Materialise NV (MTLS) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2024 Materialise financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2024 年第三季 Materialise 財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Harriet Fried of Alliance Advisors.

現在，我想將會議交給今天的第一位發言者，聯盟顧問公司的哈麗特‧弗里德 (Harriet Fried)。

Thank you for joining us today for Materialise's quarterly conference call. With us on the call are Brigitte de Vet-Veithen, Chief Executive Officer; and Koen Berges, Chief Financial Officer.

感謝您今天參加 Materialise 的季度電話會議。與我們一起參加電話會議的還有執行長 Brigitte de Vet-Veithen；以及財務長 Koen Berges。

Today's call and webcast are being accompanied by a slide presentation that reviews Materialise's strategic financial and operational performance for the third quarter of 2024. To access the slides, if you have not done so already, please go to the Investor Relations section of the company's website at www.materialise.com. The earnings press release issued earlier today can also be found on that page.

今天的電話會議和網路廣播附有幻燈片演示，回顧了 Materialise 2024 年第三季的策略財務和營運績效。如果您尚未造訪這些投影片，請造訪公司網站 www.materialise.com 的投資者關係部分。今天早些時候發布的收益新聞稿也可以在該頁面上找到。

Before we get started, I'd like to remind you that management may make forward-looking statements regarding the company's plans, expectations and growth prospects, among other things. These forward-looking statements are subject to known and unknown uncertainties and risks that could cause actual results to differ materially from the expectations expressed, including competitive dynamics and industry change.

在我們開始之前，我想提醒您，管理層可能會對公司計劃、預期和成長前景等做出前瞻性陳述。這些前瞻性陳述受已知和未知的不確定性和風險的影響，可能導致實際結果與所表達的預期有重大差異，包括競爭動態和產業變化。

Any forward-looking statements, including those related to the company's future results and activities, represent management's estimates as of today and should not be relied upon as representing their estimates as of any subsequent date. Management disclaims any duty to update or revise any forward-looking statements to reflect future events or changes in expectations. A more detailed description of the risks and uncertainties and other factors that could impact the company's future business or financial results can be found in the company's most recent annual report on Form 20-F filed with the SEC.

任何前瞻性陳述，包括與公司未來業績和活動相關的陳述，均代表管理層截至今天的估計，不應被視為代表其在任何後續日期的估計。管理層不承擔更新或修改任何前瞻性陳述以反映未來事件或預期變化的義務。有關可能影響公司未來業務或財務表現的風險、不確定性和其他因素的更詳細描述，請參閱本公司向美國證券交易委員會提交的最新 20-F 表年度報告。

Finally, management will discuss certain non-IFRS measures on today's call. A reconciliation table is contained in the earnings release and at the end of the slide presentation.

最後，管理階層將在今天的電話會議上討論某些非國際財務報告準則措施。收益報告中和幻燈片簡報的結尾處包含一個對帳表。

With that, I'd like to turn the call over to Brigitte de Vet-Veithen. Brigitte, go ahead, please.

接下來，我想將電話轉給 Brigitte de Vet-Veithen。布里吉特，請說。

Good morning, and good afternoon, and thank you, everyone, for joining us today. You can find our agenda on slide 3. As always, I will now first summarize the highlights of our financial results for the third quarter in 2024. Then I will take you through some of the progress we've made in realizing our strategic priorities over the last couple of months. And after that, I will pass the floor to Koen, who will go into our third-quarter numbers in more detail. Finally, I will come back and explain how we view the remainder of 2024. When we've completed our prepared remarks, we'll be happy to respond to questions.

早安，下午好，感謝大家今天的參加。您可以在投影片 3 上看到我們的議程。像往常一樣，我現在將首先總結我們 2024 年第三季財務業績的亮點。然後我將向大家介紹過去幾個月我們在實現策略重點方面所取得的一些進展。之後，我將把發言權交給 Koen，他將更詳細地介紹我們第三季的數據。最後，我將回過頭來解釋我們如何看待 2024 年剩餘的時間。當我們完成準備好的發言後，我們將很樂意回答問題。

Now looking at our key results for the third quarter, summarized on page 4, I am very pleased to report that we performed strongly in all of our business segments and once more delivered profitable results this quarter with a strong improvement compared to last year. We realized strong quarterly revenues of EUR68.7 million, growing more than 14% compared to the third quarter last year and demonstrating growth in all segments.

現在來看看第 4 頁總結的第三季主要業績，我很高興地報告，我們在所有業務部門都表現強勁，本季度再次實現盈利，與去年相比有大幅提升。我們實現了強勁的季度收入，達到 6,870 萬歐元，與去年第三季相比成長超過 14％，並且所有部門均實現成長。

We realized a gross margin of 57.2% in the third quarter, which is up from 56% for the comparable period of 2023. This solid performance enabled us to increase our adjusted EBIT to EUR4.4 million, representing 6.4% of our revenue without compromising on our continued investments to drive future growth. This translates into a net profit of EUR3 million or EUR0.05 per share. Our net cash position at the end of the third quarter was EUR63.1 million. Koen will elaborate further on these results in his remarks later in this call.

我們第三季的毛利率為 57.2%，高於 2023 年同期的 56%。這一穩健的表現使我們能夠將調整後的息稅前利潤提高至 440 萬歐元，占我們收入的 6.4%，同時又不影響我們持續投資以推動未來成長。這意味著淨利潤為300萬歐元，或每股0.05歐元。我們第三季末的淨現金狀況為 6,310 萬歐元。Koen 將在稍後的電話會議中進一步闡述這些結果。

Moving now to slide 5. I'm very pleased with our progress made on the main strategic priorities.

現在轉到投影片 5。我對我們在主要戰略重點上的進展感到非常高興。

First, in medical. We accelerated our growth thanks mainly to the progress made in our core markets. For the second time in our company's history, medical was the strongest revenue generator, accounting for 44% of revenue this quarter. Now this is evidence that our mass personalization strategy is working and that our investments are paying off.

首先，在醫療方面。我們的成長加速主要得益於核心市場的進步。在我們公司史上第二次，醫療業務成為最強勁的收入來源，佔本季營收的 44%。這證明我們的大規模個人化策略正在發揮作用，我們的投資正在獲得回報。

Now what do I mean by mass personalization? We continuously ask ourselves how we can serve more patients with personalized approaches rather than just benefiting a lucky few. And in the last few years, we've made strategic investments to broaden the population we are reaching.

那我所說的大規模個人化是什麼意思呢？我們不斷地問自己，如何以個人化的方式服務更多的患者，而不僅僅是讓少數幸運兒受益。在過去幾年裡，我們進行了策略性投資，以擴大服務覆蓋人群。

Some examples: Thanks to our US manufacturing plant, we have managed to bring our personalized solutions to trauma patients. Trauma patients are patients that need to have a solution in days, not in weeks. As a reminder, the US facility enables us to deliver parts with much shorter and more reliable lead times.

舉幾個例子：感謝我們的美國製造工廠，我們成功地為創傷患者帶來了個人化的解決方案。創傷患者需要在幾天內而不是幾週內解決方案。提醒一下，美國工廠使我們能夠以更短、更可靠的交貨時間交付零件。

Thanks to this plant, and the investment we made there, we managed to triple the number of trauma cases we treated per quarter compared to the number we treated before the opening of the plant. And we are now delivering solutions faster than any other provider in the US market, and we therefore expect our penetration of this market to continue and generate further growth in the future.

