DENTSPLY SIRONA Inc (XRAY) 2025 Q1 法說會逐字稿

Welcome to the Q1 2025 Dentsply Sirona earnings conference call. (Operator Instructions)

歡迎參加 2025 年第一季 Dentsply Sirona 財報電話會議。（操作員指示）

Please be advised that today’s conference is being recorded. I would now like to hand the call over to Andrea Daley, Vice President of Investor Relations. Please go ahead.

請注意，今天的會議正在錄製。現在我想把電話交給投資者關係副總裁安德里亞·戴利 (Andrea Daley)。請繼續。

Thank you, operator, and good morning, everyone. Welcome to the Dentsply Sirona first quarter 2025 earnings call. Joining me for today’s call is Simon Campion, Chief Executive Officer; and Rich Rosenzweig, Executive Vice President, Corporate Development and General Counsel. I’d like to remind you that an earnings press release and slide presentation related to the call are available on the Investors section of our website at www.dentsplysirona.com.

謝謝接線員，大家早安。歡迎參加 Dentsply Sirona 2025 年第一季財報電話會議。參加今天電話會議的還有執行長 Simon Campion；以及企業發展執行副總裁兼總法律顧問 Rich Rosenzweig。我想提醒您，與此電話會議相關的收益新聞稿和幻燈片簡報可在我們網站 www.dentsplysirona.com 的投資者部分找到。

Before we begin, please take a moment to read the forward-looking statements in our earnings press release. During today’s call, we may make certain predictive statements that reflect our current views about future performance and financial results.

在我們開始之前，請花一點時間閱讀我們的收益新聞稿中的前瞻性陳述。在今天的電話會議中，我們可能會做出某些預測性陳述，以反映我們對未來業績和財務結果的當前看法。

We base these statements and certain assumptions and expectations on future events that are subject to risks and uncertainties. Our most recently filed Form 10-K and any updating information in subsequent SEC filings lists some of the most important risk factors that could cause actual results to differ from our predictions.

我們根據受風險和不確定性影響的未來事件做出這些陳述和某些假設和期望。我們最近提交的 10-K 表格以及後續 SEC 文件中的任何更新資訊列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

On today’s call, our remarks will be based on non-GAAP financial results. We believe that non-GAAP financial measures offer investors valuable additional insights into our business’s financial performance, enable the comparison of financial results between periods where certain items may vary independently of business performance and enhanced transparency regarding key metrics used by management in operating our business.

在今天的電話會議上，我們的評論將基於非公認會計準則財務結果。我們相信，非公認會計準則財務指標為投資者提供了有關我們業務財務表現的寶貴額外見解，能夠比較某些項目可能獨立於業務業績而變化的期間之間的財務結果，並提高管理層在運營業務時使用的關鍵指標的透明度。

Please refer to our press release for the reconciliation between GAAP and non-GAAP results. Comparisons provided are to the prior year quarter unless otherwise noted. A webcast replay of today’s call will be available on the Investors section of the company’s website following the call.

請參閱我們的新聞稿，以了解 GAAP 和非 GAAP 結果之間的對帳情況。除非另有說明，所提供的比較是與去年同期進行比較。電話會議結束後，公司網站的「投資者」部分將提供今天電話會議的網路回放。

And with that, I will now turn the call over to Simon.

現在，我將把電話轉給西蒙。

Thank you, Andrea and thank you all for joining us this morning for our Q1 2025 earnings call. Today, I'll cover our full agenda as Herman Cueto has completed his interim CFO assignment with us.

謝謝你，安德里亞，也謝謝大家今天早上參加我們的 2025 年第一季財報電話會議。今天，我將介紹我們的全部議程，因為 Herman Cueto 已經完成了他的臨時財務長任務。

My prepared remarks will include an overview of our recent performance, our Q1 financial results, and an update on our 2025 outlook. I'll then finish with our foundational initiatives and strategy.

我的準備演講將包括我們近期業績的概述、第一季的財務表現以及 2025 年展望的最新情況。然後我將結束我們的基礎舉措和策略。

Before we get started, I want to provide you with some thoughts and comments on the global trade situation and how we're viewing it relative to our business. As a multinational company operating in over 100 countries with a global supply chain, the current and potential tariffs create headwinds and risks in our business. We are confident that the work we have done to strengthen our foundation improves our ability to navigate these potential challenges.

在我們開始之前，我想向您提供一些關於全球貿易狀況的想法和評論，以及我們如何看待它對我們的業務的影響。作為一家在 100 多個國家/地區開展業務並擁有全球供應鏈的跨國公司，當前和潛在的關稅為我們的業務帶來了阻力和風險。我們相信，我們為加強基礎所做的工作將提高我們應對這些潛在挑戰的能力。

As the situation began to evolve, we developed plans to mitigate potential impacts to our business. We continue to monitor the changing landscape and are poised to pivot as necessary.

隨著情勢的發展，我們制定了計劃來減輕對我們業務的潛在影響。我們將繼續監測不斷變化的形勢，並準備根據需要做出調整。

Now, let's start with some key points on slide 3. In the first quarter, we continued to make progress towards driving reliable and sustainable performance from Dentsply Sirona.

現在，讓我們從投影片 3 上的一些要點開始。第一季度，我們持續在推動登士柏西諾德可靠、可持續的業績方面取得進展。

Let's run through a few highlights. In Q1, we delivered organic growth in two of our three global regions and continued to improve operational efficiency. Organic sales exceeded our expectations, and while down 4.4%, it did include a negative 4% pipe impact.

讓我們回顧一下其中的一些亮點。第一季度，我們在全球三個地區中的兩個地區實現了有機成長，並繼續提高營運效率。有機銷售額超出了我們的預期，雖然下降了 4.4%，但確實包含了 4% 的管道負面影響。

Imaging performed well in the quarter with our heightened focus resulting in growth across all regions. Wellspect Healthcare delivered another quarter of growth across all geographies, fueled by new product introductions and solid execution. Europe also delivered growth for the second quarter in a row, while Germany, our largest market in Europe, and our second largest market globally, delivered a third consecutive quarter of growth. We were pleased to see EBITDA margin expansion and EPS growth in the quarter, reflecting our transformational savings, improving operational efficiency and byte.

由於我們高度關注，成像業務在本季度表現良好，從而實現了所有地區的成長。由於新產品的推出和穩健的執行，Wellspect Healthcare 在所有地區又實現了一個季度的成長。歐洲也連續第二季實現成長，而我們在歐洲最大的市場、全球第二大市場德國連續第三個季度實現成長。我們很高興看到本季 EBITDA 利潤率擴大和 EPS 成長，這反映了我們的轉型節約、營運效率和位元組的提高。

We continue to drive internal financial discipline while also seeking to improve our commercial excellence, including customer experience, a work in progress. Our approach for IDS this year serves as a great example of this. While we spent 60% less than we did in 2023, our sales results exceeded those in 2023, a testament to the innovation that we continue to deliver, focused on enabling great clinical outcomes, improving efficiency for our customers and enhancing treatment acceptance rates. Our commitment to customers and investors remains on delivering meaningful progress through thoughtful transformation customer-centric product innovation and disciplined execution.

我們繼續推動內部財務紀律，同時也尋求提高我們的商業卓越性，包括客戶體驗，這是一項正在進行的工作。我們今年針對 IDS 的做法就是一個很好的例子。雖然我們的支出比 2023 年減少了 60%，但我們的銷售業績超過了 2023 年，這證明了我們將繼續進行創新，專注於實現良好的臨床結果、提高客戶效率和提高治療接受率。我們對客戶和投資者的承諾仍然是透過深思熟慮的轉型、以客戶為中心的產品創新和嚴格的執行來取得有意義的進展。

During the first two weeks of April, we once again conducted our quarterly customer survey with over 1,100 respondents. As planned, we also began to leverage our virtual sales team to gather customer input, reaching nearly 1,000 additional respondents.

四月的前兩週，我們再次進行了季度客戶調查，受訪者超過 1,100 人。按照計劃，我們也開始利用虛擬銷售團隊收集客戶意見，並獲得了近 1,000 名額外受訪者。

Results indicate that our major markets remain relatively unchanged from a patient volume and procedure utilization standpoint. Not surprisingly, we saw a drop in US census sentiment with about half expressing concern or expecting impact on the rapidly changing economic conditions and the potential implications on patient footfall and treatment acceptance rates.

結果表明，從患者數量和手術利用率的角度來看，我們的主要市場保持相對不變。毫不奇怪，我們看到美國人口普查情緒下降，約有一半的人表示擔心或預計快速變化的經濟狀況將對其產生影響，並可能對患者客流量和治療接受率產生影響。

Despite this, results indicated dentists remain strongly interested in driving efficiencies through workflow improvement. In Japan, dentists also see increased usage of digital equipment as a tough opportunity. This feedback, while in a period of dental market uncertainty demonstrates a clear alignment to our strategy, enable efficient effective and profitable dentistry by providing tangible, meaningful and measurable outcomes for our customers through product innovation and connected technology.

儘管如此，結果顯示牙醫仍然對透過改進工作流程來提高效率有著濃厚的興趣。在日本，牙醫也將數位設備的使用增加視為一個艱難的機會。在牙科市場不確定的時期，這種回饋顯示了與我們的策略的明確一致，即透過產品創新和互聯技術為我們的客戶提供切實、有意義和可衡量的成果，實現高效、有效和有利可圖的牙科服務。

For 2025, we are maintaining our outlook for organic sales and adjusted EPS while increasing reported sales for foreign currency translation changes. This outlook does reflect the current tariffs. Despite the increased uncertainty in the macroeconomic environment, we delivered Q1 ahead of our expectations and remain confident in executing against our commitments. We will cover more details on outlook a little bit later.

對於 2025 年，我們維持對有機銷售額和調整後每股收益的預期，同時因外幣折算變化而增加報告銷售額。這種前景確實反映了當前的關稅。儘管宏觀經濟環境的不確定性增加，但我們第一季的業績仍超出預期，並且有信心履行我們的承諾。稍後我們將介紹有關 Outlook 的更多詳細資訊。

Given the current environment, we are also taking a proactive and disciplined approach to managing our balance sheet with actions taken in the quarter to strengthen our positioning.

鑑於當前環境，我們還將採取積極主動和嚴謹的方式來管理我們的資產負債表，並在本季度採取行動來加強我們的定位。

Now before we discuss financial results in more detail, I'd like to share some recent business highlights on slide 4. Starting with innovation. In March, we took the opportunity at IDS to invite our customers to experience the power of connected dentistry.

在我們更詳細地討論財務結果之前，我想在第 4 張投影片上分享一些最近的業務亮點。從創新開始。三月份，我們借IDS的機會邀請我們的客戶體驗連網牙科的強大功能。

40 years ago this year, Dentsply Sirona propelled dentistry into a new era with the introduction of CEREC. For those dentists who have embraced this transformational technology deliver exceptional care for their patients at the chair side while growing their businesses meaningfully.

