DENTSPLY SIRONA Inc (XRAY) 2025 Q2 法說會逐字稿

Welcome to the Q2 2025 DENTSPLY SIRONA earnings conference call. (Operator Instructions)

歡迎參加 2025 年第二季 DENTSPLY SIRONA 財報電話會議。（操作員指示）

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

請注意，今天的電話會議正在錄音。現在，我想將會議交給投資人關係副總裁 Andrea Daley。請繼續。

Thank you, operator, and good morning, everyone. Welcome to the DENTSPLY SIRONA second quarter 2025 earnings call. Joining me for today's call is Dan Scavilla, Chief Executive Officer; and Matt Garth, Chief Financial Officer.

謝謝接線員，大家早安。歡迎參加 DENTSPLY SIRONA 2025 年第二季財報電話會議。參加今天電話會議的還有執行長 Dan Scavilla 和財務長 Matt Garth。

I'd like to remind you that an earnings press release and slide presentation related to the call are available in the Investors section of our website at www.dentsplysirona.com. Before we begin, please take a moment to read the forward-looking statements in our earnings press release.

謹此提醒您，與本次電話會議相關的收益新聞稿和投影片簡報可在我們網站 www.dentsplysirona.com 的「投資者」板塊查閱。在開始之前，請先閱讀收益新聞稿中的前瞻性陳述。

During today's call, we may make certain forward-looking statements that reflect our current views about future performance and financial results. 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 updated information in subsequent Form 10-Q or other SEC filings list some of the most important risk factors that could cause actual results to differ from our predictions.

在今天的電話會議中，我們可能會做出某些前瞻性陳述，反映我們對未來業績和財務結果的當前看法。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 10-Q 表格或其他 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' financial performance enable the comparison of financial results between periods for certain items may vary independently of business performance and enhance transparency regarding key metrics utilized 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對我們業務財務表現的寶貴額外見解，使得某些項目不同時期的財務結果的比較可能與業務業績無關，並提高了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，所提供的比較均與去年同期進行比較。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直播重播。

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

現在，我將把電話轉給丹。

Thank you, Andrea, and good morning, everyone. This is my first earnings call since taking the CEO role on August 1. So I thought it would be appropriate to open with a few statements before progressing into the Q2 business results. Then Matt will cover Q2 financials and give an update on our 2025 outlook. First, I want to thank Simon for his nearly three years in the role, where he built a strong team, strengthened communications with our customers and initiated multiple programs to improve DENTSPLY SIRONA's position in the market.

謝謝你，安德里亞，大家早安。這是我自 8 月 1 日擔任執行長以來的第一次財報電話會議。因此，我認為在討論第二季業務結果之前，先發表幾句聲明是合適的。然後，馬特將介紹第二季的財務狀況並更新我們對 2025 年的展望。首先，我要感謝西蒙在擔任該職位近三年的時間裡，建立了一支強大的團隊，加強了與客戶的溝通，並啟動了多個項目來提高登士柏西諾德在市場上的地位。

Having come from our Board of Directors. I can tell you that I personally appreciate the work he's done, and I plan to build on these programs with an eye on moving deeper, faster and strengthening our long-term position in the market. Second, I look forward to partnering with Matt as our new CFO. I believe Matt's experience and background are exactly what we need, and we're forming a strong partnership as we move forward together.

來自我們的董事會。我可以告訴你，我個人很欣賞他所做的工作，我計劃在這些專案的基礎上更進一步，更快速地發展，並加強我們在市場上的長期地位。其次，我期待與馬特合作擔任我們的新任財務長。我相信馬特的經驗和背景正是我們所需要的，我們正在共同前進的過程中建立強大的合作關係。

I've also had the opportunity to engage with senior leadership at DENTSPLY SIRONA and my initial assessment is that we have the core foundation to shape this company's future. I'm sure many of you are wondering what I plan on doing and what changes you should expect from me. While I do have several hypotheses and ideas on what to focus on, I'm currently working with the team and our customers to listen and learn so we can prioritize and focus our approach before fully developing pathways.

我也有機會與登士柏西諾德的高層領導進行交流，我的初步評估是，我們擁有塑造公司未來的核心基礎。我相信你們中的許多人都想知道我計劃做什麼以及我會做出哪些改變。雖然我確實對應該關注的重點有幾個假設和想法，但我目前正在與團隊和客戶一起傾聽和學習，以便我們能夠在全面製定路徑之前確定優先順序並集中我們的方法。

There are a few areas that are immediately apparent that I'll share with you now, starting on Slide 3. I've been focusing initially on providing stability to the organization through the CEO change, so we can focus on execution and drive results. I've been active with the DS team connecting, interacting and conducting deep dives to listen, learn and align on our go-forward approach.

從投影片 3 開始，有幾個領域非常明顯，我現在將與大家分享。我最初一直致力於透過執行長的變動為組織提供穩定性，以便我們能夠專注於執行並推動成果。我一直積極與 DS 團隊聯繫、互動並進行深入探討，以傾聽、學習並協調我們的前進方向。

We will continue to improve our focus on the customer and the customer experience. Every position in every department will make this a priority. We will enhance our support of the customers and our field-based employees through simplifying interactions, speed of response and increased strategic investments. The field team is and will become even more so a strength of our company, the tip of our spear.

我們將繼續提高對客戶和客戶體驗的關注。每個部門的每個職位都會把這當作優先事項。我們將透過簡化互動、加快回應速度和增加策略性投資來加強對客戶和現場員工的支援。現場團隊現在是、將來也會成為我們公司的一個強大力量、我們的先鋒力量。

We will focus on enhancing investments in innovation, including speed to market and adding value to our clinicians and their workflows so that they can offer the best products and services to their patients and grow their skills and practices.

我們將專注於加強對創新的投資，包括加快產品上市速度以及為我們的臨床醫生及其工作流程增加價值，以便他們能夠為患者提供最好的產品和服務，並提高他們的技能和實踐能力。

As market leaders, we will need to shape the future of our markets, partnering with our practitioners to migrate from product offerings into proceduralization, focusing on the complete provider patient experience, leveraging the strength of our entire company's broad portfolio to outpace competition.

作為市場領導者，我們需要塑造市場的未來，與我們的從業者合作，從產品供應轉向程序化，專注於完整的提供者患者體驗，利用我們整個公司廣泛的產品組合的優勢來超越競爭對手。

DS core platform is a critical element of the company's strategy, and it continues to gain traction with 50,000 unique users now using the platform and more connected devices and lab orders processed each month. We have a strong supply chain under great leadership that I believe we can enhance even further through streamlining several components to unlock value, reduce cost and free funds to invest in fuel and future growth.

DS 核心平台是公司策略的關鍵要素，該平台繼續獲得關注，目前有 50,000 名獨立用戶使用該平台，並且每月處理更多的連接設備和實驗室訂單。在卓越的領導下，我們擁有強大的供應鏈，我相信我們可以透過精簡幾個組件來進一步增強這一供應鏈，從而釋放價值、降低成本並釋放資金以投資燃料和未來成長。

As you've heard from us, we have programs underway that will continue, but we'll also be looking at more strategic moves to better position ourselves for the future. Wrapped around our commercial enablement, innovation engine and operations muscle will be streamlined support functions that will add value through simplifying and standardizing systems, processes and structure that will allow us to move faster support customers better and unlock funds that can be redirected into sustained profitable growth.

正如您從我們這裡聽到的，我們正在進行一些項目，這些項目將會繼續進行，但我們也將考慮採取更多戰略舉措，以便更好地為未來做好準備。圍繞我們的商業支援、創新引擎和營運實力，我們將精簡支援功能，透過簡化和標準化系統、流程和結構來增加價值，使我們能夠更快地更好地支援客戶，並釋放可以重新用於持續獲利成長的資金。

The team has made progress here as seen in our financial results, but there's more work to do in this area. I believe that focusing on the customer, moving with urgency, while investing in our sales team and product development capabilities will unlock value throughout our P&L. We will make decisions to support long-term sustained growth that leads to stronger financial performance, benefiting our business and our shareholders.

從我們的財務結果可以看出，團隊在這方面取得了進展，但在這方面還有很多工作要做。我相信，以客戶為中心，採取緊急行動，同時投資我們的銷售團隊和產品開發能力，將釋放我們整個損益表中的價值。我們將做出支持長期持續成長的決策，以實現更強勁的財務業績，使我們的業務和股東受益。

Moving into our Q2 business results on Slide 4. Global sales were $936 million, decreasing 5% as reported or negative 7% on a constant currency basis. Excluding the bite impact, sales declined approximately 4%. Adjusted EBITDA margin was 21%, increasing 360 basis points versus prior year Q2. Adjusted earnings per share were $0.52, growing 7% versus prior year.

前往投影片 4 上的我們的第二季業務成果。全球銷售額為 9.36 億美元，按報告數字下降 5%，以固定匯率計算下降 7%。除去咬合的影響，銷售量下降了約 4%。調整後的 EBITDA 利潤率為 21%，較去年同期第二季增加 360 個基點。調整後每股收益為 0.52 美元，較上年增長 7%。

Both adjusted EBITDA and EPS results are driven primarily from big impact and active cost reduction programs. Cash flow from operations was $48 million for the quarter. Our data and customer survey in the second quarter show global patient volumes and procedures largely unchanged from previous quarters.

