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Greetings, and welcome to the 3D Systems Third Quarter 2025 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. [Operator Instructions] It is now my pleasure to turn the call over to your host, [ Monica Gould ], Investor Relations for 3D Systems. Please go ahead, Monica.

Thank you. Hello, and welcome to the 3D Systems third quarter 2025 earnings conference call. With me on today's call are Dr. Jeffrey Graves, President and CEO; and Phyllis Nordstrom, Interim CFO. The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone who wish to access the slide portion of the presentation may do so on the Investor Relations section of our website. The following discussion and responses to your questions reflect management's views as of today only and will include forward-looking statements as described on this slide. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in our latest press release and our filings with the SEC, including the most recent annual report on Form 10-K and quarterly reports on Form 10-Q. During this call, we will discuss certain non-GAAP financial measures. In our press release and slides accompanying this webcast, you will find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable periods of 2024. And with that, I'll turn the call over to our CEO, Jeff Graves, for opening remarks.

Thank you, Monica, and good morning, everyone. I'll start today with a brief recap of our third quarter results. I'll provide some commentary on the overall market and then focus the remainder of my comments on our strategy and growth initiatives. I'll then turn things over to our Interim CFO, Phyllis Nordstrom, to provide details on the quarter's financials. And we'll then open the call for Q&A. So let's turn to Slide 5. I'll start by reviewing our third quarter results at a high level. The macro environment for our company and 3D printing OEMs broadly remains challenging. This can be seen in our third quarter revenue of $91.2 million, which was down 13.8% year-over-year, soft but consistent with our normal seasonality trends. As has been the case over the last several quarters, this overall softness continues to be driven by our customers' muted CapEx spending for new production capacity stemming from uncertainty around tariffs. As such, we've taken aggressive actions to adjust our cost structure while maintaining core R&D investments to position the company for long-term growth when market conditions improve. As part of this effort, we've been rationalizing noncore assets, including the recently announced sale of Oqton and 3DXpert, which closed at the end of October. As you may know, these software platforms are not proprietary, but were designed to serve the entire industry. And while we will continue to remain very involved with the software, we believe that transitioning these solutions to an independent software developer will help drive them as the industry standard, which will help accelerate OEM adoption of additive manufacturing broadly. We expect the financial impact of this disposition on our fourth quarter results to be approximately $1.2 million in revenue and $1 million on gross margin. This impact is reflected in our guidance for Q4. Turning to Slide 6. We remain very focused on our core assets and continue our strategic investments in metal and polymer printing technology with emphasis on R&D activities that will drive our future growth and profitability. During the quarter, we launched some very important new printer platforms derived in this case, from our expertise in photopolymer jetting technology. Jetting is a very special 3D printing technology that involves a simultaneous deposition of thousands of fine droplets of photopolymer. These droplets are cured by ultraviolet light as they're deposited onto the build platform. The process can be -- can simultaneously deposit multiple materials in a fast but precise pattern to create a monolithic structure, having distinct regions of coloration, geometry and mechanical performance. It's a preferred approach where speed, precision, surface finish and multi-materials are required for an application. In the Industrial segment, we introduced the MJP 300W Plus at the Istanbul Jewelry Show in early October. This new generation of jetting technology prints extremely intricate wax patterns used for casting precious metal jewelry, improving productivity by 30% and reducing gold, silver or platinum waste by 20%. While the global jewelry market is competitive, it's transforming rapidly into a digital manufacturing ecosystem where a designer can embrace custom creativity without sacrificing cost competitiveness in the market. Our advantage in this growing market is our recognized expertise in jetting technology, including both the printer itself and the custom wax materials that are essential for the post-print casting process as well as our expert channel partners that serve the thousands of local jewelry manufacturers around the world. Customer feedback on our new printing systems has been very positive, and we've already begun to accept orders for