今年是 40 年前，Dentsply Sirona 推出 CEREC，將牙科推向了新時代。對於那些已經接受這種變革技術的牙醫來說，他們在椅旁為患者提供卓越的護理，同時顯著地發展他們的業務。

With the introduction of our DS core ecosystem in 2022, we initiated the transition into next the chapter, digitally connected to dentistry. As we continue to expand its functionality and connectivity with our CAD/CAM and imaging platforms, we believe our technology can further expand the penetration of digital dentistry.

隨著 2022 年 DS 核心生態系統的推出，我們啟動了向下一章的過渡，即與牙科進行數位化連接。隨著我們不斷擴展其功能以及與我們的 CAD/CAM 和成像平台的連接性，我們相信我們的技術可以進一步擴大數位牙科的滲透率。

We see evidence of this with the platform continuing to gain traction and has now surpassed 42,000 unique users, 50,000 connected devices, and we are processing over 100,000 lab orders each month.

我們看到了這一點的證據，該平台繼續獲得關注，現在已擁有超過 42,000 名獨立用戶、50,000 台連接設備，並且我們每月處理超過 100,000 個實驗室訂單。

We continue to add new capability to the platform. And in Q1, we added DS Core diagnosed complementing our 3D imaging solutions. This new capability brings the flexibility and benefits of the cloud DS Core workflow to CBCT and integrates an AI-powered 3D rendering tool for better patient communication. This is currently available in Europe and a pending 510(k) clearance in the US

我們繼續為平台添加新功能。在第一季度，我們添加了 DS Core 診斷來補充我們的 3D 影像解決方案。這項新功能為 CBCT 帶來了雲端 DS Core 工作流程的靈活性和優勢，並整合了 AI 驅動的 3D 渲染工具，以實現更好的患者溝通。目前該產品已在歐洲上市，並正在等待美國 510(k) 批准

We also enhanced Primescan with new functionality and accessories. Functionality enhancements include a 50% reduction in Internet speed requirements, 90% faster SureSmile simulations, and integrated carrier detection that is now available in certain markets and is also pending FDA clearance in the US We believe these additions will facilitate an improved scanning experience and increased patient engagement.

我們還透過新的功能和配件增強了 Primescan。功能增強包括網路速度要求降低 50%、SureSmile 模擬速度提高 90% 以及整合載體檢測，目前已在某些市場推出，並且正在等待美國 FDA 的批准。我們相信，這些新增功能將有助於改善掃描體驗並提高患者參與度。

This platform embodies our clear intention to enable seamless connectivity, faster workflows, and smarter integrations. This leads to our customers experiencing added flexibility, improved efficiency, and with that, the opportunity to improve treatment acceptance rates, all of which drives practice growth.

該平台體現了我們實現無縫連接、更快的工作流程和更聰明的整合的明確意圖。這使得我們的客戶體驗到更大的靈活性、更高的效率，並有機會提高治療接受率，所有這些都推動了實踐的成長。

Our NPD discipline and pace is also evident in our approach to seeking regulatory clearances. Already this year, we have received three 510(k) clearances with five additional filed and pending.

我們的新產品開發紀律和速度也體現在我們尋求監管許可的方法上。今年，我們已經獲得了三項 510(k) 許可，另有五項許可正在申請中。

Moving to customer engagement and experience. In Q1, we launched revamped company and SureSmile website to improve customer interactions. The redesigned the dentsplysirona.com improves navigation, search functionality, and usability, making it easier for users to find information to contact us and to purchase products.

轉向客戶參與和體驗。在第一季度，我們推出了改版的公司和 SureSmile 網站，以改善客戶互動。重新設計的 dentsplysirona.com 改進了導航、搜尋功能和可用性，使用戶更容易找到資訊來聯繫我們和購買產品。

The new suresmile.com is designed to complement our company website, creating a cohesive and integrated experience between the two sites for our customers. Additionally, and in parallel, we have also been hard at work designing a new e-commerce platform to include self-service capabilities, simplify returns, leverage AI to drive customer engagement, and optimize the reorder process. Our goal, ultimately, is to make our digital platform simple, intuitive, and easy to use.

新的 suresmile.com 旨在補充我們公司的網站，為我們的客戶在兩個網站之間創造一種有凝聚力和綜合性的體驗。此外，同時，我們也正在努力設計一個新的電子商務平台，包括自助服務功能、簡化退貨流程、利用人工智慧來推動客戶參與，並優化重新訂購流程。我們的最終目標是使我們的數位平台簡單、直覺且易於使用。

I've spoken in a variety of our investor engagements, including these earnings calls about the robustness of our portfolio. While we continue to work earnestly at improving this portfolio for the reasons we've just discussed, we also recognize that our customers experience pain points when they engage with Dentsply Sirona.

我在各種投資者活動中都談到了我們投資組合的穩健性，包括這些收益電話會議。雖然我們出於剛才討論的原因繼續認真努力地改進這個產品組合，但我們也認識到我們的客戶在使用 Dentsply Sirona 時會遇到痛點。

To ensure we capture these, we have been closely engaging with dozens of customers over the past couple of months. We also recently kicked off an in-depth assessment of our US customer base to better understand how and where we need to improve.

為了確保我們能夠捕捉到這些，過去幾個月我們一直與數十位客戶密切合作。我們最近也對美國客戶群進行了深入評估，以便更好地了解我們需要如何改進以及在哪些方面需要改進。

We expect this work to provide key insights that we can use to develop the next phase of our action plans, focus on improving our interactions, and delivering what customers need and care about most. As with everything we do, we are taking a thoughtful, data-driven, and disciplined approach to make well-informed customer-centric decisions.

我們希望這項工作能提供關鍵見解，以便我們能夠制定下一階段的行動計劃，專注於改善我們的互動，並提供客戶最需要和最關心的東西。就像我們所做的一切一樣，我們採取深思熟慮、數據驅動且嚴謹的方法來做出以客戶為中心的明智決策。

Now, let's wrap-up our highlights with operational updates. In March, we announced the appointment of David Ferguson as SVP of our Global business unit, managing our dental product portfolio. David is a seasoned healthcare executive with extensive experience in developing and executing strategic growth plans as well as building and aligning high-performance teams. We continue to make progress on ERP modernization with two additional phases in the US rolled out. Both deployments have gone as expected with minimal disruption. We have leveraged learnings from each launch to drive continuous improvement into subsequent deployments.

現在，讓我們透過營運更新來總結一下我們的亮點。今年三月，我們宣布任命 David Ferguson 為全球業務部門資深副總裁，負責管理我們的牙科產品組合。David 是一位經驗豐富的醫療保健主管，在製定和執行策略成長計畫以及建立和協調高績效團隊方面擁有豐富的經驗。我們在 ERP 現代化方面繼續取得進展，並在美國推出了另外兩個階段。兩次部署均如預期進行，且幹擾最小。我們利用每次發布的經驗來推動後續部署的持續改進。

Lastly and importantly, we are delivering on plans to optimize our global supply chain. This quarter, we completed the closure of one of the manufacturing sites we had announced last year, bringing the total number of manufacturing and distribution sites now closed to 10 since we started this work. Our supply chain team continues to make robust progress on optimizing our network, improving efficiency, driving our costs and enabling a better customer experience.

最後，也是最重要的一點，我們正在實施優化全球供應鏈的計畫。本季度，我們完成了去年宣布關閉的一個製造基地的計劃，自開始這項工作以來，我們關閉的製造和分銷基地總數已達到 10 個。我們的供應鏈團隊在優化網路、提高效率、降低成本和提供更好的客戶體驗方面繼續取得穩步進展。

Let's move to Q1 results on slide 5. Our first quarter revenue was $879 million, representing a decline of 7.7% over the prior year quarter. On an organic basis, sales declined 4.4% as foreign currency negatively impacted sales by approximately 330 basis points.

讓我們轉到投影片 5 上的 Q1 結果。我們第一季的營收為 8.79 億美元，比去年同期下降 7.7%。從有機角度來看，銷售額下降了 4.4%，因為外幣對銷售額產生了約 330 個基點的負面影響。

Byte had a negative 4% impact, representing most of the decline. On a constant currency basis, sales highlights in the quarter included double-digit growth for equipment and instruments SureSmile performance in Europe and rest of the world and continued momentum for Wellspect Healthcare. These improvements were offset by declines in CAD/CAM and IPS.

Byte 的影響為負 4%，佔了下降的大部分。以固定匯率計算，本季的銷售亮點包括設備和儀器 SureSmile 在歐洲和世界其他地區的兩位數增長以及 Wellspect Healthcare 的持續增長勢頭。這些改進被 CAD/CAM 和 IPS 的下降所抵消。

Despite lower sales, adjusted gross margin was roughly flat. Adjusted EBITDA margins expanded 220 basis points, benefiting from lower operating expenses and reflecting our transformational savings internal financial discipline and an $8 million Byte customer refund adjustment in the quarter.

儘管銷售額下降，但調整後的毛利率基本上持平。調整後的 EBITDA 利潤率擴大了 220 個基點，這得益於較低的營運費用，並反映了我們轉型節省的內部財務紀律以及本季 800 萬美元的 Byte 客戶退款調整。

Adjusted EPS in the quarter was $0.43, up 3.7% from prior year, largely due to higher adjusted EBITDA margins and a lower share count, partially offset by a higher tax rate. In the first quarter, we generated $7 million of operating cash flow compared to $25 million in the prior year quarter. The year-over-year decline is primarily attributable to timing of cash collections and a higher build of inventory.

本季度調整後每股收益為 0.43 美元，較上年增長 3.7%，主要由於調整後的 EBITDA 利潤率較高且股票數量較少，但稅率較高部分抵消了這一影響。第一季度，我們產生了 700 萬美元的營運現金流，而去年同期為 2,500 萬美元。年比下降主要歸因於現金收款時間和庫存增加。

We finished the quarter with cash and cash equivalents of $398 million on March 31. Our Q1 net debt-to-EBITDA ratio was 3x, consistent with the prior quarter. And in Q1, we entered into a bridge loan agreement to pay down short-term debt.

截至 3 月 31 日，本季我們的現金和現金等價物為 3.98 億美元。我們第一季的淨負債與 EBITDA 比率為 3 倍，與上一季一致。並且在第一季度，我們簽訂了過橋貸款協議來償還短期債務。

Let's now turn to first quarter segment performance on slide 6. Starting with the Essential Dental Solutions segment, which includes endo, resto and preventive products, organic sales increased 0.4% due to growth in Europe and Rest of World, partially offset by lower volumes in the US. EDS performance in the quarter reflected stable patient traffic, which I spoke to earlier when sharing our customer survey results.

