受惠於手術規劃與創傷應用的成長。

Dental revenue also increased in the quarter with steady demand for dental material sales and continued adoption of our Naden 300 denture printer across both the US and Europe. Turning to our Industrial segment, revenue for the second quarter was $46.5 million, down 3.7% from the prior year period and up 2.4% sequentially. The decline primarily reflected revenue that did not carry forward following the closure of a non-core product offering last year, as well as lower services revenue on our legacy printer installed base. As we continue to see momentum in sales of our updated printer platforms, we believe the ongoing refresh of our installed base should position us to drive future recurring products and services revenue. Looking across our industrial markets, aerospace and defense remained our largest market with space and defense applications driving sales in the quarter. We also saw healthy year-over-year growth in data center infrastructure, resulting from increased demand for parts manufacturing, along with solid growth in materials and services revenue within automotive and motorsports.

牙科營收本季亦增加，牙科材料銷售需求穩健，且 Naden 300 假牙印表機在美國與歐洲的採用持續提升。再看工業分部，第二季營收為 4,650 萬美元，較去年同期下降 3.7%，但較前一季成長 2.4%。下滑主要反映去年關閉一項非核心產品供應後未延續的營收，以及在既有印表機裝機基礎上的服務營收較低。隨著我們更新版印表機平台的銷售持續展現動能，我們認為持續汰換更新裝機基礎，將有助於推動未來經常性產品與服務營收。就工業市場而言，航太與國防仍是我們最大的市場，本季由太空與國防應用帶動銷售。我們也看到資料中心基礎設施的年增表現健康，主要來自零件製造需求增加；此外，汽車與賽車運動領域的材料與服務營收亦呈現穩健成長。

Turning to Slide 19 to review gross margin. Second quarter non-GAAP gross margin was 36.7%. Gross margin performance in the quarter reflected offsetting factors, including a higher mix of hardware printer sales, less favorable materials mix and the comparison to a large regenerative medicine milestone recognized in the prior year period. These headwinds were partially offset by the benefits of prior cost reduction actions and the recognition of $2.6 million in care-free funds during the quarter. As we look to the second half of the year, we expect continued demand for printer hardware, which should drive a growing base for future materials and services revenue.

接著看第 19 頁投影片，回顧毛利率。第二季非 GAAP 毛利率為 36.7%。本季毛利率表現受到多項相互抵銷因素影響，包括硬體印表機銷售占比提高、材料組合較不利，以及與去年同期認列一筆大型再生醫學里程碑收入的比較基期。上述不利因素部分被先前成本削減措施的效益，以及本季認列 260 萬美元的 care-free 資金所抵銷。展望下半年，我們預期印表機硬體需求將持續，並可帶動未來材料與服務營收的基礎擴大。

Turning to Slide 20. We continue to demonstrate strong cost management and operational efficiency through the first half of 2026. In the second quarter, non-GAAP operating expenses were $39.5 million, a decrease of 11% from the prior year period. Sequentially operating expenses increased by $2.9 million, primarily due to normal quarterly timing of expenses and an isolated bad debt reserve. Additionally, this quarter, we completed our sixth quarter cost reduction initiative, which included options to optimize our facilities footprint, streamline our operating model and reduce ongoing operating costs. These actions have now delivered a little more than $60 million of annualized savings, contributing meaningfully to the improvement in our profitability metrics.

接著看第 20 頁投影片。在 2026 年上半年，我們持續展現強勁的成本管理與營運效率。第二季非 GAAP 營業費用為 3,950 萬美元，較去年同期下降 11%。相較前一季，營業費用增加 290 萬美元，主要由於費用在季度間的正常時點差異，以及一筆一次性的呆帳準備。此外，本季我們完成第六輪季度成本削減計畫，其中包含優化設施據點配置、精簡營運模式並降低持續性營運成本的選項。這些行動目前已帶來略高於 6,000 萬美元的年化節省，對我們獲利指標的改善做出重要貢獻。

While this initiative is concluded, we remain focused on identifying additional opportunities to further optimize our operations. These actions have strengthened our cost structure and reinforce our disciplined approach to expense management, enabling us to selectively increase investments in R&D and capital to support our strategic priorities.

雖然此計畫已告一段落，我們仍專注於尋找更多機會，以進一步優化營運。這些行動強化了我們的成本結構，並鞏固我們在費用管理上的紀律作法，使我們能有選擇性地增加研發與資本投入，以支持策略優先事項。

Now moving to Slide 21. Second quarter adjusted EBITDA was negative $800,000, an improvement of $3.9 million from the prior year period. This was primarily driven by the benefits of our previous cost reduction actions and the recovery of tariff refunds in the quarter and was partially offset by the isolated bad debt reserve recognized in the period. Turning to earnings per share, second quarter non-GAAP EPS was negative $0.04, an improvement of $0.02 per share compared to the prior year period.

接著看第 21 頁投影片。第二季調整後 EBITDA 為負 80 萬美元，較去年同期改善 390 萬美元。這主要受惠於先前成本削減措施的效益，以及本季關稅退稅的回收，但部分被本期認列的一次性呆帳準備所抵銷。就每股盈餘而言，第二季非 GAAP EPS 為負 0.04 美元，較去年同期每股改善 0.02 美元。

While there is still work ahead, our consistent performance over the past several quarters demonstrate that the actions we have taken are delivering measurable financial improvement. We believe these efforts are strengthening the foundation of the business and positioning the company for long-term profitable growth.

雖然前方仍有工作要做，但我們過去幾季的穩定表現顯示，我們所採取的行動正帶來可衡量的財務改善。我們相信，這些努力正在強化公司的業務基礎，並使公司具備長期獲利成長的定位。

Turning to Slide 22 for a summary of our balance sheet. During the second quarter, we completed an equity offering with net proceeds just over $53 million, strengthening our liquidity position and providing flexibility to support ongoing business operations and strategic investments in our priority growth markets. We believe target investments in talent, facilities expansion, printers and equipment and critical tools and technology will enhance our ability to capitalize on key markets that are accelerating the adoption of additive manufacturing.

