DENTSPLY SIRONA Inc (XRAY) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2025 DENTSPLY SIRONA earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Wade Moody, Investor Relations. Please go ahead.

您好，感謝您的耐心等待。歡迎參加登士柏西諾德2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的第一位發言人，投資者關係部的韋德·穆迪。請繼續。

Thank you, operator, and good morning, everyone. Welcome to the DENTSPLY SIRONA's third-quarter 2025 earnings call. Joining me for today's call is Dan Scavilla, President and Chief Executive Officer. 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.

謝謝接線員，大家早安。歡迎參加登士柏西諾德2025年第三季財報電話會議。今天和我一起參加電話會議的是總裁兼執行長丹·斯卡維拉。我想提醒各位，有關本次電話會議的盈利新聞稿和幻燈片演示文稿已發佈在公司網站 www.dentsplysirona.com 的“投資者關係”欄目中。在會議開始之前，請花點時間閱讀盈利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. 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 where certain items may vary independently of business performance and enhanced transparency regarding key metrics utilized by management and operating our business.

在今天的電話會議中，我們可能會做出一些前瞻性陳述，這些陳述反映了我們目前對未來業績和財務結果的看法。我們基於未來事件做出這些陳述以及某些假設和預期，而未來事件則有風險和不確定性。我們最新提交的 10-K 表格以及後續 10-Q 表格或其他美國證券交易委員會文件中更新的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風險因素。在今天的電話會議上，我們的演講將基於非GAAP財務表現。我們相信，非GAAP財務指標能夠為投資者提供關於我們業務財務表現的寶貴額外見解，使投資者能夠比較不同時期的財務結果，因為某些項目可能會獨立於業務業績而變化，並且能夠提高管理層和業務運營所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. And with that, I will now turn the call over to Dan.

有關 GAAP 和非 GAAP 結果的調整情況，請參閱我們的新聞稿。除非另有說明，否則所有比較均與去年同期相比。本次電話會議的網路直播回放將在會議結束後發佈在公司網站的投資者關係版塊。接下來，我會把電話交給丹。

Thanks, Wade, and good morning, everyone. Let's start with slide 3. I recently completed my first 90 days as CEO of Dentsply Sirona. During my first week at the company, we held the Q2 '25 earnings call. where I shared my listen, learn, lead approach, along with my initial thoughts on the organization's focus areas. Since then, I've continued to assess DS through meetings with customers, partners and employees, where I've been learning our strengths and areas of improvement.

謝謝你，韋德，大家早安。讓我們從第3張投影片開始。我最近完成了擔任登士柏西諾德公司執行長的第一個90天。在我加入公司的第一周，我們舉行了 2025 年第二季財報電話會議。會上，我分享了我的「傾聽、學習、領導」方法，以及我對公司重點領域的初步想法。從那以後，我透過與客戶、合作夥伴和員工的會議不斷評估DS，從中了解我們的優勢和需要改進的方面。

These discussions have helped validate initial observations, gain alignment with my leadership team and shape our Return to Growth action plans to improve performance and deliver sustained profitable growth over the next 24 months. This plan requires us to go deeper, move faster and be bolder to reshape and improve the customer experience. I believe the potential for Dentsply Sirona has never been greater, and we have at our fingertips what we need to achieve this. First, I'll discuss our Q3 '25 results and full year outlook. Then I'll share a deep review of our Return to Growth action plan and its four key pillars.

這些討論有助於驗證初步觀察結果，與我的領導團隊達成一致，並製定我們的恢復成長行動計劃，以提高業績並在未來 24 個月內實現持續盈利增長。這項計畫要求我們更深入、更快、更大膽地重塑和改善客戶體驗。我相信登士柏西諾德的潛力從未如此巨大，我們擁有實現這一目標所需的一切。首先，我將討論我們 2025 年第三季的業績和全年展望。接下來，我將深入分析我們的「重返成長」行動計畫及其四大支柱。

Before I begin, I want to note that as announced in this morning's press release, Matt Garth, our Chief Financial Officer, has departed the company. This action is not the result of any dispute, disagreement or financial reporting matter. Matt was not the right fit for me and where I plan to take the enterprise in the finance organization. He is a talented (inaudible), and we wish him the very best. A transition plan is in place to ensure continuity and that we maintain financial discipline as we select the right leader to join us driving Dentsply Sirona forward.

在開始之前，我想指出，正如今天早上的新聞稿中所宣布的那樣，我們的財務長 Matt Garth 已經離開了公司。此次行動並非因任何爭議、分歧或財務報告事項所致。Matt 並不適合我以及我計劃在財務組織中帶領企業發展的方向。他是一位才華洋溢的（聽不清楚），我們祝他一切順利。我們已製定過渡計劃，以確保業務連續性，並在選擇合適的領導者加入我們，帶領登士柏西諾德公司向前發展的同時，保持財務紀律。

Moving to slide 4. Let's discuss our quarterly financial results. For Q3 '25, global sales were $904 million, decreasing 5% as reported or negative 8% on a constant currency basis. Excluding the Byte impact, sales declined 5%. And as disclosed in last year's Q3 earnings call, Q3 '24 included a $24 million onetime dealer prebuy in advance of the US ERP implementation. Adjusting for this onetime headwind, Q3 '25 sales on a constant currency basis were down 2.5%. Adjusted EBITDA was 18.4%, up 50 basis points versus prior year driven by lower sales on favorable product and geography mix and tariff impacts that negatively impacted gross profit. This was offset by reduced spending in OpEx.

切換到第4張投影片。我們來討論一下季度財務表現。2025 年第三季度，全球銷售額為 9.04 億美元，以報告匯率計算下降 5%，以固定匯率計算下降 8%。剔除 Byte 的影響，銷售額下降了 5%。正如去年第三季財報電話會議中所披露的那樣，2024 年第三季包括一筆 2,400 萬美元的一次性經銷商預購款項，用於在美國實施 ERP 系統之前進行採購。在剔除此一次性不利因素後，2025 年第三季以固定匯率計算的銷售額下降了 2.5%。經調整的 EBITDA 為 18.4%，比上年增長 50 個基點，主要原因是產品和地理組合有利導致銷售額下降，以及關稅對毛利的負面影響。營運支出減少抵消了這一影響。

Non-GAAP earnings per share was $0.37, down $0.13 versus prior year. Approximately half the EPS decline reflects the impacts of sales mix and tariffs on gross profit, with the remaining half driven by higher non-GAAP tax rates in the quarter of 32% versus 16% last year. This is due to shifts in profit between the US and international markets. Q3 cash from operations was $79 million and ending cash balance was $363 million.

非GAAP每股收益為0.37美元，較上年下降0.13美元。每股盈餘下降約一半是由於銷售組合和關稅對毛利的影響，另一半是由於本季非GAAP稅率從去年的16%上升至32%。這是由於美國市場和國際市場之間的利潤轉移所造成的。第三季經營活動產生的現金流量為 7,900 萬美元，期末現金餘額為 3.63 億美元。

We recorded a $263 million noncash after-tax charge related to the impairment of goodwill and intangible assets. These impairments were driven by the impacts of tariffs and lower projected volumes of equipment, implants and prosthetic products, particularly in the US. In the third quarter, Dentsply Sirona returned $32 million to shareholders through dividends with $96 million returned to shareholders through dividends year to date.

我們計入了一筆 2.63 億美元的非現金稅後支出，與商譽和無形資產減損有關。這些減損是由關稅的影響以及設備、植入物和義肢產品（尤其是美國）預計銷售下降所致。第三季度，登士柏西諾德公司透過股息向股東返還了 3,200 萬美元，今年迄今，透過股息向股東返還了 9,600 萬美元。

Now moving to slide 5. For Q3 results from a regional perspective, US sales were $291 million, down 22.2% versus prior year, driven by lower sales throughout Essential Dental Solutions, ad camp, imaging and implants, partially offset by strong performance in treatment centers and in healthcare, our Wellspect business, which delivered 22.3% growth.