調整後的 EBITDA 和 EPS 結果主要受到重大影響和積極的成本削減計劃的推動。本季經營活動現金流為 4,800 萬美元。我們第二季的數據和客戶調查顯示，全球患者數量和手術量與前幾季相比基本上沒有變化。

From a regional perspective, US sales in Q2 were $293 million, down 18% in total or 11% excluding the Byte impact. Results were driven primarily by continued softness in connected technology solutions and orthodontic and implant solutions. Given the performance, this is a priority area for us to address. We've already kicked off activities in the first week.

從區域來看，第二季美國銷售額為 2.93 億美元，整體下降 18%，剔除 Byte 的影響則下降 11%。業績表現主要受互聯技術解決方案以及矯正和植入解決方案持續疲軟的推動。鑑於其表現，這是我們需要優先解決的領域。第一周我們已經開始了活動。

European sales were $404 million, basically flat versus Q2 prior year. Germany delivered its fourth consecutive quarter of growth, driven by CTS and SureSmile, which was up over 27%, offset by softness in IPS. Rest of World sales were $239 million, up slightly versus prior year with growth in essential Dental Solutions and SureSmile up double digits, partially offset by softness in CTS.

歐洲銷售額為 4.04 億美元，與去年第二季基本持平。德國連續第四個季度實現成長，受 CTS 和 SureSmile 的推動，增幅超過 27%，但 IPS 的疲軟抵消了這一增長。世界其他地區的銷售額為 2.39 億美元，較上年略有增長，其中牙科解決方案和 SureSmile 的增長達到兩位數，但被 CTS 的疲軟部分抵消。

Before I hand the call to Matt, I want to say that I'm excited to join the DENTSPLY SIRONA team and be part of shaping the future of this organization. I believe our potential has never been greater, but it's up to us to harness our resources and shape the future of our markets, placing our customers at the center of all we do and making thoughtful investments to drive long-term sustained profitable growth.

在我將電話交給馬特之前，我想說我很高興加入 DENTSPLY SIRONA 團隊並成為塑造這個組織未來的一部分。我相信我們的潛力從未如此巨大，但我們必須利用我們的資源，塑造我們市場的未來，將客戶置於我們一切工作的中心，並進行深思熟慮的投資，以推動長期持續的盈利增長。

Thank you. I will now turn the call over to Matt.

謝謝。現在我將電話轉給馬特。

Thanks, Dan. Hello, everyone, and thank you for joining us. As Dan noted, it's early days for us, but we are working closely together and share the belief that DENTSPLY SIRONA's potential has never been greater than it is now. Since joining DS, my priority has been helping the team focus on value-accretive activities. There is very strong engagement across the company in this regard, and Dan's arrival is helping to further our efforts and increase our pace.

謝謝，丹。大家好，感謝大家的參與。正如丹所說，我們目前處於起步階段，但我們正在緊密合作，並堅信登士柏西諾德的潛力從未像現在這樣巨大。自從加入 DS 以來，我的首要任務就是幫助團隊專注於增值活動。整個公司在這方面的參與度非常高，丹的到來有助於進一步加強我們的努力並加快我們的步伐。

Our areas of immediate focus are fully aligned and currently be in action. First, customer experience. We are directing our firepower to establish the best outcomes for customers through service and innovation. Second, margin enhancement. We are raising the speed of transformation by eliminating waste throughout our operations and focusing the organization on value-accretive actions.

我們的當前重點領域已完全一致，並且正在採取行動。第一，客戶體驗。我們正集中力量，透過服務和創新為客戶創造最佳結果。第二，提高利潤率。我們透過消除整個營運過程中的浪費並使組織專注於增值行動來提高轉型的速度。

And lastly, capital allocation. We are taking a disciplined approach and making appropriate investments to deliver increasing rates of return and shareholder value. And now let me turn to our second quarter results and a review of our full year 2025 outlook.

最後，資本配置。我們採取嚴謹的方法並進行適當的投資，以實現更高的回報率和股東價值。現在，讓我來談談我們的第二季業績以及 2025 年全年展望的回顧。

Let's begin on Slide 5. Our second quarter net sales were $936 million, representing a decline of 4.9% versus the prior year quarter and a 6.7% decline on a constant currency basis, of which roughly half was due to Byte. Adjusted EBITDA margins expanded 360 basis points to 21.1%, benefiting from the suspension of Byte sales and lower operating expenses.

我們從投影片 5 開始。我們第二季的淨銷售額為 9.36 億美元，比去年同期下降 4.9%，以固定匯率計算下降 6.7%，其中約一半是由於 Byte 造成的。調整後的 EBITDA 利潤率擴大 360 個基點至 21.1%，受益於 Byte 銷售的暫停和營運費用的降低。

Despite lower sales, adjusted gross margin expanded 60 basis points to 55.9%. Adjusted EPS in the quarter was $0.52, up 6.6% from prior year largely due to higher adjusted EBITDA margins, FX and a lower share count, partially offset by below-the-line items and a higher tax rate. As you will have seen, we recorded a roughly $214 million noncash after-tax charge related to the impairment of goodwill and other intangible assets within the OIS and CTS segments.

儘管銷售額下降，調整後的毛利率仍擴大 60 個基點至 55.9%。本季度調整後每股收益為 0.52 美元，較上年增長 6.6%，主要由於調整後 EBITDA 利潤率提高、外匯影響和股數減少，但部分被低於標準線的項目和更高的稅率所抵消。正如您所看到的，我們記錄了約 2.14 億美元的非現金稅後費用，與 OIS 和 CTS 部門的商譽和其他無形資產減損有關。

These impairments were driven by the impacts of tariffs and current period volume changes relative to the initial investment thesis. In the second quarter, we generated $48 million of operating cash flow compared to $208 million in the prior year quarter. The year-over-year decline is primarily attributable to timing of cash collections, a higher build of inventory in anticipation of ERP go-lives and tariffs along with an approximately $42 million foreign tax refund received in the prior year quarter.

這些減損是由關稅的影響以及相對於初始投資理論的當期交易量變化所造成的。第二季度，我們產生了 4,800 萬美元的營運現金流，而去年同期為 2.08 億美元。年減主要歸因於現金收款時間、預期 ERP 上線和關稅而增加的庫存以及去年同期收到的約 4,200 萬美元的外國退稅。

We finished the quarter with cash and cash equivalents of $359 million our Q2 net debt-to-EBITDA ratio was 3.1 times and flat on a sequential basis. We also completed a $550 million hybrid bond offering in Q2, which helped to increase our ongoing financial flexibility.

本季結束時，我們的現金和現金等價物為 3.59 億美元，第二季的淨負債與 EBITDA 比率為 3.1 倍，與上一季持平。我們還在第二季完成了 5.5 億美元的混合債券發行，這有助於提高我們持續的財務靈活性。

And now let's turn to second quarter segment performance beginning on Slide 6. Starting with EDS, which includes Endo Resto and Preventative products sales on a constant currency basis increased 1.1% with growth in the rest of the world, partially offset by lower volumes in Europe and the US. It's worth noting that EDS performance in the quarter reflected stable patient traffic across our major markets, a good indicator of the relatively stable environment and consistent with our customer surveys.

現在讓我們從投影片 6 開始討論第二季的分部表現。從 EDS 開始，包括 Endo Resto 和預防產品在內的 EDS 銷售額按固定匯率計算增長了 1.1%，世界其他地區的銷售額有所增長，但歐洲和美國的銷量下降部分抵消了這一增長。值得注意的是，本季 EDS 的業績反映了我們主要市場的患者流量穩定，這是環境相對穩定的良好指標，並且與我們的客戶調查結果一致。

Shifting to OIS. Sales in constant currency declined 19.4% with Byte accounting for over half of the decline. IPS declined double digits in the quarter, driven by lower lab volumes globally and lower implant sales in the US and Europe, which were partially offset by growth of implants in China. SureSmile continued to make solid gains, rising 3.3% driven by strong performance in Europe and Rest of World, partially offset by softness in the US.

轉向 OIS。以固定匯率計算，銷售額下降了 19.4%，其中 Byte 佔了一半以上的降幅。本季 IPS 出現兩位數下滑，因為全球實驗室數量下降以及美國和歐洲植入物銷售額下降，但中國植入物銷售額的成長部分抵消了這一下滑。SureSmile 繼續穩步增長，上漲 3.3%，主要得益於歐洲和世界其他地區的強勁表現，但美國市場的疲軟在一定程度上抵消了這一增長。

Turning to CTS. Sales in constant currency fell 5.9% versus the prior year quarter as double-digit growth in Imaging in Europe was more than offset by declines in CAD/CAM and imaging in the US. Note that changes in distributor inventories did not impact the comparison of CTS sales year-over-year.