接著看第 22 頁投影片，摘要說明資產負債表。第二季期間，我們完成一項股權發行，淨募資所得略高於 5,300 萬美元，強化了我們的流動性部位，並提供彈性以支持持續的營運與在優先成長市場的策略性投資。我們相信，針對人才、設施擴充、印表機與設備，以及關鍵工具與技術的目標性投資，將提升我們把握加速採用積層製造之關鍵市場機會的能力。

Moving to our cash position for the quarter. We ended the second quarter with $129 million in cash equivalents and restricted cash. Total debt outstanding was $96 million with $3.9 million coming due in the fourth quarter of 2026 and the remaining $92 million maturing in 2030.

再看本季的現金部位。我們在第二季末持有 1.29 億美元的約當現金與受限制現金。未償還總債務為 9,600 萬美元，其中 390 萬美元將於 2026 年第四季到期，其餘 9,200 萬美元將於 2030 年到期。

Now turning to Slide 23. As we conclude our detailed review of the second quarter, I'd like to briefly summarize our year-to-date performance through the first half of 2026. Looking at the first six months of the year provides a more comprehensive view of the performance of the business by helping to normalize the impact of typical quarter-to-quarter fluctuations related to the timing of customer purchases. Turning to our first half results, revenue increased 6% compared to the prior year period, driven by strong performance across our four priority markets, each of which delivered more than 20% growth year over year.

現在轉到第23頁投影片。在我們結束對第二季的詳細回顧之際，我想簡要總結截至2026年上半年為止的年初至今表現。觀察今年前六個月，能更全面地檢視業務表現，並有助於將因客戶採購時點所造成的典型季度間波動影響加以常態化。就上半年結果而言，營收較去年同期成長6%，主要受惠於我們四個優先市場的強勁表現，且各市場年增率皆超過20%。

Within our business segments, healthcare grew 14%, while industrial revenue declined 1% compared to the prior year period. Revenue growth in healthcare was driven by a strong demand across the MedTech business. Including growth in personalized health solutions, higher DMP printer sales and continued strength in orthopedic parts demand, along with double-digit growth in our dental business for the first half.

在我們的業務分部中，醫療保健成長14%，而工業營收較去年同期下滑1%。醫療保健的營收成長主要由MedTech業務的強勁需求所帶動。此外，個人化健康解決方案（PHS）的成長、更高的DMP印表機銷售，以及骨科零件需求持續強勁，再加上我們牙科業務在上半年達成雙位數成長。

Industrial revenue performance was primarily impacted by softer demand in our consumer-facing and general manufacturing markets, the end markets most sensitive to pricing and macroeconomic conditions. These headwinds were mainly offset by strong growth in aerospace and defense and automotive during the first half of the year. Moving to adjusted EBITDA, we generated positive adjusted EBITDA of $1.3 million in the first half of 2026. This performance reflects solid revenue growth in the half, meaningful benefits from our completed cost reduction actions and continued discipline in managing operating expenses. While there is still work to be done to carry forward this momentum, we believe these results demonstrate the progress we are making toward our long-term profitability objectives.

工業營收表現主要受到面向消費者與一般製造市場需求轉弱的影響，這些終端市場對價格與總體經濟狀況最為敏感。上述逆風在今年上半年主要被航太與國防，以及汽車領域的強勁成長所抵銷。接著看調整後EBITDA，我們在2026年上半年產生了130萬美元的正向調整後EBITDA。此表現反映了上半年穩健的營收成長、已完成的成本削減措施帶來的顯著效益，以及在營運費用管理上的持續紀律。雖然要延續這股動能仍有工作要做，但我們相信這些結果展現了我們朝長期獲利目標邁進的進展。

Turning to Slide 24 to conclude with our Q3 outlook. As we look to the third quarter, we remain encouraged by the positive trends we see across the business. We anticipate ongoing strength within our key markets, supported by growth in both printer hardware systems and part sales. We also remain confident in the continuing adoption of our new denture platform and ongoing growth of our PHS business.

轉到第24頁投影片，最後說明我們對第三季的展望。展望第三季，我們仍對業務各面向所見到的正向趨勢感到鼓舞。我們預期關鍵市場將持續強勁，並由印表機硬體系統與零件銷售的成長所支撐。我們也仍對新義齒平台的持續採用，以及PHS業務的持續成長充滿信心。

Reflecting on our recent performance, ongoing operating discipline and expected product sales mix trend, we are providing the following outlook for the third quarter of 2026: revenue in the range of $96 million to $99 million and adjusted EBITDA in the range of negative $3 million to negative $1 million. In summary, we believe our results in the first half of the year, combined with the breadth of our metal and polymer portfolio to address the needs of our growth markets, position us well for the third quarter.

綜合近期表現、持續的營運紀律，以及預期的產品銷售組合趨勢，我們對2026年第三季提供以下展望：營收介於9,600萬至9,900萬美元之間，調整後EBITDA介於負300萬至負100萬美元之間。總結而言，我們認為上半年業績表現，加上我們涵蓋金屬與高分子材料的廣泛產品組合以滿足成長市場需求，使我們在第三季具備良好定位。

This now concludes the review and discussion of our second quarter and first half financial results. With that, I will now open the line for questions. Operator.

以上即為我們對第二季與上半年財務結果的回顧與討論。接下來，我將開放提問。接線員。

(Operator Instructions)

(接線員指示)

James Ricchiuti, Needham & Company.

James Ricchiuti，Needham & Company。

First off, Jeff, congratulations, and I wish you the best.

首先，Jeff，恭喜你，也祝你一切順利。

Thank you, Jim, very much. I appreciate that coming from you. I really appreciate it.

謝謝你，Jim，真的非常感謝。你這麼說我很感激。我真的很感謝。

It looks like some nice progress in the quarter. And a couple of things. First off, how are you thinking about the next dent deployment looking out to 2027 just based on what you're seeing in the market today?

看起來本季有不錯的進展。我有幾點想問。首先，基於你目前在市場上看到的情況，你如何看待下一次義齒部署，放眼到2027年？

Jim, I would tell you, I've been thrilled with receptivity. We're starting we've been out there long enough now to really start getting some feedback from the end user, the patients, if you will, and the dentist. And I knew it was an attractive product and that the performance was good. What I've been particularly pleased with, Jim, is the feedback we get on the comfort of fit the first time. So from a patient standpoint, they don't have to come back multiple times to have them adjusted, which you do with conventional dentures quite a lot. And for the dentist, what that translates into is productivity. They can see.

