安捷倫 (A) 2025 Q1 法說會逐字稿

Good afternoon. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter 2025 Agilent Technologies Inc. earnings conference call. (Operator Instructions). Parmeet Ahuja, you may begin the conference.

午安.我的名字是 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加安捷倫科技公司 2025 年第一季財報電話會議。（操作員指令）。Parmeet Ahuja，你可以開始會議了。

Thank you, Regina, and welcome, everyone to Agilent's conference call for the first quarter of fiscal year 2025. With me are Padraig McDonnell, Agilent's President and CEO, and Bob McMahon, Agilent's Senior Vice President and CFO. Joining in the Q&A will be Simon May, President of the Life Sciences and Diagnostics Markets Group; Angelica Riemann, President of the Agilent CrossLab Group, and Mike Zhang, President of the Applied Markets Group.

謝謝你，里賈娜，歡迎大家參加安捷倫 2025 財年第一季電話會議。和我一起的是安捷倫總裁兼執行長 Padraig McDonnell 和安捷倫高級副總裁兼財務長 Bob McMahon。生命科學和診斷市場集團總裁 Simon May 將參加問答環節；安捷倫 CrossLab 集團總裁 Angelica Riemann 和應用市場集團總裁 Mike Zhang。

This presentation is being webcast live. The press release for the first quarter financial results, investor presentation and information to supplement today's discussion, along with the recording of this webcast are available on our website at investor.agilent.com.

本次演講正在進行網路直播。第一季財務業績新聞稿、投資者介紹和補充今天討論的資訊以及本次網路廣播的錄音均可在我們的網站 investor.agilent.com 上找到。

Today's comments refer to non-GAAP financial measures. You will find the most directly comparable GAAP financial metrics and reconciliations on our website. Unless otherwise noted, all references to increases or decreases in financial metrics are year-over-year and references to revenue growth are on a core basis. Core revenue growth excludes the impact of currency and any acquisitions and divestitures completed within the past 12 months. Guidance is based on forecasted exchange rates.

今天的評論涉及非公認會計準則財務指標。您將在我們的網站上找到最直接可比較的 GAAP 財務指標和對帳。除非另有說明，所有提及的財務指標的增幅或減少均為同比增幅，所有提及的收入增長均為核心增長。核心收入成長不包括貨幣影響以及過去 12 個月內完成的任何收購和資產剝離的影響。指引基於預測匯率。

As a reminder, beginning in the first quarter of fiscal 2025, we implemented certain changes to our reporting structure related to reorganization of our three business segments. We have recast our historical segment information to reflect these changes and that provided the financial details on our website. These changes have no impact on our company's consolidated financial statements.

提醒一下，從 2025 財年第一季開始，我們對與三個業務部門重組相關的報告結構實施了一些變更。我們已重塑我們的歷史分部資訊以反映這些變化，並在我們的網站上提供財務細節。該等變更對我們公司的合併財務報表沒有影響。

During this call, we will also make forward-looking statements about the financial performance of the company. These statements are subject to risks and uncertainties and are only valid as of today. The company assumes no obligation to update them. Please look at the company's recent SEC filings for a more complete picture of our risks and other factors.

在本次電話會議中，我們也將對本公司的財務表現做出前瞻性陳述。這些聲明受風險和不確定性的影響，並且僅在今天有效。本公司不承擔更新這些內容的義務。請查看該公司最近向美國證券交易委員會提交的文件，以更全面地了解我們的風險和其他因素。

And now I'd like to turn the call over to Padraig.

現在我想將電話轉給派崔克。

Thank you, Parmeet, and thanks to all of you for joining today's call. As you saw in our press release, we had a very solid start to the year, exceeding our expectations for core revenue growth and EPS. Before diving into the details, I want to force for open conversations I had with many of you starting at our Analyst and Investor Day in December at the New York Stock Exchange and provide an update on progress of our Ignite transformation.

謝謝你，Parmeet，也謝謝大家參加今天的電話會議。正如您在我們的新聞稿中看到的，我們今年的開局非常穩健，超出了我們對核心收入成長和每股盈餘的預期。在深入探討細節之前，我想先與你們中的許多人進行公開對話，從去年 12 月在紐約證券交易所舉行的分析師和投資者日開始，並提供我們 Ignite 轉型的進展。

We've stated that Ignite is for our customers, employees and shareholders. For customers, we want to create a seamless experience across Agilent products, software and services. For our employees, we want to become nimbler and reduce complexity to enhance our ability to serve our customers. And for shareholders, we want to deliver industry leading shareholder value through differentiated growth.

我們已經聲明，Ignite 是為了我們的客戶、員工和股東服務的。對於客戶，我們希望在安捷倫產品、軟體和服務之間創造無縫的體驗。對於我們的員工，我們希望變得更加靈活，減少複雜性，以增強我們服務客戶的能力。對於股東，我們希望透過差異化成長實現行業領先的股東價值。

We have set targets to grow core revenues between 5% and 7% annually, expand our operating margin by 50 basis points to 100-plus basis points per year and deliver double digit EPS growth. Right now, I want to share three notable accomplishments from the Ignite transformational focused on setting new pricing mechanisms, elevating our digital ecosystem, identifying procurement opportunities.

我們設定的目標是，核心收入每年增長 5% 至 7%，營業利潤率每年提高 50 個基點至 100 個以上基點，並實現兩位數的每股收益增長。現在，我想分享 Ignite 轉型中的三個顯著成就，重點是建立新的定價機制、提升我們的數位生態系統、發現採購機會。

For us the creation of an enterprise strategic pricing organization that will focus on setting our standard approach for pricing across the entire solution set with the customer and not just at a tactical bottoms of product level.

對我們來說，創建一個企業策略定價組織將專注於為客戶制定整個解決方案的標準定價方法，而不僅僅是在產品層面的戰術基礎上。

Second, our digital ecosystem, a critical enabler in our evolved strategy we unveiled Investor Day continues to be a key area of investment for us. Already, we have made meaningful improvements to our website, upgrading the user experience on our e-commerce platform by making it easier to find and purchase the products our customers need helping driving top-line growth. In Q1, our progress continues with digital orders growing high single digits.

其次，我們的數位生態系統是我們推出的投資者日演變策略的關鍵推動因素，它繼續成為我們投資的重點領域。我們已經對我們的網站做出了有意義的改進，透過讓客戶更容易找到和購買他們需要的產品，提升了我們電子商務平台的用戶體驗，從而推動了營收成長。在第一季度，我們繼續取得進展，數位訂單實現了高個位數成長。

And third, our procurement teams have challenged our historical approach and are identifying significant cost saving opportunities in many of Agilent's functions. Also related to our Ignite transformation, we are assessing our organizational health. On my first day as CEO, I promised our employees, we will become a nimbler organization to make decisions faster and accelerate innovation and service of our customers.

第三，我們的採購團隊對我們的歷史方法提出了挑戰，並在安捷倫的許多職能中發現了重大的成本節約機會。同樣與我們的 Ignite 轉型有關，我們正在評估我們的組織健康狀況。在我擔任執行長的第一天，我向員工承諾，我們將成為一個更靈活的組織，以更快地做出決策，並加快創新並為客戶提供服務。

As a result, we are removing some management layers and increasing spans of control. This is a continuation of our new organization structure we announced in late November. Through that reorganization, we're seeing our business leaders in lock step on our strategy and transformation. This alignment enables us to make better decisions faster on priorities and trade-offs.

因此，我們正在取消一些管理層級並增加控制範圍。這是我們11月下旬宣布的新組織結構的延續。透過此次重組，我們看到我們的業務領導者在我們的策略和轉型上步調一致。這種協調使我們能夠更快地就優先事項和權衡利弊做出更好的決策。

As my leadership team and I look forward, we are focused on growing Agilent. Our foundational element of growth is innovation, innovation that our customers want. Every time I visit a customer in any part of the world to say the same thing. They want to partner with Agilent for better outcomes. That's what differentiates Agilent, the deep scientific knowledge of our customer facing team members that our competitors simply can't duplicate.

我和我的領導團隊將致力於安捷倫的發展。我們成長的基本要素是創新，也就是客戶想要的創新。每次我拜訪世界任何地方的客戶時都會說同樣的話。他們希望與安捷倫合作以獲得更好的成果。這就是安捷倫的與眾不同：我們面向客戶的團隊成員所擁有的深厚科學知識是我們競爭對手無法複製的。

Customers want everything from the ability to parse massive amounts of data in seconds, to automating more tasks so they can focus on complex scientific challenges. In essence, they want to increase their productivity. That's why driving lab productivity is among our key priorities.

客戶想要的一切，包括在幾秒鐘內解析大量數據的能力，以及自動執行更多任務的能力，以便他們可以專注於複雜的科學挑戰。本質上，他們想要提高生產力。這就是為什麼提高實驗室生產力是我們的首要任務之一。

You can see evidence of this in our collaborative agreement with Zurich-based ABB Robotics to produce automated laboratory solutions, ones that will help our customers find new ways of improved workflows and make operations more efficient and flexible.

您可以在我們與蘇黎世 ABB 機器人公司達成的合作協議中看到證據，該協議旨在生產自動化實驗室解決方案，這些解決方案將幫助我們的客戶找到改進工作流程的新方法，並使營運更加高效和靈活。

These are customers across multiple markets, including pharma, biotech, energy and food. Together with ABB, Agilent can transform the customer lab operations by making workflow processes for research, development, and quality control faster and more efficient.

這些客戶來自多個市場，包括製藥、生物技術、能源和食品。安捷倫與 ABB 攜手合作，使研究、開發和品質控制的工作流程更快、更有效率，從而改變客戶實驗室的運作。

The goal is for all instruments, robots, and software to be interoperable, which is crucial to significantly boosting productivity for our customers. Our customers want to buy whole product solutions, not just a single instrument.

我們的目標是使所有儀器、機器人和軟體能夠互通，這對於大幅提高客戶的生產力至關重要。我們的客戶希望購買完整的產品解決方案，而不僅僅是單一的儀器。

To illustrate that, our Infinity III series that we introduced in October has seen great adoption from all our customers. As a reminder, the Infinity III has an advanced automation that simplifies our customers' daily routines. And it's compatible with previous generations, which allows for seamless upgrades and technology refreshes, and that has become a differentiator.

為了說明這一點，我們 10 月推出的 Infinity III 系列已獲得所有客戶的廣泛採用。提醒一下，Infinity III 具有先進的自動化功能，可以簡化客戶的日常工作。而且它與前幾代產品相容，可以實現無縫升級和技術更新，這已成為一個差異化因素。

Customers are saying that the backward compatibility combined with the modularity of the Agilent Systems allows them to decide how to upgrade and refresh their instruments. Plus, they're telling us that they're choosing Agilent because of our long-standing quality and technology leadership that's been further enforced with the Infinity III.

客戶表示，向後相容性與安捷倫系統的模組化相結合，使他們能夠決定如何升級和更新他們的儀器。此外，他們告訴我們，他們選擇安捷倫是因為我們長期以來的品質和技術領導地位，而 Infinity III 則進一步鞏固了這一地位。

And the Agilent InfinityLab, LC solutions are certified by My Green Lab. These instruments optimize lab space and reduce water, solvent, and energy consumption while also minimizing waste.