轉向 CTS。以固定匯率計算，銷售額與去年同期相比下降了 5.9%，因為歐洲成像業務的兩位數成長被美國 CAD/CAM 和成像業務的下滑所抵消。請注意，分銷商庫存的變化不會影響 CTS 銷售額的年比比較。

Moving to Wellspect HealthCare. Sales in constant currency declined 5%. As expected, year-over-year results were negatively impacted by a US dealer initial stocking order, which occurred in the prior year period and had an approximately 4.5% negative impact, which was partially offset by the benefit of new product launches. We continue to expect this business to deliver mid-single-digit growth for the full year.

轉向 Wellspect HealthCare。以固定匯率計算的銷售額下降了 5%。正如預期的那樣，去年同期的美國經銷商初始備貨訂單對同比業績產生了負面影響，該訂單產生了約 4.5% 的負面影響，但新產品發布帶來的好處部分抵消了這一影響。我們仍預期該業務全年將實現中等個位數成長。

With that, let's move to Slide 7 to discuss our updated outlook for 2025. We are maintaining our full year 2025 outlook for sales, adjusted EBITDA margin and adjusted EPS. Now looking to the third quarter. On a sequential basis, reported sales are expected to be down slightly, following normal seasonality. While adjusted EBITDA margin is expected to decline due to tariff-related costs beginning to roll through the P&L.

接下來，讓我們轉到第 7 張投影片來討論我們對 2025 年的最新展望。我們維持對 2025 年全年銷售額、調整後 EBITDA 利潤率和調整後 EPS 的預期。現在展望第三季。與上一季相比，預計報告銷售額將略有下降，符合正常的季節性特徵。而由於關稅相關成本開始計入損益表，調整後的 EBITDA 利潤率預計會下降。

We expect that these factors, combined with a higher tax rate will result in sequentially lower adjusted EPS. This outlook helps us maintain our full year projection in a relatively balanced first and second half of the year. Before we wrap up, I'd like to share an additional thought on capital allocation. We believe that DENTSPLY SIRONA has the potential to yield sustainably high levels of free cash flow.

我們預計，這些因素加上更高的稅率將導致調整後的每股盈餘持續下降。這種前景有助於我們維持對全年的預測，即上半年和下半年將相對平衡。在我們結束之前，我想分享一些關於資本配置的額外想法。我們相信，登士柏西諾德有潛力持續產生高水準的自由現金流。

Effort is underway to work down inventories and reduce our overall working capital requirements. We plan to prioritize investments in innovation and growth, financial flexibility and returns to shareholders. And now let me summarize on Slide 8. In the second quarter, our top line continued to be challenged. However, we delivered adjusted EBITDA margin expansion and adjusted EPS growth through continued financial discipline.

我們正在努力減少庫存並降低整體營運資金需求。我們計劃優先投資於創新和成長、財務靈活性和股東回報。現在讓我在第 8 張投影片上進行總結。第二季度，我們的營收持續面臨挑戰。然而，我們透過持續的財務紀律實現了調整後的 EBITDA 利潤率擴大和調整後的 EPS 成長。

We're maintaining our full year outlook for sales and adjusted EPS. We've added flexibility to our balance sheet, and we are actively working to enhance our cash flow generation. We see significant untapped opportunity at DENTSPLY SIRONA. Unlocking it starts with taking a value-creation-oriented approach to financial management, and that work has already started.

我們維持對全年銷售額和調整後每股盈餘的預期。我們增加了資產負債表的靈活性，並正在積極努力提高現金流的產生。我們看到 DENTSPLY SIRONA 存在大量尚未開發的機會。要實現這一目標，首先要採取以價值創造為導向的財務管理方法，這項工作已經開始。

We believe combining this approach with the customer experience transformation underway at DS will allow us to yield greater results faster, and we look forward to sharing our proof points in the coming quarters.

我們相信，將這種方法與 DS 正在進行的客戶體驗轉型相結合，將使我們能夠更快地取得更大的成果，我們期待在未來幾季分享我們的證明點。

With that, let's open it up for questions.

好了，讓我們開始提問吧。

Thank you. At this time, we'll conduct the question-answer-session. (Operator Instructions)

謝謝。此刻，我們將進行問答環節。（操作員指示）

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Hey guys, good morning and thanks for the question. Dan and Matt. There's obviously a lots going on in terms of some of the product changes and you guys are new and things like that. I was wondering if you might be able to give us a little bit of like a state of the union as you see the broader overall dental market. So we can kind of set out what you're seeing on that level and then obviously some of the specific like idiosyncratic factors that you were discussing on top of that?

大家好，早安，感謝您的提問。丹和馬特。顯然，在某些產品變化方面發生了很多事情，而且你們是新手等等。我想知道您是否可以向我們介紹您對更廣泛的牙科市場的看法。那麼，我們可以大致闡述您在這個層面上看到的情況，然後顯然可以闡述您在討論的一些具體特殊因素？

Thanks for the question, Elizabeth. This is Dan. And so I'll give you my perspective of being 5 days in the seat here. And go at it that way. But just using data that we have and that we've talked about the Q2 survey in particular, which we found consistent with the ADA survey saying that patient volumes remain stable. Procedural utilization in the electives like implants and ortho continue to be soft.

謝謝你的提問，伊麗莎白。這是丹。那麼我將向你們講述我在這裡任職五天以來的看法。就這樣去做吧。但是，僅使用我們擁有的數據以及我們特別討論過的第二季調查的數據，我們發現這與 ADA 調查一致，即患者數量保持穩定。諸如植入物和正畸等選修課的程序利用率仍然較低。

And we see some shifts with nothing meaningful. Maybe Germany, the dentist and looks like it's slightly better. Tough to call, right? You have a lot of activity on the macro with tariffs and activities that fluctuate every hour.

我們看到一些毫無意義的轉變。也許德國的牙醫看起來稍微好一點。很難說，對吧？宏觀上有很多活動，關稅和活動每小時都在波動。

I think the real thing has remained focused on the patient and the chair and the dentist give them the right products and drive this. When you do that the right way, all those other things can soften out. Our thought is focus on the long term and not react to the short-term noise that's out there. So that's really where we're headed.

我認為真正的重點仍然放在病人和椅子上，牙醫為他們提供合適的產品並推動這一點。當你以正確的方式做到這一點時，所有其他事情都會變得容易起來。我們的想法是著眼於長遠，而不是對外界的短期噪音做出反應。這就是我們真正的目標。

Got it. That's a very helpful perspective and makes sense. Maybe just as a follow-up, anything to call out in terms of distributor stock ups or destocking dynamics in the quarter, maybe particularly in CTS and EDS that might be more of a question for Matt.

知道了。這是一個非常有用的觀點，而且很有道理。也許只是作為後續行動，就本季分銷商的庫存增加或去庫存動態而言，有什麼需要注意的嗎，特別是在 CTS 和 EDS 方面，這對 Matt 來說可能是一個更大的問題。

Yes, it is. This is Matt. Again, we said in the prepared remarks that we really didn't see a significant revenue impact on a year-over-year basis related to stocks at dealers. And in fact, when you look at it on a year-over-year basis, they're both on an imaging basis and on a CAD/CAM basis, in a good healthy position and the deltas year-over-year were pretty similar. So feeling good about the overall stock situation.

是的。這是馬特。再次，我們在準備好的評論中表示，我們確實沒有看到與經銷商庫存相關的收入同比出現顯著影響。事實上，如果以同比來看，它們無論是基於成像還是基於 CAD/CAM，都處於良好的健康狀態，並且同比變化非常相似。因此對整體庫存狀況感覺良好。

Got it. Thanks so much.

知道了。非常感謝。

Thank you.

謝謝。

David Saxon, Needham and Company.

大衛‧薩克森 (David Saxon)，尼德漢姆公司。

Great, Dan and Matt. Thanks for taking my questions. Dan, maybe I'll start with a higher level question for you and nice talking to you again on a DENTSPLY call. So just wanted to understand kind of what about the opportunity at DENTSPLY would have add you to switch over and then with background in Spine most recently in Vision Care and other areas at J&J, anything you learned in those markets that might be particularly useful as it relates to DENTSPLY positioning in dental and how you're thinking about profitability?

太好了，丹和馬特。感謝您回答我的問題。丹，也許我應該先問你一個更高層次的問題，很高興在 DENTSPLY 電話會議上再次與你交談。所以只是想了解 DENTSPLY 的機會會給你帶來什麼，然後憑藉最近在強生公司從事脊柱領域的工作經驗以及在視力保健和其他領域的經驗，你在那些市場學到了什麼可能特別有用，因為它與 DENTSPLY 在牙科領域的定位有關，以及你如何看待盈利能力？

Yes. Thanks for the question, David. And it's good to connect with you in another part here. So I look forward to going forward with you. There's a couple of things. [loss] is such a great company and there's such a great learning there, followed by, as you said, the breadth of moving around in different things with J&J, what I saw at DENTSPLY is the opportunity to honestly apply all of those.

是的。謝謝你的提問，大衛。很高興在這裡的另一部分與您聯繫。所以我期待著與你們一起前進。有幾件事。 [loss] 是一家很棒的公司，在那裡有很多值得學習的地方，其次，正如你所說，強生在不同領域開展業務的廣度，我在 DENTSPLY 看到的是誠實應用所有這些的機會。

And I think it's more about the operational experience and the execution coming from those and bringing it in here that I think would be what interested me most -- and there's a lot of areas to focus on. I think the vast majority, I've had my hands in, in the past, and I think I can apply and help the team. And so for me, it's about taking my experience helping what I think is a truly great team accelerate to get where we need to get to.