現在進入第5張投影片。從區域角度來看，第三季度美國銷售額為 2.91 億美元，比上年下降 22.2%，主要原因是基礎牙科解決方案、廣告宣傳、影像和植牙業務的銷售額下降，但治療中心和醫療保健業務（我們的 Wellspect 業務）的強勁表現部分抵消了這一影響，該業務實現了 22.3% 的增長。

Adjusting for the Byte impact and the onetime $24 million prior year, US sales were down 9.7%. European sales were $382 million, increasing 9.9% as reported or 2.6% on a constant currency basis driven by growth in Connected Technology Solutions and labs, partially offset by softness in Restorative. The UK, France, Italy and Spain had strong constant currency growth, partially offset by lower sales in Switzerland. Germany sales were flat in Q3 versus prior year.

剔除 Byte 的影響以及前一年一次性的 2,400 萬美元，美國銷售額下降了 9.7%。歐洲銷售額為 3.82 億美元，按報告匯率計算增長 9.9%，以固定匯率計算增長 2.6%，這主要得益於互聯技術解決方案和實驗室業務的增長，但部分被修復業務的疲軟所抵消。英國、法國、義大利和西班牙的固定匯率計算實現了強勁增長，但瑞士的銷售額下降部分抵消了這一增長。德國第三季銷售額與上年同期持平。

Wellspect sales grew 5.3% in Europe on a constant currency basis. Rest of World sales were $231 million, down slightly versus prior year, with strength in Essential Dental Solutions, offset by declines in Connected Technology Solutions and Implants. Strength in Australia and India were offset by softness in Japan. Wellspect grew 87.3% off a small base in Q3.

Wellspect 在歐洲的銷售額以固定匯率計算成長了 5.3%。世界其他地區的銷售額為 2.31 億美元，與上年相比略有下降，其中基礎牙科解決方案表現強勁，但互聯技術解決方案和植體業務的下滑抵消了這一影響。澳洲和印度的強勢被日本的疲軟所抵消。Wellspect 第三季在較小的基數基礎上成長了 87.3%。

Now turning to slide 6 for our business segment results. CTS sales on a constant currency basis decreased 7% versus prior year, Equipment and Instruments increased by low single digits, reflecting growth of imaging in Europe and rest of world and growth of treatment centers across all three regions, partially offset by a decline in imaging in the US E&I growth was offset by a double-digit decline from CAD/CAM in the US and Rest of World.

現在請看第 6 張投影片，了解我們的業務部門表現。以固定匯率計算，CTS 銷售額較上年下降 7%，設備和儀器銷售額增長了低個位數，反映了歐洲和世界其他地區影像業務的增長以及三個地區治療中心的增長，但部分被美國影像業務的下降所抵消。設備和儀器銷售額的成長被美國和世界其他地區 CAD/CAM 業務的兩位數下降所抵消。

Distributor inventory levels for both CAD/CAM and imaging products remain below our historical averages. Moving to EDS, which includes Endo, Resto and Preventative products. Sales on a constant currency basis decreased 6.2%, with the decline entirely attributed to the previously described dealer prebuy. Shifting to OIS. Sales in constant currency declined 17.1%.

CAD/CAM 和成像產品的經銷商庫存水準仍低於歷史平均值。轉向 EDS，包括 Endo、Resto 和 Preventative 產品。以固定匯率計算，銷售額下降了 6.2%，下降完全歸因於前面提到的經銷商預購。切換到 O​​IS。以固定匯率計算，銷售額下降了17.1%。

Excluding the Byte impact, OIS sales were down 5.8%. In Ortho, SureSmile declined low single digits in the quarter as we saw softness in the US market, partially offset by growth in Europe and Rest of World. IPS declined mid-single digits in the quarter, driven by lower implant volumes in the US and China.

剔除 Byte 的影響，OIS 的銷售額下降了 5.8%。在矯正領域，由於美國市場疲軟，SureSmile 在本季出現了個位數低幅下滑，但歐洲和世界其他地區的成長部分抵消了這一下滑。受美國和中國植入量下降的影響，本季IPS下降了個位數百分比。

We saw a slowdown in the activity in the Chinese market in anticipation of the implementation of the second phase of the VBP program. In Europe, IPS increased slightly. Wrapping up our segment results. Sales in constant currency for Wellspect Healthcare increased 9.3% as we saw growth across all three regions. Now I'd like to discuss the outlook for the remainder of 2025 on slide 7.

我們看到，由於預期 VBP 計畫第二階段的實施，中國市場活動已放緩。歐洲的IPS略有上升。總結一下我們的分部表現。Wellspect Healthcare 的銷售額以固定匯率計算增長了 9.3%，這得益於我們所有三個地區的增長。現在我想在第 7 張投影片上討論一下 2025 年剩餘時間的展望。

The company is revising its 2025 outlook based on the results of the third quarter, tariff impacts and targeted investments we've already begun making in key areas to accelerate growth momentum in 2026. The revised outlook includes net sales in the range of $3.6 billion to $3.7 billion, and constant currency sales are expected to be in the range of negative 5% to negative 4% year over year. Adjusted EPS is expected to be approximately $1.60.

根據第三季業績、關稅影響以及我們已經開始在關鍵領域進行的有針對性的投資，該公司正在修訂其 2025 年的展望，以加速 2026 年的成長勢頭。修訂後的展望包括淨銷售額在 36 億美元至 37 億美元之間，以固定匯率計算的銷售額預計將年減 5% 至 4%。調整後每股收益預計約為 1.60 美元。

Now on slide 8, I'd like to look forward and discuss our detailed Return to Growth action plans designed to improve performance and deliver sustained profitable growth over the next 24 months. This will be achieved by going deeper, moving faster and being bolder, and based on four pillars: putting customers at our center, reigniting the US business to win, empowering people to power performance and evolving operations to fuel innovation. I will now discuss the actions we will take in each pillar. Putting customers at the center. What I've learned in my first 90 days is when our businesses where the customer is at the center of everything we do, we win. I know that may seem obvious.

現在，在第 8 張幻燈片中，我想展望未來，討論我們詳細的「重返成長」行動計劃，該計劃旨在提高業績，並在未來 24 個月內實現持續盈利增長。我們將透過更深入、更快、更大膽地實現這一目標，並以四大支柱為基礎：以客戶為中心，重振美國業務以贏得勝利，賦予員工權力以提升業績，以及改善營運以推動創新。接下來，我將討論我們將在每個支柱領域採取的行動。以客戶為中心。我在入職的頭 90 天學到的是，當我們的企業以客戶為中心開展一切工作時，我們就能取得成功。我知道這看起來可能很明顯。

But one of the reasons we're not growing as an enterprise is that we have some parts of the company where we can serve the customer far more effectively. By putting the customer at the center of everything we do, every employee and every team at Dentsply Sirona now starts with a mindset of delivering a better, more positive, easy to do business with, customer experience to earn their share and loyalty. The customers defined as any practitioner who uses our products regardless if they purchase directly, through a DSO or a dealer. They're our customers, and we will partner with DSOs and dealers to deliver the timely, consistent support they need. We will achieve this by creating a global customer service and technical service organization that delivers high-quality support broad wide while maintaining the agility needed to meet local market needs.

但我們企業發展停滯不前的原因之一是，公司某些部門可以更有效地為客戶提供服務。透過將客戶置於我們一切工作的中心，Dentsply Sirona 的每位員工和每個團隊現在都以提供更好、更積極、更易於合作的客戶體驗為出發點，以贏得客戶的份額和忠誠度。客戶定義為任何使用我們產品的從業人員，無論他們是直接購買、透過分銷服務機構 (DSO) 購買還是透過經銷商購買。他們是我們的客戶，我們將與配電服務業者和經銷商合作，為他們提供及時、持續的支援。我們將透過創建一個全球客戶服務和技術服務組織來實現這一目標，該組織將在廣泛的範圍內提供高品質的支持，同時保持滿足當地市場需求所需的靈活性。

We will also enhance our support for customers and our field-based employees through simplifying interactions, speed of response and increased strategic investments. The field is and will become even more so a strength of our company, the tip of our spear. Reigniting the US business to win.