並且 Agilent InfinityLab LC 解決方案經過 My Green Lab 認證。這些儀器優化了實驗室空間，減少了水、溶劑和能源的消耗，同時也最大限度地減少了浪費。

We continue to see strong momentum and growth in our sales funnel for the Infinity III because of its advanced automation that empowers our customers to be more productive and because of InfinityLab Assist, our automation software that provides onboard intelligence. So our customers are not simply buying a platform, but a whole product solution.

我們繼續看到 Infinity III 的銷售管道保持強勁勢頭和成長，因為它的先進自動化技術能夠提高客戶的生產力，而我們的自動化軟體 InfinityLab Assist 能夠提供板載智慧。因此我們的客戶不僅僅是購買一個平台，而是一個完整的產品解決方案。

Just as exciting is that the great success of our Infinity III provides Agilent an incredible opportunity for us to upgrade our customers' instruments, and it's already happening across our legacy LC platforms, representing an opportunity in hundreds of millions of dollars over the coming years.

同樣令人興奮的是，Infinity III 的巨大成功為安捷倫提供了升級客戶儀器的絕佳機會，而且這已經發生在我們傳統的液相色譜平台上，代表著未來幾年數億美元的商機。

Now, I'd like to highlight some key aspects of the Q1 results. As you can see from our press release, we drove top line year over year growth, while macro market trends such as CapEx spending continue to improve.

現在，我想強調第一季業績的一些關鍵方面。正如您從我們的新聞稿中看到的，我們推動了營業收入的年增長，同時資本支出等宏觀市場趨勢繼續改善。

A revenue of $1.681 billion increased 1% over the same quarter in FY24. This result exceeded our expectations and was led by excellent growth in PFAS and capturing an outside share of the China stimulus awards. Our instrument book-to-bill was greater than one in Q1, a quarter when it's typically less than one. This is another sign of market recovery, but more importantly, it's a testament to our intense customer focus with products such as a highly successful Infinity III and our success driving our market leading position in China.

營收為 16.81 億美元，較 24 財年同期成長 1%。這一結果超出了我們的預期，主要得益於 PFAS 的出色增長以及獲得中國刺激計劃獎勵的外部份額。我們第一季的儀器訂單出貨比大於 1，而這個季度的訂單出貨比通常小於 1。這是市場復甦的另一個跡象，但更重要的是，它證明了我們對客戶的高度關注，例如非常成功的 Infinity III 等產品，以及我們成功推動了我們在中國市場領先地位。

Additionally, we exceeded expectation in all regions and end-markets except for academia and government. In our end markets, revenue was led by food, which grew 9% driven by our success in capturing stimulus orders in China. In China, our accelerating share gains were apparent in recording a win rate of more than 50% on stimulus-related tenders. With our long history in the region elevated by our local manufacturing capabilities, we are well positioned to expand our market leadership in China.

此外，除了學術界和政府之外，我們在所有地區和終端市場的表現都超出了預期。在我們的終端市場中，食品是收入的主要來源，由於我們成功獲得中國的刺激訂單，食品收入增加了 9%。在中國，我們的份額不斷成長，經濟刺激計畫相關招標的得標率超過50%。憑藉我們在該地區的悠久歷史以及本地製造能力，我們有能力擴大我們在中國市場的領導地位。

Now let me talk about our businesses and some growth vectors in each. Our Life Science and Diagnostics Markets Group grew 1% in the quarter, reporting $647 million. Performance was driven by a nice result in our LC and LCMS instruments, which grew high single digits during the quarter on the heels of our Infinity III launch.

現在讓我談談我們的業務以及每個業務的一些成長向量。我們的生命科學和診斷市場集團本季成長了 1%，達到 6.47 億美元。業績成長主要得益於我們的 LC 和 LCMS 儀器的良好業績，在我們推出 Infinity III 之後，這些儀器在本季實現了高個位數的成長。

Within LDG , we remain focused on the integration of BIOVECTRA, and we are delighted by the response we're hearing from our existing and potential customers who are interested in leveraging BIOVECTRA's unique capabilities and Agilent's expertise. It's clear that BIOVECTRA's capabilities are in the sweet spot of tremendous markets with a terrific growth potential.

在 LDG 內部，我們仍然專注於 BIOVECTRA 的整合，我們很高興收到現有和潛在客戶的回饋，他們對利用 BIOVECTRA 的獨特功能和安捷倫的專業知識很感興趣。顯然，BIOVECTRA 的能力處於龐大市場的最佳位置，具有極大的成長潛力。

The Agilent CrossLab Group grew 3%, reporting $696 million which was in line with our expectations led by services. We are especially excited about the new ACG that now includes services, automation, consumables, and software and informatics. Software and informatics are among our key priorities, and we've had an overwhelmingly positive response to both our InfinityLab Assist automation software and our OpenLab CDS.

安捷倫 CrossLab 集團成長 3%，報告營收為 6.96 億美元，符合我們以服務為主導的預期。我們對新的 ACG 感到特別興奮，它現在包括服務、自動化、消耗品以及軟體和資訊學。軟體和資訊學是我們的首要任務，我們的 InfinityLab Assist 自動化軟體和 OpenLab CDS 都得到了非常正面的迴響。

The InfinityLab automation software offers remote notifications, trouble shootings, diagnostics, and maintenance that paves the way for a fully automated digital lab. And our OpenLab CDS provides time saving steps in analysis, interpretation, and reporting workflows, while technical controls ensure work quality, effective records management, and enhanced data security. In short, software is an incredible area of opportunity for us that we are poised to capitalize upon.

InfinityLab 自動化軟體提供遠端通知、故障排除、診斷和維護，為全自動數位實驗室鋪平了道路。我們的 OpenLab CDS 在分析、解釋和報告工作流程中提供了節省時間的步驟，而技術控制則確保了工作品質、有效的記錄管理和增強的資料安全性。簡而言之，軟體對我們來說是一個充滿機會的領域，我們已準備好加以利用。

Already, customers are telling us that the InfinityLab Assist and the OpenLab offer differentiated functionality and solutions in high throughput environments.

客戶已經告訴我們，InfinityLab Assist 和 OpenLab 在高通量環境中提供了差異化的功能和解決方案。

Our Applied Markets Group reported $338 million in the quarter, a 2% decline, better than expected related to a strong China's stimulus orders. We are very pleased with our team's ability to compete and win in these tenders. We continue to invest in the Applied Markets for next generation technology innovation, and as I said, support our customers with lab productivity.

我們的應用市場集團本季報告稱，其營收為 3.38 億美元，下降 2%，但好於預期，這得益於中國強勁的刺激計劃訂單。我們對我們的團隊在這些投標中的競爭和獲勝的能力感到非常高興。我們將繼續投資於應用市場，以實現下一代技術創新，正如我所說，我們透過實驗室生產力來支持我們的客戶。

Every customer we meet has expressed a desire to partner with Agilent to make better use of their instrument fleets to integrate with front end solutions, and we're happy to help them find ways to create customized solutions so they can deliver products faster.

我們遇到的每一位客戶都表示希望與安捷倫合作，以便更好地利用他們的儀器組合來與前端解決方案相結合，我們也很樂意幫助他們找到創建定制解決方案的方法，以便他們能夠更快地交付產品。

Before I hand over to Bob, I want to address topics that have been in the news of late. Regarding the recent news around tariffs, we have a diversified supply chain with a manufacturing presence in all major regions of the world. Our teams are already taking action to mitigate the impacts on our business.

在將發言權交給鮑伯之前，我想先談談最近新聞中出現的一些話題。關於最近有關關稅的新聞，我們擁有多元化的供應鏈，在世界各主要地區都有製造業務。我們的團隊已經開始採取行動來減輕對我們業務的影響。

In terms of potential reductions to NIH funding, as we've shared with you before, our exposure to NIH related programs is limited to around 1% of our revenue. We currently believe the forecasted impact is manageable and within our current guidance. Bob will now delve deeper on our Q1 results as well as our outlook for Q2. After Bob delivers his comments, I will be back for some closing remarks. Bob.

關於 NIH 資金的潛在減少，正如我們之前與您分享過的，我們對 NIH 相關項目的投入僅限於我們收入的 1% 左右。我們目前認為預測的影響是可控的且在我們目前的指導範圍內。鮑伯現在將深入探討我們的第一季業績以及第二季的展望。鮑伯發表評論後，我會回來做一些結束語。鮑伯。

Thanks, Padraig, and good afternoon, everyone. In my remarks today, I will provide some additional details on revenue in the quarter, as well as take you through the income statement and other key financial metrics. I'll then cover our updated full year and second quarter guidance.

謝謝，派崔克，大家下午好。在今天的演講中，我將提供有關本季度收入的一些更多詳細信息，並帶您了解損益表和其他關鍵財務指標。然後我將介紹我們最新的全年和第二季指引。

As Padraig mentioned, Q1 revenue was $1.68 billion just above the top end of guidance, despite the strengthening of the US dollar during the quarter. On a core basis, we posted growth of 1.2%, beating expectations. Adjusting for the timing of Lunar New Year impacts, core growth is estimated to be just over 3%.

正如帕特里克所提到的，儘管美元在本季度走強，但第一季的收入仍達到 16.8 億美元，略高於預期的最高值。從核心基礎來看，我們實現了 1.2% 的成長率，超出了預期。考慮到農曆新年的影響時間後，核心成長率預計略高於 3%。

On a reported basis, growth was 1.4%. Currency had a negative impact of 1.4 percentage points, which was over 1 percentage point higher than estimated at the start of the quarter, and M&A contributed 1.6%. Padraig discussed our business group results, so I'll focus on deeper details about our end markets.

據報道，成長率為1.4%。貨幣產生了 1.4 個百分點的負面影響，比本季初的估計高出 1 個百分點以上，併購貢獻了 1.6%。Padraig 討論了我們業務集團的業績，因此我將重點介紹有關我們終端市場的更深入的細節。

We exceeded expectations in all of our end markets except for our smallest one, academia and government. Our business in the food market grew 9%, benefiting from our excellent performance in China's national stimulus program.

除了最小的終端市場——學術界和政府以外，我們在所有終端市場的表現都超出了預期。受惠於我們在中國國家經濟刺激計畫中的出色表現，我們的食品市場業務成長了 9%。

In environmental and forensics, we grew 6% as we continue to leverage our best-in-class TFAS workflow solutions to grow our market leading position. We continue to capitalize on the strong demand for PFAS testing that we are seeing globally.

在環境和法醫領域，我們成長了 6%，因為我們繼續利用一流的 TFAS 工作流程解決方案來鞏固我們的市場領先地位。我們持續利用全球對 PFAS 測試的強勁需求。

Our 6495 triple quad LC/MS is the most complete instrument in the PFAS testing market with a specific performance edge and small and fragile molecules where many of the emerging PFAS exist. Along with our new offerings in PFAS specific consumables and our workflow deployment services, Agilent provides the fastest, highest quality, and most reliable way for customers to add or expand PFAS testing capabilities in their labs.