由於這家工廠以及我們在那裡進行的投資，我們每季處理的創傷病例數量與工廠開業前相比增加了兩倍。我們現在提供解決方案的速度比美國市場上的任何其他供應商都要快，因此我們預計我們對這個市場的滲透將繼續下去，並在未來實現進一步的成長。

Now as a second example, I would like to point to the investments we are making in our Mimics platform to expand our position in the research and engineering market. In this market, we have traditionally built a strong position with our Mimics innovation suite, a software suite that is used by researchers and engineers to segment the medical images of the patients, create a 3D model, and prepare a treatment plan on this basis or design a patient-specific implant or instrument for the patient at hand.

現在作為第二個例子，我想指出我們對 ​​Mimics 平台的投資，以擴大我們在研究和工程市場中的地位。在這個市場上，我們一貫地憑藉 Mimics 創新套件建立起強勢地位，該軟體套件可供研究人員和工程師分割患者的醫學影像、創建 3D 模型並在此基礎上製定治療計劃或為患者設計特定於患者的植入物或儀器。

In order to accelerate the adoption of these patient-specific approaches, we need to make this workflow a lot easier and faster and integrate it with the rest of the health care ecosystem. And this is what we are achieving with our cloud-based Mimics platform called Mimics Flow. Earlier this year, we released the case management capabilities on Mimics Flow, released it to medical device companies earlier this year after a release to the hospitals end of last year.

為了加速採用這些針對特定患者的方法，我們需要使該工作流程變得更容易、更快捷，並將其與其餘醫療保健生態系統結合。這就是我們透過雲端的 Mimics 平台（稱為 Mimics Flow）所實現的目標。今年早些時候，我們發布了 Mimics Flow 上的個案管理功能，並在去年年底向醫院發布後，今年稍早向醫療器材公司發布。

Among other benefits, this solution enables customers to manage their workflows end-to-end, enforce quality management and embed traceability and reporting, create visibility for our stakeholders on case status and enable easier collaboration with stakeholders across the ecosystem, for example, to get approvals. This solution is a valuable extension of our offering for customers that process a large number of personalized cases per year and need to find ways to efficiently manage these larger volumes. It is seamlessly integrated with Mimics, our market-leading desktop-based segmentation and planning software.

除其他優勢外，該解決方案還使客戶能夠端到端管理其工作流程，實施品質管理並嵌入可追溯性和報告，為我們的利益相關者提供案例狀態的可見性，並能夠更輕鬆地與整個生態系統中的利益相關者進行協作，例如獲得批准。對於每年處理大量個人化案例且需要找到有效管理這些大量案例的方法的客戶來說，該解決方案是我們產品的寶貴擴展。它與我們市場領先的基於桌面的分割和規劃軟體 Mimics 無縫整合。

Since the launch of this solution, we have already managed to contract 10 customers and expect the update to continue in the fourth quarter and throughout 2025. In the coming years, we will continue to bring out additional cloud-based functionality that will make it easier and faster for customers to treat personalized cases.

自從解決方案推出以來，我們已經成功簽約 10 位客戶，並預計更新將在第四季度和整個 2025 年繼續進行。在未來的幾年裡，我們將繼續推出更多的基於雲端的功能，讓客戶更輕鬆、更快地處理個人化病例。

Now turning to software. We made significant progress on multiple fronts. First, we made progress on previously announced partnerships, delivering first results that are truly encouraging. As an example, in the second quarter, we announced the collaboration with nTop in order to enable the processing of complex and large design and STL files. We announced an early access program at RAPID in June. We have now selected 12 companies for this program from 57 net applies, setting us up for demonstrating the value and additional use cases in the future.

現在轉向軟體。我們在多個方面取得了重大進展。首先，我們在先前宣布的合作關係上取得了進展，並取得了令人鼓舞的初步成果。例如，在第二季度，我們宣布與 nTop 合作，以便處理複雜和大型的設計和 STL 檔案。我們於 6 月在 RAPID 上宣布了一項早期訪問計劃。目前，我們已經從 57 家淨申請公司中為該計劃選擇了 12 家公司，為我們在未來展示其價值和其他用例做好準備。

Another example, in the first quarter this year, we signed an agreement with DigiFabster, a cloud-based SaaS quoting and e-commerce solution for advanced manufacturing companies. In the third quarter, we signed our first OEM sale, including the DigiFabster solution in the configuration.

再例如，今年第一季度，我們與DigiFabster簽署了協議，DigiFabster是一家為先進製造企業提供基於雲端的SaaS報價和電子商務解決方案的公司。第三季度，我們簽署了第一份OEM銷售合同，其中包括配置中的DigiFabster解決方案。

Second, we also announced new partnerships, for example, with Formlabs and Stratasys. But most importantly, we made significant progress in Materialise Magics, leveraging our new products to further strengthen our position in key strategic accounts in sectors like aerospace and on-demand manufacturing.

其次，我們也宣布了新的合作夥伴關係，例如與 Formlabs 和 Stratasys 建立合作關係。但最重要的是，我們在 Materialise Magics 方面取得了重大進展，利用我們的新產品進一步鞏固我們在航空航太和按需製造等領域的關鍵策略客戶中的地位。

As an example, we see increased adoption of our metal support workflows, with more companies migrating to our advanced automated support generation solution e-Stage for Metal plus. E-Stage for Metal plus reduces the time spent on support design by up to 90%, while minimizing human error on build crash rate.

例如，我們看到越來越多的公司採用我們的金屬支撐工作流程，越來越多的公司遷移到我們先進的自動支撐生成解決方案 e-Stage for Metal plus。E-Stage for Metal plus 將支撐設計所花費的時間減少了多達 90%，同時最大限度地減少了人為錯誤導致的建造崩潰率。

I'm also pleased to share that the usage and adoption of our latest version of Magics, Magics 28, is accelerating at a much faster rate compared to previous releases. After the release in June, almost 50% of our active customer base is already using the latest Magics release, while it is still in its early lifecycle phase compared to other supportive version. This version is quickly replacing legacy versions in the market, a clear indicator of how customers are recognizing the improved features such as the new lattice model or the new nesting modules. This is helping us drive a broader transition, ensuring that our customers stay up-to-date with the latest advances in 3D printing technology.

我還很高興地告訴大家，與以前的版本相比，我們最新版本的 Magics，Magics 28 的使用和採用速度正在以更快的速度增長。自 6 月發布以來，我們幾乎 50％ 的活躍客戶群已經在使用最新的 Magics 版本，而與其他支援版本相比，它仍處於早期生命週期階段。該版本正在迅速取代市場上的舊版本，這清楚地表明客戶對新格子模型或新嵌套模組等改進功能的認可。這有助於我們推動更廣泛的轉型，確保我們的客戶隨時了解 3D 列印技術的最新進展。

Now last, but certainly not least, I'm very pleased with the progress on our next-generation Magics BPs. We released the desktop deployment of our next-generation BPs in the first quarter this year and have already contracted more than 20 partners. The advanced algorithms of the next-generation BP significantly improved build time and quality. Thanks to, for example, it's advancing strategies for multi-lasers and enable a variety of collaboration models, including the possibility for customers to build their own BPs, thanks to the availability of our SDKs.

