Avantor Inc (AVTR) 2024 Q3 法說會逐字稿

Good morning.

早安.

My name is Emily, and I will be your conference operator today.

我叫艾米麗，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to Avantor's third-quarter 2024 earnings results conference call.

現在，我歡迎大家參加 Avantor 2024 年第三季收益業績電話會議。

(Operator Instructions)

（操作員指令）

I will now turn the call over to Christina Jones, Vice President of Investor Relations.

現在我將電話轉給投資者關係副總裁克里斯蒂娜瓊斯。

Ms. Jones, you may begin the conference.

瓊斯女士，您可以開始會議了。

Good morning.

早安.

Thank you for joining us.

感謝您加入我們。

Our speakers today are Michael Stubblefield, President and Chief Executive Officer; and Brent Jones, Executive Vice President and Chief Financial Officer.

今天的演講者是總裁兼執行長 Michael Stubblefield；以及執行副總裁兼財務長布倫特瓊斯 (Brent Jones)。

The press release and the presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. A replay of this webcast will also be made available on our website after the call.

本次電話會議的新聞稿和簡報可在我們的投資者關係網站 ir.avantorsciences.com 上查閱。通話結束後，我們也將在網站上提供該網路廣播的重播。

Following our prepared remarks, we will open the line for questions.

在我們發表完準備好的發言後，我們將開放提問專線。

During this call, we will be making forward-looking statements within the meaning of the US federal securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future.

在本次電話會議中，我們將根據美國聯邦證券法做出前瞻性陳述，包括有關我們相信或預期可能在未來發生的事件或發展的陳述。

These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings.

這些前瞻性陳述受多種風險和不確定因素的影響，包括我們向美國證券交易委員會提交的文件中所述的風險和不確定性。

Actual results might differ materially from any forward-looking statements that we make today.

實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

These forward-looking statements speak only as of the date that they are made.

這些前瞻性陳述僅代表其作出之日的觀點。

We do not assume any obligation to update these forward-looking statements as a result of new information, future events, or other developments.

我們不承擔因新資訊、未來事件或其他發展而更新這些前瞻性聲明的任何義務。

This call will include a discussion of non-GAAP measures.

本次電話會議將討論非公認會計準則 (GAAP) 指標。

A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosure package on our Investor Relations website.

這些非公認會計準則指標的對帳表可在新聞稿和我們投資者關係網站上的補充揭露包中找到。

With that, I will now turn the call over to Michael.

說完這些，我現在將電話轉給麥可。

Thank you, CJ, and good morning, everyone.

謝謝你，CJ，大家早安。

I appreciate you joining us today.

感謝您今天加入我們。

I'm starting on slide 3.

我從第三張投影片開始。

We delivered another solid quarter with in-line performance across all key financial metrics.

我們又度過了一個強勁的季度，所有關鍵財務指標都表現一致。

Reported revenue increased sequentially to $1.71 billion, while organic revenue declined 0.7% year-over-year.

報告營收季增至 17.1 億美元，而有機收入較去年同期下降 0.7%。

We were encouraged by another quarter of outperformance in bioprocessing and as strong order rates continue, as well as sequential and year-over-year growth in our laboratory solutions segment.

我們受到生物加工領域又一個季度的優異表現和持續強勁的訂單率以及實驗室解決方案部門的連續和同比增長的鼓舞。

Adjusted EBITDA margin was 17.6%, and adjusted EPS increased to $0.26 in the quarter.

調整後的 EBITDA 利潤率為 17.6%，本季調整後的每股盈餘增加至 0.26 美元。

Sequential mix headwinds were largely offset by strong realization of savings from our cost transformation initiative.

我們成本轉型措施帶來的強勁節約在很大程度上抵消了連續的組合逆風。

Our disciplined approach to working capital drove another quarter of best-in-class free cash flow conversion.

我們對營運資本的嚴謹態度推動了另一個季度最佳的自由現金流轉換。

This enabled us to pay down over $200 million of debt, bringing our net leverage down to 3.8x. Given our strong year-to-date performance, we are raising our free cash flow guidance for the year.

這使我們能夠償還超過 2 億美元的債務，並將我們的淨槓桿率降至 3.8 倍。鑑於我們今年迄今的強勁表現，我們提高了今年的自由現金流預期。

On October 17, we successfully closed the previously announced divestiture of our clinical services assets, which provided support for customers engaged in clinical trial activities with kitting, biorepository and archiving services.

10月17日，我們成功完成了先前宣布的臨床服務資產剝離，該資產剝離為從事臨床試驗活動的客戶提供配套、生物庫和歸檔服務的支援。

This divestiture allows us to focus on our lab and production platforms where we have strategically advantaged position and scale, higher growth entitlements and lower capital investment needs.

此次剝離使我們能夠專注於我們的實驗室和生產平台，這些平台具有戰略優勢的地位和規模、更高的成長權益和更低的資本投資需求。

After a highly competitive process, we are confident we receive full value for the business.

經過高度競爭的過程，我們相信我們將獲得業務的全部價值。

The $500 million in after-tax proceeds, combined with our strong cash generation, accelerates our path to achieving adjusted net leverage of less than 3x.

5 億美元的稅後收益加上我們強勁的現金產生能力，加速了我們實現調整後淨槓桿率低於 3 倍的目標。

In addition to our strong operating results this quarter, we also made considerable progress in advancing our long-term growth strategy.

除了本季強勁的營運業績外，我們在推動長期成長策略方面也取得了長足的進展。

Recent highlights include the expansion of our magnetic mixing systems portfolio with the introduction of a new tabletop mixer.

最近的亮點包括透過推出新的桌上型攪拌器擴展了我們的磁力攪拌系統產品組合。

We launched this new product at the recent Bioprocess International Conference in Boston, where we showcased our innovation capabilities with multiple scientific and keynote presentations.

我們在最近於波士頓舉行的生物過程國際會議上推出了這款新產品，並透過多項科學和主題演講展示了我們的創新能力。

In our lab segment, we launched several new third-party branded products, including Agilent advanced analytical instruments for advanced battery and sustainable energy applications, Sarstedt life science and blood collection consumables as their first major US distribution partner, and Oxford Nanopore's grid ion long-read NGS sequencer, further expanding our collaboration with Oxford Nanopore to bring this higher throughput instrument to market in Europe and the Americas.

在實驗室領域，我們推出了幾款新的第三方品牌產品，包括用於先進電池和可持續能源應用的安捷倫先進分析儀器、作為其首個美國主要分銷合作夥伴的Sarstedt生命科學和採血耗材，以及牛津奈米孔公司的網格離子長效讀取NGS定序儀，進一步擴大我們與牛津奈米孔公司的合作，將這種更高通量的儀器推向歐洲和美洲市場。

We officially opened our new flagship innovation center in Bridgewater, New Jersey.

我們在新澤西州布里奇沃特正式開設了新的旗艦創新中心。

This 60,000 square foot facility staffed with PhD scientists, biopharma engineers, biologists and bioengineers, is 1 of 13 of Avantor innovation centers globally dedicated to solving life sciences biggest challenges.

這個佔地 60,000 平方英尺的設施配備了博士科學家、生物製藥工程師、生物學家和生物工程師，是全球 13 個 Avantor 創新中心之一，致力於解決生命科學的最大挑戰。

The Bridgewater Innovation Center includes capabilities for upstream and downstream process development, pilot plant for scale-up simulations, and analytical and bioanalytical labs that support multiple modalities, including monoclonal antibodies, cell and gene therapies and protein peptide therapeutics.

布里奇沃特創新中心包括上游和下游製程開發能力、擴大模擬試驗工廠以及支持多種模式的分析和生物分析實驗室，包括單株抗體、細胞和基因療法以及蛋白質勝肽療法。

Our new cell business received an award from the prestigious Kaizen Institute for excellence in process improvement and quality management.

我們的新電池業務因其在流程改進和品質管理方面的卓越表現，並獲得了著名的 Kaizen Institute 頒發的獎項。

I recently had the opportunity to visit this team in California and witnessed firsthand how their commitment to the Avantor Business System is driving tangible operational results and fostering strong employee engagement, consistent with our culture of continuous improvement.

我最近有機會訪問了加州的這個團隊，親眼目睹了他們對 Avantor 業務系統的承諾如何推動切實的營運成果並促進強大的員工參與度，這與我們持續改進的文化相一致。

We continue to improve the efficiency and productivity of our supply chain operations.

我們不斷提高供應鏈營運的效率和生產力。

In the quarter, we completed major technology installations at our Visalia, California site and opened a new facility in Devons, Massachusetts toward our fluid handling business.

本季度，我們位於加州維塞利亞的工廠完成了主要技術安裝，並在馬薩諸塞州德文斯開設了新工廠，以開展流體處理業務。

We advanced our sustainability platform and recently received an updated rating from [Covatis], a global leader in business sustainability assessments that places Avantor in the top 17% of over 130,000 rated companies globally.

我們改進了我們的永續發展平台，最近獲得了商業永續發展評估領域的全球領導者 [Covatis] 的最新評級，Avantor 在全球超過 130,000 家受評公司中位列前 17%。

Additionally, we signed our first virtual power purchase agreement through the Energize program, a pharmaceutical industry sponsored program that will reduce our energy costs and deliver renewable energy to our operations across Europe.

此外，我們透過 Energize 計劃簽署了第一份虛擬購電協議，這是一個由製藥業贊助的計劃，旨在降低我們的能源成本並為我們在歐洲各地的業務提供可再生能源。

Finally, our team continues to effectively execute our multiyear cost transformation initiative with several critical work streams ahead of schedule.

最後，我們的團隊繼續有效地執行我們多年的成本轉型計劃，並提前完成了幾項關鍵工作流程。

We are confident that we'll exceed our in-year cost savings target of $75 million in 2024.

我們有信心在 2024 年超額達成 7,500 萬美元的年度成本節約目標。

Turning to our segment results.

談到我們的分部表現。

Laboratory solutions modestly outperformed our plan, returning to growth for the first time in two years.

實驗室解決方案的表現略微超出了我們的計劃，兩年來首次恢復成長。

Within biopharma, overall market conditions remained relatively stable.

在生物製藥領域，整體市場狀況保持相對穩定。

Year-over-year increases in biotech funding have not yet translated into increased preclinical spending and large pharma continued their pattern of cautious spending and prioritizing their clinical pipelines.

生物技術資金的逐年增加尚未轉化為臨床前支出的增加，大型製藥公司繼續採取謹慎支出和優先考慮臨床管線的模式。

In our other end markets, core diagnostic testing demand remains strong, and we delivered growth in both our education and government and applied end markets, underscoring the strength of our diversified platform.

在我們的其他終端市場，核心診斷測試需求仍然強勁，我們在教育、政府和應用終端市場均實現了成長，凸顯了我們多元化平台的實力。

Consumables and services performed well, and equipment and instrumentation demand improved modestly from first half levels.

