Akoya Biosciences Inc (AKYA) 2023 Q2 法說會逐字稿

Good day, and welcome to the Akoya Biosciences Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

美好的一天，歡迎參加 Akoya Biosciences 2023 年第二季財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

I would now like to turn the call over to Priyam Shah, Head of Investor Relations at Akoya Biosciences. You may begin.

我現在想將電話轉給 Akoya Biosciences 投資者關係主管 Priyam Shah。你可以開始了。

Thank you, operator, and thank you to everyone who's joining us today on this call. I'm Priyam Shah, Head of Investor Relations at Akoya Biosciences. On the call today we have Brian McKelligon, Chief Executive Officer; and Johnny Ek, Chief Financial Officer. Earlier today, Akoya released financial results for the second quarter ended June 30, 2023. A copy of the press release is available on the company's website.

謝謝接線員，也感謝今天加入我們這次電話會議的所有人。我是 Priyam Shah，Akoya Biosciences 投資者關係主管。今天的電話會議有執行長 Brian McKelligon；約翰尼‧艾克 (Johnny Ek)，財務長。今天早些時候，Akoya 發布了截至 2023 年 6 月 30 日的第二季財務業績。新聞稿的副本可在該公司網站上取得。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. For a list and description of the risks and uncertainties associated with Akoya's business, please refer to the risks identified in our filings with the U.S. Securities and Exchange Commission, including in the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2022, filed on March 6, 2023, and subsequent filings with the SEC, including our quarterly report on Form 10-Q for the second quarter ended June 30, 2023, filed today, August 7, 2023.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明是根據美國《私人證券訴訟改革法案》的安全港條款制定的。1995 年。本次電話會議中包含的任何與對未來事件、結果或業績的預期或預測相關的陳述均為前瞻性陳述。由於多種因素，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。有關與 Akoya 業務相關的風險和不確定性的清單和描述，請參閱我們向美國證券交易委員會提交的文件中確定的風險，包括我們本年度 10-K 表格年度報告的風險因素部分截至2022年12月31日，於2023年3月6日提交，以及隨後向美國證券交易委員會提交的文件，包括我們於今天（2023年8月7日）提交的截至2023年6月30日第二季度的10- Q表季報。

We urge you to consider these factors, and you should be aware that these statements are considered estimates only and are not guarantees of future performance. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 7, 2023. Akoya disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This audio portion of this call will be archived on the Investors section of our website later today under the heading Events.

我們強烈建議您考慮這些因素，並且您應該意識到這些陳述僅被視為估計，並非對未來績效的保證。本次電話會議包含時間敏感信息，僅截至今天（2023 年 8 月 7 日）直播時準確。除法律要求外，Akoya 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是因為新資訊、未來事件還是其他原因。本次電話會議的音訊部分將於今天稍後存檔在我們網站的投資者部分，標題為「活動」。

Akoya plans to participate in several upcoming investor conferences this quarter, including: The Canaccord Genuity Growth Conference; UBS MedTech, Tools & Genomics Summit; and the Morgan Stanley Healthcare Conference. Details can be found under Events on our Investors section of our website.

Akoya 計劃參加本季即將舉行的多個投資者會議，包括： Canaccord Genuity Growth Conference；瑞銀醫療科技、工具與基因組學高峰會；和摩根士丹利醫療保健會議。詳細資訊可以在我們網站的投資者活動部分找到。

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

現在，我將把電話轉給布萊恩。

Thank you, Priyam, and good afternoon or evening to everyone. We appreciate you joining us today. On today's call I'll provide an overview of our performance for the second quarter, discuss our business progress and review our new product introductions. Johnny will then provide a more detailed look at our financials, business trends and outlook.

謝謝 Priyam，祝大家下午好或晚上好。我們感謝您今天加入我們。在今天的電話會議上，我將概述我們第二季的業績，討論我們的業務進展並回顧我們的新產品推出。然後約翰尼將更詳細地介紹我們的財務狀況、業務趨勢和前景。

Akoya had a very strong second quarter of 2023, highlighted by record revenue of $23.5 million, a 31% growth over the prior year and record system placements of 72 in the quarter. Our cumulative installed base is now 1,064 spatial biology instruments, the largest in the industry. Akoya's stable growth and leadership in spatial biology is a byproduct of delivering a best-in-class portfolio of products and services that span the full continuum of market opportunities from early discovery to translational to the emerging spatial clinical market. We provide complete end-to-end spatial solutions, purpose-built to serve the unique needs of each of these customer types and market segments.

Akoya 在 2023 年第二季的業績非常強勁，營收創紀錄地達到 2,350 萬美元，比上一年增長 31%，該季度的系統安裝量創紀錄地達到 72 個。目前，我們的累計安裝基數為 1,064 台太空生物學儀器，是業界最大的。 Akoya 在空間生物學領域的穩定成長和領先地位是提供一流的產品和服務組合的副產品，這些產品和服務涵蓋從早期發現到轉化到新興空間臨床市場的整個市場機會。我們提供完整的端到端空間解決方案，專門為滿足每種客戶類型和細分市場的獨特需求而設計。

With over 1,000 publications to date and more than 80% of these in the last 2.5 years, the transformative power of Akoya solutions has been validated by our customers. As noted in our 1,000 publications press release this morning, our current PhenoCycler platform is driving profound advancements in the discovery markets, highlighted by recent Nature publications, from the Human Biomolecular Atlas Program or HuBMAP and the Human Breast Cell Atlas Initiative. We also continue to see robust growth in the translational markets with growing momentum within our biopharma and CRO partners as they leverage the PhenoImager HT platform to address their growing biomarker needs, especially in oncology and immunotherapy applications.

迄今已發表 1,000 多篇出版物，其中 80% 以上是在過去 2.5 年中發表的，Akoya 解決方案的變革力量已得到我們客戶的驗證。正如我們今天早上發布的1,000 份出版物新聞稿中所指出的，我們目前的PhenoCycler 平台正在推動發現市場的深刻進步，最近《自然》雜誌、人類生物分子圖譜計劃(HuBMAP) 和人類乳腺細胞圖譜計劃(HuBMAP) 的出版物強調了這一點。我們也繼續看到轉化市場的強勁成長，我們的生物製藥和 CRO 合作夥伴利用 PhenoImager HT 平台來滿足其不斷增長的生物標記需求，特別是在腫瘤學和免疫治療應用中，其勢頭不斷增強。

Owning the full biomarker journey, using Akoya's continuum of solutions first for biomarker discovery studies with the PhenoCycler Fusion, then validation in the translational setting and ultimately clinical applications on the PhenoImager HT is a key value driver for Akoya's continued long-term sustained growth.

擁有完整的生物標記旅程，首先使用Akoya 的連續解決方案透過PhenoCycler Fusion 進行生物標記發現研究，然後在轉化環境中進行驗證，最終在PhenoImager HT 上進行臨床應用，這是Akoya 持續長期持續增長的關鍵價值驅動力。

As discussed on the prior call, we're making targeted investments in our business to drive strong revenue growth, while streamlining our cost structure as we move the business towards profitability. Our stated strategy during and following our IPO in April of 2021 was to make the necessary investments to rapidly develop and deploy an industry-leading portfolio of solutions, while in parallel expand our organization and commercial channels, to have the scale and expertise to drive successful product launches and secure a market-leading position.

正如先前電話會議中所討論的，我們正在對我們的業務進行有針對性的投資，以推動強勁的收入成長，同時在我們推動業務實現盈利的過程中簡化我們的成本結構。我們在 2021 年 4 月 IPO 期間及之後製定的策略是進行必要的投資，以快速開發和部署行業領先的解決方案組合，同時擴大我們的組織和商業管道，以獲得推動成功的規模和專業知識產品推出並確保市場領先地位。

The successful launch of the Fusion instrument in 2022 was central to this strategy as it solidify our full instrument portfolio. We were also focused on enhancing and improving our PhenoImager HT platforms and the organization's readiness to serve the large spatial biology clinical market. Our progress here included for the HT system meeting clinical platform requirements for system robustness and reproducibility, meeting regulatory quality standards, deploying our platform in a clean environment, including establishing a CLIA lab at our Marlborough headquarters and securing our first companion diagnostic deal.

2022 年 Fusion 儀器的成功推出是這項策略的核心，因為它鞏固了我們完整的儀器產品組合。我們也專注於增強和改進我們的 PhenoImager HT 平台以及組織為服務大型空間生物學臨床市場做好準備。我們在這裡取得的進展包括HT 系統滿足臨床平台對系統穩健性和可重複性的要求、滿足監管品質標準、在清潔的環境中部署我們的平台，包括在我們的馬爾堡總部建立CLIA 實驗室並確保我們的第一個伴隨診斷交易。

From beginning of 2021 through the end of 2022, we succeeded in achieving all of our internal strategic objectives, while also consistently meeting external financial performance expectations during this first phase of our multiyear strategy. The second phase of our strategy initiated beginning of this year, targets improving operational leverage while continuing to deliver sustained top line growth, with a focus on system placement expansion and especially driving increased reagent revenue.