現在讓我們來看看投影片 6 上的第一季分部表現。從包括牙髓科、口腔科和預防科產品在內的基本牙科解決方案部門開始，由於歐洲和世界其他地區的增長，有機銷售額增長了 0.4%，但美國銷量的下降部分抵消了這一增長。EDS 本季的業績反映出病患流量穩定，這一點我在之前分享客戶調查結果時就提到過。

Shifting to the Orthodontic and Implant Solutions segment, organic sales declined 17.7% with a net negative big impact of approximately $40 million year-over-year or about 13%. SureSmile declined slightly in the quarter due to the prior year loss of a DSO customer in the US, partially offset by double-digit growth in both Europe and rest of world. We continue to see aligners as a strategic growth opportunity for us globally.

轉向矯正和種植解決方案部門，有機銷售額下降 17.7%，淨負面影響較去年同期下降約 4,000 萬美元，降幅約 13%。由於去年同期在美國失去了一位 DSO 客戶，SureSmile 本季業績略有下滑，但歐洲和世界其他地區的兩位數成長部分抵消了這一影響。我們繼續將矯正器視為我們全球的策略成長機會。

Implants and prosthetics declined mid-single-digits in the quarter, driven by lower lab volumes globally and lower implant sales in the US and Europe. Sales of premium implants grew nominally as our EV family of implants and prosthetic solutions outpaced declines in legacy brands.

由於全球實驗室數量下降以及美國和歐洲植入物銷售額下降，本季植入物和義肢銷售額下降了中等個位數。由於我們的 EV 系列植入物和義肢解決方案的銷量下滑速度超過了傳統品牌的銷量下滑速度，高端植入物的銷售名義上有所增長。

Wrapping up our dental performance, CTS, our Connected Technology Solutions segment. So, organic sales declined 0.5% versus the prior year quarter, largely due to declines in in CAD/CAM predominantly the US

總結我們的牙科表現、CTS、我們的連網技術解決方案部門。因此，有機銷售額較上年同期下降了 0.5%，主要是由於 CAD/CAM 業務（主要是美國）的下滑

Growth in equipment and instruments offset the majority of this decline with imaging performance a bright spot, posting growth across all three regions as we benefited from an easier comp with the prior year, while navigating a softer retail environment. Our Treatment Centers business also contributed to growth as a result of a one-time delivery of equipment for a large new institutional customer in EMEA.

設備和儀器的成長抵消了大部分的下滑，成像性能成為亮點，由於我們受益於與上年相比更容易的比較，同時應對了較疲軟的零售環境，三個地區均實現了增長。我們的治療中心業務也因向歐洲、中東和非洲地區一家大型新機構客戶一次性交付設備而促進了成長。

Moving to Wellspect Healthcare, organic sales grew 8%, with sales growth across all three regions as we continue to benefit from new product launches and execution. As a reminder, in Q2 of this year, we will have a more difficult comp due to a distributor we onboarded in the prior year period. We continue to expect this business to deliver mid-single-digit growth for the full year.

轉向 Wellspect Healthcare，有機銷售額增長了 8%，由於我們繼續受益於新產品的發布和執行，三個地區的銷售額均實現增長。提醒一下，由於我們在去年同期引入了分銷商，因此在今年第二季度，我們的業績將更加困難。我們仍預期該業務全年將實現中等個位數成長。

Now, let's turn to slide 7 to discuss first quarter financial performance by region. US organic sales declined 14.9%, primarily due to the negative 9.8% impact from Byte. CAD/CAM and IPS also declined in the quarter, which were partially offset by growth in Wellspect and imaging.

現在，讓我們翻到第 7 張投影片來討論各地區第一季的財務表現。美國有機銷售額下降 14.9%，主要由於 Byte 帶來的 9.8% 的負面影響。本季 CAD/CAM 和 IPS 也有所下降，但被 Wellspect 和成像的成長部分抵消。

Changes in distributor inventory for CAD/CAM contributed to the year-over-year decline. Distributor inventory levels in the US increased sequentially by approximately $4 million compared to an approximately $9 million sequential increase in the prior year quarter.

CAD/CAM 經銷商庫存的變化導致了同比下降。美國經銷商庫存水準較上季增加約 400 萬美元，而去年同期則較上季增加約 900 萬美元。

Meanwhile, US imaging growth benefited from changes in in distributor inventory levels. Distributor inventory in the US increased sequentially by approximately $6 million compared to an approximately $7 million decrease in the prior year quarter. We ended Q1 at about historical averages for CAD/CAM and imaging distributor inventory levels.

同時，美國成像業務的成長受益於分銷商庫存水準的變化。美國經銷商庫存較上月增加約 600 萬美元，而去年同期則減少約 700 萬美元。我們在第一季結束時的 CAD/CAM 和成像經銷商庫存水準大約處於歷史平均水準。

Turning to Europe. Organic sales increased 1.1%, driven by performance in Germany, equipment and instruments, SureSmile and Wellspect. Germany, our largest market in the region, posted another quarter of growth, driven primarily by CTS. While we remain cautious on the German economy, we have seen encouraging signs of a rebound, particularly in equipment.

轉向歐洲。有機銷售額成長 1.1%，這得益於德國、設備和儀器、SureSmile 和 Wellspect 的業績。德國是我們在該地區最大的市場，該季度又實現了成長，主要得益於 CTS 的推動。雖然我們對德國經濟仍持謹慎態度，但我們已經看到了令人鼓舞的反彈跡象，尤其是在設備領域。

SureSmile posted double-digit growth as it continues to show positive momentum in the region. The organic sales growth for Europe was partially offset by declines in CAD/CAM and IPS.

SureSmile 在該地區繼續呈現積極勢頭，實現了兩位數增長。歐洲的有機銷售額成長被 CAD/CAM 和 IPS 的下滑部分抵銷。

Rest of World organic sales grew 3.1% with growth in imaging, Wellspect, and implants in China as the primary drivers, partially offset by a decline in CAD/CAM.

世界其他地區的有機銷售額增長了 3.1%，其中，影像、Wellspect 和中國植入物的增長是主要推動力，但 CAD/CAM 的下滑部分抵消了這一增長。

With that, let's move to slide 8 to discuss our updated outlook for 2025. We are maintaining our 2025 outlook for organic sales and adjusted EPS. Organic sales are expected to be down 2% to 4% with a 2% Byte impact on the full year.

接下來，讓我們轉到第 8 張投影片來討論我們對 2025 年的最新展望。我們維持 2025 年有機銷售額和調整後每股盈餘的展望。預計有機銷售額將下降 2% 至 4%，對全年的影響為 2%。

We are revising our outlook for reported sales to reflect the change in foreign currency rates as of the end of Q1, and we now expect reported sales to be in the range of $3.6 billion to $3.7 billion above our previous range of $3.5 billion to $3.6 billion.

我們正在修改報告銷售額的預期，以反映截至第一季末的外匯匯率變化，現在我們預計報告銷售額將在 36 億美元至 37 億美元之間，高於我們之前的 35 億美元至 36 億美元的範圍。

Moving to profitability. We are increasing our outlook for adjusted EBITDA margin to greater than 19% attributable to the positive impact of FX rates drawing through the P&L. Adjusted EPS remains unchanged from our prior guidance in the range of $1.80 to $2, which reflects the current state on tariffs and trade policy.

轉向盈利。由於外匯匯率對損益表產生了正面影響，我們將調整後的 EBITDA 利潤率預期提高至 19% 以上。調整後的每股盈餘與我們先前的預期保持不變，在 1.80 美元至 2 美元的範圍內，這反映了當前的關稅和貿易政策狀況。

Now let me provide some color on our expectations for the second quarter. We expect second quarter organic sales to decline mid-single digits versus the prior year period, primarily as a result of the negative sales impact from Byte. We do not expect an impact from foreign currency based on rates at the end of the quarter. Sequentially, reported sales are expected to increase in the second quarter based on normal seasonality and the positive impact from sales associated with IDS. We anticipate second quarter adjusted EPS will be up year-over-year, primarily due to adjusted EBITDA margin expansion, offset by a higher tax rate.

現在讓我來談談我們對第二季的預期。我們預計第二季有機銷售額將比去年同期下降中等個位數，主要原因是 Byte 對銷售產生了負面影響。我們預計本季末的匯率不會對外匯產生影響。隨後，基於正常的季節性因素以及與 IDS 相關的銷售的正面影響，預計第二季報告的銷售額將會成長。我們預計第二季調整後的每股盈餘將比去年同期成長，主要原因是調整後的 EBITDA 利潤率擴大，但被更高的稅率所抵消。

Now let's move to our strategic update on slide 9. As we continue on our path to improve all aspects of our company, we've also adapted our approach along the way as needed. We've shared our formula for growth, focused on customer and return-centric innovation, clinical education and commercial excellence. We know that growth won't come by chance. It will come from the choices we make, the focus we bring and the value we create and deliver. Our focus on growth must also be accompanied by a scalable and lean cost structure.

現在讓我們轉到第 9 張投影片上的策略更新。在我們不斷改善公司各個方面的同時，我們也根據需要調整了我們的方法。我們分享了我們的成長模式，專注於客戶和以回報為中心的創新、臨床教育和商業卓越。我們知道成長不會偶然實現。它將源自於我們所做的選擇、我們帶來的關注以及我們創造和傳遞的價值。我們對成長的關注也必須伴隨著可擴展且精實的成本結構。

For 2025, we've embarked on the next set of strategic actions. We deliver best-in-class innovation and believe we are uniquely positioned to shape connected dentistry across clinical procedures. We continue to deepen our customer focus and clarify our value proposition, which, as I've noted, centers on enabling great clinical outcomes, improving workflow efficiency and enhancing treatment acceptance rates. We are also evolving the nature of the conversations we have with our customers to be value-oriented.

面向2025年，我們已開始採取下一系列策略行動。我們提供一流的創新，並相信我們在塑造整個臨床程序的互聯牙科方面擁有獨特的優勢。我們繼續深化對客戶的關注，並明確我們的價值主張，正如我所指出的，我們的價值主張以實現良好的臨床結果、提高工作流程效率和提高治療接受率為中心。我們也不斷改進與客戶對話的性質，使其以價值為導向。

Our innovation pipeline is healthy with the projected value of the NPD portfolio more than doubling over the last 12 months. So the benefits of cloud-based software and solutions, we're bringing new capabilities and functionality to the market at an accelerated pace.

我們的創新管道十分健康，預計 NPD 產品組合的價值在過去 12 個月內增長了一倍以上。因此，基於雲端的軟體和解決方案的優勢在於，我們正在加速向市場推出新的能力和功能。

Historically, CEREC software updates could take up to two years to complete. We are now leveraging the benefits of our cloud-based solutions to develop software updates on a more frequent basis as often as quarterly and releasing those updates instantaneously. And we're doing so more efficiently by increasingly leveraging AI tools alongside our software development teams supporting cogeneration and automating test creation.

