Envista Holdings Corp (NVST) 2023 Q3 法說會逐字稿

Hello. My name is Chelsea, and I will be your conference call facilitator this afternoon. At this time, I would like to welcome everyone to the Envista Holdings Corporation's Third Quarter 2023 Earnings Results Conference Call. (Operator Instructions)

你好。我叫切爾西，今天下午我將擔任你們的電話會議主持人。現在，我歡迎大家參加Envista Holdings Corporation 2023年第三季獲利結果電話會議。 （操作員說明）

I will now turn the call over to Mr. Stephen Keller, Principal Financial Officer of Envista Holdings. Mr. Keller, you may begin your conference.

我現在將電話轉給 Envista Holdings 財務長 Stephen Keller 先生。凱勒先生，您可以開始會議了。

Great. Thank you. Good afternoon, and thanks for joining the call. With me today is Amir Aghdaei, our President and Chief Executive Officer.

偉大的。謝謝。下午好，感謝您加入通話。今天與我在一起的是我們的總裁兼執行長 Amir Aghdaei。

I want to point out that our earnings release, the slide presentation supplementing today's call and the reconciliations and other information required by SEC Regulation G related to any non-GAAP financial measures provided during the call are available on the Investors section of our website, www.envistaco.com. The audio portion of this call will be archived on the Investors section of our website later today under the heading Events & Presentations. It'll remain archived until our next quarterly call.

我想指出的是，我們的收益發布、補充今天電話會議的幻燈片演示以及SEC G 條例要求的與電話會議期間提供的任何非GAAP 財務措施相關的調節表和其他信息，均可在我們網站的投資者部分獲取，www .envistaco.com。本次電話會議的音訊部分將於今天稍後存檔在我們網站的投資者部分，標題為「活動和演示」。它將一直存檔，直到我們下一次季度電話會議為止。

During the presentation, we will describe some of the more significant factors that impact year-over-year performance. The supplemental materials describe additional factors that impacted year-over-year performance. Unless otherwise noted, references in these remarks to company-specific financial metrics relate to the third quarter of 2023 and references to period-to-period increases or decreases in financial metrics are year-over-year.

在演示過程中，我們將描述一些影響同比業績的更重要因素。補充資料描述了影響同比業績的其他因素。除非另有說明，否則這些評論中提到的公司特定財務指標涉及 2023 年第三季度，而提到的財務指標的同期增減則指的是同比。

During the call, we may describe certain products and devices that have applications submitted and pending certain regulatory approvals or are available only in certain markets. We will also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe, anticipate or may occur in the future.

在通話期間，我們可能會描述某些已提交申請並等待某些監管部門批准或僅在某些市場提供的產品和設備。我們也將做出聯邦證券法意義內的前瞻性聲明，包括有關我們認為、預期或未來可能發生的事件或發展的聲明。

These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results might differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of date that they are made, and we do not assume any obligation to update any forward-looking statement, except where as required by law.

這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中列出的風險和不確定性。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表截至其作出之日的情況，我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

With that, I'd like to turn the call over to Amir.

說到這裡，我想把電話轉給阿米爾。

Thank you, Stephen. Good afternoon, and welcome to Envista's Third Quarter 2023 Earnings Call. We appreciate you taking the time to join us today.

謝謝你，史蒂芬。下午好，歡迎參加 Envista 2023 年第三季財報電話會議。我們感謝您今天抽出時間加入我們。

In the third quarter, we delivered positive core growth and an adjusted EBITDA margin of 19.6%. Driven by outperformance in our orthodontic business and continued strength in consumables, we were able to mitigate the challenges of an uncertain macro environment while setting up our business for long-term success.

第三季度，我們實現了核心正成長，調整後 EBITDA 利潤率為 19.6%。在矯正業務的出色表現和耗材的持續強勢的推動下，我們能夠緩解不確定的宏觀環境的挑戰，同時建立我們的業務以獲得長期成功。

As discussed in previous quarters, we are proactively adjusting the focus of our imaging business to deemphasize specific product categories in selected geographies where we have less competitive advantage. By focusing our resources in our broader and more differentiated diagnostic solution, we will be able to create sustainable competitive advantage and improve our long-term growth and margins.

正如前幾季所討論的，我們正在積極調整成像業務的重點，以淡化我們競爭優勢較少的選定地區的特定產品類別。透過將我們的資源集中在更廣泛、更具差異化的診斷解決方案上，我們將能夠創造可持續的競爭優勢並提高我們的長期成長和利潤率。

While long term, our global implant business is well positioned, our performance in the quarter was below expectation. This was due to both continued macro uncertainties specifically impacting higher-end full-arch restorations as well as underperformance in North America. While our results in North America were disappointing, we believe this will be temporary. We have an incredibly strong brand, a leading product portfolio, a passionate and capable team and a dedicated community of implant specialists.

雖然從長遠來看，我們的全球植體業務定位良好，但本季的業績低於預期。這是由於持續的宏觀不確定性特別影響了高端全牙弓修復體以及北美地區的表現不佳。雖然我們在北美的業績令人失望，但我們相信這將是暫時的。我們擁有令人難以置信的強大品牌、領先的產品組合、充滿熱情和能力的團隊以及專注的種植專家社群。

Starting in the third quarter. We have made targeted investments to improve our commercial execution in North America to refresh our approach to marketing, improve our training and education and further support our clinical community. We see a clear path through invigorating growth and aim to be growing with the market as we move through 2024.

從第三季開始。我們進行了有針對性的投資，以改善我們在北美的商業執行力，以更新我們的行銷方法，改善我們的培訓和教育，並進一步支持我們的臨床社群。我們看到了一條清晰的振興成長之路，並致力於在 2024 年與市場共同成長。

Before I turn it over to Stephen to discuss our third quarter results in more detail, I want to take this opportunity to provide further perspective on the current operating environment and then offer an update on our progress towards our strategic priorities.

在我將其交給史蒂芬更詳細地討論我們的第三季業績之前，我想藉此機會提供對當前營運環境的進一步看法，然後提供我們在實現策略重點方面的最新進展。

Globally, the market remains very dynamic with concerns around the macroeconomic backdrop and geopolitical risks weighing on market sentiment. While patient demand remained generally stable in the third quarter, we did see a continuation of a slowdown in higher-end dental procedures, including both adult orthodontic cases and full-arch implant restorations. Private practice doctors and DSOs are monitoring patient traffic as well as the overall macro environment and are being thoughtful about near-term investments in both equipment and clinic-level inventories.

從全球來看，市場仍然非常活躍，對宏觀經濟背景和地緣政治風險的擔憂打壓了市場情緒。儘管第三季患者需求整體保持穩定，但我們確實看到高端牙科手術持續放緩，包括成人矯正病例和全牙弓植牙修復。私人執業醫生和 DSO 正在監控患者流量以及整體宏觀環境，並正在考慮對設備和診所庫存的近期投資。

While this has created a more challenging operating environment in the short term, longer term, we are confident that patients will continue to prioritize dental care and our clinicians to proactively invest in areas that help them digitize their practice, making them more productive and ensuring that they can provide the highest-quality personalized care.

雖然這在短期內創造了更具挑戰性的營運環境，但從長遠來看，我們相信患者將繼續優先考慮牙科護理，我們的臨床醫生將積極投資於幫助他們實現實踐數位化的領域，提高他們的工作效率並確保他們可以提供最高品質的個人化護理。

Focusing on our progress in Q3. Our uniquely positioned orthodontic business continues to perform well driven by sustained performance in Spark clear aligners. In April of 2022, we announced a long-term target of tripling our Spark business by the end of 2024. I'm pleased to announce that we are on track to reach that milestone in the fourth quarter of this year, over a year ahead of schedule.

重點關注我們在第三季的進展。在 Spark 透明矯正器的持續表現的推動下，我們獨特的矯正業務持續表現良好。 2022 年 4 月，我們宣布了到 2024 年底將 Spark 業務增加兩倍的長期目標。我很高興地宣布，我們預計將在今年第四季度實現這一里程碑，提前一年多的時間表。

Orthodontic specialists continue to see the value of our comprehensive portfolio of solutions and we are working hard to be the partner of choice for orthodontists worldwide. Envista Business System, EBS, drives the Spark growth formula, and we are consistently adding new doctors, increasing case volumes with the existing doctors and growing our revenue per case.

正畸專家繼續看到我們全面的解決方案組合的價值，我們正在努力成為全球正畸醫生的首選合作夥伴。 Envista 業務系統 (EBS) 推動了 Spark 成長公式，我們不斷增加新醫生、增加現有醫生的病例數量並增加每個病例的收入。

Given our success today and our overall trajectory of Spark, we're now focused on delivering our next long-term growth milestone. By the end of 2026, we intend to double our Spark business. In support of this ambitious growth, we continue to make investments to support the growth and long-term profitability of Spark as well as our broader orthodontic business.

鑑於我們今天的成功以及 Spark 的整體發展軌跡，我們現在專注於實現下一個長期成長里程碑。到 2026 年底，我們計劃將 Spark 業務增加一倍。為了支持這一雄心勃勃的成長，我們繼續進行投資，以支持 Spark 以及更廣泛的矯正業務的成長和長期獲利能力。

In Q3, we received regulatory approval to produce Spark in our facility in the Czech Republic and achieved our first clinical case out of this factory. This new factory will improve the customer experience for our European customers, increasing manufacturing flexibility and help expand margins in the medium term.

