使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Unidentified Participant
Unidentified Participant
No, yes, um, in.
不，是的，嗯，在。
Okay.
好的。
In all fairness, first homeowner.
平心而論，第一房主。
So So over the past.
過去如此。
All right, fair enough.
好吧，很公平。
So good morning, ladies and gentlemen, and welcome to Henry shines Third Quarter 2024 earnings conference call.
女士們、先生們，早安，歡迎參加亨利閃耀 2024 年第三季財報電話會議。
At this time, all participants are in a listen-only mode.
此時，所有參與者都處於只聽模式。
Later we will conduct a question and answer session.
稍後我們將進行問答環節。
Please press the star key followed by one on your touch-tone phone.
請按鍵式電話上的星號鍵，然後按 1。
If you would like to ask a question at the end of the call.
如果您想在通話結束時提出問題。
If anyone should require assistance during the call, please press the star key followed by zero on your touch tone phone.
如果有人在通話過程中需要協助，請按按鍵式電話上的星號鍵，然後按零。
And as a reminder, this call is being recorded.
提醒一下，此通話正在錄音。
I would now like to introduce your host for today's call, Graham Stanley, Henry Schein's Vice President of Investor Relations and Strategic Financial Project Officer.
現在我想介紹今天電話會議的主持人 Graham Stanley，他是 Henry Schein 的投資者關係副總裁兼策略財務專案長。
Thank you.
謝謝。
Please go ahead, Graham.
請繼續，格雷厄姆。
Thank you, operator, and thanks to each of you for joining us to discuss Henry Schein's financial results for the third quarter 2024.
感謝營運商，感謝你們每個人加入我們討論 Henry Schein 2024 年第三季的財務表現。
With me on today's call are Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Shine, and run sales, Senior Vice President and Chief Financial Officer.
與我一起參加今天電話會議的有 Henry Shine 董事會主席兼執行長 Stanley Bergman，以及負責銷售的高級副總裁兼財務長。
Before we begin, I'd like to state that certain comments made during this call will include information about forward-looking risks and uncertainties involved in the Company's business may affect the matters referred to in forward-looking statements and the company's performance may materially differ from those expressed in or indicated by such statements.
在我們開始之前，我想聲明，在本次電話會議中提出的某些評論將包括有關公司業務中涉及的前瞻性風險和不確定性的信息，這些風險和不確定性可能會影響前瞻性陳述中提到的事項，且公司的業績可能會產生重大差異來自此類聲明中表達或表明的內容。
These forward-looking statements are qualified in their entirety by cautionary statements contained in Henry Schein's filings with the Securities and Exchange Commission and included in the Risk Factors section of those filings.
這些前瞻性陳述完全受到 Henry Schein 向美國證券交易委員會提交的文件中包含的警告性聲明的限制，並包含在這些文件的風險因素部分中。
In addition, all comments about the markets we serve, including end market growth rates and market share based upon the company's internal analysis and estimates.
此外，有關我們所服務的市場的所有評論，包括基於公司內部分析和估計的終端市場成長率和市場份額。
Today's remarks will include both GAAP and non-GAAP financial results.
今天的評論將包括公認會計原則和非公認會計原則財務表現。
We believe the non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business enabled a comparison of financial results between periods where certain items may vary independently of business performance and allow for greater transparency with regard to key metrics used by management and operating our business.
我們相信，非公認會計原則財務指標為投資者提供了有關我們業務財務業績的有用補充信息，使某些項目可能獨立於業務業績而變化的時期之間的財務結果進行比較，並允許在我們使用的關鍵指標方面提高透明度。
Non-gaap financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding GAAP measures.
非 GAAP 財務指標僅供參考和比較之用，不應被視為相應 GAAP 指標的替代品。
Reconciliations between GAAP and non-GAAP measures are included in Exhibit B of today's press release and can be found in the financials and filing section of our Investor Relations website under the supplemental information heading and in our quarterly earnings presentation also posted on our Investor Relations website.
GAAP 和非GAAP 指標之間的對帳已包含在今天新聞稿的附件B 中，並且可以在我們的投資者關係網站的財務和備案部分的補充資訊標題下找到，也可以在我們的投資者關係網站上發布的季度收益報告中找到。
The contents of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, November fifth, 2020, from Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.
本次電話會議的內容包含時間敏感的信息，僅截至直播之日（2020 年 11 月 5 日）準確，Henry Schein 不承擔修改或更新任何前瞻性陳述以反映直播後發生的事件或情況的義務。本次通話的日期。
Lastly, during today's Q&A session, please limit yourself to a single question and a follow up.
最後，在今天的問答環節中，請將自己限制在一個問題和後續跟進上。
With that, I'll turn the call over to Stanley Bergman.
這樣，我會將電話轉給史丹利·伯格曼。
Thank you, Brian, and good morning, everyone, and thank you for joining us.
謝謝布萊恩，大家早安，謝謝您加入我們。
Our businesses performed well during the third quarter level by the successful implementation of our bold plus one strategic plan that is resulting in growth and efficiency through our tender shown a strong contribution from high-growth, high-margin products and services, we believe will continue to steadily gained market share in our Dental and Medical Distribution businesses following last year's cyber incident dental equipment business showing ongoing stability in North America and increased investment by customers across Europe, Australia, New Zealand implant and endodontic products had good growth in Europe and Brazil as well as in North America following the successful launch of the BioHorizons tape Pro clinical implants in the United States, we are reporting another quarter exceeding our target of 40% of operating income generated by our high growth high margin businesses, and we expect to exceed the target this particular target of 40% target for fiscal 2024.
我們的業務在第三季度表現良好，成功實施了我們大膽的加一戰略計劃，透過我們的招標帶來了成長和效率，這表明高成長、高利潤產品和服務的強大貢獻，我們相信將繼續繼去年的網路事件之後，我們的牙科和醫療分銷業務的市場份額穩步增長，牙科設備業務在北美表現出持續的穩定性，歐洲、澳大利亞、新西蘭的客戶投資不斷增加，植體和牙髓產品在歐洲和巴西實現了良好的成長，在北美，繼在美國成功推出BioHorizons Tape Pro 臨床植入物後，我們報告又一個季度超出了我們的目標，即我們的高成長高利潤業務產生的營業收入佔40%，我們預計將超過2024 財年實現 40% 的具體目標。
Acquisitions made during 2020 to 2024.
2020 年至 2024 年期間進行的收購。
During that strategic planning cycle, along with product launches are delivering strong financial results in a very structured plan is on target.
在這個策略規劃週期中，隨著產品的推出，我們在一個非常結構化的計劃中實現了強勁的財務業績，達到了目標。
We also continued to return capital to shareholders through our share repurchase program.
我們也繼續透過股票回購計畫向股東返還資本。
We exceeded our financial expectations for the quarter.
我們超出了本季的財務預期。
So today, we are increasing our non-GAAP EPS guidance range to four 74 to 4 $82.
因此，今天，我們將非 GAAP 每股盈餘指引範圍提高到 4 74 至 4 82 美元。
We are we also launched a global e-commerce platform in the UK and Ireland.
我們也在英國和愛爾蘭推出了全球電子商務平台。
That's the gift program and expect to launch next year in the United States.
這就是禮品計劃，預計明年在美國推出。
So far, we have received rather positive feedback from our customers.
到目前為止，我們已經收到了客戶相當正面的回饋。
It has moved on to the new system.
它已轉移到新系統。
Now let's turn to review of our business units and start with the dental distribution business.
現在讓我們回顧一下我們的業務部門，並從牙科分銷業務開始。
Overall third quarter results for our dental distribution businesses generally reflect continued continued stable patient traffic globally.
我們的牙科分銷業務第三季整體業績整體反映了全球患者流量的持續穩定。
We believe the North American market for dental merchandise sales was consistent with last year, with unit sales increase in low single digits.
我們認為北美市場的牙科商品銷售與去年持平，單位銷售量增幅較低。
Offset, but TPE. price declines and a shift in sales to the lower cost brands and own brand products.
偏移，不過TPE。價格下降以及銷售轉向低成本品牌和自有品牌產品。
We also believe that our North American dental merchandise market share grew sequentially last quarter compared to the second quarter for effect, reflecting a solid trend from the beginning of the year as we continue to recover from last year's cyber incident.
我們也認為，上季度我們的北美牙科商品市佔率與第二季相比較上季成長，反映出從今年年初開始的穩健趨勢，我們繼續從去年的網路事件中恢復過來。
After the quarter.
季度後。
Sales increased international internationally in the dental merchandise arena and reflects solid growth in Germany.
牙科商品領域的國際銷售額不斷成長，反映出德國的強勁成長。
Also dear friends, Brazil, Australia and New Zealand.
還有親愛的朋友們，巴西、澳洲和紐西蘭。
So now let's turn to the equipment side.
那麼現在讓我們轉向設備方面。
North American dental equipment sales were consistent with the prior year, and we believe we continue to outperform.
北美牙科設備銷售與去年持平，我們相信我們的表現將繼續優於大盤。
The industry grew slightly, while digital equipment sales decrease decreased.
產業小幅成長，數位設備銷量降幅收窄。
Parts and services sales continued to grow strongly.
零件和服務銷售持續強勁成長。
We believe our North American digital equipment sales were impacted in part by the timing of this well, it was a successful show for us because it took place in the last week, but it took place in the last week of September.
我們相信我們的北美數位設備銷售在一定程度上受到了這口井的時間影響，這對我們來說是一次成功的展會，因為它發生在上週，但它發生在九月的最後一周。
Sales for the show will mostly be risk nice in the fourth quarter this year.
今年第四季該劇的銷售大多風險良好。
And international.
和國際化。
The international equipment side, sales growth was quite good in parts of Europe, Australia and New Zealand, and that was across all categories.
國際設備方面，歐洲部分地區、澳洲和紐西蘭的銷售成長相當不錯，而且涉及所有類別。
Let's turn to the dental specialties, our dental implant and biomaterials sales as well as on endodontic sales, grew mid single digits for the quarter.
讓我們轉向牙科專業，我們的牙種植體和生物材料銷售以及牙髓銷售在本季度實現了中個位數成長。
With continued above market growth in the United States and Europe.
隨著美國和歐洲市場的持續成長。
Us sales were fueled by the launch of BioHorizons tapered preclinical implant driving mid single digit sales growth in the third quarter against the backdrop of a North American market that is trending flat to slightly negative.
BioHorizons 錐形臨床前植入物的推出推動了美國銷售，在北美市場趨勢持平甚至略有下降的背景下，第三季銷售額實現了中個位數成長。
Additionally, in the U.S., we launched the Smart Shade dealers abutment product line at the end of the quarter.