從歷史上看，CEREC 軟體更新可能需要長達兩年的時間才能完成。我們現在利用基於雲端的解決方案的優勢，以每季更頻繁地開發軟體更新，並立即發布這些更新。而且，我們正在透過越來越多地利用人工智慧工具以及支援熱電聯產和自動化測試創建的軟體開發團隊來更有效率地實現這一目標。

I've already spoke about our most recent enhancements for both Primescan 2 and DS Core. With each new release, we see increased adoption and stickiness as we deepen the connectivity of our digital ecosystem. We've had some feedback from our customers on opportunities to further enhance the experience with Primescan 2, and we have rapidly implemented changes such as improved compression and simulation speed and we'll continue to adapt the platform to meet customer needs. We are recognized as a leader in clinical education, and we continue to fulfill our commitment in this area.

我已經談到了我們對 Primescan 2 和 DS Core 的最新增強功能。隨著每個新版本的發布，隨著我們數位生態系統連結性的加深，我們看到採用率和黏性不斷提高。我們收到了一些客戶的回饋，關於進一步增強 Primescan 2 體驗的機會，我們已經迅速實施了一些改進，例如改進壓縮和模擬速度，我們將繼續調整平台以滿足客戶的需求。我們被公認為臨床教育領域的領導者，並將繼續履行我們在該領域的承諾。

We've already kicked off DS World 2025 events with our first held in Dubai. This was the third year we hosted the event in this market, and we saw more than a 10% increase in participation as well as higher sales compared to last year.

我們已啟動 DS World 2025 活動，首屆活動在杜拜舉行。這是我們第三年在這個市場舉辦這項活動，與去年相比，參與人數增加了 10% 以上，銷售額也更高。

We're also broadening and deepening our customer reach and enhancing our customer experience through our virtual sales team, a team focused on the US market and based in our Charlotte headquarters. This team now makes over 2,000 customer calls a day, driving sales, providing quality leads to our field-based sales team, and gathering customer insights.

我們還透過我們的虛擬銷售團隊（該團隊專注於美國市場，總部位於夏洛特）擴大和深化我們的客戶覆蓋範圍並增強我們的客戶體驗。團隊現在每天接聽超過 2,000 個客戶電話，推動銷售，為我們現場銷售團隊提供優質線索，並收集客戶見解。

As we've spoken about before, virtual sales plays an important role in creating our own demand. This team has now reached out to over 21,000 accounts, approaching $1 million in revenue and generating several million dollars in leads. We continue to shape the organization and deliver on our initiatives to strengthen the company's foundation.

正如我們之前所談到的，虛擬銷售在創造我們自己的需求方面發揮著重要作用。該團隊目前已接觸超過 21,000 個帳戶，收入接近 100 萬美元，並產生了數百萬美元的銷售線索。我們將繼續塑造組織並實施我們的措施來加強公司的基礎。

Our ERP modernization continues with more deployments planned later this year, including the remaining US deployments. We expect to begin additional European launches later in 2025 with completion expected in 2026. We also continue to deliver on our supply chain transformation and SKU optimization work.

我們的 ERP 現代化工作仍在繼續，並計劃在今年稍後進行更多部署，包括剩餘的美國部署。我們預計將於 2025 年下半年開始在歐洲進行更多發射，並預計於 2026 年完成。我們也將持續推進供應鏈轉型和SKU優化工作。

Now, I'll wrap-up on slide 10 with a few summary remarks. Q1 results exceeded our expectations. That said, we are not satisfied and rest assured, we will keep driving towards reliable, sustainable performance.

現在，我將在第 10 張投影片上做幾點總結性發言。Q1 業績超乎我們的預期。話雖如此，我們並不滿足，請放心，我們將繼續努力實現可靠、可持續的表現。

We're maintaining our 2025 outlook for organic sales and adjusted EPS. Our financial discipline and operational efficiency are improving which will benefit us as we navigate through an increasingly uncertain external environment.

我們維持 2025 年有機銷售額和調整後每股盈餘的展望。我們的財務紀律和營運效率正在提高，這將有利於我們應對日益不確定的外部環境。

We are executing with intention, reshaping the organization, and driving efficiencies. We are also committed to enhancing the customer experience and investing for the future.

我們正在有目的地執行、重塑組織並提高效率。我們也致力於提升客戶體驗並為未來進行投資。

And with that, I will open it up for questions.

現在，我將開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Elizabeth Anderson of Evercore ISI.

Evercore ISI 的伊麗莎白·安德森 (Elizabeth Anderson)。

Hi guys. good morning Elizabeth, Simon here. So, as you noted, we have factored the tariffs into the current guidance with where tariffs are today. It is -- we have contemplated approximately $0.10 of impact today, and we have -- we're covering that throughout the year.

嗨，大家好。早安，伊莉莎白，我是西蒙。因此，正如您所說，我們已將關稅納入當前指導方針中。是的——我們已經考慮到今天大約 0.10 美元的影響，而且我們——我們全年都在考慮這個問題。

So, on an annualized basis, we think the tariff exposure as of today is about $50 million. As you know, we have a large manufacturing footprint outside of the US and about half of our US sales are generated from goods that are manufactured outside of the US

因此，以年率計算，我們認為截至今天的關稅風險約為 5000 萬美元。如你所知，我們在美國以外擁有龐大的製造基地，大約一半的美國銷售額來自美國以外製造的商品

Anything else that comes in, we will -- we've got some options for how to deal with those, but we won't provide any color on what those -- what we think that is right now and if there is any retaliatory impacts from Europe, but we have plans in place to deal with any subsequent issues.

對於任何其他出現的問題，我們都會——我們有一些處理這些問題的選擇，但我們不會透露任何細節——我們現在認為這些問題是什麼，以及是否會有來自歐洲的報復性影響，但我們已經制定了計劃來處理任何後續問題。

Simon here. So as you noted, we have factored the tariffs into the current guidance with where tariffs are today. It is -- we have contemplated approximately $0.10 of impact today, and we have -- we're covering that throughout the year.

西蒙在這裡。正如您所說，我們已將關稅納入當前指導方針中。是的——我們已經考慮到今天大約 0.10 美元的影響，而且我們——我們全年都在考慮這個問題。

So on an annualized basis, we think the tariff exposure as of today is about $50 million. As you know, we have a large manufacturing footprint outside of the US and about half of our US sales are generated from goods that are manufactured outside of the US Anything else that comes in, we will -- we've got some options for how to deal with those, but we won't provide any color on what those -- what we think that is right now and if there is any retaliatory impacts from Europe, but we have plans in place to deal with any subsequent issues.

因此，以年率計算，我們認為截至今天的關稅風險約為 5000 萬美元。如您所知，我們在美國以外擁有龐大的製造基地，大約一半的美國銷售額來自美國以外製造的商品。對於其他出現的問題，我們都會——我們有一些處理這些問題的選擇，但我們不會透露任何細節——我們現在認為這些問題是什麼，以及是否會有來自歐洲的報復性影響，但我們已經制定了計劃來應對任何後續問題。

Got it. No, that's super helpful. Thank you. Appreciate the additional color. And then one -- another question. could you update us on where we are with sort of the CFO search? I know Herman was obviously temporary in an interim, so just wanted to get your latest thoughts there as well.

知道了。不，這非常有幫助。謝謝。欣賞額外的顏色。然後還有一個問題。您能否告訴我們財務長搜尋的進展？我知道赫爾曼顯然是臨時的，所以我只是想了解你的最新想法。

Yes. So we're making good progress on that, Elizabeth. We have a number of candidates in, I would say, in the late phases of this process. So we are hopeful that we're going to get Herman back in the not-too-distant future.

是的。所以我們在這方面取得了良好的進展，伊麗莎白。我想說，我們有許多候選人正處於這一進程的後期階段。因此，我們希望在不久的將來就能讓赫爾曼回來。

Great. Thank you so much.

偉大的。太感謝了。

Michael Cherny of Leerink Partners.

Leerink Partners 的 Michael Cherny。

Good morning and thanks for taking the questions. Maybe if I can just dive in a little bit on the orthodontic side a little further. Obviously, the byte roll-off continues. But as you go through that process, can you give us a little more sense on what you're hearing from your customer base, kind of how the SureSmile pitch has gone beyond here. And I'm sorry if I missed this, Simon, but any differences in your view on the eventual potential expansion beyond the current GP market?

早上好，感謝您回答問題。也許我可以更深入地研究一下牙齒矯正方面的問題。顯然，位元組滾降仍在繼續。但是，當您經歷這個過程時，您能否讓我們更多地了解您從客戶群中聽到的內容，以及 SureSmile 的宣傳如何超越這一點。西蒙，如果我錯過了這一點，我很抱歉，但是您對當前 GP 市場之外的最終潛在擴張有何不同看法？

Yes. Good morning, Michael. So let me deal with the second part first. As you know, we redeployed some of our byte resources into different parts of our business. And they've contributed to the new dentsplysirona.com and suresmile.com website and are also working on e-commerce in parallel to all of that, the software and R&D teams at the moment, collecting inputs from customers about what the new user interface needs to look like.

是的。早上好，麥可。因此，讓我先處理第二部分。如您所知，我們將部分位元組資源重新部署到業務的不同部分。他們為新的 dentsplysirona.com 和 suresmile.com 網站做出了貢獻，同時也正在進行電子商務工作，目前的軟體和研發團隊正在收集客戶對新使用者介面的意見。

And so we're making good progress on that, and we expect to be in a position to improve that by the end of the year or maybe into early next year.

因此，我們在這方面取得了良好的進展，我們預計能夠在今年年底或明年年初取得進展。

It's clear to us that we do need to reengage with the orthodontist community. The vast majority of the volume is in that area. We think we have a meaningful solution for them with SureSmile and all the benefits that we think customers gain from that customers and patients, but we do need to improve the user experience because it's not just about the orthodontist, him or herself, it's about their staff members having to navigate a new software and the challenges that causes.

我們很清楚，我們確實需要重新與牙齒矯正醫師社群合作。絕大部分的體積都位於該區域。我們認為 SureSmile 為他們提供了一個有意義的解決方案，並且我們認為客戶可以從客戶和患者那裡獲得所有好處，但我們確實需要改善用戶體驗，因為這不僅關乎牙齒矯正醫生本人，還關乎他們的工作人員如何操作新軟體以及由此帶來的挑戰。

So, we need to make that more seamless. So, I would say we will be providing more information on our intentions over the next quarter due respect to the orthodontist community.

所以，我們需要讓它變得更無縫。因此，我想說，我們將在下個季度提供更多有關我們意圖的信息，以尊重牙齒矯正醫師社區。

Perfect. That’s it for me now. Thank you.

完美的。對我來說現在就是這樣了。謝謝。

Kevin Caliendo of UBS.

瑞銀的 Kevin Caliendo。

Thank you very much. This is Dylan Finley on for Kevin Caliendo. Starting on first, some impressive execution on EBIT margin. In particular, it looks like OIS had some favorability at about a 17% EBIT margin. First of there, is this like a reasonable run rate? Just start with looking at the rest of the year? Any context behind that number?