我們的 6495 三重四極桿液質聯用儀是 PFAS 檢測市場上最齊全的儀器，具有特定的性能優勢，並且能夠檢測許多新興 PFAS 所存在的小而脆弱的分子。除了推出針對 PFAS 的全新耗材產品和工作流程部署服務外，安捷倫還為客戶提供了最快、最高品質、最可靠的方式，以在其實驗室中添加或擴展 PFAS 測試能力。

Now looking across all land markets, PFAS grew 70% in the quarter, contributing 75 basis points of growth to the company. Pharma was flat during the quarter with low single digit growth ex-China offset by high single digit decline in China. Globally, biopharma and small molecule performed roughly in line with the overall market.

現在縱觀所有土地市場，PFAS 本季成長了 70%，為公司貢獻了 75 個基點的成長。本季製藥業表現持平，中國以外地區的低個位數成長被中國地區的高個位數下滑所抵銷。從全球來看，生物製藥和小分子的表現與整體市場大致一致。

In chemical and advanced materials, revenue declined 2%, with growth ex-China offset by a high teens decline in China, which was mostly impacted by the timing of the Lunar New Year. Our business in the diagnostics and clinical and market grew 7%, led by strong results in the Americas and Europe. Academia and government, our smallest market, saw a decline of 7% with soft results around the globe.

化學和先進材料業務的收入下降了 2%，中國以外地區的成長被中國國內高位數下降所抵消，而中國國內收入主要受到農曆新年時間的影響。我們的診斷和臨床市場業務成長了 7%，這主要得益於美洲和歐洲的強勁業績。學術界和政府是我們最小的市場，其全球業績表現疲軟，下降了 7%。

Now moving on to our regional performance, the Americas grew 3%, Europe grew 2%, and Asia, ex-China grew 2%, all slightly ahead of expectations. China revenue declined 4%, also better than expectations on the strength of our stimulus performance.

現在來看看我們的區域表現，美洲成長了 3%，歐洲成長了 2%，亞洲（中國除外）成長了 2%，兩者都略高於預期。中國區收入下降 4%，但由於我們刺激措施的實施，其收入也優於預期。

For your models, we estimate that Lunar New Year was a $10 million dollar revenue headwind in the quarter, which we expect to come back in the second quarter. This compares to a $25 million favorable Lunar New Year impact in the first quarter of last year. So combined a 2 percentage point year on year impact.

對於您的模型，我們估計農曆新年將為本季帶來 1000 萬美元的收入阻力，我們預計這一阻力將在第二季度恢復。相較之下，去年第一季農曆新年帶來的有利影響為 2,500 萬美元。因此合計影響較去年同期上升了 2 個百分點。

Now let's move on to the rest of the P&L. Gross margin was 54.7% in the quarter, down versus last year, primarily due to mix, currency, and the Lunar New Year timing. We drove operating margins of 25.1%, roughly in line with our expectations, despite currency headwinds. Well, down versus last year, we expect improvement throughout the year as the results of our Ignite transformation continue to deliver.

現在讓我們來看看損益表的其餘部分。本季毛利率為 54.7%，較去年同期下降，主要由於產品組合、貨幣以及農曆新年時間等因素。儘管面臨貨幣阻力，我們的營業利潤率仍達到 25.1%，大致符合我們的預期。雖然與去年相比有所下降，但隨著 Ignite 轉型成果的持續顯現，我們預計全年都會有所改善。

And below the line, our net interest expense was better than expected, as was our tax rate of 12.5%, and we had 287 million diluted shares outstanding in the quarter. Putting it all together, Q1 earnings per share were $1.31. That was ahead of our expectations and up 2% from a year ago, growing slightly faster than revenue.

除此之外，我們的淨利息支出優於預期，稅率為 12.5%，本季我們的攤薄流通股為 2.87 億股。綜合起來，第一季每股收益為 1.31 美元。這超出了我們的預期，比去年同期成長了 2%，成長速度略快於營收。

Now let me turn to cash flow in the balance sheet. We continue to enjoy a very strong balance sheet and healthy cash flows. Our operating cash flow was $431 million in the quarter, and we invested $97 million in capital expenditures. We purchased $90 million in shares and paid out $71 million through dividends during the quarter. And we ended the quarter with a net leverage ratio of 1.0.

現在讓我來談談資產負債表中的現金流。我們的資產負債表持續保持強勁，現金流也保持健康。本季我們的營運現金流為 4.31 億美元，資本支出為 9,700 萬美元。我們在本季購買了價值 9,000 萬美元的股票，並透過股息支付了 7,100 萬美元。本季末，我們的淨槓桿率為 1.0。

In summary, we had a good start to the year and expect continued steady improvement in the market through the year.

總而言之，我們今年有一個良好的開端，並預計全年市場將繼續穩定改善。

Now let's move on to our outlook for the fiscal year and the second quarter. While we exceeded core growth expectations for Q1, we're maintaining our core growth guidance of 2.5% to 3.5% for the year. This guidance incorporates an element of prudence reflecting the uncertainty over the US federal funding environment, even though it is a small part of our business.

現在讓我們來談談本財年和第二季的展望。雖然我們第一季的核心成長超出了預期，但我們仍維持全年 2.5% 至 3.5% 的核心成長預期。儘管這只是我們業務的一小部分，但該指引包含了一些審慎因素，反映了美國聯邦融資環境的不確定性。

However, we are adjusting our full year reported revenue to be in the range of $6.68 billion to $6.76 billion to reflect the strengthening of the US dollar. If you recall, our initial guidance back in November incorporated only a very modest FX headwind. Since then, the US dollar has appreciated and based on current exchange rates, we are now projecting an incremental $110 million in currency headwinds relative to our prior guidance.

然而，我們將全年報告收入調整至 66.8 億美元至 67.6 億美元之間，以反映美元的走強。如果你還記得的話，我們 11 月的初步預測僅考慮了非常溫和的外匯逆風。自那時起，美元升值，根據當前匯率，我們預期貨幣逆風將比我們先前預期的增加 1.1 億美元。

Currency is now expected to represent a 1.9% headwind for the year versus a prior 20 basis point headwind. We have also left our M&A guidance unchanged at plus 2% to 2.2% revenue impact for the year. Full year non-GAAP earnings per share are unchanged at $5.54 to $5.61 representing an increase of 4.7% to 6%.

目前預計今年貨幣將面臨 1.9% 的逆風，而先前的逆風為 20 個基點。我們也維持併購預期不變，仍為今年營收成長 2% 至 2.2%。全年非公認會計準則每股收益保持不變，為 5.54 美元至 5.61 美元，成長 4.7% 至 6%。

Relative to our prior guide, currency net of hedging is an estimated additional $0.09 headwind for the year which we are covering. This assumes flat other income and expense, a 12.5% tax rate, and 286 million diluted shares outstanding.

相對於我們先前的指南，扣除對沖後的貨幣預計將在我們所涵蓋的年度內額外帶來 0.09 美元的逆風。假設其他收入和支出持平、稅率為 12.5% 且流通在外的稀釋股份為 2.86 億股。

Now for the second quarter, we are guiding to revenue of $1.61 billion to $1.65 billion. This range is a bit wider than we typically use for the upcoming quarter, reflecting the uncertainty around US federal government spending. This range represents an increase of 2.5% to 5% growth on a core basis and an increase of 2.4% to 4.9% growth on a reported basis.

目前，我們預計第二季的營收為 16.1 億美元至 16.5 億美元。這個範圍比我們通常用於預測下一季的範圍要寬一些，反映了美國聯邦政府支出的不確定性。此範圍代表核心成長率為 2.5% 至 5%，報告成長率為 2.4% 至 4.9%。

Currency is a 2.1% headwind and M&A impact is expected to be a 2% benefit for the quarter. Second quarter, non-GAAP earnings per share are expected to be between $1.25 and $1.28 representing growth of 2.5% to 4.9%. Year on year currency, net of hedging is expected to be a $0.02 headwind to EPS.

貨幣帶來 2.1% 的不利影響，而併購影響預計將為本季帶來 2% 的收益。第二季度，非 GAAP 每股盈餘預計在 1.25 美元至 1.28 美元之間，成長 2.5% 至 4.9%。與去年同期相比，扣除對沖後的淨貨幣預計將對每股收益造成 0.02 美元的阻力。

Now I'd like to turn the call over back to Padraig for some closing comments. Padraig?

現在我想將電話轉回給帕特里克，請他發表一些結束語。帕德萊格？

Thanks, Bob. Before we end the call, I want to take this opportunity to highlight more of the Agilent's team's tremendous work. This quarter, the World Economic Forum named their factories in Shanghai, China, and Penang, Malaysia as Global Lighthouse Networks. This recognizes Agilent's for its breakthroughs in scaling AI, 3D printing, robotics, big data analytics, and industrial internet of things. I was delighted to be able to accept those award in person this year at the forum in Davos, Switzerland.

謝謝，鮑伯。在我們結束通話之前，我想藉此機會進一步強調安捷倫團隊的出色工作。本季度，世界經濟論壇將其位於中國上海和馬來西亞檳城的工廠命名為全球燈塔網路。這是對安捷倫在擴展人工智慧、3D 列印、機器人、大數據分析和工業物聯網方面取得的突破的認可。我很高興今年能夠在瑞士達沃斯論壇上親自接受該獎項。

Shanghai and Penang are two of our four Agilent manufacturing sites that have earned this prestigious distinction. In 2022, the Forum named our Singapore and Waldbronn, Germany sites at Lighthouses. Still today, Agilent is the only analytical and clinical laboratory, technology company in the world to be recognized by the World Economic Forum.

上海和檳城是安捷倫四個生產基地中的兩個，都榮獲此殊榮。2022 年，該論壇將我們的新加坡和德國瓦爾德布龍基地命名為「燈塔」。至今，安捷倫仍是全球唯一獲得世界經濟論壇認可的分析和臨床實驗室技術公司。

Also during the quarter, Newsweek ranked Agilent number 10 out of 600 on its 2025 list of America's most responsible companies, up seven places from 2024. This is our sixth consecutive year on the prestigious list and is a recognition of Agilent being a leading sustainable lab partner to our customers. We are proud to be among the US based companies who are making a positive global impact.

此外，在本季度，《新聞周刊》將安捷倫列為 2025 年美國最具責任感公司榜單中 600 家公司中的第 10 位，比 2024 年上升了 7 位。這是我們連續第六年登上這項享有盛譽的榜單，也是對安捷倫作為客戶領先的永續實驗室合作夥伴的認可。我們很榮幸能成為在全球產生正面影響的美國公司之一。

At Agilent, we're only at the start of our ignite transformation journey and already we're seeing early benefits like the ones I described at the start of this call. In less than 9 months, we've made incredible changes that are improving our customers' productivity in an era when the pace of science is faster than ever.