此外，在美國，我們在本季末推出了 Smart Shade 經銷商基台產品線。
In our implant business, would you expect to further attract new customers and drive implant sales?
在我們的植體業務中，您是否希望進一步吸引新客戶並推動植體銷售？
The product is being well received specifically, but none BioHorizons customers will feel we've got something that is of great interest to them.
該產品特別受到好評，但 BioHorizons 客戶不會覺得我們提供了他們非常感興趣的東西。
We are confident practitioners will value the products benefits, including less chair time, enhance patient care and improve clinical efficiency.
我們相信，從業者會重視該產品的優勢，包括減少就診時間、加強病患照護和提高臨床效率。
Turning to our orthodontic business, we are in the midst of restructuring this business as well as transitioning to the smile as brand Clear Aligner in the United States and in the European markets.
談到我們的矯正業務，我們正在重組該業務，並在美國和歐洲市場過渡到「微笑」品牌 Clear Aligner。
This resulted in lower orthodontic sales for the quarter compared to the prior year.
這導致該季度的正畸銷售額低於上一年。
So now let's turn to the technology invented the value added services.
現在讓我們轉向發明加值服務的技術。
Part of the business.
業務的一部分。
During the quarter, sales of our practice management software and revenue cycle management products posted mid single digit growth.
本季度，我們的實踐管理軟體和收入週期管理產品的銷售額實現了中個位數成長。
This was driven by growth in the customer base of our Dentrix Ascend and entirely cloud-based solutions, which was up more than 20% year over year, with now approximately 8,600 installations worldwide at quarter end.
這是由我們的 Dentrix Ascend 和完全基於雲端的解決方案的客戶群成長推動的，該客戶群同比增長超過 20%，截至季度末，全球安裝量約為 8,600 個。
Now it's important to understand our results are impacted by customers moving from on-prem to SaaS based solutions.
現在，重要的是要了解我們的結果受到客戶從本地解決方案遷移到基於 SaaS 的解決方案的影響。
Revenue is recognized in a different way and SaaS-based model versus an on-prem sales model.
收入的確認方式不同，基於 SaaS 的模式與本地銷售模式不同。
In addition, we recently introduced reserve with Google eligibility, eligibility essentials and eligibility Pro, each of which helps our customers grow their businesses and are well received the numbers.
此外，我們最近推出了 Google 資格儲備、資格要素和資格 Pro，每項都有助於我們的客戶發展業務，並受到好評。
The number of claims process passed a revenue cycle management E claims business.
理賠流程的數量通過了收入週期管理E理賠業務。
We also increased by mid-single digit percentages compared to last year.
與去年相比，我們的成長率也達到了中個位數百分比。
In conclusion, the dental, the dental business has it is an important proxy is an important priority for our bold plus one growth strategy.
總之，牙科，牙科業務是一個重要的代理，是我們大膽的加一成長策略的重要優先事項。
And it's in this area that LBOLD. is important for leveraging our strong customer relationships across our product portfolio.
LBOLD 正是在這個領域。對於利用我們整個產品組合中強大的客戶關係非常重要。
We are providing integrated solutions that strengthened customer relations, driving software, having distribution and driving specialty sales, especially with our large customer set segment.
我們提供整合解決方案，以加強客戶關係、推動軟體、分銷和推動專業銷售，特別是針對我們龐大的客戶群。
For example, we had a number of dental distribution DSOs, customers switch the implants to BioHorizons and the technology to Dentrix Ascend and Jarvis analytics.
例如，我們有許多牙科分銷 DSO，客戶將植體更換為 BioHorizons，將技術更換為 Dentrix Ascend 和 Jarvis 分析。
We have also had multiple successes, customers that have switched to Henry Shine for the merchandise and equipment purchases as a result of our differentiated offering, an excellent value added services provided by BioHorizons and Henry Shine.
我們也取得了多項成功，由於我們的差異化產品、BioHorizons 和 Henry Shine 提供的卓越增值服務，客戶轉向 Henry Shine 購買商品和設備。
one.
一。
Each of these successes has resulted in the coordination in our go-to-market strategy and accordingly incremental sales.
這些成功中的每一項都導致了我們進入市場策略的協調以及相應的銷售增量。
Let me conclude my remarks with a review of our medical group during the third quarter.
讓我以對第三季我們醫療團隊的回顧來結束我的演講。
We believe we continue to increase market share sequentially compared to the second quarter, again, reflecting a similar trend from the beginning of the year as we continue to recover from last year's cyber incident sales to reflect reflected less demand for risk, respiratory diagnostic products and flu and COVID vaccines.
我們相信，與第二季度相比，我們的市場份額繼續增加，這再次反映出與年初類似的趨勢，因為我們繼續從去年的網路事件銷售中恢復過來，反映出對風險、呼吸診斷產品和產品的需求減少。
This quarter and therefore, along with related medical products, sales also impacted by the online migration to generic out certain alternatives for certain branded injectable pharmaceuticals.
因此，本季度，與相關醫療產品一樣，銷售也受到線上遷移的影響，以仿製某些品牌注射藥品的某些替代品。
We continue to have good growth in our Home Solutions business.
我們的家庭解決方案業務持續保持良好成長。
So let me now turn the call over to Ron to review our quarter three financial results.
現在讓我把電話轉給羅恩，讓他審查我們第三季的財務表現。
And at 24 guidance run, please?
24 點引導運行，好嗎？
Thank you, Stanley, and good morning, everyone.
謝謝你，史丹利，大家早安。
Turning to our third quarter sales results, I will provide details on total sales total sales growth as well as kind of CI. sales growth, which is internally generated sales in local currencies compared with the prior year and excludes acquisitions.
談到我們第三季的銷售業績，我將提供有關總銷售額成長以及 CI 類型的詳細資訊。銷售成長，即與前一年相比以當地貨幣計算的內部銷售額，不包括收購。
Global sales were 3.2 billion with sales growth both of 0.4% compared with third quarter of 2023.
全球銷售額為 32 億美元，與 2023 年第三季相比銷售額成長 0.4%。
This reflects 3.2% growth from acquisitions and a 0.2% decrease from foreign currency exchange rates.
這反映了收購成長 3.2% 和外幣匯率下降 0.2%。
LCI. sales for the quarter decreased 2.6% for the quarter, which includes a 0.4% decrease from lower PPE. sales.
生命週期指數。本季銷售額下降 2.6%，其中 PPE 下降導致 0.4% 下降。銷售量。
As Dan noted, our underlying sales for the quarter reflect continued improving sales trends in our distribution businesses.
正如丹所指出的那樣，我們本季的基本銷售額反映了我們分銷業務的銷售趨勢持續改善。
Our GAAP operating margin for the third quarter of 2024 was 4.94%, a 140 basis point decline compared with the prior year GAAP operating margin.
我們 2024 年第三季的 GAAP 營業利潤率為 4.94%，比上年 GAAP 營業利潤率下降 140 個基點。
On a non-GAAP basis, operating margin for the third quarter was 7.64%, a 45 basis point decline compared with the prior year.
以非美國通用會計準則計算，第三季營業利益率為 7.64%，較上年同期下降 45 個基點。
Non-gaap operating margin.
非公認會計準則營業利潤率。
We had good operating income growth in our dental specialties and Technology and Value-Added Services businesses, offset by a decrease in our distribution businesses resulting from lower sales following last year's cyber incident.
我們的牙科專業以及技術和增值服務業務的營業收入增長良好，但被去年網絡事件後銷售額下降導致的分銷業務減少所抵消。
Third Quarter 2020 for GAAP net income was 99 million or $0.78 per dilute share.
2020 年第三季 GAAP 淨利為 9,900 萬美元，即每股稀釋每股收益 0.78 美元。
Your GAAP net income of 137 million, or $1.5 per diluted share.
您的 GAAP 淨利潤為 1.37 億美元，即稀釋後每股收益 1.5 美元。
Our third quarter 2024 non-GAAP net income was 155 million, or $1.22 per diluted share.
我們的 2024 年第三季非 GAAP 淨利潤為 1.55 億美元，即稀釋後每股收益 1.22 美元。
This compares with prior year non-GAAP net income of 173 million, or $1.32 per diluted share.
相比之下，上一年非 GAAP 淨利潤為 1.73 億美元，即稀釋後每股收益 1.32 美元。
Our third quarter GAAP and non-GAAP results include a remeasurement gain resulting from the purchase of a controlling interest of a previously held noncontrolling equity investment.
我們第三季公認的會計準則和非公認會計準則業績包括因購買先前持有的非控股股權投資的控股權益而產生的重新計量收益。
This business has performed well since we made our initial investment and as a result of our decision to take majority ownership, we recognize the remeasurement gain of $19 million pretax or $0.11 per diluted share in the quarter.
自從我們進行初始投資以來，該業務表現良好，並且由於我們決定獲得多數股權，我們確認本季稅前重新計量收益為 1900 萬美元，即稀釋後每股收益 0.11 美元。
This is similar to a remeasurement gain of 18 million pretax or $0.1 per diluted share that we reported in the second quarter of 2023.
這與我們在 2023 年第二季報告的稅前 1800 萬美元或稀釋後每股 0.1 美元的重新計量收益類似。
We regularly make noncontrolling investments in companies with high growth potential as part of our strategic plan.
作為我們策略計劃的一部分，我們定期對具有高成長潛力的公司進行非控股投資。
Leveraging our expertise, we have help these businesses grow and become more profitable.
利用我們的專業知識，我們幫助這些企業發展並提高利潤。
The foreign currency exchange impact on our third quarter diluted EPS was unfavorable by approximately $0.01 versus the prior year.
外匯兌換對我們第三季攤薄後每股收益的影響與去年同期相比下降了約 0.01 美元。
Adjusted EBITDA for the third quarter of 2024 was 268 million compared to the third quarter 2023 adjusted EBITDA of 278 million.
2024 年第三季調整後 EBITDA 為 2.68 億美元，而 2023 年第三季調整後 EBITDA 為 2.78 億美元。
Turning to our third quarter sales results.
轉向我們第三季的銷售業績。
Global Dental sales were 1.9 billion, with sales decreasing 1.6%.
全球牙科銷售額為 19 億美元，銷售額下降 1.6%。
LCI. sales decreased 1.6% or 1.0% when excluding PPE. sales.
生命週期指數。銷售額下降 1.6%，若剔除 PPE 則銷售額下降 1.0%。銷售量。
Global dental merchandise, LC. I sales decreased 2.5% versus the prior year with an LCI. decline in North America of 4.9%, and international LCI. sales growth of 0.9%.
全球牙科商品，LC。 LCI 的銷售額與前一年相比下降了 2.5%。北美下降 4.9%，國際 LCI 下降。銷售額成長0.9%。
Note that when excluding PPE. products, global dental merchandise LC&I sales decreased 1.9%.