從 2021 年初到 2022 年底，我們成功實現了所有內部策略目標，同時在多年策略的第一階段持續滿足外部財務績效預期。我們的策略第二階段於今年年初啟動，目標是提高營運槓桿，同時繼續實現持續的營收成長，重點是系統佈局擴展，特別是推動試劑收入的增加。

With the best-in-class instrument portfolio now in place and over 1,000 boxes in the field, we are focusing our R&D and operational initiatives on delivering workflow improvements and reagent solutions to our customers, enabling a broad suite of applications and higher system utilization. And as a result, increased instrument pull-through.

憑藉目前一流的儀器組合和超過 1,000 個現場儀器箱，我們將研發和營運計劃的重點放在為客戶提供工作流程改進和試劑解決方案上，從而實現廣泛的應用和更高的系統利用率。結果，增加了儀器的牽引力。

Since the start of 2023, Akoya initiated efforts to expand our [rates] menu, not only with new content, but also with ready-made panels for both the PhenoCycler Fusion for high-plex discovery and the PhenoImager HT for high throughput translational studies. These biomarker panels are part of the PhenoCode reagent brand, and included our discovery panels for the phenotype for Fusion and the signature panels for the PhenoImager HT.

自 2023 年初以來，Akoya 開始努力擴展我們的[費率]菜單，不僅提供新內容，還提供用於高複雜發現的 PhenoCycler Fusion 和用於高通量轉化研究的 PhenoImager HT 的現成面板。這些生物標記面板是 PhenoCode 試劑品牌的一部分，包括我們的 Fusion 表型發現面板和 PhenoImager HT 的簽名面板。

The discovery panels have a rolling launch throughout 2023, and are designed in a modular fashion of 10 to 20 markers, providing our customers the ability to easily combine a handful of these modules into a large high-plex panel while also including the ability to add additional Akoya catalog antibodies or their own antibodies of interest. Signature panels for the HT are designed to enable fast and scalable assay development and deployment for large immuno-oncology translational biomarker studies, resulting in accelerated HT utilization and an increased ASP percent. Along with the launch of these high-value reagent panels, we are also making additional workflow improvements on the systems and instruments to simplify the user experience and further accelerate data processing and analysis.

這些探索面板將於 2023 年滾動推出，並採用 10 至 20 個標記的模組化方式設計，使我們的客戶能夠輕鬆地將少數這些模組組合成大型高複雜面板，同時還包括添加功能的能力其他Akoya目錄抗體或他們自己感興趣的抗體。 HT 的簽名面板旨在為大型免疫腫瘤學轉化生物標記研究實現快速且可擴展的檢測開發和部署，從而加速 HT 利用率並提高 ASP 百分比。隨著這些高價值試劑板的推出，我們也在系統和儀器上進行了額外的工作流程改進，以簡化使用者體驗並進一步加速資料處理和分析。

The Fusion 2.0 instrument hardware and software field upgrade was initiated as of the second quarter. This upgrade includes a multi-slide carrier, enabling parallel processing of tissue samples with improved and faster fluidics, which effectively doubles the system throughput of the PhenoCycler-Fusion to 20 or more samples per week. The upgrade also includes the necessary hardware and software components to support RNA Enablement. Field upgrades started with our first customers in June, and we expect a significant percentage of our PhenoCycler-Fusion customers to upgrade by year-end.

Fusion 2.0儀器硬體和軟體現場升級已於第二季啟動。此次升級包括一個多載玻片載體，能夠透過改進和更快的流體技術並行處理組織樣本，從而有效地將 PhenoCycler-Fusion 的系統吞吐量提高一倍，達到每週 20 個或更多樣本。升級還包括支援 RNA Enablement 所需的硬體和軟體組件。我們的第一批客戶在 6 月開始進行現場升級，我們預計很大一部分 PhenoCycler-Fusion 客戶將在年底前進行升級。

On the PhenoImager HT, we are also streamlining our informatic workflow and post-processing. In July, we introduced improvements to the HT that moves post-processing and tissue analysis workflow directly on to the HT for on-instrument and real-time compute. This results in a severalfold reduction in both image processing and turnaround time, delivering meaningful capacity increase, reduction in hands-on time and workflow simplification.

在 PhenoImager HT 上，我們也簡化了資訊工作流程和後處理。 7 月，我們對 HT 進行了改進，將後處理和組織分析工作流程直接轉移到 HT 上進行儀器上和即時計算。這使得影像處理和周轉時間減少數倍，從而顯著提高容量、減少動手時間並簡化工作流程。

Now as a reminder, Akoya's platform leverage on instrument image processing and file compression that reduces bio sizes from terabytes to gigabytes, delivering the data in a single standardized format. This standardization and the large-scale market adoption of our platforms has catalyzed third-party development of next-generation spatial biology analogist solutions to support our customers. To date, we have partnered with leading software providers, including Enable Medicine, Visiopharm, Indico Labs, PathAI and OracleBio, providing our customers with a range of desktop, cloud, commercial and open-source solutions, allowing us to serve the full compendium of customer needs and requirements. We expect and intend for this trend to continue, while we focus our internal investments upstream.

現在提醒一下，Akoya 的平台利用儀器影像處理和檔案壓縮，將生物大小從 TB 減少到 GB，以單一標準化格式提供資料。我們平台的標準化和大規模市場採用促進了第三方開發下一代太空生物學模擬解決方案來支援我們的客戶。迄今為止，我們已與領先的軟體供應商合作，包括 Enable Medicine、Visiopharm、Indico Labs、PathAI 和 OracleBio，為我們的客戶提供一系列桌面、雲端、商業和開源解決方案，使我們能夠提供完整的服務客戶的需求和要求。我們預計並打算繼續這種趨勢，同時我們將內部投資重點放在上游。

Coupled to the software partner network, our expanding content menu and workflow improvements will accelerate system utilization, reduce time from sample to answer, and drive increased instrument pull-through. We continue to make great progress in the downstream, translational and clinical markets.

與軟體合作夥伴網路結合，我們不斷擴展的內容選單和工作流程改進將加快系統利用率，減少從樣本到答案的時間，並推動增加儀器的吞吐量。我們繼續在下游、轉化和臨床市場取得巨大進展。

At industry conferences like AACR and SITC, where the focus is on clinical relevance and patient impact. Spatial technology and multiplex tissue analysis are seeing a rapidly growing presence and are central -- are central to emerging clinical biomarker efforts, particularly in immuno-oncology. Akoya has led these efforts by delivering a clinic-ready program, driving adoption through our CLIA Lab and CRO partners, and forming transformative partnerships with true thought leaders, including Agilent, AstraZeneca, Acrivon and more. We continue to expand this ecosystem. For example, our clinical market development and commercial team are leveraging the HT workflow improvements and best practices from our Advanced Biopharma Solutions, CLIA Lab or ABS, to build a rapidly growing qualified CRO service provider network. This CRO network amplifies Akoya's presence and impact in the translational and clinical trial markets and like ABS, helps advance our companion diagnostic pipeline and opportunities.

在 AACR 和 SITC 等行業會議上，重點是臨床相關性和患者影響。太空技術和多重組織分析正在迅速成長，並且是新興臨床生物標記工作的核心，特別是在免疫腫瘤學領域。 Akoya 領導了這些工作，提供臨床就緒計劃，透過我們的 CLIA 實驗室和 CRO 合作夥伴推動採用，並與真正的思想領袖（包括安捷倫、阿斯特捷利康、Acrivon 等）建立變革性合作夥伴關係。我們繼續擴大這個生態系統。例如，我們的臨床市場開發和商業團隊正在利用我們的先進生物製藥解決方案、CLIA 實驗室或 ABS 的 HT 工作流程改進和最佳實踐，建立一個快速成長的合格 CRO 服務提供者網路。這個 CRO 網路擴大了 Akoya 在轉化和臨床試驗市場的影響力，並且像 ABS 一樣，有助於推進我們的伴隨診斷管道和機會。

On the operational side of the business, we are rapidly refining and reworking our product supply chain and manufacturing processes to drive continuous improvements in our inventory management and overall margins, which we expect to approach 60% as we exit 2023.

在業務營運方面，我們正在快速完善和改造我們的產品供應鏈和製造流程，以推動我們的庫存管理和整體利潤率的持續改進，我們預計到 2023 年退出時將接近 60%。

On the expense side, we completed a minor reduction in force across the company in the second quarter to optimize our teams after a period of rapid growth in 2021 and 2022, and to better align our organization and processes to achieve profitability. We further solidified our balance sheet in the second quarter, completing a follow-on offering with the $50 million in gross proceeds.