在安捷倫，我們的點燃轉型之旅才剛剛開始，但我們已經看到了早期的好處，就像我在這次電話會議開始時所描述的那樣。在不到 9 個月的時間裡，我們做出了令人難以置信的改變，在科學發展速度比以往任何時候都快的時代，這些改變正在提高客戶的生產力。

We're also becoming nimbler for employees to better serve our customers. The outcome we're enabling is faster decision making so that we can accelerate innovation and create differentiated growth, and that in turn leads to industry leading shareholder value.

我們也正在變得更加靈活，以便員工更好地服務我們的客戶。我們實現的結果是更快地做出決策，以便我們能夠加速創新並創造差異化成長，進而帶來業界領先的股東價值。

What we are doing at Agilent is turning a good company into a great one. We are committed to continuous improvements and adapting to changing market dynamics. Thank you for joining today's call. Let's move to Q&A. Parmeet?

我們安捷倫所做的就是將一家優秀的公司變成一家卓越的公司。我們致力於不斷改進並適應不斷變化的市場動態。感謝您參加今天的電話會議。讓我們進入問答環節。帕爾米特？

Thanks, Padraig. Regina, if you could please provide instructions for Q&A now.

謝謝，派崔克。里賈納，請您現在提供問答部分的說明。

(Operator Instructions)

（操作員指令）

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Great, good afternoon and thanks so much for taking the questions. So first up, I just kind of wanted to dig into some of this prudence that you mentioned in the guide. Obviously you're talking about some of the progress that you guys have seen on your order book, but you're also acknowledging some of that headline risk that we've seen on the funding side the last month and a half or so.

非常好，下午好，非常感謝您回答這些問題。所以首先，我只是想深入了解您在指南中提到的一些謹慎事項。顯然，您正在談論您在訂單上看到的一些進展，但您也承認我們在過去一個半月左右在融資方面看到的一些總體風險。

So could you quantify for us, what level of headline risk have you really embedded into not only the fiscal 2Q guide but the full year guide at this point? And then have you seen any impact so far from customers and what are you really seeing from your sales teams that are boots on the ground?

那麼您能否為我們量化一下，目前您在第二季度財報指南和全年財報指南中真正嵌入了什麼級別的總體風險？那麼，到目前為止，您是否看到客戶受到了什麼影響？您從實地銷售團隊的實際表現來看又有何變化？

Yeah, so thanks for the question, Rachel. Our guide is a prudent one, as we see a lot of changes happening. I will say from our customer base and particularly in our pharma base, activity has increased, the sentiment is increasing as we talk to our customers. Of course things on the macro side are changing with NIH funding which we're less than 1%, and of course tariffs which we can mitigate.

是的，謝謝你的提問，Rachel。我們的指南是謹慎的，因為我們看到很多變化正在發生。我想說，從我們的客戶群，特別是在我們的製藥基地來看，活動增加，當我們與客戶交談時，情緒也在增強。當然，宏觀的情況正在發生變化，美國國立衛生研究院 (NIH) 的資助還不到 1%，當然關稅也是可以減輕的。

So I would say our guide is a prudent one, but we'll be able to monitor that as we go through the next quarters. But Bob, I don't know if you want to add more detail.

因此，我想說我們的指南是審慎的，但我們將能夠在接下來的幾季中對其進行監控。但是鮑勃，我不知道您是否想添加更多細節。

Yeah, hey, Rachel, good afternoon. And to your point around the prudence we did raise -- increase the range for our second quarter guide to roughly $40 million in between the low and the high. It's typically anywhere from $25 million to $30 million. As I mentioned in the prepared remarks, our NIH funding is roughly 1% at the maximum. And so given the strength that we had in the first quarter and the fact that we're not raising guide, we feel that we're well compensating any potential downside. And to Padraig's point, we haven't seen any of that materially impact our business, and the activity in our customers.

是的，嘿，Rachel，下午好。關於您所提到的審慎態度，我們確實提高了 — — 將第二季的預期範圍提高到最高和最低約 4,000 萬美元。通常在2500萬美元到3000萬美元之間。正如我在準備好的演講中提到的，我們的 NIH 資助最多約為 1%。因此，考慮到我們在第一季的強勁表現以及我們沒有上調預期的事實，我們認為我們已經很好地彌補了任何潛在的負面影響。正如帕特里克所說，我們尚未看到任何重大影響我們的業務和客戶活動。

Perfect and then just on my follow up. And I hate to ask specifically on FX, but I think it's a question that a lot of us have on the line here. Can you just walk us through how much of the EPS number in the fiscal 2Q number especially is impacted by that FX, given how much rates have really moved within the quarter? And then, same idea just on the margin front, especially around that 2Q and for the full year at all, what would that look like without these FX impacts? Thanks.

完美，然後我繼續跟進。我不想專門就外匯問題提問，但我想這是我們很多人都在問的問題。考慮到本季利率的實際變動幅度，您能否向我們介紹一下，第二財季的 EPS 數字中有多少受到外匯的影響？然後，同樣的想法只是在利潤方面，特別是在第二季度以及全年，如果沒有這些外匯影響，情況會是什麼樣子？謝謝。

Yeah, that's a great question, Rachel. So let me give you a little more data. So for the full year that incremental $110 million is a $0.09 impact for the full year as I mentioned before, and that really is roughly a 50-basis point headwind to the overall company that we're covering.

是的，Rachel，這個問題問得非常好。所以讓我給你更多數據。因此，就全年而言，增量的 1.1 億美元對全年的影響為 0.09 美元，正如我之前提到的，這對我們所涵蓋的整個公司來說確實是一個大約 50 個基點的逆風。

If I look at it for second quarter, it's about a $32 million headwind in the quarter, roughly 2.1%. And it's $0.02 to $0.03 in the quarter and roughly the same kind of impact from a profitability standpoint.

如果我看一下第二季度，該季度的逆風約為 3,200 萬美元，約佔 2.1%。本季的影響為 0.02 至 0.03 美元，從獲利能力的角度來看影響大致相同。

Matthew Sykes, Goldman Sachs.

高盛的馬修賽克斯（Matthew Sykes）。

Hi, this is Evian for Matt. Thanks for taking my questions. So the first one, can you talk through the opportunities within PFAS, given the 70% growth you saw in the quarter? How much of this demand is coming from Europe following the packaging regulation and then also what do you think the growth contribution going forward could look like for this market?

嗨，這是 Matt 的 Evian。感謝您回答我的問題。那麼第一個問題，考慮到本季 70% 的成長率，您能談談 PFAS 內部存在的機會嗎？其中有多少需求來自遵守包裝法規的歐洲？您認為未來該市場的成長貢獻會有多大？

Yeah, thanks for the question. So the demand for PFAS solutions remains extremely strong. During Q1, the solutions growth accounted for 75 basis points at a company level. And while most of the volume came on the environmental side, we're seeing actually exceptional growth in food and chemical materials as well. And the opportunity in Q1 grew 70%, but also if you look at that compared to Q4 was 50%. It was a big step up in growth rates.

是的，謝謝你的提問。因此，對 PFAS 解決方案的需求仍然非常強勁。第一季度，解決方案的成長占公司層級的 75 個基點。雖然大部分的貿易量來自環境方面，但我們實際上也看到食品和化學材料的異常成長。第一季的機會成長了 70%，但與第四季相比，這一數字為 50%。這是成長率的重大進步。

And with the environmental market still accounts for the largest part of the PFAS revenues, we saw increased customer purchasing in the CAM markets with water discharge in some of those areas and really we see all regions doing well. We saw a little bit of a pause in China which had a great sequential quarters of growth in PFAS, but that's normal as labs tool up on the equipment side.

由於環境市場仍然佔 PFAS 收入的最大份額，我們看到 CAM 市場的客戶購買量有所增加，其中一些地區的水排放情況確實如此，我們看到所有地區都表現良好。我們看到中國市場略有停頓，而 PFAS 在過去幾季中實現了大幅成長，但這是正常的，因為實驗室在設備方面正在加強。

Europe was very strong, and we expect that to be very strong. And this is a market and this is an area where it's going to continue to morph and grow depending on new regulations and expanding into new modalities. And I will say, at the core of this is our 6595D triple quad, which is the leading sensitivity in the markets, which helps with emerging PFAS characterization and of course our ability to offer consumables, and workflow deployment services are really important as customers get set up quickly in their labs.

歐洲非常強大，我們預計它會非常強大。這是一個市場，也是一個領域，它將根據新的法規和新的模式不斷變化和成長。我要說的是，這其中的核心是我們的 6595D 三重四極桿分析儀，它具有市場領先的靈敏度，有助於新興的 PFAS 表徵，當然，我們提供耗材的能力和工作流程部署服務也非常重要，因為客戶可以在他們的實驗室中快速設置。

Yeah, and Evie, just to build on what Padraig was saying, we ended last year approaching $100 million in revenue and first quarter, we're well over that piece as you can imagine. So it's a -- I think we're uniquely positioned given all the things that Padraig just said, and it's becoming an even bigger component of our growth story going forward.

是的，Evie，根據 Padraig 所說，我們去年的收入接近 1 億美元，而第一季度，正如你所想像的，我們已經遠遠超過了這一目標。所以這是——考慮到派崔克剛才所說的一切，我認為我們處於獨特的地位，而且它將成為我們未來成長故事中更重要的組成部分。

Okay, great, thank you. And then can you talk through how much of the growth in instruments is due to true and market recovery versus replacements being driven by the Infinity III launch and then any updates on how that launch is impacting your overall win rates.

好的，太好了，謝謝。然後，您能否談談儀器的成長有多少是由於真正的市場復甦，有多少是由於 Infinity III 的發布推動的替代，然後談談該發佈如何影響您的整體勝率的任何更新。

Yeah, I mean, if you look at our core on the LC and LC/MS side of pharma, which is -- we grew high single digits globally and ex-China we grew double digits actually on that. And what we're seeing is a continued improvement in farmers' willingness on CapEx spending, undertaking opportunities in PFAS and GLP-1s as well.

是的，我的意思是，如果你看看我們在製藥領域的液相層析和液相層析/質譜核心業務，你會發現在全球範圍內，我們的成長速度達到了個位數，而在中國以外的地區，我們的成長速度實際上達到了兩位數。我們看到農民對資本支出的意願持續改善，也抓住了 PFAS 和 GLP-1 領域的機會。

Infinity III has gone extremely well for us. We're seeing significant rise in win rates, and we're seeing, of course, that the productivity gains that this system gives out is resonating with customers extremely well. And as we look at our -- refresh of our install base, whether it's 1100s, 1260s or 1290s, there's a lot of opportunity there. Some of that is actually spurred by end of supports and on the 1,100 side in some areas.

對我們來說，《無限三號》的進展非常順利。我們看到贏率顯著上升，當然，我們也看到，該系統帶來的生產力提升得到了客戶的極大認可。當我們審視我們的安裝基礎的更新時，無論是 1100、1260 還是 1290，都存在著許多機會。其中有些實際上是由於支持的結束以及在某些地區達到 1,100 的水平。

So we're seeing our tech refresh momentum has really started around the Infinity III. So, a really good momentum.