我們還將透過簡化互動、加快回應速度和增加策略投資來加強對客戶和第一線員工的支持。該領域現在是，將來更會成為我們公司的優勢所在，是我們制勝的利器。重振美國商業，贏得勝利。

Second, we're making the return to health of our US business a top priority with a comprehensive plan to reignite growth and strengthen our commercial foundation. Under the leadership of Aldo Denti, our new Chief Commercial Officer, we're aligning our teams, accelerating decision-making and positioning Dentsply Sirona to compete and win with greater speed and focus. Here are specific actions we're taking to drive this plan forward, many of which are already underway, including organizing our commercial teams to better reflect the requirements of the market with the aim of enabling improved coordination, clear strategic focus and stronger competitiveness supported by defined decision-making processes, performance indicators and accountability frameworks.

其次，我們將恢復美國業務的健康發展作為首要任務，並制定了全面的計劃來重振成長，加強我們的商業基礎。在新任首席商務官 Aldo Denti 的領導下，我們正在調整團隊，加快決策速度，使登士柏西諾德能夠以更快的速度和更專注的姿態參與競爭並取得成功。以下是我們為推動該計劃而採取的具體行動，其中許多行動已經開始實施，包括調整我們的商業團隊，以更好地反映市場需求，旨在透過明確的決策流程、績效指標和問責框架，實現更好的協調、更清晰的策略重點和更強的競爭力。

As mentioned before, combining customer service and technical service into a single globally led team under experienced leadership to improve the customer experience and strengthen coordination with our dealer partners. Pursuing a multichannel approach to retain direct sales in specialty areas while reengaging and expanding our network of US dealer partners in CTS to accelerate market penetration.

如前所述，我們將客戶服務和技術服務合併為一個由經驗豐富的領導者領導的全球團隊，以改善客戶體驗並加強與經銷商合作夥伴的協調。在保持專業領域直銷的同時，採取多通路策略，重新與美國經銷商合作夥伴建立聯繫並擴大其在 CTS 領域的網絡，以加速市場滲透。

We're also aligning with DSOs by offering simpler or more comprehensive support, such as all-in-one de novo offerings, which leverages the breadth of our portfolio. Investing in our sales team to fill open rep positions, expand coverage and deploy growth-based compensation and retention tools to better serve existing customers and acquire new ones. Increasing our investment in clinical education for dental professionals, focusing on advanced training areas like connected dentistry and single-visit care. At the same time, we're strengthening our sales training to better reflect the needs of dental offices, giving our teams a deeper understanding of practice workflows and the tools to deliver tailored solutions that improve both clinical and operational outcomes.

我們也透過提供更簡單或更全面的支援（例如一體化全新產品）來與 DSO 保持一致，從而充分利用我們產品組合的廣度。投資我們的銷售團隊，以填補空缺的銷售代表職位，擴大覆蓋範圍，並部署基於成長的薪酬和留存工具，以更好地服務現有客戶並獲取新客戶。增加對牙科專業人員臨床教育的投入，重點關注互聯牙科和單次就診護理等高階培訓領域。同時，我們正在加強銷售培訓，以更好地反映牙科診所的需求，使我們的團隊更深入地了解診所的工作流程，並擁有提供客製化解決方案的工具，從而改善臨床和營運結果。

The initiatives outlined are focused on North America, but have clear applicability across the EMEA and Asia Pac. We plan to increase regional investments in 2026 to accelerate growth. At the same time, we're exploring new go-to-market models in Asia Pac to strengthen CTS market penetration in Japan and refining our strategy in China. As the US business gains momentum, we will strategically shift additional investments towards EMEA and Asia Pac.

所概述的措施主要針對北美，但顯然也適用於歐洲、中東和非洲以及亞太地區。我們計劃在2026年增加區域投資，以加速成長。同時，我們正在亞太地區探索新的市場進入模式，以加強CTS在日本的市場滲透，並改善我們在中國的策略。隨著美國業務的發展勢頭增強，我們將策略性地將更多投資轉移到歐洲、中東和非洲地區以及亞太地區。

Empowering people to power performance. To lead Dentsply Sirona through this turnaround, we're strengthening our organizational foundation to empower our people to power performance. Our teams need the right tools, systems and information to operate effectively, supported by greater automation and clearer priorities with aligned leadership and bringing new expertise where needed to accelerate our progress. This balanced approach leverages the strength of our existing organization and complements them with leaders who have deep experience in global transformations, sustained growth and consistent financial performance. With our finance organization, we're taking steps to elevate capabilities while ensuring continuity as we identify the right long-term financial leader for DENTSPLY SIRONA.

賦予人們力量，進而提升績效。為了帶領登士柏西諾德公司完成轉型，我們正在加強組織基礎，以賦能員工，進而提升績效。我們的團隊需要合適的工具、系統和資訊才能有效運作，同時需要更高的自動化程度、更清晰的優先事項、一致的領導以及在需要的地方引入新的專業知識來加速我們的進步。這種平衡的方法充分發揮了我們現有組織的優勢，並輔以在國際轉型、持續成長和穩定財務表現方面擁有豐富經驗的領導者。我們正在透過財務部門採取措施提升能力，同時確保業務連續性，並為登士柏西諾納尋找合適的長期財務領導者。

As I shared at the top of the call, Matt Garth has departed the organization and a transition plan is in place to ensure continuity and maintain financial discipline. A search for his successor, led by (inaudible), is underway. During this interim period, Board member, Leslie Veron, former Chief Financial Officer of Zerex Corporation, will provide governance and oversight of the finance organization in her capacity as Audit and Finance Committee Chair.

正如我在電話會議開始時所說，Matt Garth 已經離開了公司，目前已經制定了過渡計劃，以確保業務連續性並維持財務紀律。尋找他的繼任者的工作正在進行中，由（聽不清楚）領導。在此期間，董事會成員、Zerex Corporation 前財務長 Leslie Veron 將以審計和財務委員會主席的身份，對財務組織進行管理和監督。

In our commercial organization, we're sharpening our focus on the customer experience and market competitiveness. Under the leadership of Chief Commercial Officer, Aldo Denti, we're strengthening execution in North America and rebuilding the US commercial leadership structure. This includes a search for a new US VP of sales and broader efforts to deepen partnerships, improve service delivery, drive customer loyalty.

在我們的商業組織中，我們正在更加重視客戶體驗和市場競爭力。在首席商務長 Aldo Denti 的領導下，我們正在加強北美地區的執行力，並重建美國的商業領導架構。這包括尋找新的美國銷售副總裁，以及更廣泛地深化合作關係、改善服務交付、提高客戶忠誠度。

Coming from a distinguished career at Johnson & Johnson and given Aldo's experience in the orthopedic industry, he knows how to fix customer experience and to enhance our approach in competitive and evolving markets. We've also established a transformation office responsible for oversight of our Return to Growth Plan. This office will advance our enterprise AI and automation strategy, fundamentally improving how we work. To lead this critical effort, Dustin Shields has been appointed Chief Transformation Officer joining Dentsply Sirona in December. Dustin brings extensive global experience in commercial and operational functions, integrations and business optimization, most recently Aklovus Medical.

憑藉在強生公司傑出的職業生涯以及在骨科行業的經驗，Aldo 知道如何改善客戶體驗，並在競爭激烈且不斷變化的市場中提升我們的策略。我們也設立了轉型辦公室，負責監督我們的復甦成長計畫。該辦公室將推進我們的企業人工智慧和自動化策略，從根本上改善我們的工作方式。為了領導這項關鍵工作，Dustin Shields 被任命為首席轉型官，將於 12 月加入 Dentsply Sirona。Dustin 在商業和營運職能、整合和業務優化方面擁有豐富的全球經驗，最近就職於 Aklovus Medical。

Under his leadership, the transformation office will focus on delivering cross-functional improvements that enhance efficiency, agility and long-term value creation. We've also appointed a leader of digital transformation who will lead the integration of AI across our operations to increase speed, strengthen data-driven decision-making and improve the effectiveness of this of our support functions, involving operations to fuel innovation. With a commercial organization more closely aligned to customer needs and improve product development processes, we'll focus our investments on innovation that help clinicians enhance care, streamline workflows and grow their practices. In parallel, we'll continue to increase and accelerate R&D investments to improve the health of our commercial engine. We're also taking steps to enable our supply chain to move faster and go deeper than before to create stronger, more profitable and scalable manufacturing and distribution network, building on the ongoing work of the supply chain transformation team.