消耗品和服務表現良好，設備和儀器的需求較上半年略有改善。

In bioscience production, bioprocessing end market conditions continue to improve.

在生物科學生產方面，生物加工終端市場狀況持續改善。

Production levels increased, and this quarter, the FDA approved 13 additional biologics and protein peptide therapies for various indications, including oncology, Alzheimer's and ulcerative colitis.

生產水準不斷提高，本季度， FDA 批准了另外 13 種生物製劑和蛋白質肽療法，用於治療腫瘤、阿茲海默症和潰瘍性結腸炎等各種適應症。

In line with these strengthening conditions, our bioprocessing sales outperformed our expectations of a low single-digit decline, finishing flat year-over-year.

在這些不斷加強的條件下，我們的生物加工銷售額超出了我們預期的個位數低幅下降，與去年同期持平。

Strong order momentum once again reinforces our confidence in mid- to high single-digit model processing growth in the fourth quarter.

強勁的訂單勢頭再次增強了我們對第四季度中高個位數模型處理成長的信心。

Outside of bioprocessing, we saw sequential growth in biomaterials, offset by declines in our advanced technology sales in the US.

在生物加工之外，我們看到生物材料的連續成長，但抵消了我們在美國先進技術銷售的下滑。

In summary, we delivered another quarter of solid performance.

總而言之，我們又一個季度表現出色。

Our cost transformation is ahead of plan, and we have raised free cash flow guidance for the year.

我們的成本轉型提前完成了計劃，並且我們提高了今年的自由現金流指導。

Order momentum in bioprocessing continues, and we are encouraged by the return to growth in our laboratory solutions segment.

生物加工領域的訂單動能持續強勁，實驗室解決方案部門的恢復成長令我們感到鼓舞。

With that, I'll now turn it over to Brent to walk you through our third quarter results in more detail.

現在，我將把話題轉到布倫特身上，讓他更詳細地向您介紹我們第三季的業績。

Thank you, Michael, and good morning, everyone.

謝謝你，邁克爾，大家早安。

I'm starting with the numbers on slide 4.

我從幻燈片 4 上的數字開始。

Reported revenue was $1.71 billion for the quarter, declining 0.7% on an organic basis.

本季報告營收為 17.1 億美元，有機下降 0.7%。

Sales trends in our laboratory solutions segment were similar to second quarter levels with a modest improvement in equipment and instrumentation demand.

我們實驗室解決方案部門的銷售趨勢與第二季水準相似，設備和儀器需求略有改善。

Within our bioscience production segment, bioprocessing outperformed expectations, while advanced technologies were modestly below plan.

在我們的生物科學生產領域，生物加工的表現超出預期，而先進技術則略低於計畫。

Adjusted gross profit for the quarter was $573 million and adjusted gross margin was 33.4%.

本季調整後毛利為 5.73 億美元，調整後毛利率為 33.4%。

Adjusted gross margins declined sequentially largely due to mix.

調整後的毛利率季減主要是因為產品組合原因。

Key contributors were the increase in equipment and instrumentation and lab solutions and headwinds in advanced technologies and bioscience production.

主要因素包括設備、儀器和實驗室解決方案的增加以及先進技術和生物科學生產的阻力。

Year-over-year adjusted gross profit was impacted by mix and modestly lower sales volume.

年比調整後的毛利受到產品組合和略微下降的銷售量的影響。

Adjusted EBITDA was $303 million, and adjusted EBITDA margin was 17.6%.

調整後的 EBITDA 為 3.03 億美元，調整後的 EBITDA 利潤率為 17.6%。

Our cost transformation initiative continues to drive meaningful SG&A savings nearly offsetting the sequential mix-related headwinds to gross margins.

我們的成本轉型措施持續帶來可觀的銷售、一般及行政開支節省，幾乎抵銷了連續組合相關的毛利率阻力。

On a year-over-year basis, performance was impacted primarily by our incentive compensation reset.

與去年同期相比，業績主要受到我們的激勵薪酬調整的影響。

Adjusted operating income was $275 million at a 16% margin, in line with adjusted EBITDA performance and the drivers just noted.

調整後的營業收入為 2.75 億美元，利潤率為 16%，與調整後的 EBITDA 表現和剛剛提到的驅動因素一致。

Adjusted earnings per share were $0.26 for the quarter, a $0.01 sequential and year-over-year improvement.

本季調整後每股收益為 0.26 美元，比上一季和去年同期分別成長 0.01 美元。

Our adjusted EPS performance in the quarter reflects the flow-through of our adjusted EBITDA result as well as lower net interest expense.

我們本季的調整後每股盈餘表現反映了調整後的 EBITDA 結果的流動以及較低的淨利息支出。

Interest expense favorability was driven by incremental debt paydown from outperformance in free cash flow and the impact of our interest rate swap termination.

利息支出的有利因素包括自由現金流的優異表現所帶來的增量債務償還以及我們利率互換終止的影響。

As Michael noted, we delivered another strong quarter of free cash flow, generating over $200 million in the quarter and approximately $550 million year-to-date inclusive of cash costs related to achieving our transformation savings.

正如麥可所說，我們又一個季度的自由現金流強勁，本季產生了超過2 億美元的自由現金流，年初至今的自由現金流約為5.5 億美元，其中包括與實現轉型節約相關的現金成本。

Excluding those same costs, we have generated approximately $625 million of free cash flow in the first three quarters against our original full year guidance range of $600 million to $650 million.

除掉這些成本外，我們在前三個季度產生了約 6.25 億美元的自由現金流，而我們最初預計的全年自由現金流範圍為 6 億至 6.5 億美元。

In Q3, we paid down over $200 million of debt and our adjusted net leverage ended the quarter at 3.8x adjusted EBITDA.

在第三季度，我們償還了超過 2 億美元的債務，本季末我們的調整後淨槓桿率為調整後 EBITDA 的 3.8 倍。

We closed on the sale of our clinical services assets on October 17.

我們於10月17日完成了臨床服務資產的出售。

After accounting for transaction costs and expected tax payments, we netted approximately $500 million in cash proceeds, which we intend to use for debt pay down.

在計算交易成本和預期稅款後，我們淨賺了約 5 億美元的現金收益，我們打算用這筆錢來償還債務。

As part of the transaction, we also transferred balance sheet capital lease obligations of approximately $50 million, further reducing our leverage.

作為交易的一部分，我們還轉移了約 5000 萬美元的資產負債表資本租賃義務，進一步降低了我們的槓桿率。

We now expect to finish the year at/or below 3.4x adjusted net leverage and continue to make meaningful progress towards our target of sub-3x adjusted net leverage.

我們現在預計，今年年底調整後淨槓桿率將達到或低於 3.4 倍，並繼續朝著 3 倍以下調整後淨槓桿率的目標取得重大進展。

Slide 5 outlines our segment performance.

投影片 5 概述了我們的分部表現。

Laboratory solutions revenue was $1.17 billion for the quarter and grew 0.6% versus prior year on an organic basis.

本季實驗室解決方案營收為 11.7 億美元，較上年同期成長 0.6%。

Sequentially, sales grew modestly due in part to an improvement in equipment and instrumentation.

與上一季相比，銷售額略有成長，部分原因是設備和儀器的改進。

While biopharma and health care continue to be pressured by the cautious spending environment, we saw nice improvements in other parts of the portfolio.

雖然生物製藥和醫療保健繼續受到謹慎支出環境的壓力，但我們看到投資組合的其他部分出現了良好的改善。

Education and government grew mid-single digits year-over-year, and our applied and industrial sales grew again with growth in both the Americas and Europe.

教育和政府部門的銷售額同比增長了中等個位數，我們的應用和工業銷售額再次增長，美洲和歐洲地區均實現了增長。

Adjusted operating income for laboratory solutions was $152 million for the quarter with a 12.9% margin.

本季實驗室解決方案調整後營業收入為 1.52 億美元，利潤率為 12.9%。

Sequentially, laboratory solutions adjusted operating income was up modestly.

與上一季相比，實驗室解決方案調整後的營業收入略有成長。

We had a slightly negative mix at the gross margin line, largely offset by spend controls and transformation-related SG&A savings.

我們的毛利率略有負面，但很大程度上被支出控制和轉型相關的銷售、一般及行政開支節省所抵消。

Adjusted operating income margin decreased 20 basis points from Q2.

調整後的營業收入利潤率較第二季下降了 20 個基點。

The year-over-year adjusted operating income decline was driven by the impact of our annual incentive compensation reset, partially offset by savings from our cost transformation initiative.

調整後營業收入年減主要是受年度激勵薪酬調整的影響，但被成本轉型措施帶來的節省部分抵銷。

Bioscience Production revenue was $543 million, an organic decline of approximately 3.5% versus prior year.

生物科學生產收入為 5.43 億美元，較前一年有機下降約 3.5%。

Sequentially, reported revenue declined modestly, primarily due to advanced technologies.

與上一季相比，報告收入略有下降，主要原因是技術進步。

Bioprocessing, representing about 2/3 of the segment, outperformed expectation and was roughly flat year-over-year with another strong quarter of order intake.

生物加工約佔該領域的2/3，其表現超出預期，與去年同期基本持平，訂單量在本季再次表現強勁。

Biomaterials performed in line, while advanced technologies was somewhat below expectations.

生物材料表現符合預期，而先進技術則略低於預期。

Adjusted operating income for bioscience production was $138 million for the quarter, representing a 25.4% margin.

本季生物科學生產調整後營業收入為 1.38 億美元，利潤率為 25.4%。

On a sequential basis, adjusted operating income margin was impacted by mix and higher freight expense.

從環比來看，調整後的營業利潤率受到產品組合和更高的運費的影響。

Year-over-year adjusted operating income declines were largely driven by incentive compensation headwinds.

調整後營業收入較去年同期下降主要是受激勵薪酬阻力影響。

Moving to the next slide.

移至下一張投影片。

We are reiterating our full year P&L guidance, net of the impact of our clinical services divestiture and raising our free cash flow guidance.

我們重申全年損益指引，扣除臨床服務剝離的影響並提高自由現金流指引。

Clinical services was expected to generate approximately $200 million of annual revenue, which will no longer be in our results as of October 17.

臨床服務預計每年將產生約 2 億美元的收入，但自 10 月 17 日起，這筆收入將不再計入我們的業績中。

Accordingly, we are adjusting our reported revenue guidance for the year by approximately $50 million to reflect this impact.

因此，我們將調整今年報告的收入預期約 5000 萬美元，以反映這一影響。

Clinical services was part of our lab solutions segment, so these expectations should likewise be adjusted.

臨床服務是我們實驗室解決方案部門的一部分，因此這些期望也應進行調整。

The divestiture is approximately 10 basis points dilutive to our full year adjusted EBITDA margin and $0.01 dilutive to adjusted EPS.