因此，我們看到我們的技術更新勢頭真正始於 Infinity III。所以，這確實是一個好的勢頭。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thanks for taking the questions. Padraig, maybe just on China, I know you talked about seeing an outside share from the China stimulus. I know when we chatted a month ago, you guys were pretty positive on that piece as well. It felt like you were getting more than your fair share, given where those dollars are going. It felt like a little more, GCs and industrial.

嘿夥計們，感謝你們回答問題。帕特里克，也許只是談論中國，我知道你談到了從中國刺激計劃中看到外部份額。我知道當我們一個月前聊天時，你們對那件作品也非常積極。考慮到這些錢的去向，你感覺得到的比你應得的份額還多。感覺就像是 GC 和工業的結合體。

Can you just talk about what you're seeing there, the traction. It feels like there could be some nice upside there. I know there's more tenders coming as well, so it would be helpful to talk to China's stimulus and the impact around GCs and the industrial piece.

你能談談你在那裡看到的牽引力嗎？感覺那裡可能會有一些不錯的優勢。我知道還會有更多的招標，因此談論中國的刺激計劃以及對 GC 和工業部分的影響將會很有幫助。

Yeah, no, thanks, Patrick, and we did saw a really nice uplift to our excellent performance and winning outside share of pretenders and the national stimulus program. The total stimulus demand for Q1 was around $35 million and we recognized all of that in the quarter. We won 50% of all stimulus orders.

是的，不，謝謝帕特里克，我們確實看到了我們出色的表現以及贏得外部偽裝者和國家刺激計劃的良好提升。第一季的總刺激需求約為 3500 萬美元，我們在本季確認了所有這項需求。我們贏得了所有刺激計劃訂單的50%。

And with this round, our China team is now expecting the next round of stimulus to come later in the year. That's yet to be quantified. It is going to be broad and I think it's going to be slightly more fragmented in the type of customers, but the size of that round is really not clear as of yet.

經過這一輪刺激政策，我們的中國團隊預計下一輪刺激政策將在今年稍後推出。這尚未量化。它的覆蓋範圍將會很廣，而且我認為在客戶類型上它將會稍微更加分散，但是這一輪融資的規模目前尚不清楚。

So, but I think at this point, we're not assuming that all stimulus we booked in Q1 would be fully incremental for the year. I think that's important to say. We expect that some of that is likely pulled forward and our thinking is about 50% of that is pulled forward. And we did not see a meaningful improvement in the underlying business in Q1.

所以，但我認為在這一點上，我們並沒有假設我們在第一季預定的所有刺激措施在全年都會完全增加。我認為這一點很重要。我們預計其中一部分可能會提前，我們認為其中約有 50% 會提前。我們並沒有看到第一季基礎業務有顯著改善。

I'd say it was -- what I would say the China market is stable, and we're otherwise maintaining our expectation on the base business resulting in a modest increase for FY25 expectations, and while we're increasing our expectations for the year, the total remains within our low single digit guide range.

我想說的是——我想說的是中國市場是穩定的，而且我們仍然維持對基礎業務的預期，從而對 2025 財年的預期會略有增加，雖然我們提高了對今年的預期，但總量仍然在我們的低個位數指導範圍內。

And Bob, are you rolling out second tender into the guide or that the upside?

鮑勃，您是否會將第二次投標納入指南中，或將其納入上行趨勢？

Yeah, that's a good question, Patrick. We have not -- we're staying consistent with how we did it in the beginning of the year, which is we have not rolled any incremental into the guide. So that would be a source of upside, Patrick, once we understand more about what the scope and timing of that will be. We do believe that based on the folks -- our team on the ground that it will happen in the second quarter of the -- second half of this year, whether that shows up in our, second or third and fourth quarter, or by the end of the calendar year is still be determined.

是的，這是個好問題，派崔克。我們沒有 - 我們與年初的做法保持一致，即我們沒有將任何增量納入指南。因此，帕特里克，一旦我們進一步了解其範圍和時間，這將是一個好處。我們確實相信，根據我們團隊的預測，這將在今年下半年第二季度實現，但具體是在第二季、第三季或第四季實現，還是在今年年底實現，仍有待確定。

But needless to say, we are very optimistic given our strong performance in this first cycle and the fact that we have a strong ability to produce all of our products in China for China.

但毋庸置疑，鑑於我們在第一輪週期中的強勁表現，以及我們擁有在中國為中國生產所有產品的強大能力，我們非常樂觀。

Yeah, no, that's okay. And then maybe just on the NASD business, can you talk about what you're seeing there? I know last quarter you talked about high single digit growth expectations, maybe some potential for double digits. So we'd love to hear the latest thoughts there. Any color commercial versus clinical would obviously be helpful as well.

是啊，不，沒關係。然後也許只是關於 NASD 業務，您能談談您在那裡看到的情況嗎？我知道上個季度您談到了高個位數的成長預期，也許還有兩位數的潛力。因此，我們很想聽聽最新的想法。任何顏色的商業與臨床顯然也會有幫助。

Yeah, I'll kick it off, and I'll hand it over to Simon. So very much as expected in Q1, demand continues to be very strong. No change in guidance for the year, which is guiding at high single digits and of course nudging to low double-digit target. But, Simon, you want to add more color?

是的，我會開始，然後我會把它交給西蒙。因此，正如第一季預期的那樣，需求持續強勁。今年的指導方針沒有變化，指導目標是高個位數，當然也有望達到低兩位數的目標。但是，西蒙，你想添加更多顏色嗎？

Yeah, I think you said it well, Padraig. Demand very much in line with expectations. Revenue profile also in line with expectations. The full year outlook remains absolutely intact. I think we still have a dynamic in NASD which bodes very well for the future, where we've got a lot of process qualification work for molecules that are headed towards the commercial space.

是的，我認為你說得很好，帕德雷格。需求非常符合預期。收入狀況也符合預期。全年前景依然完全不變。我認為我們在 NASD 中仍然保持著活力，這對未來來說是一個非常好的預兆，我們已經為即將進入商業領域的分子進行了大量製程鑑定工作。

And that coupled with the order intake patterns that we've been seeing for quite a while now, make us very enthusiastic for the future. So confident about the '25 guide and even more confident and enthusiastic about the longer term.

再加上我們目前相當長一段時間以來看到的訂單模式，讓我們對未來充滿熱情。我對 25 年指南非常有信心，對長期指南則更有信心和熱情。

Yeah, thank you guys.

是的，謝謝大家。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Yeah, hi, good afternoon. This is Jack on for Tyco. Appreciate you taking our question. I guess there's one on the replacement cycle. Appreciate the color on Infinity III, kind of the influence there. I guess any other data points that spike out to help us understand where we sit today, and kind of better understand the shape and pace of the replacement cycle and how it could play out over the next two to three years.

是的，嗨，下午好。我是泰科公司的傑克。感謝您回答我們的問題。我猜在更換週期中有一個。欣賞 Infinity III 的色彩，以及它的影響。我想任何其他數據點的出現都可以幫助我們了解我們目前所處的位置，並且更好地了解更換週期的形態和速度以及它在未來兩到三年內如何發揮作用。

Yeah, I mean, LC replacements, it happens at different times within different install bases and so on. What I will say about us in terms of Infinity III, it really has kicked off that replacement cycle. What we've seen is that typically, the replacement cycle is about 9 to 12 months and because of our install base and a lot of 1,100s out there that are some of those are coming to end of support, it really has created momentum around it.

是的，我的意思是，LC 替換會在不同的安裝基礎中發生不同的時間，等等。就 Infinity III 而言，我要說的是，它確實啟動了更換週期。我們看到，通常更換週期約為 9 到 12 個月，並且由於我們的安裝基數以及許多 1,100 個設備（其中一些設備即將終止支援），這確實創造了動力。

So we expect that to be a steady replacement cycle. We don't expect the super cycle in any particular quarter, but as we move forward, our install base will move with it. What I will say as well, we've made significant improvements in our life cycle management process. So how we can look at where the install base is, how we can inform customers for better productivity and so on. And the good news is Infinity III has all those capabilities.

因此我們預計這將是一個穩定的更換週期。我們並不預期在某個特定季度會出現超級週期，但隨著我們的前進，我們的安裝基數也會跟著移動。我還要說的是，我們在生命週期管理流程方面取得了重大改進。那我們如何了解安裝基礎在哪裡，如何告知客戶以提高生產力等等。好消息是 Infinity III 擁有所有這些功能。

Yeah, hey Jack, maybe just to build on what Padraig is saying is, I would say we're in the still in the early stages of that recovery. We had a very strong performance in Q1 with the uptake of Infinity III. The feedback continues to be very positive, and I would also look at -- when we look at the average age of our installed base, is still older than normal and so we're very excited about this.

是的，嘿，傑克，也許只是為了鞏固派崔克所說的話，我想說我們仍處於復甦的早期階段。隨著 Infinity III 的普及，我們在第一季的表現非常強勁。回饋仍然非常積極，而且我也會看——當我們查看我們的安裝基數的平均年齡時，仍然比正常情況要大，因此我們對此感到非常興奮。

I would also say that order growth outpaced revenue growth in the quarter. So again, another positive instance, and that's on top of overcoming Chinese Lunar New Year, that's across the board. So, certainly early days, very positive with all -- for all the things that Padraig was talking about in the call, and I think there's a long runway here for us to be able to take advantage of not only our own installed base but also competitive installed base as well.

我還想說，本季訂單成長超過了收入成長。所以，這又是一個正面的例子，而且這是在克服中國農曆新年的同時，全方位的。因此，對於帕特里克在電話會議上談到的所有事情，早期階段當然都是非常積極的，我認為我們還有很長的路要走，不僅可以利用我們自己的安裝基礎，還可以利用有競爭力的安裝基礎。

Appreciate it. Thank you.

非常感謝。謝謝。

Jack Meehan, Nephron Research.

傑克‧米漢（Jack Meehan），腎元研究室。

Thank you. Good afternoon. Padraig, you mentioned, I think early in the script some changes in the management layers within Agilent. Is there any additional color you can share on what you're doing and then is there any associated savings attached to that that you would call out? Thanks.

謝謝。午安.帕德雷格，您提到，我認為在劇本的早期階段安捷倫內部的管理層會發生一些變化。能再分享一下您正在做的事情嗎？然後，您是否會提到與此相關的節省？謝謝。

Yeah, thanks, Jack. So first of all, we layered -- let, we talked about our new organizational structure at the Investor Day and at JPMorgan , and one of the key elements of our customer centric strategy we introduced was becoming more nimble. That's going to speed up decision making and also increase innovation. And these changes are absolutely critical to our strategy and we know they're going to deliver many benefits to our customers.

是的，謝謝，傑克。首先，我們分層－我們在投資者日和摩根大通討論了我們的新組織結構，我們推出的以客戶為中心策略的關鍵要素之一就是變得更加靈活。這將加快決策速度並促進創新。這些變化對於我們的策略至關重要，我們知道它們將為我們的客戶帶來許多好處。

So what we're really doing is we're looking at layers in the organization where we can flatten a little bit, increase our span of control so we can improve our decision making and also get a better coverage in our management layer. And while I would say the focus of this is truly strategic, it really is leading with our strategy. There will be some cost reductions associated with these changes later in the year, and that's where you have those baked into our guide.