this new printer platform, which, given the size of this global market, we expect to accelerate rapidly in the quarters ahead. While fine jewelry is viewed broadly as a consumer business, it's embedded deeply in the culture of many countries around the world, which drives continuing demand growth and the uniqueness of our wax materials, combined with the high rate of their consumption and the casting process, continue to make it an attractive market for our company. On to Slide 7. In applying jetting technology to the dental market, in the third quarter, we announced the full commercial release of our NextDent Jetted Denture Solution for the U.S. market. Our consistent investment in this revolutionary dental technology has culminated in a truly outstanding denture product with associated excellent economics for dental labs across the Americas, Europe and even in Asia. This first-to-market solution for jetted monolithic dentures utilizes multiple materials in a single printing process to deliver a durable, long-wear, aesthetically beautiful prosthetic to patients. This results in a faster, more cost-effective and highly scalable alternative to traditional denture manufacturing, enabling both an outstanding patient experience and a strong return on investment for dental labs that provide these products to local dentist -- dental professionals each day. We've already placed these printers with a dozen of the leading U.S. dental labs that serve the American market and feedback has been excellent. We're building backlog for the fourth quarter and are very excited about this market opportunity, which we believe will reach $1 billion in industry revenue across the U.S. and Europe alone over the next several years as the market transitions to 3D printing and away from machining and hand assembly. Given the success that we've seen with our U.S. product launch in parallel with the European regulatory approval, which we're targeting for mid-2026, we continue to work aggressively through the regulatory process in other markets throughout Central and South America and in Asia, which we expect to follow rapidly. With the addition of our denture solution to our industry-leading positions in both aligner technology and our NextDent dental materials portfolio, we expect dentistry to be one of our single largest revenue streams in the years ahead, given the custom nature of the applications and the strict regulatory standards. Turning to Slide 8. Another core area focus -- core area of focus for us is the MedTech half of our health care business. For 3D Systems, MedTech comprises our historical personalized health services business, our small but important point-of-care business, medical implants and traditional printer and consumable sales to medical OEMs. While we are most often prohibited from discussing details of our point-of-care efforts for long periods of time, these groups live within leading research and specialty hospitals around the world, focusing on new and highly [ innovated ] applications of our medical 3D printing technology, which are extraordinary in terms of patient impact and provide the best indicators of where 3D printing can bring the most value to patients and hospital systems in the future. As these applications are successful, we're well positioned to gain any required regulatory approvals and then bring them to the market broadly. While there are quarter-to-quarter fluctuations in growth rates for MedTech, particularly driven by seasonality of preplanned orthopedic procedures, this business remains on track to grow at a double-digit rate once again this year. To drive this consistent strong growth, we continue to build on our market-leading position with new applications, materials and printing technologies, the vast majority of which ultimately require regulatory approvals. This not only provides a strong pipeline of new patient indications that we can address, but also opens new markets for medical 3D printing, such as trauma, which is now the fastest-growing element of our PHS business. A key area for focus for us in MedTech is accelerating the use of our printed medical-grade PEEK materials. That's Polyetheretherketone for short. These materials are biocompatible with properties very similar to native human bones and can be custom printed very quickly and economically. Importantly, they can complement titanium implants, which have similar strength and compatibility, but instead of blocking radiation used for imaging or the treatment of cancer, PEEK materials are transparent to it, allowing doctors to observe and treat the underlying tissue when required. These printed PEEK materials are now being used in real-life patient applications such as reconstruction of the face and skull from defects or injuries and even addressing post-cancer-related surgical procedures and even trauma cases. An example of printed PEEK for a spinal application is shown on the right side of Slide 8. In this case, we printed a porous PEEK implant tailored for enhanced bone growth, the results of which can easily be seen in the x-rays. In addition to the patient benefits, our