我認為更重要的是營運經驗以及由此產生的執行力，並將其帶到這裡，我認為這就是我最感興趣的——有很多領域值得關注。我認為絕大多數事情我過去都參與過，我認為我可以參與並幫助球隊。所以對我來說，這就是利用我的經驗來幫助我認為真正偉大的團隊加速實現我們需要實現的目標。

Great. Thanks for that. And then as my follow-up, I wanted to ask on implants. So maybe you can give a little more color on how that part of the portfolio did both geographically and then across premium and value and then in the script, you talked about it being a priority area and already had some initiatives going. So can you give me -- give a little more color there? Like what exactly are you doing in that part of the business? And how should we think about the impact they might have? Thanks so much.

偉大的。謝謝。然後作為我的後續問題，我想詢問有關植入物的問題。因此，也許您可以更詳細地介紹該部分投資組合在地理位置、溢價和價值方面的表現，然後在腳本中，您談到它是一個優先領域，並且已經採取了一些舉措。那你能給我多一點顏色看看嗎？例如，您在那部分業務中具體做什麼？我們應該如何看待它們可能產生的影響？非常感謝。

Yes. And the implant story continued this quarter from what you have seen earlier in the year, where we've seen slower legacy brands transitioning to our new products particularly as we looked at the premium side of the business. On the value side of the business, the Middle East volatility, I think you know that we produce a lot of our value implants in that region. And so the volatility there did impact our volumes with the limitations on being able to get product out of certain countries and into other countries, but that should be passed as we move forward.

是的。本季植入物的故事延續了今年稍早的情況，我們發現傳統品牌向我們的新產品過渡的速度較慢，特別是當我們專注於業務的高端方面時。在業務的價值方面，中東的動盪，我想你知道我們在該地區生產了很多價值植入物。因此，那裡的波動確實影響了我們的銷量，限制了我們把產品從某些國家運送到其他國家，但隨著我們前進，這個問題應該會逐漸消除。

From a headline perspective, we saw a premium down about 5%, and that is due to the exchange that we are seeing as we roll out the new products and the shift from legacy brands. We do expect for the full year that we are going to have some growth expected because of the sales force changes that we've made and that we talked about and what Dan just spoke to in terms of driving some new consumer experiences, and then also from the China VBP program that we've seen so far this year, that should carry us.

從整體來看，我們看到溢價下降了約 5%，這是由於我們在推出新產品時看到的交換以及傳統品牌的轉變。我們確實預計全年我們將會實現一些成長，因為我們所做的、我們所談論的銷售隊伍變動，以及丹剛才談到的推動一些新的消費者體驗，還有我們今年迄今為止看到的中國 VBP 計劃，這些都應該會推動我們前進。

From a value perspective, Q2 was down, let's call it, low double digits. And again, largely due to what was taking place in the Middle East and that will carry through for the full year as we look forward. But overall, the big driver, as we're looking at implants, has been from the lab side of the house, and so we'll expect to see that continue through EMEA and the US, both in the quarter and then over the year.

從價值角度來看，第二季的銷售額下降了，我們稱之為低兩位數。再次強調，這很大程度上是由於中東發生的事件，我們期待這種現象將持續全年。但總體而言，就我們目前所關注的植入物而言，最大的驅動力來自於實驗室方面，因此我們預計這種趨勢將在本季度以及全年在歐洲、中東和非洲地區以及美國持續下去。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Thanks for the question. Dan and Matt. This is Dylan Finley on for Kevin. To start, just wondering, if you could maybe reframe some of your tariff assumptions for the year. I believe previously, the team had sized it about $50 million in annual costs per year. So wonder if there's any changes around that? And then second of all, does the guide contemplate any mitigation efforts and any kind of supply chain action or price action you can talk about there?

謝謝你的提問。丹和馬特。這是凱文的迪倫芬利 (Dylan Finley)。首先，我只是想知道，您是否可以重新制定今年的一些關稅假設。我相信此前該團隊已經將其每年的成本估算為約 5000 萬美元。那麼想知道這方面有沒有改變呢？其次，該指南是否考慮了任何緩解措施以及您可以談論的任何供應鏈行動或價格行動？

Yes. Let me start with the activities that the teams are driving today, which have been extremely good results on expense control and driving efficiencies through the supply chain organization. You see that showing up in our margin as we speak.

是的。首先，我要介紹團隊今天正在進行的活動，這些活動在費用控制和透過供應鏈組織提高效率方面取得了非常好的成果。正如我們所說，您會看到它出現在我們的邊緣中。

Last quarter, we told you that we were expecting about a $50 million annualized impact from tariffs. What has happened over the past couple of weeks with Europe and with Switzerland and Sweden has showed us that, that has grown to about $80 million that we were looking at on an annualized basis.

上個季度，我們告訴您，我們預計關稅將產生約 5000 萬美元的年化影響。過去幾週歐洲、瑞士和瑞典的情況表明，這一數字已增長到我們所期望的年化約 8,000 萬美元。

So -- the interesting thing there for 2025 is that we have a similar situation on the $25 million that we spoke about last quarter, the puts and takes and the timing impacts that we've seen are going to result in the same level of impact here in 2025.

因此，2025 年的有趣之處在於，我們在上個季度談到的 2500 萬美元方面也遇到了類似的情況，我們所看到的投入和產出以及時間影響將在 2025 年產生相同程度的影響。

So that $25 million roughly spread across Q3 and Q4. the mitigation factors, we continue to look at ways, including cost savings, including activities that we are driving towards finding initiatives and finding mitigation efforts. And I think that will continue through the end of this year, and we'll look hard at what we're going to do for 2026.

因此，這 2500 萬美元大致分佈在第三季和第四季。對於緩解因素，我們將繼續尋找各種方法，包括節省成本，包括我們正在推動的活動，以尋找措施和緩解措施。我認為這種情況將持續到今年年底，我們將認真考慮 2026 年要做什麼。

Great, thank you very much. And then on orthodontics, quick clarification. Did you see any adjustments or kind of chargebacks on Byte? I know last quarter, there was like a reverse of some of the refunds. It was a bit of a positive. So just wondering if there's any adjustment there on Byte.

太好了，非常感謝。然後是關於牙齒矯正的，快速澄清一下。您是否看到 Byte 上有任何調整或退款？我知道上個季度，一些退款出現了逆轉。這有點積極。所以只是想知道 Byte 上是否有任何調整。

And then second of all, just quickly, if you could about SureSmile and what you're seeing in the US today. One of your competitors called out challenging conversion rates a potential shift to wires and brackets from orthodontists. Just any commentary you can provide on that market?

其次，您能否簡單介紹一下 SureSmile 以及目前在美國看到的情況？您的一位競爭對手指出，轉換率具有挑戰性，牙齒矯正師可能會轉向使用鋼絲和托架。您能對該市場提供什麼評論嗎？

Yes. So the assumptions that we put into place, as you know, you saw last quarter around Byte and what's happening there, the patient load has come off faster. We did see about a $4 million adjustment here in the second quarter. For the second half of the year, we now believe we are in line appropriately with the rates of the drop-off. So not anticipating any further changes in that assumption.

是的。因此，正如您所知，我們提出的假設是，上個季度您在 Byte 周圍看到了這種情況，那裡發生的情況是，患者負荷下降得更快了。我們確實看到第二季有約 400 萬美元的調整。對於下半年，我們現在認為我們已經與下降的速度相符。因此預計該假設不會發生任何進一步的變化。

As you look at SureSmile, again, we said good performance, 3.3% growth on a year-over-year basis. The US like many other areas that we are seeing in the US, there is a little bit of a drag there. The things that we are doing to try and drive change, education programs, working with our sales force and driving new ways of working specifically with specialists and orthodontists, that's what you will see help us drive a change in the US.

當您看到 SureSmile 時，我們再次表示其表現良好，年增 3.3%。美國就像我們在美國看到的許多其他地區一樣，那裡存在一些阻礙。我們為推動變革所做的事情、教育計劃、與我們的銷售人員合作以及推動與專家和牙齒矯正醫師合作的新方式，這些都將幫助我們推動美國的變革。

Thank you.

謝謝。

Thank you.

謝謝。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

Good morning and thanks for taking the question. This might be getting a little ahead of ourselves, but maybe tying back a little bit to what Elizabeth asked off the top. She talked about the end market. I'd love to talk internally about how you see the portfolio Dan, as you settle in, obviously, we have the well spec review going on, but how do you see the rest of the portfolio?

早上好，感謝您回答這個問題。這可能有點超出我們的預期，但也許與伊麗莎白最初提出的問題有點聯繫。她談到了終端市場。丹，我很樂意在內部談論您如何看待投資組合，當您安頓下來後，顯然，我們正在進行良好的規格審查，但您如何看待投資組合的其餘部分？

And relative to the business, do you feel at this early point in time like there are areas where you have holes that you want to pursue? And how do you think about the build of inorganic versus organic growth along that front? It might be a philosophical question, but thought I'd at least start there.