最後，但肯定不是最不重要的一點，我對我們下一代 Magics BP 的進展感到非常滿意。我們在今年第一季發布了下一代BP的桌面部署，目前已經簽約20多家合作夥伴。下一代BP的先進演算法顯著提高了建置時間和品質。例如，由於它針對多雷射的先進策略並實現了多種協作模式，其中包括由於我們提供了 SDK，客戶可以建立自己的 BP。

Turning now to manufacturing. We celebrated the opening of our second plant at ACTech and will ship the first part in the fourth quarter. With this second plant, we are expanding our capacity and enhancing our ability to handle huge and heavy parts. In addition, the extension of our capacity in the new equipment is a critical step to address the market for more complex metal parts in the market for small series.

現在轉向製造業。我們慶祝了位於 ACTech 的第二家工廠的開業，並將在第四季度運送第一批零件。透過第二家工廠，我們正在擴大產能並增強處理大型重型零件的能力。此外，擴大新設備的產能是滿足小批量市場對更複雜金屬零件需求的關鍵一步。

Now why is this important? First, this strengthens our position in a market that we are traditionally strong in the automotive market, where the development of electric cars, brings the need for more complex casted components for electrical drivetrains and chassis. Second, it opens market opportunities in new segments, such as agriculture, mining, construction and marine vehicles, where parts are typically larger and heavier and therefore, more difficult to handle.

為什麼這很重要？首先，這加強了我們在汽車市場中的地位，我們在汽車市場傳統上實力雄厚，而電動車的發展帶來了對電動傳動系統和底盤更複雜的鑄造部件的需求。其次，它為農業、採礦、建築和船舶等新領域打開了市場機會，這些領域的零件通常更大、更重，因此更難處理。

The complexity of parts in these segments is increasing, for example, to achieve better thermodynamic cycles in the engines with maximum fuel efficiency. The combination of high precision printing, casting, and complex post treatment that we can offer at ACTech is ideal for this. And we are, therefore, very well positioned to serve this need.

例如，為了在引擎中實現更好的熱力學循環並最大限度地提高燃油效率，這些零件的複雜性正在增加。ACTech 提供的高精度印刷、鑄造和複雜後處理的組合非常適合此目的。因此，我們完全有能力滿足這項需求。

It's interesting to note that customers in all of these segments are turning to ACTech for two reasons. First, they are looking for fast and reliable prototyping solutions. And what -- but second, what is very exciting is that with the new plant, we are also able to deliver small series.

值得注意的是，所有這些領域的客戶都出於兩個原因轉向 ACTech。首先，他們正在尋找快速可靠的原型解決方案。其次，令人興奮的是，有了新工廠，我們也能夠交付小批量產品。

Now the additional capacity in the new equipment strengthened our position for both types of offerings. We are gradually reorganizing our operational flow in the fourth quarter and we'll then ramp up our capacity throughout 2025 and 2026. We expect the temporary impact of the operational startup in the fourth quarter.

現在，新設備的額外容量增強了我們在這兩種產品方面的地位。我們將在第四季度逐步重組我們的營運流程，然後將在 2025 年和 2026 年提高產能。我們預計第四季度營運啟動的影響將是暫時的。

Now, Koen will take you through the detailed financial results by segment.

現在，Koen 將帶您了解各部門的詳細財務結果。

Thank you, Brigitte. Good morning or good afternoon to all of you on this call. I'll begin with a brief review of our consolidated revenue on slide 6. As a reminder, please note that unless stated otherwise, all comparisons in this call are against our results for the third quarter of 2023.

謝謝你，布里吉特。祝本次電話會議中的各位早安或下午好。我將首先在第 6 張投影片上簡要回顧我們的合併收入。提醒一下，除非另有說明，本次電話會議中的所有比較均針對我們 2023 年第三季的業績。

In this year's third quarter, total revenue increased 14% to EUR68.7 million. We reported growth in all three of our business segments, with strongest increase coming from our medical segment, which grew by more than 24% and posted record high quarterly revenue figures.

今年第三季度，總營收成長14%至6,870萬歐元。我們的三個業務部門均實現了成長，其中醫療部門增幅最大，成長超過 24%，創下了季度收入新高。

In spite of the further conversion of our software business model to recurring revenue streams with the continued challenging market conditions that our manufacturing segment faced, also both of these segments grew in the third quarter, more specifically by 3% and 9%, respectively.

儘管我們的軟體業務模式進一步轉變為經常性收入流，並且我們的製造部門面臨的市場條件持續嚴峻，但這兩個部門在第三季度都實現了增長，具體而言分別增長了 3% 和 9%。

As you can see in the graph on the right side of the page, Materialise medical now accounted for 44%, Materialise manufacturing for 40% and Materialise software for 16% of total revenue. In the third quarter, our medical segment took over the role of largest revenue generators from manufacturing. Year-to-date, we now generated over EUR201 million of revenue, which is 5.4% above the same period in 2023.

正如您在頁面右側的圖表中所看到的，Materialise 醫療現在佔總收入的 44%，Materialise 製造佔 40%，Materialise 軟體佔 16%。第三季度，我們的醫療部門取代製造業成為最大的收入來源。年初至今，我們已創造超過 2.01 億歐元的收入，比 2023 年同期成長 5.4%。

The amount of deferred revenues on our balance sheet related to software license and maintenance fees amounted to EUR41.1 million at the end of September. Total deferred revenues on our balance sheet were EUR47.4 million, also at the same moment at the end of the quarter.

截至 9 月底，我們資產負債表上與軟體授權和維護費相關的遞延收入金額為 4,110 萬歐元。我們資產負債表上的總遞延收入為 4,740 萬歐元，也是在本季末的同一時間。

Now on slide 7, you will see that our consolidated adjusted EBIT and EBITDA numbers for the third quarter of 2024. Consolidated adjusted EBIT increased to EUR4.4 million, compared to EUR2.3 million for the corresponding period of 2023. Topline growth in combination with continued focus on leveraging scaling effects and cost control led us to an 89% increase in operational performance, while we continued investing in our future growth businesses. The adjusted EBIT margin for the quarter was 6.4%, compared to 3.9% last year.

現在在投影片 7 上，您將看到我們 2024 年第三季的綜合調整後 EBIT 和 EBITDA 數字。合併調整後息稅前利潤增至 440 萬歐元，而 2023 年同期為 230 萬歐元。營收成長加上持續注重利用規模經濟和成本控制，使我們的營運績效提高了 89%，同時我們繼續對未來成長業務進行投資。本季調整後的息稅前利潤率為 6.4%，去年同期為 3.9%。

Consolidated adjusted EBITDA for the third quarter amounted to EUR9.9 million, increasing from EUR7.9 million last year. Our adjusted EBITDA margin reached 14.4%, compared to 13.1% in the prior year. Year-to-date, we have now generated EUR10.9 million of adjusted EBIT and EUR27.2 million of adjusted EBITDA.

第三季綜合調整後 EBITDA 為 990 萬歐元，高於去年的 790 萬歐元。我們的調整後 EBITDA 利潤率達到 14.4%，而上年為 13.1%。年初至今，我們已實現調整後息稅前利潤 1,090 萬歐元，調整後息稅折舊攤提前利潤 2,720 萬歐元。

Moving now on to slide 8. You will notice that the quarter's total revenue in our Materialise medical segment increased, as said, by almost 25%. The strong growth was generated by higher revenue coming from medical devices and services sales and by higher revenue from our medical software, which grew respectively by 28% and 16%. Within our medical devices and services activity, we drew both direct and partner sales.