請注意，排除 PPE 時。產品方面，全球牙科商品 LC&I 銷售額下降 1.9%。
North America merchandise LCI. sales decreased 4.0%, and international merchandise LCI. sales growth was 1.0%.
北美商品 LCI。銷售額下降4.0%，國際商品LCI。銷售額成長1.0%。
We believe the overall dental market continues to be generally flat with a shift in sales to lower cost products and lower PPE. pricing.
我們認為，隨著銷售轉向低成本產品和較低的個人防護裝備，整個牙科市場繼續整體持平。定價。
We also believe we had a sequential improvement in market share in the third quarter compared to the second quarter.
我們也相信，與第二季相比，我們第三季的市佔率有所改善。
Our global dental equipment.
我們的全球牙科設備。
LCI. sales increased 1.8% with flat sales in North America and 5.6% growth internationally.
生命週期指數。銷售額成長 1.8%，其中北美銷售額持平，國際銷售額成長 5.6%。
We expect modest overall equipment sales growth for the year in both North America and internationally.
我們預計今年北美和國際整體設備銷售將溫和成長。
Dental specialty product sales were approximately 258 million and grew slightly compared to the prior year.
牙科專業產品銷售額約2.58億美元，較上年略有成長。
As Stan mentioned earlier, this was driven by solid dental implant, biomaterials and endodontic sales globally.
正如史丹之前提到的，這是由全球實體植牙、生物材料和牙髓銷售所推動的。
Offset by sales weakness in our orthodontic business, resulting from restructuring of the business and the transitioning of our clear aligner business from reveal to smile, a product developed by biotech dental, which we acquired last year.
由於業務重組以及我們的透明矯正器業務從 Reveal 過渡到 Smile（我們去年收購的 Biotech Dental 開發的產品），我們矯正業務的銷售疲軟抵消了銷售疲軟的影響。
Note that our dental specialty acquisitions that we completed last year have now fully annualized as of this quarter.
請注意，我們去年完成的牙科專業收購截至本季現已完全年化。
So our total sales growth is equal to internal sales growth.
所以我們的總銷售成長等於內部銷售成長。
Global Technology and value added service and sales during the third quarter were 221 million with total sales growth of 5.1%.
第三季全球科技和增值服務銷售額為2.21億美元，總銷售額成長5.1%。
The LCI. sales decline of 1.1% included a 3.1% decline in North America and 13.4% growth.
LCI。銷售額下降 1.1%，其中北美地區下降 3.1%，成長 13.4%。
Internet nationally, our value added services revenue was bolstered by the LPS acquisition.
在全國範圍內，收購 LPS 增強了我們的增值服務收入。
This is a leading transaction advisory services business that we purchased in August of 2023.
這是我們於 2023 年 8 月收購的一家領先的交易諮詢服務公司。
The timing of revenues recorded by LPS. distorted internal sales growth numbers during the quarter, and we believe that total sales growth of 5.1% for the Technology and Value-Added Services segment is most reflective of the growth of the business for the third quarter.
LPS 記錄收入的時間。本季內部銷售成長數據扭曲，我們認為科技和加值服務部門 5.1% 的總銷售成長最能反映第三季的業務成長。
Specialty products, technology and value added services businesses contributed over 40% of total non-GAAP operating income.
特色產品、技術及加值服務業務佔非公認會計原則營業收入總額的40%以上。
Global Medical sales during the third quarter were 1.1 billion with sales growth of 2.9% and a decrease in LCI. sales of 4.8%.
第三季全球醫療銷售額為 11 億美元，銷售額成長 2.9%，LCI 下降。銷售額4.8%。
Excluding sales of PPE. products, LCI. sales decreased 4.6%.
不包括個人防護裝備的銷售。產品，生命週期清單。銷售額下降 4.6%。
As Dan noted, our sales reflected lower less demand for respiratory diagnostic products and flu and COVID vaccines, along with related products.
正如 Dan 所指出的那樣，我們的銷售額反映出對呼吸道診斷產品、流感和新冠疫苗以及相關產品的需求減少。
Sales were also impacted by the ongoing migration to generic alternatives for certain branded pharmaceuticals.
某些品牌藥品持續轉向仿製藥替代品也影響了銷售。
Our Home Solutions business had strong growth, which was driven by our strategic acquisitions.
我們的家居解決方案業務強勁成長，這得益於我們的策略收購。
Restructuring expenses in the third quarter were 48 million or $0.26 per diluted share.
第三季的重組費用為 4,800 萬美元，即稀釋後每股 0.26 美元。
This includes 12 million incurred as part of the plan announced in the third quarter of 2022, which was completed on July 31st, 2024, and 36 million incurred as part of the 2024 2025 restructuring initiative announced last quarter.
其中包括作為2022年第三季宣布的計劃的一部分產生的1200萬美元，該計劃於2024年7月31日完成，以及作為上季度宣布的2024-2025重組計劃的一部分產生的3600萬美元。
These expenses mainly relate to severance benefits and costs related to exiting certain facilities.
這些費用主要與遣散費和退出某些設施相關的費用有關。
Actions approved in the third quarter under the new initiative are estimated to provide over $50 million annual run rate savings.
第三季根據新措施批准的行動預計每年可節省超過 5,000 萬美元的營運費用。
And we believe this indicates strong progress towards our goal of 75 to 100 million in annual run rate savings by the end of 2025.
我們相信，這表明我們在實現 2025 年底前年度運行率節省 75 至 1 億美元的目標方面取得了重大進展。
Our third quarter GAAP results include 10 million in pretax proceeds as part of our cyber insurance claim, which is excluded from our non-GAAP results.
我們第三季的 GAAP 業績包括 1000 萬美元的稅前收益，作為我們網路保險索賠的一部分，這不包括在我們的非 GAAP 業績中。
At the end of the quarter, we had already collected 20 million and anticipate collecting most of our $60 million claim by the end of this year.
截至本季末，我們已收到 2,000 萬美元索賠，預計到今年年底將收到 6,000 萬美元索賠中的大部分。
Regarding share repurchases, we repurchased approximately 2 million shares of common stock in the open market during the third quarter at an average price of $69.90 per share for a total of 135 million.
關於股票回購，我們第三季在公開市場回購了約200萬股普通股，平均價格為每股69.90美元，總計1.35億股。
We had $455 million authorized and available for future stock repurchases at the end of the quarter.
截至本季末，我們已獲得 4.55 億美元的授權，可用於未來的股票回購。
We expect to continue to repurchase shares in the fourth quarter.
我們預計第四季將繼續回購股票。
Turning to our cash flow, we had good operating cash flow of 151 million for the third quarter, after which compares with operating cash flow of 231 million last year.
談到我們的現金流，我們第三季的經營現金流良好，達到 1.51 億，而去年的營運現金流為 2.31 億。
Year to date, operating cash flow was 644 million, which is 112 million more than last year.
年初至今，營運現金流為6.44億元，比去年增加1.12億元。
Turning to our updated 2024 financial guidance.
轉向我們更新的 2024 年財務指引。
At this time, we are not able to provide without unreasonable effort an estimate of restructuring costs associated with the new restructuring plan for 2024.
目前，如果不付出不合理的努力，我們無法提供與 2024 年新重組計畫相關的重組成本估計。
Although we expect this to primarily includes severance, pay and facility related costs.
儘管我們預計這主要包括遣散費、工資和設施相關成本。
Therefore, we are not providing GAAP guidance your current continuing operations as well as acquisitions that have closed and does not include the impact of potential future acquisitions or future share repurchases.
因此，我們不會為您目前的持續營運以及已完成的收購提供 GAAP 指導，也不包括未來潛在收購或未來股票回購的影響。
Guidance also assumes that foreign currency exchange rates are generally consistent with current levels at the end markets remain consistent with current market conditions.
指導意見也假設外幣匯率總體上與終端市場當前水準一致，與當前市場狀況保持一致。
Our 2020 for total sales growth is now expected to be 4% to 5% or 2023 compared to prior guidance of 4% to 6% growth for 2024.
我們目前預計 2020 年或 2023 年的總銷售額將成長為 4% 至 5%，而先前的指引為 2024 年成長 4% 至 6%。
We are increasing non-GAAP diluted EPS attributable to Henry shining to be in the range of $4.74, $4.82 compared with prior guidance of $4.70 to $4.82 and reflects growth of 5% to 7% compared with 2023 non-GAAP diluted EPS of $4.50 as a result of better than expected results in the third quarter.
我們將亨利閃耀的非GAAP 攤薄每股收益提高到4.74 美元至4.82 美元，而之前的指導為4.70 美元至4.82 美元，與2023 年非GAAP 攤薄每股收益4.50 美元相比，增長了5% 至7 %。
This guidance reflects an estimated non-GAAP effective tax rate of 25%, consistent with prior guidance.
該指引反映了預計的非 GAAP 有效稅率 25%，與先前的指引一致。
We continue to expect our 2020 for adjusted EBITDA to grow in the low double digit percentages versus 2023.
我們仍預期 2020 年調整後 EBITDA 將以較低的兩位數百分比成長，與 2023 年相比。
Adjusted EBITDA of 984 million.
調整後 EBITDA 為 9.84 億美元。
We expect adjusted EBITDA to grow faster than non-GAAP diluted EPS because of higher interest expense, a higher effective tax rate and higher depreciation as a result of the strategic investments we have made to execute on our strategic plan.
我們預計調整後 EBITDA 的成長速度將快於非 GAAP 攤薄後每股收益，因為我們為執行策略計畫而進行的策略性投資導致更高的利息支出、更高的有效稅率和更高的折舊。
I will conclude my remarks with some comments on 2025.
我將以對 2025 年的一些評論來結束我的演講。
We plan to issue 2025 guidance as usual on our Q4 earnings call this coming February.
我們計劃在今年 2 月的第四季財報電話會議上照常發布 2025 年指引。
As you've heard today, we expect modest improvement in the dental and medical markets next year.
正如您今天所聽到的，我們預計明年牙科和醫療市場將略有改善。
We expect to continue to grow faster than the markets supported by some of our recent investments, new product launches and focused execution and continued cyber recovery.
我們預計，在我們最近的一些投資、新產品發布、重點執行和持續的網路恢復的支持下，我們的成長速度將繼續快於市場。
We are on target to achieve our restructuring goal, and this should help offset headwinds from higher depreciation expense resulting from our global e-commerce platform and additional investments in technology.
我們預計將實現重組目標，這應該有助於抵消我們的全球電子商務平台和額外技術投資帶來的折舊費用增加的不利影響。
We expect this e-commerce platform to accelerate growth once fully launched in the United States.
我們預期該電子商務平台一旦在美國全面推出，將加速成長。
With that, I'll now turn the call back to Sam.