相對於業務而言，您是否覺得在早期階段存在一些需要彌補的漏洞？您如何看待這一方面的無機成長與有機成長的建構？這可能是個哲學問題，但我想至少從這裡開始。

No problem, Mike. I appreciate the question. So there's a couple of things. I actually believe that no one else is better suited to compete holistically in this market in DENTSPLY SIRONA. We have everything that we need to do this and drive it. It's about focus and execution. I don't think there's major gaps that are out there and any minor gaps, I think you've got an incredible innovation engine seriously that is working on those things.

沒問題，麥克。我很感謝你提出這個問題。所以有幾件事。我確實相信，沒有人比登士柏西諾德更適合在這個市場上進行全面競爭。我們擁有完成並推動這一目標所需的一切。這關乎專注和執行。我認為不存在重大差距，也不存在任何微小差距，我認為你們有一個令人難以置信的創新引擎正在認真地致力於解決這些事情。

Should we do it faster? Can we penetrate deeper? The answer is, of course. And that will always be it no matter what the performance is that way. But the potential and when I talk about unlocking the potential, it's about using every single thing that we have to impact further than what we've been doing. And I think that's really hit that way where it comes.

我們應該做得更快嗎？我們能深入一點嗎？答案是當然。無論表現如何，情況總是如此。但是當我談到釋放潛力時，這意味著利用我們所擁有的每一件事來產生比我們一直在做的事情更大的影響。我認為這確實會造成影響。

Organic versus inorganic the answer is both. I lean more towards the organic because I think you build the right in-house capabilities and right productions. And you can actually do that in usually a more profitable way, eliminate unnecessary impairments and other external costs. But opportunistically, when we have a strong cash flow, the ability to buy and accelerate speed, of course, is something that we'll consider and do at the appropriate times.

有機與無機，答案是兩者都有。我更傾向於有機的，因為我認為你建立了正確的內部能力和正確的產品。而且你實際上可以以通常更有利可圖的方式做到這一點，消除不必要的損害和其他外部成本。但從機會主義的角度來看，當我們擁有強大的現金流時，購買和加速的能力當然是我們會在適當的時候考慮和做的事情。

Got it. And then just one more on implants, if I can. As you think about the market, I know that under the previous leadership team, there was a major focus on reinvigorating various different areas of growth. How do you feel about where those pieces of the reboot on implants fit as you settle into the seat? Again, I know these are early questions, but just trying to get a sense of some of the key trends we should expect going forward. Thank you.

知道了。如果可以的話，我再說一個關於植入物的問題。當您考慮市場時，我知道在前領導團隊的領導下，主要致力於重振各個不同的成長領域。當您坐在座位上時，您對重新啟動植入物的部件的位置有何感覺？再次強調，我知道這些都是早期的問題，但我只是想了解我們未來應該預期的一些主要趨勢。謝謝。

No, I appreciate your positioning with it. Listen, I think the following -- I think the team is moving in the right direction in several areas. I haven't come in and said we're changing this. We're making a radical shift. And what I don't want to do is create a disruption that actually slows us and puts us at a temporary competitive disadvantage. I will continue to look.

不，我很欣賞你的定位。聽著，我認為──我認為團隊在幾個方面正朝著正確的方向前進。我並沒有進來告訴大家我們要改變這一點。我們正在進行徹底的轉變。我不想做的是造成一種混亂，這種混亂實際上會減慢我們的速度，並使我們暫時處於競爭劣勢。我會繼續尋找。

I might change my opinion as I go deeper in my listening to learn sessions. But to date, while I've seen the things that are in progress, I think I'm going to keep them in progress. I want to go deeper and faster in a lot of the areas. I probably won't be as specific and focused in key areas. I think all of these are meaningful areas for us, and I want to see growth and health in all of them.

隨著我聽力學習的深入，我的看法可能會改變。但到目前為止，雖然我已經看到事情正在進展，但我認為我會讓它們繼續進展。我希望在許多領域中取得更深入、更快的進展。我可能不會在關鍵領域那麼具體和專注。我認為所有這些領域對我們來說都是有意義的，我希望看到它們都能夠成長和健康。

How we do that in which you order and prioritize what do we do that? Let me step back and take some time to learn and get you later on. But so far, continue the path, accelerate it and probably broaden where I think we ought to be focused.

我們如何按照您的命令和優先順序來做這件事？讓我退一步，花點時間學習，然後再來找你。但到目前為止，我們仍在繼續這條道路，加速它，並可能拓寬我認為我們應該關注的領域。

Great, thanks.

太好了，謝謝。

Thank you.

謝謝。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

Michael Sarcone, Jefferies.

薩科內（Michael Sarcone），傑富瑞集團（Jefferies）。

Good morning and thanks for taking the questions. Dan, congrats on the new role. Just a follow-up on the tariff stuff and how it relates to margin expansion. You talked about the updated thoughts being about $80 million annualized impact. I don't want to get too far ahead of ourselves here. But when you think about 2026, and you do see that full impact. How do you think about your ability to continue to expand gross and EBITDA margins?

早上好，感謝您回答問題。丹，祝賀你獲得新的職位。這只是對關稅問題的後續關注以及它與利潤擴大的關係。您談到的最新想法是每年約 8000 萬美元的影響。我不想在這裡說得太過分。但當你想到2026年時，你會發現它的全部影響。您如何看待自己繼續擴大毛利率和 EBITDA 利潤率的能力？

Yes, Michael, let me start -- this is Dan, and I'll hand it over to Matt. But right now, we're not in a position to project what we want to do in 2026 and the volatility of every hour of every day of the change in tariffs would certainly tell you that prudence is to pause and focus before reacting.

是的，邁克爾，讓我開始吧——這是丹，我將把它交給馬特。但目前，我們還無法預測 2026 年我們要做什麼，而關稅變化每時每刻的波動無疑會告訴你，謹慎的做法是在做出反應之前停下來並集中註意力。

And so ultimately, what I think we're going to do is assess the situation and see do keep in mind that we have the manufacturing and logistic firepower globally to position ourselves for a benefit longer term, but we're just simply aren't going to react in such a volatile market at this point.

因此，最終，我認為我們要做的是評估情勢，並牢記我們擁有全球製造和物流實力，可以為長期利益做好準備，但我們現在根本不會對如此動盪的市場做出反應。

Yes. The only thing I would add to that, Dan, is, as you look at how we're building the rest of 2025 and the outlook that we gave you, it does embed the tariff impact into our outlook. And the things that are allowing us to manage through that are the good activities that are taking place in the organization.

是的。丹，我唯一想補充的是，當你看到我們如何規劃 2025 年剩餘時間以及我們給你的展望時，你會發現關稅影響確實已經融入我們的展望中。而讓我們能夠解決這些問題的正是組織內正在進行的良好活動。

And that's why having a longer-term view here as to what the value is that we can drive through innovation, through our product pipeline and the changes that Dan spoke about at the top of the prepared remarks, that's why we're taking some time to really develop what that's going to mean for 2026.

這就是為什麼我們要從更長遠的角度考慮，我們可以透過創新、透過我們的產品線以及丹在準備好的發言開頭提到的變化來推動什麼價值，這就是為什麼我們要花一些時間來真正開發這對 2026 年意味著什麼。

Got it. Okay. That's helpful. And then second one for me. Dan, in the prepared remarks, you mentioned you've already started taking some activities to address the softness in CTS any chance you can elaborate on some of those?

知道了。好的。這很有幫助。對我來說這是第二個。丹，在準備好的發言中，您提到您已經開始採取一些措施來解決 CTS 的軟弱問題，您能否詳細說明其中的一些措施？

I appreciate the question, but I think that let me do it and execute it and tell you what we did versus tell you where we're going. I'd rather keep that for competitive reasons into this team to go execute.

我很感謝你提出這個問題，但我認為我應該先做並執行它，然後告訴你我們做了什麼，而不是告訴你我們要去哪裡。出於競爭的原因，我寧願將其保留到這支球隊中執行。

Okay, thank you.

好的，謝謝。

Jonathan Block, Stifel.

喬納森·布洛克（Jonathan Block），史蒂費爾（Stifel）。

Great. Thnaks, guys. Maybe I'll just start with a clarification. The $50 million but I thought you said going to $80 million tariff annualized headwind sorry, was that a net number? Or arguably that grows before any mitigating initiatives that maybe you're able to put in place over the coming months. Just a clarification there.

偉大的。謝謝大家。也許我應該先澄清一下。5000 萬美元，但我以為您說的是 8000 萬美元的關稅年化逆風，對不起，這是一個淨數字嗎？或者可以說，這種增長會在未來幾個月內可能採取的任何緩解措施之前發生。僅作澄清。

That is the gross annualized impact and again, for 2025, though, based on how we see the components moving, the impact to us in 2025 is still roughly $25 million.

這是年化總影響，但對於 2025 年而言，根據我們對各組成部分變動情況的預測，2025 年對我們的影響仍然約為 2500 萬美元。

Got it. Not a full year and maybe some inventory that's at pre-tariff levels on the 25% got, okay. And then Dan, this one might be too early to ask, but just -- when we think about some of the company's prior initiatives, right, there was a lot there. I mean there was ERP, there was SKU rationalization. There were some, call it, consolidating of the manufacturing footprint.