非常感謝。這是 Dylan Finley 代替 Kevin Caliendo 上場的表演。首先，息稅前利潤率的執行效果令人印象深刻。具體來說，OIS 的息稅前利潤率似乎在 17% 左右，具有一定的優勢。首先，這是一個合理的運行率嗎？只是從回顧今年剩餘的時間開始嗎？這個數字背後有什麼背景嗎？

Good morning, Dylan, let me be a little bit more general than just OIS. I think we saw an improvement in Q1 for sure. I know that when we released guidance back in February, we had some, what should we say, spotty margin profile throughout the year. So, we're pleased now that that we've managed to smooth out.

早安，迪倫，讓我再講一下 OIS 以外的更一般性的內容。我認為我們肯定會看到第一季的改善。我知道，當我們在二月發布指引時，我們全年的利潤率狀況都不太穩定。所以，我們很高興現在已經成功解決了問題。

I don't -- I think you should consider where we landed for Q1 as indicative of where we land for the rest of the year. But for sure, across our -- all of our businesses, we're focused on driving growth, but also being very judicious with our SG&A and that's all helping throughout the P&L.

我不這麼認為——我認為你應該將我們第一季的業績視為我們今年剩餘時間業績的指標。但可以肯定的是，在我們所有的業務中，我們都專注於推動成長，但同時也非常明智地使用銷售、一般和行政費用，這一切都有助於整個損益表。

Very helpful context. Thanks. And then just one last follow-up. When I look at EPS, your guidance for Q2 being up on a year-over-year basis sort of implies at least $0.92, $0.93 in the first half of the year. Typically, seasonally, we expect to see 4Q equipment really drives the bottom-line result there. So, context, I guess, perhaps behind why 2Q might be a bit soft. Are you conservative? Are there implications from a tariff perspective? Anything on that?

非常有用的背景。謝謝。然後還有最後一次跟進。當我查看每股收益時，您對第二季度的預期是同比增長，這意味著上半年的每股收益至少為 0.92 美元、0.93 美元。通常情況下，從季節性來看，我們預計第四季度的設備將真正推動那裡的底線業績。因此，我猜想，這也許是第二季表現可能略顯疲軟的原因。你是保守派嗎？從關稅角度來看這有什麼影響嗎？有這方面的資訊嗎？

So, the tariff from a tariff perspective, I would say there's more in the tariffs towards the back end of the year. I would say Q2 is normal seasonality that we see as well at Dylan. So, that's about as much color as I can give you on that.

因此，從關稅角度來看，我認為今年年底的關稅會更高。我想說 Q2 是正常的季節性現象，我們在 Dylan 也看到了這種情況。這就是我能給你提供的全部資訊了。

In the survey that we've done footfall is still stable within preventative and resto, but there is some slight negativity in the market around tariffs. So, let's see how that shakes out and people will postpone stuff. But yes, normally -- generally, there was just normal seasonality and back end waving of the tariff impact.

在我們所做的調查中，預防性和恢復性客流量仍然穩定，但市場在關稅方面存在一些輕微的負面情緒。那麼，讓我們看看事情會如何發展，人們會推遲一些事情。但是的，通常——一般來說，只是正常的季節性和關稅影響的後端波動。

(technical difficulty)

（技術難度）

We're having some challenges hearing you clearly. If you can please ask for next question?

我們在聽清楚您的聲音方面遇到了一些困難。如果可以的話請問下一個問題？

David, it looks like you're next in queue. Can you hear us? And do you want to go ahead with your question?

大衛，看起來你是下一個。你聽得到我們說話嗎？您想繼續提問嗎？

Yes, great. Good morning. Hopefully, you can hear me okay. So, maybe I'll start on CTS. So, the mix there was interesting to see. So, in equipment, growth obviously accelerated. I wanted to ask how much of that was driven by the comp versus any improvement in kind of underlying demand? And then on the CAD/CAM side, what was the impact of dealer inventory? And what are you seeing in iOS price and volumes?

是的，太棒了。早安.希望您能聽到我的聲音。因此，也許我會從 CTS 開始。因此，看到那裡的混合很有趣。因此，在設備方面，成長明顯加快。我想問一下，這其中有多少是由競爭對手推動的，有多少是由潛在需求的改善所推動的？那麼在 CAD/CAM 方面，經銷商庫存的影響是什麼？您看到 iOS 的價格和銷售量如何？

Yes, good morning David. Let me start with the second part first on the inventory. I think as we noted in the prepared remarks, inventory dropped on the CAD/CAM side, but increased on the imaging side. So I think net-net, it's probably a reasonable wash there between both. We are at about normal historical levels on inventory across the board here with our main partners. So no significant impact, I would say, there.

是的，早上好，大衛。讓我先從庫存的第二部分開始。我認為，正如我們在準備好的評論中指出的那樣，CAD/CAM 方面的庫存下降了，但成像方面的庫存增加了。因此我認為，總體而言，兩者之間可能是合理的。我們與主要合作夥伴的庫存大致處於正常歷史水準。所以我想說，沒有重大影響。

On the pricing -- on the scanners, we have not seen that much of a notable change in the quarter. I think net-net for our CAD/CAM business there was about a $1 million degradation from prior year, so not that significant. And yes, that's about it on the front piece.

就掃描器的定價而言，我們在本季沒有看到太大的顯著變化。我認為我們的 CAD/CAM 業務的淨利潤比前一年減少了約 100 萬美元，所以並不是那麼重要。是的，前面的內容就是這樣。

Yes. Did you have one more part to your question there, David?

是的。大衛，你的問題還有其他部分嗎？

Yes. I mean I think that was about it, but my second question, maybe I'll ask on implants. So the US -- on the US side, it looks like it was down in the quarter. I guess, are you seeing any progress on that front? And then premium grew nominally. I think you said in the script. Any color around what it did in the US specifically. Thanks so much for taking my questions.

是的。我的意思是，我認為就是這樣，但我的第二個問題，也許我會問有關植入物的問題。因此，就美國方面而言，本季似乎有所下降。我想，您在這方面看到任何進展了嗎？然後保費名義上有所增長。我認為你在劇本裡說過。它在美國的具體表現如何？非常感謝您回答我的問題。

Yes. Premium grew nominally. The degradation that we saw when some of our legacy brands was offset by growth in the EV family. So that was good to see. We've been out with customers a lot over the past several weeks.

是的。保費名義上有所增加。我們看到一些傳統品牌的衰退被電動車家族的成長所抵消。很高興看到這一點。過去幾週我們經常外出拜訪客戶。

And the thing that -- the theme that continues to surface here is the importance of commercial teams and the relationship that the reps have from a clinical perspective and also from, let's say, an organizational perspective with our implant customers. And it strikes to say that we're still in the rebuilding phase. That's what customers are saying to us that reps need clinical savviness and also to be very strong at building relationships, which, as you know, takes some time.

這裡不斷浮現的主題是商業團隊的重要性以及銷售代表從臨床角度以及從組織角度與我們的植入物客戶之間的關係。令人驚訝的是，我們仍處於重建階段。這就是客戶對我們說的，銷售代表需要具備臨床經驗，並且善於建立關係，而如你所知，這需要一些時間。

We have now completed the retraining of our sales reps on the implant side, so that they're more clinically savvy. We are in the process. They're actually in the building right now of retraining our sales managers on what good sales management looks like. So again, with a disappointing quarter. There's no way to say it any other way, but on implants.

我們現在已經完成了植入物方面銷售代表的再培訓，以便他們更加精通臨床。我們正在進行中。實際上，他們現在正在對我們的銷售經理進行再培訓，讓他們了解良好的銷售管理是什麼樣的。所以，這又是一個令人失望的季度。除了植入物之外，沒有其他方式可以表達這一點。

But we are -- we continue to try and improve our performance there and improve the quality of our commercial team, improve relationships with these customers. So we -- it is an area of intense focus for us as it has been for two years, and it's disappointing that we have not made more than we had expected.

但我們會繼續努力提高我們在那裡的表現，提高我們商業團隊的素質，並改善與這些客戶的關係。因此，兩年來，這一直是我們重點關注的領域，但令人失望的是，我們的收益並未超出預期。

Great. Thanks so much for taking my questions.

偉大的。非常感謝您回答我的問題。

Vik Chopra of Wells Fargo.

富國銀行的維克·喬普拉。

Hi, good morning. This is Simran on for Vik. Thanks for taking the questions here. Just a quick follow-up on the tariff impact in 2025, what mitigation strategies do you have in place? And is that assumed in the $0.10 that you're guiding to for the year? And maybe just on mitigation, what are some strategies you can deploy more near-term? And then what do you have sort of longer-term?

嗨，早安。這是 Simran 為 Vik 上場的。感謝您在這裡回答問題。簡單問一下 2025 年關稅的影響，您採取了哪些緩解策略？您預計今年的指導價是 0.10 美元嗎？也許只是在緩解方面，您可以在近期部署哪些策略？那你還有什麼長期計畫嗎？

Good morning. There are no mitigation strategies contemplated in the $0.10 that we're offsetting at this point in time. And then your considerations for what we could do in the future. In some areas, we have not quite due manufacturing capability, but let's say we have one type of file that's -- endo file that's made in Switzerland, one type is made in the US So, right now, we are trying to move a US customer to a US manufactured file, for example. So, that work is underway right now.

早安.目前，我們還沒有考慮針對 0.10 美元進行抵銷的緩解策略。然後您考慮一下我們將來可以做什麼。在某些領域，我們的製造能力還不夠，但假設我們有一種類型的銼刀 - 內銼刀是在瑞士製造的，一種是在美國製造的，因此，現在，我們正試圖將美國客戶轉移到美國製造的銼刀。因此，這項工作現在正在進行中。

We are also -- actually, right now, we are building some strategic stock in certain areas, and we're going to import that into the US to prepare us for what might come in the future.

實際上，我們現在正在某些領域建立一些戰略儲備，我們將把這些儲備引入美國，為未來可能發生的事情做好準備。

We also think we have some optionality to redistribute stuff that we have in some of our DCs around the world. into US-based distribution sites, which would help. And then obviously, the -- we have -- we will -- we will continue to be extraordinarily prudent with our expenses moving forward.

我們也認為，我們可以選擇重新分配我們在世界各地的一些 DC 中擁有的東西。進入美國的分銷網站，這將有所幫助。顯然，我們已經——我們將——我們將繼續非常謹慎地控制我們的開支。

And then the lever that I'm sure people would be most reluctant to pull is some strategic price increases. I think our customers are already expressing some concern about what that may mean across the board, particularly with the reimbursement of dental procedures being compressed, but that that is obviously a lever we have contemplated. And if we were to do so, it would be very strategic and in certain areas only.