Jim，我可以告訴你，我對市場的接受度感到非常振奮。我們在外面推行的時間已經夠久，現在真的開始收到終端使用者——也就是病患——以及牙醫的回饋。我原本就知道這是一個很有吸引力的產品，而且性能表現很好。但我特別滿意的是，Jim，我們收到的回饋是第一次配戴的貼合舒適度。因此從病患角度來看，他們不必像傳統假牙那樣多次回診調整。而對牙醫而言，這轉化為生產力。他們可以看診。

More paying patients today by doing that. So all the stars align for dentures right now. I am thrilled with the uptake. Now it's really about marketing to make sure more and more dental offices know of the availability of the product and then our direct sales activity to dental labs. And there are a lot of them, Jim, and that's good and bad. I mean, it's nice to have a distributed customer base, so you don't have customer concentration. But for a smaller company like ours, we also have to have really good direct salespeople and channel partners to get out there and touch those labs.

透過這樣做，今天就能服務更多付費病患。所以目前義齒業務可說是天時地利人和。我對採用速度感到非常振奮。現在真正的重點在於行銷，確保越來越多牙科診所知道這項產品可供使用，並且透過我們對牙科實驗室的直銷活動推進。而牙科實驗室數量很多，Jim，這既是好事也是壞事。好處是客戶基礎分散，不會有客戶集中度問題。但對像我們這樣規模較小的公司而言，也必須擁有非常優秀的直銷人員與通路夥伴，才能走出去接觸到這些實驗室。

Even when you concentrate it down, there's about 8,000 total labs between the US and Europe, you focus it down, there are about there there are a few hundred that really drive a lot of revenue, but that's still a large number. So what I was really pleased about, Jim, is that we've got we're now in about 100 of those labs with our first printers, some of them are buying second and third. Printers, that's the start of really building momentum. So I think it will take a couple of years to really build. But if you look at we've already revised our Q3 and Q4 production plan up twice this year. And we were we're starting to be a little, to be frankly, Jim, it's going to be a little bit rate limited by electrical components that are going into data centers. So we're starting to have to kind of buy ahead, make sure our supply chain is. Is able to support our growth in the denture market, but I am really pleased. I see no impediments. It's all a matter now of marketing and sales and really getting the message out about it. And on the heels of the products we've already launched, we've got already a next-generation product in the pipeline we're working on to make it even faster and better. So I'm thrilled. Just opening up the US and Europe, Jim could potentially bring a revenue stream that's several times. The revenue stream we've had for teeth straightening for the aligner product and the materials are regulated, they're FDA and EUMDR approved. So when you sell a printer, customers really are incentivized, if you will, by the regulatory environment to use your material. So I am thrilled with all aspects of that, Jim, and the quality of what we're shipping is outstanding.

即使你把範圍縮小，美國與歐洲加總大約有8,000家實驗室；再進一步聚焦後，真正帶動大量營收的也有幾百家，但這仍然是個很大的數量。所以我非常高興的是，Jim，我們現在大約已在其中100家實驗室部署了第一台印表機，有些客戶正在購買第二台、第三台。這就是開始建立動能的起點。因此我認為要真正建立起來可能需要幾年時間。但如果你看，我們今年已經兩次上修第三季與第四季的生產計畫。而且坦白說，Jim，我們開始會有點受限於供應到資料中心的電氣元件。所以我們開始需要提前採購，確保供應鏈。能夠支撐我們在義齒市場的成長，但我真的非常滿意。我看不到任何阻礙。現在一切都取決於行銷與銷售，真正把訊息傳遞出去。而在我們已推出產品的基礎上，我們也已在研發管線中準備下一代產品，讓它更快、更好。所以我非常振奮。僅僅開拓美國與歐洲，Jim，就可能帶來一條營收來源，其規模是我們在牙齒矯正（隱形牙套）產品與材料所帶來營收的好幾倍。而且材料屬於受監管產品，已取得FDA與EUMDR核准。因此當你賣出一台印表機時，客戶在監管環境下會被激勵——如果你願意這麼說——去使用你的材料。所以在這方面的各個層面我都非常振奮，Jim，而且我們出貨的品質非常出色。

I think by '27 and '28, you'll see this revenue stream growing significantly. We've got other exciting growth markets, so it's impossible to say what will be the single biggest in our company, but I would tell you dental in total, I could see being that and dentures, I believe in a couple of years could be the leader in that whole parade. So, I'm really excited, '27 will be a good year, I think '28, '29, there's many good years to follow, Jim.

我認為到「27 年和「28 年，你會看到這條營收來源顯著成長。我們還有其他令人振奮的成長市場，所以不可能說哪一個會是公司單一最大的，但我會告訴你，就牙科整體而言，我可以想像它會成為最大的那個；而假牙我相信在幾年內，可能會在整個行列中成為領頭羊。所以，我真的很興奮，「27 年會是個好年，我認為「28 年、「29 年，後面還有很多好年，Jim。

That's great color. Phil, maybe a question for you. I'm wondering how we should be thinking about gross margins and Opex in the back half of the year, if you're able to give us some color on where you see margin trends?

這些觀點很有幫助。Phil，或許問你一個問題。我想知道我們應該如何看待今年下半年毛利率與營業費用（Opex）；如果你能提供一些脈絡，談談你看到的利潤率趨勢會如何？

So just looking at gross margins, Jeff mentioned in his script that we were going to be printer heavy in the back half of the year, particularly in Q4, that's always a very printer heavy quarter given Capex spending that occurs near the end of a calendar fiscal year.

就毛利率來看，Jeff 在講稿中提到，下半年我們的產品組合會比較偏向印表機，尤其是在第四季；由於日曆／會計年度接近年底時會發生資本支出（Capex）投入，第四季一向是印表機占比很高的一季。

On the Opex side, so I'd say margins will be, I'd say, slightly impacted by that printer mix. So I would sort of factor that in as you're looking forward in the second-half. As it relates to OpEx, I think we've done a really good job over the first two quarters. I don't see that momentum changing. I think there's stability now in our Opex performance. So, looking in the back half of the year, I would expect what you saw in the first half of the year to be pretty similar to the back half.