這樣，我現在將電話轉回給 Sam。
Thank you, Ron.
謝謝你，羅恩。
Operator, we're ready to answer any questions that investors may have.
營運商，我們已準備好回答投資者可能提出的任何問題。
Thank you, Stanley.
謝謝你，史丹利。
We will now be conducting a question and answer session.
我們現在將進行問答環節。
If you would like to ask a question, please press star one on your telephone keypad.
如果您想提問，請按電話鍵盤上的星號一。
Confirmation tone will indicate that your line is in the queue.
確認音將表示您的線路已在佇列中。
You may press star two.
您可以按星二號。
If you'd like to remove a question from the queue for any participants using speaker equipment.
如果您想從使用揚聲器裝置的任何參與者的佇列中刪除問題。
It may be necessary to pick up your handset before pressing the star keys.
按星號鍵之前可能需要拿起聽筒。
one moment, please.
請稍等一下。
While we poll for questions.
當我們投票詢問問題時。
And the first question comes from the line of Elizabeth Anderson with Evercore ISI.
第一個問題來自伊麗莎白·安德森 (Elizabeth Anderson) 與 Evercore ISI 的關係。
Please proceed with your question.
請繼續你的問題。
Hi, guys.
嗨，大家好。
Thanks so much.
非常感謝。
Had a question on maybe a two-part question.
有一個關於可能由兩部分組成的問題的問題。
one that can you just comment on the overall health of the dental and medical trends as we kind of get through October and into November and into it like you have a bunch of one-time items, I can.
您可以評論一下牙科和醫療趨勢的整體健康狀況，因為我們從 10 月到 11 月，就像您有一堆一次性物品一樣，我可以。
Can you talk talked about it at the generic impact, IoT and medical and the respiratory season and then a dental you talked about like the U.S. while pushing some sales into the fourth quarter on and some other things, like how like, I guess in terms of how we think about the third quarter results versus the guidance.
您能否談談一般影響、物聯網、醫療和呼吸季節，然後是您談到的牙科，例如美國，同時將一些銷售推至第四季度以及其他一些事情，比如如何，我想是這樣的我們如何看待第三季業績與指引。
If we have some sort of push-outs in to the fourth quarter, how do we think of that vis a vis the full year guidance on the revenue side coming down a little bit at that just conservatism or are there other trend that we should think about as we think about the fourth quarter?
如果我們在第四季度有某種推出，相對於全年營收指引，我們如何看待這一點，這只是保守主義，還是還有其他我們應該考慮的趨勢就像我們對第四季度的看法一樣？
Any comment there would be very helpful.
那裡的任何評論都會非常有幫助。
Thank you.
謝謝。
Elizabeth, I'll give you a few thoughts on the current market.
伊莉莎白，我將給你一些關於當前市場的想法。
And this excuse me, and Ron will talk about the guidance.
對不起，羅恩將談論指導。
He's been working on that with the team.
他一直在與團隊一起努力解決這個問題。
So the market is for these stable.
所以這些市場是穩定的。
We think that is the shift on the consumable side, the Eastern United States towards on lower priced alternative brands and our own brands.
我們認為這是消費品方面的轉變，美國東部轉向價格較低的替代品牌和我們自己的品牌。
This doesn't really affect our profitability, but it may impact and does impact the sales.
這並沒有真正影響我們的盈利能力，但它可能會影響並且確實會影響銷售。
We also think that users have gone up in low single digits.
我們也認為用戶數量的成長幅度較低。
So the lower single digits and on movement of merchandise units to lower priced alternative brands, including national brands and owned brands, you see a stable to slightly reduction in in dollar sales in the dental market in the United States.
因此，較低的個位數以及商品單位向價格較低的替代品牌（包括國家品牌和自有品牌）的轉移，您會看到美國牙科市場的美元銷售額穩定或略有下降。
Our total.
我們的總計。
But having said that, our total merchandise sales trends in our distribution businesses were generally consistent with September of 24 such pretty stable.
但話雖如此，我們分銷業務的商品銷售總額趨勢與 9 月 24 日基本一致，相當穩定。
Having said that, October sales growth in implants and biomaterials are strong driven by SIN. biotech dental analog business.
話雖如此，10 月植入物和生物材料的銷售成長受到 SIN 的強勁推動。生物技術牙科模擬業務。
And we are seeing continuing good adoption of the BioHorizons type approach.
我們看到 BioHorizons 類型方法的持續良好採用。
Clinical implants in the US.
在美國進行臨床種植。
So this is all taken into account by Ron as he works with the team on the guidance, and Ron can give you specifics, but I think we can report a pretty stable markets.
因此，羅恩在與團隊合作制定指導方針時都考慮到了這一點，羅恩可以為您提供具體信息，但我認為我們可以報告一個相當穩定的市場。
And from our point of view, we are gaining back market share that we lost during the cyber incident, albeit at a slower rate.
從我們的角度來看，我們正在重新奪回在網路事件中失去的市場份額，儘管速度較慢。
But the rate continues in a positive direction, really since the beginning of 24 and consecutively improved, of course, you've got to take into account for us love sales where there has been a significant reduction in the price of the units of gloves.
但該比率繼續朝著積極的方向發展，實際上自24年初以來一直在持續改善，當然，您必須考慮到我們的熱愛銷售，其中手套的單位價格已大幅下降。
And we think we may be seeing the bottom right now, but we will pull that out separately because that's a business where we don't really control the selling price at all that commodity.
我們認為我們現在可能已經看到底部，但我們將單獨將其撤出，因為這是我們無法真正控制所有商品銷售價格的業務。
So Ron, maybe you want to give some input on how you've worked on the guidance?
那麼羅恩，也許您想就您如何制定指南提供一些意見？
Certainly Stanley, Elizabeth, we took into consideration a lot of the trends that the Stanley just articulated in terms of how did we see Q3 ending?
當然，史丹利、伊莉莎白，我們考慮了史丹利剛剛闡述的許多趨勢，即我們如何看待第三季的結束？
Well, how did we see October markets are relatively stable.
那麼，我們怎麼看10月的市場相對穩定呢？
There is there is a market dynamic out there, perhaps a little bit of a shift of some lower cost products with reference to equipment.
市場存在動態，也許一些低成本產品在設備方面發生了一些變化。
We did.
我們做到了。
As we mentioned in the prepared remarks, we do expect perhaps a little bit of a benefit from the timing of DS World in terms of how that will benefit Q4.
正如我們在準備好的評論中提到的那樣，我們確實預計 DS World 的時機可能會為第四季度帶來一些好處。
Having said that, equipment tends to be a Q4 tends to be that the most important quarter for equipment.
話雖如此，第四季的設備往往是設備最重要的季度。
So all those things were taken into consideration and then ongoing growth that we experienced on the on the implant side as well for the fourth quarter.
因此，所有這些因素都被考慮在內，然後我們在第四季度的植體方面也經歷了持續的成長。
So those are all in a specific factors.
所以這些都是特定因素。
On the medical side, we're really closely monitoring what's happening with the timing of the flu season as we did see some softness in the sales of diagnostic kits in the third quarter.
在醫療方面，我們確實在密切關注流感季節的發生情況，因為我們確實看到第三季診斷試劑盒的銷售出現了一些疲軟。
And so we've been monitoring some of the information that comes from the CDC and taking that into consideration our guidance.
因此，我們一直在監控來自疾病預防控制中心的一些信息，並將其納入我們的指導之中。
So those are all things that could impact the fourth quarter as we go forward.
因此，隨著我們的前進，這些都是可能影響第四季的事情。
Got it.
知道了。
Thank you.
謝謝。
And the next question comes from the line of Jeff Johnson with Baird.
下一個問題來自傑夫·約翰遜和貝爾德的對話。
Please proceed with your question.
請繼續你的問題。
Thank you.
謝謝。
Good morning, Ron, maybe just one clarifying question on what you said about 2025 and then one question on EPS this quarter, but on 2025, you know, I know you talk about maybe some modest margin and market improvement and expect to gain a bit of share things like that.
早上好，羅恩，也許只是一個關於您所說的2025 年情況的澄清問題，然後是一個關於本季度每股收益的問題，但在2025 年，我知道您談論的可能是一些適度的利潤率和市場改善，並期望獲得一點收益分享這樣的事情。
The Street sitting at just over four, almost 4.5% revenue growth next year and 11% EPS growth of nearly 11% relative to your common, you don't use I did kind of bring it up and open the door a little bit.
華爾街的排名剛剛超過 4，明年的收入增長近 4.5%，每股收益增長 11%，相對於你的普通股，你不用我提起來，並打開了一點門。
It just feels like to me maybe where your comments specifically kind of asking us to sharpen our pencils and maybe bringing those two sets of numbers down a little bit for next year.
對我來說，也許你的評論特別要求我們削尖鉛筆，也許明年的這兩組數字會稍微下降一些。
Certainly, Jeff, or as you stated, we haven't provided 2025 guidance yet.
當然，傑夫，或者正如您所說，我們尚未提供 2025 年指導。
We are looking at it both what's happening in terms of market trends as well as on on our own recovery of and gains in market share.
我們既關注市場趨勢，也關注我們自身的恢復和市場份額的成長。
And so those are factors that will be taken into consideration when we provide that guidance in February of next year.
因此，當我們在明年 2 月提供指導時，將考慮這些因素。
Beyond that, a lot of this is just what kind of momentum that we can can we take from Q3 into Q4 and sustain from Q4 and into 2025.
除此之外，很多都是我們可以從第三季到第四季採取什麼樣的勢頭，並從第四季維持到 2025 年。
So we just need to kind of see how the balance of the year plays out and all that will be taken into consideration in the 2025 guidance.
因此，我們只需要看看今年的情況如何，以及 2025 年指導中將考慮到的所有因素。
Right.
正確的。
And then just on third quarter EPS itself, you have the $0.11 remeasurement gain in there.
然後就第三季每股收益本身而言，重新計量收益為 0.11 美元。
Obviously, you had kind of a $0.1 remeasurement gain in 2Q last year.
顯然，去年第二季的重新計量收益為 0.1 美元。
I think the net in 2Q last year was closer to a $0.05 benefit because you also had some of the center and biotech kind of higher than normal acquisition costs you called out in that second quarter last year for kind of a net net to 2.5 and benefit.
我認為去年第二季度的淨收益接近 0.05 美元，因為去年第二季度的淨收益為 2.5 美元，並且一些中心和生物技術的收購成本高於正常收購成本。
But if I adjust for both those factors, both the remeasurement this quarter, that the net of those factors in 2Q last year, your first half EPS this year was down about 5% and what your core consumables in both medical and dental down 4% to 5%.