我確信人們最不願意採取的手段就是策略性漲價。我認為我們的客戶已經對這可能意味著的一切表示擔憂，特別是牙科手術的報銷被壓縮，但這顯然是我們已經考慮過的一個手段。如果我們這樣做，那將是非常具有策略性的，並且只在某些領域。

Okay, great. And maybe just for my follow-up, could you provide any timing updates or visibility on the resolution of the German tax situation, sort of what is the current status of working with the authorities in Germany and responding to their work class?

好的，太好了。也許只是為了我的後續問題，您能否提供關於解決德國稅收狀況的任何時間更新或可見性，例如與德國當局合作以及回應其工作類別的當前狀態如何？

Yes. I know that's a question at the front of many people's minds, including ours. The best answer I can give you is we're continuing to work with them. We're continuing to meet with them. We have provided a lot of files. We're cooperating with them.

是的。我知道這是包括我們在內的許多人心中的疑問。我能給你的最好答案是，我們將繼續與他們合作。我們將繼續與他們會面。我們已經提供了很多文件。我們正在與他們合作。

But at this point in time, I don't think they know and therefore, we don't know about when there's a likely resolution. But the resolution is likely to be some time out and the magnitude of that resolution is at this point impossible to define.

但目前，我認為他們還不知道，因此，我們也不知道何時能找到解決方案。但決議可能還需要一段時間才能出台，而且目前還無法確定決議的規模。

We remain -- as I've noted before, though, just if I can just finish at that point, we remain very confident in our position. If any ruling goes against it, we will appeal it, and we will go until the end here. We had lots of advice when the merger happened. We continue to get advised that this is standard as recently as Q1. And so our position is unchanged, but there's nothing to see here.

正如我之前提到的那樣，如果我能就此結束的話，我們仍然對我們的立場非常有信心。如果任何裁決不利於我們，我們將提出上訴，並堅持到底。合併發生時我們收到了很多建議。我們不斷被告知，直到第一季度，這都是標準。所以我們的立場沒有改變，但這裡沒有什麼好看的。

Okay, great. Thank you.

好的，太好了。謝謝。

You're welcome.

不客氣。

Jonathan Block from Stifel, Nicolaus & Company, Incorporated

喬納森·布洛克（Jonathan Block），Stifel, Nicolaus & Company, Incorporated

Great. Thanks and good morning. Simon, maybe I'll just try to wrap up some questions in one. If you can maybe provide a bit more color just on current trends. Simply put, there was really big 1Q upside but no change to the full year guidance. And I get it, there's certainly a ton of moving parts which you touched on a bit.

偉大的。謝謝，早安。西蒙，也許我會試著將一些問題概括起來。如果您可以提供更多關於當前趨勢的資訊。簡而言之，第一季確實有很大的上漲空間，但全年預期沒有變化。我明白，您確實提到了很多活動部件。

But is it just when we look back, it was sort of a good amount of conservatism to the 1Q guide. Or is there anything to call out that you're seeing as you look forward by product line or by region? And then I'll ask the follow-up.

但當我們回顧時，會發現這相對於第一季的指引來說是相當保守的做法。或者，您在產品線或地區方面有什麼值得關注的事情嗎？然後我會問後續情況。

Okay. All right. Thanks, Jon. I think we had -- as we called out in the script, we had a couple of one-time in Q1, some timing things there, but I think they only contributed, let's say, nominally to our overperformance. I think we're being -- as we were with the original guide. I just think we're being a little prudent here with respect to the outlook for dental.

好的。好的。謝謝，喬恩。我認為我們已經——正如我們在腳本中提到的那樣，我們在第一季有一些一次性的事情，有一些時間安排，但我認為它們只是名義上對我們的超額表現做出了貢獻。我認為我們正在——就像我們遵循原始指南一樣。我只是認為，我們對牙科的前景要謹慎一些。

Nothing from our survey, and as I noted, we have over 2,000 respondents in total, nothing has materially changed with respect to footfall and dental practices. Nothing that we see has dramatically changed, certainly in North America with respect to customer sentiment around purchases.

我們的調查沒有顯示任何結果，正如我所指出的，我們總共有超過 2,000 名受訪者，客流量和牙科診所方面沒有任何實質的變化。就北美消費者的購買情緒而言，我們並沒有發現任何顯著變化。

We're really pleased to see some improvements in Germany, at least in our performance. But I think the interesting thing from the data that we've gathered, Jon, is the data generation straddled Liberation Day. And we saw a drop in sentiment 3 and post-Liberation Day in general.

我們非常高興看到德國取得了一些進步，至少在我們的表現方面。但喬恩，我認為，從我們收集的數據來看，有趣的是數據生成跨越了解放日。我們看到解放日後的情緒普遍下降。

And it didn't move from concerns to very worried, it moved from not concerned to somewhat concerned. So when you net it out, it was just a slight degradation. But I think we're just being prudent here. There's a lot of moving parts in the macroeconomy and dental in particular. So I would classify it as prudent and let's see where things go from here on in.

而且它並沒有從擔心變成非常擔心，而是從不擔心變成了有點擔心。因此，當你將其扣除時，它只是一個輕微的退化。但我認為我們只是謹慎行事。宏觀經濟中有很多變動因素，尤其是牙科行業。因此，我認為這是一個謹慎的做法，讓我們看看事情接下來會如何發展。

Got it. That was great. That was very helpful. And I don't think anyone are used with being prudent. I think just to shift gears for the second question, SureSmile was down. I think the words were slightly year-over-year and again, there's still that drag from the DSO customer. But just to push you a bit like when you hit the gas in ortho and you feel like the software is where you want it to be, what's your strategy on how to compete or how to win?

知道了。那很棒。這非常有幫助。我認為沒有人習慣謹慎。我認為只是為了回答第二個問題，SureSmile 已關閉。我認為這些詞語與去年同期相比略有不同，而且仍然受到 DSO 客戶的拖累。但只是為了推動你一點，就像當你在正交中踩下油門並且你覺得軟體已經達到了你想要的水平時，你的競爭或獲勝策略是什麼？

And I just asked that because when I look at that landscape, you've got a player from China that's been very aggressive on price. You have another player that's able to leverage their wires and brackets franchise and then you have sort of the big incumbent, if you would. So maybe just talk to us a little bit on where you see the opportunity to go into a market like that and compete and win again when the software is where you want it to be? Thank you.

我之所以問這個問題，是因為當我看到這種情況時，你會發現有一位來自中國的玩家在價格上非常激進。如果你願意的話，你有另一個能夠利用他們的電線和支架特許經營權的球員，然後你就有了大個子現任者。那麼，也許您可以跟我們簡單談談，當軟體達到您想要的水平時，您認為進入這樣的市場、參與競爭並再次獲勝的機會在哪裡？謝謝。

Yes. Thanks for the question, Jon. I think software is one area that we can leverage. DS Core and our scanner are a pretty powerful combination that we have. So I think that's one lever that will interest people for sure. I think the second one here is that you mentioned price. I think our price position has been pretty competitive with respect to our aligner offering. So that's number two.

是的。謝謝你的提問，喬恩。我認為軟體是我們可以利用的一個領域。DS Core 和我們的掃描器是我們非常強大的組合。所以我認為這肯定會引起人們的興趣。我認為這裡的第二個問題是你提到的價格。我認為，就我們的矯正器產品而言，我們的價格定位相當具有競爭力。這是第二點。

And then number three, as we think about and as we keep hearing from customers of all types, whether they're GPs or endos or orthos, they want efficient procedures and they want the patient to get in their chair and they want the patient to accept their treatment plan and they don't want the patient to come back for refinements.

第三，正如我們所想，並且我們不斷聽到來自各類客戶的意見，無論他們是全科醫生、內鏡醫師還是正畸醫師，他們都希望得到高效的治療，希望患者能夠坐在自己的椅子上，接受他們的治療計劃，而不希望患者為了進一步治療而再次回來。

So we do know and we've spoken about it before, that we have we have fewer attachments with our device, which makes it more efficient for the customer. We have fewer refinements, so the patient isn't coming back. And so when you combine all of those things together, I think do a value proposition that will resonate with the orthodontic community.

所以我們確實知道，而且我們之前也討論過，我們的設備配件更少，這使得客戶的效率更高。我們的改進較少，因此病人不會再回來。因此，當你將所有這些因素結合在一起時，我認為提出的價值主張將會引起矯正界的共鳴。

No, of course, the competition in that space are not going to take a line down. I would suggest that there is lots of room for competition in that space. The aligner market is arguably underpenetrated when you think of the total population. And we do have some unique opportunities with robotic wires and with our advanced SureSmile software as well.

不，當然，該領域的競爭對手不會降低標準。我認為該領域有很大的競爭空間。如果考慮到總人口的話，矯正器市場可以說尚未完全滲透。我們在機器人導線和先進的 SureSmile 軟體方面確實擁有一些獨特的機會。

So, we are not being -- there's no bravado here from our part. We have to fix the software. We have to redirect our sales team or add to our sales team, and we have to really develop a compelling value proposition to shift customers from a competitor into our business.

所以，我們並不是──我們在這方面沒有任何虛張聲勢。我們必須修復該軟體。我們必須重新調整我們的銷售團隊或擴充我們的銷售團隊，我們必須真正制定一個引人注目的價值主張，將客戶從競爭對手轉移到我們的業務中。

I guess the final piece, I would say, and we shared this data before, we did a pretty robust survey late last summer, I think it was about 250 orthodontists. And they do have multiple brands on their shelves that they can choose from. And we just need to move our brand up near the top and grab some more of that.

我想說的是，最後一部分，我們之前分享過這些數據，我們在去年夏末做了一項相當全面的調查，我認為大約有 250 名牙齒矯正醫師參與。他們的貨架上確實有多個品牌可供選擇。我們只需要將我們的品牌提升到接近頂部的位置並獲得更多。

It's -- 80% of the volume is with the ortho. We -- I'm sure we can continue to grow in the mid-single - double-digit growth area with the GPs, but the volumes in the ortho. And so if we want to be meaningful, we need to be with orthos.

其中 80% 的體積與正交。我們 — — 我相信我們可以繼續在 GP 的推動下實現中等個位數至兩位數的增長，但正交領域的銷售卻在增長。因此，如果我們想要有意義，我們就需要與矯正者在一起。

Jeffrey Johnson from Robert W. Baird & Co. Incorporated

Robert W. Baird & Co. Inc. 的 Jeffrey Johnson

Thank you. Good morning. Simon. I think we're all learning here through this earnings season on the questions to ask about tariffs and all that. So, maybe if I could ask just a couple more clarify, and I don't want to beat a dead horse here.

謝謝。早安.西蒙。我認為，透過這個收益季，我們都在學習有關關稅等問題。所以，也許我可以再問幾個問題來澄清一下，我不想在這裡重複無用的話。

But the $5 million annualized as you're talking about the $0.10 EPS impact as I do the math, it seems like it's about $25 million that is layering in this year to get down to that $0.10. And so one, should we expect that $25 million this year to go up to the $50 million annualized next year? Or do you think you can mitigate some of that into next year? Number one.