此次資產剝離將使我們全年調整後的 EBITDA 利潤率攤薄約 10 個基點，並會使調整後的 EPS 稀釋 0.01 美元。

As a result, we now expect adjusted EBITDA margin of 17.3% to 17.8% and adjusted EPS of $0.95 to $1.03 for the full year.

因此，我們目前預計全年調整後的 EBITDA 利潤率為 17.3% 至 17.8%，調整後的 EPS 為 0.95 美元至 1.03 美元。

Given our strong free cash flow performance this year, we are raising our free cash flow expectation from the original range of $600 million to $650 million to more than $750 million.

鑑於我們今年強勁的自由現金流表現，我們將自由現金流預期從原來的 6 億至 6.5 億美元上調至 7.5 億美元以上。

This is before transformation-related cash costs of approximately $100 million.

這還不包括約 1 億美元轉型相關現金成本。

A couple of final comments on organic growth.

最後再談幾點關於有機成長的評論。

We are reiterating our expected full year organic growth of negative 2% to positive 1% as our organic growth assumptions remain unchanged.

我們重申預計全年有機成長率為負 2% 至正 1%，因為我們的有機成長假設保持不變。

The midpoint of our guidance assumes an approximately 49%, 51% first half to second half revenue split as we have anticipated all year.

我們的指導中點假設上半年和下半年的收入分成比例約為 49% 和 51%，正如我們全年預期的那樣。

The low end of the range assumes a more muted seasonal pattern.

該範圍的低端呈現更溫和的季節性模式。

By segment, we expect laboratory solutions organic growth to be flat to modestly up in Q4, leading to an unchanged expectation of flat to low single-digit declines for the full year.

按部門劃分，我們預計實驗室解決方案的有機成長在第四季度將保持持平或小幅上升，從而維持全年持平或低個位數下降的預期。

We expect bioscience production organic growth of low to mid-single digits in Q4 with strong order growth supporting mid- to high single-digit organic growth in bioprocessing.

我們預計第四季度生物科學生產有機成長率將達到低至中等個位數，強勁的訂單成長將支持生物加工實現中至高個位數的有機成長。

For the full year, we expect bioscience production and bioprocessing both to decline low single digits organically, also unchanged.

我們預計全年生物科學生產和生物加工都將出現低個位數的有機下降，且不會改變。

I'll now turn the call back to Michael.

我現在將電話轉回給邁克爾。

Thank you, Brent.

謝謝你，布倫特。

Before we conclude, I would like to summarize the key takeaways from another strong quarter.

在結束之前，我想總結另一個強勁季度的關鍵要點。

We are encouraged to see our ongoing commercial intensity driving growth in our lab business, alongside continued outperformance in bioprocessing.

我們欣慰地看到，我們持續的商業強度推動了實驗室業務的成長，同時生物加工業務繼續表現出色。

Our order book continues to grow, positioning us for mid- to high single-digit bioprocessing growth in the fourth quarter.

我們的訂單持續成長，使我們在第四季度實現中高個位數的生物加工成長。

Our cost transformation initiative is delivering results ahead of plan, allowing us to substantially offset the mix headwinds we experienced in the quarter.

我們的成本轉型計劃提前取得了成果，使我們能夠大大抵消本季遇到的組合阻力。

We will exceed our in-year savings target of $75 million, and we'll exit the year with run rate savings of more than $150 million.

我們的年度節餘目標將超額完成 7,500 萬美元，今年末的運行節餘將超過 1.5 億美元。

Enabled by the Avantor Business System, our disciplined approach to working capital resulted in another quarter of best-in-class free cash flow conversion.

在 Avantor 業務系統的支持下，我們對營運資本採取的嚴謹方法使我們又一個季度實現了一流的自由現金流轉換。

And we raised our free cash flow guidance for the year.

我們提高了今年的自由現金流預期。

Together with the proceeds from our clinical services divestiture, our strong free cash flow is accelerating our deleveraging efforts and positively impacting our earnings.

加上我們臨床服務剝離的收益，我們強勁的自由現金流正在加速我們的去槓桿努力並對我們的利潤產生積極影響。

We continue to make progress with our new operating model, realizing significant commercial and operational benefits just 10 months in.

我們繼續在新的營運模式上取得進展，僅用 10 個月就實現了顯著的商業和營運效益。

We are now a leaner, more agile and more efficient organization.

我們現在是一個更精簡、更有彈性、更有效率的組織。

This new model is also enhancing both our internal processes and the way our customers -- our platform.

這種新模式也增強了我們的內部流程和客戶—我們的平台的方式。

Importantly, we have significantly advanced our long-term growth strategy, achieving key milestones in the areas of innovation, new product introductions, sustainability and supply chain infrastructure.

重要的是，我們顯著推進了我們的長期成長策略，在創新、新產品推出、永續性和供應鏈基礎設施領域取得了重要里程碑。

I want to extend my gratitude to our Avantor associates across the globe for their dedication to serving our customers and their invaluable contributions to our success.

我要向全球各地的 Avantor 員工表示感謝，感謝他們致力於服務我們的客戶並為我們的成功做出的寶貴貢獻。

I will now turn it over to the operator to begin the question-and-answer portion of our call.

現在我將把電話交給接線員，開始通話中的問答部分。

(Operator Instructions) Dan Brennan, TD Cowen.

(操作員指示) Dan Brennan，TD Cowen。

Thanks for the question, and thanks for the info on the call.

感謝您的提問，也感謝您在通話中提供的資訊。

Maybe just on the implied fourth quarter guide, just to start, guys.

也許這只是隱含的第四季度指南，只是開始，夥計們。

You gave some color, Brent, right at the end on the segment.

布倫特，你在本片段的最後給了一些色彩。

But could you just kind of give us a sense of where we should be thinking about overall for the company because if you took the full year guide, 0% to 12% is what's kind of implied in the fourth quarter.

但是您能否告訴我們，我們應該如何考慮公司的整體情況，因為如果您採用全年指南，那麼第四季度的預測成長率應在 0％ 到 12％ 之間。

So why?

那為什麼呢？

So just help us a little bit on that.

所以請在這方面給我們一點幫助。

And then b, just as it relates to bioscience production, Brent, I think you heard you say low single to mid-single.

然後 b，就像它與生物科學生產有關一樣，布倫特，我想你聽到你說低單到中單。

If I kind of plug that in, I think I come up with kind of down 3% for the year.

如果我把這個算進去的話，我認為今年的降幅大概是 3%。

I think your prior guidance for the full year was not pointing to us.

我認為您之前對全年的指導並沒有針對我們。

Maybe just unpack a little bit of the overall guide and what it means for the segment for the fourth quarter.

也許只是解讀整體指南以及它對第四季度細分市場的意義。

Yes.

是的。

No, absolutely.

不，絕對不是。

Thanks for the question, Dan.

謝謝你的提問，丹。

I wouldn't read much into the broad guidance point here other than we're really updating for the impact of the clinical services divestiture there.

除了我們確實在更新臨床服務剝離的影響之外，我不會在這裡過多解讀廣泛的指導點。

Really the outlook broadly unchanged there in terms of what we see in the segments, I think the important point is return to growth in lab solutions there flat to up a little bit in Q4, the mid- to high growth in bioprocess in Q4.

從我們在各個細分領域看到的情況來看，前景總體上沒有變化，我認為重要的一點是實驗室解決方案在第四季度恢復增長，實現平穩或略有上升，生物工藝在第四季度實現中高速成長。

And then the few really unchanged in BPS for the segment, down low single digits there in Q4.

然後，該部門的 BPS 確實沒有太大變化，在第四季度下降了個位數。

Okay.

好的。

And then -- yes, I'm sure we can unpack that more on the call here.

然後 - 是的，我相信我們可以在這次通話中進一步探討這個問題。

And then maybe just as we turn the page, I think some of your peers already earlier in the week, gave some color on '25, whether explicitly or implicitly.

然後也許就在我們翻開新的一頁時，我想你們的一些同行已經在本週早些時候明確或含蓄地對 25 做出了一些說明。

So I think the Street sits at like 4.5%.

所以我認為華爾街的持股比例在 4.5% 左右。

Michael, you talked about a lot of optimism on cost cuts and some of the initiatives you have, but still a tough environment.

邁克爾，您談到了對削減成本的樂觀態度以及您採取的一些舉措，但環境仍然很艱難。

I mean does that seem like a realistic starting point do you think at this point from what you're seeing in your business trends?

我的意思是，從您所看到的業務趨勢來看，這似乎是一個現實的起點嗎？

Well, Dan, I'd say probably a couple of things.

好吧，丹，我可能要說幾件事。

Firstly, I think as we've done in previous years, where we sit here in the year, it's probably a little bit too early to comment on 2025.

首先，我認為正如我們前幾年所做的那樣，現在對 2025 年發表評論可能還為時過早。

We'll certainly see how Q4 plays out and follow our normal cadence as we get into our fourth quarter call for next year.

在進入明年第四季度電話會議時，我們當然會關注第四季度的進展情況，並按照我們的正常節奏進行。

Doug Schenkel, Wolfe Research.

道格‧申克爾（Doug Schenkel），沃爾夫研究公司。

Actually, my first one, let me build off of Dan's question -- so Dan's second question.

實際上，我的第一個問題，讓我從丹的問題開始說起──這是丹的第二個問題。

So as we think about Q4 EPS, I think the midpoint of guidance implies something like $0.27 to $0.28, recognizing you're not going to guide for '25 now, that's not what I'm asking.

因此，當我們考慮第四季度每股收益時，我認為指導中點意味著 0.27 美元到 0.28 美元左右，並認識到你現在不會指導'25 年，這不是我要求的。

But if we just kind of annualize that for 2025, recognizing the world's gradually getting better, your order book continues to improve, your cost transformation initiatives continue to take hold.

但如果我們只是將其按年計算到 2025 年，認識到世界正在逐漸變得更好，您的訂單將繼續改善，您的成本轉型計劃將繼續發揮作用。

With just annualizing the Q4 number be a good way to kind of establish a minimum number for next year, assuming things just continue to move in the direction they're moving.

透過對第四季度的數據進行年度化，可以很好地確定明年的最低數字，假設事情繼續按照目前的方向發展。

Yes, Doug, I'd say a couple of things.

是的，道格，我想說幾件事。

Firstly, I certainly understand the math that you're trying to do.

首先，我當然明白您要做的數學運算。

But we'll just reiterate, for us, it's probably a bit too early to comment on 2025.

但我們只想重申，對我們來說，對 2025 年發表評論可能還為時過早。

But what I would probably draw your attention to is just what we've experienced this year in our lab business.

但我可能要提請您注意的是我們今年在實驗室業務中經歷的情況。

It's been a year of stability and some gradual improvement.

這是穩定並逐步改善的一年。

Certainly, we're encouraged by the return to growth in the third quarter as well as gradual recovery in the bioprocessing space.