第三季度，我們獲得了監管部門的批准，可以在捷克共和國的工廠生產 Spark，並在該工廠實現了第一個臨床病例。這家新工廠將改善我們歐洲客戶的客戶體驗，提高製造彈性，並有助於擴大中期利潤。

In addition to opening a new factory, we are also investing in additional automation as we look to optimize production and further improve our margins. While Spark margins remain below our fleet average, we continue to make sequential improvements and are focused on balancing long-term growth, maximizing near-term profitability.

除了開設新工廠外，我們還投資額外的自動化，以優化生產並進一步提高利潤。雖然 Spark 利潤率仍低於我們機隊的平均水平，但我們繼續進行連續改進，並專注於平衡長期成長，最大限度地提高近期獲利能力。

As expected in Q3, we delivered a solid sequential improvement to our adjusted EBITDA margins. This 50 basis points expansion occurred despite our long-term investments, the impact of China VBP price reductions and the commercial underperformance of our implant brands in North America. We leverage EBS to manage margins through a systematic focus on price optimization, expense controls and structural cost reductions.

正如第三季的預期，我們調整後的 EBITDA 利潤率取得了穩健的連續改善。儘管我們的長期投資、中國 VBP 降價的影響以及我們的植體品牌在北美的商業表現不佳，但還是實現了 50 個基點的擴張。我們利用 EBS 透過系統地專注於價格優化、費用控制和結構性成本降低來管理利潤。

Our performance in China is a perfect example of EBS in action. Despite the significant price pressure from the VBP program, we were able to expand our local operating margins by streamlining our organization, significantly reducing our expenses and focusing our efforts in areas where we have the most competitive advantage. This focus on driving growth and margin expansion, despite macro challenges, epitomizes how we use EBS to execute every day.

我們在中國的表現是 EBS 實際應用的完美範例。儘管 VBP 計劃帶來了巨大的價格壓力，但我們仍然能夠透過精簡組織、大幅減少開支並將精力集中在我們最具競爭優勢的領域來擴大我們的本地營運利潤。儘管面臨宏觀挑戰，這種對推動成長和利潤擴張的專注體現了我們如何使用 EBS 進行日常執行。

As we move into Q4 and next year, we will continue to maintain a balanced approach to growth investments and margin improvements. As I previously mentioned, we expect to accelerate investments in both Spark and our commercial capabilities supporting implants in North America. While these investments will put some short-term pressure on our planned margin expansion, they will help position us for faster growth while also setting the foundation for further significant margin expansion.

隨著我們進入第四季度和明年，我們將繼續保持成長投資和利潤率改善的平衡方法。正如我之前提到的，我們預計將加快對 Spark 和支援北美植入的商業能力的投資。雖然這些投資會對我們計劃的利潤擴張帶來一些短期壓力，但它們將有助於我們實現更快的成長，同時也為進一步大幅擴張利潤奠定基礎。

Long term, our priority is building a stronger, more differentiated and more growth-oriented portfolio. By focusing on providing comprehensive solutions for orthodontists as well as implant specialists, we continue to shift our portfolio to the most attractive segments of Dental. We are also transforming our imaging business to a diagnostic solution business that support clinician as they digitize their offices. With a comprehensive set of imaging and software solutions, our DEXIS business deliver simplicity, productivity and diagnostic confidence.

從長遠來看，我們的首要任務是建立更強大、更具差異化和更具成長導向的產品組合。透過專注於為矯正醫師和植牙專家提供全面的解決方案，我們繼續將我們的產品組合轉向最具吸引力的牙科領域。我們也將影像業務轉變為診斷解決方案業務，為臨床醫生實現辦公室數位化提供支援。憑藉一整套成像和軟體解決方案，我們的 DEXIS 業務提供簡單性、生產力和診斷信心。

In the third quarter, we launched a range of new products, including the OP 3D LX and DEXIS IS 3800 wire intraoral scanner. We also released the DEXIS IS solution to integrate AI features into the DEXIS 10 imaging software suite. The DEXIS IS solution helps practitioners to detect 6 pathologies in 2D inter-oral X-rays, including carries, calculus, bone loss, periapical radiolucency, root canal, filling deficiencies and discrepancies at the margin of existing restoration. DTX Studio clinic software was awarded the Cellerant Best of Class Technology Award for the third consecutive year, recognizing the innovation we are bringing to the dental community.

第三季度，我們推出了一系列新產品，包括 OP 3D LX 和 DEXIS IS 3800 線口腔內掃描器。我們也發布了 DEXIS IS 解決方案，將 AI 功能整合到 DEXIS 10 成像軟體套件中。 DEXIS IS 解決方案可協助醫師透過 2D 口間 X 光檢測 6 種病變，包括攜帶、牙結石、骨質流失、根尖周圍射線可透性、根管、充盈缺陷和現有修復體邊緣的差異。 DTX Studio 診所軟體連續第三年榮獲 Cellerant 最佳技術獎，表彰我們為牙科界帶來的創新。

While we are excited about the strategic move that we have made today, we see additional opportunities to further improve our portfolio, both organically and inorganically. We utilize an EBS-driven M&A approach to manage our robust pipeline of partnerships and investment opportunities, and we are currently cultivating new opportunities. We're committed to pursuing a disciplined and strategic approach to capital deployment.

雖然我們對今天採取的策略性舉措感到興奮，但我們看到了進一步改善我們的投資組合的更多機會，無論是有機還是無機。我們利用 EBS 驅動的併購方法來管理我們強大的合作夥伴關係和投資機會管道，目前我們正在培養新的機會。我們致力於採用嚴格的策略方法來進行資本部署。

I will now turn the call over to Stephen to go through our third quarter financials and provide more details on our segment performance.

我現在將把電話轉給史蒂芬，讓他查看我們第三季的財務狀況，並提供有關我們部門業績的更多詳細資訊。

Thanks, Amir. In the third quarter, we delivered sales of $631.3 million on a reported basis. This represents a slight increase over the third quarter of 2022. Adjusting for the impact of currency exchange rates, core sales for the quarter grew 0.8%. This reflects continuing growth in our Specialty Products & Technologies segment, offset by a low single-digit decline in our Equipment & Consumables segment.

謝謝，阿米爾。根據報告，第三季我們的銷售額為 6.313 億美元。這比 2022 年第三季略有成長。調整貨幣匯率的影響後，該季度的核心銷售額成長了 0.8%。這反映出我們的特殊產品和技術部門的持續成長，被我們的設備和消耗品部門的低個位數下降所抵消。

From a geographic perspective, Western Europe grew double digits, while North America declined low single digits. Our emerging markets grew low single digits anchored by China, which grew despite a difficult year-over-year comparison as well as the impact of VBP on implant pricing.

從地理角度來看，西歐成長了兩位數，而北美則下降了低個位數。我們的新興市場以低個位數成長，其中以中國為基礎，儘管年比比較困難且 VBP 對植入物定價產生影響，但中國仍實現了成長。

Russia declined in the quarter due to both a difficult year-over-year comparison and a lingering impact of changes to U.S. sanctions and licensing requirements. We remain focused on obtaining the appropriate licenses to fully supply Russia, and we continue to take steps to optimize our supply chain to allow us to compliantly serve our customers and their patients. In Q4, we expect both Russia and China to grow and we expect full year sales to be modestly down in these 2 important and dynamic markets.

由於同比比較困難以及美國制裁和許可要求變化的持續影響，俄羅斯在本季度出現下滑。我們仍然專注於獲得適當的許可證以向俄羅斯全面供貨，並繼續採取措施優化我們的供應鏈，使我們能夠合規地為我們的客戶及其患者提供服務。第四季度，我們預計俄羅斯和中國都會成長，並且預計這兩個重要且充滿活力的市場的全年銷售額將小幅下降。

Our third quarter adjusted gross margin was 57.7%, which is down 150 basis points from prior year. The decline in gross margin was primarily attributable to an unfavorable product mix, VBP-driven price declines and continued investment in our long-term growth.

第三季調整後毛利率為 57.7%，較去年同期下降 150 個基點。毛利率下降主要歸因於不利的產品組合、VBP 驅動的價格下跌以及對長期成長的持續投資。

Our adjusted EBITDA margin was 19.6%, which represents a 60 basis points decline versus Q3 of 2022 and a 50 basis point sequential improvement from Q2 of 2023. Our adjusted diluted EPS in the quarter was $0.43 compared to $0.47 in the comparable period of the prior year. The reduction in EPS for the quarter was driven partly by an increase in interest expense from higher interest rates.

我們調整後的EBITDA 利潤率為19.6%，與2022 年第三季相比下降60 個基點，與2023 年第二季相比季增50 個基點。本季調整後稀釋每股收益為0.43 美元，而上一季為0.47 美元年。本季每股收益下降的部分原因是利率上升導致利息支出增加。

In the quarter, core revenue in our Specialty Products & Technologies set grew by 2.2%. Our orthodontic business accelerated double-digit growth, with Spark continuing to expand rapidly. Our traditional bracket and wire business declined low single digits, with solid growth in China being offset by weaker demand in the rest of the world.

本季度，我們的特種產品和技術系列的核心收入成長了 2.2%。我們的正畸業務加速兩位數成長，Spark 繼續快速擴張。我們的傳統支架和線材業務出現低個位數下滑，中國的強勁成長被世界其他地區需求疲軟所抵消。

Our implant business declined low single digits in the quarter. As Amir mentioned previously, at or above market performance in most geographies was offset by weakness in North America in both our premium and value franchises. Western Europe performed well in the quarter, and our China business grew strongly despite the negative pricing impact from VBP.