technology investments have brought the cost and response time down to the point where bones can be repaired in hours or days instead of weeks, further opening the range of cases that can be addressed from preplanned complex surgeries to rapid responses needed for trauma cases. We expect this trend to continue in the years ahead. Now let's turn to Slide 9. In addition to new printer and materials technologies, we also recently announced several important milestones in our Saudi Arabian Growth Initiative. In 2022, we established the National Additive Manufacturing Innovation Company or NAMI for short through a partnership with the Saudi Arabian Industrial Investments Company. The goal of this venture was to enable Saudi Arabia's Vision 2030 program, which aims to create a strong local manufacturing base and enable the Kingdom to industrialize more rapidly through the adoption of industrial scale 3D printing. 3D Systems is the exclusive provider of printers and materials, both polymers and metals to the joint venture with NAMI providing local application expertise, service and support for customers. Recently, we were proud to announce that the Saudi Electric Company or SEC for short, the Middle East's largest electricity producer, signed an agreement to make a strategic investment in NAMI, acquiring a 30% stake in the venture with the goal of reducing costs and lead times for high-demand spare parts through the creation of local manufacturing capability combined with advanced digital warehousing. This partnership strengthens NAMI while deepening collaboration with SEC to establish new workflows that accelerate the adoption of 3D printing for critical energy infrastructure applications and to develop a skilled national workforce. Additionally, the Modern Isotopes Factory or MIF for short, a Saudi electric company -- a Saudi company established to support the expanding need for radioactive sources for industrial applications has signed a framework agreement of $26 million with NAMI for the manufacture of up to 2,000 tungsten core components used in nondestructive testing devices for pipelines and weldment inspection. And in the key market of defense and aerospace, Lockheed Martin recently announced a collaboration with NAMI to qualify and use additive manufacturing to develop critical military and aerospace components in Saudi Arabia, utilizing 3D Systems' Direct Metal Printing Technology. While it has taken time to establish the local capabilities needed to support these customers, we're very excited to see our efforts begin to bear fruit in what we believe will be an increasingly important element of our global growth strategy in high-reliability industrial markets in future years. Turning to Slide 10, I'll briefly touch on additional critical market opportunities before turning the call over to Phyllis. AI infrastructure as shown on the left-hand side of Slide 10 and aerospace and defense highlighted on the right are 2 of the emerging growth opportunities that I'm most excited about, given the exceptional level of investments now being made in these areas. Starting with AI infrastructure, there are 3 key areas where we participate. These include semiconductor chip manufacturing, where our 3D metal printing capability provides critical componentry for chip fabrication equipment, data centers where our ability to print 3D -- 3D print copper-based heat transfer components to help keep these high-intensity computational units cool are increasingly valuable and for components used in gas turbine engines that are used to create the electricity that powers the data center. These markets are beginning to receive enormous investments around the world, and we've been developing key applications for them for several years in anticipation of increasing demand. From an aerospace and defense standpoint, as printing technology has scaled and key materials for high-temperature and aggressive environment applications have come online, the applications for 3D printing have rapidly expanded. Our latest efforts, which range from rocketry to naval applications and from human systems to drones have shown great promise. These customers are not only working on a wide range of new applications of our technology, but encouraging us on a selective basis to support them from the developmental phase through initial component fabrication, particularly for low-volume challenging part types. We select this work very carefully such that we can ultimately bridge the customer from limited part supply to full-scale production, either within their factories or the supplier of their choice. This business model is unique, and we believe will be a highly -- will be highly effective as we work hard to grow this portion of our business, both in the U.S. and in Europe from our regional locations in Colorado and in Leuven, Belgium. So with that, I'd like to introduce Phyllis Nordstrom, our Interim CFO. I've had the pleasure of working with Phyllis in several capacities for many years, and I'm very pleased that she stepped into this important role at such a challenging time for our industry. Phyllis?