在費用方面，我們在第二季度完成了全公司的小幅裁員，以在經歷了2021年和2022年的快速增長期後優化我們的團隊，並更好地調整我們的組織和流程以實現盈利。我們在第二季進一步鞏固了我們的資產負債表，完成了募集資金總額 5000 萬美元的後續發行。

To review, we're focused on the following initiatives throughout the remainder of 2023. First, continue to deliver new applications and drive further workflow and speed improvements to increase the reagent pull-through on the PhenoCycler-Fusion for the discovery market and the PhenoImager HT for the translation on clinical markets. Second, continue to build and expand ecosystem with biopharma, medical centers, CROs and diagnostic leaders to drive adoption of the PhenoImager HT in the translational and clinical research markets to support our companion diagnostic goals. Third, drive operational efficiencies and execute targeted investments to achieve cash flow positivity in 2025.

回顧一下，我們在 2023 年剩餘時間內重點關注以下舉措。首先，繼續提供新的應用程式並推動進一步的工作流程和速度改進，以增加 PhenoCycler-Fusion 和 PhenoImager 上發現市場的試劑輸送量HT 用於臨床市場的翻譯。其次，繼續與生物製藥、醫療中心、CRO 和診斷領導者建立和擴展生態系統，推動 PhenoImager HT 在轉化和臨床研究市場的採用，以支持我們的伴隨診斷目標。第三，提高營運效率並執行有針對性的投資，以在 2025 年實現正現金流。

Now with that, I'll turn the call over to Johnny to discuss our financial results. Johnny?

現在，我將把電話轉給約翰尼，討論我們的財務表現。強尼？

Thanks, Brian. As Brian highlighted, total revenue for the second quarter of 2023 was $23.5 million, a 31% growth over the second quarter of 2022. Our robust year-over-year growth reflects a strong portfolio with diversified revenue across multiple geographies, customer segments, products and services. Product revenue, including instruments, reagents and software, totaled $17.1 million for the second quarter, representing 20% growth over the prior year period. Instrument revenue was $11.3 million for the second quarter, representing 19% growth over the prior year period. We had another strong quarter with 72 total instruments sold, of which 27 were PhenoCyclers and 45 were from the PhenoImager portfolio.

謝謝，布萊恩。正如Brian 所強調的那樣，2023 年第二季的總收入為2,350 萬美元，比2022 年第二季成長31%。我們強勁的年成長率反映了強大的投資組合，在多個地區、客戶群、產品中實現了多元化的收入和服務。第二季包括儀器、試劑和軟體在內的產品收入總計1,710萬美元，比去年同期成長20%。第二季儀器營收為 1,130 萬美元，比去年同期成長 19%。我們又迎來了一個強勁的季度，共售出 72 台儀器，其中 27 台為 PhenoCyclers，45 台來自 PhenoImager 產品組合。

We ended the second quarter of 2023 with a total installed base of 1,064 instruments, which includes 300 PhenoCyclers and 764 PhenoImagers. A total of 181 Fusion instruments have shipped since the full commercial launch at the start of 2022, and we now have a total installed base of 159 for the combined PhenoCycler-Fusion system sold either directly as a combined system or as an upgrade to stand-alone PhenoCycler instruments that previously utilized third-party microscopes.

截至 2023 年第二季度，我們總共安裝了 1,064 台儀器，其中包括 300 台 PhenoCyclers 和 764 台 PhenoImager。自 2022 年初全面商業發布以來，總共已發貨 181 台 Fusion 儀器，現在我們的組合 PhenoCycler-Fusion 系統的總安裝量為 159 台，可以直接作為組合系統銷售，也可以作為獨立系統的升級版銷售。單獨使用先前使用第三方顯微鏡的PhenoCycler 儀器。

Approximately 1.5 years into the Fusion launch, the majority of PhenoCyclers are being sold in combination with the Fusion, and we expect this combination to drive increased reagent pull-through with new content and even faster workflows. Reagent revenue was $5.8 million for the second quarter, representing a 29% growth over the prior year period. In the first half of 2023, we are seeing encouraging results of our emphasis on driving reagent growth. The annualized second quarter reagent pull-through has now increased to the mid-$30,000 range for both the PhenoCycler and HT as more PhenoCyclers paired with Fusion are up and running and as we see increasing utility of HT among biopharma and CROs, which are also our target customers for the recently launched PhenoCode signature panels. This is compared to an annualized pull-through per instrument in 2022 in the low $30,000 range for both the PhenoCycler and the PhenoImager HT.

Fusion 推出約 1.5 年後，大多數 PhenoCyclers 與 Fusion 組合銷售，我們預計這種組合將透過新內容和更快的工作流程推動試劑的流通量增加。第二季試劑收入為 580 萬美元，比去年同期成長 29%。 2023 年上半年，我們在推動試劑成長方面取得了令人鼓舞的成果。隨著越來越多與Fusion 配合使用的PhenoCycler 啟動並運行，並且我們看到HT 在生物製藥和CRO 中的效用不斷增加，PhenoCycler 和HT 的第二季度試劑年化收入現已增加到30,000 美元中間的範圍，這也是我們的目標最近推出的 PhenoCode 簽名面板的目標客戶。相較之下，PhenoCycler 和 PhenoImager HT 到 2022 年每台儀器的年化收入均在 30,000 美元以下。

Given the ongoing dynamics across our end users, a growing installed base and our new product launches designed to realize pull-through expansion, we anticipate annual reagent revenue growth to be in this range for the next several years.

鑑於我們最終用戶的持續動態、不斷增長的安裝基礎以及旨在實現拉動式擴張的新產品的推出，我們預計未來幾年的年度試劑收入增長將在此範圍內。

Service and other revenue totaled $6.4 million for the second quarter, an increase of 73% over the prior year period. Services have been a substantial growth segment for us over the past several quarters as our installed base and warranty revenue expand, and as our lab services are driving more and higher scale studies.

第二季服務和其他收入總計 640 萬美元，比去年同期成長 73%。在過去的幾個季度中，隨著我們的安裝基礎和保固收入的擴大，以及我們的實驗室服務正在推動更多、更大規模的研究，服務一直是我們大幅成長的部分。

Gross profit was $12.1 million in the second quarter, representing 17.2% year-on-year growth and gross margin was 51.5%. COGS totaled $11.4 million for the quarter, including a nonroutine $2 million charge related to the expiration of materials purchased in prior periods to help mitigate against the global supply chain challenges and enable new reagent product lines.

第二季毛利為1,210萬美元，較去年同期成長17.2%，毛利率為51.5%。本季銷貨成本總計 1,140 萬美元，其中包括與前期購買的材料到期相關的 200 萬美元非常規費用，以幫助緩解全球供應鏈挑戰並啟用新的試劑產品線。

In the first half of 2023, we have made great strides to strengthen our operation planning and supply chain with improved systems and operational leadership as we plan for reagents to become a bigger part of our revenue mix. We will continue to scale and optimize operations and leverage our manufacturing investments to drive the expansion of our gross margins towards the 60% range in the second half of 2023.

2023 年上半年，我們透過改進系統和營運領導力，在加強營運規劃和供應鏈方面取得了長足進步，因為我們計劃讓試劑成為我們收入組合的更大組成部分。我們將繼續擴大和優化運營，並利用我們的製造投資，推動我們的毛利率在 2023 年下半年擴大到 60% 的範圍。

Operating expenses for the quarter totaled $31.4 million as compared to $29.7 million in the first quarter. Our continued efforts to leverage our cost structure to drive the business towards profitability are underway as we work to flatten our operating spend throughout 2023 and into 2024. As Brian mentioned, in the second quarter, we reduced our workforce across certain areas of the organization, which will moderate spend in nonessential areas and help ensure that a more substantial portion of expected revenue growth falls to our bottom line. Included in our second quarter expenses was $2 million in severance and other charges with $1.1 million of this in cash, which stemmed from the expense reduction efforts. Excluding these charges, operating expenses decreased from Q1 to Q2.

本季營運費用總計 3,140 萬美元，而第一季營運費用為 2,970 萬美元。我們正在繼續努力利用我們的成本結構來推動業務實現盈利，並努力在2023 年和2024 年壓平我們的營運支出。正如布萊恩提到的，在第二季度，我們減少了組織某些領域的員工數量，這將減少非必要領域的支出，並有助於確保預期收入成長的更大部分落入我們的底線。我們第二季的開支包括 200 萬美元的遣散費和其他費用，其中 110 萬美元是現金，這些費用源於削減開支的努力。除去這些費用，營運費用從第一季到第二季有所下降。

Akoya has developed world-class products, a robust operating infrastructure and has streamlined commercial execution to drive top line growth. Our plan for 2023 is to focus on -- focus our targeted investments in areas that will generate the highest returns as we work towards operating cash flow positivity in 2025. We ended the quarter with approximately $93.3 million of cash and cash equivalents, which includes net proceeds from an equity raise in the second quarter and have approximately $11.3 million in additional available debt capacity. We expect to maintain robust top line growth throughout 2023, with incremental increases to gross margin, resulting in reduced cash burn as we recognize operating leverage and continue to flatten our OpEx. Common shares outstanding and fully diluted shares, including the impact of outstanding options and unvested restricted stock awards, are 48.8 million shares as of June 30, 2023.