我們的植入物業務在本季出現低個位數下降。正如阿米爾之前提到的，大多數地區的市場表現達到或高於市場表現，但被北美地區優質和價值特許經營權的疲軟所抵消。西歐本季表現良好，儘管受到 VBP 的負面定價影響，我們的中國業務仍強勁成長。

Adjusted operating profit in this segment was 19.7% in the third quarter. This is down 110 basis points versus Q3 of 2022 but is up 100 basis points sequentially versus Q2 of '23. We will continue to invest in this segment to support our long-term growth.

第三季該部門調整後營業利潤為 19.7%。與 2022 年第三季相比下降了 110 個基點，但與 23 年第二季相比連續上升了 100 個基點。我們將繼續投資該領域，以支持我們的長期成長。

Turning to our Equipment & Consumables segment. Core sales in the second quarter declined by 1.6% compared to Q3 of 2022. Our consumables business grew low single digits led by strong performance in emerging markets. Globally, we are focused on driving sell-out, and we believe that our sell-outperformance is consistently at or above the market in most geographies around the world.

轉向我們的設備和消耗品部分。與 2022 年第三季相比，第二季的核心銷售額下降了 1.6%。在新興市場的強勁表現帶動下，我們的耗材業務實現了低個位數成長。在全球範圍內，我們專注於推動銷售，我們相信我們的銷售業績始終等於或高於全球大多數地區的市場水平。

In the Equipment business, we declined high single digits as higher interest rates and concerns around the macroeconomic environment reduced global demand for larger imaging equipment. Our performance in developed markets improved, and we delivered solid growth in Western Europe in the third quarter.

在設備業務中，由於利率上升和對宏觀經濟環境的擔憂減少了全球對大型影像設備的需求，我們出現了高個位數的下降。我們在已開發市場的業績有所改善，第三季西歐市場實現了穩健成長。

Emerging markets saw a large decline in the quarter, reflecting both tougher macro conditions as well as the refining of our focus. Our intention is to deemphasize nonstrategic geographies and solutions in order to concentrate our efforts in markets where we can build and maintain a sustainable competitive advantage. While this will create a modest headwind to core growth in the short term, long term, this will allow us to accelerate both growth and margins.

新興市場本季大幅下滑，反映出宏觀經濟情勢更加嚴峻，也反映出我們關注重點的進一步細化。我們的目的是不再強調非策略性地域和解決方案，以便將我們的精力集中在能夠建立和維持永續競爭優勢的市場上。雖然這將在短期內對核心成長造成適度的阻力，但從長期來看，這將使我們能夠加速成長和利潤率。

Our IOS business saw strong year-over-year growth in units this quarter as we expand our global reach and partner with our distributors to help clinicians digitize their offices. While unit growth was very robust, it's important to note that ASPs in this segment have fallen faster than anticipated, putting short-term pressure on our revenue growth ambitions for this business. That said, we believe that prices are beginning to stabilize, and we remain confident that DEXIS IOS will be a long-term growth driver for Envista.

隨著我們擴大全球影響力並與經銷商合作幫助臨床醫生實現辦公室數位化，我們的 IOS 業務本季的單位數量較去年同期強勁成長。雖然單位成長非常強勁，但值得注意的是，該領域的平均售價下降速度快於預期，這給我們該業務的營收成長目標帶來了短期壓力。也就是說，我們認為價格開始穩定，並且我們仍然相信 DEXIS IOS 將成為 Envista 的長期成長動力。

In the third quarter, adjusted operating profit margin in our Equipment & Consumables segment was 24.6%. This represents 150 basis points decline year-over-year as lower equipment revenue was only partially offset by EBS driven productivity gains and cost controls.

第三季度，設備及耗材部門調整後營業利益率為 24.6%。這意味著同比下降 150 個基點，因為設備收入的下降僅由 EBS 驅動的生產率提高和成本控制部分抵消。

Turning to cash flow. In the third quarter, we generated greater than $75 million in free cash flow and ended the quarter with over $800 million in cash. The year-over-year improvement in free cash flow was driven by improvements to working capital as well as the deferral of federal tax payments until the fourth quarter. Overall, we remain pleased with our progress in improving our cash flow management and are committed to our longer-term goal of delivering annual free cash flow in excess of net income.

轉向現金流。第三季度，我們產生了超過 7,500 萬美元的自由現金流，季度末現金超過 8 億美元。自由現金流的同比改善是由於營運資本的改善以及聯邦稅款支付推遲至第四季度推動的。整體而言，我們對改善現金流管理的進展感到滿意，並致力於實現年度自由現金流超過淨利潤的長期目標。

It is important to note that in Q3, we also took important steps to update our capital structure. We issued $500 million in new convertible notes at 1.75% due in 2028. And we exchanged around 77% of our prior 2.375% convertible notes due in 2025. We also refinanced our 2 term loans and a revolver, extending the maturity dates to 2028 and improved tariffs. The goals of these actions was to reduce the current and future dilution related to our convertible debt, manage our overall interest expense and ensure our long-term financial flexibility.

值得注意的是，在第三季度，我們也採取了重要步驟來更新我們的資本結構。我們以1.75% 的利率發行了5 億美元的新可轉換票據，將於2028 年到期。我們交換了之前2025 年到期的2.375% 可轉換票據的77%。我們也為我們的2 期貸款和循環貸款進行了再融資，將到期日延長至2028 年，改善關稅。這些行動的目標是減少當前和未來與我們的可轉換債務相關的稀釋，管理我們的整體利息支出並確保我們的長期財務靈活性。

Our strong balance sheet and significant cash flow provides us the flexibility to make appropriate investments as they become available. While we do have financial flexibility, our intention is to be very disciplined in our capital deployment.

我們強大的資產負債表和大量現金流使我們能夠靈活地進行適當的投資。雖然我們確實擁有財務靈活性，但我們的目的是在資本部署方面非常嚴格。

Turning to our full-year outlook. We are revising our guidance for 2023 to reflect the increased impact of macro uncertainty, volatility in the North American distribution channel and the importance of making investments that will drive long-term shareholder returns.

轉向我們的全年展望。我們正在修訂 2023 年的指引，以反映宏觀不確定性、北美分銷管道波動的影響日益加大，以及進行可推動股東長期回報的投資的重要性。

We now see full year core growth being down slightly, and we expect adjusted EBITDA margins to be between 18% to 19% for the full year. Our updated guidance reflects the increased macroeconomic risks in our developed markets, continued challenges in Russia and the additional risks brought on by the new conflict in the Middle East.

我們現在預計全年核心成長略有下降，預計全年調整後 EBITDA 利潤率將在 18% 至 19% 之間。我們更新的指引反映了已開發市場宏觀經濟風險的增加、俄羅斯持續面臨的挑戰以及中東新衝突帶來的額外風險。

Regarding the Middle East, it is important to note that Israel represents a local commercial market of around $20 million annually and that Israel further represents an important production location for our Alpha-Bio Tec tech implant brand. While we've taken steps to stabilize our supply chain, we do anticipate some volatility in the region, and this could impact our Q4 performance.

關於中東，值得注意的是，以色列代表了每年約 2,000 萬美元的當地商業市場，以色列也代表了我們 Alpha-Bio Tec 技術植入物品牌的重要生產地。雖然我們已採取措施穩定供應鏈，但我們確實預期該地區會出現一些波動，這可能會影響我們第四季的業績。

Our updated guidance reflects the impact of accelerating investments in Spark as well as additional investments in our North American implant business. We expect these investments to continue into 2024 as implants in North America return to market-level growth within the next year. While it is too soon to provide guidance for 2024, we are focused on delivering growth and margin expansion next year.

我們更新的指導反映了加速對 Spark 的投資以及對北美植入物業務的額外投資的影響。我們預計這些投資將持續到 2024 年，因為明年北美的植入物將恢復市場水準成長。雖然現在提供 2024 年的指導還為時過早，但我們的重點是明年實現成長和利潤率擴張。

Now I'll turn the call back to Amir to discuss our long-term outlook and provide additional closing comments.

現在我將把電話轉回給阿米爾，討論我們的長期前景並提供更多的結束語。

Thanks, Stephen. Moving forward, our priorities remain the same: accelerate growth, expand operating margins and continue to transform our portfolio through disciplined capital deployment. Our intention is to partner with dental professionals to improve lives, and we believe that our diversified and comprehensive portfolio positions us as a partner of choice for clinicians globally.

謝謝，史蒂芬。展望未來，我們的首要任務保持不變：加速成長、擴大營業利潤並透過嚴格的資本部署繼續改造我們的投資組合。我們的目的是與牙科專業人士合作改善生活，我們相信我們多元化和全面的產品組合使我們成為全球臨床醫生的首選合作夥伴。

In our orthodontics business, we are focused on building on the strength of both our traditional bracket and wire solutions as well as our Spark clear aligner business to offer the orthodontic specialist the most comprehensive and integrated suite of treatment options available. We will support orthodontists as they build strong practices that provide personalized care and improve patients' smiles.

在我們的矯正業務中，我們專注於利用傳統托架和導絲解決方案以及 Spark 透明矯正器業務的優勢，為矯正專家提供最全面、最整合的治療方案套件。我們將支持正牙醫師建立強有力的實踐，提供個人化照護並改善患者的笑容。

In our implant businesses, we are focused on improving our short-term execution in North America while continuing to drive innovation, partnership and community. There is a significant opportunity to address the undertreatment of tooth loss and ensure that implants are the treatment of choice. We are well positioned to lead the future of implantology.