因此，我們實際上正在做的是研究組織中的層級，我們可以將這些層級稍微扁平化一些，增加我們的控制範圍，以便我們能夠改善決策，並在管理層級上獲得更好的覆蓋範圍。雖然我想說這個重點確實具有戰略意義，但它確實引領著我們的策略。今年晚些時候，這些變化將帶來一些成本降低，這些成本已納入我們的指南中。

Yeah, hey, Jack, just, if you recall when we talked about the Ignite savings. At the beginning of the year, we talked about some being in the second half, more and more in the second half. This was -- that's where you'll see the activities that we're going through right now.

是的，嘿，傑克，如果你還記得我們談論過 Ignite 儲蓄的話。年初的時候我們講了一些在下半年的事情，下半年的事情越來越多。這就是—在這裡您將看到我們現在正在進行的活動。

Okay. And then, can we get an update on BIOVECTRA. It looks like that M&A added $26 million sales in the quarter. Has your target for the year changed at all? I think I heard $145 million in the model, and can you just talk about how things are going there? Thank you.

好的。那麼，我們能獲得有關 BIOVECTRA 的最新消息嗎？看起來併購使本季的銷售額增加了 2,600 萬美元。今年的目標有改變嗎？我想我聽說過模型中的金額為 1.45 億美元，您能談談那裡的情況嗎？謝謝。

Yeah, I'll pass this one to Simon to take.

是的，我會把這個傳給西蒙。

Yeah, thanks for the question. I'd say overall, as we are going through the integration process with BIOVECTRA, we're increasingly excited about what we're seeing there. I think the more we get under the hood, the more the capabilities that we have there are resonating with our internal experts and also with our customers. We think it's still very early inning and we're absolutely in the sweet spot there with those capabilities and relative to where the puck is going with therapeutic modalities.

是的，謝謝你的提問。總的來說，在我們與 BIOVECTRA 進行整合的過程中，我們對所看到的結果感到越來越興奮。我認為，我們了解得越多，我們的能力就越能引起我們內部專家和客戶的共鳴。我們認為現在還處於非常早期的階段，憑藉這些能力以及相對於治療方式的發展，我們絕對處於最佳狀態。

We were slightly soft on revenue in the first quarter. The focus there is really very heavily on bringing certain aspects of the operation up to the Agilent NASD standards with process and quality, and that's progressing really well. But then with regard to the full year guide, we're holding to the previous guidance and no change there.

我們第一季的收入略有下降。我們主要關注的是使某些營運方面在流程和品質方面達到安捷倫 NASD 標準，而且進展非常順利。但就全年指引而言，我們堅持先前的指引，沒有任何改變。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Hi guys, good afternoon and thank you for taking my question. I guess, Bob, when we report -- again on your book to build commentary here being about one versus seasonally being built sub 1X. Is that being driven by stimulus or perhaps timing of the Chinese New Year? Maybe we talk about this book developments and what is that signaling.

大家好，下午好，謝謝你們回答我的問題。我想，鮑勃，當我們再次報告你的書時，這裡的評論是關於一個而不是季節性建造的 1X。這是受刺激因素推動還是受農曆新年的影響？也許我們可以談論這本書的發展以及那意味著什麼。

Yeah, hey, VJ, it's Bob. Yeah, actually the Lunar New Year didn't have a big impact on that. Actually, I would take that as a sign of the continued recovery, particularly in the instrumentation market. We did have an impact or a contribution from the Lunar New Year, but the real big area is both LC and LC/MS.

是的，嘿，VJ，我是鮑伯。是的，實際上農曆新年對此沒有太大影響。實際上，我認為這是持續復甦的標誌，特別是在儀器儀表市場。農曆新年確實對我們產生了影響或貢獻，但真正影響巨大的領域是 LC 和 LC/MS。

And so typically what we see is just because of the way our fiscal year is, that our first fiscal year because January is the last month of the quarter, the instrument book-to-bill is typically lower than 1, and so the fact that it's above 1 is a very positive sign from our perspective that that recovery continues.

因此，通常我們看到的只是因為我們的財政年度的情況，我們的第一個財政年度，因為一月是該季度的最後一個月，所以工具訂單出貨比通常低於 1，因此，從我們的角度來看，它高於 1 是一個非常積極的信號，表明復蘇仍在繼續。

And as we were saying, it's really been led by some of the new products in the unique attributes of our LC -- the Infinity III portfolio, and has given us -- allowed us to have renewed conversations with customers and so forth.

正如我們所說的，這實際上是由我們 LC 獨特屬性中的一些新產品（Infinity III 產品組合）所引領的，並且讓我們能夠與客戶進行新的對話等等。

Understood. And maybe one for you on, I think I heard you mention you've identified a few $100 million worth of replacement opportunity. I guess, what is the average age of the fleet and when you do that math, what is incremental of the few $100 million versus a normal replacement cycle, and when you think about the tax rates on services and chemistry, do you feel like that part of the business is growing mid to high signals or where we on services and consumables.

明白了。也許有一個問題適合您，我想我聽到您提到您已經發現了幾個價值 1 億美元的替代機會。我想，車隊的平均年齡是多少，當您進行計算時，與正常更換週期相比，這幾億美元的增量是多少，當您考慮服務和化學品的稅率時，您是否覺得這部分業務的增長是中高信號，還是我們在服務和消耗品方面。

Yeah, I'll take the first piece, and I'll hand it over to Angelica to give more color on the services and consumables, but we're older than the median, I would say at the age of the install base. Sell base is very large, very disparate, a lot of different equipment in it, so we expect that we're going to see the pace of that change, continually improve throughout the year and that there's a huge opportunity there in terms of opportunity for replacements.

是的，我將拿起第一部分，並將其交給 Angelica，以便對服務和消耗品進行更多介紹，但我們的年齡比中位數要大，我想說的是安裝基數的年齡。銷售基礎非常龐大，種類繁多，包含許多不同的設備，因此我們預計，我們將看到這種變化的速度，全年不斷改進，並且在替換機會方面存在巨大的機會。

And also when that comes, of course, we have a tax rate with the new Infinity III both on the services, on the on the consumable side so. I would say as well, just to mention that we did see an improvement at the year -- end of year orders. It's not back to pre-COVID days, but there was a sequential improvement in terms of December orders in terms of budget flush versus the previous year, which again was in large part about install based change.

當然，到那時，我們對新款 Infinity III 的服務和消耗品都會徵收稅率。我還要說的是，我們確實看到了年底訂單的改善。雖然還沒有恢復到疫情之前的狀態，但就預算充裕度而言，12 月的訂單量與前一年相比有所改善，這在很大程度上也與基於安裝的變化有關。

And I would say, when I talked to lab managers out there and we talked to high-level procurement people, there's a lot of pent up demand for instrument changes, lab managers are really pressing that, and we do see that the purse strings loosening a bit within our pharma customers. But Angelica, on services and consumers.

我想說，當我與實驗室經理以及高層採購人員交談時，我發現對於儀器更換有很多被壓抑的需求，實驗室經理確實在催促這一點，而且我們確實看到我們的製藥客戶的錢袋有所放鬆。但是安吉麗卡，談論的是服務和消費者。

Yeah, great, thanks Padraig. To add to what you've already said, it is going to -- the replacement cycle is going to occur over a period of time and it's probably going to be a mix of some incremental placements of new instruments as well as replacing some of the aging instruments on the lab bench.

是的，太好了，謝謝帕德里格。除了您已經說過的內容之外，更換週期將會持續一段時間，並且可能會混合逐步安置新儀器以及更換實驗台上一些老化儀器。

And what that really allows us to do is continue our focus on increasing our ability to connect services and consumables as those new instruments are being put into service and we know that that motion allows for greater and longer customer lifetime value both in how the customer is using that instrument, but also in terms of the continued revenue stream that that generates for Agilent. So there is upside and incremental opportunity for sure.

這實際上使我們能夠繼續專注於提高我們在新儀器投入使用時連接服務和消耗品的能力，並且我們知道這一舉措不僅可以在客戶使用該儀器方面實現更大和更長的客戶生命週期價值，而且還可以持續為安捷倫創造收入來源。因此肯定存在上行空間和增量機會。

Brandon Couillard, Wells Fargo.

富國銀行的布蘭登‧庫亞爾 (Brandon Couillard)。

Hey, thanks. Good afternoon. Bob, can you just help us understand what's going on with gross margins, down over on 30 basis points in the first quarter? Was that in line with your expectations? How much did currency affect that and what are you expecting kind of the next few quarters?

嘿，謝謝。午安.鮑勃，您能幫助我們了解毛利率的情況嗎？第一季毛利率下降了 30 個基點？這符合你的預期嗎？貨幣對此有多大影響？您對接下來幾季有何預期？

Yeah, Brandon, you know what I would say is, if we looked at the bottom line, operating profit was in line. Gross margin was a little lower just because of some of the mix of products. It wasn't anything material and I would expect that to improve throughout the course of the year.

是的，布蘭登，你知道我想說的是，如果我們看底線，營業利潤是一致的。由於部分產品組合的原因，毛利率略低。這不是什麼實質的事情，我希望這種情況會在今年內有所改善。

If you can imagine, with a large stimulus in China that did have some pressure on our margins at the gross margin level but very profitable at the operating profit margin, and currency did have an impact as well in Q1, and that impact was roughly, 20 basis points - 30 basis points in the quarter for the total company.

你可以想像一下，中國實施的大規模刺激措施確實給我們的毛利率帶來了一些壓力，但營業利潤率卻非常可觀，而且貨幣因素也對第一季度產生了影響，對整個公司而言，這種影響大約為 20 個基點 - 30 個基點。

And I'd expect some of that to continue throughout the course of the year. We do get some benefit because we do hedge, but still the drop through of that is greater on the gross margin. So the one thing I would say, Brandon, to offset that is we were actually pleased with the pricing Padraig mentions about the pricing. It actually was trending a bit higher than what we had expected in Q1 and are expecting that to continue through the course of the year.

我預計這種趨勢將持續全年。由於我們進行了對沖，因此我們確實獲得了一些利益，但是對毛利率的下降幅度仍然較大。因此，布蘭登，我想說的一件事是，為了彌補這一點，我們實際上對帕特里克提到的定價感到滿意。事實上，它的發展趨勢比我們第一季的預期要高一些，預計這種趨勢將持續到今年年底。

Okay, that's helpful. And then it be great if you could get an update just on the pathology and genomics pieces and how those performed in the first quarter. I think genomics is actually up in the fourth quarter. So if you could share an update, be helpful, thanks.

好的，這很有幫助。如果您能獲得有關病理學和基因組學的最新進展以及它們在第一季的表現，那就太好了。我認為基因組學在第四季度實際上是上升的。因此，如果您可以分享更新信息，將很有幫助，謝謝。

Yeah, I'm going to pass this one to Simon.

是的，我要把這個傳給西蒙。

Yeah, I would say genomics was puts and takes in the first quarter. We saw some negative impacts from the funding situation in the US with academia and government, and then on the flip side, we continue to see really strong traction with our Magnis automated NGS Prep System, that's on a very strong growth trajectory. And the Avida Chemistry as well is a still a pretty small vehicle, but the customer adoption there is looking pretty strong.