Akoya 開發了世界一流的產品、強大的營運基礎設施並簡化了商業執行，以推動收入成長。我們2023 年的計畫是，在我們努力實現2025 年營運現金流積極性的同時，將我們的目標投資集中在能夠產生最高回報的領域。本季結束時，我們擁有約9,330 萬美元的現金和現金等價物，其中包括淨現金和現金等價物。第二季度的股權融資所得款項，並擁有約 1130 萬美元的額外可用債務能力。我們預計整個 2023 年將保持強勁的營收成長，毛利率逐步增加，隨著我們認識到營運槓桿並繼續壓平我們的營運支出，從而減少現金消耗。截至 2023 年 6 月 30 日，已發行普通股和完全稀釋股份（包括未行使選擇權和未歸屬限制性股票獎勵的影響）為 4,880 萬股。

To summarize, we had another record quarter with $23.5 million in revenue, a 31% growth over the prior year. Akoya's total installed base is now at 1,064 instruments, the largest installed base in the spatial biology industry. We continue the rapid expansion of our installed base while driving meaningful reagent revenue growth and pull-through increases. We have implemented critical organizational changes to improve efficiencies, drive gross margin improvement and cost advantages to help recognize operating leverage while maintaining robust top line growth.

總而言之，我們的季度營收再次創紀錄，達到 2,350 萬美元，比上年增長 31%。 Akoya 的總安裝基數現已達到 1,064 台儀器，是太空生物學產業最大的安裝基數。我們繼續快速擴大我們的安裝基礎，同時推動顯著的試劑收入成長和拉動成長。我們實施了關鍵的組織變革，以提高效率、推動毛利率改善和成本優勢，以幫助認識營運槓桿，同時保持強勁的營收成長。

And finally, with an industry-leading volume of publications featuring Akoya's platforms now over 1,000, we remain very confident in our ability to deliver growth -- continued growth in 2023. Currently, we are reiterating our revenue guidance range of $95 million to $98 million for 2023 as we continue to see tailwinds for our business in the spatial biology market.

最後，憑藉 Akoya 平台的行業領先出版物數量現已超過 1,000 份，我們對實現增長的能力（2023 年持續增長）仍然充滿信心。目前，我們重申我們的收入指導範圍為 9500 萬美元至 9800 萬美元2023 年，我們將繼續看到太空生物學市場業務的順風車。

Now I'll turn it back over to Brian for few closing remarks. Brian?

現在我將把它轉回布賴恩做幾句結束語。布萊恩？

Thank you, Johnny. We're pleased to report a strong quarter, announced multiple exciting and new developments across the portfolio, and we'll look to execute on them throughout the year as we drive the business to near-term positive cash flow. We're thankful for the hard work of our fellow dedicated clients as well as the support of our customers and shareholders. Akoya remains very well positioned for growth, and we're excited about the opportunities that lie ahead as we deliver new spatial solutions from the discovery to the clinical markets. And at this point, we'll open the call for questions. Operator?

謝謝你，強尼。我們很高興報告一個強勁的季度，宣布了整個投資組合中的多項令人興奮的新發展，我們將尋求全年執行這些發展，推動業務實現近期正現金流。我們感謝其他熱心客戶的辛勤工作以及客戶和股東的支持。 Akoya 仍然保持著良好的成長勢頭，我們對未來的機會感到興奮，因為我們提供從發現到臨床市場的新空間解決方案。此時，我們將開始提問。操作員？

(Operator Instructions) Our first question comes from Kyle Mikson with Canaccord Genuity.

（操作員說明）我們的第一個問題來自 Canaccord Genuity 的 Kyle Mikson。

Congrats on the quarter. So first, I -- yes, no problem. I first just want to ask some stuff about Fusion. I mean, first of all, great instruments kind of strength here. What's the attach rate right now, Fusion to PhenoCycler? And then how would you kind of characterize the pull-through for the PhenoCycler-Fusion combined instruments? And then from this point going forward, every Fusion kind of bundle was going to be 2.0, right?

恭喜本季。首先，我——是的，沒問題。我首先想問一些關於 Fusion 的事情。我的意思是，首先，這裡有很棒的樂器。 Fusion 到 PhenoCycler 現在的附加率是多少？那麼您如何描述 PhenoCycler-Fusion 組合儀器的拉通特性？然後從現在開始，每個 Fusion 類型的捆綁包都將是 2.0，對吧？

So yes, let me answer those in serial. So the Fusion attach rate is still well over 80%. It is way more common than not that when we sell a Cycler dose with the Fusion. And while we're not calling out the pull-through on PhenoCycler-Fusion as a stand-alone relative to the PhenoCycler the third party. If you just look at, Kyle, our top 15 to 20 that are maybe fivefold above that mid-$30,000 range, they're all PCF customers. So consistent with what we're expecting, the PhenoCycler-Fusion pull-through is elevated well above those using the PhenoCycler with third-party scopes, which is why as we look at that total installed base, Cyclers, it's about 300, a little more than half of those are attached to Fusion, huge opportunities going forward to continue to upgrade. And as far as the 2.0, that's cutting into manufacturing over time. So we'll probably still do them as a field upgrade through the second half and then probably cut those into manufacturing more towards the tail end of the year, focusing on those field upgrades right away. So a little bit of a hybrid.

所以，是的，讓我連續回答這些問題。所以Fusion附著率仍然遠高於80%。當我們銷售帶有 Fusion 的 Cycler 劑量時，這種情況更為常見。雖然我們並沒有將 PhenoCycler-Fusion 視為相對於第三方 PhenoCycler 的獨立產品。 Kyle，如果你看看我們前 15 到 20 名的客戶，他們的價格可能是 30,000 美元中間範圍的五倍，他們都是 PCF 客戶。與我們的預期一致，PhenoCycler-Fusion 的牽引力遠高於使用 PhenoCycler 和第三方示波器的那些，這就是為什麼當我們查看總安裝基數時，Cyclers 大約為 300，一點點其中一半以上與Fusion 相關，未來繼續升級的機會巨大。就 2.0 而言，隨著時間的推移，這會削減製造業。因此，我們可能仍會在下半年將它們作為現場升級進行，然後可能在年底將其更多地削減到製造中，立即專注於這些現場升級。所以有點混合。

Yes, that was really helpful. And on the service and other revenue was higher than our model, not by time, but it was pretty strong. What's driving that? What kind of projects? Is it mainly the HT work? Or is there any Fusion work being done as well?

是的，這確實很有幫助。服務和其他收入比我們的模型要高，不是按時間計算，但它相當強勁。是什麼推動了這一點？什麼樣的項目？主要是HT工作嗎？或是否也正在進行任何 Fusion 工作？

Yes. Johnny, you can chime in, just remember kind of what's rolled into that services line. It certainly includes both our lab services as well as warranty, so we don't really yet carve that out. So it's really a combination of both. Growing installed base, which means higher warranty revenues, especially when you have continued strong instrument performance. But it's also the services across the board, which includes our CLIA Lab services at ABS and the ongoing partnership with Acrivon in terms of both -- the latter are both continuing to advance with kind of larger scale projects with our biopharma customers through our CLIA Lab and the continued advancement of the Acrivon CDx.

是的。強尼，你可以插話，只要記住該服務線包含哪些內容即可。它當然包括我們的實驗室服務和保修，所以我們還沒有真正解決這個問題。所以它實際上是兩者的結合。不斷增長的安裝基礎，意味著更高的保固收入，特別是當您擁有持續強勁的儀器性能時。但這也是全面的服務，包括我們在 ABS 的 CLIA 實驗室服務以及與 Acrivon 在這方面的持續合作夥伴關係 - 後者都通過我們的 CLIA 實驗室與我們的生物製藥客戶繼續推進更大規模的項目以及Acrivon CDx 的持續進步。

Okay. All right, great. Johnny was going to chime in. So maybe last question on -- [when do you like] the company's success outside immuno-oncology. I was curious if any of your more recent publications are kind of like veering outside the borders of I/O. And if I/O is going to remain like the main clinical use case for spatial or do you think like targeted therapies like the (inaudible) like the -- that could be like a wildcard kind of an important aspect going forward as well?

好的。好吧，太好了。強尼打算插話。所以也許最後一個問題是－[你什麼時候喜歡]該公司在免疫腫瘤學之外的成功。我很好奇您最近發表的任何出版物是否有點像超出了 I/O 的範圍。如果 I/O 仍然是空間的主要臨床用例，或者您認為像（聽不清楚）這樣的標靶治療——這也可能是未來一個重要方面的通配符？

Yes, it's a really good question. I think when we answered it, Kyle, as we take a look at the market segments where our products go. And in the case of the Discovery segment of the PhenoCycler, a lot of publications outside of immuno-oncology and oncology more generally, including areas like inflammatory disease and dermatological diseases.