在我們的植體業務中，我們專注於提高在北美的短期執行力，同時繼續推動創新、合作夥伴關係和社區。這是解決牙齒缺失治療不足問題並確保植牙成為首選治療方法的重要機會。我們有能力引領種植學的未來。

In our diagnostics business, we will continue to streamline our focus while accelerating the digitization of dental offices. Our goal is to provide clinicians with diagnostic confidence, simplicity and productivity. We will drive penetration of IOS solutions globally. Further leveraging our strong installed base, we will provide differentiated digital workflows that are augmented by assisted intelligence and support clinicians in providing superior care and improved clinical outcomes.

在我們的診斷業務中，我們將繼續簡化我們的重點，同時加速牙科診所的數位化。我們的目標是為臨床醫生提供診斷信心、簡單性和生產力。我們將推動 IOS 解決方案在全球的普及。進一步利用我們強大的安裝基礎，我們將提供差異化的數位工作流程，並透過輔助智慧進行增強，並支持臨床醫生提供優質的護理和改善的臨床結果。

Finally, in our consumables business, we will continue to focus on driving above-market growth in sell-out by offering a comprehensive portfolio of restorative, endodontic and infection prevention solutions. By supporting clinicians with workflows that are designed to deliver simplicity, high aesthetics and great clinical outcomes, we will continue to be the brand of choice for clinicians globally.

最後，在我們的耗材業務中，我們將繼續專注於透過提供全面的修復、牙髓和感染預防解決方案組合來推動高於市場的銷售成長。透過為臨床醫生提供旨在實現簡單、美觀和良好臨床效果的工作流程，我們將繼續成為全球臨床醫生的首選品牌。

Our purpose is to partner with dental professionals to improve patients' lives by digitizing, personalizing and democratizing dental care. We are focused on delivering long-term value for patients, our customers, our employees and our shareholders.

我們的目標是與牙科專業人士合作，透過數位化、個人化和民主化牙科護理來改善患者的生活。我們專注於為患者、客戶、員工和股東提供長期價值。

Thanks, Amir. That concludes our formal comments. Operator, we are now ready for questions.

謝謝，阿米爾。我們的正式評論到此結束。接線員，我們現在準備好提問了。

(Operator Instructions) And our first question will come from Elizabeth Anderson with Evercore ISI.

（操作員說明）我們的第一個問題將來自 Evercore ISI 的 Elizabeth Anderson。

I have 2 questions. The first is on the current macro environment. We've heard broadly how there's sort of been a step down in environment in September. I was wondering if you could comment sort of more on those trends as you're seeing them through October, and, it's November 1, so November.

我有 2 個問題。首先是關於當前的宏觀環境。我們廣泛聽說九月環境狀況有所下降。我想知道您是否可以對這些趨勢發表更多評論，因為您在 10 月看到了這些趨勢，而且現在是 11 月 1 日，所以 11 月。

And then one other question I had, just was sort of on the -- about 8 weeks ago, you reiterated the guidance for the full year. So what caused you to sort of change it within the last 8 weeks? Is it a function of that sort of step down? A combination of other things? If you could provide a little bit more detail on that, that would be super helpful.

然後我還有一個問題，大約 8 週前，您重申了全年的指導。那麼，是什麼原因導致您在過去 8 週內做出了某種改變呢？這是這種降級的結果嗎？其他東西的組合？如果您能提供更多詳細信息，那將非常有幫助。

Of course. Thank you, Elizabeth. Let's talk about the macro first. We have a tremendous amount of insight by talking to a large number of DSOs, group practices, doctors around the world. Despite the fact that they remain bullish in the long term, they're mindful of what's going on in current macroeconomics. What they're seeing is stability in general in restorative care; most recently, in the past probably 8 to 12 weeks, more weakness in higher end dental procedures; adult orthodontic cases have declined; and the full-arch implant restorations, which was challenged to begin with, we have seen a further step down.

當然。謝謝你，伊麗莎白。我們先來說說宏觀。透過與世界各地的大量 DSO、團體診所、醫生交談，我們獲得了大量的見解。儘管他們長期看好，但他們也關注當前宏觀經濟的發展。他們看到的是恢復性護理大致穩定；最近，大約在過去 8 至 12 週內，高端牙科手術更加疲軟；成人正畸病例有所下降；而全牙弓植體修復體一開始就受到挑戰，我們看到了進一步的下降。

Clinicians are cautious. They're very cautious about inventory management in their offices around implant and bracket and wires. And one of the key elements of the growth was DSOs expanding the footprint around de novos, they have been more cautious recently about borrowing money, investing and expanding that business, which is directly impacting some of our equipment business in the long run.

臨床醫生持謹慎態度。他們對辦公室內植入物、支架和電線的庫存管理非常謹慎。成長的關鍵因素之一是 DSO 擴大了從頭開始的業務範圍，他們最近在藉貸、投資和擴大業務方面更加謹慎，從長遠來看，這直接影響了我們的一些設備業務。

On the business side and the implant side, we are seeing stable demand. But as I mentioned, high end is really challenged. And we have a really good feel on a number of implants that they're placed worldwide, specifically in North America. We are seeing some challenges that started in Q2 and continues throughout Q3 and most recently.

在業務方面和植入方面，我們看到穩定的需求。但正如我所提到的，高端確實面臨挑戰。我們對世界各地（特別是北美）放置的許多植入物有非常好的感覺。我們看到一些挑戰從第二季開始，一直持續到第三季以及最近。

In ortho, generally resilient for teens, adult cases has been weaker. On diagnostics, we're not seeing anything radically different than we have communicated before, major concern around higher interest rate, macro challenges. And our consumable is stable and resilient. And I can take you through geography by geography, the solid developed market, stable demand for basic procedures, high end, high-end procedures, lower demand for it.

在青少年中，一般情況下，成人個案的復原力較弱。在診斷方面，我們沒有看到任何與我們之前溝通過的根本不同的東西，主要關注的是利率上升和宏觀挑戰。而我們的消耗品穩定且有彈性。我可以帶你逐個地理地了解，堅實發達的市場，對基礎程序的穩定需求，高端，高端程序，對它的較低需求。

China, we saw a really rapid pent-up demand coming out of COVID and specifically after the VBP. The key issues that everybody tells us and throughout our visits, we were communicated, too, that the consumer sentiment remains a challenge in China. So the long-term visibility is a little bit more difficult in that geography.

在中國，我們看到新冠疫情帶來的被壓抑的需求非常迅速，特別是在 VBP 之後。每個人都告訴我們的關鍵問題，在我們的訪問過程中，我們也了解到，消費者信心仍然是中國的挑戰。因此，在該地區，長期可見性有點困難。

Russia, demand is soft, continuing conflict, and we are working through some of the challenges that we have around licensing. Emerging markets outside Russia and China, demand is stable. We're happy with what we have seen so far and continue that progression. Unfortunately, the recent challenges in Israel has caused additional commercial execution issues and manufacturing issues for Envista.

俄羅斯，需求疲軟，衝突持續，我們正在解決許可方面遇到的一些挑戰。俄羅斯和中國以外的新興市場需求穩定。我們對迄今為止所看到的情況感到滿意，並將繼續這一進展。不幸的是，以色列最近面臨的挑戰為 Envista 帶來了額外的商業執行問題和製造問題。

Now coming back to your question about what changed in the last 8 weeks, 4 specific elements. One, the macro environment is increasingly volatile and more concerned than we had seen in the past. Geopolitical complexity has become even more challenging than it was 8 weeks ago, 10 weeks ago. Normally, after summer, we expect to see a ramp-up around some of the procedures, specifically in Europe and some high-end procedure in North America, we are not seeing that. And last, but not least, the North America distribution challenges have put in a tremendous amount of uncertainty in our view of what we see in the near term and rest of the year.

現在回到你關於過去 8 週發生了什麼變化的問題，4 個具體要素。第一，宏觀環境比我們過去所看到的更加不穩定和更加令人擔憂。地緣政治的複雜性比 8 週前、10 週前更具挑戰性。通常情況下，夏季過後，我們預計某些手術會增加，特別是在歐洲和北美的一些高端手術，但我們沒有看到這種情況。最後但並非最不重要的一點是，北美分銷挑戰為我們對近期和今年剩餘時間的看法帶來了巨大的不確定性。

Combining all of that together, we thought it would be prudent for us to consider the challenges and take advantage of the opportunity that we have and make sure that we continue to make investment, accelerating Spark. That ramp that we talked about at Spark a year ahead of plan has ramification about mix.

綜合所有這些，我們認為謹慎的做法是考慮挑戰並利用我們所擁有的機會，並確保我們繼續進行投資，加速 Spark 的發展。我們提前一年在 Spark 上討論的斜坡對混合產生了影響。

The Spark margin are below fleet average, so the higher that volume, more challenging in our margin. And then investment that we have made a decision to make on North America implant around marketing, training, education, community development, we thought the timing is right for us to do that in order to build the foundation for growth as we go forward. That combination of those challenges, positive decision that we have made, we thought it is the right time for us to adjust our guidance to build a stronger, more resilient business in the long run.

Spark 利潤率低於機隊平均水平，因此銷售量越高，我們的利潤率就更具挑戰性。然後我們決定在北美圍繞行銷、培訓、教育、社區發展進行投資，我們認為現在是時候這樣做了，以便為我們前進的成長奠定基礎。這些挑戰與我們所做的積極決定相結合，我們認為現在是我們調整指導方針的最佳時機，以從長遠來看建立更強大、更有彈性的業務。

Our next question will come from Jeff Johnson with Baird.