但如果我對這兩個因素進行調整，即本季度的重新衡量，去年第二季度這些因素的淨值，您今年上半年的每股收益下降了約5%，而您的醫療和牙科核心消耗品則下降了4%至 5%。
I think that makes sense this quarter.
我認為這個季度這是有道理的。
If I take the 11 sent out in, there wasn't really anything in 3Q last year.
如果我把發送的 11 個算進去，去年第三季確實沒有什麼。
I don't believe your EPS would have been down closer to mid 10s year over year.
我不相信你的每股盈餘會比去年同期下降到接近 10 左右。
So what was that extra 10 points, if you will have adjusted basis falloff in earnings growth this quarter versus the first half of the year that that's the one whole I can't plug.
那麼，如果你調整了本季獲利成長與上半年相比的基礎下降，那額外的 10 個百分點是多少，這是我無法解釋的一個整體。
Thanks.
謝謝。
It's the ongoing recovery of market share in our distribution businesses more than anything else, Jeff, we've we're pleased with the some there's some pockets of very positive news in terms of what we're seeing on equipment, what we're seeing and implants.
傑夫，我們的分銷業務市場份額的持續恢復比其他任何事情都重要，我們對此感到滿意，就我們在設備上看到的情況、我們所看到的情況而言，有一些非常積極的消息看見和植入。
But I think the ongoing recovery in distribution is would be the primary contributor to that gap that you've identified.
但我認為，分銷領域的持續復甦將是造成您所確定的這一差距的主要原因。
And the next question comes from the line of Kevin Caliendo with UBS.
下一個問題來自瑞銀集團的 Kevin Caliendo。
Please proceed with your question.
請繼續你的問題。
Thanks and thanks.
謝謝，謝謝。
I appreciate you getting me in the long run.
從長遠來看，我很感激你對我的幫助。
This is sort of a math question here, but how do we think about the restructure savings of 75 to 100 million by the end of 25 relative in size and scope to the higher depreciation costs?
這是一個數學問題，但我們如何看待 25 年底重組節省的 75 至 1 億美元（相對於較高折舊成本的規模和範圍）？
Would this one off that the other?
這一項會與另一項不同嗎？
And I guess my point is that we think about those two factors other than mix with revenues growing sort of above market next year.
我想我的觀點是，我們會考慮這兩個因素，而不是將明年的收入成長高於市場水平。
Is there any reason beyond the restructuring costs versus the depreciation that margin shouldn't improve next year?
除了重整成本與折舊之外，還有什麼原因導致明年的利潤率不會提高？
Well, we would expect margins to improve.
嗯，我們預期利潤率會提高。
I mean, obviously the increase in depreciation expense would put some pressure on that.
我的意思是，顯然折舊費用的增加會給這帶來一些壓力。
But I do believe the benefits that we gain in lower OpEx from the restructuring actions we are taking we've already taken in the third quarter that we're taking now in the fourth quarter, and that will continue to take throughout 25 will more than offset the increase in depreciation expense.
但我確實相信，我們從我們正在採取的重組行動中獲得的較低營運支出所帶來的好處，我們已經在第三季度採取了，我們現在在第四季度採取了這種措施，而這種情況將在25 年內繼續發生，將超過抵銷折舊費用的增加。
So we should see some benefit to operating margin as a result of that.
因此，我們應該會看到營業利潤率因此而得到一些好處。
Key to that, obviously, is growth in revenues, especially in the distribution business, given the fixed cost nature of that of that operating base.
顯然，考慮到營運基礎的固定成本性質，關鍵是收入的成長，尤其是分銷業務的收入成長。
So if we can achieve ongoing market recovery and distribution be successful in executing on our restructuring initiatives, we should be able to see some operating margin expansion in 2025.
因此，如果我們能夠實現持續的市場復甦，並成功執行我們的重組計劃，我們應該能夠在 2025 年看到營業利潤率的成長。
But we need to see what kind of momentum we have.
但我們需要看看我們有什麼樣的動力。
We think we can complete this year before we can commit to that.
我們認為我們可以在今年完成之後再做出承諾。
And just a quick follow-up.
只是快速跟進。
Thinking about the share that was recaptured in 3Q, the magnitude of that and how it's progressing import you if you can or should it is it for you how that you still expecting to have a tailwind in consumables or share from lapping low our share in the first half of next year?
考慮一下第三季度重新奪回的份額、其規模以及進展情況，如果您可以或應該為您提供幫助，那麼您仍然希望在消耗品方面獲得順風車，或者從降低我們的份額中獲得份額明年上半年？
Like are you at that point where you feel comfortable that at least for the first half, knowing where you are now that there will be a benefit?
就像你在那個時刻感到舒服，至少在上半場，知道你現在在哪裡，會有好處嗎？
Or does that still relatively insignificant pointed out?
或者說這仍然是相對微不足道的指出？
Yes.
是的。
By definition, it like we've said, we believe that sequentially this year, we have we have picked up some market share as we recover from the cyber incident from Q1 into Q2 into Q3.
根據定義，就像我們所說的那樣，我們相信，隨著我們從第一季、第二季和第三季的網路事件中恢復過來，今年我們已經獲得了一些市場份額。
And so we do we do expect that our our existing market share when we go into 2025 on the distribution side will be higher than when we went into 2024.
因此，我們確實預計，進入 2025 年時，我們在分銷方面的現有市場份額將高於進入 2024 年時的水平。
Now as we have stated in previous calls, that pace of recovery has been lighter than we originally expected.
正如我們在之前的電話會議中所說，復甦的步伐比我們最初預期的要慢。
So we're still working on what we believe that that incremental market share will be as weak as we think through the 25 results.
因此，我們仍在研究我們認為增量市場份額將像我們透過 25 個結果所想像的那樣疲軟。
But yes, by definition, when would expect to get market share to be slightly higher.
但是，是的，根據定義，預計何時會獲得略高的市場份額。
The next question comes from the line of Jon Block with Stifel.
下一個問題來自 Jon Block 和 Stifel 的對話。
Please proceed with your question.
請繼續你的問題。
Thanks, guys, and good morning.
謝謝，夥計們，早安。
Stellar.
恆星。
Well, maybe I'll just start pretty big picture.
好吧，也許我會開始大局觀。
I think in the comments you said next year you expect the dental and medical markets to get a bit better.
我認為您在評論中說明年您預計牙科和醫療市場會好一點。
And then in individual take share of that improvement, the improvement in the end markets, I would say has proven to be somewhat elusive over the past handful of quarters.
然後，就我個人而言，我想說的是，在過去的幾個季度中，終端市場的改善已被證明有些難以捉摸。
And so maybe you guys can just talk to your conviction there.
所以也許你們可以在那裡談談你們的信念。
What are the driver here was at a lower interest rate environment that leads to the improvement?
在較低的利率環境下，導致經濟改善的驅動因素是什麼？
Not only in equipment is in consumer confidence is at lower financing and higher ASP procedures.
不僅在設備方面，消費者對較低融資和較高平均售價的信心也是如此。
What's really driving your improved outlook?
真正推動您改善前景的因素是什麼？
If you wouldn't you expect it to be more acute in either dental and or medical banks?
如果您不認為牙科銀行和/或醫療銀行的情況會更加嚴重？
Yes, John, that's a extremely good questions.
是的，約翰，這是一個非常好的問題。
So let's deal with the easier comps and the easier thoughts on dental equipment sales in the United States.
因此，讓我們來處理一下關於美國牙科設備銷售的更簡單的比較和更簡單的想法。
I think there is a deep interest in practitioners investing in their practices.
我認為從業者對投資他們的實踐有著濃厚的興趣。
They're quite busy effect.
他們的效果相當忙碌。
Ron was telling me is having a problem getting an appointment with his them locally.
羅恩告訴我在當地與他們預約時遇到了問題。
The dentists are busy and they're feeling good about their practices.
牙醫很忙，他們對自己的做法感覺良好。
And they do know that if they invest in digital technology, they will do better.
他們確實知道，如果投資數位技術，他們會做得更好。
So the whole area of the clinical workflow, digital devices, tying that into the software, electronic medical record, all of that is moving in a very good direction.
因此，整個臨床工作流程、數位設備、將其與軟體、電子病歷相結合，所有這些都在朝著一個非常好的方向發展。
Obviously, it's lumpy this quarter.
顯然，本季的情況很不穩定。
We had the situation of wondering about because supplies of scanners having the showed slightly different time to last year.
我們有這樣的疑問，因為掃描器的供應時間與去年略有不同。
So this is a good market.
所以這是一個很好的市場。
Yes, interest rates come down 200 basis points or more, that could move the needle 200 basis points even better.
是的，利率下降 200 個基點或更多，這可能會更好地推動 200 個基點。
So on.
很快。
But there's a conviction to invest in the units.
但人們有信心投資這些單位。
It seems like on the consumable side, units are positive, but there is this movement towards shopping for lower priced branded products and you can get the same product was similar product.
在消費品方面，單位數量似乎是積極的，但存在著購買價格較低的品牌產品的趨勢，您可以獲得相同的產品和類似的產品。
You'll move to a lower price product.
您將轉向價格較低的產品。
It does impact on margins a little bit, but that's balanced by a movement towards our own brand products, which sell at a higher price.
它確實對利潤率產生了一點影響，但這可以透過我們自己品牌產品的發展來平衡，這些產品的售價更高。
So I think the implant market has stabilized, at least from our point of view, the high end is still challenged.
所以我認為植體市場已經穩定下來，至少從我們的角度來看，高端仍然受到挑戰。
But I think from the market that we participate in, which is the value implant side, I think the market is reasonably stable to leaning positively on the outlook in Europe is a little bit better now than it was even a year or so ago.
但我認為，從我們參與的市場來看，即價值植入方面，我認為市場相當穩定，對歐洲前景的積極依賴現在比一年左右之前要好一些。
Maybe two years ago with the instability with Ukraine, et cetera.
也許是兩年前，烏克蘭局勢不穩定等等。
I think that's sort of come down a little bit or at least bottomed out.
我認為這有點下降，或者至少已經觸底。
So Europe is leaning towards a positive the rest of the world, Australia, New Zealand for U.S. Brazil, it went down quite a bit, but it's also relatively positive compared to the bottom.
因此，歐洲傾向於積極的世界其他地區，澳大利亞，紐西蘭和美國巴西，它下降了很多，但與底部相比也相對積極。
So I think it's hard to tell exactly, particularly with the election ends up and now how people feel.
所以我認為很難準確地判斷，特別是在選舉結束以及人們現在的感受的情況下。
But I think we've bottomed out to slightly positive, both the consumable side and on the equipment side with a leaning towards positive on the equipment side.
