DENTSPLY SIRONA Inc. (XRAY) 2026 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to the DENTSPLY SIRONA's Q2 2026 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.

各位好。感謝您的等候。歡迎參加 DENTSPLY SIRONA 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，投資人關係部的 Wade Moody。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to the DENTSPLY SIRONA's second quarter 2026 earnings call. Joining me for today's call are Dan Scavilla, President and Chief Executive Officer; and John Fortson, Executive Vice President and Chief Financial Officer. I'd like to remind you that an earnings press release and slide presentation related to the call are available on the Investors section of our website at www.dentsplysirona.com. Before we begin, please take a moment to read the forward-looking statements in our earnings press release.

謝謝，接線員，各位下午好。歡迎參加 DENTSPLY SIRONA 2026 年第二季財報電話會議。今天與我一同出席的有總裁兼執行長 Dan Scavilla，以及執行副總裁兼財務長 John Fortson。提醒各位，本次電話會議相關的財報新聞稿與簡報投影片已發布於我們網站 www.dentsplysirona.com 的「投資人」專區。在開始之前，請花點時間閱讀我們財報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 enhance transparency regarding key metrics utilized by management in operating our business.

在今天的電話會議中，我們可能會做出某些前瞻性陳述，反映我們目前對未來營運表現與財務結果的看法。我們基於對未來事件的若干假設與預期提出這些陳述，而這些未來事件存在風險與不確定性。我們最近提交的 Form 10-K，以及其後在 Form 10-Q 或其他 SEC 申報文件中的更新資訊，列示了若干最重要的風險因素，可能導致實際結果與我們的預測不同。在今天的電話會議中，我們的評論將以非 GAAP 財務結果為基礎。我們相信，非 GAAP 財務衡量指標能為投資人提供關於本公司財務表現的額外且有價值的洞見，使得在某些項目可能獨立於業務表現而波動的情況下，能夠比較各期間的財務結果，並提升管理層在經營業務時所使用關鍵指標的透明度。

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.

請參閱我們的新聞稿，以了解 GAAP 與非 GAAP 結果之間的調節。除非另有說明，所提供的比較均以去年同期季度為基準。今天電話會議的網路直播重播將於會後在公司網站的「投資人」專區提供。接下來，我把電話交給 Dan。

Thanks, Wade, and good afternoon, everyone. Before we discuss the quarter, I'd like to welcome John Fortson to his first earnings call as Executive Vice President and Chief Financial Officer of DENTSPLY SIRONA. John joined us on July 20, and we're excited to have him on board. He is a proven finance and business leader who has worked closely with CEOs and Boards through periods of transformation, strengthening operations, allocating capital with discipline and creating long-term shareholder value. Having served both as a public company CFO and CEO, his experience is well aligned both with where DENTSPLY SIRONA is today and where we're headed in the future.

謝謝，Wade，各位下午好。在討論本季之前，我想先歡迎 John Fortson 以 DENTSPLY SIRONA 執行副總裁兼財務長的身分首次參加財報電話會議。John 於 7 月 20 日加入我們，我們很高興他加入團隊。他是一位經驗證明的財務與業務領導者，曾在轉型期間與執行長及董事會密切合作，強化營運、以紀律配置資本並創造長期股東價值。他曾同時擔任上市公司財務長與執行長，其經驗與 DENTSPLY SIRONA 目前所處的位置以及未來的方向都高度契合。

I'm glad he's on our team. I'd also like to thank Mike Pomeroy for his leadership as Interim CFO. I sincerely appreciate his contributions. With that, I'll turn the call over to John to review our second quarter 2026 financial results.

我很高興他加入我們的團隊。我也要感謝 Mike Pomeroy 擔任代理財務長期間的領導。我由衷感謝他的貢獻。接下來，我把電話交給 John，請他回顧我們 2026 年第二季的財務結果。

Thanks, Dan, and good afternoon, everyone. First off, I'd like to say it's a privilege to join DENTSPLY SIRONA. Having followed the company for many years, I am familiar with the strength of its portfolio and energized by the opportunity to help restore the business to its full potential. What ultimately drew me here was the clear commitment from the Board and the leadership team to execute the disciplined turnaround. There is a strong focus on operational excellence and long-term value creation.

謝謝，Dan，各位下午好。首先，我很榮幸加入 DENTSPLY SIRONA。我多年來一直關注這家公司，熟悉其產品組合的實力，也對能協助公司恢復至充分潛力的機會感到振奮。最終吸引我加入的，是董事會與領導團隊對於執行具紀律的扭轉計畫所展現的明確承諾。公司對營運卓越與長期價值創造有著強烈的聚焦。

Although I've only been with the company for a few weeks, I'm hitting the ground running and ready to execute the Return-to-Growth Action Plan with the team. Let's move to Q2 results on Slide 4. Our second quarter 2026 revenue was $898 million, representing a decrease of 4.1% as reported or 6.3% on a constant currency basis. Adjusting for the impact from Byte and the planned dealer inventory reduction of approximately $8 million in the quarter, revenue declined 3.6% on a constant currency basis. Adjusted EBITDA margins were approximately flat year-over-year, with the benefit from $44 million in tariff refunds, offset by a decline in gross profit, driven by lower volumes, sales mix and incremental tariff impacts.

雖然我加入公司才幾週，但我已迅速投入，並準備與團隊一起執行「重返成長行動計畫」。我們來看第 4 頁投影片的第二季結果。2026 年第二季營收為 8.98 億美元，按報告口徑下降 4.1%，按固定匯率口徑下降 6.3%。若調整 Byte 的影響以及本季約 800 萬美元的計畫性經銷商庫存降低影響，營收按固定匯率口徑下降 3.6%。調整後 EBITDA 利潤率與去年同期大致持平，主要受惠於 4,400 萬美元的關稅退款，但被毛利下滑所抵銷；毛利下滑係由較低銷量、銷售組合以及額外的關稅影響所致。

OpEx was up $12 million year-over-year, including an FX headwind of approximately $8 million. A decrease in G&A was offset by investments made into sales, marketing and R&D, as was planned in support of the Return-to-Growth Action Plan. Adjusted EPS in the second quarter was flat versus last year at $0.52. The tariff refunds translated into a positive $0.17 per share impact. Operating cash flow in the quarter was $99 million compared to $48 million in the prior year quarter.

營業費用（OpEx）年增 1,200 萬美元，其中包含約 800 萬美元的匯率不利影響。一般及行政費用（G&A）的下降，被對銷售、行銷與研發的投資所抵銷；這些投資是為支持「重返成長行動計畫」而按計畫進行的。第二季調整後每股盈餘（Adjusted EPS）為 0.52 美元，與去年持平。關稅退款帶來每股 0.17 美元的正面影響。本季營運現金流為 9,900 萬美元，去年同期為 4,800 萬美元。

The year-over-year increase is primarily attributable to the receipt of the tariff refunds in addition to improvements in working capital with better management of accounts payable and inventory. We continue to remain diligent on improving our working capital. This will be a key focus area of mine going forward. In the second quarter, we opportunistically repurchased 1.3 million shares at an average price below $10 per share. This represents the first time DENTSPLY SIRONA has repurchased shares since the third quarter of 2024.

年增主要歸因於收到關稅退款，此外，透過更佳的應付帳款與存貨管理，營運資金也有所改善。我們將持續致力於改善營運資金。這將是我未來的重點關注領域之一。第二季我們把握時機回購 130 萬股，平均回購價格低於每股 10 美元。這是 DENTSPLY SIRONA 自 2024 年第三季以來首次回購股份。

We finished the quarter with cash and cash equivalents of $239 million, and our Q2 net debt-to-EBITDA ratio was 3.2x, consistent with where we ended Q1 of this year. We continue to prioritize debt reduction. Now let us turn to Q2 segment performance on Slide 5. Starting with the CTS segment, sales were $239 million, an as-reported decline of 1.5%. Equipment & Instruments revenue was $137 million, flat year-over-year with declines in Treatment Centers.

本季末現金及約當現金為 2.39 億美元，第二季淨負債對 EBITDA 比率為 3.2 倍，與今年第一季末水準一致。我們仍將債務削減列為優先事項。接下來請看第 5 頁投影片的第二季分部表現。先從 CTS 分部開始，銷售額為 2.39 億美元，按報告口徑下降 1.5%。設備與器械（Equipment & Instruments）營收為 1.37 億美元，與去年同期持平，但治療椅/治療中心（Treatment Centers）出現下滑。

This was partially offset by growth in imaging equipment, particularly in EMEA, where we saw increased demand for our Orthophos line of imaging products. CAD/CAM revenue was $102 million, down mid-single digits, driven by lower volumes in the Americas and unfavorable price/mix in EMEA, partially offset by double-digit growth in APAC. EMEA saw a slight softening of demand for select areas of capital equipment, as providers deferred some investment decisions due to uncertainties from the Middle East conflict. Turning to EDS, which includes endo, resto and preventative products. Sales of $376 million declined 2.7% as reported, primarily driven by lower volumes in the Americas and EMEA.

上述下滑部分被影像設備的成長所抵銷，尤其在 EMEA 地區，我們看到對 Orthophos 影像產品線的需求增加。CAD/CAM 營收為 1.02 億美元，下降中個位數百分比，主要由美洲地區銷量下降以及 EMEA 地區不利的價格/組合所致，但部分被 APAC 地區的雙位數成長所抵銷。EMEA 地區在部分資本設備領域的需求略有走弱，因供應商/醫療服務提供者因中東衝突帶來的不確定性而延後部分投資決策。接著看 EDS（包含牙髓、修復與預防性產品）。銷售額為 3.76 億美元，按報告口徑下降 2.7%，主要由美洲與 EMEA 地區銷量下降所驅動。

As we've shared in Q1, the impact of inventory changes for our EDS products held by our distributor partners in the EMEA region had a negative impact on results. We saw a sequential improvement in Q2 as we obtained greater visibility into the dynamics within various markets and distributors across the region. Overall, sell-out in the region was in the low single digits, consistent with expectations for dental consumables. The sell-in is lower year-over-year, as certain distributors reduced their inventory levels. We do not believe this reduction in wholesale inventory is a demand-driven trend.