我們的下一個問題將由傑夫·約翰遜和貝爾德提出。

Can you hear me guys?

你們聽得到我說話嗎？

Yes.

是的。

All right. Great. Amir, you and I have known each other a long time, so I'm going to ask you two maybe tough questions, but I think fair questions here. So on the Equipment & Consumables side, looks like it's going to be down for the year on a core growth basis. It was down last year year-over-year. And even if I go back to the 3 years pre-COVID, '17, '18 and '19, you were negative in E&C on a core growth basis. My sense is, most of those years that's a couple of few points below market, although hard to tell each of those years.

好的。偉大的。阿米爾，你和我已經認識很久了，所以我要問你兩個可能很棘手的問題，但我認為這是公平的問題。因此，在設備和消耗品方面，今年的核心成長似乎將會下降。去年較去年同期有所下降。即使我回到新冠疫情爆發前的 3 年，即“17 年”、“18 年”和“19 年”，在核心增長的基礎上，E&C 的表現仍然是負面的。我的感覺是，這些年的大部分時間都比市價低幾個點，儘管很難逐年區分。

So I guess my question is, when the market recovers, whether we get back to a 2% to 3%, 3% to 4% kind of market growth rate in E&C for the broader market, do you think you can be at market? Or is there something structurally disadvantaged in your product categories or your positioning that's going to make it tough to even get back to market when market improves eventually?

所以我想我的問題是，當市場復甦時，我們是否能在更廣泛的市場中恢復到 2% 到 3%、3% 到 4% 的 E&C 市場成長率，你認為你可以進入市場嗎？或者，您的產品類別或定位是否存在結構性劣勢，導致當市場最終好轉時，您甚至很難重返市場？

I appreciate the question. You get to the heart of it, and I'd love to be able to answer that question and tell you that we went through a radical transformation of our Equipment & Consumable business. You have been with us since 2015, in the past 8 years that I've been around. The first 2 or 3 years of this journey of building the Envista as a SaaS today was a lot of transformation, moving away from product categories, geographies that really wasn't advantage, moving away and selling obviously the carve-out business, moving from animal health care and many other businesses.

我很欣賞這個問題。您觸及了問題的核心，我很樂意回答這個問題，並告訴您我們的設備和消耗品業務經歷了徹底的轉型。從 2015 年開始，在我工作的 8 年裡，你們就一直陪伴著我們。如今，將 Envista 建構成 SaaS 的前兩三年經歷了許多轉型，遠離了真正沒有優勢的產品類別和地理位置，遠離並出售了明顯的分拆業務，從動物保健和許多其他業務。

So if I take a look at the last 9 months, as an example, and then compare it to 2022, here's what I see, here's what we see. If I take the exits of the geographies that we have moved, we have a really good feel for what's going on in inventory on consumable and the sell-out.

因此，如果我以過去 9 個月為例，然後將其與 2022 年進行比較，這就是我所看到的，這就是我們所看到的。如果我從我們已經搬遷的地區退出，我們對消費品庫存和銷售情況有很好的感覺。

About, I would say, 2/3 of our business, of our consumable and equipment, is in North America. We have a tremendous amount of insight about the sell-out. We are at or above sell-out in the past 9 months in almost every category. So I appreciate the perspective on looking back, but that's the reality of what we see on the ground.

我想說，我們大約 2/3 的業務、消耗品和設備都在北美。我們對銷售情況有大量的見解。在過去 9 個月裡，幾乎所有類別的銷售量都達到或超過了銷售量。所以我很欣賞回顧過去的觀點，但這就是我們在實地看到的現實。

We watch that very carefully. We watch inventory. We watch sell-out. You may see a quarter-to-quarter ups and downs, but in the past quarter-to-date, our consumable, at or above sell-out and categories, our imaging at or above sell-out.

我們非常仔細地觀察這一點。我們專注於庫存。我們觀察銷售情況。您可能會看到季度與季度之間的起伏，但在過去的季度迄今，我們的消費品達到或高於售罄率和類別，我們的成像達到或高於售罄率。

But now I want to turn to the discussion forward and tell you what we expect to see. Majority of deemphasizing some of the product categories, some geographies is going to be behind us. We're going to manage this business, get it to a more of a stable, differentiated. We're there with the consumable, with infection prevention, with endo, with resto.

但現在我想轉向未來的討論並告訴你們我們期望看到什麼。大多數不再強調某些產品類別，某些地區將落後於我們。我們將管理這項業務，使其更加穩定、差異化。我們提供消耗品、感染預防、endo、resto。

Last piece of this equation is around imaging. We think we're going to be in a really good place starting in 2024. And then innovation is going to play such an important role in here. Just in the past 3 months, we have put a new category, OP 3D LX, that is going to expand our presence. We have released a new intraoral scanner. We have now FDA approved AI that we are putting in a large installed base of sensors. Combination of go-to-market activities focused on innovation and continuation of a DBS-EBS at work is going to put this business at or above market as we go forward.

這個方程式的最後一部分是關於成像的。我們認為從 2024 年開始，我們將處於一個非常好的位置。然後創新將在這方面發揮如此重要的作用。就在過去 3 個月，我們推出了一個新類別 OP 3D LX，這將擴大我們的業務範圍。我們發布了一款新的口腔內掃描器。我們現在已經獲得了 FDA 批准的人工智慧，我們正在將其安裝到大量的感測器中。隨著我們的前進，專注於創新和繼續發揮 DBS-EBS 作用的市場進入活動將使該業務達到或高於市場水平。

We're really confident that this is a trajectory, this is the future we're seeing here. And all the work that we have done has put us in a really positive position today. Jeff, you know this market very well. It changes and turns slower than you expect. What we have done, we have done a lot of those changes now. We're in a really good place, our relationship with our distributors. We think when we move forward, we're going to see a different performance. as I mentioned again, at or above market proxies.

我們非常有信心，這是一條軌跡，這就是我們在這裡看到的未來​​。我們所做的所有工作使我們今天處於非常積極的位置。傑夫，你非常了解這個市場。它的變化和轉變比你想像的還要慢。我們所做的，我們現在已經做了很多改變。我們與經銷商的關係非常好。我們認為，當我們繼續前進時，我們會看到不同的表現。正如我再次提到的，等於或高於市場代理值。

All right. Well, that's great to hear. And let me ask the second question then, on your North American implant business. And obviously, you have the Nobel Biocare business here. You have the implant direct business. It seems like a bit of a gap -- at least in my view, a gap in kind of that premium minus category, maybe the $350 to $400 price point, something like that. And I think as practice, profitability has come under pressure here in the past 12 to 18 months at a lot of these offices. That's $100, $150 savings off the premium price points, maybe starting to appeal to some implant docs out there.

好的。嗯，很高興聽到這個消息。接下來讓我問第二個問題，關於你們的北美植入業務。顯然，這裡有 Nobel Biocare 業務。您擁有種植直接業務。這似乎有點差距——至少在我看來，是那種高級減價類別的差距，也許是 350 美元到 400 美元的價格點，類似的東西。我認為，在過去的 12 到 18 個月裡，許多辦事處的獲利能力在實踐中都面臨著壓力。這比高價位節省了 100 至 150 美元，也許開始吸引一些植入醫生。

So my question is, you're putting more channel support out there. You're putting more investments in the North American business, training, education, things like that. Is that enough? Do you need to fill that product gap in that premium minus? And if you do, how do you do it?

所以我的問題是，你們正在提供更多的管道支援。你們將在北美業務、培訓、教育等方面投入更多投資。夠了嗎？您是否需要在溢價減去後填補該產品缺口？如果你這樣做，你會怎麼做？

Great question, Jeff. What we did, what we have done in the past probably 6 to 9 months, we went back and said, let's take a look at 2016 to 2019. Let's assume that's norm. That's what the world before COVID look like. We looked at the number of implants. We looked at the prices. We looked at premium versus value. And we say, okay, erase 2020, look at 2021, '22, '23, try to see what that looked like in order for us to be able to look at what the new world order look like in '24 to '26.

好問題，傑夫。我們做了什麼，我們在過去大概 6 到 9 個月裡做了什麼，我們回過頭來說，讓我們看看 2016 年到 2019 年。讓我們假設這是常態。這就是新冠疫情之前的世界。我們查看了植入物的數量。我們查看了價格。我們研究了溢價與價值。我們說，好吧，刪除 2020 年，看看 2021 年、22 年、23 年，試著看看它是什麼樣子，以便我們能夠看看 24 到 26 年的新世界秩序是什麼樣子。

What we see in here, the pricing in implant -- we're purely talking implant, on the premium side, it hasn't dropped as radically as anticipated. Value prices have dropped a lot quicker, a lot faster. Volume, if you look at the volume, volume on the value side has increased a lot quicker, a lot faster. But that shift that people anticipate is going to happen, everything going to value, it's not happening.

我們在這裡看到的，植入物的定價——我們純粹是在談論植入物，在溢價方面，它並沒有像預期的那樣大幅下降。價值價格下降得更快、更快。成交量，如果你看成交量，價值方面的成交量成長得更快、更快。但人們預期的那種轉變將會發生，一切都會變得有價值，但它並沒有發生。

But now if you take the volume aside and say, I'll look at the dollar, the dollar spend, which includes prosthetic, regenerative, all that, premium continues to be an important part of this equation. The dollar spent, both on the patient side as well as on practitioner stay on the premium side and has really -- it hasn't changed that radically.