但我認為我們已經觸底回升，無論是消耗品方面還是設備方面，設備方面都傾向於積極。
And from our point of view, I think we will continue to do okay with implants, endodontics and a very small orthodontic business that we'll start.
從我們的角度來看，我認為我們將繼續在植體、牙髓治療和我們將啟動的一個非常小的矯正業務方面做得很好。
I think providing positive growth once we've moved out smile a brand globally.
我認為，一旦我們將微笑品牌轉移到全球範圍內，就會提供積極的成長。
And so just as the smaller side on the medical side, at the margin, we're doing okay, but it's very much dependent on two factors.
因此，正如醫療方面較小的一面一樣，我們做得還不錯，但這在很大程度上取決於兩個因素。
one is flu seasons when they do they move from one way one year, one way or another another year.
其中一個是流感季節，它們會從一年的一種方式轉移到另一年的這種方式或另一種方式。
And of course, generics in the the area of particularly injectables.
當然，還有註射劑領域的仿製藥。
And then you've got to take into account the price of gloves either way the factor that out.
然後你必須考慮手套的價格，無論如何。
And I think this will give you more or less a good view of our view of the market at practitioners are investing in software.
我認為這或多或少會讓您更了解我們對從業者投資軟體的市場的看法。
We are doing okay, on the software side, pretty good.
我們在軟體方面做得還不錯，相當不錯。
But we've moved from SaaS from on-prem sale to SaaS subscription, and that has to be taken into account.
但我們已經從 SaaS 從本地銷售轉向 SaaS 訂閱，這一點必須考慮。
So that's sort of an overview of the various markets that we participated.
這就是我們參與的各個市場的概述。
Okay, is doing well from our point of view, I think in general, it's doing well.
好吧，從我們的角度來看做得很好，我認為總的來說，做得很好。
And the orthopedic business for us, the new one is also leading quite nicely because there is a reasonable amount of movement to a ambulatory surgical centers, which is where we're doing well.
對我們來說，新的骨科業務也處於領先地位，因為流動手術中心的流動量相當大，而這正是我們做得很好的地方。
Okay, great.
好的，太好了。
That's very helpful, Sally, thanks for that.
這非常有幫助，莎莉，謝謝你。
And then maybe just a quick follow-up.
然後也許只是快速跟進。
Your implants impressive North American performance.
您的植入物在北美的表現令人印象深刻。
I am pretty clear you're taking share, but it's hard to believe that that would all be from the paper protocol loan recent introduction.
我很清楚你正在分享份額，但很難相信這一切都來自最近推出的紙本協議貸款。
So any more details on the contribution from that offering?
那麼有關該產品貢獻的更多詳細資訊嗎？
And maybe more importantly that mechanical having, you know, call it sort of a halo effect on the overall implant portfolio?
也許更重要的是，機械具有，你知道，稱之為對整個植入物組合的光環效應？
Thanks, guys.
謝謝，夥計們。
Yes, I think it's also the question.
是的，我想這也是個問題。
I think our salespeople are feeling confident that the work they've done over the last two, three years talking to customers about oxide and offering now turns into a reality.
我認為我們的銷售人員對過去兩三年與客戶討論氧化物和產品的工作所做的工作現在變成了現實充滿信心。
And we are seeing customers that are interested in our product, which is a reasonably priced product, high quality supported by very good KOLs and now an expanded market opportunity Unity for us, all of that adds up well and we are talking about front.
我們看到客戶對我們的產品感興趣，這是一個價格合理的產品，由非常優秀的KOL 支持的高品質，現在對我們來說是一個擴大的市場機會Unity，所有這些加起來都很好，我們正在談論前端。
We continued to do very well, particularly in a big market, Germany, likewise in Brazil and France, then you can have a couple of hundred basis point movement one way or the another due to export sales.
我們繼續做得很好，特別是在德國這個大市場，同樣在巴西和法國，那麼由於出口銷售，你可能會以某種方式出現幾百個基點的變動。
But generally, the fundamental state of our business in the United States is very, very solid when it comes to BioHorizons and is gaining momentum as a result of the work that the team has done over the last couple of years.
但總體而言，我們在美國的業務在 BioHorizons 方面的基本狀況非常非常穩固，並且由於團隊在過去幾年所做的工作而正在獲得動力。
And I would think that the appreciation of our product line, but DSOs is also up very nicely.
我認為我們的 DSO 產品線的升值也非常好。
And Europe, Germany, in particular, where we have the big market share, we tend to continue to pick up a little bit of market share each quarter and then the rest of the world, as I said, it's very much it's not that material, but it could move market share one quarter or another depending on exports.
在歐洲，特別是德國，我們擁有很大的市場份額，我們傾向於每個季度繼續獲得一點市場份額，然後是世界其他地區，正如我所說，這在很大程度上並不是那麼重要，但它可能會根據出口情況改變一個季度或另一個季度的市場份額。
And depending on how we do in markets like Japan, we do not participate much in Germany, although we have sales for the very low and price-wise high-quality product.
根據我們在日本等市場的表現，我們在德國的參與度並不高，儘管我們銷售價格低廉的高品質產品。
And then, of course, Brazil and France.
當然，還有巴西和法國。
I think the next question comes from the line of Jason Bednar with Piper Sandler.
我認為下一個問題來自傑森·貝德納爾和派珀·桑德勒的台詞。
Please proceed with your question.
請繼續你的問題。
Hey, good morning.
嘿，早安。
They're taking the questions and maybe want to unpack a bit more on some of the prior question is just some follow-ups here.
他們正在接受問題，也許想對之前的一些問題有更多的了解，這只是這裡的一些後續問題。
Maybe if you wouldn't mind first bifurcating some of the assumptions around the growth performance expectations for 25, if the market next year is showing modest growth is a right to think that is mostly volume and pricing band?
也許您不介意先對 25 年的成長業績預期進行一些假設，如果明年的市場表現出溫和的成長，那麼您認為主要是銷售量和定價區間的成長是正確的嗎？
Or would you characterize the pricing environment is slightly positive or net additive that you're seeing manufacture schedules rollout here for 2025?
或者您認為定價環境略有積極或淨增加，您看到這裡的製造計劃將於 2025 年推出？
And then if you also wouldn't mind just commenting on how you've seen heightened specialty and non-specialty parts of the market fitting into your overarching comment on the dental market, that'd be great.
然後，如果您也不介意只評論您所看到的專業和非專業市場部分如何符合您對牙科市場的整體評論，那就太好了。
So Jason, as a distributor, John, if we move more towards manufacturers that want to compete a little bit more aggressively, and that tends to be the second tier manufacturers.
所以傑森，作為經銷商，約翰，如果我們更多地轉向那些想要更積極競爭的製造商，那往往是二線製造商。
And there's a movement towards own brand.
並且有一股走向自有品牌的運動。
It could impact sales a little bit, all things being equal, but our profits are solid.
在所有條件相同的情況下，這可能會對銷售產生一點影響，但我們的利潤是穩定的。
So we can't tell exactly on the consumable side, but I would imagine that particular with some of the larger accounts, our suppliers, we want to be competitive as it relates to equipment.
因此，我們無法準確地判斷消耗品方面的情況，但我想，特別是對於一些較大的客戶，我們的供應商，我們希望在設備方面具有競爭力。
Specifically in Europe, there is a movement towards higher quality, lower priced equipment units and that has resulted in good sales for us.
特別是在歐洲，人們正在追求更高品質、更低價格的設備，這為我們帶來了良好的銷售表現。
Margins are not bad, and I think the manufacturers will grow all of them really in the end will understand that there has been consumer resistance as a result of the increase in pricing in the post-COVID period.
利潤率還不錯，我認為製造商最終會真正實現所有利潤的成長，他們會明白，由於後疫情時期的價格上漲，消費者一直在抵制。
So I think from our point of view, the profitability point of view, I think we'll rotate obviously, on the distribution side, regaining customers on the as a result of the cyber incident is going to continue to be important and we have repositioned our sales force accordingly.
因此，我認為從我們的角度來看，從盈利的角度來看，我認為我們顯然會在分銷方面進行輪換，由於網絡事件而重新獲得客戶將繼續很重要，我們已經重新定位我們的銷售隊伍也相應地。
Our sales team was very much engaged until a few months ago.
直到幾個月前，我們的銷售團隊仍然非常忙碌。
Making sure that the customers that were impacted by the cyber incident.
確保受網路事件影響的客戶。
Okay, and safely embedded within the change.
好的，並安全地嵌入變更中。
Now these smaller periodic customers, we did not spend a lot of time with those customers.
現在這些較小的定期客戶，我們沒有花很多時間與這些客戶在一起。
Our salespeople are focused on that.
我們的銷售人員專注於此。
Our telesales team has been reorganized to focus on that and more resource put into these smaller accounts that we seem to have had challenges.
我們的電話銷售團隊已經重組，以專注於此，並將更多資源投入到這些我們似乎遇到挑戰的較小客戶中。
We did have challenges with the cyber incident, and that's a focus.
我們確實在網路事件中遇到了挑戰，這是一個焦點。
And then our Web site, which was down had some challenges regaining customers.
然後我們的網站癱瘓了，在重新獲得客戶方面遇到了一些挑戰。
I think we've got a lot of very good e-commerce activity going on the social media type stuff, and we are covering.
我認為我們在社交媒體類型的東西上開展了很多非常好的電子商務活動，我們正在報導。
So I think those those items are very much going to impact us.
所以我認為這些項目將對我們產生很大的影響。
And we see more or less the continued stable market with us driving our sales in the areas that I've mentioned.
我們或多或少看到市場持續穩定，我們在我提到的領域推動了銷售。
And of course, focused on high-growth, high-margin businesses that now account for just over 40% of our operating income and another 10 or so percent from a corporate brand private brand products.
當然，專注於高成長、高利潤的業務，這些業務目前占我們營業收入的 40% 以上，另外 10% 左右來自企業品牌自有品牌產品。
So it's about half the business that we have to make sure that we continue to grow.
因此，我們必須確保我們的業務持續成長，這大約是一半的業務。
Okay, thanks.
好的，謝謝。
And then just a follow-up.
然後只是後續行動。
Ron, you mentioned in the prepared remarks, press release having already influenced cost savings of 50 million.
Ron，您在準備好的發言中提到，新聞稿已經節省了 5,000 萬美元的成本。
Can you give us maybe a bit more detail and just where you're seeing cost savings, maybe outside of the working on business you referenced during your prepared remarks and some of the the consolidation or approximate cost effort on, I think the endodontic business that you fully acquired on, are there other revenue impacts or disruptions we need to think about as we look ahead to 2025 beyond just orthodontic?
您能否為我們提供更多細節，以及您在哪些方面看到了成本節省，也許除了您在準備好的評論中提到的業務工作以及一些整合或近似成本工作之外，我認為牙髓業務您完全了解，在展望2025 年時，除了矯正之外，我們是否還需要考慮其他收入影響或中斷？
Now?