如同我們在第一季所分享的，EMEA 地區經銷合作夥伴所持有之 EDS 產品庫存變動，對結果造成負面影響。第二季我們在掌握該地區各市場與經銷商的動態方面取得更高能見度，因此看到環比改善。整體而言，該地區的終端銷售（sell-out）為低個位數百分比，符合牙科耗材的預期。進貨（sell-in）年比下降，因部分經銷商降低其庫存水位。我們不認為這種批發端庫存下降是由需求趨勢所驅動。

Moving to OIS. Revenue of $197 million declined 13.2% as reported. When adjusting for the year-over-year impact from Byte, OIS declined 5.7% as reported, consistent with last quarter. IPS revenue of $157 million declined mid-single digits, driven by lower volumes of premium implants in the Americas and APAC. EMEA Implants grew mid-single digits as reported, led by improved performance for MIS, our value implant brand.

接著談到 OIS。營收為 1.97 億美元，按報告口徑下降 13.2%。若調整 Byte 對年對年影響，OIS 按報告口徑下降 5.7%，與上季一致。IPS 營收為 1.57 億美元，下降中個位數百分比，主要受美洲與亞太地區高端植體出貨量下降所致。EMEA 植體按報告口徑成長中個位數百分比，主要由我們的價值型植體品牌 MIS 表現改善所帶動。

For Ortho, SureSmile revenue of $40 million declined double digits, primarily attributable to the Americas region. Wrapping up with Wellspect Healthcare, revenue of $86 million increased 7.1% as reported, driven by the continued strength of new product sales and execution by the business, partially offset by lower inventory levels in the US market. Now let's move to Slide 6 to discuss our outlook for 2026. We are maintaining our 2026 outlook for net sales of $3.5 billion to $3.6 billion, and adjusted EPS in the range of $1.40 to $1.50.

在矯正方面，SureSmile 營收為 4,000 萬美元，下降達雙位數百分比，主要歸因於美洲地區。最後是 Wellspect Healthcare，營收為 8,600 萬美元，按報告口徑成長 7.1%，受新產品銷售持續強勁及業務執行力帶動，但部分被美國市場庫存水位較低所抵銷。接下來我們看第 6 頁，討論 2026 年展望。我們維持 2026 年展望不變：淨銷售額 35 億至 36 億美元，調整後 EPS 介於 1.40 至 1.50 美元。

This EPS range excludes the benefit from tariff refunds and impact of incremental tariffs. Our decision to maintain our outlook is based on expectations as of today, including our current expectation regarding tariffs and trade policies. Looking to the third quarter of 2026, we expect revenue to decline sequentially due to normal seasonality. As we continue to execute our Return-to-Growth priorities, we also expect Q3 earnings to be below Q2 2026 levels, excluding the $0.17 benefit from tariff refunds. We remain committed to investing in our sales force, clinical education programs and R&D, with the benefit of these investments expected to become increasingly visible beginning in Q4.

此 EPS 區間不包含關稅退稅帶來的利益，也不包含新增關稅的影響。我們維持展望的決定，是基於截至今日的預期，包括我們目前對關稅與貿易政策的預期。展望 2026 年第三季，我們預期營收將因正常季節性而較前一季下滑。在持續推進「重返成長」優先事項的同時，我們也預期第三季獲利將低於 2026 年第二季水準（不含關稅退稅帶來的每股 0.17 美元利益）。我們仍致力於投資銷售團隊、臨床教育計畫與研發，且預期這些投資的效益將自第四季起愈發明顯。

With that, I will turn the call back to Dan.

接下來我把電話交回給 Dan。

Thanks, John. As we wrap up the second quarter since beginning our 24-month Return-to-Growth Action Plan, our priorities haven't changed. We're focused on putting customers at the center of every decision, improving execution, investing where we see the greatest opportunity for long-term growth and strengthening the financial foundation of the company. We're making progress, but this is still a turnaround. Some parts of the business are improving faster than others, and there's still a lot of work ahead.

謝謝，John。在我們啟動 24 個月「重返成長」行動計畫後的第二個季度即將結束之際，我們的優先事項沒有改變。我們專注於把客戶置於每一項決策的核心、提升執行力、在我們看到長期成長機會最大的地方加大投資，並強化公司的財務基礎。我們正在取得進展，但這仍是一場轉型。業務的某些部分改善速度快於其他部分，前方仍有大量工作要做。

As John mentioned, we expect more of the improvement weighted towards the fourth quarter, given investment timing and macroeconomic conditions. What gives me confidence is that we're beginning to see evidence that the work we're doing is gaining traction. Everything starts with the customer. Over the last 6 months, we've been rebuilding how we engage with our customers. We're investing in clinical education, strengthening our commercial organization, expanding customer access through our dealer network and making it easier to do business with DENTSPLY SIRONA.

如 John 所提到，考量投資時點與總體經濟情勢，我們預期更多改善將集中在第四季。讓我有信心的是，我們開始看到證據顯示正在進行的工作正逐步產生效果。一切都從客戶開始。過去 6 個月，我們一直在重建與客戶互動的方式。我們投資臨床教育、強化商業組織、透過經銷商網路擴大客戶觸達，並讓與 DENTSPLY SIRONA 做生意變得更容易。

In the second quarter, clinical education was at the forefront. We brought together more than 1,000 clinicians at our Global Implant Summit, hosted endo KOLs at our 2026 Endodontic Forum, and convened leading experts across restorative and multidisciplinary dentistry to help shape the next generation of clinical solutions. These opportunities enable us to learn directly from clinicians, strengthen relationships and ensure our innovation pipeline reflects what customers need most.

在第二季，臨床教育是重點。我們在全球植體高峰會匯聚了超過 1,000 位臨床醫師，在 2026 年牙髓治療論壇接待牙髓領域 KOL，並召集修復與多專科牙科領域的頂尖專家，共同協助塑造下一代臨床解決方案。這些機會讓我們能直接向臨床醫師學習、強化關係，並確保我們的創新管線反映客戶最需要的內容。

At the same time, we're investing in our own commercial capabilities. Every US sales implant -- excuse me, every US implant sales rep recently completed the most comprehensive implant certification program we've ever delivered. Our most experienced team members told us they've learned more in those 4 days than they had in years. This initiative is not only encouraging, but also just the start of an ongoing investment in education. We're also seeing momentum internationally.

同時，我們也在投資自身的商業能力。每一位美國植體銷售代表——抱歉，是每一位美國植體銷售業務——最近都完成了我們迄今提供過最全面的植體認證課程。我們最資深的團隊成員告訴我們，他們在那 4 天學到的比過去幾年還多。這項計畫不僅令人振奮，也只是我們持續投入教育的起點。我們也看到國際市場的動能。

In APAC, we're expanding education programs, advancing implant sales training and seeing continued adoption of our Connected Technology Solutions, including double-digit growth in milling systems. On the digital side, DS Core continues to gain traction. During the quarter, 4 European DSO groups began to implement the platform, reinforcing the value of an integrated digital workflow that connects diagnosis, treatment planning and clinical execution. We've also continued to strengthen our US distribution footprint by growing our dealer network.

在亞太地區，我們正在擴大教育計畫、推進植體銷售訓練，並看到我們的互聯技術解決方案持續被採用，其中包含銑削系統的雙位數成長。在數位端，DS Core 持續獲得市場動能。本季有 4 個歐洲 DSO 集團開始導入該平台，進一步凸顯整合式數位工作流程的價值，可串聯診斷、治療規劃與臨床執行。我們也持續透過擴大經銷商網路，強化在美國的通路布局。

During the quarter, we announced the expansion of our partnership with Atlanta Dental and Nashville Dental, and we advanced our long-standing relationship with Medline Sinclair in Canada. These partnerships are important building blocks for sustainable commercial growth, extending our reach and giving more customers access to our Connected Technology portfolio. Wellspect continues to perform exceptionally well. The business delivered another strong quarter, supported by new product launches, geographic expansion and continued adoption of our newest products. That's a good example of what consistent execution looks like, and we intend to apply those same principles across the areas of the company.

本季我們宣布擴大與 Atlanta Dental 及 Nashville Dental 的合作夥伴關係，並推進我們在加拿大與 Medline Sinclair 的長期合作。這些合作是可持續商業成長的重要基石，能擴大我們的觸及範圍，讓更多客戶可使用我們的互聯技術產品組合。Wellspect 仍持續表現非常出色。在新產品上市、地理擴張以及最新產品持續被採用的支持下，該業務再度交出強勁的一季。這是穩定執行力的良好例子，我們也打算把同樣的原則應用到公司其他領域。

We also established a small group of strategic Advisory Board to provide guidance on Wellspect long-term priorities, innovation and growth opportunities. Execution also means improving how we operate internally. We're simplifying the organization, enforcing accountability, standardizing processes, embedding lean operating principles and AI to eliminate routine work and accelerate decision-making so our teams can spend more time serving customers and bring innovation to market faster. Financial discipline remains equally important. We're improving cash generation, strengthening the balance sheet and continuing to deploy capital in a disciplined way.