現在轉到投影片 8。您會注意到，我們 Materialise 醫療部門本季的總收入成長了近 25%。強勁的成長得益於醫療設備和服務銷售收入的增加以及醫療軟體收入的增加，這兩個收入分別成長了 28% 和 16%。在我們的醫療設備和服務活動中，我們既有直接銷售，也有合作夥伴銷售。

As a result of topline growth and cost discipline, the adjusted EBITDA of the medical segment grew to EUR9.9 million, with an adjusted EBITDA margin that decreased to 32.8%. These numbers now also include the impact from sales, the acquisition that we completed in July and which in its current development phase is contributing negatively to our EBIT.

由於營業收入成長和成本控制，醫療部門的調整後 EBITDA 成長至 990 萬歐元，調整後 EBITDA 利潤率下降至 32.8%。這些數字現在還包括銷售的影響，我們在 7 月完成的收購以及目前的發展階段對我們的息稅前利潤產生了負面影響。

Year-to-date, our medical segment realized EUR84.5 million of revenue, up by 15% from last year with an adjusted EBITDA of EUR26 million, representing almost 31% of adjusted EBITDA margin.

年初至今，我們的醫療部門實現了 8,450 萬歐元的收入，比去年增長 15%，調整後的 EBITDA 為 2,600 萬歐元，佔調整後 EBITDA 利潤率的近 31%。

Slide 9 summarizes the results of our Materialise software segment. In the third quarter, software revenue grew by almost 3%. Negative revenue impact of our further transition to a cloud and subscription-based business model was more than offset by strong direct sales in our preprint segments. Recurring revenue from software maintenance and license sales, including CO-AM, increased by 9%. On the other hand, nonrecurring revenue decreased by 12%.

投影片 9 總結了我們的 Materialise 軟體部門的成果。第三季度，軟體收入成長近3%。我們進一步轉向雲端和基於訂閱的業務模式對收入產生了負面影響，但預印本部門的強勁直銷業績足以抵消這一影響。包括 CO-AM 在內的軟體維護和許可證銷售的經常性收入增加了 9%。另一方面，非經常性收入減少了12%。

The adjusted EBITDA in our software segment increased in the third quarter of this year to almost EUR2 million, representing an adjusted EBITDA margin of 17.8%. While we continued the R&D development efforts in CO-AM and particularly on the factory management capabilities. Year-to-date, our software segment realized EUR32.8 million of revenue and an adjusted EBITDA of EUR4.4 million, representing 13.5% of adjusted EBITDA margin.

今年第三季度，我們軟體部門的調整後 EBITDA 增加至近 200 萬歐元，調整後 EBITDA 利潤率為 17.8%。我們持續在 CO-AM 方面進行研發投入，特別是工廠管理能力的研發。年初至今，我們的軟體部門實現了 3,280 萬歐元的收入，調整後 EBITDA 為 440 萬歐元，佔調整後 EBITDA 利潤率的 13.5%。

Now let's turn to slide 10 for an overview of the performance of our Materialise manufacturing segment. As in prior quarters, also in Q3, our manufacturing segment faced a challenging market environment, which was mainly reflected in continued weak prototyping demand. Nonetheless, we managed to grow revenue by 9%, compared to the third quarter of last year, fueled by growth in ACTech and certified manufacturing. Here again, we posted the strongest growth in our strategic aerospace and medtech focus areas.

現在讓我們翻到第 10 張投影片來概覽一下 Materialise 製造部門的表現。與前幾季度一樣，在第三季度，我們的製造部門也面臨著充滿挑戰的市場環境，這主要體現在原型需求持續疲軟。儘管如此，由於 ACTech 和認證製造業的成長，與去年第三季相比，我們的營收仍成長了 9%。我們再次在戰略航空航太和醫療技術重點領域取得了最強勁的成長。

In spite of the topline growth and further realization of operational efficiencies, cost pressure and less consulting income led to a lower adjusted EBITDA of EUR4.7 million, representing an adjusted EBITDA margin of 2.6%. Year-to-date, our manufacturing segment realized revenue of EUR83.8 million with an adjusted EBITDA of EUR4.6 million, representing 5.5% of adjusted EBITDA margin.

儘管營業收入實現成長且營運效率進一步提高，但成本壓力及諮詢收入減少導致調整後 EBITDA 下降至 470 萬歐元，調整後 EBITDA 利潤率為 2.6%。年初至今，我們的製造部門營收 8,380 萬歐元，調整後 EBITDA 為 460 萬歐元，佔調整後 EBITDA 利潤率的 5.5%。

Slide 11 provides the highlights of our consolidated income statement for the third quarter of this year. Our gross profit increased to EUR39.3 million, representing a gross profit margin of 57.2%, an increase of 120 basis points compared to the gross profit margin realized in Q3 of last year. Direct cost increases were offset by efficiency gains and mix effects.

投影片 11 列出了我們今年第三季綜合損益表的重點內容。我們的毛利增加至3,930萬歐元，毛利率為57.2%，較去年第三季實現的毛利率增加了120個基點。直接成本的增加被效率的提高和混合效應所抵消。

Our operating expenses in the quarter increased by EUR3.8 million, or 11.8% in aggregate, with the largest increase coming again from the higher R&D spend, which grew by 16% compared to last year. R&D investments remain mainly focused in our medical segment, on the Mimics platform developments and our medical Devices business and in our software segment on OEM developments. Net operating income in the quarter was positive at EUR0.1 million, compared to EUR0.7 million last year. As a result of these elements, the group's operating result in the quarter was positive at EUR4.3 million, compared to EUR2.3 million in last year's period.

我們本季的營運費用增加了 380 萬歐元，總計增加了 11.8%，其中最大的增幅再次來自於研發支出的增加，與去年相比成長了 16%。研發投資仍主要集中在我們的醫療領域、Mimics 平台開發、醫療設備業務以及軟體領域的 OEM 開發。本季淨營業收入為正 10 萬歐元，去年同期為 70 萬歐元。由於這些因素，該集團本季的營業利潤為 430 萬歐元，而去年同期為 230 萬歐元。

Now in Q3, the net financial results amounted to a negative minus EUR1.1 million, mainly impacted by unfavorable currency exchange results of minus EUR1.8 million. The interest income from our cash reserves more than offset the decline in interest expense and our gradually decreasing financial debt.

目前第三季度，淨財務業績為負 110 萬歐元，主要受到負 180 萬歐元的不利貨幣兌換結果的影響。我們的現金儲備產生的利息收入超過了利息支出的下降和我們逐漸減少的金融債務。

Income tax expenses in the quarter amounted to minus EUR0.1 million and all of this resulted once more in net profit for the quarter, equaling EUR3 million, representing EUR0.05 per share compared to a EUR4 million or EUR0.07 per share for the same period of last year.

本季的所得稅費用為負 0.1 百萬歐元，所有這些再次導致本季的淨利潤為 300 萬歐元，即每股 0.05 歐元，而去年同期為 400 萬歐元或每股 0.07 歐元。

Now please turn to slide 12 for a recap of the key balance sheet and cash flow highlights. Also in the third quarter of 2024, our balance sheet remains strong. Our cash reserve at the end of the quarter amounted to EUR116 million. Loan and lease repayments totaling almost EUR5 million over the quarter, reduced our gross debt to EUR53 million.