現在？
And we have given the decline in distribution revenue, some of the restructuring initiatives have been in the distribution businesses.
考慮到分銷收入的下降，一些重組舉措是針對分銷業務的。
We've also we have not had quite the revenue growth as originally expected in some of the technology areas.
在某些技術領域，我們的收入成長也沒有達到最初預期的水平。
We did do some costs, cost reductions there.
我們確實在那裡做了一些成本削減。
But I do think that we are weak.
但我確實認為我們很弱。
We are able to continue to invest in new products, and we're bullish on 25 that we can go into 25 lean and with an opportunity to reinvest in those businesses as necessary.
我們能夠繼續投資新產品，我們看好 25，我們可以進入 25 精益，並有機會在必要時對這些業務進行再投資。
So that would be part of that.
所以這將是其中的一部分。
I think in terms of other things we're looking at for 25, as we said back at our Investor Day, we expect dental markets to be growing un-normal and at the same at 2% to 4% range that that 2% next year is probably closer barometer than for.
我認為就我們 25 所關注的其他事情而言，正如我們在投資者日所說的那樣，我們預計牙科市場將異常增長，並且在 2% 到 4% 的範圍內增長，而接下來的 2%今年可能是比更接近的晴雨表。
But there's a lot of things that can influence this certainly mentioned earlier than lower interest rates could could encourage more investment.
但前面提到的降低利率可能會鼓勵更多投資，還有很多因素會影響這一點。
We could see more denovos, an expansion of the supply of dentistry.
我們可以看到更多的創新，即牙科供應的擴大。
We'd be very beneficial for us.
對我們來說會非常有利。
So if we can see some some increased income investment in the build-out of practices, we think that would be something that would influence the number more than anything else and 25.
因此，如果我們能看到在實踐建設中增加一些收入投資，我們認為這將是對這個數字影響最大的事情，即 25。
And the next question comes from the line of John stands out with JPMorgan Chase.
下一個問題來自約翰與摩根大通的對話。
Please proceed with your question.
請繼續你的問題。
Great.
偉大的。
Thanks for taking my question.
感謝您提出我的問題。
Just wondering how sensitive at intra-quarter trends within Medical and beyond that, how you're seeing your different end market Canada and the doctors who might be and how they're behaving, both from customer and competitive perspective, what you're seeing generally in the competitive balance for medical right now?
只是想知道醫療領域及其他領域的季度內趨勢有多敏感，您如何看待加拿大不同的終端市場以及可能的醫生以及他們的行為方式，從客戶和競爭的角度來看，您所看到的目前醫療產業整體處於競爭平衡狀態嗎？
Yes.
是的。
So if you look at the medical market for Henry, Sean, you put aside the ups and downs of the flu season, whether it's vaccines commissions up or down slightly and from one quarter to another, and you to X out the impact of respiratory challenges, people worried about that and done the doctor more or less, you take that out.
因此，如果你看看亨利·肖恩的醫療市場，你可以拋開流感季節的起伏，無論是疫苗佣金從一個季度到另一個季度略有上升還是下降，你就可以排除呼吸道疾病的影響，人們擔心這一點併或多或少地做了醫生，你把它去掉。
The business is pretty stable.
生意還算穩定。
We are recovering from the cyber incident.
我們正在從網路事件中恢復。
We did lose some customers specific lost some to drug wholesalers.
我們確實失去了一些客戶，特別是藥品批發商。
And I think the customers in our SEC to understand that we provide a very different service and they're coming back.
我認為我們 SEC 的客戶了解我們提供了非常不同的服務，並且他們會回來。
So that's the core attribution business, which I think we'll if you ex out these respiratory and flu challenges and you take out the glove ups and downs, it's a pretty stable business with us growing market share as a result of the recovery.
這就是核心歸因業務，我認為，如果你克服了這些呼吸道和流感挑戰，並且排除了手套的起起落落，這是一項相當穩定的業務，我們的市場份額由於復甦而不斷增長。
Then you add to that not material in terms of sales, the progress we're making on the orthopedic side, which is pretty good.
然後，您還可以添加在銷售方面並不重要的內容，即我們在骨科方面取得的進展，這非常好。
That business is doing well, both the recent acquisition of the the orthopedic, the extremities luck product offering and our source of blades business, not so much in sales, but profits.
這項業務表現良好，無論是最近收購的骨科、四肢幸運產品供應或我們的刀片業務來源，與其說是銷售額，不如說是利潤。
It's very good.
非常好。
The homecare business is doing well.
家庭護理業務表現良好。
You are seeing though you're not seeing local currency growth yet, but I think that and it allows us run the stimulus in the middle of Q4.
儘管您還沒有看到當地貨幣的成長，但我認為這使我們能夠在第四季度中期實施刺激措施。
Yes, some of the fourth quarter.
是的，第四季的一些內容。
So that's pretty good.
所以這非常好。
And the movement to ASCs is pretty good.
而且向 ASC 的發展非常好。
There was some encouraging news.
有一些令人鼓舞的消息。
We just thought that reimbursement for foot and ankle procedures undertaken in the ASC. has been going up.
我們只是認為在 ASC 進行的足部和腳踝手術的報銷。一直在上漲。
And I think the medical business is a very efficient business.
我認為醫療產業是一個非常有效率的產業。
A great sales organization, extremely well-managed was dental, by the way, and I think you can expect continued momentum and a decent margin improvements.
順便說一句，牙科是一個管理極其完善的優秀銷售組織，我認為您可以期待持續的成長勢頭和可觀的利潤率提高。
Can't give you the exact quarter.
無法給你確切的季度。
Willis is going to happen for sure and is very good.
威利斯肯定會發生，而且非常好。
And the business is quite stable.
而且生意也相當穩定。
We still have to get back some of that pharmaceutical distribution that went to the drug wholesalers.
我們仍然必須收回一些流向藥品批發商的藥品分銷。
But I think our team will get that back because our services very to make.
但我認為我們的團隊會收回這一點，因為我們的服務非常出色。
Great.
偉大的。
And then just one quick one on the technology business or market value added services, in particular here called out that the difference between LCI. in reported revenue was more and I want to say medic in a way that it's better to look at the reported revenues side.
然後簡單介紹一下技術業務或市場加值服務，這裡特別指出了 LCI 之間的差異。報告的收入更多，我想說的是，最好看看報告的收入方面。
I'm just kind of walk through that dynamic playing out there and by the headwind from value added services is causing a problem here out of trying to give you a concise of an explanation on that as I can be, the transaction we did last year of LPS was completed effectively the July 31st of August first.
我只是簡單介紹一下那裡的動態，增值服務的逆風導致了這裡的問題，因為我試圖向您提供一個簡明的解釋，我們去年所做的交易LPS 於 7 月 31 日至 8 月 1 日有效完成。
So we had one month of acquisition activity or acquisition growth from LPS. versus two months of internal growth from LPS. and they had a very good July.
因此，我們從 LPS 進行了一個月的收購活動或收購成長。與 LPS 兩個月的內部生長相比。他們度過了一個非常愉快的七月。
So the revenues in that month are a factor in our acquisition growth as opposed to our internal growth.
因此，該月的收入是我們收購成長的因素，而不是我們內部成長的因素。
So it had we had we spread those revenues out over the course of the quarter.
因此，我們將這些收入分攤到整個季度。
We think that would have the total sales growth would be would be more reflective of what we expect that segment going forward.
我們認為，總銷售成長將更能反映我們對該細分市場未來的預期。
But the nature of that businesses can be very calm.
但這些企業的性質可能非常平靜。
It can be very lumpy.
它可能非常凹凸不平。
It's not a it's not a recurring customer base.
這不是一個經常性的客戶群。
It's a it's a series of transactions and the timing of those transactions can make for some unusual math.
這是一系列交易，這些交易的時間表可能會產生一些不尋常的數學結果。
But now that that transaction has annualized, it will be part of our internal sales growth going forward.
但現在該交易已經年化，它將成為我們未來內部銷售成長的一部分。
And a runtime journey.
和運行時的旅程。
We need to also ensure that you've taken into account the movement from on-prem sales to the SAS. model where it's a monthly subscription, but the units are doing quite well.
我們還需要確保您已考慮到從本地銷售到 SAS 的轉變。雖然是按月訂閱的模式，但這些單位的表現相當不錯。
Now cloud-based system, both in the United States, which is a big market and our international business.
現在基於雲端的系統，無論是在美國，這是一個很大的市場，還是我們的國際業務。
So the businesses quite good and it's growing.
所以生意很好，而且還在成長。
And the next question comes from the line of Brandon vasc as with William Blair.
下一個問題來自布蘭登·瓦斯克和威廉·布萊爾的血統。
Please proceed with your question.
請繼續你的問題。
Everyone.
每個人。
Thanks for taking the question.
感謝您提出問題。
We're bumping at the end here.
我們在這裡碰壁了。
I'll throw two together.
我會把兩個放在一起。
The first one is then you had made some comments about some dental manufacturers wanting to I think the phrase your EV is compete a little bit more.
第一個是您對一些牙科製造商發表了一些評論，我認為您的電動車更具競爭力。
Maybe that trend impacting you guys going into 25.
也許這種趨勢會影響你們進入 25 歲。
Just curious if you could elaborate on that.
只是好奇能否詳細說明一下。
I'm not sure is that new or is that something you guys have always dealt with through?
我不確定這是新的還是你們一直在處理的事情？
Just any comments around that in the second follow-up question is just any color you can give us on specifically what's happening within the restructuring in that clear aligner business?
在第二個後續問題中，您可以就透明矯正器業務的重組中具體發生的情況向我們提供任何顏色嗎？
That would be helpful.
那會有幫助的。
Thanks.
謝謝。
We've been mentioning in our calls now up and kind of their members three or four quarters now that consumers are of dental products.
我們已經在電話中提到了三、四個季度以來消費者對牙科產品的熱愛。
And I guess it's consumers in general are looking at our quality of the product versus price, the value they can see a better value than something else rather than necessarily a national brand that go into, though in that direction.
我想廣大消費者正在關注我們的產品品質與價格，他們可以看到比其他產品更好的價值，而不是一定要進入的國家品牌，儘管是在這個方向。
That has been, of course, a driver in our own brands, not every large manufacturer, ignoring those trends, many are dealing with it, but there are some that took their prices up quite high and there's been price resistance.
當然，這一直是我們自有品牌的驅動因素，並不是每個大型製造商都忽略了這些趨勢，許多製造商正在應對這一趨勢，但有些製造商將價格抬得相當高，並且存在價格阻力。
And we've said this for a while and not only the consumables but on the equipment side, specifically on the equipment side in Europe.