在他的領導下，轉型辦公室將致力於實現跨職能改進，以提高效率、敏捷性和長期價值創造。我們還任命了一位數位轉型負責人，他將領導人工智慧在我們營運中的整合，以提高速度、加強數據驅動的決策，並提高我們支援職能的效率，讓營運部門參與其中，從而推動創新。透過建立更貼近客戶需求、改善產品開發流程的商業組織，我們將把投資重點放在創新上，以幫助臨床醫生提高護理水平、簡化工作流程並發展業務。同時，我們將繼續增加並加快研發投入，以改善我們商業引擎的健康狀況。我們也採取了措施，使我們的供應鏈能夠比以往更快地運轉，更深入地發展，從而打造更強大、更盈利、更具可擴展性的製造和分銷網絡，這建立在供應鏈轉型團隊正在進行的工作之上。

This includes a plan to enhance operational efficiencies through resource consolidation, standardized packaging and establish more advanced planning and forecasting to favorably impact working capital and product costs. We need to further streamline our support department cost structures to optimize resources, processes and systems to reach benchmark efficiency levels, reduce complexity and release capital to be redeployed into our commercial and innovation priorities. This will be accomplished by implementing common processes, common systems and establishing regional support centers. This will include a significant reduction in legal entities and the continued implementation of SAP as our global ERP system. We plan on deleveraging the business through profitable growth and disciplined execution to drive improved EBITDA, working capital and cash flow to support future capital needs, debt reduction and shareholder returns.

這包括一項旨在透過資源整合、標準化包裝來提高營運效率的計劃，以及建立更先進的規劃和預測，從而對營運資金和產品成本產生有利影響。我們需要進一步簡化支援部門的成本結構，以優化資源、流程和系統，達到基準效率水平，降低複雜性，並釋放資金，重新部署到我們的商業和創新重點領域。這將透過實施通用流程、通用系統和建立區域支援中心來實現。這將包括大幅減少法人實體數量，以及持續實施 SAP 作為我們的全球 ERP 系統。我們計劃透過獲利成長和嚴謹的執行來降低業務槓桿率，從而提高 EBITDA、營運資本和現金流，以支持未來的資本需求、減少債務和股東回報。

The Wellspect business will be a key role in achieving our financial goals. As previously announced, following an evaluation of strategic alternatives for Wellspect, we determined that retaining the business will deliver greater financial and strategic benefit to shareholders than the other options available. Specifically, keeping the business as part of our portfolio allows us to realize previous investments not yet monetized while benefiting from the strong cash flow generation and preserving optionality for future growth beyond dental. As evidenced by our recent results, we know how to penetrate this market and grow this business. Moving to slide 9.

Wellspect業務將在實現我們的財務目標中發揮關鍵作用。正如先前宣布的那樣，在對 Wellspect 的戰略選擇進行評估後，我們認為保留該業務將比其他可行的選擇為股東帶來更大的財務和戰略利益。具體來說，將該業務保留在我們的投資組合中，使我們能夠實現先前尚未變現的投資，同時受益於強勁的現金流，並保留未來在牙科領域之外實現成長的選擇權。從我們最近的業績來看，我們知道如何打入這個市場並發展這項業務。切換到第9張投影片。

In summary, we made progress over the past two years in footprint consolidation, SKU rationalization and resource streamlining. We need to move faster and act bolder to reshape the customer experience and strengthen our competitiveness in the dental market. I'm continuing to work through my onboarding to better understand the complete enterprise and market to set the appropriate financial targets, but we expect to be able to free up additional capital in our operational structure and products while reaching benchmark levels in our support functions and improve rep effectiveness. Accomplishing this will free up capital to invest in additional field-based resources, increased rep and clinical education and higher levels of investment and innovation to drive growth and shareholder returns. I'll end my formal remarks with a statement I opened with.

總而言之，過去兩年我們在業務整合、SKU合理化和資源精簡方面取得了進展。我們需要加快步伐，採取更大膽的行動，重塑客戶體驗，增強我們在牙科市場的競爭力。我仍在努力完成入職培訓，以便更好地了解整個企業和市場，從而製定合適的財務目標。我們預計能夠在營運結構和產品中釋放更多資金，同時在支援職能方面達到基準水平，並提高銷售代表的效率。實現這一目標將釋放資金，用於投資更多現場資源、增加銷售代表和臨床教育，以及更高水準的投資和創新，以推動成長和股東回報。我將以我開場時所說的一句話來結束我的正式發言。

I believe the potential for Dentsply Sirona has never been greater. I recognize that the company has undergone change over the last few years. The change has not been fast enough for you or the Dentsply Board. That is why I stepped into the seat at their request. It's time for bold change, and we're entering a new era for DENTSPLY SIRONA, one that's rooted in discipline, ownership, acting with urgency and a mandate to deliver results.

我認為登士柏西諾德的潛力從未如此巨大。我意識到公司在過去幾年裡發生了一些變化。您或登士柏董事會認為這項改變的速度還不夠快。這就是我應他們的要求坐上這個位置的原因。是時候進行大膽的變革了，我們正在進入登士柏西諾的新時代，這個新時代植根於紀律、責任、緊迫感和交付成果的使命。

Our Board of Directors and my leadership team believe deeply in our ability to reposition Dentsply Sirona as the market leader once was and will be again. We're committed to doing the work necessary to get there, even if it means making tough decisions. I couldn't be up for this more than anything in my life. I'm excited to do this and drive forward with this making changes. I look forward to keeping you up to date on our progress, and I'm committed to communicating with you in a direct and transparent manner, every step of the way.

我們的董事會和我的領導團隊深信，我們有能力將登士柏西諾德重新定位為曾經是、也必將再次成為市場領導者。我們致力於完成實現目標所需的一切工作，即使這意味著要做出艱難的決定。我這輩子最想做的事就是這件事。我很興奮能做這件事，並推動這項變革向前發展。我期待隨時向您報告我們的進展，並且我承諾在每一步都以直接和透明的方式與您溝通。

Thank you. We will now open the call for questions.

謝謝。現在開始接受提問。

(Operator Instructions) Elizabeth Anderson, Evercore ISI.

（操作說明）伊麗莎白·安德森，Evercore ISI。

I was wondering if you could maybe talk a little bit more about the US market. I think based on what you put in the slide ex the onetime items, it looks like it's still down about 10% year over year. So could you just sort of talk about where that is? Is that a result of the sales situation?

我想請您再多談談美國市場的情況。我認為，根據你在幻燈片中列出的內容（不包括一次性項目），看起來比去年同期仍然下降了約 10%。所以可以簡單介紹一下那在哪裡嗎？這是銷售情況造成的嗎？

Is it a lingering impact of the sort of Patterson situation? Just a little bit more color on what you see driving those shorter-term results would be very helpful.

這是帕特森事件那種情況的持續影響嗎？如果能更詳細地說明一下導致這些短期結果的因素，那就非常有幫助了。

Thanks, Elizabeth. I think it's really a list of many things. What I'm going to say is, our focus in the US from our structure and how we go at that competitively is one thing throughout the products. I think it's the relationships with the dealers that we need to make a move on, honestly getting deeper with the DSOs and more meaningful strategies.

謝謝你，伊麗莎白。我認為這實際上是一份包含很多內容的清單。我想說的是，我們在美國的業務重點，從我們的組織架構以及我們如何保持競爭力來看，是貫穿所有產品的一點。我認為我們需要著手改善與經銷商的關係，坦白說，我們需要與銷售支援機構（DSO）建立更深入的聯繫，並制定更有意義的策略。

Many of these things all come together. It's not just one area. I really think it's more about our structural approach and our execution in the US market and how we, as an organization, can give our team the better tools to do that throughout the portfolio in a better way. That's really what the return to health plan is about, is addressing what I see as shortcomings that we can allow to continue and drive improvement in each one of these segments with a deeper focus through structure and funding.

這些因素綜合在一起。這並非僅限於一個地區。我真的認為這更多是關於我們的結構方法和我們在美國市場的執行情況，以及我們作為一個組織如何為我們的團隊提供更好的工具，以便更好地在整個投資組合中做到這一點。這正是回歸健康計劃的真正意義所在，即解決我認為我們可以繼續推進的不足之處，並透過結構和資金，更加深入地關注每個環節，從而推動改進。

David Saxon, Needham & Company.