當然，第三季的恢復成長以及生物加工領域的逐步復甦令我們感到鼓舞。

We've got a best-in-class platform there and the outperformance for yet another quarter is encouraging.

我們擁有一流的平台，另一個季度的優異表現令人鼓舞。

I think we've got a good setup as we exit the year.

我認為我們在年底前已經做好了很好的準備。

But structurally, our order book doesn't really give us the visibility to predict the timing or the shape of what -- how things are going to play out next year.

但從結構上看，我們的訂單簿並不能真正讓我們預測明年事態發展的時間或形式。

But I'd say the end market fundamentals are strong.

但我想說終端市場基本面強勁。

We're encouraged by the momentum in our business, especially bioprocessing.

我們對自己業務的發展勢頭感到鼓舞，特別是生物加工方面。

And perhaps most importantly, I think we're doing all the right things to ensure we're well positioned to capitalize on the growth as it presents itself next year.

或許最重要的是，我認為我們正在採取一切正確措施，以確保我們能夠充分利用明年出現的成長機會。

All right.

好的。

Thanks, Michael.

謝謝，麥可。

Can't blame me for trying, hopefully.

但願不會因為我的嘗試而責怪我。

All right.

好的。

And then I just -- I want to follow up on a -- with an unrelated question on BPS.

然後我只是 — — 我想跟進一個 — — 關於 BPS 的不相關問題。

So on the whole, BPS came in, I think, a little bit light of expectations, but bioprocessing was actually better than expected which I think leads us to the conclusion that maybe the offset was

因此，總體而言，我認為 BPS 的表現略低於預期，但生物加工實際上比預期要好，我認為這讓我們得出結論，也許抵消

[new].

[新的]。

Can you just give us some color on what's going on there?

您能告訴我們那裡發生的情況嗎？

And then I guess, higher level for the segment, I think margin was a smidge lower than the margin you generated in that segment in the second quarter on similar revenue.

然後我想，對於該部門來說，更高的水平，我認為利潤率比第二季度該部門在類似收入下產生的利潤率略低。

I'm just wondering if that was mix or something else like maybe you pulled forward some investment in the quarter or something like that?

我只是想知道這是否是混合還是其他什麼，例如也許你在本季提前了一些投資或類似的東西？

Yes.

是的。

Let me take your first one.

讓我拿下你的第一個。

Brent can handle your question on margin, Doug.

道格，布倫特可以回答你的保證金問題。

On the BPS segment, we have kind of a broad diversified platform there, probably three principal components there.

在 BPS 領域，我們擁有廣泛多樣化的平台，可能有三個主要組成部分。

Obviously, 2/3 of the platform is our bioprocessing platform.

顯然，該平台的2/3是我們的生物加工平台。

Again, another quarter of outperformance.

這又是一個表現出色季度。

We delivered kind of flat performance year-over-year as well as sequentially compared to a low single-digit decline.

與去年同期相比，我們的業績持平，與上一季相比，降幅僅為個位數。

We're actually encouraged to see our biomaterials platform grow sequentially.

事實上，我們很高興看到我們的生物材料平台持續發展。

So another good quarter there.

因此這又是一個好的季度。

So the pressure really in that segment was within our advanced technologies platform and primarily in a down quarter on US semiconductors.

因此，該領域真正的壓力來自於我們的先進技術平台，主要是美國半導體產業的下滑。

Doug, on the margin side -- Doug, following there on the margin side, I mean, there are a few things going.

道格，在利潤方面 - 道格，在利潤方面，我的意思是，有幾件事正在發生。

As sort of as we noted in the script there, we did have higher freight expense in that segment.

正如我們在腳本中提到的那樣，我們在該部分的運費確實較高。

There are things going on in the world there that we work very hard at that, but that was a headwind to us.

世界上發生了一些事情，我們為此付出了很大的努力，但這對我們來說卻是個阻力。

And we also had the specific comments to Michael, we also had a bit of the mix of the mix there.

我們也向邁克爾提出了具體評論，我們也進行了一些混合。

Nice performance in bioprocessing there.

那裡的生物加工性能很好。

The headwinds and advanced technologies, you put that together with some mix of the mix and that leads to that performance.

把逆風和先進技術結合起來，就能帶來這樣的表現。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Going to love this.

我會喜歡這個。

I'm going to ask another question about the 4Q range.

我要問另一個有關 4Q 範圍的問題。

I'm just curious, are you guiding us to the midpoint and high end is budget for us, can you flush that out a little bit?

我只是好奇，您是否指導我們達到中間點和高端預算，您能稍微解釋一下嗎？

And then the implied margin in 4Q was also pretty wide.

第四季的隱含利潤率也相當高。

Just wondering if you can kind of give us some of the gives and takes on the 4Q margins.

我只是想知道您是否可以給我們一些關於第四季度利潤率的利弊。

Yes.

是的。

No, Tycho, thanks for the question. look, the broad view on the guidance there is the midpoint of the guidance would get you to a seasonal ramp in the lab business.

不，Tycho，謝謝你的提問。從廣泛的角度來看，指導意見的中點將使實驗室業務出現季節性成長。

We talked about this some last quarter.

我們上個季度討論過這個問題。

The low end would be more muted conditions to sort of similar to the exit rate we saw in Q3 there.

低端情況將會更加溫和，類似於我們在第三季看到的退出率。

So that's the reason for the broadband.

這就是寬頻存在的原因。

That's consistent with the environment that we had talked about before.

這與我們之前談到的環境一致。

The flow-through of the margin, I mean part of this, we haven't wanted to touch every piece of the guidance around there.

對於利潤的流通，我的意思是這其中的一部分，我們並不想觸及那裡的每一條指引。

I think you can think of nice consistent performance there when you think about what Q4 wants to be, that will have similarity to Q3, assuming the expectations we talked about there.

我認為，當您考慮 Q4 想要成為什麼樣子時，您會想到那裡有良好的一致表現，它將與 Q3 有相似之處，假設我們在那裡談論的期望。

Again, in Q4, we talked about lab flat to modestly up.

再次，在第四季度，我們討論了實驗室持平或小幅上漲的情況。

BPS, positive low single digit to mid-single digit there.

BPS，正低個位數到中個位數。

You put that all together, the puts and takes with the headwinds of the clinical services divestiture, which is some headwind to margin, but then nice tailwind from the mid- to high bioprocess there that gets you in a consistent place there to Q3 on a margin basis.

把所有這些放在一起，加上臨床服務剝離的不利因素，這對利潤率來說是一個不利因素，但隨後來自中高生物工藝的良好順風將使你在第三季度保持穩定保證金基數。

Okay.

好的。

That's helpful.

這很有幫助。

And then going back to one of the questions earlier from Doug, on some of the other businesses.

然後回到 Doug 之前提出的一個關於其他一些業務的問題。

You flagged semi.

您已標記半。

I'm just curious your outlook there, how much pressure you think this could put on numbers going forward?

我只是好奇您的觀點，您認為這會對未來的數字造成多大壓力？

And then, also, what are you thinking on new cell going forward as well?

然後，另外，您對新電池的未來有什麼想法？

I know you don't specifically want to comment on '25, but just curious on underlying trends there and how we have to think about what you're seeing?

我知道您不想特別評論‘25’，但只是好奇那裡的潛在趨勢以及我們如何看待您所看到的內容？

Yes.

是的。

So a couple of things to unpack there for you, Tycho.

因此，有幾件事需要為您解答，Tycho。

Firstly, on the new cell platform, as we've talked about this in a lot of different forms, it's a really terrific platform, extremely well positioned.

首先，關於新的行動平台，正如我們以多種不同形式討論過的那樣，這是一個非常棒的平台，定位極佳。

The business is running a bit ahead of plan this year.

今年的業務進展比計劃略有提前。

Again, we saw a sequential growth in Q3, which was encouraging.

我們再次看到第三季的連續成長，這是令人鼓舞的。

We've got a great innovation pipeline.

我們擁有出色的創新管道。

Procedure accounts are trending in the right direction here.

程式帳戶在這裡正朝著正確的方向發展。

So I think the setup for that long term continues to be quite favorable.

因此我認為從長期來看這種設定仍然非常有利。

And we would anticipate long term that being a mid- to high single-digit growth platform for us and certainly nothing ahead of us that would indicate that's not possible.

我們預計，從長期來看，我們將維持中高個位數的成長平台，而且未來肯定不會有任何跡象表明這是不可能的。

On the semi front that you referenced there, yes, certainly some pressure building in that end market as we move through the quarter.

關於您提到的半導體方面，是的，隨著本季的推進，終端市場肯定會出現一些壓力。

There are some bright spots in that space, and there's a lot to like about where the technology is headed there.

該領域存在一些亮點，該領域的技術發展方向也有很多值得看好的地方。

But what we saw in the quarter was a stall in the recovery, particularly in the US and a little bit of some traction getting lost there in the end market.

但我們在本季看到的是經濟復甦的停滯，特別是在美國，終端市場的一些動力正在喪失。

And you see that Tycho and a lot of the recent public updates from some of the key players in the space I think baked into our outlook for the fourth quarter is we would anticipate that to continue.

而且您可以看到 Tycho 以及該領域一些關鍵參與者最近發布的許多公開更新，我認為這都反映在我們對第四季度的展望中，我們預計這種情況將會持續下去。

Unfortunately, that's a relatively small part of the business.

不幸的是，這只是業務中相對較小的一部分。

And given the strength in bioprocessing and biomaterials, we're able to largely offset that weakness with strength in those other areas of our business.

鑑於我們在生物加工和生物材料方面的優勢，我們能夠透過其他業務領域的優勢在很大程度上抵消這一弱點。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

I want to talk a little bit about the clinical services divestment and the impact to the guide.

我想談談臨床服務撤資及其對指引的影響。

I know you only really talked about the last 2.5 months of the quarter.

我知道您實際上只談論了本季度的最後 2.5 個月。

But is it reasonable to just take that and prorate that to fiscal year '25, meaning like you said, $200 million a year?

但是，將其按比例分配到 25 財年是否合理，就像您說的，每年 2 億美元？

You're seeing $150 million of it this year, so you expect the other $150 million, give or take next year.

今年你將獲得 1.5 億美元，所以你預計明年還會獲得剩下的 1.5 億美元。

And then in terms of EBITDA, it's a 10 bps dilution to the EBITDA margin this year.

就 EBITDA 而言，今年 EBITDA 利潤率稀釋了 10 個基點。

So 30 to 40 bps impact to EBITDA margin next year?

那麼明年 EBITDA 利潤率將受到 30 到 40 個基點的影響嗎？

Or is there any other seasonality we should keep in mind or anything like that?

或者我們還應該牢記其他季節性因素或類似的東西嗎？

Michael, really good question there.

邁克爾，這個問題問得真好。

And I think the math that you've laid out there makes a lot of sense.