但是，正如您所說的，每年 500 萬美元對每股收益的影響為 0.10 美元，而我計算了一下，似乎今年需要投入約 2500 萬美元才能降至 0.10 美元。那麼，我們是否應該預期今年的 2,500 萬美元會上升到明年的 5,000 萬美元呢？或者您認為您可以在明年緩解一些影響嗎？第一。

Number two, does that $50 million annualized figure that you gave, does that assume the current 10% tariff outside of China or the kind of Liberation Day tariff rates that were higher in some of the European markets?

第二，您給的 5,000 萬美元年化數字是否假設中國境外目前的關稅為 10%，或假設某些歐洲市場的解放日關稅稅率較高？

And then the third part, just on tariffs is, do you have much exposure of products made in the US sold in China or China made products sold in the US vice versa? Just -- or is most of it Europe-based? Thank you.

第三部分，僅關於關稅，您是否有很多美國製造的產品在中國銷售，或者中國製造的產品在美國銷售？只是──或者大部分都位於歐洲？謝謝。

I will try to remember all those parts of that question, Jon -- or Jeff rather. So, we expect the last part, we have nominal exposure, very nominal exposure to China. We have manufacturing there, but it's for China with less than 5% of our materials are from China. So very, very nominal. The $0.10 does translate to, as you said, $24 million, $25 million.

我會盡力記住這個問題的所有部分，喬恩——或者更確切地說是傑夫。因此，我們預期最後一部分，我們對中國的風險敞口很小，非常小。我們在那裡有製造工廠，但產品是銷往中國的，我們只有不到 5% 的材料來自中國。所以非常非常名義化。正如您所說，0.10 美元確實相當於 2400 萬美元、2500 萬美元。

Any further exposure, I think there are, I as noted in one of my previous answers, we have not contemplated any mitigation efforts whether that's stock build, whether that's product swap-outs or whether that's more cost synergies for us or, in certain cases price increases in strategic areas. So, we have not contemplated that.

我認為還有任何進一步的風險敞口，正如我在先前的回答中提到的那樣，我們還沒有考慮任何緩解措施，無論是庫存建設，還是產品更換，還是為我們帶來更多的成本協同效應，或者在某些情況下提高戰略領域的價格。所以，我們沒有考慮過這一點。

And if anything were to give -- it does contemplate the 10% today. If the Liberation Day numbers come out, then we'll have to do further work to decide what we would do there. But I think in contemplation of that we have begun the strategic stock builds. We are looking at relocating product from DCs around the world into North American DCs so that any impact that we would see from a Liberation Day 2.0 tariffs would be offset by product already being in country.

如果有什麼要讓步的話——它確實考慮了今天的 10%。如果解放日的數字出來了，那麼我們將不得不做進一步的工作來決定我們將在那裡做什麼。但我認為，考慮到這一點，我們已經開始了戰略庫存建設。我們正在考慮將產品從世界各地的配送中心轉移到北美配送中心，這樣，解放日 2.0 關稅帶來的任何影響都將被已經在國內的產品所抵消。

All right. That's helpful. Thank you. And then just a cash flow question, if I could. I know you don't guide to cash flow. But CapEx has been up kind of in that upper $150 million to $180 million to $200 million over million over the last couple of years, free cash flow kind of down in that low- to mid-$100 level the last couple of years.

好的。這很有幫助。謝謝。如果可以的話，我只想問一個現金流問題。我知道你不指導現金流。但在過去幾年中，資本支出一直上漲，在 1.5 億美元至 1.8 億美元至 2 億美元之間，而自由現金流則在過去幾年中下降到 1 億美元左右的水平。

Should we expect CapEx to come down at all this year, free cash flow to go up? And just on the short-term funding that you talked about, it seems like some high interest rate on that or a little bit higher interest rate, I guess, I should say, to be fair. So just wondering, how are you feeling on cash? Is there any kind of cash issues we need to be worrying about here in the short run? Thank you.

我們是否應該預期今年的資本支出會下降，而自由現金流會上升？就您談到的短期融資而言，公平地說，似乎有些利率較高或略高一些。我只是想知道，您對現金的感覺如何？短期內我們需要擔心什麼現金問題嗎？謝謝。

All right. That's helpful. Thank you. And then just a cash flow question, if I could. I know you don't guide to cash flow. But CapEx has been up kind of in that upper $150 million to $180 million to $200 million over million over the last couple of years, free cash flow kind of down in that low- to mid-$100 level the last couple of years.

好的。這很有幫助。謝謝。如果可以的話，我只想問一個現金流問題。我知道你不指導現金流。但在過去幾年中，資本支出一直上漲，在 1.5 億美元至 1.8 億美元至 2 億美元之間，而自由現金流則在過去幾年中下降到 1 億美元左右的水平。

Should we expect CapEx to come down at all this year, free cash flow to go up? And just on the short-term funding that you talked about, it seems like some high interest rate on that or a little bit higher interest rate, I guess, I should say, to be fair. So just wondering, how are you feeling on cash? Is there any kind of cash issues we need to be worrying about here in the short run? Thank you.

我們是否應該預期今年的資本支出會下降，而自由現金流會上升？就您談到的短期融資而言，公平地說，似乎有些利率較高或略高一些。我只是想知道，您對現金的感覺如何？短期內我們需要擔心什麼現金問題嗎？謝謝。

Fair enough. Thank you.

很公平。謝謝。

Jason Bednar from Piper Sandler & Co.

Piper Sandler & Co. 的 Jason Bednar

Good morning, everyone. I want to follow up first on Jon Block's first question just to see if we can put an even finer point on the US market. Simon, you mentioned some -- maybe some more cautious commentary on US dentist sentiment from your quarterly survey. I'm trying to process that in the context, I guess, of what you're seeing real-time at the patient level and also at the doctor level.

大家早安。我想先跟進喬恩·布洛克的第一個問題，看看我們是否可以對美國市場提出更詳細的說明。西蒙，您提到了一些——也許是從您的季度調查中得出的對美國牙醫情緒的一些更謹慎的評論。我想，我正在嘗試根據患者和醫生即時看到的情況來處理這個問題。

Are you observing any patient reticence in moving forward on treatment, particularly in areas like ortho implants. And then are doctors putting a pause, even a temporary pause on equipment purchase decisions? Or do you think your survey is just an indicator of mood and concern rather than anything that's yet materializing in the end market?

您是否觀察到患者在繼續治療時猶豫不決，特別是在正畸植入等領域。那麼醫生是否會暫停，甚至是暫時停止購買設備的決定？或者您認為您的調查只是一種情緒和擔憂的指標，而不是最終市場中尚未實現的任何事物？

Good morning, Jason. So I would say the survey, both surveys that we've done in terms of footfall, no great difference in the US in terms of intent to purchase, no great difference either, to be fair, in the US. And over the past couple of weeks, I've been out with -- I visited about 17 customers over the past three or four weeks.

早上好，傑森。所以我想說，我們所做的兩項關於客流量的調查，在美國，在購買意願方面沒有太大差異，公平地說，在美國也沒有太大差異。在過去的幾周里，我出去了——在過去的三、四個星期裡，我拜訪了大約 17 位客戶。

I've asked them the same question, I've asked them about footfall. I've asked them about patient treatment acceptance rates, I've asked them about their intent to purchase. And these 17 or so customers have said they have not seen a change in the patients footfall or patient traffic. They have not seen a difference in treatment acceptance rates for the procedures that they offer. And if they needed buy some equipment, they would buy it.

我問過他們同樣的問題，我問過他們關於腳步聲的問題。我詢問了他們患者的治療接受率，也詢問了他們的購買意願。這 17 位左右的顧客表示，他們沒有看到病人的客流量或病人流量改變。他們沒有發現他們所提供的治療程序的治療接受率有任何差異。如果他們需要購買一些設備，他們就會購買。

We -- in the 1,000 people that we surveyed with our inside sales team, the vast majority were just waiting to see what would happen with tariffs. They hadn't indicated that they would trade down to lower-priced consumables or that they would halt any capital equipment purchases.

我們的內部銷售團隊對 1,000 人進行了調查，其中絕大多數人都在等待看關稅會發生什麼。他們並未表示將轉而使用價格更低的消耗品，或將停止任何資本設備的採購。

So, I think there's -- I think the survey again, over 2,000 customers, I think there's just not much change for now, it's no better or no worse. And I think given the given the situation that we're all hearing about, I think we would take no better or no worse movements into the survey.

所以，我認為——我認為再次調查超過 2,000 名客戶，我認為目前沒有太大變化，沒有變好也沒有變壞。我認為，考慮到我們都聽到的情況，我們不會將更好或更糟的舉動納入調查中。

Okay. All right, that's helpful. And maybe over to another important market for you. It's really good to see that Germany has been performing better, some durability on the growth.

好的。好的，這很有幫助。或許對您來說，這是一個重要的市場。很高興看到德國表現更好，成長具有一定的持久性。

As we think about comps in that market in particular, I think you have maybe one or two, maybe three more quarters of really favorable comps, but I think it's just maybe a quarter or two. How do you think that market performs once we anniversary those easier comps? Do you think that durability you've seen in the last few quarters, does that sustain as we exit this year and look beyond?

當我們特別考慮該市場中的可比較數據時，我認為可能有一兩個季度，甚至三個季度會出現真正有利的可比較數據，但我認為可能只有一兩個季度。一旦我們紀念那些更容易比較的商品，您認為市場會表現如何？您是否認為，過去幾季所看到的持久性，在我們今年結束並展望未來時，還能持續下去？

Yes. So, I think we have probably one more quarter of favorable comp. We've now posted three quarters in a row, Jason, of growth. Again, with respect to the survey that we have from Germany, stable, steady as you go from Germany. We've definitely improved our execution over there. Our CTS business has done well in Germany, particularly imaging and instruments.

是的。因此，我認為我們可能還會再有一個季度的業績表現良好。傑森，我們現在已經連續三個季度實現成長。再次，就我們從德國獲得的調查而言，德國的調查結果穩定。我們確實提高了那裡的執行力。我們的 CTS 業務在德國表現良好，尤其是成像和儀器。

So, to answer your question, we have confidence moving forward in Germany. We have, indeed, in our top 11 countries, we saw growth in Q1 of -- in six of the 11 -- top 11 countries, so we're pleased about that. There are certain geographies in EMEA that we are now intently focused on doing a German turnaround in those geographies as well. So, hopefully, over the next couple of quarters, we'll begin to be able to share more than just Germany with you from a performance perspective.

所以，回答你的問題，我們對在德國的發展充滿信心。事實上，在我們排名前 11 的國家中，有 6 個國家在第一季實現了成長，我們對此感到高興。在歐洲、中東和非洲地區的某些地區，我們目前正專注於實現德國業務的轉虧為盈。因此，希望在接下來的幾個季度裡，我們能夠從性能角度與您分享更多不僅僅是德國的資訊。

Brandon Vazquez from William Blair & Company L.L.C.