David Saxon，Needham & Company。

So I just wanted to ask on this returning to profitable growth kind of framework over the next 24 months. I guess, how should we think about the cadence of getting to growth over that two-year period? Is that kind of -- should we think about flat next year or any guardrails around 2026 growth? And then just in terms of that target of growth, like is that absolute growth or is that market growth? Would love just some more color there.

所以我想問一下，在接下來的24個月裡，如何才能恢復獲利成長？我想，我們該如何看待這兩年內實現成長的節奏呢？這是否意味著－我們是否應該考慮明年經濟持平，或對2026年的成長設定任何限制？那麼，就成長目標而言，是指絕對成長還是市場成長？如果那裡能多一些顏色就更好了。

David, I appreciate the question. Listen, my desire is to return to growth tomorrow. I would say don't model that just yet. What I do need is a little more time. We're going through the 2026 plan now and I'm really working with every department in every country to do this with the team.

大衛，感謝你的提問。聽著，我希望明天就能恢復成長。我建議暫時不要做這樣的建模。我需要的是更多的時間。我們現在正在製定 2026 年計劃，我正在與每個國家的每個部門以及整個團隊一起努力完成這項工作。

So give me a little bit of time to come back at this. I will tell you, it's not a January 1, everything is rosy, but it sure can't be that you're exiting the year the same way. And so how we'd lay out those sequential improvements, I need a little more time to refine, but I require that we have sequential improvements as we get through the year. I just need more time to figure out what I can tell you with confidence when they begin at what secton of next year.

請給我一點時間再回覆。我告訴你，現在不是1月1日，一切都很美好，但你絕對不能以同樣的方式結束這一年。至於如何安排這些循序漸進的改進措施，我還需要一些時間來完善，但我要求我們在這一年中要取得循序漸進的改進。我需要更多時間來弄清楚他們明年什麼時候開始，我才能有把握地告訴你。

Okay. And then just in terms of capital allocation. I believe you talked about deleveraging in the script. So can you just remind us your philosophy around capital allocation and specifically on the dividend, like how important is that? Are there areas in other parts of the business or mechanics that you could direct that cash?

好的。然後就資本配置方面而言。我相信你在劇本中談到了去槓桿化。那麼，您能否簡單介紹一下您在資本配置，特別是股利方面的理念，您認為股利有多重要？貴公司其他部門或機械設備方面，是否可以將這筆資金投入其他領域？

Yes, you got it, David. And listen, I think that is a legitimate question. I think discussing dividend and its value is something we need to explore further with the Board and with the shareholders to understand how important is that in adding shareholder value and where could that be used differently. The main tool of deleveraging isn't buying down the shares. We're actually retiring debt.

是的，你答對了，大衛。聽著，我認為這是個合理的問題。我認為我們需要與董事會和股東進一步探討股利及其價值，以了解股利在增加股東價值的重要性，以及股利可以在哪些方面以不同的方式使用。去槓桿化的主要手段不是買進股票。我們實際上是在償還債務。

To me, it's about growing the business first through the US and then consistently through the rest of the world, to raise EBITDA so that your ratio changes. I really think it's more about growing that piece of it, the denominator, if you will, that is the health of this. And yes, with that, comes better profit, better cash flow which we then can and will, at some point, redeploy into debt retirement and when needed, share repurchase.

對我來說，關鍵在於先在美國發展業務，然後持續地在世界其他地區發展業務，從而提高 EBITDA，使你的比率改變。我真的認為更重要的是發展其中的部分，或者說分母，也就是它的健康狀況。是的，隨之而來的是更高的利潤和更好的現金流，我們可以在某個時候將這些資金重新用於償還債務，並在需要時用於股票回購。

Jon Block, Stifle.

喬恩‧布洛克，《Stifle》。

It's Jordan Bernstein on for Jon. Just on the R&D aspect of the return to growth action plan. You heard some recent comments from you about trying to take that number up and accelerating investments in R&D. Just if you could talk through that dynamic? And is that a multiyear type of acceleration and where your heads are at for the R&D organization?

喬丹伯恩斯坦代替喬恩上場。僅就恢復成長行動計畫中的研發面向而言。最近您曾發表過一些關於努力提高研發投入和加速研發投資的言論。如果可以的話，你能談談這種關係嗎？這是多年加速發展計畫嗎？你們研發部門的想法是什麼？

Yes. Great question, Jordan. So a couple of thoughts here. One of the reasons I'm adjusting down EBITDA now for this year is we are pulling forward millions of dollars of R&D investment into the fourth quarter that will help us position better strength in '26 and beyond. And so we are beginning that.

是的。問得好，喬丹。這裡有幾個想法。我之所以下調今年的 EBITDA 預期，其中一個原因是我們將數百萬美元的研發投資提前到第四季度，這將有助於我們在 2026 年及以後更好地鞏固自身實力。所以，我們開始著手這項工作了。

I would like to get up to the right benchmark. I know we've always talked around 6% to 7%. We'll evaluate that. It's probably a likely thing. I'm not sure we can get there in one fell swoop.

我想達到正確的標準。我知道我們一直以來討論的比例都在 6% 到 7% 之間。我們會對此進行評估。這很有可能。我不確定我們能否一蹴可幾。

I am looking at that now. And while I have the desire and we will increase the investment in R&D, I'm also going to look deeper with the R&D leadership to make sure we're spending it efficiently and that we are spreading it out to make sure that we mitigate risk. So there's a couple of steps there as well of are we really spending the dollars we have today in the best way. And then once we have that in a good spot, how do we increase it in a way that maximizes the output for the market and for the shareholders.

我正在查看那個。雖然我有增加研發投入的意願，而且我們也會這樣做，但我還要與研發領導層深入探討，確保我們有效地利用這些投入，並合理分配這些投入，以確保降低風險。所以這裡也涉及到幾個步驟，那就是我們今天是否真的以最佳方式使用了我們擁有的每一分錢。然後，一旦我們將其調整到良好狀態，我們如何以最大程度地為市場和股東創造產出的方式來提高它？

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Dan, maybe I could just follow up and stay on the track you were just on, on the R&D side and really the OpEx side. If I look at the guidance takedown for this year, I mean, no real surprise to see a new CEO come in and kind of flush the current year out, and I think all that makes sense, but it looks like maybe your OpEx spending R&D included going up maybe $50 million in the back half of this year to kind of get to that new guidance range. Is that something we should think about as $50 million in the second half of this year up and so we carry that over to another $100 million next year just to annualize that? Is that the new run rate spend? And if it is, I know you're nowhere close to talking about 2026 at this point, but the Street is hanging out at like 16% EBIT margin feels like to me, if you have to take OpEx spend up 2 to 3 points, maybe we should sharpen our pencils on that 16% op margin?

丹，或許我可以繼續跟進，沿著你剛才的方向發展，包括研發方面和營運方面。如果我看一下今年的業績指引調整，我的意思是，新任CEO上任後對今年的業績進行調整並不令人意外，我認為這完全合情合理，但看起來你們的營運支出研發費用可能在今年下半年增加了5000萬美元，以達到新的業績指引範圍。我們是否應該考慮將今年下半年的5,000萬美元增加到明年的1億美元，以此來將其年化？這是新的日常營運支出水準嗎？如果是這樣，我知道你現在離談論 2026 年還很遠，但華爾街目前對 16% 的 EBIT 利潤率持觀望態度，在我看來，如果營運支出必須增加 2 到 3 個百分點，也許我們應該重新審視一下 16% 的營運利潤率？

Yes, Jeff, again, I appreciate that, too. And like I said, let me wrestle through 2026 with the team and see the real thing I'm doing right now is taking a loan to increase investments so that as we go forward and we find efficiencies, we can actually make it self-funding. So I don't think it's a new add-on top thing. I'd say, I'm going to pull some money up now, get this engine running. And as we find efficiencies and redeploy it, I'm going to expect to see decreases over time in those OpEx numbers with an increase in EBITDA.