我們已經說過一段時間了，不僅是消耗品，而且是設備方面，特別是歐洲的設備方面。
So I think this is going to adjust itself.
所以我認為這會自行調整。
We certainly have mentions to our manufacturing partners that understand us.
我們當然提到了理解我們的製造合作夥伴。
And I remember we are committed to national brands, but we need to ensure that the national brands, which represent our competitive in the eyes of our customers, I think this will adjust.
我記得我們致力於國家品牌，但我們需要確保國家品牌，這代表了我們在客戶眼中的競爭力，我認為這將會調整。
I don't think this trend will go on for a long time, but it certainly magnified this quota and actually the last couple of quarters from on restructuring.
我認為這種趨勢不會持續很長時間，但它確實擴大了這一配額，實際上是在過去幾季的重組中。
Yes, certainly with reference to the orthodontics question, yes, so we are we are transitioning our clear aligner products in the US and European markets.
是的，當然是關於矯正問題，是的，所以我們正在美國和歐洲市場上過渡我們的透明矯正器產品。
From reveal to smile, and we're doing that over a period of time.
從揭露到微笑，我們花了一段時間才做到這一點。
We also saw it as an opportunity to as opposed to our orthodontics business.
我們也將其視為與我們的正畸業務相反的機會。
We're quite frankly, we were just weren't getting to a scale with that business that justify the infrastructure we had there.
坦白說，我們的業務規模還沒有達到足以證明我們在那裡擁有的基礎設施的合理性。
And so we're able to leverage our existing distribution infrastructure for more so and reducing costs some operating costs within that business as we transition at the end of the day, we pump topic revealed a smile.
因此，當我們在一天結束時進行轉型時，我們能夠充分利用現有的分銷基礎設施，並降低該業務中的一些運營成本，我們泵主題露出了微笑。
We saw some others as a better product.
我們認為其他一些產品是更好的產品。
And it given the size of the business, it's likely didn't make sense for us to have the two brands.
考慮到業務規模，我們擁有這兩個品牌可能沒有意義。
And so we are transitioning to smile us as a result to take a couple of quarters to smooth this out.
因此，我們正在轉變為微笑，因此需要幾個季度的時間來解決這個問題。
But the Reveal product is a very good product, but the Smiles brand has additional software with pneumatics backing that up and the we ever we've tested, it seems to have gone quite well as goodwill near the end.
但 Reveal 產品是一個非常好的產品，但 Smiles 品牌有額外的軟體和氣動支持，而且我們測試過，它似乎在接近尾聲時表現得很好。
I want to thank every part of the day.
我要感謝一天中的每一部分。
We do have one more.
我們確實還有一個。
We have one more question, sorry.
我們還有一個問題，抱歉。
So just because the numbers that no problem.
所以只是因為數字沒有問題。
We have time for one last question coming from the line of Mike Petusky with Barrington Research.
我們有時間回答來自 Barrington Research 的 Mike Petusky 的最後一個問題。
Please proceed with your question.
請繼續你的問題。
Hey, good morning.
嘿，早安。
Thanks for squeezing me in understandings with not a pall where you're talking about 25 a lot.
謝謝你讓我理解，而不是在你經常談論 25 的地方。
But I am just curious if 25 in terms of capital allocation will be in terms of what you think now, I mean, is there is economic look more like 24 internally in terms of M&A, share repurchase, internal investment, sort of relative ways you can sort of make decisions around those?
但我只是很好奇，在資本配置方面，25是否會像你現在所想的那樣，我的意思是，在併購、股票回購、內部投資等相對方式方面，內部經濟看起來更像是24嗎？
Or could that look more like the 20 to 23 timeframe?
或者這看起來更像是 20 到 23 的時間範圍嗎？
one were external investment was a little bit heavier.
一是外部投資力道稍重。
Thanks.
謝謝。
Yes, my expectation is it'll be more in line.
是的，我的期望是它會更加一致。
Why was that the historical run rate that you saw kind of going into that, that 20 to 23 period, which is typically share repurchases a bit about 3 to 400 million range.
為什麼你看到的歷史運行率會進入那個 20 到 23 時期，通常是大約 300 到 4 億股的股票回購。
M&a was in that 3 to 400 million range.
併購金額介於 3 至 4 億之間。
Are there also could be some opportunity as we've been very pleased with the positive cash flow that we may be able to pay down debt a little faster, depending on where we think we get there.
是否也可能有一些機會，因為我們對正現金流非常滿意，我們可能能夠更快地償還債務，這取決於我們認為我們能達到的目標。
But really the best accretion for that capital outlay.
但這確實是資本支出的最佳增值。
But I would expect it to be more aligned with those historical trends.
但我預計它會更符合這些歷史趨勢。
And having said that, as you know, we are we remain with an opportunistic approach on M&A.
話雖如此，如您所知，我們在併購方面仍然採取機會主義態度。
And if the right type of transaction becomes available to us that we think is fundamental to our strategy into growth of the business.
如果我們能夠獲得正確的交易類型，我們認為這對我們的業務成長策略至關重要。
oh, it was something that we would we would not exclude the notion of doing that transaction.
哦，這是我們願意的事情，我們不會排除進行該交易的想法。
Okay, great.
好的，太好了。
And a quick quick quick follow up.
並快速跟進。
Just in terms of potential M&A, whether it's in 25 or beyond, you guys have made some positive comments about and solutions and obviously have built that business up, but I know you want to scale it further.
就潛在的併購而言，無論是在 25 年還是之後，你們都對解決方案做出了一些積極的評論，顯然已經建立了該業務，但我知道你們想進一步擴大規模。
Can you just talk about where our assets in the Home Solutions space would be sort of rank in terms of M&A priority?
您能否談談我們在居家解決方案領域的資產在併購優先順序上的排名？
Thanks.
謝謝。
That is an area that we expect to continue investing in.
這是我們預計將繼續投資的領域。
I don't think we need to make huge investments, but we need to make investments that expand our offering nationally in the United States give us access to a contracts, but I don't think this is a need to spend a huge amount of money.
我不認為我們需要進行巨額投資，但我們需要進行投資以擴大我們在美國全國範圍內的產品範圍，使我們能夠獲得合同，但我不認為這需要花費大量資金。
It's rather an opportunity to add to our platform and fill it out in areas where we don't necessarily have the delivery capability so that we are going to deleverage the Henry, Sean infrastructure for delivery in certain parts of the country, but also accessing certain insurance contract that enable us to position a faster growth rate was put in place an outstanding team in this area through the acquisitions and through recruiting that we've undertaken over the last couple of years.
這是一個機會，可以添加到我們的平台並在我們不一定具有交付能力的地區填寫它，以便我們將去槓桿化亨利肖恩基礎設施，以便在該國的某些地區進行交付，但也可以訪問某些透過過去幾年的收購和招聘，我們在該領域建立了一支優秀的團隊，使我們能夠實現更快的成長率。
And this business that both the demographics and the fundamentals, the operations of the business are very, very sound, and we're very excited about.
這項業務的人口統計和基本面以及業務運作都非常非常健全，我們對此感到非常興奮。
So we thank you for calling were five minutes over.
感謝您在五分鐘後致電。
Sorry about that.
對此感到抱歉。
As you can.
盡你所能。
So we feel very good about business are performing quite well throughout the business.
因此，我們對整個業務的表現非常滿意，感覺非常好。
We believe that we will continue to stand to gain back market share in the distribution businesses.
我們相信，我們將繼續奪回分銷業務的市場份額。
The ones that were challenged by the cyber incident is that our high-growth, high-margin products and services businesses are all going in the right direction versus small downtick business restructuring.
這次網路事件帶給我們的挑戰是，我們的高成長、高利潤的產品和服務業務都在朝著正確的方向發展，而不是小幅下滑的業務重組。
But if you take that out, the implants, bone regeneration, endodontic businesses of positive the ingredients in a value-added service business does at all working in another direction and should result in stickiness with our core customers.
但如果你把它去掉，增值服務業務中的植體、骨再生、牙髓業務的積極成分完全在另一個方向上發揮作用，應該會導致我們對核心客戶的黏性。
And we are sunsetting out 2022 to 24 strategic plan.
我們正在製定 2022 年至 24 小時策略計畫。
If you ex out the cyber incident, I think we've done pretty good on delivering on our plans, ideas, tactics, and we will discuss from the next call 25 to 27 strategic plan.
如果排除網路事件，我認為我們在落實我們的計劃、想法和策略方面做得很好，我們將在下一次電話會議中討論 25 至 27 號戰略計劃。
We don't expect to change anything a significant way, but to emphasize certain areas that we think our opportunity or we'll have particular expertise and capital deployment, as Ron said, expected to be very similar to this year.
我們不希望以重大方式改變任何事情，但要強調我們認為我們有機會或將擁有特定專業知識和資本部署的某些領域，正如羅恩所說，預計將與今年非常相似。
We never know that may be an opportunity and cash flow will use this as an historical past.
我們永遠不知道這可能是個機會，現金流會將此視為歷史。
Some acquisitions, buying back five, some minority interest in our current portfolio of investments and of course, buying back stock.
有些收購，回購五個，我們目前投資組合中的一些少數股權，當然還有回購股票。
We have over $300 million still spend in that area.
我們在該領域仍有超過 3 億美元的支出。
So for the nine, I wish everybody a safe holiday season and we'll be back early next year.
因此，對於九個，我祝福每個人都有一個安全的假期，我們將在明年初回來。
Remain quite optimistic that team is working extremely well.
保持樂觀，團隊工作得非常好。
The restructuring has been understood by the team very well and nothing that we haven't done in the past 12 people very well, and that's appreciated.
團隊已經非常理解這次重組，過去 12 個人中我們沒有做得不好的，這一點值得讚賞。
So thank you all for your interest, and that's it right, Ron.
謝謝大家的關注，就是這樣，羅恩。
Thank you.
謝謝。
Ladies and gentlemen, this does conclude today's teleconference.
女士們、先生們，今天的電話會議到此結束。
You may disconnect your lines at this time.
此時您可以斷開線路。
Thank you for your participation.
感謝您的參與。
Boom, boom boom.
繁榮，繁榮繁榮。
Okay.
好的。
Mm-hmm.
嗯嗯。
No model.
沒有型號。
No, no, no, no, no.
不，不，不，不，不。
No, no come from?
不，沒有從哪裡來？
No, no manner.
不，沒有任何方式。
Yes.
是的。
Where does that mean from my side?
從我這邊來說這代表什麼？
No, no, some are.
不，不，有些是。
Okay.
好的。
Some, um, from program in in in May.
一些，嗯，來自五月的計劃。
Ma'am, AND in May and AND.
女士，五月和。