知道了。不是整年，也許有些庫存處於關稅前的水平，即 25%，好吧。然後丹，這個問題可能問得還太早，但是當我們思考公司之前的一些舉措時，就會發現有很多。我的意思是有 ERP，有 SKU 合理化。有一些，可以稱之為製造業足跡的整合。

You some of those things that are in various stages of completion. So would love your thoughts. I mean, are those top-of-the-list initiatives? Do those all make sense to you? Are those on track according to prior time lines? Any update that you're able to give there would be great.

其中一些事情正處於不同的完成階段。所以我很想知道你的想法。我的意思是，這些都是最重要的舉措嗎？這些對你來說都有意義嗎？根據先前的時間表，這些是否進展順利？如果您能提供任何更新資訊那就太好了。

Thanks, Jonathan. Yes, it's a great question. And so what I'd say is I think all of those are the right moves. I think we have to go deeper and faster for sure. And again, let me go assess some of that come back at a later date with a bigger, broader plan. But there's nothing in there that I would step in and say stop this or don't do this. It made sense.

謝謝，喬納森。是的，這是一個很好的問題。所以我想說的是，我認為所有這些都是正確的舉措。我認為我們肯定要走得更深入、更快。再次，讓我去評估其中的一些問題，稍後再製定更大、更廣泛的計劃。但其中並沒有什麼內容讓我可以介入並說要停止這件事或不要這樣做。這是有道理的。

Listen, the real focus and the macro approach here for this company is we need to return the US to health and sustained growth period. And there's different mechanisms to do that. but it simply starts with remaining focus and improving our focus on the dentists to customers and the field, supplying them with great innovation and with a consistent supply chain, and it's all of us supporting it in-house, that's really where we're going to stay focused.

聽著，這家公司的真正重點和宏觀方法是我們需要讓美國恢復健康和持續成長期。有不同的機制可以做到這一點。但它只是從保持專注開始，並提高我們對牙醫、客戶和領域的關注，為他們提供偉大的創新和一致的供應鏈，我們所有人都在內部支持它，這才是我們真正要保持專注的地方。

And if there are sub activities to strengthen that, that's really, where we'll go along those lines. there'll be some broader things later, but again, or with the focus of the US Health First, Rest of World and Europe continuing to feed and then driving through that engine. And that's really what we're focusing on with the team now.

如果有子活動可以加強這一點，那我們確實會沿著這些想法去做。稍後還會有一些更廣泛的事情，但同樣，還是以美國健康第一為重點，世界其他地區和歐洲繼續提供動力，然後透過該引擎推動。這確實是我們團隊現在關注的重點。

Great call. Thank you.

非常好的電話。謝謝。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you. Good morning, guys. Dan, I think John just asked you on kind of your commitment to some of those cost savings initiatives and other kind of middle of the P&L kind of efforts that prior management has been focused on. Maybe I'll go the opposite direction. Just kind of on the top line. there's been an intense focus over the last couple of years on some of this cloud-based DS core strategy, some of the equipment becoming cloud-native equipment.

謝謝。大家早安。丹，我想約翰剛才問了你對一些成本節約計劃以及其他前任管理層一直關注的損益表中部工作的承諾。也許我會走相反的方向。只是在頂線上。過去幾年，人們一直高度關注基於雲端的 DS 核心策略，一些設備正在成為雲端原生設備。

My view on that, not that you care about that, I guess, but has always been that might be a great long-term opportunity harder to monetize that in the short run. Would love to get your input on kind of how you're thinking about that commitment to DS core and the intense focus there versus maybe improving some of the actual hardware and products themselves, especially in some of the specialty areas. Thanks.

我對此的看法是，我想您並不關心這一點，但我一直認為這可能是一個很好的長期機會，但在短期內很難將其貨幣化。我很想聽聽您的意見，您如何看待對 DS 核心的承諾和高度關注，而不是改進一些實際的硬體和產品本身，特別是在一些專業領域。謝謝。

Yes. And Jeff, that's a fantastic question, seriously. So thanks for asking it. So there's two pathways that you kind of asked and I'll go through both. I believe that the world is moving into a proceduralization model, the holistic experience and not just individual components.

是的。傑夫，說真的，這是一個非常棒的問題。感謝您的提問。所以你問到的有兩種途徑，我會分別介紹。我相信世界正在走向程式化模式，即整體體驗而不僅僅是單一組件。

And so having software and implants and instruments, all that are the best-in-class are what companies are going to need to go. And of course, there's data and machine learning and all sorts of things like that, that can create connectivity and better outcomes and better planning. We have to pursue that path.

因此，擁有一流的軟體、植入物和儀器是公司所需要的。當然，還有數據和機器學習以及諸如此類的東西，它們可以創造連結性、更好的結果和更好的規劃。我們必須走這條路。

DS core is obviously a foundation for that. But as you said, the best software in the world is meaningless unless you have great implants and great instrumentation and a procedural flow that benefits the practitioner. So, the answer is we have to go through all of those will remain on our course with DS core. We have to make sure that the investments are healthy and that innovation is consistent in all of those other things of instrumentation and implants as well.

DS 核心顯然是實現這一點的基礎。但正如您所說，如果沒有出色的植入物、出色的儀器和有利於從業者的程序流程，那麼世界上最好的軟體也是毫無意義的。所以，答案是我們必須經歷所有這些，並繼續堅持 DS 核心的路線。我們必須確保投資是健康的，並且在儀器和植入物的所有其他方面也保持一致的創新。

So when Matt and I discussed how to unlock value where to go, we're signaling that we need to streamline throughout the entire P&L, not just the middle to free up cash, so that we can reinvest and drive sustained growth through all of those mechanisms.

因此，當馬特和我討論如何釋放價值時，我們表示我們需要簡化整個損益表，而不僅僅是中間部分以釋放現金，以便我們可以透過所有這些機制進行再投資並推動持續成長。

Fair enough. And then maybe just one follow-up question. Just on your value implant commentary around MIS and maybe some manufacturing. Headwinds there throughout the rest of the year. How confident are you or how are you able to assess whether it's truly getting product out the door versus market share gains for some of your competitors who have really focused on those value implants as well over the last couple of years.

很公平。然後也許只有一個後續問題。僅針對您對 MIS 和一些製造業的價值置入評論。今年剩餘時間裡，那裡都將面臨逆風。您有多大信心，或者您如何評估這是否真正實現了產品上市，而對於一些在過去幾年中也真正專注於這些價值植入的競爭對手來說，市場份額是否得到了提升。

It seems like the value implant side of the market still has a little more strength in premium. So for that to remain down, and I don't know, if you said down double digits for the rest of the year, but still down the rest of the year, a little surprised to hear that. Thanks.

看起來，價值植入物市場在高端市場仍然具有更強的實力。因此，如果說今年剩餘時間的銷售額將下降兩位數，但今年剩餘時間的銷售額仍將下降，聽到這個消息我會有點驚訝。謝謝。

Yes. No, that's a good point of reference. The second half of the year will definitely be stronger on the value side. Again, that event in the Middle East that went down, obviously had an impact on our ability to ship out of the region. And so you've seen some headwinds there. But that will flip, and we will be competitive as we move into the second half of the year on the volume side.

是的。不，這是一個很好的參考點。下半年的價值方面肯定會更加強勁。再次，中東發生的事件顯然對我們向該地區發貨的能力產生了影響。所以你已經看到了那裡的一些阻力。但這種情況會逆轉，隨著進入下半年，我們在銷售方面將更具競爭力。

The bigger piece of the overall implant story though, you also noted which is overall competitiveness and what is taking shape in the market. And I think those lean purely into what Dan was talking about with changes and movements and evolutions that are taking place with our sales force in the US.

不過，在整個植入物故事中，更重要的部分是整體競爭力以及市場正在形成什麼。我認為這些完全傾向於丹所說的我們在美國銷售團隊正在發生的變化、動向和演變。

We've seen over the last couple of weeks, a significant retraining and education program that the US team has launched those are the types of efforts that are going to allow us to be able to get back into the game and drive growth in premium.

在過去的幾周里，我們看到美國團隊啟動了一項重要的再培訓和教育計劃，這些努力將使我們能夠重返市場並推動高端業務的成長。

Thank you.

謝謝。

Brandon Vazquez, William Baird.

布蘭登·巴斯克斯、威廉·貝爾德。

Hi everyone, thanks for taking the question. I wanted to follow up on a comment, curing his thought that was going on. I think it was John's question. But how much of the US business in your mind as you come into the seat is underperforming simply because of execution on behalf of Dentsply? Or how much of it is simply underperformance of the dental macro market?

大家好，感謝你們提出這個問題。我想跟進一條評論，治癒他正在發生的想法。我認為這是約翰的問題。但是，當您就任美國公司總裁時，您認為有多少美國業務表現不佳僅僅是因為代表 Dentsply 執行不當？或者其中有多少僅僅是牙科宏觀市場表現不佳？

Brandon, it's a great question. And my honest answer is, let me evaluate it and go deeper and see to make that split this early on, I'm not really quite comfortable doing it. I do have the belief that we have an incredibly strong team in the field and a great bag. And I think we have to look at ourselves and say, how can we move with better speed and decision-making so that we give our field the chance to actually come out and perform stronger than they've been.