但現在如果你把數量放在一邊並說，我會看看美元，美元支出，其中包括義肢，再生，所有這些，溢價仍然是這個等式的重要組成部分。無論是在患者方面還是在從業者方面花費的美元都保持在溢價方面，而且實際上並沒有從根本上改變這一點。

I'll mention one more point, and then I'll answer your question of Nobel. If you go back, take a look at price of replacing 1 single implant from 2016 to today. Despite of all the changes in the market and price reduction, the prices have gone up. So people are charging more now than they charged before. So this business remains a very healthy business with a high margin.

我再提一點，然後回答你關於諾貝爾的問題。如果你回去的話，看看從 2016 年到現在更換 1 個植體的價格。儘管市場發生了變化，價格也有所下降，但價格卻上漲了。因此，人們現在的收費比以前要高。因此，這項業務仍然是一項非常健康的業務，利潤率很高。

Now we say, why now. Why did you, all of a sudden, recognized you have this challenge. After COVID, we -- kind of that pent-up demand caused us to misread a little bit of what was taking place in realities. All the changes that we did on the commercial execution, customer experience, training, education, VBP in China, it's paying off. Over 50% of our business outside North America is performing at proxy or above proxies.

現在我們說，為什麼是現在。為什麼你突然意識到自己面臨這個挑戰？在新冠疫情之後，這種被壓抑的需求讓我們誤讀了現實中正在發生的事情。我們在中國的商業執行、客戶體驗、培訓、教育、VBP 所做的所有改變都得到了回報。我們在北美以外地區超過 50% 的業務是透過代理商或代理商以上進行的。

When we start digging into the North America, who is placing this implant? The specialists, those high-volume GPs, the DSOs. The value proposition, what you need to do for each segment, radically different, and we need to change and adjust our approach. We need to become a lot localized. We need to be on the ground in front of these people.

當我們開始深入北美時，誰在植入這個植入物？專家、那些大批量的全科醫生、DSO。價值主張，你需要為每個細分市場做什麼，完全不同，我們需要改變和調整我們的方法。我們需要變得更加本土化。我們需要站在這些人面前。

Customer experience becomes a lot more important, relationship with reps, supporting infrastructure, local training and specialists and referral network and lab, building a community of the future, younger oral surgeon, more diverse. These are what they're going to build the future of this business.

客戶體驗變得更加重要，與代表的關係，支持基礎設施，本地培訓和專家以及轉介網絡和實驗室，建立未來的社區，更年輕的口腔外科醫生，更加多樣化。這些就是他們將要建立的業務的未來。

We need to build that community. We need to give these people opportunity to learn and teach and impact the environment. We have been at this for quite some time, so we wanted to make sure that we have a really good understanding of what is taking place on the ground before we take serious actions. We have that understanding now.

我們需要建立這個社區。我們需要為這些人提供學習、教學和影響環境的機會。我們已經這樣做了很長一段時間，因此我們希望確保在採取認真行動之前我們對實地正在發生的事情有很好的了解。我們現在有了這樣的理解。

Now let me go back to the portfolio. Nobel is a well-known brand. When we interview, and we have interviewed a large number of people, product gap, important, but it's not the most important thing that we got to do. I'm not moving away from innovation. I'm not suggesting that we shouldn't be doing that.

現在讓我回到投資組合。諾貝爾是一個知名品牌。當我們面試時，我們面試了大量的人，產品差距很重要，但這不是我們要做的最重要的事情。我不會放棄創新。我並不是建議我們不應該這樣做。

There are some short-term, long-term approach. In short term, customer experience, getting people to learn how to place implant, building the communities, have the drastic impact and importance, continue to look at the portfolio. While we have been added with N1 and some of the services try to predict the future, take a look at what is needed today and try to make sure that partnership as well as filling the portfolio in some of the areas, we continue to build that momentum.

有一些短期的、​​長期的方法。從短期來看，客戶體驗、讓人們學習如何放置植入物、建立社區，具有巨大的影響力和重要性，需要繼續專注於產品組合。雖然我們已經添加了 N1，並且一些服務試圖預測未來，但看看今天需要什麼，並嘗試確保合作夥伴關係以及充實某些領域的產品組合，我們將繼續建立勢頭。

We feel good about what we are understanding. That is a big part of the problem. Do you exactly know what the issue is. We think that we now have that understanding. Now we have been in action. Starting in Q3, we're making those investments. We're adding resources. We're creating this training and education program, and you're going to see a different performance as we go forward.

我們對自己所理解的內容感覺良好。這是問題的一個重要部分。你確切知道問題是什麼嗎？我們認為我們現在已經有了這樣的理解。現在我們已經在行動了。從第三季開始，我們將進行這些投資。我們正在添加資源。我們正在創建這個培訓和教育計劃，隨著我們的推進，您將看到不同的表現。

Our next question will come from Jon Block with Stifel.

我們的下一個問題將來自 Jon Block 和 Stifel。

Maybe the first one, it sounds like the expectations for modest growth for revenue and EBITDA expansion in 2024, Stephen, if I heard you correctly. So what do we think about the LRP EBITDA margin of 22.5% for 2026? And that implies greater than 100 bps off the new 18.5% this year. And next year doesn't seem like that's teed up for 100 bps. So it would be wildly back-end weighted. So let me maybe start there. Do we take that off the table, which arguably was on the table only 9 or 10 months ago? And then I'll ask the follow-up.

也許是第一個，這聽起來像是對 2024 年收入和 EBITDA 擴張的預期，史蒂芬，如果我沒聽錯的話。那麼我們對 2026 年 22.5% 的 LRP EBITDA 利潤率有何看法？這意味著比今年新的 18.5% 低了 100 個基點以上。明年似乎還沒有達到 100 個基點的水平。所以後端的權重會非常大。那麼就讓我從這裡開始吧。我們是否要把這個問題從桌面上刪除，這個問題可以說是在 9 或 10 個月前才提出的？然後我會問後續情況。

Yes. Happy to answer that, Jon. We put a guidance out there and said that in the long run, we want to get to about high single digit in 2026 with 22.5%. So what assumptions we made when we made those guidance, what has changed. We just meant -- we just communicated that our intention is to double the size of our Spark business. That plays such an important role in reaching that goal, milestone in the long run. To do that calculation, you'll find out in the next 3 years, we have significant opportunity for expansion or growth in that area, one.

是的。很高興回答這個問題，喬恩。我們提出了指導意見，並表示從長遠來看，我們希望在 2026 年達到 22.5% 的高個位數。那麼，我們在製定這些指導時做出了哪些假設，發生了哪些變化。我們只是想說，我們只是傳達了我們的意圖是將 Spark 業務規模擴大一倍。從長遠來看，這對於實現這一目標、里程碑發揮著如此重要的作用。為了進行計算，您會發現在未來 3 年中，我們在該領域有很大的擴張或成長機會。

Two, the margin on our Spark is below fleet average. And what we have -- if we look at it in the last 7 quarters, specifically in the last 3 quarters, every quarter, we have better margin than the previous one. While we continue to make investment, we'll continue to do automation, EBS at work, try to improve the margin in order to get this to be fleet average as we get in outer years. Such a significant investment and growth and portion of our portfolio getting to more fleet average really make that equation work. So that's the first element of this.

第二，我們 Spark 的利潤低於車隊平均。我們所擁有的——如果我們看看過去 7 個季度，特別是過去 3 個季度，每個季度我們的利潤率都比上一個季度更好。在我們繼續進行投資的同時，我們將繼續進行自動化、EBS工作，努力提高利潤率，以便達到我們在過去幾年中的機隊平均水平。如此重大的投資和成長以及我們投資組合的一部分達到了更高的機隊平均水平，確實使這個等式發揮作用。這是第一個要素。

Second, our implant business had been operating, had been performing below market proxies. The plan that -- we have to go execute it. But the plan that is in place to get that to the market proxies over the next couple of years, start improving that in 2024, it's such a high-margin business. That by itself is going to make a huge difference.

其次，我們的植入物業務一直在運營，但表現一直低於市場指標。我們必須去執行這個計劃。但已製定的計劃是在未來幾年內將其推向市場，並在 2024 年開始改進，這是一項利潤率很高的業務。這本身就會產生巨大的影響。

The third piece of this equation is around diagnostics. We course correct and deemphasized some of the product categories, region. That's going to be behind us. We're going to see a better performance. You have seen that in the past 3 quarters. Our Equipment & Consumable has better margins and continued to deliver. Now imagine getting to market proxies, those single-digit market improvement, higher margin in that area. That is going to add to the proxy, add to that long-term view.

這個等式的第三部分是圍繞著診斷。我們當然修正並淡化了一些產品類別、地區。那將在我們身後。我們將會看到更好的表現。您在過去三個季度已經看到了這一點。我們的設備和消耗品擁有更好的利潤並持續交付。現在想像一下進入市場代理，那些個位數的市場改善，該領域的利潤率更高。這將會新增到代理中，新增到長期視圖中。

We're not counting on any radical changes. We do that math. We execute the program that we have in place, we deliver on what we have in our long-term view without any acquisition. We think that long-term goal is achievable. We need to go on and execute it. In the short term, we have to make some trade-off between growth and margin in order to build the foundation for the long run.

我們並不指望會發生任何根本性的改變。我們做數學計算。我們執行現有的計劃，在不進行任何收購的情況下實現我們的長期願景。我們認為長期目標是可以實現的。我們需要繼續執行它。從短期來看，我們必須在成長和利潤之間做出一些權衡，才能為長期奠定基礎。

This organization has proven that they have tracked record of confidence in building credibility and operational excellence. 450 basis point of operating margin improvement, we have done that. We can do that again moving forward.