在營業費用（Opex）方面，我會說利潤率會因為這個印表機組合而受到些微影響。所以你在展望下半年時，可以把這點納入考量。至於 OpEx，我認為我們在前兩季做得非常好。我不認為這個動能會改變。我覺得我們的 Opex 表現現在已經趨於穩定。因此，展望下半年，我預期你在上半年看到的情況，會與下半年相當類似。

Hey, Jim, before you drop off, I just want to personally thank you. You have followed this company. I've known you a long time. You followed this company extremely well and our entire industry. Really appreciate the hard work you've done and the research you put out on us and others in this industry. Thank you very much for the support. It's obviously a bit of an emotional day for me and I just want to say thank you personally very much.

嘿，Jim，在你離線之前，我想親自向你致謝。你一直關注這家公司。我認識你很久了。你對這家公司以及我們整個產業的追蹤都非常到位。非常感謝你所做的辛勤工作，以及你對我們和本產業其他公司的研究報告。非常感謝你的支持。對我來說顯然是個有點情緒化的日子，我只想親自非常感謝你。

Thank you, Jeff. And again, I wish you the best.

謝謝你，Jeff。再次祝你一切順利。

Greg Palm, Craig-Hallum Capital Group.

Greg Palm，Craig-Hallum Capital Group。

Yeah, thanks, Jeff Wow, I think you mentioned almost 100 quarterly calls. That's a pretty impressive feat that probably puts you in rare territory. So yeah, I'd like to just offer me. Congratulations on a pretty amazing career as well.

是的，謝謝，Jeff。哇，我想你提到差不多有 100 次季度電話會議。那是相當令人印象深刻的成就，可能讓你進入非常少見的行列。所以，是的，我也想表達一下。也恭喜你有一段相當精彩的職涯。

Thank you, Greg. I really appreciate that, bud.

謝謝你，Greg。我真的很感謝你，老兄。

So let's maybe start with that. The timing is a little bit interesting given, frankly, a lot of hard work over the last few years that's now, I think, put the company in a pretty interesting position to. Accelerate growth, profitability. So I guess the question is, why now? Why does the timing make sense? And just to be clear, has the search process already started? I just wonder how long this has been going on behind the scenes.

那我們就從這個開始吧。坦白說，這個時點有點有趣，因為過去幾年做了很多艱苦的工作，我想現在已經讓公司處在一個相當有利的位置，可以去加速成長與獲利能力。所以我想問的是，為什麼是現在？為什麼這個時點合理？另外確認一下，尋找接班人的流程已經開始了嗎？我只是好奇這件事在幕後進行多久了。

No, it's just really getting underway, Greg. So, it could be a protracted period, Greg. I'm certainly not leaving right away. This could take many months to play out. So. So, it's just getting underway. Yes, I will say in terms of timing, Greg, it's a great question.

沒有，Greg，這其實才剛開始啟動。所以，這可能會是一段拉長的期間，Greg。我當然不會立刻離開。這可能需要好幾個月才會有結果。所以。所以，才剛開始進行。是的，至於時點，Greg，我會說這是個很好的問題。

In addition to being a CEO, I've been on public company boards for cumulatively for 35 years and through several many different boards and public company boards and CEO transitions are always tricky. That's always an art. Many companies wait until a company has a real problem, there's an issue and they're forced to make changes and make them as quickly as they can.

除了擔任 CEO 之外，我累計在上市公司董事會服務了 35 年，歷經好幾個不同的董事會；而上市公司 CEO 的交接總是棘手。那一直是一門藝術。很多公司會等到公司真的出了問題、有狀況時，才被迫做出變更，而且盡可能快速地做出變更。

I think 3D systems now, we're in. Enviable position, we have made it through a really difficult period in this industry where we had to cut an enormous amount of cost out of the business while maintaining our R&D portfolio spend in order to be ready for this resurgence now out of the recession that I think you're going to see going forward. So the timing may look a little interesting from the outside, but I would tell you we've got the company well positioned now. When you go to look for a CEO, you can say to somebody.

我認為 3D Systems 現在處在一個令人稱羨的位置：我們已經度過了這個產業非常艱難的一段時期；在那段期間，我們必須在維持研發（R&D）產品組合投入的同時，從業務中大幅削減成本，才能為我認為你接下來會看到、走出衰退後的復甦做好準備。所以從外部看，這個時點可能有點特別，但我會告訴你，我們現在已經把公司定位得很好。當你去尋找一位 CEO 時，你可以對某個人說。

The hard work is done of leaning out the company, getting the portfolio refreshed and focusing on the core markets, we're ready to rock and we've got cash on the balance sheet to do it. That's a really attractive, if you will, advertisement for a CEO to come in that has maybe a 10-year runway. I grew up at Gee where when you look for a CEO, you wanted somebody with a decade runway. I've been at this for some time. It's not like I want to go sit on a beach somewhere, but it is an elegant time to hand to somebody and say, you've got to run ahead of you now that's very positive. So I think it's a good time to do this type of thing. It may look a little different because it's not being driven by anything, but it is being driven more by an opportunity in the future to keep the momentum going in this company for an extended period of time because our products tend to last 10 years or more. So the decisions that you make, it takes several years to see them play.

精實化公司的艱苦工作已經完成、產品組合也已更新，並且聚焦在核心市場；我們已經準備好大展拳腳，而且資產負債表上也有現金可以去做。這是一個非常有吸引力的——如果你願意這麼說——對 CEO 的「招募廣告」，讓他進來後可能有 10 年的跑道。我在 GE 成長，當你尋找 CEO 時，你希望找的是有十年跑道的人。我做這件事已經有一段時間了。並不是說我想去海邊躺著不做事，但現在確實是一個很優雅的交棒時點，可以交給某個人並說：你前方有一段非常正向的路要跑。所以我認為現在做這件事是個好時機。它看起來可能有點不同，因為不是被任何問題所驅動；更像是被未來的機會所驅動，讓公司能在更長一段時間內維持動能，因為我們的產品通常可維持 10 年或更久。所以你做的決策，往往需要好幾年才會看到效果。

And you want somebody in the chair that's going to see it through that whole process. So that's what I would say is the timing. It's a positive thing for the future. I'll be here until we get a very good person in this seat to carry the ball forward. I am committed. I love what we do. I love this company. Frankly, I love our people and particularly our customers and our mission.