是的，這是一個非常好的問題。凱爾，我想當我們回答這個問題時，我們會審視我們的產品所在的市場區隔。就 PhenoCycler 的 Discovery 部分而言，有許多免疫腫瘤學和腫瘤學以外的出版物，包括發炎性疾病和皮膚病等領域。

On the HT translation on the clinical side, it's still largely dominated by IO. That said, it's worth noting that Acrivon's leadership in the new therapeutic is in targeted DNA damage repair. So that's not in IO. But I would say that, Kyle, for near term, there's still so much headroom in the sort of oncology I/O space with the translational clinical market. I expect we're still there for some time as you look at the advancement of that pipeline.

在臨床方面的HT翻譯方面，仍主要以IO為主。儘管如此，值得注意的是 Acrivon 在新療法中的領先地位在於靶向 DNA 損傷修復。所以這不在 IO 中。但凱爾，我想說的是，短期內，腫瘤學 I/O 領域與轉化臨床市場仍有很大的發展空間。我預計當你看到該管道的進展時，我們仍會在那裡待一段時間。

Our next question comes from Lucas Baranowski with UBS.

我們的下一個問題來自瑞銀集團的盧卡斯·巴拉諾夫斯基。

This is Lucas on for John Sourbeer here at UBS. In the past you've talked about how the majority of PhenoCycler-Fusion customers aren't yet at full ramp in terms of utilization. I guess, is that still the case today? And do you anticipate that changing in the coming quarter or 2?

我是盧卡斯 (Lucas) 為瑞銀 (UBS) 的約翰·索爾比爾 (John Sourbeer) 發言。過去您曾談到大多數 PhenoCycler-Fusion 客戶的使用率尚未全面提升。我想，今天還是這樣嗎？您預計這種情況會在未來一兩個季度發生變化嗎？

Yes. I think when we talk about full capacity, I just think it's rare, generally speaking, for any life sciences tool system to operate at full capacity. That said, what we do feel like, John, is -- we do feel like with some of these field upgrades, with the improvement on, we'll call it, the bookends, more and more panels upfront, and then the improved software partners. We do feel like, Lucas, that median is going to begin to shift to a larger and larger pull through a number. I suspect getting full capacity is more of an idealized, but again, having a higher percentage of your customers, running this at a frequency that gets your pull-through from the mid-30s now, we continue to grow at a similar rate over the next couple of years is what we expect.

是的。我認為，當我們談論滿載運轉時，我只是認為，一般來說，任何生命科學工具系統都很少能滿載運作。也就是說，約翰，我們確實感覺到 - 我們確實感覺對其中一些現場升級進行了改進，我們稱之為書立，越來越多的面板，然後是改進的軟體夥伴。盧卡斯，我們確實覺得中位數將開始轉向越來越大的數字。我懷疑獲得滿載的容量更加理想化，但同樣，擁有更高比例的客戶，以讓您從現在 30 多歲中期開始的頻率運行此服務，我們將繼續以類似的速度增長未來幾年是我們所期望的。

That's very helpful. And then I guess that kind of leads into my other question. The 2.0 upgrade clearly has started now. Is there any commentary you can provide on how that's going both in terms of how things are going on your end of it? And also you know what you're hearing from customers?

這非常有幫助。然後我想這會引出我的另一個問題。 2.0升級顯然已經開始了。您能就您方面的進展提供任何評論嗎？您還知道您從客戶那裡聽到了什麼嗎？

Yes. I think, Lucas, it's still pretty early. As I noted in the commentary, we really -- in June, where we started doing those field upgrades. But there's 2 things we look for. Number one is just a simple robustness of the upgrade in terms of install it, and it works out of the box. That's going extremely well. And the second thing you look for is, is it having the realized utilization ramp where people are now prepping a lot more samples per week because they can turn multiples per day. I think it's still a little bit too early, Lucas, for that. But given the former, the robustness, we're pretty optimistic that our ability to realize those benefits and accelerate those upgrades as we're optimistic about that to second half and into '24.

是的。我想，盧卡斯，現在還為時過早。正如我在評論中指出的那樣，我們確實在 6 月開始進行現場升級。但我們要尋找兩件事。第一是在安裝方面升級的簡單穩健性，並且開箱即用。進展非常順利。您要尋找的第二件事是，它是否具有實際的使用率，人們現在每週準備更多的樣品，因為他們每天可以轉動多個樣品。盧卡斯，我認為現在還為時過早。但考慮到前者的穩健性，我們對實現這些好處並加速升級的能力感到非常樂觀，因為我們對下半年和進入 24 年持樂觀態度。

Our next question comes from Rachel Vatnsdal with JPMorgan Chase.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

So first off, I just want to talk about some of the performance by geography. China, I believe, is roughly 15% of total co-revenues. We've heard of a lot of weakness from other peers on the instrumentation and tool players from the sector in the region. So can you kind of walk us through how did China play out? What was growth this quarter? How are orders trending? And then are you seeing any impact or benefit from some of the recent government stimulus programs?

首先，我只想談談地理上的一些表現。我認為，中國約佔共同收入總額的 15%。我們從其他同行那裡了解到該地區該行業儀器儀表和工具製造商的許多弱點。那麼您能為我們介紹一下中國的表現嗎？本季的成長情況如何？訂單趨勢如何？那麼您是否看到最近的一些政府刺激計劃有任何影響或好處？

So great question. While we don't call out China specifically, it is -- APAC is about 25% of our total. Generally speaking, it's probably a little bit less than that now. And China is the majority of that. And we did see a material impact on the capital purchases through APAC negatively, obviously, because of the pullback of some of these interest-free loans, for example, that were happening in China. So it did negatively impact our APAC capital purchases. That said, we've got a really nimble and talented team in Asia Pacific and they're able to realize some growth and benefit in APAC outside of China. So while we did feel the pain, it wasn't yet to a scale where it materially impacted our top line and on our performance for the quarter.

很好的問題。雖然我們沒有特別指出中國，但亞太地區約占我們總數的 25%。整體來說，可能比現在少一些。其中中國佔大多數。我們確實看到了對透過亞太地區的資本購買產生的重大負面影響，顯然是因為其中一些無息貸款的撤回，例如在中國發生的情況。因此，這確實對我們亞太地區的資本購買產生了負面影響。也就是說，我們在亞太地區擁有一支非常靈活且才華橫溢的團隊，他們能夠在中國以外的亞太地區實現一些成長和收益。因此，雖然我們確實感受到了痛苦，但尚未達到對我們的營收和本季業績產生重大影響的程度。

Great. And then just on the gross margin performance, it looks like gross margin stepped down a bit sequentially. Can you just kind of walk us through some of the drivers there, obviously, some solid placements this quarter? And then just on gross margins heading into next year, you guys have talked about the 200 basis points of expansion in tax for this year. How should we think about that translating to next as this becomes more and more of a rages consumable-focused business?

偉大的。然後就毛利率表現而言，毛利率似乎有所下降。您能否向我們介紹一下該季度的一些驅動因素，顯然是一些可靠的位置？然後，就進入明年的毛利率而言，你們談到了今年稅收擴張 200 個基點。隨著這越來越成為一個以消費品為中心的業務，我們該如何看待這一點？

Yes, it's a great question, Rachel. And maybe we'll allow Johnny, the money man, to talk a little bit about margins and some of the unique dynamics in this quarter.

是的，這是一個很好的問題，雷切爾。也許我們會讓財務人約翰尼談談本季的利潤率和一些獨特的動態。

Yes. Thanks, Brian. It really was unique this quarter. Our standard margin as we sell-through product, really hasn't changed for -- on the downside, we really continue to expand that margin. What we saw this quarter was sort of a nonroutine item where we had some expiring or expired inventory that we took the charge for in Q2. And this inventory was purchased a year to 2 years ago sort of at the tail end of the global supply chain lockup. And as we were in the middle of a high adoption mode, launching new products, and really, that sort of -- that inventory came to sort of expire in Q1 and Q2. And so we took that charge in Q2 and cleaned that up.

是的。謝謝，布萊恩。這個季度確實很獨特。我們銷售產品的標準利潤率實際上並沒有改變——但不利的一面是，我們確實在繼續擴大利潤率。我們本季看到的是一種非常規項目，我們有一些即將到期或過期的庫存，我們在第二季負責處理。這些庫存是在一兩年前在全球供應鏈鎖定的末端購買的。由於我們正處於高採用模式之中，推出新產品，實際上，庫存在第一季和第二季即將到期。因此，我們在第二季度承擔了這項費用並進行了清理。

But to answer the second half of your question, we expect, and as Brian mentioned and I mentioned on the call, we expect sort of to exit into -- end of '23 in that 60% range. And then we'll see the expansion, as we've mentioned, of a couple of hundred basis points into '24. As -- and certainly as reagents make up a larger portion of our revenue as it continues to shift, we should expect that margin expansion related to that shift in addition to the internal operational improvements and efficiencies that we're working on.