是的，傑夫，我也很感激。正如我所說，讓我和團隊一起努力到 2026 年，看看我現在真正做的是貸款增加投資，這樣隨著我們不斷前進並提高效率，我們最終可以實現自給自足。所以我覺得這不是什麼新增的附加功能。我想說，我現在就得想辦法籌點錢，讓這台引擎運轉。隨著我們提高效率並重新部署資源，我預計隨著時間的推移，營運支出數字會下降，而 EBITDA 會增加。

But again, to jump started, I'm going to pull down, as you just said, some EPS, invest it in the right areas so that we can start delivering these efficiencies I've talked about as we get through 2026 and into 2027.

但是，為了快速啟動，正如你剛才所說，我將削減一些每股收益，將其投資於正確的領域，以便我們能夠在 2026 年和 2027 年開始實現我所說的這些效率提升。

All right. Fair enough. And I've been jumping between calls, so if you asked us to hold the one call or question, I apologize. But I'd like to hear on the European market. I don't know if you're still doing some of the surveys that your predecessor was doing.

好的。很公平。我一直在接聽電話，所以如果您要求我們暫緩處理某個電話或問題，我深表歉意。但我很想了解歐洲市場的情況。我不知道你是否還在進行前任做過的一些調查。

But some of our checks, and I think even if we look at 2Q results from some of the manufacturers and the dealers out there, it seems like the European dental market has maybe gotten back on a little bit better footing and really even the international market ex Canada. So I would love to just kind of hear your overall arching view of the international markets at this point, market more so even than your performance in the quarter.

但我們的一些調查顯示，即使我們查看一些製造商和經銷商的第二季度業績，歐洲牙科市場似乎也恢復到略微好轉的水平，甚至加拿大以外的國際市場也是如此。所以，我很想聽聽您目前對國際市場的整體看法，比起本季的業績，我更想了解市場的整體狀況。

You got it. So a couple of things. We do our surveys every six months. We didn't do it for the third quarter with that. But nonetheless, we didn't see any drastic shifts from where we had done before and anecdotally as I was out in the field and talking with people, a few people said it was a slowdown, a few people said it speed up.

答對了。有兩件事。我們每六個月進行一次調查。第三季我們沒能做到這一點。但儘管如此，我們並沒有看到與之前相比有任何劇烈的變化，而且從我外出實地與人們交談的情況來看，有些人說速度放緩了，有些人說速度加快了。

So I'm going to kind of call it as kind of normal and nothing changed. The European side is interesting because while I do think it may be improving, I think the credit of the growth in Europe really goes to our leadership team. I think the person leading it is a fantastic leader who has done a great job organizing the resources cross functionally and driving growth. I think the cadence is improving.

所以我會把它看作是正常現象，一切照舊。歐洲方面的情況很有意思，雖然我認為它可能正在好轉，但我認為歐洲的成長真正歸功於我們的領導團隊。我認為領導這項工作的人是一位非常出色的領導者，他在跨部門組織資源和推動成長方面做得非常出色。我覺得節奏正在改善。

And I really think it's more about the approach that team has taken, which, to be honest with, I'm looking at as applicable to the US and is pretty much included in these points I laid out.

我真的認為這更多的是關於該團隊所採取的方法，坦白說，我認為這種方法也適用於美國，並且基本上包含在我列出的這些要點中。

Therese, we can move to the next one, if we're not hearing the question right now.

特蕾莎，如果我們現在沒聽到問題，我們可以進入下一個問題。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

How are you thinking about your relationship with distributors? I think you talked a little bit about kind of supply chain in your prepared remarks. But how does this intertwined with some of your strategies around Return to Growth and profitable growth? And are you entertaining more of a hybrid approach or not? What makes sense over the longer term?

您如何看待與經銷商的關係？我認為你在事先準備好的發言稿中稍微談到了供應鏈方面的問題。但這與您圍繞恢復成長和獲利成長的一些策略有何關聯呢？您是否考慮採用混合方法？從長遠來看，什麼才是合理的？

And I'm sure there's still stuff that's up in the air, but I'm curious your view right now as it stands.

我知道肯定還有一些事情懸而未決，但我很好奇你現在的看法。

Yes. Thanks, Erin. Listen, I think like many people in the market, we need to look at this with open eyes, and I think there's several ways to get there. In my prepared remarks, I called out a multichannel approach. And so what I am signaling is, we have direct businesses, and we intend to keep those and go more direct in those areas and support them holistically.

是的。謝謝你，艾琳。聽著，我認為和市場上的許多人一樣，我們需要睜大眼睛看待這個問題，我認為有幾種方法可以實現目標。我在事先準備好的發言稿中，呼籲採取多管道方法。因此，我的訊號是，我們有直接的業務，我們打算保留這些業務，並在這些領域更直接地開展業務，並給予它們全面的支持。

Anything with our disposables that we use, I'm saying, I think that's fine. I'm not looking to make any meaningful shifts there and keep those alone.

對於我們使用的那些一次性用品，我的意思是，我覺得都沒問題。我並不打算在那方面做出任何實質的改變，就維持現狀吧。

But reengaging with dealers, shine at Patterson, when I say that, and new dealers, which I won't call out at this point, so that we have a broader reach and more presence, I see that as the model that we need to use to go forward. I have personally spoken with all of the CEOs. We have these in play. I'm not going to comment further on that because they're all at several different stages of maturity with where we can line in or not. But I would envision us next year having that locked in, in a way that is beneficial for everybody.

但是，重新與經銷商建立聯繫，就像帕特森那樣（我這麼說），以及與新的經銷商建立聯繫（我現在不會點名），以便我們擁有更廣泛的覆蓋面和更大的影響力，我認為這是我們未來需要採用的模式。我已親自與所有執行長交談過。我們正在使用這些戰術。我不會對此做進一步評論，因為它們都處於不同的成熟階段，我們能否介入還不得而知。但我認為我們明年就能把這件事敲定下來，這對每個人都有好處。

Vik Chopra, WF.

維克喬普拉，WF。

A couple of questions for me. So on this Return to Growth action plan, Dan, I appreciate it's early, but can you just talk about some of the key milestones that you will use to measure success for each of the pillars? And then I have a follow-up, please.

我有幾個問題想問一下。丹，關於這個「重返成長」行動計劃，我知道現在還為時過早，但你能否談談你將用哪些關鍵里程碑來衡量每個支柱的成功？我還有一個後續問題。

Yes. Vik, you got it. So let's start with the -- obviously, a focus on the US market there. I'm really setting out metrics, which are obviously going to be stabilizing sales and then returning into growth over some period of time.

是的。維克，你明白了。那麼，讓我們先從——顯然——美國市場開始。我正在製定一些衡量指標，這些指標顯然會先穩定銷售額，然後在一段時間內恢復成長。

It's going to be one of the key metrics. Doing that by actually hiring out and retaining reps is going to be a key one. The rate of training we do for not only the rest but our clinical partners as well will be another key metric through these investments. So as we start training more and seeing more of both the field and the dentist that's going to be key. Holding on to them is going to be key.

這將成為關鍵指標之一。真正做到這一點的關鍵在於實際招募和留住銷售代表。透過這些投資，我們不僅要提高其他員工的培訓率，還要提高臨床合作夥伴的培訓率，這將是另一個關鍵指標。所以，隨著我們開始接受更多培訓，並更多地了解這個領域和牙醫，這將至關重要。留住他們至關重要。

Seeing the sales turnover as a result of that is going to be one of the major moves that I see. And I didn't mention this in my prepared remarks, but having a stronger presence in universities and teaching institutions is a focal point as well to create those long-term seeds. And now while we're there currently again, we need to go deeper there and be more present to create that longer-term health. That's really one of the things.

由此帶來的銷售額變化將是我認為最重要的變化之一。我在準備的演講稿中沒有提到這一點，但加強在大學和教育機構的影響力也是培養長期發展的重點。現在我們再次身處其中，我們需要更深入地了解它，並更加投入其中，以創造更長期的健康。這確實是其中一點。

I've already called out what's almost finished when it comes to the organizational build to supplement a great team with even stronger talent that's out there that way. I think with the supply chain and operations, there's really a couple of measures there. We're going to see a lift in gross profit naturally as we get through these things. And certainly moving facilities or people and all that take a longer term, that doesn't pop within a quarter. With the R&D, we'll see it as a percent of sale and product launches.