該組織已經證明，他們在建立信譽和卓越營運方面擁有信心記錄。營業利潤率提高了 450 個基點，我們已經做到了。我們可以再做一次。

Okay. That was great. That was very helpful. I mean, the second question might just be a little bit more straightforward, and I'll apologize in advance for it. But I just really don't understand the implant commentary. It seems like you've been the main share donor in the industry of late. You're poorly weighted in terms of, call it, premium versus value.

好的。那很棒。這非常有幫助。我的意思是，第二個問題可能更簡單一些，我會為此提前道歉。但我真的不明白植入評論。看來您最近一直是該行業的主要股權捐贈者。就溢價與價值而言，你的權重很差。

How do you expect to get back to market growth as early as 2024? Maybe if you can detail how you do that so quickly. And then I feel like getting back to market growth in '24 is actually at odds with modest revenue growth, because it's such a big chunk of your portfolio, Amir. 40% of your biz is going to grow mid-single digit and Spark's still doing really well, it's hard not to land at mid-single-digit growth for you guys when you sort of wait everything out.

您預計如何最早在 2024 年恢復市場成長？也許如果你能詳細說明你是如何如此快速地做到這一點的話。然後我覺得回到 24 年的市場成長實際上與適度的收入成長相矛盾，因為它在你的投資組合中佔了很大一部分，阿米爾。你們 40% 的業務將實現中個位數成長，而 Spark 的表現仍然非常好，當你們等待一切結束時，很難不實現中個位數成長。

So I find them at odds. Maybe if you can talk to that. And then that's a really quick turn to get back to market growth considering your starting point with mix against you, any details would be great.

所以我覺得他們有矛盾。也許如果你能談談的話。然後，考慮到您的混合起點，這是一個非常快速的轉變，可以回到市場成長，任何細節都會很棒。

Thank you so much for your confidence, Jon. I really appreciate it. But let me tell you what is -- let me break this down for you. You said 40%, absolutely correct. 50% of that is this 20% of business, they're operating and market proxies. So this is not a wholesale transformation. It's about 50% of business, which is North America operating below market proxies as it stands today.

非常感謝你的信任，喬恩。對此，我真的非常感激。但讓我告訴你是什麼——讓我為你解釋一下。你說40%，完全正確。其中 50% 是這 20% 的業務，他們是營運和市場代理。所以這不是一個大規模的轉變。北美業務的約 50% 的營運水準低於目前的市場水準。

And we can sit down and do all other math about what the market proxies in the last 9 months in each one of the segment look like. We think about 80% of our business today is operating on market proxies. 20% of the business, which is North America implant, is below what those proxies are in North America.

我們可以坐下來，對過去 9 個月每個細分市場的市場指標進行所有其他計算。我們認為今天大約 80% 的業務是在市場代理上運營的。 20% 的業務（即北美植入業務）低於北美的代理業務。

And again, you have a very good view of all the announcement that's coming up to what is taking place in North America. We know we are operating below market proxies. No question about it. Anyway, we take a step back and say, what is causing that? What is -- what's the purpose? And is that something that's short term, you can do immediately while you look at the long term?

再說一遍，您對北美即將發生的所有公告都有一個很好的了解。我們知道我們的營運低於市場代理水準。毫無疑問。無論如何，我們退後一步問，是什麼造成了這種情況？什麼是──目的是什麼？這是不是短期內可以立即做的事情，同時著眼於長期？

We're not committing that we're going to start taking share in the long run. We are committed to a quarter-to-quarter improvement. We're putting -- we stopped the bleeding in some of the specific areas, getting new customers, building the training and education, doing a better job with the customer experience over time.

我們並不承諾從長遠來看我們將開始分享。我們致力於逐季改善。我們正在某些特定領域止住流血，吸引新客戶，建立培訓和教育，隨著時間的推移在客戶體驗方面做得更好。

These are the things that we have done. Jon, we did this in Europe with our implant business. We started that in 2021 and we saw the result of that in 2022. In 2023, we are operating in that proxy, and in some geographies, we're even better than proxies. So it is not unheard of. It is not something that we haven't done.

這些是我們所做的事情。喬恩，我們在歐洲的植體業務中做到了這一點。我們從 2021 年開始，在 2022 年看到了結果。到 2023 年，我們在該代理商中運營，在某些地區，我們甚至比代理商更好。所以這並非聞所未聞。這不是我們沒有做過的事。

What we are saying is -- and we didn't -- we haven't committed to a 2024 guidance. We're working through that. By the time we get together in February with the investors, we would give you a better view of that. When we deliver Q4, we will give you the guidance for 2024. But we think actions that we are taking, that we have started, is going to start paying off as we go through 2024.

我們想說的是——我們沒有——我們沒有承諾制定 2024 年的指導方針。我們正在解決這個問題。當我們二月與投資者聚會時，我們會讓您更了解這一點。當我們交付第四季度時，我們將為您提供 2024 年的指導。但我們認為，我們正在採取的、已經開始的行動將在 2024 年開始獲得回報。

Our next question will come from Nathan Rich with Goldman Sachs.

我們的下一個問題將來自高盛的內森·里奇。

I maybe wanted to start with the fourth quarter guidance. It looks like it implies a low single-digit decline in core growth. Could you maybe help us think about the impact by segment? You called out macro weakness. It seems like that would be more targeted on the specialty segment with implants and aligners. The distribution challenges, I'd imagine, impact E&C. So could you just maybe help us think through the relative performance of the 2 segments in Q4?

我可能想從第四季的指導開始。看起來這意味著核心成長將出現低個位數的下降。您能否幫我們考慮一下按細分市場劃分的影響？您指出了宏觀疲軟。看起來這將更針對植體和對準器的專業領域。我想，分銷挑戰會影響 E&C。那麼您能否幫助我們思考第四季這兩個細分市場的相對表現？

And a couple of specific ones related to that. Obviously, Henry Schein has been impacted by disruption to their order management. Has that had an impact on your fourth quarter business? And as it relates to Israel, I guess it wasn't clear. Is there a specific headwind embedded in the Q4 guidance? Or were you just highlighting that as an additional swing factor? Sorry for the long question.

還有一些與此相關的具體問題。顯然，Henry Schein 受到了訂單管理中斷的影響。這對您第四季的業務有影響嗎？由於它與以色列有關，我想還不清楚。第四季指引中是否存在特定的阻力？或者你只是強調這一點作為一個額外的搖擺因素？抱歉問了這麼長的問題。

Of course, Nathan, 3 questions. I'll answer the first 2, and I'll have Stephen talk to Q4. Let's just start with Henry Schein. This is my year 8 being in this industry. Stanley Bergman has been a friend, a mentor to me and somebody that I have tremendous amount of respect for. We have reached out to them. We have offered our support. We have told them that we are here to help them any way that we can.

當然，內森，有 3 個問題。我將回答前 2 個問題，然後讓 Stephen 與 Q4 交談。讓我們從亨利·沙恩開始。這是我進入這個行業的第八年。史丹利‧伯格曼是我的朋友、導師，也是我非常尊敬的人。我們已與他們聯繫。我們已經提供了支援。我們已經告訴他們​​，我們將竭盡全力幫助他們。

It's an unfortunate situation. We have a very close relationship with them. And we are trying to figure out how we can mitigate some of this negative impact. But Schein is our largest distributor in North America. But as I mentioned, 2/3 of our Equipment & Consumable business is in North America. And given that dynamic, it's something that we cannot forecast and really see how that's going to impact us.

這是一個不幸的情況。我們與他們有著非常密切的關係。我們正在試圖找出如何減輕這種負面影響。但 Schein 是我們在北美最大的經銷商。但正如我所提到的，我們 2/3 的設備和耗材業務位於北美。考慮到這種動態，我們無法預測也無法真正了解它將如何影響我們。

We're working with customers. We're working with all the distribution, but visibility is really very, very difficult for us to be able to say when that recovery is going to take place. They can't take order. They have some other challenges. It's directly impacting us.

我們正在與客戶合作。我們正在與所有發行版合作，但可見性對我們來說真的非常非常困難，無法確定何時會發生恢復。他們不能接受命令。他們還有其他一些挑戰。它直接影響著我們。

Let me talk about ABT a little bit. ABT is an Israeli company that Nobel bought prior to our acquisition. We have an incredible manufacturing side in Modi'in, outside Tel Aviv. Our people have come to work and they're working, but environment is really difficult. We have about a $20 million business, as a whole, in Israel.

讓我稍微談談ABT。 ABT 是一家以色列公司，在我們收購之前被 Nobel 收購。我們在特拉維夫郊外的莫迪因擁有令人難以置信的製造能力。我們的人民已經開始工作，他們正在工作，但環境確實很困難。我們在以色列的業務總體價值約為 2000 萬美元。

Obviously, we're not expecting to see anything in Q4, but also it's a huge manufacturing site for us for our ABT business, which is present in Latin America, in Europe, in China. We're trying to build inventory, trying to kind of manage through that, but it's realities that we are dealing with. That conflict has caused uncertainty that we didn't face 8 weeks ago. Now let's talk about a little bit Q4 and the gap that we see there.

顯然，我們預計第四季度不會有任何進展，但對於我們的 ABT 業務來說，這也是一個巨大的生產基地，該業務分佈在拉丁美洲、歐洲和中國。我們正在努力建立庫存，試圖對此進行管理，但我們正在面對現實。這場衝突造成了我們 8 週前沒有遇到的不確定性。現在讓我們談談第四季度以及我們在那裡看到的差距。

That's correct. And I think, Nate, really, what you're seeing here is, look, in Q4, we're going to expect continued strong growth in Spark as we've delivered consistently. But that growth is ultimately going to be tempered by some of the macro weakness that Amir's alluded to as well as -- look, we're not expecting our North American implant business to turn around in the fourth quarter.