現在請翻到第 12 張投影片來回顧資產負債表和現金流的主要亮點。此外，在 2024 年第三季度，我們的資產負債表依然強勁。我們本季末的現金儲備為1.16億歐元。本季貸款和租賃償還總額接近 500 萬歐元，使我們的總債務減少至 5,300 萬歐元。

Since the beginning of this year, we further reduced our gross debt position by EUR11.5 million. The resulting net cash position at the end of the third quarter was EUR63.1 million, remaining stable compared to the position at the beginning of this year, although down by EUR4.4 million from the position at the end of the second quarter. This decrease in the third quarter is mainly the result of increased CapEx investments and of the FEops acquisition that we funded from our own means.

自今年年初以來，我們進一步減少了1,150萬歐元的總債務。第三季末的淨現金狀況為 6,310 萬歐元，與今年年初的狀況相比保持穩定，但比第二季末的狀況下降了 440 萬歐元。第三季的下降主要是由於資本支出增加和我們用自有資金資助的 FEops 收購。

Compared to the end of last year, we reduced our net working capital by EUR2.6 million, mainly as a result of reduced trade receivables. The total deferred income position amounted to EUR47 million, of which EUR41 million was related to deferred revenue from software license and maintenance contracts as mentioned earlier in the call.

與去年年底相比，我們的淨營運資本減少了 260 萬歐元，主要是因為應收貿易款減少。遞延收入總額為4700萬歐元，其中4100萬歐元與電話會議中早些時候提到的軟體許可和維護合約的遞延收入有關。

As you can see from the graphs on the right side of the page, cash flow from operating activities for the third quarter amounted to EUR6.9 million, slightly below the operational cash flow generated in the third quarter of last year and as a result of working capital movements.

從頁面右側的圖表可以看出，第三季的經營活動現金流為 690 萬歐元，略低於去年第三季產生的經營現金流，是營運資本流動的結果。

Capital expenditures for the quarter, on the other hand, amounted to a high EUR7.3 million, higher than average, mainly as a result of intensified investments in the new ACTech plants and the acquisition of FEops. As a result of this, our free cash flow over the third quarter of 2024 turned negative by minus EUR3.1 million. The operational cash flow amounts to EUR25 million after nine months into 2024, which is up by 26% compared to the same period of last year, while also the year-to-date free cash flow is positive by EUR4.2 million, in spite of a higher investment volume. As mentioned in our earlier calls, the CapEx investments in our new ACTech facility will continue for some time as we add additional machinery and gradually ramp up throughputs.

另一方面，本季的資本支出高達 730 萬歐元，高於平均水平，這主要是由於對新的 ACTech 工廠的投資加大以及對 FEops 的收購。受此影響，我們 2024 年第三季的自由現金流變為負 310 萬歐元。2024 年 9 個月以來，營運現金流達 2,500 萬歐元，較去年同期成長 26%，儘管投資量較高，但年初至今的自由現金流仍為正 420 萬歐元。正如我們先前的電話會議中所提到的，隨著我們增加額外的機器並逐步提高產量，我們對新 ACTech 工廠的資本支出投資將持續一段時間。

And with that, I'd like to hand the call back to Brigitte.

說完這些，我想把電話轉回給布里吉特。

Thank you, Koen. Let's now turn to page 13. I'll conclude my remarks with a discussion of our full year 2024 guidance.

謝謝你，Koen。現在我們翻到第13頁。最後，我將討論我們的 2024 年全年指引。

The consistently strong operational performance of our business segments throughout the first nine months of the year strengthens our confidence that we will land our full-year revenue within the earlier communicated range of EUR265 million to EUR275 million. We're also maintaining our adjusted EBIT guidance of EUR11 million to EUR14 million for 2024.

今年前九個月，我們各業務部門的營運表現持續強勁，這增強了我們的信心，我們有信心實現全年收入在早先公佈的2.65億歐元至2.75億歐元的範圍內。我們也維持 2024 年調整後息稅前利潤預期 1,100 萬歐元至 1,400 萬歐元。

We're taking a conservative stance for the last quarter of 2024, given the weaker prototyping demand that we have seen in recent months. In addition, this guidance reflects the integration cost and further product portfolio investments of our recent FEops acquisition as well as the start-up of the new ACTech plant. And this concludes our prepared remarks.

鑑於近幾個月原型設計需求較弱，我們對 2024 年最後一季採取保守立場。此外，該指引也反映了我們最近收購 FEops 以及新 ACTech 工廠的啟動所帶來的整合成本和進一步的產品組合投資。我們的準備好的演講到此結束。

Operator, we are now ready to open the call for questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) Troy Jensen, Cantor Fitzgerald.

（操作員指令）特洛伊·詹森 (Troy Jensen)、康托·菲茨杰拉德 (Cantor Fitzgerald)。

Congrats, I was really impressed. I thought the revenue upside, gross margins and OpEx being all above plan were pretty impressive. So keep up with good work.

恭喜，我印象非常深刻。我認為收入成長、毛利率和營運支出都超出計劃，這非常令人印象深刻。所以請繼續努力。

But to dive into the questions a little bit. A little bit on medical, just thoughts on the sustainability of the growth here and profitability, like what does flow through margins look like? And what could EBITDA margins look like in the medical business if it continues to grow at this type of pace?

但讓我們深入探討一下這些問題。關於醫療，只是關於這裡的成長可持續性和獲利能力的想法，例如流動利潤率是什麼樣的？如果醫療業務繼續以這樣的速度成長，其 EBITDA 利潤率將會如何呢？

So let me answer this question more qualitatively. Because you know, we're not giving a long-term quantitative guidance typically. But to reflect on the medical business going forward. So there is still a lot of potential in the medical sector to adopt personalized solutions.

因此，讓我更定性地回答這個問題。因為你知道，我們通常不會提供長期的定量指導。而是要反思醫療業務未來的發展。因此，醫療領域採用個人化解決方案仍有很大潛力。

An example I've given earlier on the trauma population. We're now with the US manufacturing plant. We are addressing part of that population. Honestly, we're still scratching the surface of that population. And it's just one example where I do think we can still drive up the doctrine of personalized solutions in many of the different markets in which we are playing. So in terms of the sustainability of the growth, I think there's still a lot of potential in that segment.

我之前給過一個有關創傷人群的例子。我們現在與美國製造工廠合作。我們正在解決部分人口的問題。說實話，我們對這個族群的了解還只是皮毛。這只是一個例子，我確實認為我們仍然可以在我們參與的許多不同市場中推動個人化解決方案的原則。因此，就成長的可持續性而言，我認為該領域仍有很大的潛力。

There's no reason why I would see that come at a different profitability level if anything, with larger volumes, typically it gets a little easier to manage our margins. But there's no reason to believe why the profile will be different going forward.

我沒有理由認為獲利水準會有所不同，如果有的話，隨著交易量的增加，管理利潤通常會變得更容易一些。但沒有理由相信未來的情況會有所不同。

Great. Great. Well, to that point, Koen, could you confirm what the flow-through margins look like for medical business?

偉大的。偉大的。那麼，Koen，您能否確認醫療業務的流動利潤率是多少？

And when you say flow through margins, what exactly do you mean?

當您說流經利潤率時，您到底是什麼意思？

An incremental $1 million, how much is going to go to the bottom? Typically the additional $1 million is more accretive than the first $1 million in a quarter, right? So what does the flow through look like?