我認為你列出的數學計算非常有意義。

Just to reiterate a couple of the points here.

這裡我只想重申幾點。

We talked about the business being roughly $200 million on an annualized basis.

我們談到了按年計算的業務額約為 2 億美元。

There's not a lot of seasonality to that.

這與季節關係不大。

So you see roughly 1/4 of that impact being taken in Q4.

因此，您會看到大約 1/4 的影響發生在第四季度。

And I think it would be safe for you to assume that you would see a similar impact as what we're seeing here in Q4 play out through the first three quarters of next year and not just for the top line, but all the way through the P&L.

我認為你可以放心地認為，你會看到與第四季度類似的影響，並將持續到明年前三個季度，而且不只是營收，而是整個損益表。

Okay.

好的。

That's easy.

這很容易。

And then the other point was you mentioned a couple of times during the call, the cost savings, you're ahead of your $75 million target for the year.

然後另一點是您在通話中幾次提到成本節約，您已經提前實現了今年 7500 萬美元的目標。

Is that a little bit of timing, like some pull forward from next year?

這是不是有點時間安排的問題，像是從明年開始提早一些？

Is there -- you sound a little bit more wood to chop?

是不是──你聽起來有點難應付？

Are you potential for upside to that number for next year as well, just how we think about that comment in the context of this is a three-year program?

您是否也認為明年該數字還有上升的潛力，在三年計劃的背景下我們如何看待這一評論？

Michael, it's Brent.

麥可，我是布倫特。

I'll take that.

我接受。

Look, we appreciate the focus on that.

你看，我們很欣賞對此的關注。

Year-to-date realization is nicely ahead of plan for the full year.

年初至今的實現情況遠超過全年計畫。

Again, we still have hard work to do in Q4, but we expect to deliver comfortably in excess of $100 million in the year.

再次強調，我們在第四季仍有大量工作要做，但我們預計今年的營收將輕鬆超過 1 億美元。

This puts us nicely ahead of the $150 million exit rate that Michael noted on the call last quarter.

這使我們遠遠超過了麥可在上個季度的電話會議上提到的 1.5 億美元的退出率。

Really how we got there was year-to-date realization ahead of plan.

事實上，我們之所以能實現這一目標，是因為我們今年已經提前實現了計劃。

We got more in-year impact.

我們在年內獲得了更多的影響力。

We started talking about that on the Q1 call due to being really quick execution in connection with that.

由於與此相關的執行速度非常快，我們在第一季電話會議上就開始討論這個問題。

I wouldn't read any more into what it means for the broad program.

我不會進一步去深究它對於整個計劃意味著什麼。

It's three years, the $300 million.

三年，三億美元。

We're obviously incented to get these things done rapidly, but we'll update you with the guide there.

我們顯然希望能夠迅速完成這些事情，但我們會向您提供最新指南。

But I would say it's better than steady she goes there.

但我想說，這比她穩定地去那裡要好。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

I guess just one back on -- sorry, the performance in the quarter.

我想只需要回顧一下——抱歉，是本季的表現。

When you look at within BPP, ex-BPS, I think the other parts of the business are down mid-teens.

當您查看 BPP 內部（不包括 BPS）時，我認為其他業務部分都下降了 15% 左右。

I know you mentioned semi.

我知道您提到過半。

Was this a timing -- was there some timing impacts here?

這是一個時間問題嗎——這裡有一些時間影響嗎？

And should that come back?

那應該回來嗎？

I know you mentioned some of the peers.

我知道您提到了一些同行。

What's the read here?

這裡讀的是什麼？

Should we be looking at companies like ASML?

我們應該關注像 ASML 這樣的公司嗎？

Is that the read here of how to think of semis?

這就是這裡關於如何看待半導體的說法嗎？

Yes, a couple of things there, Vijay.

是的，有幾件事，維傑。

Thanks for the question.

謝謝你的提問。

Again, we'd just make sure it's crystal clear for the call today.

再次強調，我們只是想確保今天的通話非常清晰。

Bioprocessing continues to outperform.

生物加工繼續表現出色。

We did grow our biomaterials platform, the new cell platform, sequentially.

我們確實逐步發展了我們的生物材料平台和新的細胞平台。

So the pressure really here is within our applied segment -- advanced technologies segment.

因此，這裡真正的壓力在於我們的應用領域──先進科技領域。

We're primarily in the US semiconductor sector.

我們主要涉足美國半導體領域。

We provide formulated solutions that go directly into semiconductor manufacturing processes.

我們提供直接用於半導體製造過程的配方解決方案。

So I think the read through to the end market probably best to look at the manufacturers of the semiconductor chips themselves, Vijay.

因此，我認為，要了解終端市場，最好先看看半導體晶片製造商本身，維傑。

Not really timing related.

實際上與時間無關。

I think as I said, the answer in one of the other questions.

我認為，正如我所說，答案在另一個問題中。

This has been an end market that had significant headwinds throughout all of last year.

去年全年，這個終端市場都面臨巨大的阻力。

We had been on a pace of recovery as we've moved through the first half of this year and even into the early days of the third quarter.

今年上半年，甚至第三季初，我們一直處於復甦階段。

And what we really saw as we moved through the third quarter was that momentum stall out, and we see a bit of a pause here in that recovery.

而當我們進入第三季時，我們真正看到的是這種勢頭停滯了，我們看到復甦出現了一些停頓。

And our assumptions for the fourth quarter would contemplate that continuing based on the forecast we're getting from our customers.

我們對第四季的假設將基於我們從客戶那裡得到的預測。

Understood.

明白了。

And you did bring up bioprocessing, Michael.

你確實提到了生物加工，麥可。

I guess, the order trends gives visibility to mid- to high singles in Q4.

我猜測，訂單趨勢會讓第四季的中高檔單品變得可見。

What were order trends?

訂單趨勢如何？

And I'm getting to maybe something like 2% organic for overall companies based on your bioprocessing outlook for Q4.

根據您對第四季度生物加工的展望，我可能會預期整體公司的有機成長率約為 2%。

Is that like a reasonable jump-off point for next year?

這是否是明年合理的起點？

Well, yes, thanks for bringing up a really important part of our story here.

嗯，是的，感謝您在這裡提起我們故事中非常重要的部分。

We are encouraged, Vijay, by the continued momentum that we see in our order book with another really strong quarter in that regard.

維傑，我們看到訂單量持續成長的勢頭，這讓我們備受鼓舞，本季的訂單量也十分強勁。

And I also say, importantly, it's not just about the order book, but we're certainly seeing that order book translate into revenue, which did enable another quarter of outperformance in bioprocessing.

我還要說，重要的是，這不僅僅與訂單有關，但我們確實看到訂單轉化為收入，這確實使得生物加工領域又一個季度表現出色。

And then based on the orders and momentum that we have, I think we see a lot of confidence in our ability to deliver on mid- to high single-digit growth in bioprocessing within the fourth quarter.

然後根據我們擁有的訂單和勢頭，我認為我們對在第四季度實現生物加工中高個位數成長的能力充滿信心。

Our year-to-date revenue and order trends validate that we have a best-in-class platform with a sustained track record of share gains.

我們今年迄今的收入和訂單趨勢證明，我們擁有一流的平台和持續的市場份額成長記錄。

So I think we like our positioning and the setup for Q4 is strong.

所以我認為我們喜歡我們的定位，並且 Q4 的設置很強大。

And when we look against our long-term algorithm, there's still some room to go here in terms of getting that platform all the way back, but we really like the trajectory and certainly are encouraged, Vijay.

當我們根據長期演算法進行思考時，我們發現在恢復該平台方面仍有一些發展空間，但我們真的很喜歡這個軌跡，而且我們感到非常鼓舞，維傑。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

On that 20% EBITDA margin exit rate for 2025, that target you have, can you remind me what growth you need to achieve that?

關於您設定的 2025 年 20% EBITDA 利潤率退出率的目標，您能提醒我需要什麼樣的成長才能實現這一目標嗎？

And does the clinical service -- services divestiture impact that target at all?

臨床服務－服務剝離是否會對此目標產生影響？

Yes.

是的。

Great question.

好問題。

Dan, when we look at that target that we've set of 3% exit rate for last year, what we -- or for next year, excuse me, what we've said about that is we had a high conviction and we do have a high conviction in our ability to achieve that primarily based on the many different ways that we can get there, including the self-help measures and the things that we can control.

丹，當我們回顧去年設定的 3% 退出率目標時，我們——或者對於明年，對不起，我們對此有很高的信心，而且我們確實我們堅信我們有能力實現這一目標，這主要基於我們達到這一目標的許多不同方式，包括自助措施和我們可以控制的事情。

Brent, given some color here on how our cost transformation initiative is trending and that certainly gets you most of the way there.

布倫特，這裡給我們介紹了一下我們的成本轉型舉措的趨勢，這無疑對你有所幫助。

And it doesn't imply a full recovery of the end markets, and we don't need a lot of heroics on the top line to get there.

這並不意味著終端市場的全面復甦，而且我們不需要花費大量精力來實現這一目標。

So you still got a lot of conviction about that.

所以你對此仍然充滿信心。

The fact that we're ahead of plan on the cost transformation will certainly help.

事實上，我們提前製定了成本轉型計劃，這肯定會有所幫助。

Now it is worth pointing out when we set that target, we didn't contemplate the divestiture of our clinical services platform.

值得指出的是，當我們設定這個目標時，我們並沒有考慮剝離我們的臨床服務平台。

So as we get into our planning for 2025, we're certainly going to have to take that into account.

因此，當我們制定 2025 年規劃時，我們肯定必須考慮到這一點。

But our original assumptions, I think, are still very much in play here, and we can get to that level adjusted for the clinical services divestiture with things that are primarily within our control.

但我認為，我們最初的假設仍然有效，我們可以透過主要在我們控制範圍內的事情來調整臨床服務剝離的程度。

Understood.

明白了。

And as a follow-up, Michael, can you give your updated view on the competitive environment in lab solutions and the market share picture there?

作為後續問題，邁克爾，您能否提供對實驗室解決方案的競爭環境和市場份額狀況的最新看法？

Yes.

是的。

Great question, Dan.

很好的問題，丹。

First, we'll just reiterate how encouraged we were to see our lab business returned to growth for the first time in a couple of years.

首先，我們要重申，看到實驗室業務幾年來首次恢復成長，我們感到非常高興。

The activity levels there have been improving, and we finally were able to push that into the growth territory.

那裡的活動水平一直在提高，我們最終能夠將其推入成長領域。

The sustained commercial intensity that we've referenced in a number of different forms here over the last year or so, I think is certainly correlated to the outperformance we're seeing in that segment.

我們在過去一年左右以多種不同形式提到的持續商業強度，我認為，肯定與我們在該領域看到的優異表現相關。

And when I compare our disclosures here around lab to other disclosures that others are making on lab, I think you see a platform here that continues to outperform.