是的，我想說基因體學在第一季是有進有退的。我們看到美國學術界和政府的資金狀況產生了一些負面影響，但另一方面，我們繼續看到 Magnis 自動化 NGS Prep 系統受到強烈歡迎，並且呈現非常強勁的成長軌跡。Avida Chemistry 仍然是一款規模很小的車型，但客戶對其的接受度卻相當強勁。

So as we look to the full year, I still think we see a path to return to growth in genomics, but again, the near-term headwinds at least with academic and government funding slightly outweighed the positives from Magnis in the first quarter.

因此，展望全年，我仍然認為我們看到了基因組學恢復成長的道路，但至少在學術和政府資助方面，短期內的不利因素略微超過了第一季 Magnis 帶來的正面影響。

And the diagnostics and clinical overall grew 7% and the pathology was flat year over year, but we see very steady growth rates as we go through the year on that side.

診斷和臨床總體成長了 7％，病理學同比持平，但我們看到，在這一年中，成長率非常穩定。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, Hi Padraig and team. Thanks for taking my questions. The first one, if you could just elaborate a little bit on the China stimulus. We were expecting more orders and maybe more continued orders. And so I'm just trying to understand, so why you're expecting it in the second -- in the rest of the instrumentations and growth from stimulus potentially in the second half. Maybe, can you elaborate what you saw, what are you hearing from the ground in China?

是的，嗨，Padraig 和團隊。感謝您回答我的問題。第一個問題，您能否稍微詳細說明中國的刺激計畫。我們期待更多訂單，甚至可能會有更多持續訂單。所以我只是想知道，為什麼你會預期第二季的其餘措施和刺激措施可能會帶來成長。也許，您能詳細說明一下您在中國看到了什麼以及聽到了什麼消息嗎？

Yeah, so the stimulus order was within the food area, within the Chinese customs and government departments, and it was very broad based in terms of instruments. It actually had most of our platforms in it as we won 50% of that seamless order, which is around $35 million, and it was recognized -- essentially all of that was recognized in the quarter. That's a very extremely high win rate.

是的，刺激政策是針對食品領域、針對中國海關和政府部門的，而且其手段非常廣泛。實際上，它涵蓋了我們的大部分平台，因為我們贏得了無縫訂單的 50%，約為 3500 萬美元，基本上所有訂單都在本季度得到了確認。這是一個非常高的勝率。

And of course we think it's not all of that is incremental. We believe about half of it is kind of run rate pull forward, half of that is incremental, but it shows when these stimulus come in, the Agilent team can really win it's over oversized share of it. And as I said before, we're expecting more stimulus, which we haven't baked into the guide in the second half, but rest assured when that arises, the Agilent team will be there to help customers.

當然，我們認為並非所有這些都是漸進的。我們認為其中大約一半是運行率的提前推動，另一半是增量推動，但它表明，當這些刺激措施出台時，安捷倫團隊確實可以贏得過大的份額。正如我之前所說，我們期待更多刺激措施，雖然我們還沒有將其納入下半年的指南中，但請放心，當這些措施出現時，安捷倫團隊將隨時為客戶提供幫助。

Yeah, hey, Puneet, to build on what Padraig is saying, I actually see this as a really positive that we were able to not only get that revenue in, the orders in and actually deliver it. It's a real testament to the Agilent team and so it actually gives me increased confidence that when the orders come in, we will get more than our fair share in the second half of the year.

是的，嘿，Puneet，基於 Padraig 所說，我實際上認為這是一件非常積極的事，我們不僅能夠獲得收入，獲得訂單並真正交付。這是對安捷倫團隊的真實證明，因此它實際上給了我更大的信心，當訂單到來時，我們將在下半年獲得超過我們應得的份額。

So, I think we still feel very optimistic about not just this year, but if you remember this is a multi-year kind of stimulus program and so we feel very good about the momentum that we have. I wouldn't look at it quarter to quarter. I look at it, year over year.

所以，我認為我們不僅對今年仍感到非常樂觀，而且如果你記得這是一個多年的刺激計劃，所以我們對我們所擁有的勢頭感到非常滿意。我不會逐季度地查看它。我年復一年地看著它。

And just maybe adding one point. I mean, what is absolutely crucial for those orders to come in is having met in China capabilities and having our ability now to make all our platforms within China for China is a really a significant advantage for us.

也許只是增加一分。我的意思是，對於這些訂單來說，絕對至關重要的是我們在中國擁有滿足其需求的能力，並且現在我們有能力在中國為中國製造所有平台，這對我們來說確實是一個顯著的優勢。

Got it. That's -- thanks for clarifying that. And then, question on the margin side, with Ignite efforts. Can you elaborate the margin contribution you talked about pricing on one end, number of cost efforts, and also reducing some of the management changes that you have in place. So I just wondering if you -- how should we think about the margin contribution if you have a target this year from Ignite. Thank you.

知道了。這是——感謝您澄清這一點。然後，關於利潤方面的問題，以及 Ignite 的努力。您能否詳細說明您談到的利潤貢獻，一方面是定價，另一方面是成本努力的數量，以及減少一些已經實施的管理變革？所以我只是想知道，如果您今年對 Ignite 有一個目標，我們應該如何考慮利潤貢獻。謝謝。

I'll start off and I'll hand it over to Bob. So yeah, no. Of course we have a very well defined program as we go through the year. Actually Ignite is a three year program and you know what we said is, over the three year, 70 basis points to 100 basis points plus in terms of margin expansion, and of course all of this doesn't happen all at once, right?

我先開始，然後把它交給鮑伯。所以，是的，不是。當然，我們全年都有非常明確的計劃。實際上，Ignite 是一個為期三年的計劃，你知道我們說過，在這三年裡，利潤率將擴大 70 個基點到 100 個基點以上，當然，所有這一切不會一次性發生，對吧？

So we've seen early benefits both from the procurement direct and indirect procurement side. And from pricing in terms of what we're seeing, but of course we'll see more in the second half and as we go into next year. But Bob, I don't know if you want to get more color on.

因此，我們從採購直接和間接採購方面都看到了早期的利益。從我們所看到的定價來看，當然，我們將在下半年以及明年看到更多。但是鮑勃，我不知道你是否想添加更多顏色。

Yeah, I was going to say, we're on track with what we had talked about at the beginning of the year, Puneet, which was, 50 basis points to 70 basis points this year. We're going to have to work harder for that because of some of the currency. But, pricing has held up here in the quarter and we're on track as Padraig mentioned for some of the other areas.

是的，我想說的是，我們的目標正在按照年初所談論的計劃進行，Puneet 利率今年將達到 50 個基點到 70 個基點。由於存在一些貨幣問題，我們將不得不為此付出更多努力。但是，本季的價格一直保持穩定，而且正如 Padraig 提到的其他一些領域的情況一樣，我們也正按計劃進行。

Douglas Schenkel, Wolfe Research.

道格拉斯‧申克爾，沃爾夫研究中心。

Thank you for taking my questions. When we cut up with you guys in January, it sounded like similar to the rest of the peer group. You had a strong December in terms of the instrument budget flush, especially in the pharma end market. And I guess I'm just wondering if, one, I want to confirm that was the case, that the end of the fiscal year came together strongly?

感謝您回答我的問題。當我們在一月與你們分手時，你們聽起來和其他同齡人的情況差不多。就儀器預算充裕度而言，12 月表現強勁，尤其是製藥終端市場。我想我只是想知道，第一，我想確認一下情況是否如此，財政年度結束時業績是否強勁？

And if so, it would be interesting to hear if there's anything interesting that occurred in terms of a particular rebound in specific instrument categories, specific geographies, specific end markets? And then kind of building off of that, was January normal?

如果是這樣，那麼有趣的是，在特定儀器類別、特定地區、特定終端市場的特定反彈方面是否發生了一些有趣的事情？那麼，基於此，一月份的情況正常嗎？

Or did you kind of go into the second topic I wanted to cover, given the change in administration, if December felt a little more normal, did January feel maybe less normal given all the uncertainty in terms of pharma regs, academic funding, food and water testing? Any commentary on all of those things would be really helpful.

或者您已經談到了我想談的第二個話題，考慮到政府的變化，如果 12 月感覺更正常一些，那麼考慮到製藥法規、學術資金、食品和水檢測等方面的不確定性，1 月是否感覺不那麼正常？對所有這些事情的任何評論都會非常有幫助。

Okay. Thanks. So I'll start off and I'll hand over to Bob. So it was -- certainly, as we talked before December, it did play out as we expected. We did have that strong, strong momentum. And what was driving that overall demand, I would say, particularly around Infinity III, but also, we talked about PFAS testing and including also what we're seeing in the GLP-1 areas.

好的。謝謝。那我先開始，然後把麥克風交給鮑伯。事實確實如此 — — 正如我們在 12 月之前談到的那樣，事情確實按照我們的預期發展。我們確實擁有如此強勁的勢頭。我想說，推動整體需求的因素是什麼，特別是在 Infinity III 周圍，但同時，我們也討論了 PFAS 測試，也包括我們在 GLP-1 領域看到的情況。

And January, a new administration comes in, a lot of changes. And of course, we're mitigating those changes as we go through it. The only area where we've seen some softness is really in academia, with NIH funding where things have really slowed down a bit. But of course, that's a very small part of our business, and it's not within the guide on us.

一月份，新政府上台，帶來許多改變。當然，我們正在逐步緩解這些變化的影響。我們看到的唯一一些疲軟的領域實際上是學術界，NIH 的資助確實有所放緩。但當然，這只是我們業務的一小部分，而且不在我們的指導範圍內。

In pharma, when we talk to our customers, actually, there's a lot of questions. You see a lot of discussions around IRA, et cetera, what changes might happen about international pricing index, et cetera. But I would say that hasn't impacted on the pharma side. We're seeing -- we're still seeing a steady business coming out of that side. But everybody is really watching that.

在製藥業，當我們與客戶交談時，實際上會有很多問題。您會看到很多關於 IRA 等的討論，以及國際定價指數可能會發生什麼變化等。但我想說這並沒有對製藥業產生影響。我們看到——我們仍然看到那邊的業務穩定成長。但每個人都在關注這一點。

On the PFAS side, just going back to the pharma side as well. People were talking about FDA -- changes within the FDA. I think that hit more of the medical device companies areas within that expertise, but we haven't seen anything on us yet. And within PFAS, that business continues to be strong. We still see it in January, which there's been no change in that as it happens. So it's an area we're going to continue to watch very, very closely. Hugely dynamic. But I would say January is a steady progression from December.

在 PFAS 方面，也回到製藥方面。人們正在談論 FDA——FDA 內部的變化。我認為這更影響了醫療器材公司的專業領域，但我們還沒有看到任何進展。在 PFAS 內部，該業務持續保持強勁勢頭。我們在一月仍然看到這種情況，事實上並沒有發生任何變化。因此，我們將繼續密切關注這一領域。極具活力。但我想說，一月與十二月相比有一個穩定的進步。

Thank you very much.