增量100萬美元，有多少會落到谷底？通常額外的 100 萬美元比一個季度的第一個 100 萬美元更具增值性，對嗎？那麼流程是什麼樣的呢？

I don't know if I understand your question correctly, Troy, but the margins are currently around 30% -- in the 30% range. And the EBITDA margins, if that is what you're referring to, and that is, I think, what we see flowing through to our EBITDA bottom line in the medical segment.

特洛伊，我不知道我是否正確理解了你的問題，但利潤率目前約為 30％ - 在 30％ 的範圍內。如果您指的是 EBITDA 利潤率，那麼我認為，這就是我們看到的醫療領域 EBITDA 底線。

Okay. Understood. I was just trying to get like what a forecast could be on EBITDA margins, but I'll move on. So now comparing this, you've got two businesses that are roughly the same size. medical is extremely profitable, but here we've got 3% EBITDA margins on the manufacturing business. So just thoughts on what you can do there, Brigitte, to improve profitability? Is scale going to be the answer? Or just some thoughts on that would be great.

好的。明白了。我只是想了解一下 EBITDA 利潤率的預測，但我要繼續說下去。現在比較一下，你會發現兩家企業的規模大致相同。醫療產業的利潤極高，但製造業的 EBITDA 利潤率僅 3%。那麼，布里吉特，您認為可以做些什麼來提高獲利能力呢？規模能解決這問題嗎？或者只是對此有一些想法就很好了。

So there's probably a couple of aspects that we need to mention here to answer your question. I mean, the scale, obviously, the scale will help. That is just in all of our business lines, scale is a driver that helps us get to better margins.

因此，我們可能需要在這裡提及幾個方面來回答您的問題。我的意思是，規模顯然會有所幫助。在我們所有的業務線中，規模都是幫助我們獲得更好利潤的驅動力。

Now the second part of the answer I want to give is the shift that we are making, and we need to continue to make away from prototyping more towards end-use parts in the segments where we see that our proposition has added value. We spoke about certified manufacturing in the past.

現在我想給出的答案的第二部分是我們正在進行的轉變，我們需要繼續從原型設計轉向我們認為我們的主張具有附加價值的領域的最終用途部件。我們過去談過認證製造。

We've talked about aerospace, the medtech segment, et cetera, being segments where the complexity and the requirements are such that our high level of know-how and the fact that based on the long experience that we have, we can handle these more complex and high-quality requirements. I think they position as well, and those are the segments where we need to continue the journey that we're on and continue to increase to get to a healthier position in terms of margins.

我們討論過航空航太、醫療技術領域等等，這些領域的複雜性和要求如此之高，以至於我們憑藉著高水準的專業知識和長期的經驗，可以處理這些更複雜、更高品質的要求。我認為他們的定位也很好，這些是我們需要繼續前進的領域，並且繼續提高利潤率，以達到更健康的地位。

Yes. All right. Understood. Last question, then I'll cede the floor. But just on OpEx going forward, you guys did a nice job here.

是的。好的。明白了。最後一個問題，然後我就不再發言了。但就在 OpEx 方面，你們做得很好。

It looks like it was down sequentially. I guess, I always assume OpEx is going to grow modestly on a sequential basis on an absolute basis. But just thoughts on kind of where OpEx is going to trend into the next few quarters?

看起來它是連續下降的。我想，我總是假設營運支出在絕對基礎上會連續適度成長。但您認為未來幾季 OpEx 的趨勢如何？

As you indicated, Troy, a large part of our OpEx is related to staff costs and personnel costs. So there is continuous pressure on that where we see salaries gradually going up. So indeed, that is something we certainly focus on to keep that under control, same with third-party spend where the larger we get, the more negotiation power we have, of course on these kind of expenses. But indeed, there is the cost pressure that we try to mitigate by closely following up the costs that we are making.

正如您所說，特洛伊，我們的營運支出很大一部分與員工成本和人事成本有關。因此，我們看到工資持續上漲，這方面存在持續的壓力。因此，這確實是我們重點關注的問題，以控制這一支出，第三方支出也是一樣，我們的規模越大，我們的談判能力就越強，當然，對於這類支出而言。但事實上，我們確實存在成本壓力，我們試圖透過密切追蹤成本來減輕成本壓力。

So to be more specific, just like on an absolute basis for Q4, do you expect total expenses to be up, flat, or down sequentially?

那麼更具體地說，就像第四季度的絕對基礎一樣，您預計總支出會環比上漲、持平還是下降？

In absolute or percentage basis?

以絕對值還是百分比計算？

An absolute basis, yes. I mean you're not going through any cost. But it seems like a lot of people in the industry now are going through cost cutting right? So the OpEx is shrinking on a quarterly basis, but I don't think you guys are so much.

是的，絕對有依據。我的意思是你不用花任何代價。但現在似乎很多業內人士都在削減成本，對嗎？因此，營運支出按季度縮減，但我不認為你們縮減太多。

I don't see a particular reason why that would go down. So in terms of absolute number, now there's one element that when it comes to OpEx, and I'm talking more relative to more percentage-wise, I mean, you referred to scale earlier. Our percentage-wise, our OpEx -- our revenue number is going to drive the OpEx percentage to a large extent. So scaling will help and not specifically for the fourth quarter. You've heard us being relatively conservative on the fourth quarter.

我不明白為什麼會出現這種情況。因此，就絕對數字而言，現在有一個因素，當談到營運支出時，我說的更多是相對於百分比而言，我的意思是，你之前提到的規模。從百分比來看，我們的營運支出—我們的收入數字將在很大程度上推動營運支出百分比。因此，擴大規模將會有所幫助，但並非只針對第四季。你們已經聽說了，我們對第四季的態度相對保守。

So that is mainly on the revenue side and therefore, the OpEx percentage in the fourth quarter, we'll take a slightly different profile than we have this quarter. Maybe that helps.

所以這主要涉及收入方面，因此，第四季度的營運支出百分比將與本季略有不同。也許這有幫助。

Very helpful. We'll follow up to you here in a little bit. But congrats and keep up the good work.

非常有幫助。我們稍後會跟進您的情況。但還是要祝賀你並繼續努力。

Thank you.

謝謝。

Alexander Craeymeersch, Kepler Cheuvreux.

亞歷山大‧克雷梅爾施 (Alexander Craeymeersch)、開普勒‧舍夫勒 (Kepler Cheuvreux

Alexander from Kepler Cheuvreux here. Congrats on the nice set of results also from our side. Just -- I have three questions on the ACTech plants. First one would be, you mentioned that the ramp-up weight and will still weigh on the manufacturing segment in terms of OpEx, but maybe could you specify that number?

這是 Kepler Cheuvreux 的亞歷山大。我們也對所取得的良好成績表示祝賀。只是──我對 ACTech 工廠有三個問題。首先，您提到產能提升的重量在營運成本方面仍會對製造部門產生影響，但您能否具體說明一下這個數字？

Second question would be, couldn't you mention that you expect some CapEx for this plan going forward as you are planning some additional machinery, et cetera. Maybe could you clarify how much CapEx you still budget? And what's the timing of this so we can also get a bit of a grasp on the expansion CapEx going forward?

第二個問題是，您能否提到，由於您計劃增加一些機器設備等等，您預計這項計劃未來會有一些資本支出。或許您能澄清一下您仍預算多少資本支出？這個時間是什麼時候，以便我們對未來的擴張資本支出有所了解？

And then how do we need to see this in terms of additional revenues next year? So that's the three questions on the ACTech plant specifically.