我們也成立了一個小型策略顧問委員會（Advisory Board），就 Wellspect 的長期優先事項、創新與成長機會提供指導。執行力也意味著改善我們內部的運作方式。我們正在簡化組織、強化問責、標準化流程、導入精實營運原則與 AI，以消除例行工作並加速決策，讓團隊能投入更多時間服務客戶，並更快將創新推向市場。財務紀律同樣重要。我們正在提升現金創造能力、強化資產負債表，並持續以有紀律的方式配置資本。

As John previously mentioned, we repurchased 1.3 million shares for approximately $12 million using a portion of the tariff refund proceeds, consistent with the capital allocation framework we introduced earlier this year. We continue balancing investments in innovation, commercial capabilities and shareholder returns to support long-term value creation. Six months into the Return-to-Growth Action Plan, I believe we're going deeper, moving faster, taking bolder steps to improve our business. We're recalibrating customer relationships. We're strengthening our commercial organization.

如 John 先前提到，我們使用部分關稅退稅款項，回購了 130 萬股、約 1,200 萬美元，符合我們今年稍早提出的資本配置框架。我們持續在創新、商業能力投資與股東回報之間取得平衡，以支持長期價值創造。在「重返成長」行動計畫推進 6 個月後，我相信我們正更深入、更快速地推進，並採取更大膽的步驟來改善業務。我們正在重新校準客戶關係。我們正在強化商業組織。

We're expanding access to our products. We're simplifying the company, and we're creating a stronger financial foundation. The path won't be linear, but we're seeing encouraging signs that our actions are beginning to translate into improved execution and stronger customer engagement. Thank you to our employees around the world for their continued hard work and dedication to our customers. I continue to believe the potential for DENTSPLY SIRONA has never been greater.

我們正在擴大客戶對我們產品的可及性。我們正在簡化公司，並打造更強健的財務基礎。這條路不會是線性的，但我們看到令人鼓舞的跡象，顯示我們的行動正開始轉化為更好的執行力與更強的客戶互動。感謝全球員工持續的辛勤付出，以及對客戶的投入與奉獻。我仍相信，DENTSPLY SIRONA 的潛力從未如此之大。

And we have at our fingertips, everything we need to achieve our plan. With that, let me turn the call over to the operator so we can start the Q&A session. Thank you.

而且我們手邊具備實現計畫所需的一切。接下來我把電話交給接線員，讓我們開始問答環節。謝謝。

(Operator Instructions) Elizabeth Anderson, Evercore ISI.

(接線員指示) Elizabeth Anderson，Evercore ISI。

I guess my first question is, John, maybe you could talk a little bit about why XRAY was sort of the right next step on your career? And also, do you guys now think you have the full team in place to go forward with what you need to do to help get the company on the right footing? And can you also, maybe as my follow-up, just talk through like how you kind of see the drivers that increased the EPS from 3Q to 4Q like you were just laying out, John.

我想我的第一個問題是，John，也許你可以談談為什麼 XRAY 會是你職涯下一步的合適選擇？另外，你們現在是否認為已經具備完整的團隊，可以推進接下來需要做的事情，幫助公司回到正確的軌道？以及作為追問，你也能否說明一下，你如何看待你剛才提到的、推動 EPS 從第三季到第四季上升的驅動因素，John。

Sure. No, I'll start. Dan can talk a little bit about the team. But I've followed this company for a long time. I've been in the Carolinas, really, for 15-plus years and have followed the story.

當然。不，我先開始。Dan 可以稍微談談團隊。不過我關注這家公司很久了。我其實在卡羅萊納地區待了超過 15 年，也一路追蹤這個故事。

And I really feel like the Board and the current leadership team under Dan are ready to do what needs to be done to take this company to the next level, right? I feel, having studied for a number of months, the Return-to-Growth Action Plan and in conversations with Dan and the other leaders, I feel like they have the right plan at the right time. And I'm pretty excited about being here. I look at the prioritizations, they're pretty straightforward. We Return-to-Growth, we maximize profitability and we maximize cash generation. And I think we have the opportunity to do all 3.

而且我真的覺得董事會以及 Dan 領導下的現任管理團隊，已經準備好去做需要做的事，把這家公司帶到下一個層級，對吧？我覺得，經過幾個月的研究，針對「重返成長行動計畫」以及與 Dan 和其他領導者的對話，我覺得他們在對的時間有對的計畫。我對能在這裡感到相當興奮。我看這些優先事項，蠻直接明確的。我們要重返成長、最大化獲利能力、並最大化現金創造。而我認為我們有機會三者兼得。

Thanks. And I'll answer the rest of that, Elizabeth. We have a great executive committee, my direct reports. If you look through it, A vast amount of that was rebuilt and those that remained were a really strong base to go from. So I feel very bullish about that team.

謝謝。Elizabeth，其餘的部分我來回答。我們有很棒的執行委員會，也就是直接向我匯報的團隊。如果你仔細看，其中很大一部分是重新建構的，而留下來的人也提供了一個非常強的基礎作為出發點。所以我對那個團隊非常有信心。

The rate of engagement we have around the world when it comes to our directors up as well, continues to impress me. And so the answer to your question, yes, we have who we need to make the changes that we need to make. I feel very strong about that. As far as the progression and heaviness, perhaps in the fourth quarter, given the turnaround and very similar to what we may have spoken to in the past, a lot of that really banks on the fact of when you're reorganizing the company, and you have some of the timing of when those structural changes take place, you'll see it bear more in the fourth quarter than you would previous as we go do that. In addition, if you remember, we've added a lot of the dealers in the first quarter or second.

我們在全球各地、就我們的主管而言所展現的投入程度也在提升，持續讓我印象深刻。所以回答你的問題，是的，我們擁有所需的人才來推動我們必須推動的變革。我對此非常有把握。至於進展與力度，也許會在第四季更明顯，考量到這次的扭轉局面，且與我們過去可能談到的很類似，很多都取決於你在重整公司時，以及這些結構性變革發生的時間點；當我們去做這些事情時，你會看到它在第四季的反映會比先前更大。另外，如果你還記得，我們在第一季或第二季新增了很多經銷商。

And I always mention it's about 9 months before you really produce there to sell capital. And so you're bringing them on board, training them, getting their reps out there, building a pipeline and then closing. And so while we are positive and seeing positive results of who we brought on, I think that will be heavier in the fourth quarter than perhaps what we've seen in the first or second.

我總是提到，大約要 9 個月你才會真正開始產出、去銷售資本設備。所以你把他們納入體系、訓練他們、讓他們的業務代表到市場上、建立銷售管道，然後再成交。因此，雖然我們對所引進的人選感到正面、也看到正向成果，我認為這在第四季會比第一季或第二季更為顯著。

Allen Lutz, Bank of America.

Allen Lutz，美國銀行。

Really, a follow-up on my question from last quarter around the Return-to-Growth Action Plan here. Dan, you talked about a lot of the same things that you talked about last quarter, some new distribution partners, which you executed against in the quarter. You gave the example on investing in clinical education and R&D continues to trend up nicely. Would love to get a sense in terms of where you're most excited. You sort of answered it a little bit with the last question around maybe some of the contributions from dealers coming in, in the fourth quarter.

其實是延續我上季關於「重返成長行動計畫」的問題。Dan，你談了很多和上季相同的事情，也提到一些新的通路合作夥伴，而你們在本季也確實執行了。你舉例說在臨床教育與研發上的投資持續呈現良好上升趨勢。我很想了解你最感到興奮的部分在哪裡。你在上一題提到第四季可能會有經銷商貢獻，算是稍微回答了一點。

But would love to get a sense of the parts of the return to action plan as you go through it, now you're 6 months in. Would love to get a sense where you're most excited and what you think the first part of that is to hit the P&L?

但我仍想了解，當你推進這個重返成長行動計畫、現在已經過了 6 個月，你最感到興奮的是哪些部分？也想請你談談，你認為其中哪一部分會最先反映到損益表（P&L）上？

Thanks, Allen. I appreciate that question. Honestly, what I'm most excited about is the level of engagement we have with our dentists and seeing that accelerate at different levels of the company. I want to say it's a reengagement and the feedback that I've been getting from different folks that -- how happy they are with the dentists themselves coming back on the clinical education programs or the interaction with executives, or even some of the events that we have held or attended, they see our recommitment into that. And I've been getting a lot of good feedback from them, which is encouraging to me because as we say and have said, it's all about the customer first.

謝謝，Allen。我很感謝這個問題。老實說，我最興奮的是我們與牙醫客戶之間的互動投入程度，以及看到這種互動在公司不同層級加速發生。我想說這是一種重新連結；我從不同人士那裡收到的回饋是——他們對牙醫本身回到臨床教育課程、或與高階主管的互動，甚至我們舉辦或參與的一些活動，都感到非常開心；他們看到了我們在這方面的再度承諾。我也收到很多正面的回饋，這讓我很受鼓舞，因為正如我們一直說的，一切都要以客戶為先。

And if we're going to turn this around, it's about supporting the customer first and foremost and then earning the right to grow and take share from there. And so that excites me. Honestly, with John joining the team and really filling out an already strong executive council that I have, that's second thing that's exciting to me. And you're right, I love the partnership expansion in the US with the dealers, and I think that's still yet to prove out more in the second half of the year, but all 3 of those rank up for me.

如果我們要扭轉局面，首先就是要支持客戶，然後才能贏得成長的權利，並在此基礎上擴大市占。所以這讓我很振奮。老實說，John 加入團隊，並讓我原本就很強的高階管理委員會更加完整，這是第二個讓我興奮的點。你說得對，我也很喜歡在美國透過經銷商擴大合作夥伴關係；我認為這在下半年仍有待更充分驗證，但這三項對我而言都非常重要。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

This is Dylan Finley on for Mike. Just wanted to start briefly on the tariff refund. Just a clarification point. Was that refund assumption embedded in the initial guide? And does the maintenance of the guide account for the contribution of that refund?