而你會希望坐在那個位子上的人，能把整個流程一路看完。所以這就是我對時點的看法。這對未來是正面的。在我們找到一位非常合適的人坐上這個位子、把球往前帶之前，我都會在這裡。我會全力投入。我熱愛我們所做的事。我熱愛這家公司。坦白說，我熱愛我們的員工，尤其是我們的客戶與我們的使命。

I will ensure that to the best of my ability that we get somebody that is credible and worthy of this position going forward and can really carry the ball to new heights. So that's the simple kind of long-winded explanation, Greg, for you, okay.

我會盡我所能，確保我們找到一位在未來具備公信力、也配得上這個職位的人，並且能真正把球帶到新的高度。所以，Greg，這就是一個簡單但有點冗長的說明，好嗎。

Yeah, no, I appreciate the thoughts. I wanted to maybe shift gears and talk about some of the highlights. So, you noted. I think what you said was a record industrial polymer printer order, or at least I think sort of strongest order activity since 2014. Can you quantify that or give us some sense of what that represents in terms of the number of shipments and were some of those shipped or those from future delivery? I just wanted to be clear. I think you said that was casting for reusable rockets, but just wanted to confirm.

是的，不，我很感謝你的想法。我想也許換個話題，談談一些亮點。所以，你提到。我想你說的是創紀錄的工業聚合物印表機訂單，或者至少我認為是自2014年以來最強的接單活動。你能量化一下，或讓我們了解這在出貨台數上代表什麼意義嗎？其中有些已經出貨了，還是屬於未來交付的訂單？我只是想確認清楚。我想你說那是用於可重複使用火箭的鑄造，但我只是想再確認一下。

Yeah, you certainly got the market right, Greg. And in terms of the exact details of the order, I don't want to get to an order level of detail, but I will tell you, it spans multiple quarters. It's a very large order for printers that are critical to the production of reusable rockets.

是的，Greg，你對市場的判斷完全正確。至於訂單的精確細節，我不想細到單一訂單層級的資訊，但我可以告訴你，它橫跨多個季度。這是一筆非常大的印表機訂單，而這些印表機對可重複使用火箭的生產至關重要。

And I just couldn't be happier about it. When we accepted that order, I'd tell you, I was not only happy for the company, I was happy for our nation and the world. I think. I think the revolution in space travel now is amazing. The cost they've brought out of doing that is incredible and 3D printing is really showing its potential to change the manufacturing environment for a company that will embrace it and use it. And I love visiting that customer because I see every day how they're embracing new manufacturing technology, not only 3D printing, but other technologies that are really evolutions of our traditional industrial base. And you say, wow, you guys are plowing new ground that is amazing to me. I look up in the sky at night and sometimes you can see the constellation of satellites that are up there all based on their use of this kind of technology. So I could talk on and on about it. I love it. It spans multiple quarters. We did do some shipments in Q2. They wanted immediate delivery for as much as we could and we've got much more ahead of us. So if we play it right, I mean, if we do a good job for them. It can be a revenue stream for many years to come. And because it's a polymer-based product, you'll have consumable access to material sales and carry a high gross margin. So love the application. It's a model for us to follow in all of our core growth markets now. And that's why I think you'll see a nice resurgence of industrial 3D printing in many markets now, Greg.

而我對此再高興不過了。我們接受那筆訂單時，我會告訴你，我不只是為公司感到高興，我也為我們的國家與全世界感到高興。我想。我認為當前太空旅行的革命令人驚嘆。他們把成本降下來的幅度令人難以置信，而3D列印正真正展現其潛力：它能改變願意擁抱並使用它的公司的製造環境。我也很喜歡拜訪那位客戶，因為我每天都看到他們如何擁抱新的製造技術，不僅是3D列印，還有其他技術，這些都是我們傳統工業基礎的演進。你會說，哇，你們正在開拓新領域，這對我來說太令人驚艷了。我晚上仰望天空時，有時候你能看到在那裡的衛星星鏈，而那一切都建立在他們使用這類技術之上。所以我可以一直講下去。我很喜歡。它橫跨多個季度。我們在第二季確實出了一些貨。他們希望能立即交付我們能交付的最大量，而後面還有更多要做。所以如果我們把它做對——也就是如果我們為他們把工作做好。它可以成為未來很多年的營收來源。而且因為它是以聚合物為基礎的產品，你會有耗材材料銷售的機會，並帶來較高的毛利率。所以我很喜歡這個應用。這是我們在所有核心成長市場中可以效法的模式。也因此，我認為你會看到工業3D列印在許多市場出現不錯的復甦，Greg。

Yeah, okay, that makes more sense because I was going to segue into that and ask about Q3 because I'm not sure when the last time you actually grew sequentially from Q2 to Q3 and it's mid-single-digits at the midpoint. So it sounds like maybe it's a combination of this and some of the other stuff.

好，了解，這樣就更合理了，因為我本來要順勢接著問第三季；我不確定你們上一次從第二季到第三季還能季增是什麼時候，而在中位數來看是中個位數成長。所以聽起來可能是這筆訂單加上一些其他因素的組合。

Well, the encouraging thing, Greg, is, yes, this order was a really nice cornerstone to build on, but we see strength, I'll ask Phyllis to comment on here in a second on, we see strength, we keep talking about these four key growth markets, two in healthcare, two in industrial, they're all coming back and they're doing well. Now, quarter by quarter, there will still be noise.

嗯，Greg，令人鼓舞的是：是的，這筆訂單確實是一個很好的基石，但我們也看到其他方面的強勁——我等一下請Phyllis在這裡補充——我們看到強勁，我們一直在談這四個關鍵成長市場，兩個在醫療保健、兩個在工業端，它們都在回來，而且表現都很好。當然，逐季來看仍然會有雜訊。

But they are all doing well. And look, we still have exposure to other markets and stuff. That's why the whole company is not growing at this rate yet. But you look at our four core growth markets, and they're all firing now on all cylinders. I think you'll see that going forward a lot. Now, it starts with printer sales. So we're selling a lot of printers into the field. Material sales on the polymer side will follow, and metal part sales will follow on the metal side. Phyllis, maybe you could comment for Greg on the core growth markets?