那麼，從明年的額外收入來看，我們該如何看待這一點呢？這就是關於 ACTech 工廠的三個具體問題。

Then I do have some other questions, maybe one would be to actually coming back to a question of Troy before. I think it was more asking about the gross margins, just to get a bit the sense of the operational leverage in that medical segment. If you could maybe give us some granularity in that respect and as I assume that the cost of goods sold is relatively stable in this segment?

然後我確實還有其他一些問題，也許其中一個實際上是回到之前特洛伊的一個問題。我認為詢問的更多的是毛利率，只是為了了解醫療領域的營運槓桿。您能否就這方面給我們提供一些詳細信息，我是否可以假設這一部分的銷售成本相對穩定？

And then maybe the last question. Yeah, I think the new partnerships in software, how do you see that evolving in terms of the top line next year? Thank you.

這也許是最後一個問題。是的，我認為軟體領域的新合作關係，您認為明年的營收將如何發展？謝謝。

So let me try to answer some of your questions. I hope I can remember all of them, Alexander.

所以讓我嘗試回答您的一些問題。我希望我能記住所有這些，亞歷山大。

I'll start with just on the ACTech plant and a bit of revenues.

我將從 ACTech 工廠及其一些收入開始談起。

Yes, absolutely. And maybe just as a general comment. So I just wanted time we're not giving guidance on next year yet. So I'll stay away from that. And the second is that we're not giving guidance at the specific -- for the specific business lines.

是的，絕對是如此。或許這只是一個一般性的評論。所以我只是想知道我們目前還未對明年做出任何指導。所以我會遠離那個。第二，我們沒有針對特定的業務線提供指導。

(inaudible) be up now.

（聽不清楚）現在就起來。

So that's -- it's a bit more difficult. Now let me maybe give you a bit more color by what we expect in the fourth quarter on the ACTech plant and why -- so we expect an impact on the fourth quarter. Mainly, that is a revenue impact by the fact that we operationally get the second plant ready, which also involves transferring some of the equipment and the machines from one plant to the other, which obviously limits our capacity for a while, and that's why we do expect that impact.

所以這 — — 有點困難。現在，讓我向您更詳細地介紹一下我們對 ACTech 工廠在第四季度的預期以及原因——我們預計這將對第四季度產生影響。主要是，這對收入產生了影響，因為我們在營運上已經準備好了第二家工廠，這也涉及將一些設備和機器從一家工廠轉移到另一家工廠，這顯然會在一段時間內限制我們的產能，這就是我們預計會產生這種影響的原因。

Now I know you asked for quantifying that impact, but I can't do that. But it is an impact that leads us to be most conservative with our guidance. So you can draw a conclusion a little from there, and I can point you in that direction.

現在我知道您要求量化這種影響，但我無法做到這一點。但正是這種影響導致我們在指導上採取最保守的態度。因此，您可以從那裡得出一些結論，我可以為您指明那個方向。

Now I'll let Koen answer the question of CapEx.

現在我請 Koen 回答有關 CapEx 的問題。

Yes. To come back to the CapEx, as Brigitte mentioned, we have started up the plant in the third quarter, which basically means that the investments on the building itself to a large extent have been completed, what remains and what will continue over some time is additional investments in machinery and we have post processing machinery are already in place, and we will be gradually adding additional machinery as time goes by.

是的。回到資本支出問題，正如 Brigitte 所提到的，我們已經在第三季度啟動了工廠，這基本上意味著對建築本身的投資在很大程度上已經完成，剩下的並將持續一段時間的是機械方面的額外投資，我們的後處理機械已經到位，隨著時間的推移，我們將逐步添加額外的機械。

Taking into account that the delivery times on these machines are quite long. That will mean that also the CapEx sale of this project will take us, I would say, at least 1 year, 1.5 years to up to 2 years before the full investment program has been completed. Where we are today to give you an idea, we have always indicated the total investment volume to be north of that between EUR30 million and EUR40 million. And we have, at this stage, invested about 65% to 70% of the total investment volume but the rest will come.

考慮到這些機器的交貨時間相當長。這也意味著，在完成全部投資計畫之前，該項目的資本支出出售至少需要 1 年、1.5 年到 2 年的時間。為了讓您了解情況，我們今天所指出的總投資額一直都在 3,000 萬歐元至 4,000 萬歐元之間。現階段，我們已經投資了總投資額的約 65% 至 70%，其餘部分還會投入。

You see the peak now, it will still continue a bit in the fourth quarter as there is also payment terms on the invoices from suppliers. That provides the goods that we include as investments. But the biggest people then gradually come down in the coming quarters. I hope that answers your question.

現在您看到的是峰值，由於供應商的發票上也有付款條件，因此這種趨勢在第四季度仍會持續一段時間。這提供了我們作為投資所包含的商品。但在接下來的幾個季度裡，最大的人才將逐漸減少。我希望這能回答你的問題。

And then maybe switching to your question on the gross margin on medical, I think you do see our gross margins on total. So just qualifying comments on the gross margin. So our gross margins on medical are relatively comparable to what typically you would expect in the medical Device business.

然後也許轉到您關於醫療毛利率的問題，我想您確實看到了我們的整體毛利率。因此，我只是對毛利率做出合格的評論。因此，我們的醫療毛利率與醫療器材業務的通常預期相對相當。

Now the scaling effect drives further efficiencies there. Most on the longer term than on the shorter term. So the profile is going to stay relatively similar on the shorter term. And certainly, when we talk about the next quarter or 2.

如今，規模經濟經濟進一步提高了效率。大多數情況下，長期目標比短期目標更受重視。因此，短期內情況將保持相對相似。當然，當我們談論下一季或第二季時。

Okay. That's very clear. Thanks. And the last question was just a small add-on on the software segment.

好的。這非常清楚。謝謝。最後一個問題只是軟體部分的一個小附加問題。

Yes. So you've asked around the new partnerships. Now the -- so what was your specific question on the new partnerships?

是的。您已經詢問了有關新的合作夥伴關係的情況。現在—那麼您對新的合作關係的具體問題是什麼？

Well, I mean you've announced a lot of new partnerships and deals in the software segment. I was just wondering because, I mean, this segment has been a bit under pressure lately. Of course, you have growth, but in terms of profitability, et cetera. So I'm just asking more specifically towards the growth of next year, of course, you don't give guidance, but at least we get a bit of a sense of what these deals look like?

嗯，我的意思是你們已經在軟體領域宣布了很多新的合作夥伴關係和交易。我只是想知道，因為我的意思是，這個部分最近有點壓力。當然，你有成長，但就獲利能力等等而言。所以我只是更具體地問明年的成長，當然，你沒有給指導，但至少我們對這些交易的情況有一點了解？

Yes. And maybe I'll give you a bit of a view on what these partnerships do for us. And so two comments here. One is -- so we have indeed announced some new partnerships. Now I have also reflected back on some of the partnerships that we closed earlier this year.

是的。也許我可以跟你介紹一下這些合作關係對我們有什麼幫助。這裡有兩則評論。一是—我們確實宣布了一些新的合作關係。現在我也回顧了我們今年早些時候達成的一些合作關係。

And I thought that was important to do because at the end of the day, we can all announce partnerships, but if they don't need to need to resolve then what are they really doing? So I think what is important to note is that in the third quarter, we actually had real results on these partnerships that were previously announced. And I've given the example of the nTop partnership and the DigiFabster partnership to illustrate that, that we see good traction there.