Thank you, Jeff. I appreciate everyone joining us today. I began at 3D Systems in 2021, serving as the Chief People Officer and then Chief Administrative Officer. In early September, I stepped into the role of Interim Chief Financial Officer. My background is in finance and accounting and throughout my career I've held a variety of roles within these areas. Most recently, I led audit and risk management teams at MTS Systems and PricewaterhouseCoopers, where I focused on advancing strategic priorities, driving operational excellence and strengthening discipline around risk and controls. Before I begin a review of the third quarter results, I would like to remind you, we completed the divestiture of our Geomagic software business on April 1 of this year. As a result, throughout today's call, we will reference both reported results and adjusted comparisons that exclude our Geomagic business, allowing for an apples-to-apples comparison of our performance across periods. With that, let's begin with a summary of our revenue, which you'll find on Slide 12. Third quarter consolidated revenue was $91.2 million, down 19% year-over-year or 14% when excluding Geomagic. Sequentially, revenue declined modestly, primarily reflecting typical third quarter seasonality and the absence of a Regenerative Medicine milestone that was recognized in the prior quarter. Within our segments, Industrial Solutions revenue of $48 million declined 16% year-over-year or 4.5% excluding Geomagic. These declines were primarily driven by softness in our printers and materials sales in consumer-facing end markets. This was partially offset by continued momentum in aerospace and defense, which grew nearly 50% over the prior year. Healthcare Solutions revenue of $43 million decreased 22% from prior year, predominantly driven by lower sales within dental, with 2024 representing higher purchase volumes from a specific customer. Outside of our Dental business, MedTech delivered solid growth, up 8% from the prior year and slightly ahead of last quarter. Additionally, we continue to see momentum in our PHS business with year-to-date growth of 10% through Q3. Now to Slide 13. For the third quarter, we reported a non-GAAP margin of 33% compared to 38% in the prior year and 34% when adjusted to exclude Geomagic. The year-over-year gross margin decline was modest, primarily driven by lower sales volume and reduced material sales. These impacts were partially offset by reduced inventory reserves compared to the prior year. Gross margin declined sequentially, reflecting the absence of the prior quarter's Regenerative Medicine milestone as previously discussed, as well as higher manufacturing variances in the period. Turning to Slide 14 and 15. We continue to demonstrate strong cost management in the quarter with non-GAAP operating expenses of $44.7 million, down 24% year-over-year when adjusted to exclude Geomagic and down 4.5% sequentially. This improvement reflects the impact of our cost reduction initiatives, which run through the first half of 2026. Our cost actions are well underway and continue to focus on optimizing our organizational capacity, streamlining our facilities footprint and reducing expenses across the business. Looking ahead, we expect continued reductions in expenses through the end of the year and are targeting fourth quarter operating expenses to be marginally below the current quarter. To date, we are on track to deliver over $50 million in annualized savings by year-end. As we look ahead to the fourth quarter and the first half of next year, our cost savings initiatives will be closely aligned to the company's strategic priorities for 2026, focusing our investments on the products and markets that offer the greatest opportunity, both for growth and profitability. Turning now to Slide 16 to finalize the P&L. Adjusted EBITDA for the third quarter was negative $10.8 million, an improvement of $3.5 million compared to the prior year. We reported a GAAP net loss of $18 million for the quarter or a GAAP loss per share of $0.14, a meaningful improvement compared to the $1.35 loss per share in the prior year period. The improvement was primarily related to the absence of prior year asset impairment charges as well as lower amortization expense and lower operating expenses in the current quarter. On a non-GAAP basis, loss per share was $0.08, an improvement from $0.12 in the prior year period. This progress reflects our focus on cost reductions across the business. Turning now to Slide 17 for a review of the balance sheet. We closed the quarter with $114 million in total cash, consisting of $95 million in cash and cash equivalents and $19 million in restricted cash. Total debt net of deferred financing costs was $123 million as of the end of the quarter. Of that total, $35 million is due in the fourth quarter of 2026, with the remaining balance due in 2030. We have successfully reduced cash usage over the past 2 quarters and expect continued improvement as we execute on our remaining cost savings actions through the first half of next year. As we enter the fourth quarter, my priorities remain focused on completing our cost reduction initiatives while working closely with the business to prioritize key markets, products, services and investments. These efforts are aimed at delivering meaningful impact, both in the near term and throughout 2026. So with that, we thank you for your time and support of 3D Systems. We'll now open the line for questions. Operator?