我是代替 Mike 的 Dylan Finley。我想先簡短談一下關稅退稅。只是想釐清一點。那個退稅假設有被納入最初的財測指引嗎？而維持原指引是否已經把該退稅的貢獻考慮進去？

And then secondly here, if you could just broadly comment on your quarterly run rate into COGS. What you're seeing today with the 122s and now the 301s, where do you see your quarterly spend on tariffs from here?

第二個問題，如果可以的話，請你們大致評論一下你們每季在銷貨成本（COGS）中的運行水準。以目前的 122 以及現在的 301 來看，你們接下來每季在關稅上的支出預期會怎麼走？

So Dylan, I'll answer that. So the first thing is we did not build a refund into our initial guidance. That was something that we decided not to do because it was uncertain when it would occur or what it would be. And so that's in addition. As we maintain our base guidance, as John called out, we're saying we're not changing that.

Dylan，我來回答。第一點是，我們在最初的指引中並沒有把退稅納入。我們決定不這麼做，因為不確定它何時會發生、或金額會是多少。所以那是額外的。至於我們維持基礎指引，正如 John 提到的，我們的意思是我們不會改變那個指引。

And certainly, in addition, we would layer in some semblance of the tariff that we were calling out earlier in that section. So it's something totally unrelated to the operations of the business and done. We do not disclose the rate of tariffs per quarter. So that would be something I'll refrain from answering.

而且，作為額外因素，我們會把先前在那一段提到的關稅影響以某種形式疊加進去。所以這件事與公司營運完全無關，且已經結束。我們不揭露每季的關稅稅率。因此這個問題我就先不回答。

Very helpful. And then as a brief follow-up here, you guys showed some nice gross margin improvement, if I'm just looking and backing out the tariffs. But on SG&A, in the past, you talked about a reduction in targeted annual savings. Any updated thoughts on the magnitude of that and timing of when we should see some improvement in SG&A?

非常有幫助。接著簡短追問一下，你們的毛利率表現不錯，如果我只是看並把關稅因素扣除的話。但在銷售、一般及管理費用（SG&A）方面，過去你們談到目標年度節省金額有所下修。對於其幅度以及我們何時應該看到 SG&A 有所改善，在想法上有沒有更新？

Yes. So it's a little bit, Dylan, of a couple of things. It's sort of a put and take here. We're reorganizing a lot of our company, whether it be through headcount or indirect spending. But I'm also redeploying that into increasing the field, increasing clinical education, increasing rep education and accelerating innovation.

有。Dylan，這有點是幾個因素交錯。有點像此消彼長。我們正在重整公司很多部分，不論是人力編制或間接支出。但同時我也把資源重新部署到擴充前線人員、增加臨床教育、提升業務代表訓練，以及加速創新。

And so it's not an anticipated drop-through to the bottom line, so much as a repositioning for long-term growth that's occurring.

因此，這不太是預期會直接大量流入到底線的節省，而更像是為了長期成長所做的重新定位正在發生。

Cathy, do we have Vik on the line?

Cathy，我們有把 Vik 接上線嗎？

Vik Chopra, BMO.

Vik Chopra，BMO。

It's Anton on for Vik. Maybe first, I'll start on the US commercial expansion. Dan, you've repeatedly emphasized that the US business recovery is your top priority and have been taking clear steps in building out the US commercial team with senior leadership and competitive hires.

我是 Anton，代替 Vik。也許我先從美國商業擴張談起。Dan，你一再強調美國業務復甦是你的首要任務，並且已採取明確步驟，透過資深領導與具競爭力的人才招募來擴建美國商業團隊。

I'd be curious to hear where we stand in the US commercial team build-out. Do you have all the people you need? Or are there more seats to fill? And does the guide contemplate accelerating productivity from these hires throughout the year? Or is that more of a 2027 phenomenon?

我想了解一下我們在美國商業團隊建置方面目前進展到哪裡。你們是否已經具備所需的所有人員？還是仍有更多職缺需要補齊？另外，指引是否已納入這些新進人員在全年加速提升生產力的假設？還是那會更像是 2027 年才會顯現的現象？

Yes. Thanks, Anton. First, I would say, I'll probably never have as many people as I need because there's no answer to that. I want to have as many reps in the field representing us as we can. That said, what we did do in the first quarter was make a significant verticalization of our commercial organization under the team and they did a great job.

是的。謝謝你，Anton。首先我會說，我可能永遠都不會覺得人手足夠，因為這沒有標準答案。我希望我們能有盡可能多的前線業務代表在外面代表我們。不過，我們在第一季確實做了一件事：在團隊之下對商業組織進行了大幅度的垂直化（按產業/領域分工），而他們做得非常好。

And those folks that lead those verticals are dental experts with a lot of competitive experience as you referred to, and it's there. We are, again, retraining the reps that we have, recertifying them. And then to your point, expanding them both from new hires and competitive hires. I really do think those efficiencies, while they will continue sequentially through the quarters as you get through Q2 to Q3 to Q4, I think are going to be more impactful into next year because a lot of that training, a lot of that clinical education and then just getting everybody into those moves that they need to do into the field, I think, will be more of a next year impact. But I'm happy with the progress being made with that team.

而領導這些垂直領域的人員，正如你提到的，都是牙科專家，且具備大量競爭對手端的經驗，這些都已到位。我們也再次對現有業務代表進行再訓練並重新認證。然後如你所說，透過新招募與從競爭對手挖角來擴充團隊。我確實認為這些效率提升會在各季持續逐季改善，從 Q2 到 Q3 再到 Q4；但我認為更顯著的影響會落在明年，因為大量訓練、臨床教育，以及讓每個人完成他們需要的調整並真正走向前線，我認為會更偏向明年的貢獻。不過我對這個團隊目前的進展感到滿意。

That's really great to hear. And maybe one more follow-up on China. Last night, one of your peers shared some updated perspectives on the China environment and VBP timing. I'd be curious to get your perspectives here as well. Like what's your latest thinking on China VBP 2.0 in 2026?

這真的很高興聽到。另外也許再追問一題關於中國。昨晚，你們的一位同業分享了對中國市場環境與 VBP 時點的一些最新看法。我也想聽聽你們這邊的觀點。例如，你們對 2026 年中國 VBP 2.0 的最新想法是什麼？

And how do we think about the impact for Dentsply?

以及我們該如何看待對 Dentsply 的影響？

Yes. Again, great question. It moves, as you know, it's been delayed. It's been cast out there. So I'm probably going to line up with the timing.

是的。再次，這是個好問題。如你所知，進度一直在變動，也已經延後。相關訊息也已經對外釋出。所以我大概會跟市場對時點的看法一致。

I know that it was pushed off several months from China that way. We don't have a significant impact baked into that for this year nor do I expect one. China is an area of significant long-term growth for us right now, and it's one that we're keeping our eye on of how best to approach. But at this point, I would tell you that it's smaller, and that we have our eyes on how to make that bigger over time. And the VBP is simply just one step along the way for us to really get into that market.

我知道中國那邊把它往後推了好幾個月。我們今年的預測中並沒有把它的重大影響納入，我也不預期今年會有重大影響。中國目前對我們而言是長期顯著成長的區域之一，我們也持續關注該如何以最佳方式切入。但就目前而言，我會告訴你它的占比仍然較小，而我們正關注如何隨時間把它做大。而 VBP 只是我們真正深入該市場過程中的其中一步。

Jon Block, Stifel.

Jon Block，Stifel。

Joe Federico on for Jon. Maybe just to zoom in on Implants a little bit. Is there any further detail you can provide on the performance in the quarter? I think you said EMEA was mid-single digits led by value, but maybe any other color between value and premium? How did the US perform? And then just how do you view the market growth there in the quarter and then in 3Q to date?

我是 Joe Federico，代替 Jon。我想更聚焦在植體（Implants）這塊。你能否提供更多本季表現的細節？我記得你提到 EMEA 是由價值型產品帶動的中個位數成長，但在價值型與高端（premium）之間是否還有其他補充說明？美國表現如何？另外，你怎麼看本季該市場的成長，以及目前為止第三季（3Q to date）的情況？

Yes. We tend not to break it down by products or things like that in a lot of detail. What I would tell you is that our value products in EMEA had a very strong quarter. There's a lot of cadence there that we're doing. In the US, simply part of the turnaround, we lagged behind that.

是的。我們通常不會按產品等項目做非常細的拆分揭露。我能告訴你的是，我們在 EMEA 的價值型產品本季表現非常強勁。我們在那裡有很多節奏性的推進工作正在進行。在美國，作為整體扭轉計畫的一部分，我們的表現落後於此。

We have incredible products. As I just said, we've recertified our team to give them more education to go out and worry about workflow and dentist needs as opposed to just selling a single product. And so it's still a continued investment in our turnaround plan, focused primarily on the US, still investing, obviously, in EMEA and Asia Pac. But I would say that when you look at the competitors, we're lagging behind, and we need to change that. We've got the right products. We have the right approach. We have to execute and get up to market and beyond.

我們有非常出色的產品。如我剛才所說，我們已讓團隊重新認證，提供更多教育訓練，讓他們走出去時能關注工作流程與牙醫需求，而不是只賣單一產品。因此，這仍是我們扭轉計畫中的持續投資，主要聚焦在美國，同時也持續投資於 EMEA 與亞太。但我會說，若看競爭對手，我們確實落後，我們需要改變這點。我們有對的產品。我們有對的方法。我們必須把執行做好，追上市場並且超越市場。

Michael Sarcone, Jefferies.

Michael Sarcone，Jefferies。

Two for me. I guess, can you just give us an update on -- or elaborate more on capital equipment demand? I think you mentioned some uncertainties in Europe related to Mid East tensions, but maybe give us kind of an around-the-world view. And then just second, I'll throw it out here now is, Dan, you talked about the sales force ramping. How are you thinking about growth in Implants as we look to 2027?