布蘭登，這是一個很好的問題。我的誠實回答是，讓我評估一下，深入研究一下，看看這麼早就做出這種分裂，我真的不太願意這麼做。我確實相信我們在該領域擁有一支非常強大的團隊和一個出色的包。我認為我們必須審視自己，並問自己如何以更快的速度和更好的決策採取行動，以便讓我們的領域有機會真正脫穎而出，表現得比以前更強大。

What that percent split is versus macro, I don't really know, but I happen to believe that when you have the right team doing the right things, it softens a lot of those macro impacts anyway. And so let me dig deeper and come back to you once I have some better understanding.

我不知道這個百分比分割與宏觀相比是多少，但我碰巧相信，當你擁有合適的團隊做正確的事情時，它會減輕很多宏觀影響。因此，讓我深入挖掘一下，等我理解得更清楚之後再回來告訴你。

Okay. And I guess my follow-up is related and it somewhat leads into this, which is the dental market has seen macro headwinds for several years now. I'm not sure. And you guys -- I'd be curious, if you guys disagree with me, but I'm not sure we see kind of like a silver lining here and where things are meaningfully improving for dental. In the foreseeable future or at least in the next 6, let's call it, 2025.

好的。我想我的後續問題是相關的，並且在某種程度上引出了這一點，即牙科市場幾年來一直面臨宏觀阻力。我不知道。如果你們不同意我的觀點，我會很好奇，但我不確定我們是否看到了一線希望，也不確定牙科領域的情況是否有了顯著改善。在可預見的未來或至少在未來6年，我們稱之為2025年。

Again, if you disagree, please let me know. But in that if this is the case for a little bit of time now, does DENTSPLY need to readjust to operate in this new environment. I think the prior leadership team, while there were a lot of great execution initiatives going on, there was a chunk of kind of their EPS goals that was built on improving macro. Is this something that you guys think you will bank on as you start to develop plans?

再次強調，如果您不同意，請告訴我。但如果這種情況持續一段時間，DENTSPLY 是否需要重新調整以適應這個新環境。我認為，儘管先前的領導團隊已經實施了許多出色的執行舉措，但他們的每股盈餘目標很大一部分是建立在改善宏觀經濟的基礎上的。當你們開始擬定計畫時，你們認為這是你們會依賴的東西嗎？

Or do you think the macro is weighing on the sector so much that you need to just build plans to execute regardless and anything that macro would just be upside to that.

或者您是否認為宏觀因素對該行業的影響太大，以至於您需要製定計劃來執行，而不管宏觀因素是否對該行業有利。

I'll take a swing at that. So I think macro changes over time. And I think that as we look even to your point to the foreseeable future, it will obviously evolve both stronger and weaker over our lifetimes, and that's something that you need to think about as focused on the long term anyway.

我會嘗試一下。所以我認為宏觀會隨著時間而改變。我認為，即使我們展望可預見的未來，它在我們的一生中顯然會變得更強或更弱，無論如何，這是你著眼於長遠需要思考的事情。

How do you thrive in that I happen to believe that a strong cash flow and a strong profitability that allows you to go buy and execute and do what you want will allow you to react in a very meaningful way and eventually lead the market in a stronger way. And so US growth right now that generates more profitability through our programs, continuing and expanding that give us stronger profit and cash are going to allow us to not only react to but shape the macro as we go forward. It's about making sure we focus on the holistic set of our teams and portfolios to be able to do that. And while that sounds lofty, I truly believe that it is more than doable.

您如何才能在其中蓬勃發展？我碰巧相信，強勁的現金流和強勁的盈利能力可以讓您去購買、執行並做您想做的事情，這將使您能夠以非常有意義的方式做出反應，並最終以更強勁的方式引領市場。因此，美國目前的經濟成長透過我們的計劃產生了更多的獲利能力，持續和擴大的成長為我們帶來了更強勁的利潤和現金，這將使我們不僅能夠對宏觀經濟做出反應，而且能夠塑造未來的宏觀經濟。這是為了確保我們能夠專注於我們的團隊和投資組合的整體情況。雖然這聽起來很崇高，但我真的相信這是可以做到的。

Thank you.

謝謝。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Good morning and thanks for taking the questions. I have a high-level question for Dan and Matt. There's a lot of areas where you can focus investments as you've talked about, Salesforce, implants, aligners, clinical education, you talked about DS Core. I know it's very early, so not looking for any specifics on where you're looking to invest. But just any early learnings and thoughts you've had as you've looked at the business?

早上好，感謝您回答問題。我有一個高級問題想問丹和馬特。正如您所說，您可以在許多領域集中投資，例如 Salesforce、植入物、矯正器、臨床教育以及 DS Core。我知道現在還為時過早，因此無法了解您想在哪裡投資的具體細節。但是，當您審視這項業務時，您有什麼早期的學習和想法嗎？

And then moving forward, how should we think about timing of potential investments here? And would this be a shift of dollars you're already spending? Or would this be incremental spend? Thank you.

那麼，展望未來，我們該如何考慮潛在投資的時機呢？這是否會改變您已花費的資金？或者這是否是增量支出？謝謝。

Yes, I'll go first and then let Matt kind of go in there. So my experience, not just densify, but my experience would show that a focus in investing on the customer in the field are always going to be the thing that will help us be the strongest and go. And so that's going to be there. There's nothing that Matt and I would signal as a significant shift that would throw off your models at this point, but rather us looking with our eyes where we can find efficiencies and free up cash to reinvest and ideally do that in a way that can generate growth.

是的，我先去，然後讓馬特進去。因此，我的經驗不僅僅是密集化，而且我的經驗表明，專注於投資該領域的客戶始終是能夠幫助我們變得最強大並繼續前進的因素。所以它就會在那裡。馬特和我目前還不會發出任何重大轉變的信號，從而顛覆你們的模型，而是用我們自己的眼睛去尋找可以提高效率並釋放現金進行再投資的地方，理想情況下，以一種可以產生增長的方式來做到這一點。

So I would tell you, we're not going to see a radical shift that's going to throw you off. We are going to dig deep and move fast for sure. But ultimately, I think giving the field what they need, providing the customers what they need is really the key here, doing that in a faster manner with more options in an easier way is what I think we're going to focus on.

所以我要告訴你，我們不會看到令你震驚的根本轉變。我們肯定會深入挖掘並快速行動。但最終，我認為滿足該領域的需求、為客戶提供他們所需的是關鍵，我認為我們將專注於以更快的方式、更簡單的方式提供更多選擇。

Just to add, because I think Dan and I are in 100% alignment. And I -- frankly, in my time here so far, I think the entire team is, which is there is a repurposing of spend that we can do to drive speed, to drive growth. and put areas where the team was already looking for efficiencies, namely in those middle P&L elements, but certainly within the corporate, shifting those into the field. shifting those into innovation.

補充一下，因為我認為丹和我 100% 一致。坦白說，到目前為止，我認為整個團隊都在重新調整支出，以提高速度和成長，並將團隊已經在尋求效率的領域，即中間的損益要素，但肯定是在公司內部，將其轉移到現場，轉化為創新。

And so I think that's the primary viewpoint that I have that I'm going to try and keep them build out with Dan and the team is of the same mindset. So I don't know yet if there's a significant amount of additional incremental spend. I will tell you we're going to go through our strategic planning process. We will go through our annual planning process, that will be a great time after that to really hone in on some of the changes that we want to drive from a modeling perspective.

所以我認為這是我的主要觀點，我將嘗試與丹一起繼續建設，並且團隊也有相同的想法。所以我還不知道是否有大量額外的增量支出。我會告訴你我們將要經歷我們的策略規劃過程。我們將完成年度規劃流程，之後這將是一個絕佳的時機，讓我們能夠從建模的角度真正磨練出我們想要推動的一些變革。

But all of it is to reformulate a financial model for DS that returns higher cash that gives us the optionality for growth and returns to shareholders.

但這一切都是為了重新制定 DS 的財務模型，以返回更高的現金，為我們提供成長和股東回報的選擇權。

And I would just add one last thing. Matt and I are big fans of spending what we earn. And actually reducing leverage that will create longer-term flexibility.

我只想補充最後一點。馬特和我都非常熱衷於花掉自己賺的錢。實際上，降低槓桿率將創造更長期的靈活性。

Great. Thank you very much.

偉大的。非常感謝。

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

Hey, good morning and thanks for taking the questions. Dan, congrats on the new role and looking forward to continue to work with you. I just had a quick high-level question, Dan. Maybe just talk about some of the lessons you've learned from your time at Globus Medical that you think are applicable here? And then I had a quick follow-up, please.

嘿，早上好，感謝您回答問題。丹，祝賀你擔任新職務，並期待繼續與你合作。我只是想問一個簡單的高級問題，丹。也許您可以談談您在 Globus Medical 工作期間學到的一些可以在這裡應用的經驗教訓？然後我再快速跟進。

It is great talking to you. We look forward to getting together again. Again, Globus is such a great facility with such great teams. I could talk a lot about that, but I won't. What I learned from that team is hands-on, literally hands on, not some executive talking from a tower, but getting in the field with the reps and living their life eye-to-eye with the dentist and then owning it back and making sure there's execution where you as CEO are accountable to that person in the field to do it and do it better. I think that is the strength of Globus, and that's what I'm going to bring in here with that learning.