我認為這一點很重要，因為最終我們都可以宣布合作關係，但如果他們不需要解決問題，那麼他們到底在做什麼？因此，我認為值得注意的是，在第三季度，我們實際上在先前宣布的這些合作上取得了真正的成果。我舉了 nTop 合作夥伴關係和 DigiFabster 合作夥伴關係的例子來說明，我們在那裡看到了良好的發展勢頭。

Now second comment I want to make is that why is this so important for us? And why do I see this partnerships as an important element. And why is that a good foundation for future growth next year and the years after.

現在我想提出的第二點是為什麼這對我們如此重要？為什麼我認為這種合作關係是重要因素。為什麼說這是明年甚至後年成長的良好基礎？

So at the end of the day, our customers need an end-to-end solution. Rather than building an end-to- end-to-end solutions with all the capabilities ourselves, I believe in a model of collaboration. We've talked about that a number of times in the previous calls as well. I believe in collaboration, and these partnerships illustrates that we can collaborate with others to bring that end-to-end solution, a complete solutions without doing the R&D investments ourselves.

所以歸根結底，我們的客戶需要一個端到端的解決方案。我相信合作模式，而不是我們自己建立具有所有功能的端到端解決方案。我們在之前的通話中也多次討論過這個問題。我相信合作，這些合作關係表明，我們可以與其他人合作提供端到端的解決方案，完整的解決方案，而無需我們自己進行研發投資。

And having that end-to-end solution is, I believe, an important element for our customers and will drive further adoption of the software solutions in the future. Does that make sense?

我相信，擁有端到端的解決方案對我們的客戶來說是一個重要因素，並將推動未來進一步採用軟體解決方案。這樣有道理嗎？

Okay. Yeah. Thank you.

好的。是的。謝謝。

Jacob Stephan, Lake Street Capital Markets.

Jacob Stephan，Lake Street Capital Markets。

I'll add my congratulations to the results here.

我要在這裡對這一結果表示祝賀。

Thank you, Jacob.

謝謝你，雅各。

Just -- yeah, absolutely. I was just kind of wondering on the medical segment, obviously, like Troy had mentioned too EBITDA margins have continued to impress with I guess, can you help us kind of get a sense for at the new Michigan facility? I know trauma and personalized solutions are the kind of main things produced there, but maybe help us get a sense on the overall capacity at the new facility itself?

只是--是的，絕對是如此。我只是對醫療領域有點好奇，顯然，就像特洛伊提到的那樣，EBITDA 利潤率一直令人印象深刻，您能幫助我們了解密西根新工廠的情況嗎？我知道創傷和個人化解決方案是那裡生產的主要產品，但也許可以幫助我們了解新工廠本身的整體產能？

So first clarification, maybe. So our US manufacturing plant is indeed fully dedicated to the medical business. So all we ship out of their personalized devices, instrumentation or implant.

因此也許需要先澄清一下。因此我們的美國製造工廠確實完全致力於醫療業務。因此，我們運送的都是他們個人化的設備、儀器或植入物。

The capacity is driven by two things. So one is over these number of machines and resources we have there. And the second is the space. So at this point in time, we're not at the capacity limit, let me put it that way. I won't give you -- I can't give you a specific number on what percentage of the capacity we are at, but there is room for adding capacity and extending that in the future.

容量由兩個因素決定。因此，一個問題是我們擁有的機器和資源的數量。第二是空間。所以目前我們還沒有達到產能極限，讓我這麼說吧。我不會給你——我無法給你一個我們目前產能百分比的具體數字，但未來還有增加產能和擴展的空間。

Okay. And you made a comment that essentially you treated 3 times the number of trauma patients compared to kind of before the plant was up and running, but maybe help us understand, is there a room to 10x that, 20x that? Any color there would be helpful.

好的。您評論說，與工廠投入運作之前相比，您治療的創傷患者數量基本上增加了 3 倍，但也許可以幫助我們理解，有沒有空間將這一數字增加 10 倍、20 倍？任何顏色都有幫助。

Yeah. So without mentioning a specific number, I also made a comment earlier in this call that I said we are only scratching the surface. So that's more kind of the relations that we need to look at. So it's not only we have potential to further double or triple so the potential is effectively large here.

是的。因此，雖然沒有提到具體的數字，但我在這次電話會議早些時候也說過，我們只是觸及了表面。所以這是我們需要進一步研究的一種關係。因此，我們不僅有潛力進一步翻倍或三倍，而且這裡的潛力實際上很大。

Okay. And last one for me, just on kind of the software segment. Did I hear that correctly, you signed your first CO-AM customer?

好的。對我來說最後一個是關於軟體部分。我沒聽錯，您簽下第一位 CO-AM 客戶了嗎？

No. So maybe I wasn't super clear here. So we have signed a whole range of CO-AM customers. I don't have the exact number, but there's a lot of CO-AM customers already since we launched the solutions a couple of years back. The first -- we now assigned the first customer that also has the DigiFabster solution.

不。所以我可能在這裡沒有表達清楚。因此，我們簽約了一系列 CO-AM 客戶。我沒有確切的數字，但自從我們幾年前推出解決方案以來，已經有很多 CO-AM 客戶。第一－我們現在指定了第一位也擁有 DigiFabster 解決方案的客戶。

And so my point was more to illustrate that the partnership that we announced earlier this year, we now have actual sales coming out of this. And again, as I said earlier, it's nice to announce the partnership. But what it really matters is what kind of growth that will drive for us with that partner.

因此，我的觀點更多的是說明我們今年早些時候宣布的合作夥伴關係現在已經產生了實際的銷售效果。正如我之前所說，我很高興宣布這項合作關係。但真正重要的是，我們與該合作夥伴能夠實現怎樣的成長。

Got it. And I guess just kind of to follow up on that. Any kind of sense on when we can see the last kind of perpetual customers roll off and essentially be 100% SaaS?

知道了。我想這只是為了跟進一下這一點。我們什麼時候才能看到最後一批永久客戶流失並基本上實現 100％ SaaS？

Yeah. So that's going to take a very long time because the very last one. So I'm not saying that a significant amount of our business will stay perpetual because we really pushing hard and making very good progress in that switch over. But I do expect that there will be some customer segments, market segments that remain on perpetual for quite a while.

是的。所以這將花費很長時間，因為這是最後一個。所以我並不是說我們的很大一部分業務將永遠保持不變，因為我們確實在努力推動，並且在這種轉變中取得了非常好的進展。但我確實預計，一些客戶細分市場和市場區隔市場將在相當長的一段時間內永久存在。

Okay, got it. Appreciate the color. Thanks.

好的，明白了。感謝色彩。謝謝。

I'm showing no further questions at this time. I would now like to turn it back to Brigitte for closing remarks.

我目前沒有其他問題。現在我想請布里吉特作最後發言。

Well, thank you again for joining us today, and we look forward to continuing our dialogue with you, obviously, through our investor conferences or one-on-one meetings or calls, and we obviously hope to see many of you during the upcoming fall next in November. Please reach out to us if you have any further questions. So for now, thank you, and goodbye.

好吧，再次感謝您今天的加入，我們期待透過投資者會議或一對一會議或電話會議繼續與您對話，我們顯然希望在即將到來的十一月秋季見到你們。如果您還有其他問題，請與我們聯絡。所以現在，謝謝你，再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。該計劃確實結束了。您現在可以斷開連線。