[Operator Instructions] Our first question today is coming from Troy Jensen from Lake Street Capital Markets.

So a quick -- either one of you guys. Just gross margins kind of dropped a lot sequentially here. It looks like it was mainly in products, but maybe in both products and services. Can you just touch a little bit on the decline in gross margin?

Thanks, Troy. I think looking at gross margins quarter-over-quarter, there's really 2 main components as I highlighted. RegMed, we recognized a milestone under our lung program in the prior quarter. That was about $2 million of that total revenue that dropped down to the bottom line. We also had some manufacturing variances recognized in the quarter, which also had an impact to our margin. I don't think those will repeat going forward, but there was some scrap and some inventory reserves or some slower-moving inventory that we had that we cleaned up this quarter. So looking ahead, you can see that we said gross margin would be flat quarter-over-quarter. Again, Jeff will touch on some of that printer revenue that we're seeing with the new products that will come in next quarter as well.

So Troy, that explains Q3. If you look at going forward, there's offset -- there's offsetting factors. So on the positive side, volume is going up, the launch of our new products, we're selling more product, but it is concentrated in printers right now. Printers faster than materials. So it will be a mix effect going forward, offsetting the volume benefit through the factory. So that's largely it. We have a slight drag continuing on tariffs, but it's relatively constant. It's there. It's relatively constant quarter-by-quarter. That's it. It's pretty simple, pretty simple puts and takes.

All right. Understood. And then, Phyllis, this is for you, too, on -- just on the OpEx, I think I heard you say down slightly sequentially. But is there more to do on the cost cut efforts? I know you guys had some facility consolidations that were depending on timing. I guess what I'd ultimately like to get to is, is there a revenue level you think you guys need to hit once all these cost cuts are in place that will get us to a breakeven?

Troy, I'll start with the first part of your question, and I'll let Jeff handle the second part of your question. The first part of the question, there is still more to go get. We've taken a lot of the organizational capacity actions already. There's still a little bit left to do, but the vast majority of that is behind us. The facilities take a little longer. There's work to do. We've made, I think, significant strides in getting ourselves into a place where the facilities will be ready to be exited that we've identified. It's a timing issue just with the market and ensuring we can get those things closed out. So that will happen, I think, in the first part of next year. In terms of OpEx, you're going to see a continued decline through the first half of 2026. It will be a little bit of puts and takes in terms of timing to achieve our total cost savings objectives here. As far as revenue, I'll let Jeff sort of cover where our OpEx would need to be in terms of revenue outlook. It's something that we're doing right now as part of our 2026 budgeting.

And the frustrating part of what Phyllis just said, Troy, is the timing around facilities. We've exited 5 or 6 facilities, and they're on the market now. It's just a matter of timing to get them subleased or have the leases expire. So that will flow through over the next few quarters, we're estimating, but they're all in the market right now. Just look, the other question is, to me, very important is where does OpEx need to be in order to really drive profitability and positive cash flow for the business. It's highly dependent, obviously, on the gross margin that we derive from sales. So it will be sales volume dependent, gross margin dependent. The good thing right now is we are selling a lot of high materials used printers. Our new products are largely focused on those. It's these jetting solutions consume a lot of materials in the markets they serve. The new SLA printers, we have the large SLA printers, the large SLS printer that we go to market with, those consume a lot of materials. So you'll continue to see us innovating on SLA and impacting all those product lines. They pull through a lot of materials. So there's a lag when you first sell the printer on gross margin, but we should see some nice continuous gross margin lift as they pull through materials. So the OpEx, you could argue it to a couple of different levels depending on sales volume for factory efficiencies and the gross margin we derive from those sales. So I'm not giving you a crisp answer. Our original target of $70 million for these rounds of cost takeout we believe in a little bit more normalized environment, but not great environment, but in a little bit more normalized environment through our gross margin estimates, we believe that would get us to positive cash flow and profitability. I still believe that. It's all-in-all is dependent on the volume and mix that comes with increased sales. Good news is sales are picking up in Q4, as we've guided to, and we all fingers crossed for 2026 if the world continues to improve.

Good luck going forward.

Thanks, Troy.

Your next question is coming from Greg Palm from Craig-Hallum.

Perfect. This is Jackson Schroeder on for Greg Palm. Just kind of wanted to talk a little bit more about the -- what was press released last week with some of the new partnerships talking about with Lockheed Martin, some of the stuff out in the Middle East. Can you talk a little bit more about that, give some detail and maybe -- I mean, obviously, the end market in A&D, but also kind of the products and what you're working on with them?