我已經指出，在組織架構建立方面，為了補充優秀的團隊，我們需要吸收更多優秀的人才，而這項工作也即將完成。我認為在供應鏈和營運方面，確實存在一些需要採取的措施。隨著這些事情的解決，毛利自然會上升。當然，搬遷設施或人員等等都需要較長時間，不可能在一個季度內完成。研發投入將以銷售額和產品發布量的百分比來衡量。

So I think they're really the main ones, right? If we know how to free up cash and we see changes where we can redeploy this. We watch the sales stabilize and grow. And as a result of that, we see the profit lift through our customer experience. I think they are the ones that I'm trying to wrap around now, make sure the team is aligned with that in a simplified way, so we know how to react faster and move and address these as needed.

所以我覺得他們才是真正的主要人物，對吧？如果我們知道如何釋放現金，並且看到可以重新部署這些資金的機會，那就太好了。我們觀察到銷售額趨於穩定且成長。因此，我們看到客戶體驗的提升帶來了利潤的成長。我認為我現在正在努力理解這些，確保團隊以簡化的方式與這些目標保持一致，這樣我們才能更快地做出反應，並根據需要採取行動和解決這些問題。

Great. I appreciate the color. And a quick follow-up question. You recently appointed Aldo Denti as your Chief Commercial Officer. Just curious to get your early thoughts and what impact do you expect him to make over the coming months?

偉大的。我喜歡這個顏色。還有一個後續問題。您最近任命 Aldo Denti 為首席商務官。我很好奇你們的初步想法，你們預期他在未來幾個月會產生怎樣的影響？

Yes. Thanks, Vik. So Alto is honestly a great one. I had the opportunity to work with him side by side when we were in Johnson & Johnson Vision Care. And that company needed a turnaround.

是的。謝謝你，維克。所以說，Alto 真的是個很棒的樂器。我曾在強生視力保健公司與他並肩工作，那是一段美好的經驗。那家公司確實需要扭轉局勢。

And we had come in with several people, and we're all part of bringing that back to the strength that it had. And he was driving force of that in the commercial side of that coming in. Again, his role in Orthopedics in J&J, which is no small task running that really had a lot of activity. So bringing that strength and that experience with a known person to come side-by-side with me is really important to me. I think that his drive to actually create a focused, trained and well-resourced commercial team is going to be one of the keys here.

我們和幾個人一起來到這裡，我們都在努力讓它恢復到以前的輝煌狀態。而他正是推動這部分商業運作的主要力量。再說，他在強生公司骨科部門擔任要職，管理這個業務量非常大，絕非易事。所以，能有這樣一位經驗豐富的人與我並肩作戰，對我來說非常重要。我認為他致力於打造一支目標明確、訓練有素、資源充足的商業團隊，這將是成功的關鍵之一。

I think that his professional approach out with dealers and DSOs will be a lift for us. I think, again, he's a main ingredient.

我認為他與經銷商和DSO的專業溝通方式將對我們有所幫助。我認為，他再次成為主要因素。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

This is Ahmed Muhammad on for Michael Cherny. I appreciate color on the Return to Growth action plan and fully understand that FY26 planning is still underway. But if you think about things bigger picture, which areas of your business do you think are best positioned to start stabilizing growth both from a competitive and innovative standpoint?

這裡是艾哈邁德·穆罕默德，替邁克爾·切爾尼為您報道。我欣賞「重返成長行動計畫」中的色彩，並且完全理解 2026 財年的規劃仍在進行中。但從更宏觀的角度來看，您認為貴公司哪些領域最有可能從競爭力和創新角度開始穩定成長？

Yes, it's a good question, and my easy answer is all of them. But at the end of the day, each one of these requires a different approach. So the CTS move is more about getting the dealers lined up, trained and out with us. I think the biggest part of changing both customer service and technical service under one team and one focus be a major lift in not only the ongoing customer experience, but new customers through the implementation of capital and training. And so those things are going to be one of the big return to health type of items.

是的，這是一個很好的問題，我的簡單回答是：全部都是。但歸根究底，每一種情況都需要不同的處理方法。所以 CTS 的舉措更多的是為了讓經銷商們做好準備，接受培訓，並與我們一起開展業務。我認為，將客戶服務和技術服務整合到一個團隊、一個重點之下，最大的好處不僅在於提升現有客戶的體驗，還在於透過資金投入和培訓來吸引新客戶。因此，這些將成為回歸健康領域的重要措施之一。

I think setting up implant strategies and how we can get the right training and the right holistic approach and using DS core as one of the drivers of that will be a major thing to go through. And while strong in EDS, making sure that we continue to have the right investments in the right training with those type of things throughout EBS are all going to be key to actually lifting them up. So really, if you ask me is one more important than the other, the answer is no. That's the benefit of having a diverse portfolio, and it's well balanced, but they all require different approaches, and they're all addressed in this plan.

我認為制定種植策略，以及如何獲得正確的培訓和正確的整體方法，並將DS核心作為其中的驅動因素之一，將是一件大事。雖然我們在 EDS 方面實力強勁，但確保我們繼續對 EBS 中的這類事情進行正確的投資和培訓，對於真正提升 EDS 的水平至關重要。所以，如果你問我哪一個比另一個更重要，我的答案是否定的。這就是擁有多元化投資組合的好處，而且投資組合也相當均衡，但它們都需要不同的方法，而所有這些方法都在本計劃中得到了解決。

Michael Sarcone, Jefferies.

Michael Sarcone，傑富瑞集團。

I'll ask my two upfront. Just first, can you talk about the characteristics you're looking for in a new CFO? And then just related to that, Dan, I guess, how do you think about your guidance philosophy right now? And do you expect that may change as you bring on a new CFO?

我會先問我的兩個孩子。首先，您能否談談您希望新任財務長具備哪些特質？丹，我想就此問一下，你現在是如何看待你的指導理念的？您認為隨著新任財務長的加入，這種情況會有所改變嗎？

Michael, good question. Looking for main attributes of CFO, and I'm not saying that the person before didn't have these, but what I really need right now is a person who can dig down into the data and get the meaningful metrics that we need. And then in a consistent fashion, communicate those and educate the team to follow those to go. Right now, we have plenty of data, but how we use it isn't the best way. And so I really need someone to harness all of that power to create the focus we need, to show the metrics and driving this return to health thing.

邁克爾，問得好。我正在尋找財務長的主要特質，我並不是說前任沒有這些特質，但我現在真正需要的是一個能夠深入挖掘數據並獲取我們需要的有意義的指標的人。然後以一致的方式傳達這些內容，並教育團隊遵循這些內容。目前我們擁有大量數據，但我們使用數據的方式並不理想。因此，我真的需要有人來駕馭所有這些力量，讓我們集中精力，展示各項指標，並推動恢復健康。

That's first and foremost. An enterprise leader right now, who has deep experience throughout so that they can look at this and work with all of us to guide us through and help us do it, it's going to be one of the key factors that are out there. So it's kind of both, a broad person with a lot of strategy who can dig very deep and use numbers and make sure that everyone understands and follows along, communication is going to be key. Guidance strategy, I would say, look, where I came from, I'm going to follow that when we get this back to health, right? It's one of those ones where we put out conservative estimates with the goal to beat and raise as we go forward.

這是最重要的。目前，我們需要一位經驗豐富的企業領導者，他能夠審視這個問題，並與我們所有人合作，指導我們完成這項工作，這將是關鍵因素之一。所以他既是博學之士，又有豐富的策略眼光，能夠深入挖掘並運用數據，確保每個人都能理解並跟上步伐，溝通將是關鍵。指導策略方面，我想說，聽著，從我來的地方出發，等一切恢復正常後，我就會遵循那個方向，對吧？我們通常會先給予保守的預測，目標是在未來逐步超越並提高預期。

demonstrating a cadence of sustained profitable growth. That's ultimately where I want to get to. I don't think that would change with a CFO coming in. I think that's got to be the mantra of this company going forward. We need the right person to fit that approach.