我有兩個問題。第一，能否請你更新一下——或更詳細說明——資本設備需求的狀況？我想你提到歐洲因中東緊張局勢而有一些不確定性，但能否給我們一個全球各地的概覽？第二個問題我先一起問：Dan，你談到銷售團隊的爬坡（ramping）。展望 2027 年，你如何思考植體（Implants）的成長？

Yes. So what we're saying with us in the capital itself, and as you know, it's seasonal. In EMEA, because we are one of the leaders in dental, the rural regions are a little bit bigger for us than perhaps our competitors, and we are seeing delays that have occurred there. We're not going to call it out. We're not going to call it down at this point.

是的。關於我們的資本設備業務，如你所知，它具有季節性。在 EMEA，因為我們是牙科領域的領導者之一，我們在鄉村/非都會區域的占比可能比競爭對手更高，因此我們確實看到那裡出現延遲。我們目前不會特別點名說明。現階段也不會把它下修定調。

Our eyes are on it. It's an unknown ability when that resolves or when they'll pick up. But that really was just it, we're just seeing some delays in there because of the uncertainty of that situation. Do we think that, that can clear through in Q3 or Q4? We hope so for the sake of the people there, but eyes on it for that one.

我們正在密切關注。至於何時能解決、或需求何時回升，仍是未知數。但重點就是：由於局勢不確定性，我們在那裡看到一些延遲。我們是否認為這可能在 Q3 或 Q4 消化完畢？為了當地民眾的福祉，我們希望如此，但我們會持續關注。

That's really kind of the thing that's going there. On the sales force itself and the productivity and the lift that would occur for Implants into 2027, we're going to refrain for now. We got to go focus on this year and the turnaround to finish that, and we'll be giving guidance more as we get into the early part of next year along those lines.

大致就是目前的情況。至於銷售團隊本身，以及生產力提升對植體（Implants）到 2027 年的拉抬，我們暫時先不做評論。我們必須先專注今年，把扭轉計畫完成；等到明年初，我們會在這些方向上提供更多指引。

Lily Lozada, JPMorgan.

Lily Lozada，JPMorgan。

Following up on the prior question about Implants. When I look at the results across the segments, the one area that was really softer this quarter was OIS. So I'm hoping you can unpack that a little bit. To what extent was that a function of headwinds from a weaker consumer environment, given the price point and more elective nature of the procedures? Or was there something else at play?

延續前一題關於植體（Implants）。當我看各事業部的結果時，本季真正比較疲弱的一塊是 OIS。所以我希望你能稍微拆解一下。這在多大程度上是因為消費環境轉弱所帶來的逆風——考量到其價格帶以及療程較偏選擇性（elective）的特性？還是有其他因素在影響？

Yes. Thanks, Lily. I appreciate that. What I think is a couple of things with OIS in particular. To us, remember, you have that Byte impact that's occurring, and John called out the impact of that.

是的。謝謝你，Lily。我很感激。我認為就 OIS 而言，特別有幾件事。對我們來說，請記得，你有 Byte 影響正在發生，而 John 也點出了那個影響。

We still carry that through of a significant part. That's really it. I think what we have seen, particularly on SureSmile is more of a US impact. And I think it's more about us, again, looking at the turnaround as we enter back to orthodontists and we hire that sales force, we modernize our software and go.

我們仍然在相當大的一部分上承受著那個影響。基本上就是這樣。我認為我們看到的情況，特別是在 SureSmile 上，更多是美國市場的影響。而且我認為這更多是關於我們再次審視轉型復甦：當我們重新回到矯正牙科醫師端、並招募那支銷售團隊、把軟體現代化並推進。

So the Byte removal is still something carrying. I think that SureSmile US is that next one that's out there. The rest of it, I was happy with. I think that's really in OIS, the 2 main impacts.

因此，移除 Byte 的影響仍在延續。我認為 SureSmile 美國業務是下一個需要處理的。其餘部分我很滿意。我認為在 OIS 裡，主要就是這兩個影響。

Great. That's helpful. And then I just want to make sure I'm understanding some of the comments you all made on macro. It sounded like you did see some pockets of lower demand due to the macro environment. I think the messaging prior was that the ebbs and flows in the market don't really impact Dentsply so much just given all of the operational improvement that you're making.

很好。這很有幫助。接著我只是想確認我理解你們對總體環境（macro）所做的一些評論。聽起來你們確實看到因總體環境而導致需求較弱的一些區域。我想先前的訊息是，市場的起伏其實不太影響 Dentsply，因為你們正在做很多營運改善。

So I just want to make sure I get the message clear on that. What's the latest that you're hearing on macro? And how much does that impact you in 2026?

所以我只是想確保我把這個訊息理解清楚。你們目前聽到的最新總體情況是什麼？而這對你們 2026 年的影響有多大？

It's a great question, Lily. Let me expand on that, too, just for clarity. So thanks for pulling it out. In the past, and I'll stick to this, I've said that we shouldn't count on a market up or down to drive our growth. We have many things we have to do ourselves.

這是個很好的問題，Lily。我也再補充說明一下，讓意思更清楚。謝謝你把這點提出來。過去我一直這麼說，我也會堅持：我們不應該指望市場上行或下行來帶動我們的成長。我們有很多事情必須靠自己去做。

And whether the market is up or down, we have to improve and grow. So that was the latter part of your question. I'll stick with that. When I was calling out the macroeconomics, it really is about keeping our eye in the Middle East and the tensions in the war that's out there, not just because it's somewhat disruptive to us from a procedure or capital, it's also the increased freight. We have, to date, seen impacts, and we have absorbed those impacts.

不論市場是上行或下行，我們都必須改善並成長。所以那是你問題的後半段。我會維持那個看法。當我提到總體經濟時，主要是指我們要密切關注中東，以及那裡的戰爭緊張局勢；不只是因為它在療程量或資本支出層面對我們有些干擾，也因為運費上升。截至目前，我們確實看到影響，而且我們已經吸收了這些影響。

I anticipate that to settle down and go back to a normal rate. And so I have not backed off the Return-to-Growth investments in sales force, clin ed, or innovation. And my point is, if those pressures remain high, there's a point in the future that I may choose not to absorb them and adjust accordingly on the bottom line. I don't see it yet. I'm just dropping it as a hint. That's really what I meant by that statement.

我預期這會逐步緩和並回到正常水準。因此，我並沒有縮減「重返成長」的投資，包括銷售團隊、臨床教育（clin ed）或創新。我的重點是：如果這些壓力持續維持在高檔，未來某個時間點我可能會選擇不再吸收，而是在損益底線上做相應調整。我目前還沒看到需要那樣做。我只是先給個提示。這就是我那句話真正的意思。

Jeff Johnson, R.W. Baird.

Jeff Johnson，R.W. Baird。

Dan, I wanted to start in EDS, if I could. You pointed to volume declines, both EMEA and in the Americas. Any way you can qualitatively help us understand which of those might have been better or worse, I guess, how to play one off the other, number one. And distributor changes in Europe, maybe the answer is that was the worst side of my question. But just any clarity there, number one.

Dan，如果可以的話，我想先從 EDS 談起。你提到 EMEA 與美洲地區的出貨量（volume）都有下滑。你能否用定性方式幫我們理解，兩者之中哪一邊相對較好或較差，也就是說，該如何把兩者相互對照來看，這是第一點。另外，歐洲的經銷商變動——也許答案就是那其實是我問題中最糟的一塊。但無論如何，第一點想請你提供一些釐清。

And number two, I think in the past, you've been pretty clear you don't think you have room at this point to increase price on the EDS side. We've kind of picked up, maybe in our channel, conversations with some of your smaller and other dealers in the US that you did push some price here recently on the consumable side. Any truth to that? And did that have any impact in the quarter or in your go-forward thinking?

第二點，我想過去你一直很清楚地表示，你認為在 EDS 這邊目前沒有空間再漲價。但我們在通路端似乎聽到一些對話：你們最近在美國的耗材端，對一些較小或其他經銷商確實推了一些價格。這有沒有其事？而且這對本季或你們未來的思考有任何影響嗎？

Yes. You got it, Jeff. So let me kind of get after the first one. So in EDS, in particular, most of the pressure remains in Europe. And I'll tell you, we've actually seen some of our bigger dealers make significant orders in the second quarter that were positive and double-digit growth.

是的。你說得對，Jeff。我先回應第一點。在 EDS 方面，特別是，大部分壓力仍然在歐洲。我可以告訴你，我們其實看到一些較大的經銷商在第二季下了相當可觀的訂單，表現為正，而且是雙位數成長。

There are 4 other dealers. Actually, most of them are private equity owned, and we're seeing them take historic inventory levels from about 12 or more weeks down to possibly 8 weeks. When we talk to them, that's what we're seeing. We don't know if it's a factor of them coming into private equity or not. But that's really what we've been talking about is we're seeing the sell-through occur.

另外還有 4 家經銷商。其實他們大多由私募股權持有，而我們看到他們把歷史上的庫存水位從大約 12 週或更高，降到可能 8 週。我們和他們談的時候，看到的就是這樣。我們不確定這是否與他們引入私募股權有關。但我們一直在談的重點是：我們看到終端銷售（sell-through）正在發生。

We feel positive as to those activities that are occurring. It is multiple dealers, not one, I think, in Europe. And that's the thing I do want to make sure folks understand. And that is really kind of coming out into the restorative and endodontic side more than anything else. I think in the US, there are different things we need to do with our portfolio, our pricing, our positioning, to be more competitive.