但它們都表現得很好。而且你看，我們仍然曝險於其他市場等等。這也是為什麼整家公司還沒有以這樣的速度成長。但你看我們四個核心成長市場，現在都火力全開、全面運轉。我想你未來會經常看到這種情況。而這一切是從印表機銷售開始的。所以我們正在把大量印表機賣到市場上。聚合物端的材料銷售會跟上，而金屬端的金屬零件銷售也會跟上。Phyllis，你能不能針對核心成長市場替Greg補充一下？

Think what I'm most excited about is not just seeing it concentrated in any one category. So Greg, we're seeing it again across printers, materials, parts, even within our healthcare services like PHS, there's an expectation that there is continued momentum from quarter to quarter. Oftentimes, we can be a little lumpy just depending on mix, but I think we've got a good broad sort of growth story coming into Q3, which is why we set the range where we did, so I'm very happy about that.

我覺得我最興奮的是，我們看到的並不只是集中在某一個類別。所以Greg，我們再次看到它橫跨印表機、材料、零件；甚至在我們的醫療保健服務（例如PHS）之內，也預期動能會一季接一季延續。很多時候，因為產品組合的關係，我們可能會有些起伏不平，但我認為我們帶著一個相當廣泛、扎實的成長故事進入第三季，這也是為什麼我們把區間設定在那個水準，所以我對此非常高興。

And I guess just last one, in light of this positive commentary, I mean, across a whole bunch of end markets and product lines, and I'm cognizant of the fact that you only guide one quarter out, but I'm having a hard time. Not believing that this is kind of a growth company again and you can maybe get back to double-digit growth. I mean, do you have line of sight in returning to double-digit growth, whether that's next year or 28?

我想最後一個問題：在這些正面的評論之下——涵蓋很多終端市場與產品線——我也知道你們只提供往後一季的指引，但我很難不相信你們又回到一家成長型公司，並且可能回到兩位數成長。我的意思是，你們是否看得到回到兩位數成長的能見度，不管是明年還是2028年？

Well, Greg, yeah, you can certainly extrapolate that direction. Given the last two years of severe headwinds from this recession our industry has gone through, I hate to get it too far out in time because I just don't know what's going to go on in the world. But yes, I agree with you, that's the trend. We've taken the conservative approach now to just guide a quarter out, one foot after another, that's where we're going. We try to give you color on the core markets. And so that we don't just hang our hat on a one-time event, like one big order, try to give you color on the core markets. And our four key growth markets are, I believe, long-term growth markets. They're looking really solid for years to come, I believe. So I'm optimistic. I'm positive about the trajectory. I don't want us to get out over our skis like so many times this industry has done. I just want to keep delivering on solid growth every quarter and improving profitability. So that's why we're guiding Q3 and not the full year or '27, okay.

嗯，Greg，是的，你當然可以往那個方向推演。考量到過去兩年我們產業在這場衰退中遭遇了嚴重逆風，我不太想把時間拉得太遠，因為我真的不知道世界接下來會發生什麼。但我同意你，是的，趨勢就是如此。我們現在採取較保守的做法，只提供往後一季的指引，一步一步來，這就是我們要走的方向。我們會試著就核心市場提供一些補充說明。這樣我們就不會只把希望寄託在一次性的事件上，例如某一筆大訂單，而是試著就核心市場提供一些補充說明。而我相信，我們的四個關鍵成長市場是長期的成長市場。我認為它們在未來很多年看起來都非常穩健。所以我很樂觀。我對這個走勢是正面的。我不希望我們像這個產業過去很多次那樣過度樂觀、操之過急。我只想每一季都持續交出穩健的成長並改善獲利能力。所以這就是為什麼我們只指引第三季，而不是全年或到2027年，好嗎。

Yes, understood. I will leave it there. Best of luck going forward. Thanks.

是的，了解。我就先到這裡。祝你接下來一切順利。謝謝。

Thanks, Greg.

謝謝你，Greg。

Kieran McCabe, Cantor Fitzgerald.

Kieran McCabe，Cantor Fitzgerald。

Thank you for taking your question. And I want to thank Jeff for his service of the company. I just started calling this industry a few months when you joined the 3D systems, so I enjoy learning the industry as your CEO of the company, so I wanted to send my congratulations.

謝謝你讓我提問。我也想感謝 Jeff 對公司的服務。我在你加入 3D Systems 的幾個月前才剛開始追蹤這個產業，所以在你擔任公司 CEO 期間我很享受學習這個產業，也想向你表達祝賀。

Hey, Karen, thank you very much for those kind comments. And please pass along my thanks to Troy as well, Troy Jensen, who has done an excellent job. Your colleague, Derek Cantor, has done an excellent job working not only with me and 3D Systems, but this entire industry, particularly through this difficult period of the last couple of years. You guys have been there and done a terrific job, Karen, so thank you.

嘿，Karen，非常感謝你這些友善的評論。也請代我向 Troy 表達謝意，Troy Jensen 的表現非常出色。你的同事 Derek Cantor 不僅與我和 3D Systems 合作得非常好，也在整個產業、尤其是在過去幾年這段艱難時期做得非常出色。你們一路相挺、表現非常棒，Karen，謝謝你。

Great, I'll pass it on and we appreciate it. I guess my question. Is maybe kind of a follow-up to the previous one, but maybe can you -- I guess in the industrial, you said some of the end markets were a little bit weaker and maybe you can provide a little bit color on like aligner, sort of -- are you seeing better visibility in those markets that may be more cyclical, more price sensitive? Maybe are you just kind of seeing some -- and light at the end of the tunnel in those kind of markets that are maybe more tied to the economy?