很高興和你談話。我們期待再次相聚。再說一次，Globus 是一個非常好的設施，擁有如此優秀的團隊。我可以就此談論很多，但我不會。我從那個團隊學到的是親力親為，真正親力親為，不是某些高管在高樓上講話，而是與銷售代表一起深入一線，與牙醫一起生活，然後收回成本，確保執行到位，作為首席執行官，你要對現場的人員負責，讓他們把事情做好，而且要做得更好。我認為這就是 Globus 的優勢，這也是我將透過學習帶到這裡的東西。

Great. And I had a follow-up question. Apologies if this has been asked. I've been bouncing on a couple of calls, but I noted a double-digit decline in implants and prosthetics in the quarter. This is sort of worse than you saw in Q2, which I believe was a mid-single-digit decline. Can you maybe provide some additional color on what you're seeing in the market and your expectations for the rest of the year? Thank you.

偉大的。我還有一個後續問題。如果有人問到這個問題，請見諒。我已經接聽了幾通電話，但我注意到本季植入物和義肢的數量出現了兩位數的下降。這比第二季的情況更糟糕，我認為第二季的降幅是中等個位數。您能否進一步說明一下您所看到的市場狀況以及今年剩餘時間的預期？謝謝。

Yes. We went over it earlier, but let me do a quick summer here. So we did see a performance trend and the way that we spoke about it was breaking out premium and value in the quarter, premium down slightly. We continue to see the shift from our legacy brands to the new revolutionary products that we made in the market, some changeover headwinds there. On the value side, the volatility in the Middle East did provide a bit of a headwind for us in the quarter.

是的。我們之前討論過這個問題，但讓我在這裡快速回顧一下這個夏天。因此，我們確實看到了一種業績趨勢，我們談論它的方式是本季的溢價和價值有所下降。我們繼續看到從我們的傳統品牌到我們在市場上製造的革命性新產品的轉變，其中存在一些轉變阻力。從價值方面來看，中東的動盪確實為我們本季帶來了一些阻力。

It was significant double digits -- low double digits on the value side. That will carry through for the rest of the year. So on the value side, you will see performance improve, but it will still be down overall for the year. The labs was the other place that we called out that had a significant double-digit decline primarily in EMEA and the US.

這是顯著的兩位數——價值方面的低兩位數。這一趨勢將持續至今年剩餘時間。因此，從價值方面來看，你會看到業績有所改善，但全年整體仍將處於下降趨勢。實驗室是我們指出的另一個出現顯著兩位數下滑的地方，主要位於歐洲、中東和非洲地區以及美國。

And so that rounds out, I think, on the implant side. When you look at the aligner side of the house, SureSmile up 3.3% and then you adjust out the Byte performance from the overall segment that gets you back to that double digits.

因此，我認為，植入物方面已經圓滿結束。當您查看房屋的矯正器方面時，SureSmile 上漲了 3.3%，然後您從整體部分調整 Byte 的性能，使您回到兩位數。

Steven Valiquette, Missa Securities.

史蒂文·瓦利奎特，米薩證券。

Thanks. Yes, good morning. I apologize earlier. I was kind of juggling multiple calls at once. Dan, there's obviously a time for you to focus on in the short term as you're joining the company. One area that was somewhat in limbo over the past year with some of the relationships with major dental distributors. So I guess, I'm just curious if you could provide a little more color on where that ranks on the total pool of your priorities and do you have a general bias coming into the role that distributors are vital or the door be opened maybe somewhere down the road where maybe a larger portion of your sales are direct. Just curious to get any early thoughts around this whole topic. Thanks.

謝謝。是的，早安。我早就道歉了。我幾乎同時要接聽多通電話。丹，你加入公司後，顯然需要在短期內集中精力做一些事情。過去一年中，與一些主要牙科經銷商的關係有些不太穩定。所以我想，我只是好奇您是否可以提供更多的細節，說明這在您的優先事項中處於什麼位置，以及您是否普遍認為分銷商至關重要，或者也許在未來的某個時候會打開大門，也許您的大部分銷售都是直接銷售。只是好奇想知道整個主題的任何早期想法。謝謝。

I appreciate the question. So a couple of things. I did have a chance to connect with both Schein and Patterson CEOs. And we're going to get together as I get further up to speed, have conversations. I would tell you, I'll refrain from telling you what I think and where we're going and what we're doing right now until I have a chance to better engage and learn this.

我很感謝你提出這個問題。有幾件事。我確實有機會與 Schein 和 Patterson 的執行長建立聯繫。隨著我進一步了解情況，我們將會聚在一起進行對話。我想告訴你，我不會告訴你我的想法、我們要去哪裡以及我們現在正在做什麼，直到我有機會更好地參與和學習這一點。

I am not really focused on the short term. Everything we're doing is going to be about long term here. That would include what our relationship is with those. So for now, I'm active in speaking and engaging with them. I need to go further. But let's kind of readdress that after I've got a little bit of time under me.

我其實不重視短期目標。我們所做的一切都是為了長遠利益。這包括我們與這些人的關係。所以現在，我積極地與他們交談和交流。我需要走得更遠。但是等我有一點時間之後，我們再重新討論這個問題。

Okay, makes sense. All right, thank you.

好的，有道理。好的，謝謝。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Thanks for taking my questions here. So, there's been several iterations of turnaround stories, not just at DENTSPLY, but also across dental. I guess, how -- can you talk about what's different in your approach? And -- and outside of some of these investments that you're making and execution and everything, what do you really think is like the optimal mix across your business? Like to really set yourself up for success in dental and more consistent growth?

感謝您在這裡回答我的問題。因此，不僅在 DENTSPLY，而且在整個牙科行業，都出現了多次扭虧為盈的故事。我想，您能談談您的方法有何不同嗎？除了您正在進行的一些投資和執行之外，您認為您的業務的最佳組合是什麼？想要真正為牙科的成功和更持續的成長做好準備嗎？

And are you taking a hard look at even some of the strategies around some of the more flagship areas, for instance, like how do you feel about the game plan around CAD/CAM? And how much are you taking into account the evolution of the competitive landscape there and other parts of your business that you're taking a hard look at. Thanks.

您是否正在認真考慮一些更旗艦領域的策略，例如，您對 CAD/CAM 的遊戲計劃有何看法？您在多大程度上考慮了那裡的競爭格局的演變以及您正在認真審視的其他業務部分？謝謝。

Erin, I appreciate the question, and I think it's a legitimate question. Being 5 days in, let me dig listen, learn, engage with the field, engage with customers, evaluate the sales. Again, I do feel like the company is tracking in the right direction, but not even fast enough. I think there are some things we can do better internally.

艾琳，我很感謝這個問題，而且我認為這是一個合理的問題。在這五天裡，我深入傾聽、學習、參與現場活動、與客戶互動、評估銷售情況。再說一次，我確實覺得公司正在朝著正確的方向前進，但速度還不夠快。我認為有些事情我們可以在內部做得更好。

But again, let me get through my listen-and-learn sessions, and I will connect with you and probably give you broader scopes as I get a quarter or two under my belt to further answer that question the right way.

但是，再次，讓我完成我的傾聽和學習課程，我將與您聯繫，並可能為您提供更廣泛的範圍，因為我將用一兩個季度的時間進一步以正確的方式回答這個問題。

Okay, great. Understood. Thank you.

好的，太好了。明白了。謝謝。

Thank you.

謝謝。

Thank you. This concludes the question-and-answer session. I would like to turn it over to Dan Scavilla, CEO, for closing remarks.

謝謝。問答環節到此結束。我想將發言權交給執行長 Dan Scavilla 來做最後發言。

Thank you all for joining the call today. Matt and I look forward to engaging in the investment community as we settle into our prospective roles. Before we close, I want to take a moment to thank the entire DENTSPLY SIRONA team for the warm welcome and for their unwavering commitment to our customers.

感謝大家今天參加電話會議。馬特和我期待著在我們適應未來角色的同時參與投資界的活動。在結束之前，我想花點時間感謝整個 DENTSPLY SIRONA 團隊的熱情歡迎以及對我們客戶的堅定承諾。

As I shared earlier, I'm truly excited to be here and to be part of shaping the future of the organization so that we can accelerate the value we provide to our customers an unlocked the true potential of the company. In addition, I want to thank Andrea Daley for her dedication and leadership in the Investor Relations role.

正如我之前所說，我真的很高興來到這裡並參與塑造組織的未來，以便我們能夠加速為客戶提供的價值並釋放公司的真正潛力。此外，我還要感謝安德里亞·戴利 (Andrea Daley) 在投資者關係方面的奉獻精神和領導能力。

Andrew will be moving into a new opportunity elsewhere. We're grateful for her contribution, and we wish her continued success in her new role. Thank you, everyone.

安德魯將會到別處尋找新的機會。我們感謝她的貢獻，並祝福她在新的崗位上繼續取得成功。謝謝大家。

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。