我們對這些正在發生的活動感到正面。在歐洲這是多家經銷商的情況，不是只有一家，我想這點我希望大家能理解。這是我想確保大家明白的。而且這種情況主要反映在修復（restorative）與根管治療（endodontic）端，比其他領域更明顯。我認為在美國，我們需要在產品組合、定價、定位上做不同的事情，才能更具競爭力。

And I think, again, as we educate the team and refocus in endodontics in particular, but also pay attention to restorative, there's opportunity there. Some of our investment and accelerated investment in R&D is going to give us more opportunity to go provide that and capture it. So that's really the flavor between those 2 areas. Pricing, there's always a price tweak here or there. We've not taken anything significant in pricing.

而且我認為，隨著我們教育團隊並重新聚焦，特別是在根管治療，同時也關注修復領域，那裡是有機會的。我們在研發上的一些投資與加速投資，將給我們更多機會去提供相應產品並把握、取得這些機會。所以這就是這兩個區域之間的主要差異。至於定價，這裡那裡總會有一些小幅調整。我們並沒有做任何重大的價格調整。

I would tell you, you're hearing it through the channels. We haven't implemented anything out there. It could very well be just cleaning up price, shifting SKUs, some level of mix that might be impacting that. But really have -- really had no price -- or no price increase since September of 2025.

我會說，你們是從通路端聽到的。我們並沒有在市場上實施任何措施。很可能只是整理價格、調整 SKU，或某種程度的產品組合（mix）變化造成了影響。但我們確實——自 2025 年 9 月以來，沒有任何漲價——也就是沒有價格上調。

Kevin Caliendo, UBS.

Kevin Caliendo，UBS。

I just want to sort of understand what's embedded in the current guide from the market perspective? Like what do you expect the markets to do over the second half of the year? And how do you feel you're going to do against that? Meaning, do you feel like you're going to be in line with the market, lose share, gain share against that? That's sort of my first question.

我想從市場角度理解一下，目前指引（guide）裡面隱含了什麼假設？例如你們預期下半年市場會怎麼走？以及你們覺得自己相對於市場會表現如何？也就是說，你們覺得會跟市場一致、流失市占、還是取得市占？這是我的第一個問題。

Just sort of what's the expectation for your -- for the handful of end markets that are most important to you? And then the comment about distributor inventories was interesting. Just given the new distributor relationships that you have, were you saying that broadly speaking, inventory levels are lower or on a same-store basis? Because I was wondering if, like, you signed a new distributor relationship, would you be putting some inventory to them as well? I'm just trying to understand what that meant or how to think about that.

另外，你們對幾個最重要的終端市場的預期大概是什麼？還有你提到經銷商庫存的評論很有意思。考量你們新的經銷商合作關係，你的意思是整體而言庫存水位更低，還是以同店（same-store）基礎來看更低？因為我在想，如果你們簽了新的經銷商合作，是否也會把一些庫存配置給他們？我只是想理解那句話的意思，或該如何看待。

Okay. Well, let's start with that last one, we'll go backwards with that. So keep in mind, when we're signing up the US dealers, they are for capital expansion. And so we're not actually having them buy capital and hold it.

好的。那我們就從最後一個開始，倒著往回講。所以請記住，當我們在簽約美國經銷商時，他們是用於資本擴張。因此我們其實不會讓他們去購買資本設備並持有。

We're actually working with them to move that differently. So you wouldn't see a lift that way. My previous comment from the previous questions was focused on dealers for the EDS models that are out there. And to your point, if we were to open up a new dealer there, they would buy inventory, we would see that. But we have not done that.

我們實際上是與他們合作，以不同的方式來推動這件事。所以你不會以那種方式看到拉升。我先前針對前一個問題的評論，重點是在市面上的 EDS 機型之經銷商。而如你所說，如果我們在那裡開設新的經銷商，他們會購買庫存，我們會看到那個影響。但我們並沒有這麼做。

That's really what I'm thinking that way. And Kevin, you had the first part of the question. I just need you to kind of go through it again because I think I -- it did slip my mind.

這就是我那樣思考的原因。Kevin，你問的是問題的第一部分。我需要你再稍微講一遍，因為我想我——剛剛一時忘了。

I'm just wondering how to think about what you're expecting in terms of the overall market. How do you think you're going to do relative to that, that what's embedded in the guidance? Like are you going to just be along with the markets? Are you going to gain share or lose share? How should we think about it in the various segments? Again, what you're -- what's embedded, yes.

我只是想知道，該如何看待你們對整體市場的預期。你們認為相對於市場表現會如何？也就是指引中隱含的假設是什麼？例如你們會只是跟著市場走嗎？你們會提升市占還是流失市占？在不同的細分領域，我們應該如何理解？同樣地，就是你們——指引裡隱含的是什麼，對。

So a couple of things here. I think when you hear the reports out from competitors about the market stabilization, I agree with them. I think that, that's there. We can all pick a number, but I'll pick one and say about 3% growth would be out there. However, what's embedded in our guidance is very different.

這裡有幾點。我認為當你聽到競爭對手針對市場趨於穩定所發布的報告時，我同意他們的看法。我覺得確實如此。我們都可以挑一個數字，我就選一個，說大概會有 3% 的成長。不過，我們指引中隱含的內容非常不同。

We're calling out a turnaround, and we're trying to go from negative into flat into growth over time. That's not something we would achieve within the 12 months of 2026. And so our guidance was really more about the execution of clinical programs, rep education and going out the execution.

我們提出的是一個扭轉局面（turnaround），我們試圖從負成長走向持平，並隨時間轉為成長。這不是我們能在 2026 年的 12 個月內達成的事情。因此，我們的指引其實更著重於臨床專案的執行、業務代表教育，以及對外推進的執行力。

And what I had said in the past is I think we would have negative Q1, negative Q2. I'm thinking somewhat more favorable, not positive, but a little more favorable or less loss in Q3. And I'm looking in the US to exit the year with a plus sign, and that's really where we're getting into. I think getting more into market and market dynamics for us will be more of a 2027 as we execute the Return-to-Growth Plan.

而我過去說過的是，我認為第一季會是負的、第二季也會是負的。我現在的想法稍微更有利一些——不是轉正，但第三季會稍微更有利，或是虧損幅度更小。而我預期在美國市場，年底時能以正成長的狀態收官，這就是我們正在努力的方向。我認為更深入的市場與市場動態，對我們而言會更偏向 2027 年，因為我們將執行「重返成長計畫」（Return-to-Growth Plan）。

Steven Valiquette,Mizuho Securities.

Steven Valiquette，瑞穗證券。

It's Steven Valiquette from Mizuho. With some ongoing discussion this quarter among digital equipment manufacturers, customers -- seeing customers continue to move to lower price points on intraoral scanners. We heard more about some movement to leasing arrangements for digital equipment instead of straight product sales, at least from some manufacturers.

我是瑞穗的 Steven Valiquette。本季在數位設備製造商之間有一些持續的討論，客戶——我們看到客戶持續轉向口內掃描儀（intraoral scanners）的較低價位帶。我們也聽到，至少從部分製造商那邊，數位設備相較於直接產品銷售，出現更多轉向租賃安排的趨勢。

So I was just curious to get your updated thoughts on competitive landscape in IOS, but is there any inflection on leasing versus purchasing for higher-priced items from your perspective? And also just remind us on your own philosophy on leasing options to practitioners for your own digital equipment offerings.

所以我想請教你們對 IOS 競爭態勢的最新看法；另外，從你們的角度來看，對於高單價品項，租賃相對於購買是否有任何拐點或變化？也請提醒我們，你們對於向臨床醫師提供自家數位設備租賃選項的理念是什麼。

Okay. It's a great question, Steven. So a couple of thoughts here. I think you always offer many options depending on the customer, if they want to buy it outright, if they want to do it over time, if they wish to do it through a lease. All of those are valid things that we're open to do and have been doing as well.

好的。Steven，這是個很好的問題。我這裡有幾點想法。我認為你總是要依客戶需求提供多種選項：他們想一次買斷、想分期在一段時間內支付，或是希望透過租賃。這些都是我們願意提供、也一直在做的可行方式。

I think you're right, there is a growth of lower-cost intraoral scanners, and there's a quality that also gains with them over time. And so while I do think there's always room for premium in the future, you need to show the flexibility of how to get it into the customers' hands. And quite frankly, I think you also need to have the offerings at different levels depending on what the customer wants. It is something we're looking at. Those options are things that we have in place.

我認為你說得對，低成本口內掃描儀正在成長，而且其品質也會隨時間提升。因此，雖然我確實認為未來高階溢價產品仍有空間，但你必須展現彈性，讓產品能進到客戶手上。坦白說，我也認為你需要依客戶需求提供不同層級的產品組合。這是我們正在評估的方向。這些選項我們也已經具備。

And I think really for me, next-gen intraoral scanners, we need to look at high end, mid and also low, and that's something that's in part of our innovation program.

而對我來說，下一代口內掃描儀，我們需要同時看高階、中階以及低階，這也是我們創新計畫的一部分。

Erin Wright, Morgan Stanley.

Erin Wright，摩根士丹利。

A couple of, kind of, modeling questions. One, just on the organic constant currency top line growth, I think you gave total revenue growth, but did you give a true underlying, kind of, organic metric that you're anticipating? Or what are you anticipating in terms of the second half there? And just remind us what's embedded from a currency perspective. And then on the tariff refund, I guess, does the guidance then reflect share buybacks associated with the tariff refund or future -- I just want to be clear in terms of what's embedded in terms of the EPS number and not, especially when it comes to, like, share buybacks?