但為了回答你問題的後半部分，我們預計，正如布萊恩提到的和我在電話中提到的，我們預計會在 23 年底退出到 60% 的範圍內。然後我們將看到，正如我們所提到的，到 24 年將擴大數百個基點。隨著——當然，隨著試劑在我們收入中所佔的比例不斷變化，我們應該預期，除了我們正在努力的內部營運改善和效率之外，利潤率的擴張也與這種轉變相關。

Our next question comes from Mark Massaro with BTIG.

我們的下一個問題來自 BTIG 的 Mark Massaro。

So you've now had, I believe, 6 quarters consecutive with services and other revenue exceeding 50%, which is great to see. I'd love to hear maybe a little bit more what's driving that and how sustainable you think it is. On the other hand, your reagent revenue growth rate has lagged your top line revenue growth rate for 5 consecutive quarters. I'm curious as to when you think the reagent revenue will start to sort of materially inflect or do you think that the services and other line will pretty much drive similar levels of growth for some time?

因此，我相信您現在已經連續 6 個季度服務和其他收入超過 50%，這是很高興看到的。我很想聽聽更多是什麼推動了這一趨勢，以及您認為它的可持續性如何。另一方面，您的試劑收入成長率已連續 5 個季度落後於營收成長率。我很好奇您何時認為試劑收入將開始出現實質變化，或者您認為服務和其他產品線將在一段時間內推動類似水準的成長？

No, it's a good question, Mark. I suspect while we don't guide to this level of granularity, I suspect you'll see those trends start to change a little bit. I mean, if you just look back over the last 3 years or so, in 2021, we're doing about $3.5 million in reagents per quarter. 2022, that's up to $4.5 million. 2023, kind of we're in the high $5 million, getting close to $6 million. So we're continuing that step function. And I suspect that we'll start to realize more growth there, Mark, as the 2.0 becomes a larger percentage as PhenoCycler-Fusion becomes dominant PhenoCycler third-party. And if a lot of these reagent offerings that we're beginning to roll out throughout full year begin to have their impact. So I think that's probably how I would look at that overall, Mark.

不，這是個好問題，馬克。我懷疑，雖然我們沒有指導到這種程度的粒度，但我懷疑您會看到這些趨勢開始發生一些變化。我的意思是，如果你回顧過去 3 年左右的時間，到 2021 年，我們每季的試劑支出約為 350 萬美元。到 2022 年，這一數字將達到 450 萬美元。到 2023 年，我們的收入將達到 500 萬美元，接近 600 萬美元。所以我們將繼續該步驟功能。我懷疑我們將開始實現更多的成長，馬克，隨著 PhenoCycler-Fusion 成為主導的 PhenoCycler 第三方，2.0 所佔的比例會更大。如果我們開始全年推出的許多試劑產品開始產生影響。所以我想這可能就是我對整體的看法，馬克。

And then on the services side, a lot of that, Mark, is really a combination of both the growing installed base, but most certainly, the realization of the revenue contributions for both the growth of the ABS and the continued productive advancement of our partnership with Acrivon. So hopefully that gives you some color.

然後在服務方面，馬克，其中很大一部分實際上是不斷增長的安裝基礎的結合，但最肯定的是，實現了對 ABS 增長的收入貢獻和我們合作夥伴關係持續富有成效的進步與阿克里翁。希望這能給你一些色彩。

Yes. That's very helpful. So you guys have a lot going on with the 2.0 upgrade, the RNA scope. Obviously, you've got the signature panel. As we think about the panels rolling off, which of the -- rolling out, which of the new product launches do you think is most likely to be material in the back half of '23 and which do you think will take more time to kind of become more material in '24 and beyond?

是的。這非常有幫助。你們對 2.0 升級（RNA 範圍）有很多進展。顯然，您已經有了簽名面板。當我們考慮即將推出的面板時，您認為哪些推出、哪些新產品發布最有可能在 23 年後半段發揮重要作用，以及您認為哪些需要更多時間來確定24 世紀及以後變得更加物質化？

Yes. I really like to tell you, phrase. I think, Mark, that I think for me, as we get towards the end of '23 and into '24. I really think it's the signature panels on the HT that -- and again, this is sort of how I look at it. I think those have an opportunity to be material because the way those go, Mark, is there's a limited evaluation, and there's a bit of a validation period with our biopharma partners and CROs, and then they get to full implementation at scale. These are being evaluated for larger-scale projects. So that's the one I look at. That's the product line I look at to have more like a step function impact then something like the 2.0 where you have kind of a gradual roll in over time.

是的。我真的很想告訴你，短語。馬克，我想，當我們進入 23 世紀末和進入 24 世紀時，我也是這樣想的。我確實認為是 HT 上的簽名面板——再說一遍，我也是這麼看待它的。我認為這些有機會成為實質性的，因為馬克，這些的方式是評估有限，並且我們的生物製藥合作夥伴和 CRO 有一段驗證期，然後他們才能大規模全面實施。這些正在針對更大規模的項目進行評估。這就是我所看的。我認為這個產品線更像是階梯功能影響，而不是像 2.0 那樣，隨著時間的推移，你會逐漸進入。

Our next question comes from Tejas Savant with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Tejas Savant。

This is Edmund on for Tejas. The first question, just wanted to touch on the competitive dynamics here. With the proteomic side, with tax announcements that acquired (inaudible) and Bruker making a harder push with sales gain, are you starting to see them come across them in your customer conversations? And how does this change the competitive dynamic on the proteomic side?

我是埃德蒙 (Edmund) 代表光輝號 (Tejas) 發言。第一個問題只是想談談這裡的競爭動態。在蛋白質體學方面，隨著收購（聽不清楚）的稅務公告以及布魯克加大銷售力度，您是否開始看到他們在您的客戶對話中遇到它們？這如何改變蛋白質體方面的競爭動態？

Yes. It's a great question, Edmund. I think I look at it 2 ways, or maybe 3. I think it's a little bit early on the (inaudible) Bio-Techne side to look for potential impact. I think as you look at the narratives and the investments coming out of our colleagues at Bruker and Bio-Techne, I think, I look at it as kind of an endorsement of the value of Spatial proteomics in Discovery market, which has been a lot of inappropriate so attention paid to Spatial transcriptomics. I think the narrative and investments coming out of our colleagues at Bruker and Bio-Techne. I think even more accretive to the power of spatial proteomics as a true discovery engine. And so we're going to continue our eye towards a road towards multiomics. So I think that's how we look at it. A little bit too early for the impact, particularly as it relates to the (inaudible) additional resources being part of Bio-Techne.

是的。這是一個很好的問題，埃德蒙。我想我會用兩種方式來看待它，或者也許用三種方式。我認為在（聽不清楚）生物技術方面尋找潛在影響還為時過早。我認為，當你看到我們布魯克和 Bio-Techne 同事的敘述和投資時，我認為，我認為這是對空間蛋白質組學在發現市場中價值的認可，該市場已經有很多不合適，所以關注空間轉錄組學。我認為這些敘述和投資來自布魯克和 Bio-Techne 的同事。我認為，空間蛋白質體學作為真正的發現引擎的力量更加增強。因此，我們將繼續關注多組學之路。所以我認為我們就是這樣看待它的。就影響而言還為時過早，特別是因為它與作為 Bio-Techne 一部分的（聽不清楚）額外資源有關。

Got it. That's super helpful. And then switching to the competitive dynamics on the transcriptomics side, there's a lot going on with the litigation between your peers. But as of now, both of them are now announcing 5,000 and 6,000 plex by next year. So I was wondering if you guys have any updates for your internal 1,000-plex RNA chemistry? And has this changed your view on your approach to the transcriptomics side at all?

知道了。這非常有幫助。然後轉向轉錄組學方面的競爭動態，同儕之間的訴訟正在進行很多。但截至目前，兩家公司都宣布明年將推出 5,000 和 6,000 套公寓。所以我想知道你們的內部 1,000 重 RNA 化學是否有任何更新？這是否完全改變了您對轉錄組學方面方法的看法？

Yes. I think, as we've been articulating in prior calls and certainly at the last AGBT conference, I think as we look at the market opportunity for us, we feel like for our installed base, for our customers and for our core competency that exists today, for example, we just talked about in the proteome side, we think there's huge opportunity and really in the multiomics space in more of a targeted fashion. We'll go ahead and let our friends at 10x and NanoString really go after these much higher plexes.

是的。我認為，正如我們在之前的電話會議以及上一次AGBT 會議上所闡述的那樣，我認為，當我們審視我們的市場機會時，我們感覺我們的安裝基礎、我們的客戶以及我們現有的核心競爭力例如，今天我們剛剛談到了蛋白質組方面，我們認為在多組學領域確實存在巨大的機會，而且更有針對性。我們將繼續努力，讓 10x 和 NanoString 的朋友真正去追求這些更高的叢。

Our focus is really, Edmund, on capturing sample velocity experiment per unit time, giving our customers the ability to churn through experiments in the 20 to 30 to 40, 50 samples in a week or 2. And so that's why we're focused on the right amount of content for the right question, giving them the answer in a reasonable amount of time versus something that may be a very long protracted time result in a very expensive per sample. So we're more focused in that multiomics kind of mid-plex range in this higher plex, thousands and thousands of transfers.