Sure. Yes, absolutely. So we work with Lockheed Martin around the world. And obviously, in the U.S., they're a very big defense contractor. So very excited about business in the U.S. The unique thing about our Saudi initiative is when -- Saudi is a big consumer of American defense products, obviously, and with that consumption goes a commitment from OEMs generally to spend money in the Kingdom. And so it drives them to look for innovation and local manufacturing of products. So that is very consistent with why we set up our joint venture there in the first place. A lot of the JV is directed at the local Saudi infrastructure like oil and gas and electricity, but defense does benefit it substantially because of the requirement of the global defense OEMs to spend money in the Kingdom. So it's very good for us. It helps build things. The part types that they're interested in are very specific to what they sell in that part of the world. And I can't comment on those. So -- but it's all the normal systems you would associate Lockheed with both aircraft and missile systems that you'd associate them with. Their activity is very focused and aggressive because they have these local sourcing requirements. So it's a great end with a terrific customer, and we're uniquely positioned to serve that. Obviously, in the U.S., there's other folks that can serve them as well. But these relationships take a while to develop and the technology takes a while to prove. So whether we prove it in the U.S., we prove it in Europe or we prove it in Saudi Arabia, it all goes to the same endpoint. And in terms of the systems and applications, again, I shouldn't talk about that for any customer. But in that case, it's all the normal kind of flight systems you would expect and the things that propel those flight systems, engines and rocket motors, things like that are all fair game.

And then as an off-topic follow-up, maybe I missed this, talking about cash generation for next year. Can you touch more on CapEx expectations for that?

Yes. Our CapEx, we have -- we are now able to throttle back on CapEx pretty nicely because we've made some significant investments in past years. And our infrastructure needs don't evolve that quickly. We generally assemble products, we mix materials. They're not highly CapEx-intensive manufacturing processes. So that works in our favor. We have traditionally, if you draw a line through the past, said 4% of sales on CapEx is a good long-term average. But I would tell you over the next couple of years, the number can be meaningfully below that because we've spent pretty heavily in the last several years on building out what we needed in terms of building infrastructure, stuff like that. So 4% is a historic benchmark in a perfect world and everything is growing, that's probably the level to model us at. But for the next couple of years, I would tell you we can get by with substantially less than that, probably less than half of that. We're still putting things together for 2026. But we can get by with substantially less than that because, again, the nature of our manufacturing operations, not very capital intensive.

[Operator Instructions] Our next question today is coming from Alek Valero from Loop Capital Markets.

So my first question is, I saw in the press release that you mentioned that the Dental business is seeing more stability. I wanted to ask what is driving the Dental business to stabilize? And I also wanted to ask on monolithic dentures. I want to see if you could speak to the opportunity there and when we can possibly see it become a meaningful part of revenue.