當我將我們在實驗室的披露與其他人在實驗室的披露進行比較時，我認為你會看到這裡的平台繼續表現出色。

We're confident we certainly have a leading platform here and we remain focused on leveraging our capabilities to continue to grow share.

我們相信我們在這裡肯定擁有領先的平台，並且我們將繼續專注於利用我們的能力來繼續擴大份額。

And I think there's certainly a lot of data point here to support our view here that we've got a nice share story, particularly in things like academia when you look at our performance in that end market in the quarter.

我認為這裡肯定有很多數據點可以支持我們的觀點，即我們擁有良好的市場份額，特別是在學術領域，當你看我們本季在終端市場的表現時。

So it's a highly fragmented space.

因此，這是一個高度分散的空間。

We're clearly a leader and we like our positioning and momentum here.

我們顯然是領導者，我們喜歡我們在這裡的定位和動力。

Conor McNamara, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的康納‧麥克納馬拉 (Conor McNamara)。

First, just on the implied guidance for Q4.

首先，僅討論第四季的隱含指引。

Can you walk through -- that range is about $200 million based on your reiterated guidance.

您能否詳細說明一下——根據您重申的指導，該範圍約為 2 億美元。

Can you just -- what do you need to see over the next couple of months for you to hit the high end of that guidance?

您能否—您需要在接下來的幾個月內看到什麼才能達到該指導的高端？

Or should investors really be focused on the midpoint of your guidance as they think about Q4 results?

或者投資者在考慮第四季度業績時真的應該關注您的預期中點嗎？

Yes, Conor, thanks for the point.

是的，康納，謝謝你的觀點。

Look, again, go to my other comments on you, we haven't wanted to overly tweak things here.

再看看我對你的其他評論，我們不想在這裡過度調整。

The lower end assumes muted, less seasonality, really continuation of the exit rate out of Q3.

下端假設溫和，季節性較少，第三季的退出率真正延續。

To get to the midpoint there, you'd see more of the seasonality that we discussed on our last call there.

要到達那裡的中點，你會看到更多我們在上次通話中討論的季節性。

So you need to -- and I think another important point around that is we're really talking about the laboratory solutions piece of that there.

所以你需要——我認為另一個重要點是，我們實際上正在討論其中的實驗室解決方案部分。

We have absolute high conviction on what we talked about for bioscience production as well as bioproduction specifically there.

我們對於所談論的生物科學生產以及生物生產有著絕對高度的信心。

And that just would be greater activity in the lab in that channel.

這只會使該渠道的實驗室活動更加活躍。

Again, we like the exit rates we're going at to get to the mid or better.

再次強調，我們希望退出率能達到中等或更高。

You need to see an acceleration in activity there.

您需要看到那裡的活動加速。

Great.

偉大的。

And then on the cash flow generation, really strong quarter.

然後就現金流產生而言，這是一個非常強勁的季度。

Congrats on that.

恭喜。

As we think about next year, you're going to -- you say you're going to exit the year at [3.4x] lever.

當我們考慮明年時，您將會 — — 您會說您將以 [3.4x] 的槓桿率結束今年。

Is it realistic to think that you could start being active in M&A next year?

您認為明年就可以開始積極參與併購活動，這現實嗎？

And what does the M&A environment look like right now?

目前的併購環境是什麼樣的呢？

Okay.

好的。

Just on the exit rate, I mean, it is absolutely very likely during next year, we'll be below 3x net leverage there.

僅就退出率而言，我的意思是，明年我們的淨槓桿率極有可能低於 3 倍。

You just look at the cash generation as well as getting there on the EBITDA side of things doesn't put us in a position there.

您只看現金創造情況以及 EBITDA 方面的情況並不能讓我們處於那種境地。

Now we want as comfortably stable our leverage target there.

現在我們希望我們的槓桿目標盡可能保持穩定。

So that adds complexity to that.

這增加了複雜性。

But I would say we'll be in the position where to start looking at inorganic growth for some time next year.

但我想說，明年某個時候我們將開始關注無機成長。

Michael, I don't know if you want to supplement that?

邁克爾，我不知道您是否想補充這一點？

Yes.

是的。

No, I think that's exactly right.

不，我認為完全正確。

We are laser-focused on deleveraging and getting ourselves in a position where we have room under 3x to be able to sustainably be a consolidator in this space and M&A remains an important part of our long-term growth playback -- we're not -- or playbook.

我們專注於去槓桿，並使自己處於一個有 3 倍以下空間的位置，以便能夠持續成為該領域的整合者，而併購仍然是我們長期增長的重要組成部分——我們不會—— - 或劇本。

We're not in a hurry.

我們不著急。

We'll see how it plays out next year.

我們將看看明年的情況如何。

We've got a lot of things in flight here around our cost transformation and standing up our new segments.

圍繞著成本轉型和建立新的細分市場，我們正在進行許多工作。

We like the momentum in our end markets and our positioning.

我們喜歡我們的終端市場和定位的發展勢頭。

And fortunately, we can create a lot of value with all the organic levers that we have available to us.

幸運的是，我們可以利用現有的所有有機槓桿創造大量價值。

And whether it's next year or future year, we'll certainly get back to M&A at the appropriate time.

無論是明年還是未來一年，我們肯定會在適當的時候重新回歸併購。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Mike, at the Investor Day last year, you talked about the potential for an above-average growth period once the recovery is underway and once orders sort of turned the corner.

麥克，在去年的投資人日上，您談到了一旦經濟復甦開始、訂單出現好轉，就有可能出現高於平均的成長。

How do you feel about that idea today when you look at the evolution of demand here and just the way that the dynamics are playing out as things slowly get better?

當您看到這裡的需求演變，以及隨著情況逐漸好轉而呈現的動態方式時，您對這個想法有何感想？

Yes.

是的。

I mean it's a really good question.

我的意思是這是一個非常好的問題。

And as we've talked about here today, unfortunately, our business model doesn't give us the visibility to call the timing or the shape of how that does recover.

正如我們今天在這裡談到的，不幸的是，我們的商業模式無法讓我們預測復甦的時間或形式。

But I'd just kind of point you to what we've experienced this year, which is a year of stability, gradual improvement in the lab, probably a little bit ahead of the curve on some of the applied markets in the academic space, getting back to more normal rates.

但我只是想指出我們今年所經歷的，這是穩定的一年，實驗室逐漸進步，可能在學術領域的一些應用市場上略微領先，恢復至更正常的利率。

We still got some room to go here with activity levels in preclinical research but there are some things to like about that.

我們在臨床前研究的活動水準上仍有一定的提升空間，但也有一些值得高興的事情。

There are some certainly within large pharma that are doing pretty well there, and there are some green shoots even in the biotech space, not across the board, but certainly some of the larger biotech we see some of the step-up in year-over-year funding starting to translate into a step-up in spend on that.

大型製藥公司中肯定有一些表現相當不錯的公司，甚至在生物技術領域也出現了一些復甦跡象，雖然不是全部，但肯定有一些大型生物技術公司在逐年增長。增加。

So we like that, but there's still some headwinds there that we need to overcome but the trajectory's encouraging.

所以我們喜歡這樣，但仍有一些阻力需要我們克服，但軌跡是令人鼓舞的。

When you flip over to the production side of the business, exit rate here of mid- to high single digits is certainly, compared to where we've been this year is quite encouraging.

當你轉向業務的生產方面時，與今年的情況相比，這裡的中高個位數的退出率無疑是相當令人鼓舞的。

But against the long-term algorithm, that would have us in the double-digit range.

但根據長期演算法，我們將進入兩位數的範圍。

There's certainly room for improvement here.

這裡確實還有進步的空間。

And we'll see how that plays out.

我們將拭目以待事情將如何發展。

We've got high confidence in working going to go for Q4 based on our order book.

根據我們的訂單，我們對第四季的工作充滿信心。

And the fundamentals are strong.

且其基本面強勁。

We've talked about that all year.

我們整年都在談論這個問題。

Demand remains great, great regulatory environment.

需求仍然很大，監管環境很好。

I think we had another 13 approvals in the quarter on new molecules for new therapies and the production rates are continuing to improve as the destocking subsides.

我認為本季我們又批准了 13 個用於新療法的新分子，隨著去庫存的消退，生產力正在持續提高。

So I think the setup is good.

所以我認為這個設定很好。

We'll see how Q4 ultimately plays out, and we'll build that into our plans for next year here, but probably a little bit too early to call how we see '25 playing out yet.

我們將觀察第四季度的最終結果，並將其納入我們明年的計劃中，但現在判斷 25 年的結果可能還為時過早。

Okay.

好的。

Helpful.

很有幫助。

And then maybe just a follow-up on the overall consumables piece.

然後可能只是對整體消耗品部分的後續跟進。

I mean it feels like the inventory drawdown phase that we've been talking about has kind of run its course, but there is a level of restraint out there just overall on budgets.

我的意思是，感覺我們一直在談論的庫存減少階段已經結束了，但總體而言，預算受到一定程度的限制。

When you look ahead a bit, and I know you're not trying to raise expectations to get people's hopes up or anything, but I'm curious if just sort of conceptually, when you think about the beginning of next year and 1Q consumables orders.

當你展望未來時，我知道你並不是想提高預期來讓人們抱有希望，但我很好奇，從概念上講，當你想到明年年初和第一季的消耗品訂單時。

Do you think they could have a bit of a catch-up feel to them, maybe a little bit larger than normal if just spending into the end of the year was muted to a degree and now these companies are working with a fresh budget and maybe you need to restock a bit?

您是否認為，如果年底前的支出有所減少，而現在這些公司正在製定新的預算，那麼他們可能會有一點追趕的感覺，也許會比正常情況大一點，也許你需要補充一點嗎？

Does that seem plausible to you at all or just not really?

您覺得這有道理嗎？

Yes, I'm not exactly sure.

是的，我不太確定。

When you look at a consumable's portfolio, which we benefit from, that inventories from our perspective, I think we would agree with your view that the destocking is pretty much behind us.

當你看到我們從中受益的消耗品組合時，從我們的角度來看庫存，我認為我們會同意你的觀點，即去庫存基本上已經成為過去。

And for the most part, inventories have normalized.

總體而言，庫存已恢復正常。

And so we see our customers managing their inventories in line with their activity levels.

因此我們看到我們的客戶根據他們的活動水平來管理庫存。

So it feels like we have consumption and demand matching the orders that we're seeing at the moment.

因此感覺我們的消費和需求與我們目前看到的訂單相符。

And certainly, the activity levels continue to improve.

當然，活動水準還在持續提升。

So I think that's encouraging.

所以我認為這是令人鼓舞的。

On the flip side, we have about 15% of our revenues or so on the equipment and instrument side of things.

另一方面，我們的收入中約有 15% 左右來自設備和儀器方面。

And that's probably been the bigger headwind across the space this year linked to budgets and capital spending.