Edmund，我們的重點實際上是捕獲每單位時間的樣本速度實驗，使我們的客戶能夠在一周或兩週內進行 20 到 30 到 40、50 個樣本的實驗。這就是為什麼我們專注於針對正確的問題提供正確數量的內容，在合理的時間內為他們提供答案，而不是可能需要很長時間的時間，從而導致每個樣本的成本非常昂貴。因此，我們更專注於這種更高複雜度的多組學類型的中複雜度範圍，成千上萬的轉移。

Our next question comes from Tim Chiang with Capital One.

我們的下一個問題來自第一資本的 Tim Jiang。

Brian, I know you've provided 3 initiatives for the remainder of the year. Could you just talk a little bit about what you see the pushes and pulls are in the second half of the year to getting more biopharma medical centers, CRO customers, one? And then I had a follow-up question for Johnny on the gross margins.

Brian，我知道您在今年剩餘時間提出了 3 項倡議。您能否簡單談談您認為下半年獲得更多生物製藥醫療中心、CRO 客戶等方面的推動力和拉力？然後我向強尼提出了一個關於毛利率的後續問題。

Yes. That's a good question, Tim. As we think about what do we need to do to catalyze penetration in the biopharma side, whether it's for the PhenoCycler-Fusion or the HT, I think it's what we talked about in terms of our pillar #1 on system utilization and pull-through. It's about investing in that full workflow, Tim. So it's technician friendly. Sample modules and panels ready out of the box, a very simple streamlined workflow on both the PhenoCycler-Fusion with the 2.0 and the HT, with the onboard compute to get through that sample in a technician easy friendly manner. And then to come out the other side. With a compressed data file and a number of options available to you in terms of analysis through third parties. I think that core strategy on a simple workflow end-to-end ready to go. That's what our biopharma customers look for versus sort of investing in technologies and having to have some skin in the game on tech debt. So I think we're there, and that's sort of #1.

是的。這是個好問題，提姆。當我們思考我們需要做什麼來催化生物製藥方面的滲透時，無論是 PhenoCycler-Fusion 還是 HT，我認為這就是我們在系統利用率和拉動的第一支柱方面所討論的內容。這是關於投資整個工作流程，Tim。所以它對技術人員很友善。樣品模組和麵板開箱即用，這是 PhenoCycler-Fusion 2.0 和 HT 上非常簡單的簡化工作流程，並且板載計算可以以技術人員輕鬆友好的方式完成該樣品。然後從另一邊出來。提供壓縮資料檔和多種第三方分析選項。我認為簡單的端到端工作流程的核心策略已經準備就緒。這就是我們的生物製藥客戶所尋求的，而不是對技術進行投資，並且必須在技術債的遊戲中參與其中。所以我認為我們已經做到了，這就是第一。

And I think #2, as we look around having higher utilization downstream, I think what we're doing with our CRO partners in the CRO network really enabling them with best practices like we have internally. And that's what we've done with our CRO network. It has really gotten them to best practices. So when our biopharma partners are looking to outsource projects, they have a number of options available to them, including those that they've historically worked with. So I think that's how I would focus on the biopharma penetration side, Tim.

我認為#2，當我們考慮提高下游利用率時，我認為我們與 CRO 網路中的 CRO 合作夥伴所做的事情確實使他們能夠像我們內部那樣採用最佳實踐。這就是我們對 CRO 網路所做的事情。這確實讓他們獲得了最佳實踐。因此，當我們的生物製藥合作夥伴尋求外包專案時，他們有多種選擇，包括他們曾經合作過的選擇。所以我認為這就是我關註生物製藥滲透方面的方式，Tim。

No, that's good color, Brian. And then, Johnny, I don't know if this is the right way to look at it. But if I would have stripped out that, I guess, absolute inventory and taking out the $2 million charge, your gross margin probably would have been, what, around 60%?

不，那顏色很好，布萊恩。然後，約翰尼，我不知道這是否是正確的看法。但我想，如果我去掉絕對庫存並扣除 200 萬美元的費用，你的毛利率可能會是 60% 左右？

Yes, you're exactly right. Yes, you're exactly right. That's the right way to look at it. These -- while there's always an element of inventory obsolescence or expiry that you'll have to be tracking, this was -- it's pretty unique in nature, just the timing of when it was purchased and the nature of the world, the time from a supply chain perspective. And then to sort of the what-now to make sure that we are driving that margin, and we're fully leveraging our ERP resource planning, including expiration dating, excess inventory tracking, all those things you would expect. Really, we've strengthened the operational leadership with folks who have strong operations experience, strong management of inventory. And so like you said, excluding this charge, we're at that 60% range, which is why we sort of said in the back half of the year. We think that's the range where we should be.

是的，你說得完全正確。是的，你說得完全正確。這是正確的看待它的方式。這些——雖然總是存在庫存過時或過期的因素，你必須跟踪，但這是——它本質上是非常獨特的，只是購買的時間和世界的性質，從供應鏈視角。然後，我們要立即採取行動，以確保我們能夠提高利潤率，並且我們正在充分利用我們的 ERP 資源規劃，包括到期日期、過剩庫存追蹤以及您所期望的所有這些內容。事實上，我們加強了營運領導力，擁有豐富的營運經驗和強大的庫存管理能力。正如您所說，排除此項費用，我們處於 60% 的範圍內，這就是我們在今年下半年所說的原因。我們認為這就是我們應該處於的範圍。

Mix of revenue, as you'd imagine, moves margin a little bit up or down, depending on instruments, reagents or service. So that's always a factor that if we can predict our revenue well, then we have a real good view of margin. While we don't break out margin specifically by product line, certainly, those impact that margin, which is why we push for what we're going to do from a reagent perspective, that will drive as we grow reagents, we will drive that margin up.

正如您所想像的那樣，收入組合會使利潤率略有上升或下降，具體取決於儀器、試劑或服務。因此，如果我們能夠很好地預測我們的收入，那麼我們就能對利潤率有一個真正良好的了解，這始終是一個因素。雖然我們沒有具體按產品線細分利潤率，但這些肯定會影響利潤率，這就是為什麼我們從試劑的角度推動我們要做的事情，這將隨著我們生產試劑的增長而推動，我們將推動這一點保證金增加。

Our next question comes from David Westenberg with Piper Sandler.

我們的下一個問題來自大衛·韋斯特伯格和派珀·桑德勒。

So you have launched a lot of products on the year -- in the last couple of years that I would think would drive a pretty significant utilization. So -- as we look at the content that you've launched, is there any specific ones you want to highlight that have been good contributors to reagent growth versus ones that were a little less than you expected?

所以，你們今年推出了許多產品——在過去的幾年裡，我認為這將帶來相當大的利用率。那麼，當我們查看您發布的內容時，是否有任何您想要強調的具體內容，這些內容對試劑增長做出了良好的貢獻，而那些內容卻比您預期的要少一些？

I don't think there's anything -- it's a good question, David. I don't think there's anything I would call out yet. And mostly because if you look back, David, over the last 2 years, while there was a good bolus of additional content on the PhenoCycler in 2022, and that did contribute to top line. A lot of what we rolled out in '22, which would impact '23 pull-through was really on the platform side. And I think as you look at full year '23, I think the balance between our signature panels for the HT and then some of the discovery panels is where we'll start to see that impact. And I think consistent with Mark Massaro's question, we really think the step function for the signature panels is something that we might realize more explicitly than I would call the gradual rolling of what we're going to see for the pull-through on the PhenoCycler-Fusion as we get more 2.0s -- as we get more Fusion versus third party as those discovery panels rollout.

我不認為有什麼——這是一個很好的問題，大衛。我認為還沒有什麼值得我指出的。主要是因為，大衛，如果你回顧過去兩年，雖然 2022 年 PhenoCycler 上有大量額外內容，但這確實對營收做出了貢獻。我們在 22 年推出的許多會影響 23 年拉通的內容實際上都是在平台方面。我認為當你回顧 23 年全年時，我認為我們的 HT 簽名面板和一些發現面板之間的平衡是我們將開始看到這種影響的地方。我認為與馬克·馬薩羅的問題一致，我們確實認為簽名面板的階躍函數是我們可能會更明確地認識到的東西，而不是我所說的我們將在PhenoCycler 上看到的拉通的逐步滾動-Fusion，因為我們得到了更多的 2.0 版本——隨著這些發現面板的推出，我們得到了更多與第三方相比的 Fusion。

Got it. So I mean is there any way to kind of framework the adoption of that as major revenue contributors. So I mean, are they dabbling in at first and then bigger and bigger experiments as we go on. And I get that this is -- you have 600 or so worth of data here. I'm just kind of thinking about how reagents are going to grow over the next couple of years, and I think that would be helpful.