Yes. Two good questions. So on the first one, in terms of stabilization, obviously, there are several -- we have several revenue streams today in dentistry. One is our historic stream in materials to repair teeth, if you will, which is NextDent and Vertex. That market is consistent, okay? It runs pretty consistently, and we've got approvals in the U.S. and Europe for a long time. So that's a pretty consistent performer. The volatility revenue stream, which is great. We love it, but it's more volatile is the aligner revenue stream. So that really -- you can follow that through public statements by the customers that we serve. That market fluctuates because in tougher economic times, some people -- consumers view those as luxury items and they don't spend as much money on them. There's also a number of different age groups that those OEMs try to serve from younger folks to middle-aged and older folks with the growth in video conferencing and stuff, straight teeth have become very popular. And it also varies by geography. So U.S., Europe, Asia. So we serve -- we're a big provider in that market. I think we're the leader in providing printing technology and materials in that market by far. And we kind of go -- we kind of live with the volatility that, that encounters. So if you want to understand the driver of that, you can easily -- they're public companies, you can easily tie into their earnings calls. And I think what you would hear right now is that market has declined in the last couple of quarters, but is now stabilizing for them in terms of end product sales. So if you work back through the supply chain, you would -- it's consistent with our commentary on we see revenue stabilizing in that market. And it continues to be a great business. It's stable now. Love to see it return to faster growth, but we're -- we kind of live with that volatility in consumer spending. The denture part of your question is very interesting. Dentures today are largely handmade products. I'm sure that patients -- the consumers of those products don't appreciate the labor content that goes into a denture historically. So you -- whether you make teeth by machining, which is the common way to do it or you print -- or you try to print them, the assembly of the product has historically up until now been very much a hand operation. If you walk through a dental lab, which is where these products are made, they're made regionally in the U.S. and Europe, and they serve all the dentists around the city. If you walked into that lab, you would see a lot of people that are involved in some way in making and finishing dentures, okay? Because it's labor-intensive, some labs have chosen to ship the assembly operation to Asia to access lower-cost labor, but that's the way it's gone. That is all going to change now. But with the digital dentistry, the scanners that dentists employ now are excellent. So you can get a good scan of someone's teeth or their needs from their jaw construction. You can send that image to a lab. But now instead of being made by hand, you can 3D print a denture. And you can print it in minutes and hours, not days, okay, and finish it. It is beautiful. It is durable. It in many cases matches or exceeds current product standards. And within a year or 2, it will be the full spectrum of colors, performance, everything that people expect today will be embodied in these dentures. So I'm thrilled with the product. I love the process because it takes enormous time and cost out of manufacturing. And what the patient experience is at the end when they buy the denture is excellent. So it wins on every front and the economics are absolutely compelling. So what is paced by -- and this is where the rubber hits the road for investors is, okay, you talk about a $1 billion market, what has to happen to make that happen? We need to -- we've got full regulatory approval in the United States. We need now to mimic that in Europe, and we're working our way through. That will happen in '26. We need then to have these dental labs try the manufacturing process and accept it and phase it in. And that's -- I wish that process were faster, but it is becoming a very sticky product. They like the product. They're going to ring it out and try it and make sure their economics work. I'm very confident they do. And then we'll be selling a lot more machines. So our production rates are ramping. We brought in inventory to make the product and the materials are fantastic. So I expect revenues to continue to grow in that market. We want to access as much of that $1 billion market as we can because I think this beats any manufacturing process out there. We are also because of requests now seeking regulatory approval in Central and South America. Several countries there would like to adopt the technology as well. Some of them use U.S. standards, some use European, some use a blend. Every country is different. It takes some time to get through those. But I have yet to see us ship a product to a lab and then say, wow, this does not work for me, okay? Everybody that tries it loves the output of it right now, right? And if there's any hesitations, it gets down to the details of the market they serve in terms of coloration, gums and teeth that varies by demographics, region of the world, all of that. So there's a little more work to do on some areas of the market, but fantastic acceptance. We're excited about the growth, and now it's just working through there. So all in all, dentistry for us, I think, is going to be a great business. It already is. The repair materials will always be needed for caps and crowns and all of that. The aligner product is very well accepted. It may become a little bit more of a volatile market with consumer spending in some parts of the world, but it's great. It will continue to consume a lot of material and printer investment. It is the most -- it's the largest application for 3D printing today. Well over [ 1 million ] of those are made per day through 3D printing because they're all unique to each person's teeth. So materials will be strong. Aligners will be strong for us. We're doing some really good work on night guards as well. And obviously, the -- and I would say, direct printing of aligners to change both the markets they serve and the way the product is manufactured. We're doing some good work there. And then, of course, dentures is our biggest new growth initiative. So thank you for the question. I'm super excited about the product and the process, the acceptance. Look forward to updating you more in the future.

I have a quick follow-up if that's okay.

Sure. I'll give you a short answer [indiscernible].

Now I was just going to ask on the denture opportunity, just digging a little deeper. So denture seems to be kind of like a more nondiscretionary product [ for that ], but if and when that initiative turns into revenue, would that become kind of like a more stable part of the dental revenue?

Yes, absolutely. And that's a very good question, absolutely. If you look at aligners, they truly -- for many people that buy them, they are discretionary. I mean a lot of people have very good teeth. They're discretionary objects. Although I would tell you, the applications are expanding for aligners into folks that need more manipulation of teeth and beyond cosmetics, so for actual functionality of chewing stuff. So that's -- so that market is continuing to expand. Dentures are exactly what you said. They are, in my mind, an essential item to people, particularly in the developed countries and even in the nondeveloped countries, it's one of the first things people want. And life expectancies continue to expand. So you have an aging population. There's more demand, if you will, for teeth replacement. And this product wins both aesthetically and economically in addressing that need. So it should be a more stable revenue stream, a growing revenue stream as the manufacturing is converted and because of the aging population and growing demand profile. So we're thrilled by it. It's a great -- I think it will be a great business for us. And I think you'll see dentistry for us be neck and neck with our -- the balance of our health care business in orthopedics be 2 of our largest and most valuable revenue streams in the future.

We've reached the end of our question-and-answer session. I'd like to turn the floor back over to Jeff for any further or closing comments.

So thank you all for calling this morning. We look forward to updating you again as we wrap up the year and report Q4 and full year results in the springtime. Thanks very much for the call.