非常感謝。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

You mentioned a couple of times that you saw an improvement in pharma CapEx. And what I'm curious about is how much of that improvement was narrowly relevant to QA/QC versus broader and inclusive of R&D functions in pharma and other product categories in your portfolio like cell analysis?

您多次提到，您看到製藥業資本支出有所改善。我很好奇的是，這些改進有多少僅僅與 QA/QC 相關，而有多少更廣泛地涵蓋了製藥業和您產品組合中的其他產品類別（如細胞分析）的研發功能？

Yes. So I'll kick it off and maybe hand it to Simon on this one. So we're, of course, we have heavy fleets and a lot of capabilities when QA/QC and development for QA/QC. So we saw that across the board on that side. I would say in R&D, you see a lot of shifts in terms of where customers are spending money. So we did actually see a good continuation of positivity on that side.

是的。因此我將開始這個工作，也許會把它交給西蒙。因此，我們當然擁有龐大的隊伍，以及進行 QA/QC 和 QA/QC 開發的強大能力。所以我們在那方面全面地看到了這一點。我想說，在研發領域，你會看到客戶花錢的領域發生了許多變化。因此，我們確實看到這方面的正面動力持續良好。

But in the pharma QA/QC and the development areas of labs, we've seen continued, I would say, steadiness and incremental strength driven around a replacement of fleet and driven by the Infinity III. But Simon, I don't know if you want to add anything to that?

但在製藥 QA/QC 和實驗室開發領域，我想說，我們看到了持續的穩定性和增量實力，這是由車隊更換和 Infinity III 推動的。但是西蒙，我不知道你想補充什麼？

Very little. So there was a reference in the question to sell analysis tools. And as I look at that overall, I'd actually say on the academic and government side, we've had some impact there in cell analysis with our lower-end instrumentation, where although at company level, the exposure is very minimal within cell analysis, it's a little higher.

非常少。因此問題中提到了銷售分析工具。整體來看，我其實想說，在學術界和政府方面，我們的低端儀器在細胞分析方面產生了一些影響，儘管在公司層面，細胞分析的風險敞口非常小，但風險還是比較大的。

But generally speaking, the funnels are robust in biopharma across the entire continuum. We're seeing really nice adoption of our NovoCyte Opteon platform, the spectral flow side cytometry and the Citation C10 is also performing really well. So a few puts and takes in cell analysis.

但總體而言，整個生物製藥產業的漏斗都很穩健。我們看到 NovoCyte Opteon 平台的採用效果非常好，光譜流式細胞儀和 Citation C10 的表現也非常出色。細胞分析中存在一些進出。

Okay. That's really helpful. And then a follow-up question. I think, Padraig, you mentioned in your prepared remarks that you've taken specific actions in response to the tariff talk. Can you elaborate on that?

好的。這真的很有幫助。然後是一個後續問題。帕德萊格，我想你在準備好的發言中提到過，你已針對關稅談判採取了具體行動。能詳細說明一下嗎？

Yes, no problem. So we have a very diverse manufacturing capability around. And if you talk about the three areas where tariffs we talked about in Mexico, we have no manufacturing. In Canada, we do have manufacturing. We buy a vector, but it's about 30%, I think, is put into the US. And of course, in China, we have in China for China on it.

是的，沒問題。因此我們擁有非常多樣化的製造能力。如果你談論我們在墨西哥談論的三個關稅領域，我們沒有製造業。在加拿大，我們確實有製造業。我們購買了載體，但我認為大約有 30% 被投放到了美國。當然，在中國，我們在中國有為中國服務的業務。

So we believe the overall impact is about $5 million. And we actually believe that's very mitigatable down to much less than that, and we're working on it. Just to give you a sense of it, we were able to shift our supply chain pretty quickly in areas from, say, China back into the US. and into Singapore as well, which really is very mitigatable.

因此我們認為整體影響約為 500 萬美元。我們確實相信，這一數字是可以緩解的，並且正在努力實現這一目標。讓您大致了解一下，我們能夠相當迅速地將我們的供應鏈從中國等地區轉移回美國。並蔓延至新加坡，這確實是可以緩解的。

Michael Ryskin, BofA.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Maybe a little bit of cleanup. But you touched on this a couple of times in terms of the academic and government. I just kind of want to make sure I understand the timing of it. If I'm just going to go back to the slide deck, the negative 7 in the quarter. You called out softness globally and the anticipated slowdown in government spending impacts willingness of some customers to spend.

也許需要進行一點清理。但是您從學術和政府的角度談到了這一點。我只是想確保我了解它的時間安排。如果我只是要回到幻燈片中，本季是負 7。您指出全球經濟疲軟，預計政府支出放緩將影響部分消費者的消費意願。

So as this thing you started seeing back in November, December, is this -- I'm just trying to think of the timing of what was happening in the quarter as it relates to election inauguration all of that. Any clarity there would be helpful.

因此，正如您在 11 月和 12 月開始看到的這種情況一樣——我只是試著思考一下該季度發生的事情的時間與選舉就職典禮等所有事情的關係。任何澄清都會有幫助。

Yes. Mike, this is Bob. What we saw actually was a pretty consistent performance across all the regions. So they were all down. So that's what we were talking about when we did see globally. We did see maybe a slight more in January incremental softness towards the end as people were trying to figure out the NIH activity. I wouldn't say that that necessarily is super material for us. And as you know, the academia and government can be kind of lumpy at times.

是的。麥克，這是鮑伯。事實上，我們看到所有地區的表現都相當一致。所以他們都失望了。這就是我們在放眼全球時所談論的。我們確實看到 1 月數據在接近尾聲時出現了輕微的疲軟，因為人們正在試圖了解 NIH 的活動。我不會說這對我們來說一定是超級材料。你們也知道，學術界和政府之間有時候會出現一些矛盾。

So the one area that I would say got a disproportionate impact actually was China, and a lot of that is some of the impact of the timing of the Lunar New Year. And so I think that they were the most negative for the full Q1. And that is -- we have a slightly larger exposure in academia and government in China than we do relative to the rest of the world. So I wouldn't read too much into it. Hopefully, that kind of clarifies kind of what we were seeing.

因此，我認為受到較大影響的地區實際上是中國，而這很大程度上是受到農曆新年時間的影響。所以我認為它們對整個第一季的影響最為負面。那就是——我們在中國學術界和政府中的曝光率比世界其他地區略高。所以我不會對此進行過多的解讀。希望這可以澄清我們所看到的事情。

Yes, it does. It does. And I think, I mean, just right now in response to an advanced question you're talking about cell analysis specifically. Is that just another area where you have overlap where it's concentrated in a handful of different parts of the portfolio? I imagine there's not a lot of GCs going into academic and government labs.

是的。是的。我認為，我的意思是，現在在回答一個高級問題時，您正在具體談論細胞分析。這是否只是你們有重疊的另一個領域，並且集中在投資組合的幾個不同部分？我認為不會有很多 GC 進入學術和政府實驗室。

Yes, that's a true statement. And again, in cell analysis. The way I'd characterize it is that we began to see hesitancy in academia and government in the run-up to the election last year, people were kind of in wait and see mode to see what happened with the election. Now what we're starting to see, of course, is that the impacts are real.

是的，這是正確的表述。再次，在細胞分析中。我對此的定義是，我們在去年大選前夕開始看到學術界和政府的猶豫不決，人們處於觀望狀態，等著看大選結果。當然，現在我們開始看到影響是真實的。

And just to say the getting cell analysis, we've got proportionately higher exposure there in academia and government in many, if not all, other parts of our portfolio. So your statement there about the relative impact is a true one. And we don't see that elsewhere.

就細胞分析而言，在我們投資組合的許多（如果不是全部的話）其他部分中，我們在學術界和政府中的曝光率都相對較高。因此，您關於相對影響的陳述是正確的。我們在其他地方沒有看到過這種現象。

Eve Burstein, Bernstein Research.

伊芙‧伯斯坦 (Eve Burstein)，伯恩斯坦研究公司。

Yes. This has been asked a couple of ways, but maybe just to follow up on Mike's question for academia and government. You said you were starting to see a little bit of softness at the end of January. How is that trending into February? Can you just give us a take now, where you stand today?

是的。這個問題已經以幾種方式被問到，但也許只是為了跟進麥克對學術界和政府提出的問題。您說過，您在一月底開始看到一些疲軟跡象。二月的趨勢如何？您能否告訴我們您目前的立場？

What I would say is that's why we have a little wider guidance in the Q2 guide between the low and the high. And we have -- I wouldn't say it's any materially different than what we saw in January from a trends perspective. It hasn't deteriorated. But where we're just being prudent there from a standpoint of what potentially would be there. And then for the full year, we're not changing our guidance.

我想說的是，這就是為什麼我們在第二季的指南中給出了更廣泛的指導，介於低點和高點之間。而且從趨勢角度來看，我不會說這與我們一月份看到的情況有什麼實質的不同。沒有損壞。但我們只是從可能存在的情況的角度採取謹慎態度。對於全年而言，我們不會改變我們的預期。

Okay. Fair enough. And then we've talked quite a bit about the LC replacement cycle. Within GC, is there an opportunity for an up cycle here as well? You've mentioned several times that in LC, different customers, different applications are going to improve at different times. But how do you anticipate GC playing out through the rest of the year in terms of improvement pace timing? And can you just give a little color there?

好的。很公平。然後我們討論了很多有關 LC 更換週期的問題。在 GC 內部，是否也存在上升週期的機會？您曾多次提到，在 LC 中，不同的客戶、不同的應用程式會在不同的時間得到改進。但是，從改進步伐和時間安排來看，您如何預測 GC 在今年剩餘時間內的表現？您能給它加點顏色看看嗎？

Yes. No, that's a great question. And of course, GC replacement is a different timing than LCs because of the technology. But I'm going to ask Mike Zhang to give some color here.

是的。不，這是一個很好的問題。當然，由於技術原因，GC 更換的時間與 LC 不同。但我要請麥克·張在這裡給一些解釋。

Yes. Thank you, Padraig. Obviously, we have a strong leadership in the GC market, and we're a very, very strong installed base. And we actually have introduced a new GC/MS to the market, and we're seeing very strong response from customers. So we are very -- we're very optimistic about the opportunities. But certainly, it will be -- again, it's -- over time, it's a long-term opportunity. So we're very excited about that.

是的。謝謝你，派崔克。顯然，我們在 GC 市場擁有強大的領導地位，並且擁有非常強大的安裝基礎。事實上，我們已經向市場推出了一種新型 GC/MS，並且看到了客戶的強烈反應。因此，我們對這些機會非常樂觀。但可以肯定的是，隨著時間的推移，這將是一個長期的機會。我們對此感到非常興奮。

And Mr. Ahuja, I turn the call back over to you.

阿胡賈先生，我現在把電話轉回給您。

Thanks, Regina, and thanks, everyone, for joining the call today. With that, we would like to end the call. Have a good rest of the day, everyone.

謝謝，Regina，也謝謝大家今天參加電話會議。我們就此結束本次通話。祝大家今天剩餘的時間過得愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。