知道了。所以我的意思是，有沒有什麼方法可以建立一個框架，將其作為主要的收入貢獻者。所以我的意思是，他們是不是一開始就涉足，然後隨著我們的繼續進行越來越大的實驗。我知道這裡有大約 600 個數據。我只是在思考未來幾年試劑將如何發展，我認為這會有所幫助。

Yes. I think there's 2 different -- generally speaking, 2 different adoption methodologies for the discovery market versus for the downstream transition market. On the latter side, it is really about a targeted evaluation of 10 to 20 samples on the signature panels, it deals like I/O. They do that because they have a specific large-scale clinical study in mind. So we're at that evaluation kind of validation phase. Assuming we get through those, then, David, you're talking about a big step function of large orders where they want to lock in a large kind of bolus of reads and orders for a large-scale retrospective or prospective clinical study. Those are step functions.

是的。我認為發現市場和下游轉型市場有兩種不同的採用方法——一般來說，有兩種不同的採用方法。後者實際上是對簽名面板上的 10 到 20 個樣本進行有針對性的評估，它像 I/O 一樣處理。他們這樣做是因為他們有一個特定的大規模臨床研究。所以我們正處於評估驗證階段。假設我們通過了這些，那麼，大衛，你正在談論大訂單的大階躍函數，他們希望鎖定大量的讀數和訂單以進行大規模回顧性或前瞻性臨床研究。這些是階躍函數。

And then I'd say on the Discovery side, you're really talking about a migration to larger panels as projects wind down and wind back up. So those are the dynamics I would point to. With respect to the latter, I think that will probably average in more because the PSP panels are such a big bump in ASP, I think we'll realize that top line benefits more acutely than on the discovery side.

然後我想說，在探索方面，你實際上是在談論隨著專案的結束和恢復而遷移到更大的面板。這些就是我要指出的動態。就後者而言，我認為這可能會平均更多，因為 PSP 面板在 ASP 中是一個巨大的提升，我認為我們會意識到頂線收益比發現方面更明顯。

Got it. And again, that you bring up a good point. I mean there's 2 different platforms that have 2 different user kind of characteristics. So maybe I'm just going to focus on one and then off-line, I can maybe talk about the -- or the other. So let's just go with the PhenoImager. What kind of -- I mean, the customers that are using at a full capacity, I mean, what are kind of the characteristics of those customers and just in terms of projects or content or what-not. And that will be my last question.

知道了。再說一次，你提出了一個很好的觀點。我的意思是有 2 個不同的平台具有 2 種不同的使用者類型特徵。所以也許我只會專注於其中一個，然後離線，我也許可以談論另一個。那我們就使用 PhenoImager 吧。什麼樣的－我的意思是，正在滿載使用的客戶，我的意思是，這些客戶的特徵是什麼，就專案或內容或其他方面而言。這將是我的最後一個問題。

So if you look at our current highest user HT customers, they're generally made up of 2 customer types. A lot of them are CROs and increasingly so. And that's what gives us a lot of excitement around signature panels because a lot of that is in IO, and we remove their need to have to do any panel building because these are already made. So CROs are a significant percentage of it as our academic institutions that are working directly across their institution in biopharma for large-scale clinical trials. So those are the 2 largest customer base. And I would say, I think for the earlier question, I think, from Kyle, a lot of these are on the HT imager side are really still in the I/O, immuno-oncology immunotherapy space, which is why these signature panel content is so appropriately designed.

因此，如果您查看我們目前使用者最多的 HT 客戶，您會發現他們通常由 2 種客戶類型組成。其中很多都是 CRO，而且這種情況越來越多。這就是讓我們對簽名面板感到非常興奮的原因，因為其中許多都在 IO 中，而且我們消除了他們必須進行任何面板構建的需要，因為這些面板已經製作完成。因此，作為我們的學術機構，CRO 在其中佔有相當大的比例，它們直接在生物製藥領域進行大規模臨床試驗。這些是兩個最大的客戶群。我想說的是，我認為對於先前的問題，我認為，來自 Kyle 的許多內容都位於 HT 成像儀方面，實際上仍然處於 I/O、免疫腫瘤學免疫治療領域，這就是為什麼這些簽名面板內容設計得如此恰當。

And our last question comes from Mason Carrico with Stephens Inc.

我們的最後一個問題來自 Stephens Inc. 的梅森·卡里科 (Mason Carrico)。

On the Fusion upgrades, have you prioritized who gets upgraded first? Is it based on customer location, customer schedule? Are you targeting the highest utilization accounts first? Any color there would be great.

在 Fusion 升級中，您是否優先考慮誰先升級？是否基於客戶位置、客戶行程？您是否先定位利用率最高的帳戶？任何顏色都會很棒。

Yes. We have, I'd say, loosely. So it's mostly those that have high utilization and need the additional bandwidth. That is usually the case they have it or need it. They have scale or scaling. Those are really the customers that we're looking at first. And that includes people that not only want the higher capacity, but not to get in the weeds, Mason. But the new -- the software upgrade that's going with the hardware also makes it a lot easier for our customers to put multiple tissues on that slide because we have the largest imageable area in the market, and it certainly supports their productivity there as well.

是的。我想說，我們是鬆散的。所以主要是那些利用率高且需要額外頻寬的。通常情況下，他們擁有或需要它。它們具有規模或縮放比例。這些確實是我們首先關注的客戶。這包括那些不僅想要更高容量，而且不想陷入困境的人，梅森。但是，與硬體一起進行的新軟體升級也使我們的客戶更容易將多個組織放在載玻片上，因為我們擁有市場上最大的可成像區域，當然它也支持他們的生產力。

Got it. That's helpful. And then within your ABS business, how is the pipeline shaping up? Could positive data from Acrivon study in the back half serve as a catalyst for additional CDx opportunities? And how are you thinking about the pacing there of when we could potentially see the next CDx announcement?

知道了。這很有幫助。那麼在您的 ABS 業務中，管道的情況如何？後半段 Acrivon 研究的正面數據能否成為額外伴隨診斷機會的催化劑？您如何看待我們何時可能看到下一個 CDx 公告的節奏？

Yes, it's a great question. Your last one is sort of the money question that I will deflect for now because it's a tough one to answer and one that I probably wouldn't do explicitly. But yes, Acrivon has announced that not only [attract] but they're going to at least to date report the interim results in the second half. So that will be really interesting to hear. I think one of the things that we've seen, Mason, as our expertise because of Acrivon, because of our partnership with Agilent and our ongoing success with the number of pharma, what's happened to our projects, Mason, is we've gone from exploratory studies at a reasonable size to larger retrospective studies to an even larger retrospective, prospective ongoing clinical study. So I think what we're seeing frankly, Mason, is a migration of project types from exploratory to getting even closer to those clinical trial assays. And in addition to the additional work and leveraging our capacity, it's a nature. It's the nature of those studies that I think we're equally excited about moving further and further downstream.

是的，這是一個很好的問題。你的最後一個問題是關於金錢的問題，我現在將迴避這個問題，因為這是一個很難回答的問題，我可能不會明確回答。但是，是的，Acrivon 已經宣布不僅[吸引]，而且他們至少將在下半年報告中期業績。所以這聽起來真的很有趣。我認為，梅森，我們看到的一件事是我們的專業知識，因為Acrivon，因為我們與安捷倫的合作夥伴關係，以及我們在許多製藥公司上的持續成功，我們的專案發生了什麼，梅森，我們已經走了從合理規模的探索性研究到更大規模的回顧性研究，再到更大規模的回顧性前瞻性臨床研究。因此，梅森，坦白說，我認為我們所看到的是項目類型從探索性轉向更接近臨床試驗分析的轉變。除了額外的工作和利用我們的能力之外，這是一種本性。我認為正是這些研究的本質讓我們對進一步向下游發展同樣感到興奮。

There are no further questions. I'd like to turn the call back over to Brian for any closing remarks.

沒有其他問題了。我想將電話轉回給布萊恩，讓其結束語。

Listen, nothing additional to close on. We appreciate everybody's time, attention to detail. We're certainly excited by our results and look forward to continuing our priorities to drive system utilization to really advance our translational and clinical opportunities. And I think, as Johnny articulated so well is really drive that operational excellence on our path to profitability as we deliver on those other 2 pillars. So thank you all for your time and your attention, and we look forward to following up conversations and seeing you all again soon.

聽著，沒有什麼可以關閉的。我們感謝每個人的時間以及對細節的關注。我們當然對我們的結果感到興奮，並期待繼續我們的優先事項，以推動系統利用率，以真正推進我們的轉換和臨床機會。我認為，正如約翰尼所闡述的那樣，在我們實現其他兩個支柱的同時，真正推動我們實現盈利的卓越運營。感謝大家的時間和關注，我們期待著跟進對話並很快再次見到大家。

Thank you for your participation. This concludes the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。程式到此結束，您現在可以斷開連線。大家，祝你有美好的一天。