有幾個偏建模的問題。第一，關於有機、以固定匯率計算（organic constant currency）的營收成長率，我知道你們給了總營收成長，但你們是否提供了真正底層的、類似有機成長的指標預期？或者你們對下半年有什麼樣的預期？也請提醒我們，從匯率角度來看，指引中隱含了什麼假設。另外關於關稅退稅（tariff refund），我想確認一下：指引是否反映了與關稅退稅相關的股票回購，或未來——我只是想釐清在 EPS 數字中隱含了哪些、沒有隱含哪些，特別是像股票回購這一塊？

Yes. So what we saw, Erin, in the beginning of the year was a very strong FX rate that we said would taper down over the quarters. That 3.5% to 3.6% for us is just what we expect to hit for this year. I don't really have the exact amounts that are broken out. We didn't provide anything between constant currency as reported.

是的。Erin，我們在年初看到的是非常強勢的匯率，我們也說過它會在接下來幾季逐步走弱。對我們而言，3.5% 到 3.6% 就是我們預期今年會達到的水準。我手上沒有拆分後的精確金額。我們沒有提供固定匯率與報告口徑（as reported）之間的拆分。

We're just getting into those ranges knowing the currencies that we anticipate for this year. The favorableness of the first quarter would diminish in second, and we actually think neutralize or possibly even at the end of the year, kind of negative out. So I would say that's not going to be a big driver for us along those lines with it. Again, the tariffs, we were calling out the fact that we're not changing the base, and we're just dropping the tariffs eventually out there for modeling purposes. That's really what we were trying to do is just distinguish them out.

我們只是根據今年預期的匯率水準，落在那些區間內。第一季的有利影響會在第二季減弱，而我們其實認為到年底會中性化，甚至可能在年底變成略為負面。所以我會說，匯率不會成為我們在這方面的主要驅動因素。再說一次，關稅部分，我們強調的是我們不調整基期，而是為了建模目的，最終把關稅影響從模型中剔除。我們真正想做的是把它們區分開來。

We're obviously looking to not have that as a measure year-on-year because it's such an oddity. It's got to be off on the side when we talk about Q2 of next year.

我們顯然希望不要把它當作年對年比較的衡量項目，因為它太不尋常了。當我們談到明年第二季時，它必須被放在旁邊單獨看。

Okay. And then you spoke about some of the distributor relationships you inked a deal with Medline with their Sinclair offering in Canada. I guess, how is that relationship different or unique? Or how should we think about that opportunity? And then just overall, the North American distributor relationships, how are those progressing?

好的。另外你提到一些經銷商關係，你們在加拿大與 Medline 就其 Sinclair 產品線簽了一項合作。我想問，這段合作有何不同或獨特之處？或者我們應該如何看待這個機會？再來整體而言，北美的經銷商關係進展如何？

You got it. So in Canada, it's just great because, again, Sinclair is a great business to get into. We do a lot with them already. It's an expansion of what we have, but expansion on the capital side, which we did not have. And so they've already got the natural reach and feet on the street to actually get our products in front of more customers in a faster pace in Canada, which is a very strong market for us, and actually been an area of growth that I think if it continues, we'll call out a bit more in future calls with it.

沒問題。在加拿大，這很棒，因為 Sinclair 是一個很好的業務可以切入。我們已經和他們有很多合作。這是我們既有合作的擴張，但屬於資本設備端的擴張，而這一塊我們以前沒有。因此，他們已經具備天然的覆蓋範圍與前線銷售人力，能在加拿大以更快的速度把我們的產品帶到更多客戶面前；加拿大對我們而言是非常強勁的市場，也一直是成長的區域之一，我認為如果這個趨勢延續，我們未來在電話會議上會多談一些。

And I think on the US side, what I have seen, in particular, without calling out names, are 2 of the new dealers that have grown double digits so far. But again, I'm a little cautious. I want to get through Q3, maybe start looking at that in Q4. But for a few that I've added on, I'm really happy with what I'm seeing with their growth. They're smaller numbers and don't drive the overall business. But they're smaller numbers today, and they will grow and become significant over time, and that's really what I'm looking at.

我認為在美國這邊，就我所見，特別是先不點名，有兩家新經銷商迄今為止都呈現兩位數成長。但話說回來，我還是有點謹慎。我想先把第三季走完，可能到第四季再開始更仔細地看。不過對於我新增的幾家，我對他們目前展現的成長非常滿意。它們的基數還小，對整體業務的拉動不大。但它們今天的規模較小，隨著時間會成長並變得重要，而這正是我在觀察的重點。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗。

On CTS in the Americas, I think we were down around 10-ish percent, nearly 10% constant currency. Can you just help us understand whether this is primarily being driven by CapEx deferral, just given the macro environment, the rate environment. Are you seeing any kind of competitive displacement in CAD/CAM and Imaging, particularly from lower ASP type of offerings?

關於美洲地區的 CTS，我想我們大約下滑了 10% 左右，按固定匯率計接近 10%。你能否協助我們理解，這是否主要是由於在目前總體環境、利率環境下，資本支出（CapEx）延後所致？在 CAD/CAM 與影像領域，你們是否看到任何競爭性替代，特別是來自較低 ASP（平均售價）類型的產品？

Yes, you're welcome. We're not seeing a huge bleed out competitively at this point. We think it's a little more timing. As you know, capital is always bumpy and lumpy. And so I think that's what we're going to attribute it to.

好的，謝謝你。目前我們沒有看到很明顯的競爭性流失。我們認為比較像是時點問題。如你所知，資本設備一向會有波動、也會呈現不均勻的特性。所以我想我們會把它歸因於此。

To your point, it's mostly in the CAD/CAM area, like we called out. But I would say at this point, I'm not seeing anything that would take me off task. I don't feel like we're at a competitive disadvantage with this. I think it's just a matter of closing out deals that are in the pipeline.

如你所說，主要是在 CAD/CAM 領域，就像我們特別提到的那樣。但我會說，就目前而言，我沒有看到任何會讓我偏離既定方向的事情。我不覺得我們在競爭上處於劣勢。我認為這只是把管線中的交易完成結案的問題。

Got it. Okay. And just an accounting question on the tariff impact or the tariff benefit this quarter. I think I heard this, but I just want to double check that full $44 million hits the P&L. So if I were to normalize for that, I would just subtract $44 million from gross profit and adjusted EBITDA? Or is there some other dynamic that I'm not accounting for there?

了解。好的。另外一個會計問題，關於本季關稅影響或關稅利益。我想我有聽到，但想再確認一下，完整的 4,400 萬美元都會反映在損益表（P&L）上嗎？所以如果我要把它正常化處理，我就從毛利與調整後 EBITDA 中各減去 4,400 萬美元？還是其中還有其他我沒有納入考量的動態？

You are exactly right.

你說得完全正確。

Michael Petusky, Barrington Research.

Michael Petusky，Barrington Research。

Dan, I guess you sort of called out the formula for winning that Wellspect is doing. And obviously, that has something to do with new product launches and innovation in their space. And you obviously come out of a space where innovation was a huge key to winning. And I'm just curious, the R&D -- the incremental R&D spend you guys are doing right now. What's the mandate?

Dan，我想你剛才某種程度上點出了 Wellspect 正在採用的致勝公式。而顯然，這與他們在其領域的新產品上市與創新有關。你也來自一個創新是致勝關鍵的領域。我很好奇，你們目前正在增加的研發（R&D）投入——這部分增量研發支出——它的任務（mandate）是什麼？

Is it taking bigger swings? Is it hitting more singles? And I guess just in terms of time frame for impact, I mean, is there anything likely to actually impact the work you're doing now impact in mid- to late '27? Or is '28, '29 more of the time frame?

是要做更大的賭注嗎？還是要多打一些一壘安打？另外就影響的時間框架而言，你們現在做的工作，有沒有可能在 2027 年中到年底就開始產生實質影響？還是說 2028、2029 才是更可能的時間點？

You got it, Michael. So with Wellspect, to your point, we went back in the Return-to-Growth Action Plan, and we've invested in them in several different ways to actually fuel the ability to get the products out and penetrate the markets, and they're responding well. And that, to me, is one of those ones where you can actually fund it by itself and allow it to grow. And so I look at it as a completely separate organization, we just consolidate down for reporting. But the point is they continue to perform.

明白，Michael。所以就 Wellspect 而言，如你所說，我們在「重返成長行動計畫」中回頭檢視，並以幾種不同方式對他們投資，實際上是為了強化把產品推出並滲透市場的能力，而他們的反應很好。對我來說，這是一個可以自給自足、用自身資金支持成長的案例。因此我把它視為一個完全獨立的組織，我們只是為了報表揭露而做合併。重點是，他們持續表現良好。

And again, even their pipeline is rich for other products and going out that way. On the dental side, the innovation and the increase in innovation that we had done this year was really intended to accelerate things. And so as you know, DS Core is a platform and putting more functionality into the digital dentistry flow like Implants on Core or Ortho on Core, 2 examples. The incremental money should move those forward meaningfully. Now I have to get FDA approval.

而且再說一次，他們在其他產品方面的管線也很充實，會持續往那個方向推出。在牙科這邊，我們今年所做的創新、以及創新力度的提升，主要目的是要加速推進。如你所知，DS Core 是一個平台，我們要在數位牙科流程中加入更多功能，例如 Implants on Core 或 Ortho on Core，這是兩個例子。這筆增量資金應該能顯著推動這些項目前進。當然我還需要取得 FDA 核准。

So I do think goal is to have it done in late 2027, but it's about when we file and get approval. Certainly in 2028 would be the thing. And had we not done that, that would have been further out by at least a year. So there are main things that are out there. In addition, given the size and the importance of EDS, we've put more products and more functions therein.