這是正確的。我認為，Nate，實際上，您在這裡看到的是，在第四季度，我們預計 Spark 將持續強勁成長，因為我們一直在交付。但這種成長最終將受到阿米爾提到的一些宏觀疲軟的影響，以及——看，我們預計我們的北美植入物業務不會在第四季度出現好轉。

We expect continued kind of underperformance in the fourth quarter as we set up for better performance next year. And then again, really -- and then on top of that, on the E&C side, you have the planned exits or the deemphasis of specific geographies and products that will be a modest growth -- headwind to growth.

我們預計第四季的表現將繼續不佳，因為我們為明年的更好表現做好了準備。話又說回來，實際上，最重要的是，在 E&C 方面，你有計劃的退出或不再強調特定的地區和產品，這將是適度的增長，這對增長來說是逆風。

And then, again, as Amir talked about, you have the uncertainty around the North American distribution channel and specifically, the lumpiness around potential sales in a -- on the consumable side. So that comes together for a low single-digit growth decline. And obviously, on the margin side, we'll continue to make investments on both Spark and implants, which do temper the margin profile that we're talking about. Thank you.

然後，正如阿米爾所說，北美通路存在不確定性，特別是消費品方面的潛在銷售不穩定。因此，這些因素共同導致了低個位數的成長下降。顯然，在利潤方面，我們將繼續對 Spark 和植入進行投資，這確實會緩和我們正在談論的利潤狀況。謝謝。

Our next question comes from Jason Bednar with Piper Sandler.

我們的下一個問題來自 Jason Bednar 和 Piper Sandler。

I want to start here on EBITDA margin for the year. And I'd apologize, I know we've covered this in a few different ways already maybe, but just trying to understand the message and really consider where we're at versus where we've been all year long. The last 9 months, the message has been, for Envista, we've got EBS. We're lean. We're restructuring the business in certain geographies, these are paying off.

我想從今年的 EBITDA 利潤率開始。我很抱歉，我知道我們可能已經以幾種不同的方式涵蓋了這一點，但只是試圖理解這一信息，並真正考慮我們所處的位置與我們一整年的情況。過去 9 個月，我們傳達的訊息是，對於 Envista，我們已經擁有了 EBS。我們很瘦。我們正在某些地區重組業務，這些正在取得成效。

We're going to deliver an improvement in EBITDA margins in the second half of this year. It's back-half weighted, but we know it -- we know that. But today's message seems like a pivot where you're meeting a tougher operating environment with higher spending in business reinvestments. So -- look, I understand it's a tough question, and there are things that are outside of your control like we're just talking about with Henry Schein, but can you help with the cadence of decisions in messaging here around EBITDA margins?

我們將在今年下半年實現 EBITDA 利潤率的改善。它是後半配重的，但我們知道這一點——我們知道這一點。但今天的訊息似乎是一個轉捩點，您將面臨更艱難的營運環境以及更高的業務再投資支出。所以——聽著，我知道這是一個棘手的問題，有些事情是你無法控制的，就像我們剛剛與Henry Schein 討論的那樣，但是你能幫助我們調整圍繞EBITDA 利潤率的信息傳遞決策的節奏嗎？

Yes. Happy to do it. So the mix play a very important role in here. Spark growing a lot faster, and we are doubling down, opening a new factory, expanding that, while we grow fleet average, that plays an important role in here. Implant, as Stephen talked about, we're not expecting any radical shift, we're expecting continuous improvement, quarter after quarter after quarter moving forward. Uncertainty that we talked about around North America distribution plays an important role. These are high-margin products that if we are not able to, with certainty, put that in the channel, deliver to customers, it's going to have an implication.

是的。很高興做這件事。所以混合在這裡扮演著非常重要的角色。 Spark 的成長速度要快得多，我們正在加倍努力，開設一家新工廠，擴大規模，同時我們提高機隊平均水平，這在這裡發揮著重要作用。正如史蒂芬所說，植入物我們並不期望發生任何根本性的轉變，我們期望持續改進，一個季度又一個季度地向前發展。我們談到的北美分銷的不確定性發揮著重要作用。這些是高利潤產品，如果我們不能確定地將其放入管道，交付給客戶，就會產生影響。

Combination of all of that, it is not about continuous improvement on our part. We're doing everything possible to make sure that gross margin in areas such as on -- specifically Spark, continued to improve quarter after quarter. Our imaging business getting more and more profitable going forward. Our consumable is in the best possible format from on-time delivery, quality, margin structure.

綜合所有這些，這與我們的持續改進無關。我們正在盡一切可能確保諸如 Spark 等領域的毛利率持續逐季提高。我們的成像業務未來的利潤將越來越高。從準時交貨、品質、利潤結構來看，我們的消耗品都處於最佳狀態。

The headwind we are seeing on those areas is really having a drastic impact. We have to rethink what we are able to do with certainty through Q4. And then we want to build this business for the long run. Yes, we have commitment, and we want to deliver to those guidance that we have, but we also want to make sure that we do a balance of investment versus margin expansion.

我們在這些地區看到的逆風確實產生了巨大的影響。我們必須重新思考第四季我們能夠確定要做什麼。然後我們希望長期發展這項業務。是的，我們有承諾，我們希望兌現我們所擁有的這些指導，但我們也希望確保我們在投資與利潤擴張之間取得平衡。

Investment that we are making today on Spark, North America, Nobel commercial activities, it's going to have a long-term impact. And we're going to see the outcome of that in 2024, 2025 and driving toward achievement of what we said in 2026. Those are tough decisions that we needed to make, and looking back on what we have done in the past, we think this is the time for us to make those balanced decisions, to get ourselves in a better place, to put ourselves in a better position for the long run.

我們今天對 Spark、北美、諾貝爾商業活動的投資，將會產生長期影響。我們將在 2024 年、2025 年看到結果，並努力實現我們在 2026 年所說的目標。這些是我們需要做出的艱難決定，回顧我們過去所做的事情，我們認為現在是我們做出平衡決定的時候了，讓自己處於更好的位置，從長遠來看，讓自己處於更好的位置。

Okay. Amir, are you able to quantify maybe how much the distribution disruption is impacting profitability? As that seems like the biggest delta versus where we were at 3 months ago. And then I did want to piggyback off Jon Block's question. Are you saying that your LRP for 2026 is intact? Or are the goalposts moving here where your LRP is now, by definition, long term rather than a line on the sand like 2026?

好的。阿米爾，您能否量化分銷中斷對獲利能力的影響程度？這似乎是與 3 個月前相比最大的增量。然後我確實想藉用喬恩·布洛克的問題。您是說 2026 年的 LRP 完好無損嗎？或者，根據定義，現在的 LRP 是長期目標，而不是像 2026 年那樣的一條沙線？

Yes. So we are -- we don't provide guidance by a specific segment, we're just anticipating what the challenges is going to look like in North America specifically to distribution as well as what we talked about on ABT, some of the additional risk that we have other places. That's how we kind of revised our forecast through that.

是的。所以我們 - 我們不提供特定細分市場的指導，我們只是預測北美將面臨的挑戰，特別是分銷方面的挑戰，以及我們在 ABT 上討論的內容，以及一些額外的風險我們還有其他地方。這就是我們透過這種方式修改我們的預測的方式。

What we have -- what we communicated on 2026, those milestones are there and we have a path to get there. There are a series of activities that we have to do to get there. Assuming the macro environment doesn't deteriorate faster or worse than what it is, the mathematics that are in place, the activities that we have put in place, the innovation and investment should get us to that 2026 guidance that we have provided.

我們所擁有的——我們在 2026 年所傳達的，那些里程碑已經存在，我們有一條實現目標的道路。為了實現這一目標，我們必須開展一系列活動。假設宏觀環境的惡化速度不會比實際情況更快或更糟，那麼現有的計算方法、我們所進行的活動、創新和投資應該能讓我們達到我們提供的 2026 年指引。

We have a lot more work to do, a lot more opportunities to have that discussion when we meet in February and after Q4 results. Right now, we are focused on trying to do the best that we can to take care of our customers, to make sure that our team sees the future of what we can do as a company, making a huge difference.

我們還有很多工作要做，當我們在二月和第四季結果公佈後開會時，我們有更多的機會進行討論。目前，我們專注於盡我們所能照顧我們的客戶，以確保我們的團隊看到我們作為一家公司可以做什麼的未來，從而產生巨大的變化。

We have come a long way in the past 4 years. We're not stopping in here. And we think what we see in the short term is a blip in what we need to do to build the future of this industry and the future of Envista. Thank you so much.

在過去的四年裡，我們取得了長足的進步。我們不會停在這裡。我們認為，我們在短期內看到的只是我們為建立這個產業的未來和 Envista 的未來所需要做的事情的一個短暫現象。太感謝了。

With that, we're going to conclude the call. I really appreciate everyone's time. We look forward to talking to you in the coming weeks.

至此，我們將結束通話。我真的很感謝大家的時間。我們期待在未來幾週內與您交談。

Thank you, ladies and gentlemen, this concludes the Envista Holdings Corporation Third Quarter 2023 Earnings Results Conference Call. You may now disconnect.

謝謝女士們、先生們，Envista Holdings Corporation 2023 年第三季獲利結果電話會議到此結束。您現在可以斷開連線。