來自 William Blair & Company L.L.C. 的 Brandon Vazquez

Hi everyone. Thanks for taking the question and squeezing me in here. Simon, maybe one for you first. When you look at DS Core, it started to get a pretty good scale here and a lot of followers -- lot of subscribers, I mean, can you talk about other than the total number of people on there?

大家好。感謝您提出這個問題並邀請我來這裡。西蒙，也許你首先要問一個問題。當您查看 DS Core 時，它開始在這裡獲得相當不錯的規模和大量的追隨者 - 大量的訂閱者，我的意思是，除了那裡的總人數之外，您還能談談其他情況嗎？

What are some of the key operating metrics that you guys are looking at, either from accounts that are on there when you compare it to the accounts not on DS Core? What gets you excited internally when you look at the metrics under the DS Core users?

當您將 DS Core 上的帳戶與不在 DS Core 上的帳戶進行比較時，您將關注的關鍵營運指標有哪些？當您查看 DS Core 用戶的指標時，什麼讓您內心感到興奮？

Yes. Good morning Brandon. We're pleased with where we are. As I noted in the prepared remarks, 43,000 users. I think an important metric here is the number of accounts -- our number of connected devices that we're at in excess of 50,000 connected devices now and we're processing over 100,000 orders every month through our labs. So they are the type of important things that we are doing -- we are looking at. We're also seeing an increase in the number of accounts we are paying for the DS Core subscription. I think the impact of that, to be fair, is nominal right now. But as we add more capability and functionality to it. We expect that to grow.

是的。早上好，布蘭登。我們對目前的狀況很滿意。正如我在準備好的演講中提到的那樣，有 43,000 名用戶。我認為這裡的一個重要指標是帳戶數量——我們現在連接的設備數量已經超過 50,000 台，我們每月透過實驗室處理超過 100,000 個訂單。所以，這些都是我們正在做、正在關注的重要的事情。我們也發現支付 DS Core 訂閱費用的帳戶數量有所增加。公平地說，我認為目前影響還很小。但隨著我們為其添加更多功能。我們預計這一數字還會成長。

It's definitely creating some stickiness for us in the marketplace. People seem to like it. I was -- I actually got to experience it myself last week when I visited my own dentist and it certainly changes the experience of sitting in a dental chair. We have -- we have a lot of innovation coming around, around the workflows and how they are connected into DS Core.

這無疑為我們在市場上創造了一些黏性。人們似乎很喜歡它。我——上週我去看牙醫時親身體驗了這一點，它確實改變了坐在牙科椅上的體驗。我們在工作流程以及它們如何連接到 DS Core 方面有很多創新。

We noted previously that the first phase of implants on Core is going to come out later this year. We have increased the speed of our SureSmile simulations by 90% when it's used with Primescan 2 and DS Core. So we're putting a lot of time and effort into ensuring that this ecosystem is driving our performance moving forward.

我們之前提到過，Core 的第一階段植入物將於今年稍後推出。當與 Primescan 2 和 DS Core 一起使用時，我們的 SureSmile 模擬速度提高了 90%。因此，我們投入了大量的時間和精力來確保這個生態系統能夠推動我們的業績不斷進步。

And the important thing for us is to get these, what should we say, consumable workflows onto DS Core. So endo-preventative, aligners, implants, where the margins are attractive and where they are the bread and butter of dental offices and can become the bread and butter for Dentsply Sirona as well.

對我們來說，重要的是將這些可用的工作流程放到 DS Core 上。因此，牙齒內預防、矯正器、植入物，其利潤空間很大，是牙醫診所的主要收入來源，也可以成為 Dentsply Sirona 的主要收入來源。

Okay. And Simon, maybe as a follow-up, you -- I've always appreciated that you guys take very measured and data-driven approaches when you're kind of making commercial changes here. You're once again talking about doing some surveys to better understand what areas you can improve upon. Talk to us about what segments of the business. You're still running these surveys in what segments of the business that you're most acutely focused on that still need some commercial tweaks you think to turn around. Thanks.

好的。西蒙，也許作為後續問題，我一直很欣賞你們在進行商業變革時採取非常慎重和數據驅動的方法。您再次談到進行一些調查，以便更好地了解哪些領域可以改進。跟我們談談業務的哪些部分。您仍在對您最關注的業務領域進行調查，看看哪些領域仍需要進行一些商業調整才能扭轉局面。謝謝。

Yes. No, I think the survey is pointed a different way to, I think your -- what your question is asking. The survey is less about -- the work that we're doing less about let's say, implants or aligners or capital equipment. It's more about when the customer or their office staff engage with Dentsply Sirona, what challenges do they face?

是的。不，我認為這項調查針對的是不同的問題，我認為你的問題是問什麼。這項調查與我們所做的工作關係不大，比如說植入物、矯正器或資本設備。更重要的是當客戶或其辦公室員工與 Dentsply Sirona 合作時，他們面臨哪些挑戰？

Do they face challenges with respect to invoicing or billing or the speed at which we answer the phone or our e-commerce platform or our return policy so that we can begin to smooth out the experience -- the customer experience for our customers that is not related to the performance of our product because I think that has been a challenge for us historically. We've spoken before about all the ERP systems that we had, the 14 of them, that has certainly made things quite complex for customers.

他們是否面臨與發票或帳單相關的挑戰，或者我們接聽電話的速度、我們的電子商務平台或退貨政策，以便我們可以開始平滑體驗 - 我們的客戶體驗與我們產品的性能無關，因為我認為這對我們來說一直是一個挑戰。我們之前談到過我們所有的 ERP 系統，一共有 14 個，這無疑地讓客戶的事情變得相當複雜。

Our e-commerce experience wasn't great compared to some of our competition. So they are the areas that we are focused on. We are -- that's part of the reason why we have been out in the field over the past couple of months, meeting customers. And this survey will get feedback from -- in excess of 500 customers is our plan across the GP and specialist spaces but also from other staff members who engage with us as well.

與我們的一些競爭對手相比，我們的電子商務體驗並不好。所以這些都是我們關注的領域。這也是我們過去幾個月一直在實地拜訪客戶的原因之一。這項調查將獲得來自 GP 和專家領域的 500 多名客戶的回饋，同時也獲得與我們合作的其他員工的回饋。

So, the office manager or the individual who places purchases or makes the phone calls to Dentsply Sirona or to our distributors. So, it's going to be very comprehensive and that will form the backbone or the design input, so to speak, for how we continue to improve the company.

因此，辦公室經理或向 Dentsply Sirona 或我們的經銷商下訂單或打電話的個人。因此，它將非常全面，並將成為我們如何繼續改善公司的支柱或設計輸入。

Erin Wilson Wright from Morgan Stanley

摩根士丹利的 Erin Wilson Wright

Great. thanks for squeezing me in. On margins, did you, I guess, accelerate any of the cost management kind of initiatives there? Were there any costs that were pushed out at all? I guess how should we be thinking about that quarterly progression or any sort of anomalies that we should be thinking about in terms of the second quarter?

偉大的。謝謝你邀請我加入。關於利潤率，我想您是否加速了任何成本管理措施？是否有任何成本被推延了？我想我們應該如何看待季度進展或第二季度我們應該考慮的任何異常情況？

And then my second question, I'll just ask them both upfront, is it more bigger picture in terms of the guidance and the change in management today and the departure. I guess any sort of context there on the departure as well as who was involved in terms of formulating the guidance for dimmable you're taking full ownership of this guidance here? Thanks.

然後是我的第二個問題，我會直接問他們兩個，就今天的指導和管理層變動以及離職而言，這是否是一個更大的圖景。我想問一下，關於離職的任何背景以及誰參與了製定可調光指導方針，您是否完全負責這項指導方針？謝謝。

good morning Erin. So, with respect to expenses, nothing has got pushed out to any other quarters. In fact, we see a very, very modest sequential improvement as we roll through the year with respect to OpEx. So, nothing has got pushed out.

早安，艾琳。因此，就費用而言，沒有任何費用被推到其他方面。事實上，隨著營運支出的不斷增加，我們看到了非常非常溫和的連續改善。因此，沒有任何事情被推出。

And in relation to our guidance, Glenn Coleman, he wasn't part of it. Glenn was -- Glenn had left by that point in time. Glenn made a personal decision to leave Dentsply Sirona. Herman Cueto stepped in, in November, December and was here with us through the end of March. He helped us put guidance together along with our -- with the great finance team that we have. So, there's not much more to say on that.

就我們的指導而言，格倫科爾曼 (Glenn Coleman) 並不是其中的一員。格倫——那時格倫已經離開了。格倫做出了離開 Dentsply Sirona 的個人決定。赫爾曼·奎托 (Herman Cueto) 於 11 月和 12 月介入，並一直與我們在一起直到 3 月底。他和我們優秀的財務團隊一起幫助我們制定指導。因此，關於這一點，沒有什麼可說的了。

And then with respect to our CFO search, as I answered earlier today, we've got a number of great candidates in the in the final phases here, and I'm hopeful that not-too-distant future, we'll be we'll be in a position to make an announcement about that. But yes, expenses under control guidance is ours and hopefully, have some news on the CFO in the not-to-distant future.

關於我們的財務長搜索，正如我今天早些時候回答的那樣，我們已經在最後階段找到了一些優秀的候選人，我希望在不久的將來，我們能夠就此宣布。但是，是的，控制費用指導是我們的，希望在不久的將來能有一些關於財務長的消息。

Thank you. This does conclude the question-and-answer session. I would now like to turn it back to Simon for closing remarks.

謝謝。問答環節到此結束。現在我想請西蒙作最後發言。

Thank you. So, in closing, I would like to recognize the entire Dentsply Sirona team for their commitment to our customers and the transformational journey that we are on together.

謝謝。最後，我要感謝整個 Dentsply Sirona 團隊對客戶的承諾以及我們共同經歷的轉型之旅。

We're hitting key milestones. We continue to innovate in a very meaningful way, launching new products and technology. We're taking consistent action to advance our plans, and as you hopefully have seen, we are continuing to mitigate risk.

我們正在實現關鍵的里程碑。我們不斷以非常有意義的方式進行創新，推出新產品和新技術。我們正在採取一致行動推進我們的計劃，正如您所看到的，我們正在繼續降低風險。

As we navigate through an increasingly uncertain external environment, we continue to be focused on what we can control, maximizing the value that we can deliver for our customers, which we continue to believe, in turn, will unlock the true potential of our company for all stakeholders. And thank you for joining us today.

當我們應對日益不確定的外部環境時，我們將繼續專注於我們能夠控制的事情，最大限度地為客戶提供價值，我們始終相信，這反過來將為所有利益相關者釋放公司的真正潛力。感謝您今天加入我們。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。