展現出持續獲利成長的節奏。那正是我最終想要達到的目標。我認為即使新來了首席財務官，情況也不會改變。我認為這必須成為這家公司未來發展的座右銘。我們需要合適的人選來適應這種方法。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Dan, you mentioned a lot of different investment areas in your prepared remarks, global customer service and technical service organizations, clinical education, shifts in regional spending. I would think that not all of that spending is going to take place in the fourth quarter. Can you talk about what you are spending money on in the fourth quarter? And maybe what we should expect to start in 2026?

丹，你在準備好的演講稿中提到了許多不同的投資領域，例如全球客戶服務和技術服務機構、臨床教育以及區域支出的變化。我認為這些支出不會全部發生在第四季。能否談談你們第四季的支出狀況？那麼，我們或許該期待在 2026 年開始什麼呢？

Yes, it's a great question, and thanks for it. So listen, there's a couple of things, and I won't lay out every single put and take here for you, but there are big moves that we need to make contractually to free up some of the things that we have done historically that don't make sense these days. Some of those will involve some penalties that we're going to pay in the fourth quarter to create freedom to free up cash as early as the first quarter. So I'm taking a few hits to free up some strategic moves that allow us to go into that right away into next year. In the fourth quarter, there is an acceleration of R&D that I have set up to go.

是的，這是一個很好的問題，謝謝你的提問。聽著，有幾件事，我不會在這裡一一列舉，但我們需要在合約方面做出一些重大調整，以擺脫一些我們過去做過的、如今已不再適用的事情。其中一些將涉及一些罰款，我們將在第四季度支付這些罰款，以便儘早在第一季釋放現金流。所以，我承受了一些損失，以便騰出空間採取一些策略性舉措，使我們能夠立即進入明年的目標階段。第四季度，我已安排加快研發步伐。

And while we don't have the execution of clinical education, establishing those programs and putting in place anything that we can do for that is there. So what I would tell you is some acceleration in R&D, a little bit of prep work in the clinical side. You mentioned customer service, tech service, that probably won't have an impact in the fourth quarter because they are existing people we are reorganizing. And we're beginning to recruit, but most likely will be negligible in the fourth quarter, more prominent by the first half of the year is really where I'm going with that.

雖然我們還沒有開展臨床教育，但建立這些計畫並採取一切我們所能採取的措施是可行的。所以我想告訴你們的是，要加快研發進度，並在臨床方面做一些準備。您提到了客戶服務和技術服務，這可能不會對第四季度產生影響，因為這些都是我們重組的現有人員。我們已經開始招募人員了，但很可能在第四季度影響不大，而上半年會更加顯著，這就是我真正想表達的意思。

Brandon Vazquez, William Baird.

布蘭登·瓦茲奎茲，威廉·貝爾德。

I just want to ask kind of a high-level question on kind of the initiatives you laid out here. Obviously, encouraging to see kind of an action plan here. But the story has been a bit of a -- it will be -- this is my phrase, maybe not yours, but the story under the prior management team has been a turnaround story. And then a little bit now, it looks like, once again, again my phrase, a bit of a turnaround story again. Many of the initiatives here feel like ones that we've been focused on for years, frankly, like getting closer to the customers and supporting them, improving efficiencies.

我只想就您在這裡提出的各項措施問一個比較宏觀的問題。顯然，看到這裡有一個行動計劃，令人鼓舞。但這個故事有點像——它會是——這是我的說法，也許不是你的，但在前管理團隊的領導下，這是一個扭轉乾坤的故事。然後，現在看來，再一次，再一次，用我的話來說，又是一個有點逆轉的故事。坦白說，這裡的許多舉措感覺就像我們多年來一直在關注的那些，例如拉近與客戶的距離並為他們提供支持，提高效率。

So I guess what would be helpful is can you just talk a little bit at a high level about what of these initiatives do you think are incremental to what has been attempted to turn things around at DENTSPLY SIRONA in the past couple of years that you think will start to eventually lead to some more durable improvements?

所以我想，您能否從宏觀層面談談，您認為在過去幾年裡，DENTSPLY SIRONA 為扭轉局面而採取的哪些舉措是漸進式的，並且您認為這些舉措最終會帶來一些更持久的改進？

Yes. I think that is a great question. And so I'll give you a couple of thoughts, right? There is no doubt that the customers, the employees and the Board are tired, right? There's fatigue coming through with these words and not quite getting where we need to go.

是的。我覺得這是一個很好的問題。所以，我接下來會跟大家分享幾點想法，好嗎？毫無疑問，顧客、員工和董事會都疲憊不堪，對吧？這些話語中流露出疲憊，我們似乎還沒有完全達到目標。

My assessment would be, while there are many right things that were done in the past, I feel like we were trimming branches when we should be cutting down trees. So when I talk about going faster, bolder, deeper, I think that's really what I mean with that.

我的評價是，雖然過去做了很多正確的事情，但我感覺我們當時只是在修剪樹枝，而應該砍伐大樹。所以當我談到更快、更大膽、更深入時，我認為這就是我真正的意思。

And a lot of these things were in the right move, but not deep enough to go. And I think Aldo and Dustin and I have experience in these that we can bring in. But I don't know, was there as strongly as before. Now there's great folks on the team who are already in place. But I think the real thing is to drive deeper and push there.

很多事情的方向是對的，但還不夠深入。我認為我和阿爾多、達斯汀在這方面都有經驗，我們可以運用這些經驗。但我不知道，我的熱情是否還像以前那樣高漲。現在團隊裡已經有很多優秀的人才了。但我認為真正的關鍵在於深入挖掘，並不斷向前邁進。

And it is a turnaround story. And the goal for me isn't to convince you why we know how to do this or that on the guy, I'm going to prove it to you through results. We just got to get past the talk and into the action. And I think there's enough talk that's been done. It's time to start getting this done through execution and pointing to the numbers as opposed to saying where we'll be.

這是一個逆轉的故事。我的目標不是說服你我們為什麼知道如何對這個人做這個或那個，而是要用結果來證明給你看。我們必須停止空談，開始行動。我認為已經討論得夠多了。現在是時候透過執行和拿出數據來落實這件事了，而不是光說我們會達到什麼目標。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

This is Dylan Finley on for Kevin. Wondering if you could talk a little bit about implants. You go direct there, so not necessarily impacted by your relationships with dealers in that area of the market. What are the specific pain points that you're facing there today? And why do you think your predecessors have not been able to close the gap within the market?

這裡是迪倫·芬利，他代替凱文發言。想請您談談植牙方面的事。你直接去那裡，所以不一定會受到你與該地區經銷商關係的影響。您目前面臨的具體痛點是什麼？你認為你的前任為什麼沒能彌補市場差距？

Yes. Again, good question. I can't answer why people before me did or didn't do things because I wasn't here. So I'll focus really on where we're going to go from here. I don't think we have the right amount of reps present throughout the world.

是的。問得好。我無法回答我之前的人們為什麼做了或沒做某些事，因為我不在場。所以，我將重點放在我們接下來要往哪個方向發展。我認為我們在全世界範圍內擁有的代表人數還不夠多。

I'm not convinced they have the right training. I don't believe the branding and coordination is laid out in the way that can add strength. I don't think we're leveraging some of the other infrastructure like a DS core type program that we have to benefit these.

我並不確信他們接受過正確的訓練。我不認為目前的品牌推廣和協調方式能夠增強品牌實力。我認為我們沒有充分利用我們擁有的其他一些基礎設施，例如DS核心類型的程序，來使這些方面受益。

I think all of those have to occur with a significant increase in training not only of the reps, but of the dentists, of our products, and quite frankly, in that area, we need to be present. It's honestly not that different than orthopedics, where you need someone there in the room, someone well trained, who can offer a lot of optionality out for the dentist. And I think we've got to take that type of model and apply it more effectively here than it has been done in the past.

我認為所有這些都必須大幅加強培訓，不僅是銷售代表的培訓，還有牙醫的培訓，以及我們產品的培訓。坦白說，在這個領域，我們需要有所作為。說實話，這和骨科並沒有太大差別，都需要有人在場，一個訓練有素的人，可以為牙醫提供很多選擇。我認為我們必須借鑒這種模式，並比以往更有效地將其應用到這裡。

This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

問答環節到此結束。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。