太好了，我會轉達，我們也很感謝。我想我的問題，可能算是前一題的延伸，但也許你能——我想在工業端，你提到某些終端市場稍微疲弱；你是否能多補充一些像是隱形矯正器（aligner）這類市場的情況——對於那些可能更具循環性、對價格更敏感的市場，你們是否看到更好的能見度？你們是否只是開始看到一些——

Yeah, Karen, so I would tell you dental as a whole has been a good story and historically it's been highly tied to the aligner market and we've ridden the ups and downs of that market. That market now seen from everything I can see publicly and stuff, it seems to have stabilized at more modest growth rates but continue to be a growth market. I think that's a great foundational business. I do not put that in the category of severe external competition and things. I think we've. We've got a really deep relationship and foundation there. When you think about other markets that remain weak for us, it's in on the industrial side of the business, outside of it's easier to say what's outside of aerospace and defense and data center infrastructure, so the more consumer-facing markets that we have.

是的，Karen，所以我會說牙科整體一直是個不錯的故事，而且歷來與隱形矯正器市場高度連動，我們也跟著那個市場的起伏走過來。就我從公開資訊等各方面看到的，那個市場似乎已經在較溫和的成長率上趨於穩定，但仍然是成長型市場。我認為那是一個很好的基礎型業務。我不會把它歸類為外部競爭非常激烈之類的情況。我認為我們——我們在那裡有非常深厚的關係與基礎。至於其他對我們而言仍然疲弱的市場，主要是在業務的工業端；更容易的說法是，除了航太與國防以及資料中心基礎設施之外，也就是我們較偏向消費者端的那些市場。

Like the service bureaus that support consumer-oriented business, the jewelry business happens to be not only a consumer-facing business, but also deeply embedded in the Middle East, so those kind of markets remain challenging. And that's why on the industrial side, you see that as pretty much an offset to the strength in the high-growth markets. Over time, those high-growth markets are going to become dominant. Aerospace and defense is already our biggest industrial segment, and it's got great legs to it.

例如支援消費導向業務的服務代工廠（service bureaus），珠寶業務不僅是面向消費者的業務，也深度嵌在中東市場，因此這類市場仍然具有挑戰。這也是為什麼在工業端，你會看到它基本上抵消了高成長市場的強勁表現。隨著時間推進，那些高成長市場將會成為主導。航太與國防已經是我們最大的工業分部，而且成長動能很強。

Data center infrastructure, I think you're going to see the exact same thing. It's going to be a big market for us and a very good one. And then part making to support those markets is going to be very big. So over time, we'll get less exposed to consumer-facing markets. Those are not markets that we're looking to make tremendous investments in for growth. They're certainly more competitive, particularly with Chinese products now. So we look more and more, they're good, they're foundational, but we're looking more and more to these high-growth markets for a future investment.

資料中心基礎設施，我認為你會看到完全相同的情況。它會成為我們的一個大市場，而且是非常好的市場。此外，為支援這些市場的零件製造（part making）也會非常大。因此隨著時間推進，我們對面向消費者市場的曝險會降低。那些並不是我們打算為了成長而投入大量資本的市場。它們的競爭確實更激烈，尤其是現在有中國產品加入競爭。所以我們的看法是：它們不錯、也屬於基礎型市場，但我們會越來越把未來投資重心放在這些高成長市場上。

And then you did have a very strong improvement in your ingested EBITDA, nearly break EBITDA. You're guiding to a small loss in the third quarter, and it seems like things are improving and have done $60 million in run rate cost reductions. I guess maybe what do you kind of view as the levers to get you over that pump to positive EBITDA and kind of a timing? I know your kind of. On Outlook, but you seem to be almost there and just needed kind of a nudge to get to the positive side.

另外，你們的調整後 EBITDA 改善非常明顯，幾乎接近損益兩平。你們對第三季的指引是小幅虧損，而看起來情況正在改善，且已達成 6,000 萬美元的年化成本削減。我想問的是，你們認為要把 EBITDA 推過那個門檻、轉為正值的關鍵槓桿是什麼？以及大概的時間點？我知道你們的——在展望上有提到，但你們看起來幾乎已經到了，只差一點推力就能轉正。

It's like you sit at the table, you can smell dinner, but it's not quite on the table yet. So, no, you're right. It's really tied to continued volume growth, and we're getting that now in printers. It's great to have. We'll get volume efficiencies with that. We'll get gross margins up based on volume efficiencies there.

這就像你坐在餐桌旁，已經聞得到晚餐的香味，但菜還沒真正端上桌。所以，不，你說得對。這真的取決於持續的出貨量成長，而我們現在在印表機（printers）上正看到這點。這很棒。我們也會因此取得量產效率。我們會因為那裡的量產效率而把毛利率拉升。

Stuff. But the real payoff is going to come on material pull-through on the polymer side. When those printers are installed and really running, we're going to get material pull-through that almost assuredly always follows. I mean, in many cases, it's a regulated environment and it has to follow. In other cases, our materials are just very attractive and are strongly preferred for our printers. So you'll get material pull-through, which is important for our gross margins. And on the metal side of things, we've got what's emerging is. I think a relatively unique model where we now bridge customers from initial application development through part production through printer sales. And it's the rise of part production as a part of that model that can also drive our gross margins. So the key to profitability for us is getting our gross margins up. The linkage there is to consumables on the polymer side and metal parts on the metal side, and I think that naturally follows from the growth we're seeing on printers right now. So I'm thrilled with the outlook. I think it's rock solid in a very volatile world. We're in the markets you like to be in for growth and a bit of insulation from some of the day-to-day volatility, if you will.

等等。但真正的回報會來自聚合物（polymer）端材料的隨機台裝機帶動的耗材拉動（material pull-through）。當那些印表機完成安裝並且真正開始運轉時，我們幾乎可以確定會出現材料拉動效應，這通常總是會跟上。我的意思是，在很多情況下，這是受監管的環境，因此它必然會跟上。在其他情況下，我們的材料本身就非常有吸引力，且對我們的印表機而言是強烈偏好的選擇。因此你會看到材料拉動，這對我們的毛利率很重要。而在金屬（metal）端，我們正在形成的是——我認為是一個相對獨特的模式：我們現在能把客戶從初期應用開發一路銜接到零件量產，再到印表機銷售。而在這個模式中，零件量產（part production）比重的提升，也能推動我們的毛利率。所以對我們而言，獲利的關鍵是把毛利率拉升。其中的連結在於：聚合物端的耗材，以及金屬端的金屬零件；而我認為這會自然地跟隨我們目前在印表機上看到的成長。所以我對展望非常振奮。我認為在一個非常波動的世界裡，這個展望非常穩健。我們所處的市場正是你會想要待在其中以追求成長、並在某種程度上隔絕日常波動的市場。

And my final question, kind of personal interest in it, but it's on the data center infrastructure, the slide you had powering the data center and the nuclear, are you working a lot with the hyperscale's and data centers for powering more behind the meter at the site, or are you also working with large utilities and sort of the grid and generation offsite?