所以我確實認為目標是在 2027 年底完成，但這取決於我們何時送件以及何時獲得核准。當然，2028 年會是更明確的落地時間點。如果我們沒有做這些投入，時間至少會再往後延一年。所以主要就是這些正在推進的事項。此外，鑑於 EDS 的規模與重要性，我們也在其中投入更多產品與更多功能。

And so we're looking to make sure that, that stays fresh and we remain a leader and we invest in it. Now to answer your question, it's a mixed bag of home runs and singles like you have to do with everything. It can't all be big risk or too small risk. And so it's a blend. It's also both organic and inorganic opportunities for us to look and exploit and grow faster.

因此我們要確保它保持新鮮度、我們維持領先地位並持續投資。回到你的問題，這會是全壘打與一壘安打的混合，就像做任何事情都必須如此。不可能全部都是高風險的大賭注，也不可能全部都太小風險。所以會是一個組合。同時也包含我們可以評估、利用並加速成長的內生成長與外延（併購/合作）機會。

So it really kind of depends on the products and the opportunities that really is up and down between those.

所以這真的要看產品本身與機會的性質，在兩者之間會有所起伏。

Okay. Great. Dan, can I just sneak one quick one in? I think this is a quick one. Obviously, historically, outside of the US, Germany has always been a key market. And I don't think I've heard you talk about that tonight or possibly even last quarter. Can you just give an update on what you guys are seeing in Germany across the board?

好的。很好。Dan，我可以再偷偷問一個很快的問題嗎？我想這會很快。很明顯，歷史上在美國以外，德國一直是關鍵市場。我想我今晚沒有聽到你談到這點，甚至可能上季也沒有。你能否更新一下，你們在德國整體各方面看到的情況？

Yes. No, I didn't call it out, but I would just tell you it's probably more my style than anything else. I've got nothing that I'm worried about with Germany. I was just focusing more, as you know, US is top priority.

可以。沒錯，我沒有特別點名，但我會說這大概比較是我的風格問題。對德國我沒有任何擔憂。我只是把重點放在——如你所知——美國是最高優先順序。

How we fund EMEA is out there and then make sure we get Asia Pac to grow. You are correct. It's still one of our top markets. It's doing okay. It's not going to be driving a large amount of growth. I think it's moving around market pace right now. But it really wasn't anything for me to call out with what we're trying to put out message-wise.

以及我們如何為 EMEA 提供資金支持，並確保亞太能夠成長。你說得對。德國仍然是我們的頂級市場之一。目前表現還可以。它不會帶動很大幅度的成長。我認為它現在大致是跟著市場的節奏在走。但就我們想對外傳達的訊息而言，這並不是我需要特別拿出來強調的重點。

Joseph Downing, PSC.

Joseph Downing，PSC。

On for Jason today. I'll keep it to one. But Dan, when you look at the segment breakdown, it looks pretty different depending on the geography this quarter. You have CTS down high singles in the Americas, but up double digits in APAC, while OIS fell in the Americas and was held closer to flat in EMEA. Just curious, like, how do you run one Return-to-Growth playbook when each unit's soft point sits in a different geography?

我今天代替 Jason 出席。我只問一題。不過 Dan，當你看本季各事業部的拆分表現時，依地區不同看起來差異很大。美洲的 CTS 下滑高個位數，但亞太（APAC）卻是兩位數成長；同時 OIS 在美洲下滑，而在 EMEA 則更接近持平。我只是好奇，當每個單位的疲弱點落在不同地理區域時，你要如何用同一本「重返成長」作戰手冊來推動？

And then which of these regions within each segment gets, kind of, first dibs on resources here? Just trying to think of how you're thinking about that.

那麼在每個業務分部內，這些地區之中哪一些會在資源分配上，算是優先取得資源呢？只是想了解你們是如何思考這件事的。

Yes. It's a fantastic question. Thanks for asking it. So listen, everything matters, but US is top priority returning to growth.

是的。這是個非常棒的問題。謝謝你提出。所以你看，所有事情都很重要，但美國是重返成長的首要優先。

We've made that clear. And in that, getting Implants and CTS up on its feet through the dealer expansions with the education we've spoken about is critical while maintaining the lead in EDS. And so that US itself is fairly focused in and going. When it comes into EMEA and that leadership team, we've made sure they are funded.

我們已經把這點講得很清楚。在這方面，透過我們提到的教育投入，並藉由經銷商擴張讓植體（Implants）與 CTS 重新站穩腳步，同時維持我們在 EDS 的領先地位，這點至關重要。因此，美國本身的策略相當聚焦並且正在推進。至於 EMEA 以及那個領導團隊，我們已確保他們獲得資金支持。

But again, they don't need as much of a Return-to-Growth Plan. That's really about addressing the EDS dealer inventories and driving through. I think they're in good shape. And again, very different will be Asia Pac and how you get into China, how you continue to expand in Australia and Japan.

但再說一次，他們不需要那麼多的「重返成長計畫」。那主要是為了處理 EDS 經銷商庫存並推動出貨。我認為他們狀況良好。而且，亞太會非常不同：如何切入中國、如何持續在澳洲與日本擴張。

So the good news is they all fit into the same model of customer-first innovative products by listening to the customer, clinical education investments and strong reps that do workflow. That applies globally. And then you just put it at different points along where they are in their maturity curves.

好消息是，這些都符合相同的模式：以客戶為先、透過傾聽客戶推出創新產品、投入臨床教育，以及具備能推動工作流程的強力業務代表。這在全球都適用。然後你只是把它放在不同的位置上，對應各地區成熟度曲線所處的階段。

Keonhee Kim, Morningstar.

Keonhee Kim，Morningstar。

Dan, I recall you kind of highlighting investing behind education, especially in implantology, as one of the main sources for Return-to-Growth. I guess, kind of, as we sit today and when assessing the ROI on that front, how do you feel on that? And then do you feel like the long-term picture has improved or stay neutralized? Any thoughts there would be helpful.

Dan，我記得你曾強調，加大教育投入，特別是在植牙學（implantology）方面，是重返成長的主要來源之一。我想問的是，以我們今天的情況來看，在評估這方面的投資報酬率（ROI）時，你的感受如何？另外，你覺得長期展望是改善了，還是維持中性？任何想法都會很有幫助。

Yes, you got it. So the thing with clinical education is it's long-term investment. What I mean by that is, spend it this year, you might see in Q4 some uptake, but it's really about getting the cadence throughout the multiple years by gaining users who are aware of your products and use them continuously. And so you can run through it, but it's really a main driver of all the competition. It's really something that really works well within this market.

是的，你說得沒錯。臨床教育的特點在於它是長期投資。我的意思是，今年投入費用，你可能在第四季看到一些採用提升，但更重要的是在多年期間建立節奏，讓更多使用者認識你的產品並持續使用。因此你可以把它跑起來，但它確實是所有競爭中的主要驅動因素。在這個市場裡，這確實非常有效。

And it's really about making sure the generalists, specialists, the referrals all work together and are educated. So that money, I know is well spent. I have seen what happens when you trim it down. And so getting it back on track and then getting above market is key that way. I would say that I'm pretty happy with where we are with that.

而且重點在於確保一般牙醫、專科醫師以及轉診體系能夠一起運作並接受教育。所以我知道這筆錢花得很值得。我也看過當你把這部分削減時會發生什麼事。因此，把它拉回正軌，並且做到高於市場水準，是關鍵。我會說，我對我們目前在這方面的進展相當滿意。

One thing as well with Q3 in particular, and we talked about where that was going, there will be a bolus of investment occurring there without the revenue coming up to that, that will come in later quarters. So you're going to see the return to health plan not pay attention and quite frankly, care about quarterly outcomes. It's about spending the money at the right time for sustained long-term growth.

另外，特別是第三季，我們談過資金會投向哪裡，屆時會有一波（bolus）的投資發生，但營收不會同步跟上；營收會在之後的季度才反映出來。所以你會看到「重返健康計畫」不會去關注、坦白說也不會在意單季的結果。重點是在正確的時間花錢，以帶來可持續的長期成長。

Great. That's helpful. And then just one more. I wanted to double-click on the CTS. CTS in APAC has now had, kind of, 2 quarters of sequential improvements.

很好。這很有幫助。然後再問一個。我想再深入追問一下 CTS。亞太地區的 CTS 現在已經連續兩個季度呈現逐季改善。

And I'm curious if there's anything specific going on in the region that we're not seeing in other categories within the region, if there are any, like, one-timers or big inventory stocking? Or do you feel like the market condition is, kind of, I guess, improved a little bit in the next -- or since the beginning of the year?

我很好奇，該地區是否有什麼特定因素，是我們在該地區其他類別中沒有看到的？例如是否有任何一次性因素或大型庫存補貨？或者你覺得市場狀況在接下來——或自年初以來——有稍微改善一些？

I want to make sure I heard you. You were talking about APAC. Is that what your question was?

我想確認我有聽清楚。你是在談亞太（APAC）對嗎？你的問題是這個嗎？

Yes. CTS, especially in APAC.

是的。CTS，特別是在亞太。

Yes. It's really about a program that we put in place. I'm not going to explain the program here, but it's really an execution we did in 2 of the key markets that's working very well. We designed it in, honestly, the fourth quarter of last year. Began executing it, as you just kind of called out, in Q1.

是的。這主要是我們推出的一個方案。我不會在這裡解釋該方案，但基本上是我們在兩個關鍵市場的執行做法，而且效果非常好。老實說，我們是在去年第四季設計的。並且如你剛才提到的，從第一季開始執行。

And we're seeing very positive uptake with what it is we're doing there. And it is applicable throughout the world, but we're actually trying it right now within certain markets in Asia Pac.

我們看到我們在那裡所做的事情帶來非常正面的採用提升。而且這套做法可適用於全球，但我們目前是在亞太的某些市場先行試行。

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

問答環節到此結束。感謝各位參與今天的會議。本次議程到此結束，您現在可以中斷連線。