這可能是今年該領域在預算和資本支出方面面臨的最大阻力。

And as we noted in our prepared remarks, relative to where we're at in the first half of the year, we did see some sequential improvement in that as we got into the third quarter.

正如我們在準備好的評論中指出的那樣，相對於今年上半年的情況，進入第三季後，我們確實看到了一些連續的改善。

And that's somewhat reflected in our mix that we see this year and in the quarter as well, but I think that's another good signal.

這在一定程度上反映在我們今年和本季的組合中，但我認為這是另一個好訊號。

The pipelines and activity levels have been strong there all year.

那裡的管道和活動水平全年都保持強勁。

It's been taking longer to convert those pipelines to orders and revenue, but there was a bit of a turn up on that area in Q3.

將這些管道轉化為訂單和收入需要更長的時間，但在第三季該領域有所改善。

So you kind of step back from all of that, things are definitely heading in the right direction, and the environment continues to improve.

所以，當你回顧這一切時，你會發現事情肯定朝著正確的方向發展，環境也不斷改善。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

So first up, just on lab solutions.

首先，僅討論實驗室解決方案。

So I know you guys don't want to guide to 2025 at this point, but just given the hyper focus that investors do have on lab solutions into next year, how should we think about pricing in 2025 on the lab side of the portfolio?

所以我知道你們現在還不想預測 2025 年的情況，但考慮到投資者明年對實驗室解決方案的高度關注，我們應該如何考慮 2025 年實驗室方面投資組合的定價？

And what could that mean in terms of a floor for what the lab segment could do?

那麼，這對於實驗室部分的功能底線意味著什麼呢？

Given some of these budget pressures that we're seeing on pharma and biotech and the pressure on volume, is there a world where lab could even be flat or declining next year?

鑑於我們在製藥和生物技術領域看到的一些預算壓力以及數量壓力，明年實驗室的規模是否可能會持平或下降？

Or does that pricing power help define some of the performance and equate to some level of growth, even if it's just on pricing?

或者定價權是否有助於確定部分業績並等同於一定程度的成長，即使只是在定價上？

Yes, Rachel, thanks for the question.

是的，Rachel，謝謝你的提問。

First, a couple of things maybe on pricing for 2024, as we've said in a lot of different occasions, pricing for us in the lab has played out in line with our expectations, which means we've been able to offset the COGS inflation that we do see.

首先，關於 2024 年的定價，我們可能有幾個問題，正如我們在許多不同場合所說的那樣，實驗室的定價符合我們的預期，這意味著我們已經能夠抵消銷售成本我們確實看到了通貨膨脹。

And fortunately, the environment on pricing and COGS has largely normalized compared to where it's been over the last couple of years, where we've been having to take outsized price increases to the market.

幸運的是，與過去幾年相比，定價和銷貨成本的環境已基本正常化，過去幾年我們不得不向市場大幅提價。

This year, I think the dynamics have been a lot closer to kind of pre-COVID times.

我認為，今年的情況更接近疫情之前的情況。

And we're right in the midst of that process where we're working with our suppliers to understand what COGS is going to look like next year.

我們正處於這一過程之中，正在與供應商合作，以了解明年的銷貨成本 (COGS) 情況。

Early indications would seem that it's similar to what we were seeing this year perhaps, and we'll roll all that together and come forward with our pricing strategy here for next year here in the next 30, 60 days, something like that.

早期跡像似乎與我們今年看到的情況類似，我們將綜合考慮所有這些因素，並在未來 30 到 60 天內提出明年的定價策略。

And there's nothing that we see here that would give us pause for concern that we're not going to be able to drive our normal pricing relative to the COGS environment into the market.

我們在這裡看到的一切都沒有讓我們擔心我們無法將相對於 COGS 環境的正常定價推向市場。

Teams got a great process, a lot of great discipline around this.

團隊在這方面有很好的流程和紀律。

And I think as long as we're in line with that -- COGS, I don't have any concerns at this point on that topic.

我認為，只要我們遵循 COGS，我現在對這個主題就沒有任何擔憂。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just on the bioscience production segment and this advanced technology dynamics, can you just break down for us what percent of the bioscience production segment is exposed to silicon and biomaterials versus advanced technologies?

然後，就生物科學生產領域和先進技術動態而言，您能否為我們分解一下，在生物科學生產領域中，接觸矽和生物材料與先進技術的百分比是多少？

And then within that advanced technologies for total co, that grew mid-single digits this quarter, but I know there's a fair amount of exposure within the lab segment.

然後，在本季度，整體先進技術的成長幅度達到中等個位數，但我知道在實驗室領域有相當大的曝光率。

So what did advanced technologies do within bioscience production segment this quarter given the weakness you've been calling on in semis?

那麼，考慮到您一直指出的半導體產業的疲軟，本季先進技術在生物科學生產領域的表現如何？

Yes.

是的。

So just maybe to recast what we've said about the segment, 2/3 is bioprocessing.

因此，也許可以重新表達我們關於該部分的說法，2/3 是生物加工。

I think we've covered performance of that pretty well here today.

我認為我們今天在這裡已經很好地討論了該性能。

And then the balance of that 30%, 35% of the platform is kind of split between our new cell platform, our biomaterials platform and the other applications in things like aerospace and defense and semiconductors.

然後，該平台的剩餘 30% 到 35% 部分將分佈在我們的新細胞平台、生物材料平台以及航空航太、國防和半導體等領域的其他應用之間。

Overall, at the enterprise level, we've talked about semiconductors being roughly a couple of points of our overall exposure.

總體而言，在企業層面，我們已經討論過半導體大約占我們整體風險敞口的幾個點。

And you're right to note, there is certainly some applied exposure in the lab where we actually saw growth in that part of the business in the quarter, which is, I think, just a great proof point of not only the diversity of our platform, but certainly the resilience and relevance of our platform.

你說得對，實驗室確實有一些應用經驗，我們在本季確實看到了這部分業務的成長，我認為這不僅證明了我們業務的多樣性，平台，但肯定還有我們平台的彈性和相關性。

So the weakness that we saw there really was isolated to the semi activities and principally in the US is where we saw the kind of the headwinds materialize as we move through the quarter.

因此，我們看到的疲軟實際上僅限於半導體活動，而且主要是在美國，我們看到隨著本季的推進，這種不利因素開始顯現。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

I just wanted to get a clarification up here on Doug's earlier question.

我只是想澄清一下 Doug 之前提出的問題。

So with the biosciences exit low single-digit to mid-singles in 4Q, and you guys are still talking about doing the bioproduction exit of mid to high.

因此，隨著第四季度生物科學領域的退出從低個位數到中等個位數，而你們仍在談論實現中到高的生物生產領域的退出。

I guess as we think, and I know like everybody's trying to figure out '25 but like if bioproduction actually mid to high, wouldn't -- why would that not be kind of the growth rate in '25?

我想正如我們所想的，我知道每個人都在試圖弄清楚 25 年的情況，但是如果生物生產實際上處於中高水平，那麼——為什麼這不會是 25 年的成長率？

I just -- it sounded like the interpretation there was that it could be a little bit lower.

我只是 — — 聽起來那裡的解釋是它可以稍微低一點。

I'm just trying to figure that out.

我只是想弄清楚。

Yes.

是的。

I wouldn't try to extrapolate our Q4 exit rates into whatever we think we're going to come forward with next year.

我不會試圖根據我們第四季的退出率推斷我們認為明年會發生的事情。

I think it's a good data point to show the trajectory of the recovery that we've experienced this year, starting the year down low teens, progressing to kind of flat here in the third quarter to now exiting at mid- to high single digits.

我認為這是一個很好的數據點，可以顯示我們今年經歷的復甦軌跡，年初時增長率為十幾歲的低位，到第三季度趨於平穩，現在則達到中高個位數。

So I think we're on a great course here for bioprocessing overall, a lot of momentum in where we're going.

所以我認為，我們總體而言在生物加工方面處於良好的發展軌道，我們前進的勢頭強勁。

And as I said before, we're not yet back to our double-digit growth rate there.

正如我之前所說，我們還沒有恢復兩位數的成長率。

So there's a bit more room to go.

因此還有更多的發展空間。

When you then look at the biomaterials business, we've outperformed this year relative to our expectations.

當你看看生物材料業務時，我們今年的表現已經超出了我們的預期。

There was a -- we grew that platform over 20% last year.

去年，該平台的成長超過了 20%。

So we knew this year was going to be a little bit more challenged as a lot of the inventory restocking that we experienced last year was going to be a headwind for us this year, but we like the fundamentals there and anticipate a mid- to high single-digit growth rate for that platform over the longer term, and we'll see where the semi business lands.

因此，我們知道今年的挑戰會更大一些，因為去年我們經歷的大量庫存補充將對我們今年造成不利影響，但我們看好那裡的基本面，預計今年的銷售額將達到中高水平。 ，該平台將保持個位數的成長率，我們將看看半導體業務將會走向何方。

But no, the exit rates for bioprocessing, I think our constructive way to think about the jumping off point, and we'll have to then synthesize that through our process here as we come out with our full year guidance.

但是，我認為，對於生物加工的退出率，我們應該以建設性的方式思考起點，然後，在製定全年指導意見時，我們必須透過這裡的流程對其進行綜合。

But we like to set up there.

但我們喜歡在那裡安頓下來。

The pipelines are strong.

管道非常堅固。

Order book momentum continues now for the last four quarters at least.

訂單成長勢頭至少持續了過去四個季度。

And so the I think there's a lot to like about that, Luke.

因此我認為，盧克，這裡有很多值得欣賞的地方。

Yes.

是的。

Okay.

好的。

I just wanted to clarify.

我只是想澄清一下。

Okay.

好的。

That makes sense.

這很有道理。

And I just want to tease out a little bit here on the equipment drag on the margins.

我只是想在這裡稍微梳理一下有關設備邊緣拖曳的問題。

I know you said it improved sequentially.

我知道您說過它會逐漸改善。

And the E&I piece of the business has been soft across all peers and from every channel check.

從所有同業和各個通路的檢查來看，電氣與儀器業務一直表現疲軟。

So talk a little bit about what you're seeing there?

那麼請稍微談談您在那裡看到了什麼？

Like what was the pickup?

那輛皮卡是什麼樣的？

Was it still down year-over-year?

與去年同期相比是否仍處於下降趨勢？

Just what was the ultimate drag on that margin and ultimately, the outlook for the E&I coming back?

那麼，最終拖累利潤率以及 E&I 復甦前景的因素究竟是什麼呢？

Yes, a couple of things there.

是的，有幾件事。

You're right, first of all, in that it is a relatively modest part of the business.

首先您說得對，這只是業務中相對較小的一個部分。

It's roughly 15% of the total with a little bit more of that exposure in lab solutions where we see roughly 20% of our lab revenues are linked to equipment instruments.