我最後一個問題，算是我個人很感興趣的部分，關於資料中心基礎設施：你們投影片提到為資料中心供電以及核能，你們是主要與超大規模業者（hyperscalers）和資料中心合作，在場址端做更多表後（behind-the-meter）的供電，還是也有與大型公用事業單位合作，例如電網以及場外發電？

No, So there's we're working primarily with the traditional first of all, the traditional OEMs, you've got people like G-Renova, Siemens, others that are in the business of manufacturing power generation equipment using traditional means of like natural gas-fired gas turbines.

不，所以我們主要合作的首先是傳統的、傳統的 OEM，你有像 G-Renova、Siemens，以及其他一些公司，從事以傳統方式製造發電設備的業務，例如使用天然氣燃燒式燃氣渦輪機。

Then you've got now these hyperscale's that have to basically bring their own energy, Kieran. I mean, it's too much for the grid to handle easily, so they have to bring their own power. So I'm getting called into more and more meetings about things like small nuclear reactors for data centers. And after not being in the nuclear business for a few decades as a country, I think you'll see a resurgence in nuclear power, not necessarily the big power plants. Owned by utilities as much. Those take a long time to build, measured in decades sometimes.

接著你現在又有這些超大規模業者（hyperscalers），基本上必須自備能源，Kieran。我的意思是，電網很難輕易承受這麼大的負載，所以他們必須自帶電力。因此，我被邀請參加越來越多會議，討論像是資料中心用的小型核反應爐之類的事情。而在我們這個國家離開核能產業幾十年之後，我認為你會看到核能的復興，但不一定是大型電廠。也不會像以往那樣主要由公用事業公司擁有。那些建造時間很長，有時以數十年來衡量。

You'll see nimble, smaller nuclear plants, I believe, powering big data centers. And we're in direct discussions right now with the OEMs, the hyperscalers, that have to buy those products and then their key suppliers that are going to supply them. They're not going to -- hyperscalers aren't going to manufacture the energy generally. They're going to rely on key suppliers to produce it. Those are the folks that we're getting. And Karen, I just point out this Savannah River National Lab tie-in that we have now in South Carolina, they do marvelous work on nuclear power and fusion power, which is right on the cusp of being commercially viable.

我相信你會看到更靈活、更小型的核電廠為大型資料中心供電。而我們目前正與 OEM、必須購買這些產品的超大規模業者，以及將供應給他們的關鍵供應商進行直接討論。他們不會——超大規模業者一般不會自行生產能源。他們將依賴關鍵供應商來生產。這些就是我們正在接觸的對象。另外，Karen，我想指出我們現在在南卡羅來納州與薩凡納河國家實驗室（Savannah River National Lab, SRNL）的連結；他們在核能與核融合方面做得非常出色，而核融合正處於即將具備商業可行性的關鍵門檻。

The materials they use are custom made for 3D printing, if you will. They're high temperature, difficult materials, very hard to manufacture through traditional means, and they're very expensive parts. So they're ideal for 3D printing where you can bring the cost down and you can enhance the design capability of those components. So that's what we're doing on the fundamental side, working with SRNL on leveraging their R&D. We're putting that technology into our printers now, and we're working. Hyperscalers to apply that technology. So that's where we're headed. I wanted to mention it because it's a future thing, but I think it's a really big deal, Karen. So when you look out a few years for us, I think energy will warrant its own discussion. It will have its own revenue stream and profit stream from that.

他們使用的材料可以說是為 3D 列印量身打造的。這些是高溫、難加工的材料，用傳統方式非常難製造，而且零件成本非常高。因此它們非常適合 3D 列印，因為你可以降低成本，並提升這些元件的設計能力。所以這就是我們在基礎面所做的事：與 SRNL 合作，運用他們的研發成果。我們正在把那項技術導入我們的印表機，並且正在與超大規模業者合作。將該技術加以應用。所以這就是我們前進的方向。我之所以提到它，是因為這是未來的事情，但我認為這會是非常重大的議題，Karen。因此，當你展望我們未來幾年時，我認為能源將值得單獨拿出來討論。它也將帶來獨立的營收來源與獲利來源。

Great, Thank you so much.

太好了，非常感謝。

You're welcome, Karen, and thank you.

不客氣，Karen，也謝謝你。

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

我們的問答環節到此結束。我想把時間交回去，看看是否還有任何進一步的結語。

Kevin, you've been our operator on these calls, I think, since I arrived at this company over six years ago. You've done a marvelous job for us. And in my mind, you're not only a hero for seeing us through these calls, but you represent hundreds of people that help us do what we do every day. And communicate with the outside world. So, I want to thank you personally and for all the folks that largely go unsung in getting information out on the company and helping us deliver every day. So, thank you, my friend, for helping us through these calls, and I wish you the very best as well. So, with that, let me wrap up the call. Again, I will be here for months to come yet, most probably. I may see you on another earnings call. Thank you all for tuning in today. Thank you for supporting our company and we look forward to sharing our continuing results with you after the third quarter.

Kevin，你擔任這些電話會議的主持人，我想，自從我六年多前來到這家公司以來一直都是。你為我們做得非常出色。在我看來，你不僅是帶領我們順利完成這些電話會議的英雄，你也代表了數百位每天協助我們完成工作的人。並與外界溝通。所以，我想親自向你致謝，也向所有在對外傳遞公司資訊、並協助我們每天交付成果方面默默付出、卻多半不被歌頌的人致謝。所以，謝謝你，我的朋友，協助我們完成這些電話會議，也祝你一切順利。那麼，就讓我為本次電話會議作個總結。再次強調，我很可能還會在接下來的幾個月繼續在這裡。也許我們會在另一場財報電話會議上再見。感謝各位今天收聽。感謝各位支持我們公司，我們期待在第三季之後與各位分享我們持續的業績成果。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您今天的參與。