它約佔總額的 15%，在實驗室解決方案中的佔比略高一些，我們發現大約 20% 的實驗室收入與設備儀器相關。

Market conditions, generally speaking, have been pretty similar all year, really highlighted by there's more cautious spending on capital items, particularly within biopharma.

總體而言，全年的市場狀況都非常相似，尤其突出的是，人們對資本項目的支出更加謹慎，特別是在生物製藥領域。

We did see some improvement, as we've noted in the third quarter.

正如我們在第三季所注意到的，我們確實看到了一些改善。

It was up low single digits sequentially.

其季增幅度低於個位數。

But to your point, it's still down year-over-year.

但正如您所說，它同比仍然有所下降。

I think the first half of the year, we were probably down high single digits, low double-digit kind of range and so it did improve to down mid-single digits in the quarter.

我認為，今年上半年，我們的銷售額可能下降了高個位數，低兩位數，所以本季的銷售額確實改善到了中個位數。

So still a bit of a headwind.

因此仍然有點逆風。

But as we've said, actually, the activity levels and pipelines have been pretty strong most of the year, all year.

但正如我們所說，實際上，全年大部分時間的活動水平和管道都非常強勁。

What we see, though, is just a longer cycle time to get that activity converted to an order and ultimately realized in the P&L.

然而，我們看到的只是將活動轉化為訂單並最終在損益表中實現的更長的周期時間。

So maybe some green shoots here in the quarter as things seem to be start to moving in the right direction.

因此，本季可能會出現一些復甦跡象，因為事情似乎開始朝著正確的方向發展。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

I appreciate the time here.

我很珍惜在這裡度過的時光。

Michael, I just want to double-click on Smid-Cap Biotech a little bit.

邁克爾，我只是想稍微雙擊 Smid-Cap Biotech。

I know it's like low single-digit exposure for you. what are you hearing from that specific customer constituency given the weakness called out by some of the CRO peers and so on.

我知道這對你來說就像是低個位數的曝光。鑑於一些 CRO 同行指出的弱點，您從特定客戶群聽到了什麼？

When do you think the rate cuts start to filter through in terms of customer psychology?

您認為降息何時會從客戶心理角度產生影響？

Or do you expect perhaps like election outcome clarity to move things along a little bit on that front?

或者您期望選舉結果的明朗化能夠推動這方面的發展？

Great question, Tejas.

很好的問題，Tejas。

I'd say a couple of things about the biotech space.

我想談一些關於生物技術領域的事情。

It's a relatively modest exposure for us, but it is an important customer set just given the science that they're developing.

對我們來說這是一個相對適度的風險，但考慮到他們正在開發的科學，這是一個重要的客戶群。

And similar to what we're seeing with some of the large pharma, it's a little bit of a mixed bag here in that yes, particularly a lot of the smaller biotechs are still struggling under the weight of the funding headwinds that have been in play over the last couple of years.

與我們在一些大型製藥公司看到的情況類似，這裡的情況有點好壞參半，特別是許多小型生物技術公司仍在資金逆風的重壓下苦苦掙扎在過去的幾年裡。

But we are starting to see some green shoots in this area.

但我們開始看到這一領域的一些復甦跡象。

And if I kind of segment the exposure here to the biotech space, we actually see some of the larger customers within that area, have a bit more access to cash, maybe benefiting from some of the early turn in funding on a year-over-year basis here, actually starting to return to growth.

如果我把生技領域的風險敞口細分一下，我們實際上會看到該領域的一些大客戶有更多的現金管道，或許受益於去年同期的一些早期融資。開始恢復成長。

So yes, still some headwinds there.

是的，那裡仍然存在一些阻力。

We're not fully seeing all of the step-up in funding translate into preclinical spend yet.

我們尚未完全看到所有增加的資金轉化為臨床前支出。

But certainly, we're encouraged by some of the green shoots that we are starting to see there.

但可以肯定的是，我們開始在那裡看到的一些綠芽令我們感到鼓舞。

Got it.

知道了。

And then my follow-up is focused on Europe, Michael.

然後我的後續關注重點是歐洲，邁克爾。

Just talk to us about sort of any signs of stress in the system or perhaps like sequential improvement, especially in important geographies like journey.

只需與我們討論系統中任何壓力的跡象，或者可能是連續的改進，特別是在旅程等重要地理區域。

You've got this dynamic of defense spending crowding out other priorities from governments.

現在出現了國防開支擠佔政府其他優先事項的現象。

But then on the other hand, I think in the past, you've also talked about how you're relatively under-indexed to biopharma there versus North America.

但另一方面，我認為在過去，您也談到與北美相比，您所在地區的生物製藥指數相對較低。

So just paint that picture for us a little bit in terms of what you're seeing exiting the third quarter and into October here in Europe.

因此，請您為我們稍微描述一下歐洲第三季末和十月的情況。

Europe for us has actually been probably the strongest geography as we look across the business.

從整個業務來看，歐洲實際上可能是我們最強大的地區。

I think even in the third quarter, it outperformed the Americas.

我認為即使在第三季度，它的表現也優於美洲。

And some of that, I think, can definitely be linked to what you're talking about there on maybe a little bit less exposure to preclinical research and biotech funding and such on a relative basis.

我認為，其中的一些內容肯定與您所談論的內容有關，即相對而言對臨床前研究和生物技術資金的投入可能較少一些。

And when I look through to things like our applied exposure in the region, we actually saw some pretty reasonable growth in the quarter for Europe.

當我回顧我們在該地區的應用情況時，我們實際上看到本季度歐洲取得了相當合理的成長。

So Europe overall holding up quite well despite some of the macro factors out there.

儘管存在一些宏觀因素，但歐洲整體表現仍然良好。

And again, I think it's just a great proof point of the benefits of a consumables-driven portfolio and the resilience that our platform offers.

而且，我認為這只是消耗品驅動的投資組合的優勢以及我們的平台所提供的彈性的一個很好的證明點。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Michael, maybe just a follow-up on that last one on the biotech pharma piece.

邁克爾，也許只是對生物技術製藥部分最後一篇的後續報導。

We certainly heard from some folks that the biotech continues to push things out a little bit.

我們確實聽到一些人說生物技術正在繼續推動一些事情的發展。

Large pharma, maybe slightly better.

大型製藥公司可能稍微好一點。

But I guess when you guys think about that -- those customer bases, are you seeing a bit of a dichotomy at all?

但我想，當你們考慮到這一點時——那些客戶群，你們是否看到了一點二分法？

How are you kind of having conversations with customers and just viewing the go-forward in terms of the willing spend, both into year-end and then budgeting into next year as well?

您如何與客戶進行對話，並從願意支出的角度來看待未來，包括年底以及明年的預算？

Yes.

是的。

A couple of things to point out there, Patrick.

派崔克，有幾點需要指出。

Biotech funding has been a headwind going back to the early days of last year.

從去年年初開始，生技融資就一直面臨阻力。

We did see it tick up beginning in Q1 this year.

我們確實看到它從今年第一季開始上升。

And as we sit here on a year-to-date basis, it is encouraging to note that overall biotech funding is up on a year-over-year basis, and we definitely see things heading in the right direction there.

回顧年初至今的情況，令人鼓舞的是，生物技術整體資金同比增長，我們確實看到事情正朝著正確的方向發展。

But it is somewhat mixed in terms of the picture out there.

但從目前的情況來看，情況有些混亂。

As we talk to customers, particularly the smaller biotechs, we definitely see more muted activity levels.

當我們與客戶，特別是規模較小的生物技術公司交談時，我們確實看到活動水平更加低迷。

You see fewer start-ups coming in that generally drive some good activity when funding is strong.

你會看到，當資金雄厚時，新成立的新創企業數量會減少，而這些企業通常會帶來一些好的活動。

But the more established biotechs, Patrick, we actually do see the step up in funding translating into growth.

但派崔克，對於更成熟的生技公司來說，我們確實看到資金的增加轉化為成長。

When I look into our business, we saw that a nice sequential improvement in that part of our business in the quarter.

當我審視我們的業務時，我們發現本季該部分業務取得了良好的連續改善。

We still do need some of the smaller folks to step up to kind of get away from this being generally a headwind.

我們仍然需要一些小人物站出來，擺脫這種普遍的逆風。

But there are some green shoots here that we have our eyes on that give us some encouragement here and do align with this trend of funding being up year-over-year.

但我們看到了一些復甦的跡象，這給了我們一些鼓勵，並且與資金逐年增加的趨勢一致。

That's helpful.

這很有幫助。

And maybe just a last quick one for Brent, just on the gross margins in particular where I understand mix is obviously an impact this quarter.

也許最後一個問題是關於布蘭特原油的，特別是關於毛利率，據我了解，產品組合顯然對本季產生了影響。

Just trying to think about the go forward, whether it's price, mix, any moving pieces we should be thinking about as the right point for '25 just given this quarter?

只是想思考未來的發展，無論是價格、組合，還是任何我們應該考慮的變動因素，鑑於這個季度，這是 25 年的正確點嗎？

It seemed like have moved around a little bit with mix just trying to get our arm around that one.

看起來好像已經稍微移動了一下混合物，只是想讓我們抓住它。

Yes.

是的。

Look, you have another around '25 there, Patrick.

你看，派崔克，你那裡還有另一個 25 左右的。

We'll come back to you on February there, but I think I would just have you focus Q4 and beyond, we're going to have some headwinds from the clinical services divestiture.

我們將在二月再與您聯繫，但我想我只會讓您專注於第四季度及以後，我們將面臨臨床服務剝離帶來的一些阻力。

We do have the mixed variability.

我們確實存在混合變異。

You cited those headwinds should be essentially offset or more than offset by the growth in bioprocess in Q4.

您提到的這些不利因素基本上應該被第四季度生物工藝的成長所抵消，甚至超過抵消效果。

That's a real virtue of that mid to high.

這才是中高端的真正美德。

So I think about Q4 is something very similar to Q3 and we'll update you on all the mix and everything else for the guide for '25.

因此，我認為 Q4 與 Q3 非常相似，我們將向您更新所有混合內容以及 '25 指南中的所有其他內容。

Those are all the questions we have time for today.

這些就是我們今天有時間討論的所有問題。

And so I'll turn the call back to the management team for any closing remarks.

因此，我將把電話轉回給管理團隊，請他們做最後發言。

Yes.

是的。

Thank you, operator, and thank you all for joining us today.

謝謝接線員，也謝謝大家今天的參與。

We appreciate your support of our business and really look forward to updating you when we get a chance to meet next.

我們感謝您對我們業務的支持，並真誠期待下次見面時向您通報最新情況。

And until then, be well, everyone.

在那之前，祝大家身體健康。

Have a great Friday.

祝你星期五愉快。

Thank you, everyone, for joining us today.

感謝大家今天的參與。

This concludes our call, and you may now disconnect your lines.

我們的通話到此結束，您可以掛斷電話了。